S&P 500 Extends Rally as Workday and Zoom Deliver Strong Earnings Beats

Markets extended gains into May 22 on multiple earnings beats and analyst upgrades, with Workday surging over 7% and Zoom climbing similarly after raising outlooks. The advance follows the S&P 500's May 20 open at 7,369.19, lifted by chip stocks ahead of Nvidia results. Earlier caution emerged May 18 when Jamie Dimon flagged excessive exuberance and Michael Burry highlighted correction risks after the index recovered from a 9% drop to nearly +9% year-to-date. The Philadelphia Semiconductor Index had already doubled over the prior year and risen 60% in 2026 amid elevated oil prices and stagnant real wages for lower-income workers.