US Stocks Reach Records as Chipmakers Rally

Wall Street climbed to fresh records as signs of labor-market strength convinced investors that the US economy still has room to run.

The rally extended a powerful streak. The S&P 500 posted its sixth straight weekly advance as traders leaned into the idea that solid growth can keep supporting corporate earnings, even as an energy shock tied to the Iran war hangs over the global outlook. Reports indicate investors saw the latest jobs signals as evidence of resilience rather than strain.

Chipmakers gave the market its sharpest jolt. A gauge of the group surged 11% since last Friday as the artificial-intelligence trade regained momentum and pulled money back into one of the market’s most influential corners. That rebound helped offset broader geopolitical anxiety and gave the latest record push a clear leader.

Investors appear to be betting that steady hiring, durable growth and renewed enthusiasm for AI can outweigh the uncertainty created by war-driven energy risks.

At the same time, oil moved in the opposite direction, sliding for the week. That retreat eased some pressure on markets that had braced for a deeper energy shock. The Wall Street Journal reported that the US and Iran are working with mediators on a memorandum of understanding that would set the parameters for a month of talks aimed at ending the war, a development that may have helped calm some of the market’s worst-case fears.

The next test will come from whether economic data keeps validating this upbeat story. If hiring and earnings remain firm while oil stays contained, investors may keep rewarding growth-sensitive sectors such as technology and chips. But if the energy picture worsens or the economy loses speed, this record run could face a much harder market reality.