Market Outlook: All-Time Highs and Key Economic Data

Summary

Markets are surging towards all-time highs on Friday, May 8th, with major indices like the SPY and QQQ gapping up in pre-market trading. Investors are keenly watching key economic data releases at 8:30 AM EST, including Average Hourly Earnings, Non-Farm Employment Change, and the Unemployment Rate, which could influence market direction. While most major earnings reports are out, attention is now on technical levels, with previous day highs serving as a critical indicator for potential continuation. Key stocks to watch include Tesla, showing strength after breaking above 380, Nvidia approaching all-time highs, and AMD forming a bullish flag pattern. Investors are advised to trade with caution and potentially lighter position sizes due to Friday's market dynamics, especially if trading zero-day contracts.