StockWatch

Update 27/05/2026
— The stock market had a relatively quiet session, with some profit-taking across semiconductor names limiting gains across the S&P 500 (flat) and Nasdaq Composite (+0.1%), while another retreat in oil prices supported strength in the broader market, sending the DJIA (+0.4%) to fresh record highs.—While the S&P 500 managed to capture a record closing high, the index spent much of the session in negative territory, which was largely due to weakness in the information technology sector (-0.4%). The sector finished well off its session lows, but semiconductor names remained a point of weakness following yesterday's Micron-led rally.—Micron (MU 928.41, +32.53, +3.63%) and other memory storage names managed to finish the session with gains, but large chipmakers such as NVIDIA (NVDA 212.60, -2.26, -1.05%) and Intel (INTC 121.77, -1.75, -1.42%) traded lower, while Qualcomm (QCOM 233.40, -15.42, -6.20%) was a notable laggard.—The PHLX Semiconductor Index finished 1.4% lower. —The information technology sector was one of five S&P 500 sectors to finish lower today, though losses elsewhere were generally modest. —The financials sector (-0.8%) was another laggard, with particular weakness across investment manager and insurance names. JPMorgan Chase (JPM 299.28, -7.46, -2.43%) traded lower after CEO Jamie Dimon said at a conference that the bank could commit $10 billion to $20 billion toward an acquisition in the coming years.—Elsewhere, the energy sector (-1.5%) finished with the widest loss as optimism surrounding a potential peace agreement between the U.S. and Iran sent oil prices sharply lower again today. The White House denied reports from Iranian state media suggesting the two sides are close to finalizing a memorandum of understanding that would restore traffic through the Strait of Hormuz, though Secretary of State Marco Rubio said during a cabinet meeting that some progress has been made toward a peace agreement.—Crude oil futures settled today's session $5.29 lower (-5.6%) at $88.60 per barrel. —Airlines, cruise lines, and homebuilders all outperformed again today, with the latter two groups helping lift the consumer discretionary sector (+1.9%). Treasury yields also moved modestly lower, and the iShares U.S. Home Construction ETF advanced 1.6%. —Elsewhere in the sector, Amazon (AMZN 271.85, +6.56, +2.47%) provided solid mega-cap leadership, while MGM Resorts (MGM 41.95, +3.50, +9.10%) was among the best-performing S&P 500 components after several brokerage upgrades.—The consumer staples sector (+1.0%) also outperformed as investors did some bargain hunting following yesterday's retreat, while Meta Platforms (META 635.26, +22.92, +3.74%) moved higher this afternoon after TechCrunch reported that the company plans to introduce global consumer subscription offerings, helping lift the communication services sector (+0.7%) to its best levels of the session. —Overall, stocks remained near record levels despite some consolidation across semiconductor names, while falling oil prices continued to reinforce optimism that a U.S.-Iran agreement is becoming increasingly plausible. At the same time, investors have continued to show a willingness to buy dips across semiconductors and other AI-related names, which could fuel another push further into record territory.—U.S. Treasuries padded this week's gains during an otherwise quiet Wednesday session. Treasuries set fresh lows after today's $70 billion 5-year note auction met weaker demand than yesterday's solid 2-year note sale, but the last couple hours saw a return to pre-auction levels. The 2-year note yield settled down two basis points to 4.03%, the 5-year note yield settled down one basis point to 4.18%, and the 10-year note yield settled down one basis point to 4.48%.
Russell 2000: +17.7% YTD
Nasdaq Composite: +14.8% YTD
S&P Mid Cap 400: +12.4% YTD
S&P 500: +9.9% YTD
DJIA: +5.4% YTD
—Reviewing today's data:
The weekly MBA Mortgage Index fell 8.5% to follow last week's 2.3% decrease. The Purchase Index was down 0.4% while the Refinance Index fell 18.1%.

