▶ Full Post Text
The major U.S. stock indexes surged broadly on Wednesday, **May 6, 2026**, with the **S&P 500 and Nasdaq closing at fresh all-time highs** as hopes of a U.S.-Iran peace deal sent oil tumbling, and a blockbuster **AMD earnings report** reignited the AI trade in a big way. Every sector finished green except energy and utilities.
The **S&P 500** jumped **1.46%** (+105.90 pts) to a new record **7,365.12.** The **Dow** gained **1.24%** (+612.34 pts) to close at **49,910.59.** The **Nasdaq** surged **2.02%** (+512.82 pts) to a new record **25,838.94.** The **Russell 2000** added **1.49%** (+42.47 pts) to **2,887.48.**
The **VIX** was essentially flat at **17.35.** **Gold** jumped **3.00%** to **$4,705.40.** **Crude Oil** cratered **7.01%** to **$95.10/barrel.**
**What moved the market:** Two catalysts drove today's rally. First, Axios reported that the White House believes it is getting close to a **one-page memorandum of understanding with Iran** to end the conflict and set a framework for nuclear negotiations, with the U.S. expecting Iranian responses within 48 hours. That sent crude oil plunging more than 7% as traders priced in a potential reopening of the Strait of Hormuz, the single biggest downside risk to inflation and the Fed's rate path. Second, **AMD exploded 17-20%** after reporting Q1 revenue of $10.25 billion, beating estimates of $9.89 billion, with data center sales surging **57% year-over-year to $5.8 billion.** CEO Lisa Su called it "a clear inflection in our growth trajectory." The blowout lifted the entire AI infrastructure space, with **Nvidia gaining nearly 2%, Micron, Intel, and Sandisk all moving higher. Super Micro Computer surged 15%** on its own strong results. **Corning soared 17%** after announcing a partnership with Nvidia to build three advanced optical manufacturing facilities in North Carolina and Texas, creating at least 3,000 jobs. On the consumer side, **Disney jumped 7-8%** on strong earnings and new CEO Josh D'Amaro's well-received strategic vision centered on high-tech storytelling and streaming monetization. **Gold's 3% surge** was notable, since despite the risk-on rally investors continued hedging against lingering geopolitical uncertainty and persistent inflation. The peace deal is not done yet, and Trump warned Iran would be bombed "at a much higher level" if talks fail. Friday's **April nonfarm payrolls** report is the week's final major test.