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Daily Wrap-Up: Friday Highs | May 8, 2026

By May 8th, 2026Daily Market Wrap-Up2 min read

The S&P 500 index futures resumed the rally to new all-time highs Friday, also marking another week with the propensity to finish at an extreme end of the range.

Overnight, bulls started by buying up a small dip right away, forming the low at 7336.25 and continuing a steady rally through the night and morning. April’s jobs report came in with the unemployment rate in line with expectations at 4.3% but jobs added coming in notably above expectations (115K vs. 55K expected). That was enough to help spark a brief rally to form a double-top at the all-time high but the pop was sold off by the time the opening bell rang.

Once the regular session began, bulls started to gain some momentum, and before long were back to making new all-time highs. Support was found at the previous all-time high but it was all chop above that level. In the afternoon bulls ticked new all-time highs, eventually hitting 7427.75. After that, in the final 90 minutes, profit-takers and other sellers took off some of the gains. However, support at Thursday’s high still held and a few more handles were added by the bulls before the close. The session concluded at a new all-time closing high of 7419, gaining a healthy 56 handles. For the week that makes for a decent gain of 161 handles or 2.22 percent.

Monday, market participants can look forward to another load of earnings reports, the more notable of which will be released after the close.

Among the top components of the index, Broadcom Inc (NASDAQ: AVGO) emerged as the biggest gainer. The chip designer was able to advance by $17.44 or 4.23% to close at $430.00 for the day.

That performance was a fabulous five times better than the cash index’s advance of 0.83 percent.

Conversely, the biggest loser ended up being Microsoft Corp (NASDAQ: MSFT). For the day, the tech giant declined by $5.86 or 1.39% to close at $415.06.