This is the sixth positive week in a row for the S&P 500.

This week saw many AI and tech stocks rally carrying the Nasdaq to a 4.5% gain and the S&P 500 to a 2.33% gain. The same tech rally led South Korea’s KOSPI to take over Canada’s S&P/TSX thanks to Samsung and SK Hynix which makes up around 43% of the KOSPI. There are a few reasons for the tech rally such as Apple announcing a preliminary agreement to buy chips from Intel for their new deceives. Strong earnings last week from many tech stocks. Lastly strong jobs report with 115k jobs added. WTI crude and Brent both were down 5.53% and 5.65% respectively. The market had red days on Monday and Thursday due to the fighting between Iran, USA, and the wider gulf states.

April CPI data is expected to be released next Tuesday, which will be a tell as to whether or not the effects of the Strait of Hormuz being closed are speeding up or not. PPI data will be released on Wednesday with Retail Trade data being released on Thursday. Cerebras will announce their initial public offering (IPO) on Thursday and is expected to be the largest AI stock so far this year attempting to raise 3.5 billion dollars.

Deal talks continue between the USA and Iran with Pakistan as the mediator, it is unknown whether any side will come to any form of agreement next week, but this will be a big sticking point for the market.