NEW YORK, May 6, 2026, 1:04 PM EDT
By 12:52 p.m. EDT on Wednesday, the Dow Jones Industrial Average was up roughly 500 points, or 1.01%, at 49,795.34, with blue chips catching a bid after oil dropped and AI names helped drive Wall Street higher.
The timing is key: the Dow—tracking 30 big-name U.S. stocks by price—is no longer marching on its own. It’s catching the current of a wider risk-on push. Falling oil eases some inflation heat, and upbeat earnings are handing investors fresh excuses to keep piling into stocks flirting with records.
The S&P 500 and Nasdaq both touched new all-time highs. As of 12:30 p.m., Reuters showed the Dow climbing 510.85 points, with the S&P 500 up 1.13% and the Nasdaq advancing 1.56%. “The market is responding to the de-escalation optimistically, on top of a strong earnings season,” said Josh Chastant, managing director of public markets at GuideStone Funds. Reuters
Oil prices tumbled after word got out that the U.S. and Iran were making headway on a memorandum aimed at resolving the Gulf conflict, with Iran weighing a fresh American proposal. Brent crude slipped under the $100-a-barrel mark—a level not breached since April 22. Michael Brown, senior research strategist at Pepperstone, said traders were in “buy everything” mode. Reuters
Advanced Micro Devices jumped to the front of the AI pack after its second-quarter revenue outlook topped analyst forecasts, with data-center chip demand doing the heavy lifting. AMD is still trailing Nvidia in the AI chip space, and Intel is working to regain ground in server CPUs. “AMD remains levered to insatiable AI compute demand,” said Jake Behan, head of capital markets at Direxion. Reuters
Disney shares got a lift after beating expectations and offering a glimpse of Chief Executive Josh D’Amaro’s new playbook. D’Amaro emphasized plans to “improve the consumer experience” and focus on a sturdier growth model. The company cited streaming and theme parks as the key drivers behind the quarter’s numbers. Reuters
The economic picture offered buyers a bit of breathing space. April saw U.S. private payrolls climb by 109,000—the biggest jump in over a year and a quarter. Still, Elizabeth Renter, senior economist at NerdWallet, described the labor market as “solid but precarious,” pointing to ongoing conflict, oil price swings, and policy uncertainty. Reuters
The rally comes with baggage. St. Louis Fed President Alberto Musalem warned that inflation risks have tilted upward, suggesting rates could remain steady for a while. A rebound in oil prices, a snag in Iran negotiations, or a stronger-than-expected jobs report Friday could undercut the Dow’s gains in a hurry.
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