US equities close higher for a sixth straight week, driven by strong jobs data and surging semiconductor stocks.
The S&P 500 and Nasdaq Composite closed at all-time highs, rising 0.85% and 1.7% respectively, as a stronger-than-expected US jobs report eased geopolitical concerns. The S&P 500 gained 2.3% for the week, while the Nasdaq surged 4.5%, marking its longest winning streak since October 2024.
Semiconductor stocks led the rally, with Micron and Qualcomm jumping 10% and 9% on robust AI infrastructure demand. Intel surged 14% after beating Q1 earnings, fueled by a 22% rise in Data Center and AI revenue. Conversely, Cloudflare plunged 22% after issuing a weak Q2 sales forecast and announcing layoffs.
The Russell 2000 rose 0.75% on the day, while the Dow Jones Industrial Average remained flat. Canadian markets also saw modest gains, with the TSX Composite up 0.6% for the session.