▲ +1.80%
▲ +2.58%
▲ +1.49%
Source: Charles Schwab, data from 5/26 – 5/29
Weekly Market Minute
“In the short run, the stock market is a voting machine. But in the long run, it is a weighing machine.”
— Benjamin Graham
🧭 This Week In the Markets
Image Source: Michael Nagle / Bloomberg News
Stocks Reach Record Highs to End May Trading
U.S. equities finished May on a strong note, with all three major indexes reaching new record highs on Friday as investors reacted positively to solid corporate earnings and continued enthusiasm surrounding artificial intelligence. The Nasdaq Composite led the major averages with a gain of more than 8% for the month, while the S&P 500 advanced 5% and the Dow Jones Industrial Average rose nearly 3%. Technology stocks continued to drive market performance, supported by growing AI adoption, increased data center investment, and strong demand for advanced computing infrastructure. Despite ongoing geopolitical uncertainties, investor sentiment remained resilient, supported by healthy earnings growth, improving corporate fundamentals, and optimism surrounding the long-term economic outlook.
Oil Prices Decline on Ceasefire Hopes Despite Tight Supply Conditions
Oil prices fell sharply in May, with Brent crude declining nearly 20% from its 2026 highs as investors became increasingly optimistic that a ceasefire agreement between the United States and Iran could lead to the reopening of the Strait of Hormuz. The prospect of improved oil flows through the Strait of Hormuz contributed to lower crude prices, even as geopolitical tensions remained elevated.
Despite the decline in oil prices, supply conditions remain tight. The International Energy Agency estimates that disruptions in the Strait of Hormuz have removed more than one billion barrels of oil from the market, making it the largest oil supply disruption in history. Crude shipments through the Persian Gulf remain well below pre-conflict levels, while global inventories continue to decline as markets rely on stockpiles to offset lost production. As a result, while investors are currently focused on improving geopolitical conditions, energy supply fundamentals remain a key area of concern.
Inflation Shows Signs of Moderation in April
The April Personal Consumption Expenditures (PCE) report showed inflation remained elevated but provided some signs that underlying price pressures may be easing. The Fed’s preferred inflation measure, the PCE Price Index, increased 0.4% for the month and 3.8% year-over-year, while core PCE, which excludes food and energy, rose 0.2% and 3.3%, respectively. Although annual inflation remains well above the Federal Reserve’s 2% target, the softer-than-expected monthly core reading offered some encouragement that inflation may be moderating following recent increases. The report also showed first-quarter GDP growth was revised down to an annualized rate of 1.6% from an initial estimate of 2.0%, reflecting downward revisions to consumer spending and investment.
🏢 Corporate Earnings
- Costco Wholesale (COST) reported fiscal Q3 results of $4.93 per share on $70.5 billion in revenue, matching earnings expectations while surpassing revenue estimates of $69.8 billion, aided by higher fuel sales and increased website traffic.
- Salesforce (CRM): topped Q1 earnings expectations, with earnings of $3.88 per share on $11.13 billion in revenue, beating estimates of $3.12 per share and $11.05 billion in revenue, with the Agentforce AI tool supporting improved revenue.
📊 Sector Performance
5-day closing price ($) and change (%)
Source: Select Sector SPDRs, data based on the Sector SPDR ETFs as of 5/29
Latest from EMW
Save the date: August 29, 2026! Our Patio Pitstop event is back for another year at Anthony’s Chophouse patio. Join us for live music, hors d’oeuvres, drinks, and fun at Artomobilia. We can’t wait to see you there!
📰 Dollars & Sense: This Week’s Rapid Read
Retirement planning looks different depending on the season of life you’re in. Here’s how to approach your most important savings goal—one decade at a time.
Source: Charles Schwab
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Corporate Earnings: Costco Wholesale, Salesforce
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