Stock Market Live May 7, 2026: S&P 500 (SPY) Could See Higher Highs

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Advanced Micro Devices Taking a Breather after a Monster Rally

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Just yesterday, AMD shares exploded by more than $50 per share on strong earnings. And while the stock is taking a breather today, AMD could see further upside. That’s because of a surge in demand for CPUs, driven by the growth of agentic AI, according to AMD CEO Lisa Su.

CEO Su revised the company’s estimates to exceed 35% growth each year, with the market topping $120 billion by the end of the decade. Better, Goldman Sachs just hiked its price target on AMD from $240 to $250, with a buy rating.

The major indices are pushing even higher on hopes that the war with Iran is coming to an end – again. At the moment, there’s reportedly a one-page, 14-point memorandum of understanding that could end the war and establish a framework for more detailed nuclear talks. Iran is reportedly reviewing that proposal.

With that, the S&P 500 is up another 0.17%, or by 13 points. The SPDR S&P 500 ETF (SPY | SPY Price Prediction) is up 0.16%, or by $1.21. The Dow is up 0.25%, or by 120 points. The Nasdaq is up 0.1%, or by 32 points. Oil is down by $4.86 at $90.22. Gold is up by nearly $60 at $4,743, as Bitcoin drops by about $273 to $81,165.24.

AI Bull Market Has Another Year or Two to Run

That’s according to Paul Tudor Jones, who said “recent advances in AI resemble the emergence of transformative technologies such as Microsoft’s early software dominance in the 1980s and the commercialization of the internet in the mid-1990s, periods that ushered in years of productivity gains and market upside,” as noted by CNBC.

“Those were both the beginning of productivity miracles that lasted four to five and a half years,” Jones added, “We’re kind of, I’d say, 50 or 60%. If I had to pick a period, we’ve got another year or two to run.”

Market Movers: Alcoa is on fire, says Wells Fargo 

Investors may want to keep an eye on aluminum stocks, like Alcoa (NYSE: AA), says Wells Fargo.  The firm, which has an overweight rating on the stock and a $70 price target, still believes the s strength of the aluminum market is still being underappreciated.

“Our upgrade reflects conviction of sticky aluminum price strength that can exceed our forecasts. We also see catalysts from monetizing idled assets for data center conversion, as mgmt has noted several deals in the works, plus capital deployment news from strong profits,” said the firm, as quoted by CNBC.

Goldman Sachs just reiterated a buy on Nvidia (NASDAQ: NVDA), saying that it expects to see a beat and raise quarter. “We expect investors to focus on: (1) the magnitude of upside to Nvidia’s $1 trillion datacenter guidance at GTC; (2) potential upside from agentic AI to the server CPU business; (3) competitive dynamics; (4) gross margin outlook given rising input costs,” added the firm.

And analysts at Evercore just reiterated an outperform rating on Apple (NASDAQ: AAPL), noting that the tech giant’s supply chain is robust. The firm has a price target of $330 on Apple.