CNBC Business News Update - Market Close: Tech Stocks Extend Rally, Sentiment Tanks, Rocket Labs Blast Off

Episode Date: May 8, 2026

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored by CNBC's Jill Schneider. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

I'm Jill Schneider, CNBC. Wall Street wrapped up the day and the week with gains, with tech stocks hitting fresh records. The Dow fluctuated all day and ended the day up just 12 points, basically flat for the day and the week. The S&P 500 added 61 points for the day, up about three quarters of a percent for the day, but adding two and a third percent for the week. This is the S&P 500's longest weekly winning streak since 2024. The NASDAQ jumped 440 points today, one and three quarters percent. on the day and four and a half percent for the week. Ship stocks led the tech rally.

Invidia hit an all-time high, adding one and three-quarters percent, extending its market cap to well above $5 trillion. Meanwhile, surging gas prices due to the Iran War sent consumer sentiment to a new low in the early part of May, that according to a University of Michigan survey out today. The schools closely watched survey of consumers posted a 48.2 preliminary reading, down 3.2 percent from April's prior record swing. and off 7.7% from a year ago. Economists surveyed by Dow Jones had been looking for 49.7.

Apple hit a new high today of 294-76 a share. Dan Ives of Wedbush Security thinks it will go even higher. He's raised his price target on the stock to $400. That's a street high. This is going to be the consumer AI revolution, what ultimately will be subscription services, apps, and as they get a piece of the pie, that's going to be an incremental,

10, 12, $15 billion annually on the services side. I think this finally starts now the AI chapter at Apple. Shares of rocket labs soared 34% to a record high after the space company topped first quarter revenue estimates and announced its largest launch deal on record. Jill Schneider, CNBC. Did you know SIBO VIX index measures market uncertainty? Meaning it could rise from bullish positioning in SIBO SPX options due to fear of missing out rather than fear of downside.

More at Cebo.com slash VIX Insight. Review important risk disclosures and disclaimers at Cebo.com slash U.S. underscore disclaimers.