Nasdaq, S&P 500 Enjoy Another Record-Breaking Week

• The S&P 500 and Nasdaq are on track for their sixth straight weekly gain, while the Dow Jones is positioned for its fifth weekly win in six weeks
• Semiconductor stocks led market activity, with Super Micro Computer (SMCI) skyrocketing and Advanced Micro Devices (AMD) generating tailwinds for the chip sector
• Upcoming inflation data including CPI and PPI readings are due out soon, with earnings reports from Applied Materials, On Semiconductor, and Rigetti Computing still pending

Market Summary: Nasdaq and S&P 500 Record Weekly Gains

Key Market Performance:

U.S. markets continued their strong momentum this week, with the S&P 500 (SPX) and Nasdaq Composite (IXIC) hitting multiple record closes and heading for their sixth consecutive weekly gain. The Dow Jones Industrial Average (DJI) is on track for its fifth weekly win in six weeks, despite ongoing Middle East tensions between the U.S. and Iran.

Semiconductor and Tech Sector Highlights:

The technology sector dominated market attention, particularly semiconductor stocks. Advanced Micro Devices (AMD) started the week with a downgrade but provided tailwinds to the sector. Broadcom (AVGO) and Applied Materials (AMAT) emerged as standout performers in May. Super Micro Computer (SMCI) stock skyrocketed, while quantum computing company IonQ (IONQ) dismissed negative pressure. The Invesco QQQ Trust (QQQ) also attracted significant trader interest.

Other notable tech movers included Datadog (DDOG) approaching earnings, Pinterest (PINS) enjoying positive momentum, and Snap (SNAP) issuing cautious guidance. GameStop (GME) made headlines with an offer to acquire eBay (EBAY).

Non-Tech Developments:

Outside technology, Pfizer (PFE) reported results, while Netflix (NFLX) showed readiness for its next move. Expedia (EXPE) declined, and Shake Shack (SHAK) attracted options trading attention following earnings.

Looking Ahead:

Critical inflation data is scheduled for release via Consumer Price Index (CPI) and Producer Price Index (PPI) readings. Earnings season continues with reports expected from Applied Materials, On Semiconductor (ONON), and Rigetti Computing (RGTI), among others. Market analysts suggest continued SPX momentum could benefit select sectors going forward.