S&P 500 – 7,473.47 (+0.37%)

Dow Jones – 50,579.70 (+0.58%)

NASDAQ – 26,343.97 (+0.19%)

• U.S. Markets: U.S. equities finished the week on a positive note, with investors encouraged by ongoing developments in U.S.–Iran negotiations. The Dow Jones Industrial Average closed at a new record high on Friday, supported by broad-based gains.
• Corporate Restructuring – Walmart: Walmart is undergoing a leadership transition under new CEO John Furner, marked by the departure of two senior executives. The changes are part of a wider restructuring across its U.S. retail and club operations following the leadership shift.
• Public Health – Ebola Monitoring: The CDC confirmed that an American worker in the Democratic Republic of the Congo tested positive for Ebola. Officials stressed that the outbreak remains contained and that the risk to the U.S. public is currently low.
• Entertainment – Disney & Star Wars: Disney faced softer-than-expected preview box office numbers for its latest Star Wars release. However, analysts still anticipate a strong holiday opening driven by franchise loyalty and continued merchandise demand.
• Market Overview: U.S. equities moved higher Friday overall, while global markets also leaned positive. Asian equities closed mostly higher overnight, and European markets traded in positive territory.
• Economic Data – Consumer Sentiment & LEI: U.S. consumer sentiment was revised lower, with the University of Michigan index for May falling to 44.8, its lowest on record. In contrast, the Conference Board’s Leading Economic Index rose 0.1% in April to 100.5, matching expectations.
• Rates – U.S. Treasuries: Treasury yields edged higher, with the 10-year U.S. Treasury yield rising to 4.56%, reflecting ongoing rate and inflation uncertainty.
• Commodities – Oil: West Texas Intermediate crude oil rebounded after recent declines, as markets continued to assess evolving global supply conditions.
• Currencies – U.S. Dollar: The U.S. dollar strengthened against major currencies but remained largely rangebound over the week.
• Technology & Semiconductors: Chip and AI-related stocks led parts of Thursday’s session. Arm Holdings saw volatility after a strong surge, while weakness in Nvidia weighed on sentiment. The PHLX Semiconductor Index still finished higher.
• Healthcare – Merck Update: Merck & Co. rose after reports that its lung cancer treatment, developed with Kelun-Biotech, produced positive Phase 3 trial results.
• Software – Zoom Earnings: Zoom Communications climbed after stronger-than-expected earnings and revenue, along with upbeat forward guidance for fiscal 2027.
• Gaming – Take-Two Results: Take-Two Interactive advanced following solid earnings and confirmation that Grand Theft Auto VI remains on track for release later this year.
• Entertainment Tech – IMAX: IMAX Corporation surged after reports that it is engaged in takeover discussions, according to The Wall Street Journal.
• Retail – Ross Stores: Ross Stores rallied after reporting better-than-expected earnings and raising both its sales outlook and profit guidance.
• Crypto – Bitcoin: Bitcoin traded modestly lower, continuing its drift away from the key $80,000 psychological level amid subdued risk appetite.

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“Do or do not. There is no try.” 

— Yoda

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Notable Stocks

• Reddit (RDDT)
• Walmart (WMT)
• Nvidia (NVDA)
• Apple (AAPL)
• Microsoft (MSFT)

Weekly Notables

Reddit Shares Slide After Meta Unveils New Forum App

Shares of Reddit, Inc. fell nearly 6% on Friday after Meta Platforms, Inc. launched a new standalone discussion app called Forum, viewed by analysts as a potential competitor to Reddit’s online communities. The app, currently being tested on Apple Inc. iOS devices, is tied to Facebook Groups and is designed to support public discussions and online forums.

Estée Lauder Shares Jump After Merger Talks with Puig End

Shares of The Estée Lauder Companies Inc. surged more than 11% Friday after the company announced it had ended merger discussions with Spanish beauty group Puig. The two companies had been exploring a potential combination since March, but Estée Lauder said both sides mutually agreed to terminate talks. The company added that it remains focused on its “Beauty Reimagined” turnaround strategy, aimed at driving premium product launches and improving supply chain efficiency.

Earnings Spotlight: Costco (COST)

Costco (NASDAQ: COST) is scheduled to release its Q3 fiscal 2026 earnings on Thursday, May 28, 2026, after the market closes. Wall Street analysts project the company to report earnings per share (EPS) of $4.98 on roughly $69.61 billion in revenue.

What's Ahead

May 25: U.S. markets closed for Memorial Day holiday.
May 26: May consumer confidence and expected earnings from AutoZone (AZO) and Zscaler (ZS).
May 27: April new home sales and expected earnings from Dick's Sporting Goods (DKS), Marvell Technology (MRVL), Salesforce (CRM), Synopsys (SNPS), and Snowflake (SNOW).
May 28: First quarter GDP second estimate, April Personal Consumption Expenditures (PCE) prices, and expected earnings from Dell (DELL), Dollar Tree (DLTR), MongoDB (MDB), Best Buy (BBY), Costco (COST), AutoDesk (ADSK), and Gap (GAP).
May 29: No major data or earnings expected.