ETF Tracker Newsletter For May 8, 2026
ETF Tracker StatSheet
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RECORD HIGHS CONTINUE, BUT BREADTH TELLS A DIFFERENT STORY
- Moving the market
U.S. equities got off to a strong start after a better‑than‑expected April jobs report, while traders also kept a close eye on developments between the U.S. and Iran. The positive tone carried through the session and capped off another solid week for stocks.
All three major averages finished higher, backed by a strong earnings season. Tech results in particular pushed the Nasdaq toward a roughly 3% weekly gain, while the S&P 500 is up about 2%, marking its sixth straight winning week. The Dow lagged again, but still managed a modest 0.7% gain on the week.
Friday’s strength broadened somewhat thanks to a surge in chip stocks. Micron jumped 10% and Qualcomm climbed 9%, putting Qualcomm on pace for its fourth consecutive up day and giving the broader market an extra lift.
The jobs report helped reinforce the upbeat mood. Nonfarm payrolls rose by 115,000, easily topping expectations of 55,000, while the unemployment rate held steady at 4.3%. In short, the labor market continues to show resilience.
Geopolitics, however, stayed in the background. Oil prices ticked higher, with WTI hovering around $95 per barrel, after the U.S. and Iran exchanged fire in the Strait of Hormuz, with both sides blaming the other for striking first.
By the close, markets not only held onto early gains but added to them. The S&P 500 and Nasdaq finished at new record highs, supported by hopes for a U.S.–Iran peace deal, easing oil prices, and constructive macro data.
That said, leadership remains narrow. The Magnificent Seven have dramatically outperformed the S&P 493 over the past three days, but market breadth continues to deteriorate. Bond yields bounced around but ended the week roughly unchanged.
The dollar fell for the fifth time in the last six weeks, sliding to three‑month lows. Gold rebounded sharply after finding support near $4,500, snapping a two‑week losing streak.
Bitcoin rallied for a sixth straight week, though it once again stalled at its 200‑day moving average.
With an extended U.S.–Iran ceasefire, strong earnings, and macro data that still show little fallout from the conflict, traders are trying to figure out their next move — but the big question remains: how long can this rally last if leadership keeps getting narrower?
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