Summary

Equities rallied on the week, with the Nasdaq leading at +2.37%, the S&P 500 adding +1.58%, and the Dow gaining +0.76%, as the 10-year Treasury yield fell -12 basis points to 4.45%. Economic data was mixed, with Conference Board Consumer Confidence edging down -0.7 points to 93.1 in May, still above the 92.0 estimate, MBA Mortgage Applications falling -8.5% for the week ending May 22nd, and the Leading Economic Index nudging up +0.1% in April. Initial Jobless Claims rose to 215,000, Q1 GDP was revised down to +1.6% against a +2.0% estimate, and New Home Sales slipped -6.2% in April. The PCE Index rose +3.8% year over year and +0.4% month over month, reinforcing the Fed’s hawkish tilt; markets are now pricing a +58% probability of a rate hike in December and have nearly fully priced in +1 hike by early Q2 2027. On the corporate side, Micron (NYSE: MU) surged +19% after crossing a $1 trillion valuation, Snowflake (NYSE: SNOW) soared +36% on knockout earnings and a $6 billion AWS deal, Nvidia (NYSE: NVDA) CEO Jensen Huang unveiled a $150 billion spending plan and a new Taiwan campus, SpaceX was awarded a $2.29 billion military satellite contract, and American Airlines (NYSE: AAL) announced Starlink across 500+ narrow body aircraft. Risk assets sold off, with WTI Crude tumbling -7.6% amid Iran peace negotiations, spot silver -1.3%, spot gold -0.95%, and Bitcoin -4.7%, while the dollar slipped -0.2% on the week.

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10-Year Treasury Yield

• Current Rate: 4.45% (as of May 28, 2026) 
• Week-to-Date Movement: -12bps (from 4.57% on May 21, 2026)  

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Major U.S. Equity Indices Performance

• S&P 500: 7,445.72 → 7,563.63 (+1.58% WTD)  
• Dow Jones Industrial Avg: 50,285.66 → 50,668.97 (+0.76% WTD)  
• Nasdaq Composite: 26,293.10 → 26,917.47 (+2.37% WTD)

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Notable Market Events

Macroeconomic Data: 

The Conference Board Consumer Confidence index edged down -0.7 points in May to 93.1, coming in above the 92.0 estimate. The pullback was driven entirely by the Present Situation Index, which fell -3.2 points to 121.2, reflecting softening perceptions of current business and labor market conditions. In contrast, the Expectations Index rose +1.0 point to 74.4, its highest reading of the year, on improving outlooks for business and labor market conditions. MBA Mortgage Applications fell -8.5% for the week ending May 22nd, extending the -2.3% decline recorded the prior week. The Refinance Index dropped -18.0% from the previous week, though it remained +19.0% above the same period one year ago. The Leading Economic Index edged higher by +0.1% in April following a -0.6% decline in March, with the recovery driven by a rebound in stock prices and an uptick in building permits. the prior month. Initial Jobless Claims rose to 215,000 for the week, up from 210,000 the prior week. On the inflation front, the PCE Index — the Fed’s preferred inflation gauge — rose +3.8% year over year and +0.4% month over month, as price pressures persist amid ongoing Middle East tensions. The second reading of Q1 GDP showed the economy expanded at a +1.6% annualized pace, coming in softer than the +2.0% estimate. New Home Sales slipped -6.2% in April, giving back a portion of the +3.4% gain recorded the month prior. 

Economic Policy: 

Uncertainty stemming from the Middle East has made the Fed’s path toward its target rate increasingly difficult to navigate. Against a backdrop of conflicting geopolitical signals and a challenging macroeconomic environment, traders have begun pricing in a more hawkish Fed trajectory. According to swaps tied to the Fed Funds Rate, markets are now implying a 58% probability of a rate hike at the December meeting and have nearly fully priced in 1 rate hike by early Q2 2027. 

Business: 

Shares of Micron (NYSE: MU) surged +19% on Tuesday as the company crossed a $1 trillion valuation for the first time, doubling its market cap in under two months, with UBS further reinforcing the move by doubling its price target. SpaceX was awarded a $2.29 billion government contract to build a secure, high speed satellite communications network connecting military sensors and weapons platforms across the globe. American Airlines (NYSE: AAL) announced plans to outfit more than 500 of its narrow body aircraft with Starlink beginning early next year. Taiwan chip stocks continued to rally into Wednesday after Nvidia (NYSE: NVDA) CEO Jensen Huang unveiled a $150 billion spending plan and announced a new Taiwan campus capable of housing four times the company’s current local headcount. Snowflake (NYSE:SNOW) soared +36% on Thursday after the company reported knockout earnings and notched a $6 billion deal with Amazon as part of a commitment to use Amazon’s processors and other chips to power AI and agentic applications.  

Markets: 

Risk assets came under pressure on the week. Spot gold declined -0.95% while spot silver shed -1.3%. WTI Crude fell -7.6% as Iran deliberates over the latest US peace deal proposal, with President Trump stating he would give Tehran “a couple of days” to reach a decision. Bitcoin retreated -4.7%, while the dollar fell -0.2% on the week.

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Stock Sector Performance

All performance figures and market events are sourced from Bloomberg as of market close 5/28/2026, using the prior Friday’s market open as the start date.

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