The S&P 500 (SNPINDEX:^GSPC) rose 0.19% to 7,412.94, the Nasdaq Composite (NASDAQINDEX:^IXIC) added 0.10% to 26,274.13, and the Dow Jones Industrial Average (DJINDICES:^DJI) gained 0.19% to 49,704.47 as tech gains offset oil and geopolitical worries.
Micron Technology extended its artificial intelligence (AI) memory-driven rally, while Intel gained on reports of a new supply deal. In contrast, Dell Technologies slid following a UBS downgrade.
Rocket Lab continued to break new ground — the stock is up over 46% in the past five days, as strong quarterly results, new deals, and high investor interest in space stocks, fuelled by the upcoming SpaceX IPO, have proven powerful headwinds.
On May 11, 2026, AI and chip stocks fueled fresh records as surging oil and valuation warnings tested nerves.
The S&P 500 (^GSPC +0.19%) rose 0.19% to 7,412.94, the Nasdaq Composite (^IXIC +0.10%) added 0.10% to 26,274.13, and the Dow Jones Industrial Average (^DJI +0.19%) gained 0.19% to 49,704.47 as tech gains offset oil and geopolitical worries.
Market movers
Micron Technology extended its artificial intelligence (AI) memory-driven rally, while Intel gained on reports of a new supply deal. In contrast, Dell Technologies slid following a UBS downgrade.
Rocket Lab continued to break new ground — the stock is up over 46% in the past five days, as strong quarterly results, new deals, and high investor interest in space stocks, fuelled by the upcoming SpaceX IPO, have proven powerful headwinds.
Moderna jumped in intraday trading but fell before market close. The stock has gained over 11% this week as investors consider hantavirus risks.
What this means for investors
Major U.S. indexes were little changed as tech stock strength slightly outweighed energy price concerns. However, WTI crude oil gained 4% to almost $99 per barrel as hopes for an imminent reopening of the Strait of Hormuz faded. This pressured airlines and rekindled inflation fears.
A growing number of investment banks, including Goldman Sachs Group and Bank of America, think the Federal Reserve may not decrease interest rates until next year. They argue that solid jobs data and increasing inflation make 2026 rate cuts unlikely.
Some commentators say the concentrated gains in semiconductor and AI stocks warrant investor caution. Others argue that the AI rally has further to run and that memory stocks could continue to soar in the coming years.
Bank of America is an advertising partner of Motley Fool Money. Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Goldman Sachs Group, Intel, Micron Technology, Moderna, and Rocket Lab. The Motley Fool has a disclosure policy.
