Your Daily Stock Market Briefing

U.S. Stock Market Extends Record Rally, Fueled by Tech and Geopolitical Easing

• On Thursday, the S&P 500 rose 0.6% to 7,563.63, the Dow gained less than 0.1% to 50,668.97, and the Nasdaq climbed 0.9% to 26,917.47, driven by robust corporate profits from companies like Dollar Tree, Snowflake, and Hormel Foods. This rally persisted despite the April Personal Consumption Expenditures (PCE) price index showing a 3.8% year-over-year increase, marking the highest inflation in nearly three years.

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• Technology stocks were a primary catalyst for the continued gains, particularly on Friday, May 29, as Dell Technologies surged 31.3% after reporting profits that significantly surpassed expectations and raising its outlook due to strong demand for AI computing. The information-technology sector led the May rally, increasing by 16% for the month, while the overall S&P 500 was up 5.3%.

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• A tentative deal to extend the ceasefire in the U.S. war with Iran by 60 days helped ease market tensions and contributed to a decline in oil prices, with Brent crude falling 1.6% to $92.18 a barrel and U.S. crude dropping 0.9% to $88.09 per barrel on Friday. This geopolitical development also saw Treasury yields ease, with the 10-year Treasury holding steady at 4.45% from late Thursday.

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