Global Markets: Nasdaq and S&P Reach New All-Time Highs, Storage Chip Stocks Surge, Spot Silver Up Over 2%

U.S. Stock Market: The three major U.S. stock indices closed higher across the board on May 8. At the close, the Dow Jones Industrial Average rose 12.19 points from the previous trading day, closing at 49,609.16 points, up 0.02%, gaining 0.22% for the week; the S&P 500 index increased 61.82 points to 7,398.93, up 0.84%, up 2.33% for the week; the Nasdaq Composite rose 440.88 points to 26,247.08, up 1.71%, up 4.51% for the week. Notably, the Nasdaq and S&P 500 have risen for six consecutive weeks, the longest streak since October 2024, setting new highs again.

Storage chip stocks led the rally, with SanDisk up over 16%, Micron Technology up over 15%, Intel up nearly 14%, Seagate Technology up over 2%, all reaching new highs. On the news front, Apple reached an agreement with Intel, which will produce chips for Apple devices. ASML rose about 5%, hitting a record high, becoming the first European company with a market value exceeding $600 billion. Dell Technologies surged over 13%, with Trump reportedly saying, “Go buy a Dell computer.” Akamai jumped over 26%, its best single-day performance since 2004. Rocket Lab soared over 34%, the largest single-day gain since its U.S. IPO. Monster Beverage Corp. (MNST) surged over 13%, its biggest daily increase since 2015. Forward Air Corp. (FWRD) plummeted over 43%, its worst single-day performance since 1999.

The Nasdaq China Golden Dragon Index fell 0.47%, with Dingding Medicine dropping over 5%, New Oriental down over 4%, Huitian Network down over 3%, and U-Pin Car down over 2%.

European Stock Markets: All three major European indices declined on May 8. The FTSE 100 in London closed at 10,233.07 points, down 43.88 points or 0.43%; the CAC 40 in Paris closed at 8,112.57 points, down 89.51 points or 1.09%; the DAX in Frankfurt closed at 24,338.63 points, down 324.98 points or 1.32%.

Commodities Market: International oil prices declined on May 8. By the close, NYMEX WTI crude oil futures for the current month fell $0.13 to $94.68 per barrel, down 0.14%. COMEX gold futures for the current month rose $12.80, up 0.27%, to $4,723.7 per ounce. COMEX silver futures for the current month increased $0.66, up 0.82%, to $80.835 per ounce. Spot gold rose $28.77, up 0.61%, to $4,716.01 per ounce. Spot silver increased $1.92, up 2.45%, to $80.35 per ounce.

Overnight Headlines

U.S. April Non-Farm Payrolls Surged by 115k, Far Exceeding Expectations; Fed Policy Shift Delayed

U.S. non-farm employment surged by 115k in April, nearly double the market consensus of 62k, demonstrating strong resilience in the labor market. The report not only showed impressive data for the month but also revised previous figures. March’s non-farm payrolls were revised upward from an increase of 178k to 185k; February’s data was revised downward from a decrease of 133k to 156k. After revisions, the total employment for February and March was reduced by 16k compared to earlier reports.

Japan Sells U.S. Debt to Intervene in Forex Market? Fed’s U.S. Treasury Holdings Drop by $8.7 Billion, Sparking Market Speculation

The Fed’s holdings of U.S. Treasuries decreased for the first time in a month, amid speculation that Japan may have intervened in the forex market to support the yen. Market observers debate whether Japan sold U.S. Treasuries to raise funds for yen purchases. According to the Fed’s data, as of the week ending May 6, the amount of marketable U.S. Treasuries held in custody for foreign official agencies and international accounts decreased by $8.7 billion to $2.73 trillion. It is estimated that Japan’s Ministry of Finance spent about $54.7 billion to buy yen during the same period.

Major Shareholders, U.S. White House, Facilitated Intel and Apple’s Preliminary Chip Manufacturing Agreement

In the early hours of Saturday Beijing time, shares of U.S. semiconductor company Intel suddenly surged. Reports indicate that Intel has reached a preliminary agreement with Apple to manufacture chips. As of the report, Intel’s stock rose 15%, with a market cap surpassing $630 billion. Since April, the stock has tripled in value, ranking 19th among global listed companies by market capitalization.

Russia Agrees to Extend Ceasefire and Swap Prisoners; Ukraine Says No Attack on Red Square Parade

Ukrainian President Zelensky has ordered that the Red Square parade in Moscow on May 9 will not be targeted by Ukrainian attacks. Russian Presidential Aide Ushakov stated on the evening of the 8th that Russia agrees with and supports the proposal by U.S. President Trump to extend the ceasefire and exchange prisoners. Ushakov said Russia agrees to the U.S. proposal to extend the Russia-Ukraine ceasefire until May 11 and supports the U.S. plan to exchange 1,000 prisoners before May 11. He added that the proposal was reached through a phone call between Russia and the U.S., and that Trump’s proposal was made specifically on the 81st anniversary of Victory in Europe Day.

Suspicious Large Oil Leak Near Halek Island, Iran

Recent satellite images show a suspected large-scale oil spill near Iran’s key oil export hub, Halek Island, covering dozens of square kilometers of sea surface. Images from the European Copernicus Sentinel satellites taken from May 6 to 8 show a grayish-white oil film appearing west of Halek Island. Reuters reports, citing analysts, that the oil film “visually matches crude oil characteristics,” covering approximately 45 square kilometers. UK-based maritime analysis firm Windward said on social media that the oil slick near Halek Island is “continuing to spread.” Halek Island is an important Iranian oil export hub. The U.S. military claimed to have targeted “military targets” on the island in mid-March and early April.

U.S. Consumer Confidence Hits New Record Low in May; Rising Oil Prices and Tariff Concerns Persist

As Middle East conflicts continue to push energy prices higher, U.S. consumer confidence declined further this month, hitting a new historic low. The University of Michigan’s latest survey released on Friday showed the May consumer sentiment index fell to 48.2, the lowest since records began in 1952, below the expected 49.5.

Biotech Stocks, Once Vaccine Leaders, Surge on Monkeypox Hype; Early Research Revealed

On Friday, Moderna, known for developing COVID-19 mRNA vaccines, surged 11.97%. The company announced it is researching a vaccine to prevent monkeypox. Despite public health experts emphasizing that monkeypox spreads differently from COVID-19 and poses a lower threat to the general public, this news boosted Moderna’s stock close to its highest levels since late 2024.

U.S. Department of Defense Releases New UFO Files, Says Public Can Judge for Themselves

On Friday, the U.S. Department of Defense released a new batch of UFO-related documents, stating the public can interpret them freely. Included is a report from a drone pilot who saw a bright object in the sky that suddenly disappeared. The DoD said that previous administrations tried to downplay, question, or block public discussion of such phenomena, but President Trump was “committed to providing maximum transparency for the public to interpret the information.” The agency plans to release more documents in batches over the coming weeks.

European Investors “Push into the Light”: Two Swiss Photonic Stocks Become New Favorites

European investors seeking new AI hype opportunities focused this week on two niche stocks in the photonics field. By Friday’s close, Swiss-listed micro-LED developer AMS-Osram AG soared 37%; optical circuit switch maker Huber + Suhner AG rose 17% and hit a new high.

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