Tech-Dominated Benchmark Indexes Hovered at New Record Highs

Barry Adams
07 May, 2026
New York City

Stocks in New York headed higher and extended this week's gains amid improving market sentiment for the sixth week in a row. 

The S&P 500 Index edged up 0.1%, and the tech-focused Nasdaq Composite advanced 0.2% as investors overlooked lingering tensions in the Middle East. 

The two widely followed benchmark indexes closed at new record highs after AMD offered a strong revenue and earnings outlook for the current quarter. 

On Wednesday, the S&P 500 index gained 1.6%, and the Nasdaq Composite advanced more than 2% as investors reacted to positive news from AMD, Nvidia, and Corning Inc. 

Nvidia and Corning announced a multi-year partnership, and the deal accelerates the innovation in the semiconductor shift from copper-based circuits to optical computing. 

The landmark deal was viewed by investors as a positive development in accelerating the shift to smart computing and rapid adoption of artificial intelligence. 

Corning Inc. soared 22% in the previous session and extended this year's gains to over 105% as investors deemed the company one of the prime beneficiaries of investment in artificial intelligence infrastructure. 

Despite the benchmark indexes creating new record highs, investors are cautious amid resurgent inflation and uncertain geopolitical conditions in the Middle East. 

West Texas Intermediate crude oil prices decreased 2.4% to $92.77 a barrel, and traders held out for a temporary peace deal between the U.S. and Iran, paving the way to reopen the Strait of Hormuz. 

 

U.S. Movers 

DoorDash rose 8% to $182.50 after the food delivery platform operator signaled a positive revenue outlook for the current quarter. 

Zillow Group declined 6% to $41.85 after the real estate platform operator's revenue in its latest quarter fell short of market expectations. 

Arm Holdings PLC dropped 8% to $218.0, and the advanced chip designer said annual revenue growth in its mobile market may be flat or slightly negative.

McDonald's Corp. edged up 3% to $294.17 after the fast-food company reported first-quarter adjusted earnings per share of $2.83 on revenue of $6.5 billion. 

Whirlpool Corp. plunged 20% to $43.0 after the home appliance maker slashed its full-year earnings per share estimate from $6.0 to between $3.0 and $3.50. 

The refrigerator and washing machine maker said higher fuel prices are causing "recession-level industry decline." 

The company also suspended its dividend, and added it plans to focus on paying down its debt.