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Informist, Wednesday, May 6, 2026                                      Tel +91 (22) 6985-4000

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Equity Alert: Technology-driven rally pushes NASDAQ, S&P 500 to fresh highs

 

MUMBAI--0740 IST-- The NASDAQ and the S&P 500 touched new all-time-high levels Tuesday, driven by technology stocks. The rise was supported by robust earnings and developments in the artificial intelligence space. Rise in shares of Micron Technology, Intel Corp., Advanced Micro Devices, and SanDisk Corp. supported the NASDAQ. 

 

Advanced Micro Devices delivered a better-than-expected set of earnings for the quarter ended March. The company's revenue was $10.25 billion, higher than the $9.89 billion estimated, CNBC reported. For the June quarter, the chipmaker said it expects $11.2 billion in revenue, versus $10.52 billion expected. Shares of the company closed around 4% higher but surged about 15% in post-market trading. Shares of Intel Corp. zoomed over 11% intraday after Bloomberg reported that Apple Inc. was in discussions with Intel and Samsung Electronics Co. to produce the main processors for its US devices. 

 

"I think maybe perhaps people in the geopolitical world don't understand what's happening with the AI trade and earnings and how much of a buffer that is for S&P 500 EPS. So we're continuing to see rates of upward revisions that are positive on that AI-related trade," Lori Calvasina, the head of US equity strategy at RBC Capital Markets, told CNBC. Around 85% of the S&P 500 companies which reported earnings for the quarter ended March beat analysts' expectations, CNBC said. 

 

Meanwhile, on the macroeconomic front, the job openings in the US were unchanged at 6.9 million in March, while hires increased 3.5% to 5.6 million. In February, hiring in the US was at 3.1%. The data indicate that the labour market is getting stronger. 

 

The following were the closing levels of major US indices on Tuesday:

 

US Indices	Levels	Change in %
Dow Jones Industrial Average	49298.25	0.73
NASDAQ Composite	25326.13	1.03
S&P 500	7259.22	0.81

 

(Ruchira Kagita)

 

US$1 = INR 95.28

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Saji George Titus

 

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

 

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