The stock market rallied for a sixth consecutive week on May 8, 2026, with the S&P 500 rising 0.8% and the Nasdaq jumping 1.7% to reach record closing levels. The Nasdaq's six-week gain was its largest since April 17, 2009, driven largely by a surge in chip stocks which experienced their best stretch since the year 2000. In contrast, the Dow Jones Industrial Average remained essentially flat despite a stronger-than-expected nonfarm payrolls report for April, where jobs grew above expectations and the unemployment rate held steady at 4.3%. Market breadth was generally negative throughout much of the trading session, causing the Dow to underperform the momentum-heavy S&P 500 and Nasdaq. Despite positive employment data that kept Treasury yields down with no market expectation for interest rate cuts this year, consumer sentiment faced headwinds. The University of Michigan's latest survey showed consumer confidence dipping below expectations across all regions, age groups, and educational levels. Analysts from Rosenberg Research noted significant declines in confidence among Independents and Republicans, with the latter marking the lowest level since 2024, a development that could be challenging for President Trump given recent political dynamics. Additionally, WTI crude oil futures rose to $95.42 per barrel as investors awaited updates on diplomatic efforts between the U.S. and Iran regarding peace agreements and the reopening of the Strait of Hormuz. The rally was further supported by Mag 7 stocks as Wall Street continued to chase momentum-driven sectors, particularly in technology and semiconductors.