Update 26/05/2026
— The S&P 500 (+0.6%), Nasdaq Composite (+1.2%), and DJIA (-0.2%) posted a mostly higher start to the holiday-abbreviated week, with the S&P 500 notching fresh record highs. —The market was supported by another rally across semiconductor names, pushing the PHLX Semiconductor Index 5.5% higher and helping the broader information technology sector (+1.7%) finish as the top-performing S&P 500 sector. —Micron (MU 895.88, +144.88, +19.29%) posted a massive gain, surpassing a $1 trillion market capitalization after UBS raised its price target on the stock to $1,625 from $535 and reiterated its Buy rating. —Advanced Micro Devices (AMD 503.89, +36.38, +7.78%) and onsemi (ON 126.98, +10.78, +9.28%) were among the other notable chipmakers trading sharply higher, though NVIDIA (NVDA 214.86, -0.47, -0.22%) continued to struggle to hold intraday gains following last week's earnings release.—In addition to strong tech leadership, the market benefited from a more favorable macro backdrop today, with oil prices and Treasury yields both retreating amid reports that the U.S. and Iran made progress on negotiations over the weekend. Crude oil futures settled today's session $2.86 lower (-3.0%) at $93.89 per barrel, and the 10-year note yield settled down seven basis points to 4.49%. —Airline names such as United Airlines (UAL 105.92, +5.96, +5.96%) moved higher amid the retreat in oil prices, helping the industrials sector (+1.5%) outperform. —Similarly, construction materials names, including Martin Marietta (MLM 560.93, +24.45, +4.56%), were among the top performers in the materials sector (+1.4%). —The communication services sector (+0.9%) also notched a solid gain as Alphabet (GOOG 384.84, +5.46, +1.44%) rebounded from a recent bout of weakness, while gains were more modest elsewhere. —As for today's laggards, the energy sector (-2.8%) was the worst performer given the slide in oil prices, while the defensive consumer staples (-1.7%) and health care (-1.0%) sectors moved lower as investors favored more growth-oriented areas of the market. —AutoZone (AZO 3100.11, -306.39, -8.99%) finished as the worst-performing S&P 500 component after delivering a mixed Q3 earnings report, with a sizable EPS beat offset by slightly light revenue and meaningful gross margin pressure tied to inflation-related accounting impacts. Even so, the consumer discretionary sector (+0.1%) managed to finish modestly higher as Tesla (TSLA 433.48, +7.47, +1.75%) provided solid mega-cap leadership while cruise line stocks outperformed in typical fashion amid falling oil prices.—Outside of the S&P 500, the Russell 2000 (+1.8%) and S&P Mid Cap 400 (+1.5%) outperformed as lower Treasury yields continued to support smaller-cap and more economically sensitive areas of the market. —Overall, today's session reflected continued enthusiasm across semiconductor and AI-linked stocks, while easing pressure from oil prices and Treasury yields provided additional support for broader market participation. Even with some mixed action beneath the surface, investors remained willing to rotate into cyclical and growth-oriented groups as the S&P 500 continued its push into record territory.—U.S. Treasuries began the holiday-shortened week on a firmly higher note, encouraged by a pullback in the price of oil, which resulted from more indications that a peace deal with Iran is likely be finalized soon. The U.S. Treasury sold $69 billion in 2-year notes to good demand. The 2-year note yield settled down seven basis point to 4.05%, and the 10-year note yield settled down seven basis points to 4.49%.
Russell 2000: +17.7% YTD
Nasdaq Composite: +14.7% YTD
S&P Mid Cap 400: +12.8% YTD
S&P 500: +9.8% YTD
DJIA: +5.0% YTD
—Reviewing today's data:
The Conference Board's Consumer Confidence Index slipped to 93.1 in May (Briefing.com consensus: 92.0) from an upwardly revised 93.8 (from 92.8) in April. In the same period a year ago, the index stood at 98.4.—
The key takeaway from the report is that inflation pressures had consumers feeling less optimistic about current conditions; however, those same pressures did not squash expectations for better conditions six months from now.
April S&P Case-Shiller Home Price Index increased 0.8% (Briefing.com consensus 1.0%) following a previous increase of 0.9%.—The March FHFA Housing Price Index increased 0.1% (Briefing.com consensus 0.1%), with the prior reading revised to -0.1% (from 0.0%).