Stock Market Live May 6, 2026: S&P 500 (SPY) Up on End-of-War Hopes Again

The on-again, off-again, on-again, off-again war is reportedly off again at the moment.  It’s why oil just dropped $11 and why markets are running higher.  At the moment, the S&P 500 is up 0.65%,    or by 47 points. The SPDR S&P 500 ETF (SPY) is up 0.8%, or by $5.82. The Dow is up 0.74%, or by 365 points. The Nasdaq is up 1.15%, or by 324 points. Bitcoin is up by $1,504 at $82,431.

This is happening even as Iran launches new attacks against the UAE.

What’s even more interesting is this:

As noted by Axios, “The White House believes it’s getting close to an agreement with Iran on a one-page memorandum of understanding to end the war and set a framework for more detailed nuclear negotiations, according to two U.S. officials and two other sources briefed on the issue. The big picture: The U.S. expects Iranian responses on several key points in the next 48 hours. Nothing has been agreed yet, but the sources said this was the closest the parties had been to an agreement since the war began.”

Not only is the on-again, off-again war not officially over, but markets have seen this news before. And then shortly after, something goes awry, markets sink on uncertainty, and oil gushes higher. Remember, just two days ago, the Dow was down 550 points because the war was getting worse, and as oil gushed higher. 

Now, all of a sudden, it could be all over again.

Unfortunately, if Iran does not accept the terms of the deal, President Trump also said Iran will be bombed “at a much higher level.” 

Market Movers: AMD Rocketing 16% Higher on Earnings

Shares of Advanced Micro Devices are up 16%, or by $57 a share, on earnings. EPS of $1.37 came in above estimates of $1.29. Revenue of $10.25 billion was above estimates of $9.89 billion.  Data center sales jumped 57% to $5.8 billion from $3.67 billion year over year. Net income jumped to $1.38 billion, or 84 cents per share, in the quarter, from $709 million, or 44 cents per share, a year ago.

And, according to AMD CEO Lisa Su, as noted by CNBC, the data center unit is now the “primary driver of our revenue and earnings growth. Looking ahead, we expect server growth to accelerate meaningfully as we scale supply to meet demand.”

Following that report, Goldman Sachs upgraded AMD to a buy with a 12-month price target of $450, “given tailwinds to its server CPU business we expect from agentic AI, as well as upside in datacenter GPUs in 2027 and beyond,” as quoted by CNBC.