US Stock Market Daily Report

Big Picture

The US stock market closed the week ending May 22, 2026 with a powerful showing. The S&P 500 rose 0.9% for its eighth consecutive weekly gain — the longest such streak since December 2023 — while the Dow Jones Industrial Average notched its ninth closing record of the year. The rally was fueled by easing geopolitical tensions, cooling oil prices, and continued AI-driven enthusiasm despite a leadership transition at the Federal Reserve.

Top Developments

Kevin Warsh Sworn In as Fed Chair. The new Fed chair was ceremonially sworn in at the White House, replacing the prior leadership. Traders are closely watching for policy signals, particularly regarding the trajectory of interest rates amid persistent inflation above the 2% target.
Oil Prices Retreat on Iran Peace Deal Hopes. WTI crude fell 5.66% to $98.26/barrel and Brent dropped to $103.54/barrel as President Trump signaled "final stages" of negotiations with Iran. This marked a significant reversal after weeks of escalation.
Treasury Yields Cool Off. The 10-year Treasury yield retreated to 4.57% after touching 4.69% earlier in the week — the highest intraday level since January 2025. This pullback provided relief to equity markets and mortgage rate pressures.
SpaceX Files for IPO. SpaceX submitted its S-1 filing to the SEC, targeting a Nasdaq listing under ticker "SPCX" at a valuation of $1.75–2 trillion — potentially the largest capital raise in history at ~$80B+. Elon Musk framed the offering as a bet on multiplanetary life catalyzing terrestrial breakthroughs.
Quantum Computing Gets Federal Backing. The Trump Administration announced $2 billion in total quantum computing grants, including $1 billion to IBM, $375 million to GlobalFoundries, and smaller awards to D-Wave Quantum and Rigetti Computing. Quantum stocks surged 25–30% on the news.

Key Index Closures (May 20–22)

Index	Weekly Change	Notable Level
S&P 500	+0.9% (8-week streak)	~7,460
Dow Jones	+2.1%	~50,000 (9th record close of 2026)
Nasdaq Composite	+1.54% (May 20 alone)	26,270

Earnings Season Highlights

Company	Action	Notes
Ralph Lauren (RL)	+14%	Q4 EPS $2.80 vs $2.55 expected; revenue $1.98B (+17% YoY)
IBM	+12%	$1B CHIPS Act award for quantum chip foundry
Nvidia (NVDA)	-2%	Record Q1 but "unimpressed" investors; data center revenue near doubled
Walmart (WMT)	-7%	Revenue beat but EPS met estimates; Q2 outlook below consensus
Spotify (SPOT)	+15%	2030 targets: mid-teens revenue CAGR; UMG AI licensing deal
Intuit (INTU)	-20%	Announced 17% workforce reduction (~3,000 employees)
SoftBank	+20% (Tokyo)	OpenAI stake enthusiasm; two-day gain of 34%

Commodities & Currencies

Asset	Price	Notes
WTI Crude	$98.26/bbl	-5.66% on Middle East de-escalation hopes
Brent Crude	$103.54/bbl	~$105 prior
Gold	$4,540/oz	Near all-time highs
Bitcoin	~$77,600	Struggling to hold $80K; 4 consecutive days of ETF outflows
USD/JPY	>159	Near intervention levels

Looking Ahead

The market enters the week with momentum but faces key tests: more corporate earnings, Fed commentary from the new Warsh leadership, and ongoing monitoring of Treasury yields. The eight-week S&P 500 streak is historically rare and suggests elevated bull conviction, but stretched positioning and geopolitical uncertainty warrant caution. SpaceX's IPO process and any further Iran deal developments will dominate headlines. The next 2–3 weeks of earnings will test whether AI-driven valuations can be justified by actual revenue growth.