Quick Overview
- May’s PCE inflation gauge arrives Thursday and may exceed April’s 3.8% annual increase
- Micron Technology delivers its quarterly report Wednesday, boasting a $1 trillion market cap and shares surging over 800% year-to-date
- Weekly performance: S&P 500 climbed 1.08%, Nasdaq surged 2.48%, Dow edged up 0.14%
- SpaceX completed history’s biggest IPO, securing $85.7 billion and achieving a valuation exceeding $2 trillion
- Bitcoin advanced 0.46% to reach $64,139, underperforming the technology-driven equity surge
Equity markets wrapped up last week with solid gains, propelled by major technology developments, a groundbreaking initial public offering, and renewed optimism surrounding international commerce. Here’s a breakdown of recent action and critical events on this week’s calendar.
Equities Close Higher Across the Board
All three primary U.S. indices finished in positive territory. The S&P 500 advanced 1.08%, settling at 7,500.58. The Nasdaq posted a robust 2.48% gain, reaching 30,406.19, benefiting from heightened appetite for technology and growth-oriented equities. The Dow Jones Industrial Average registered a modest 0.14% increase, closing at 51,564.70.
A preliminary peace framework between the U.S. and Iran bolstered investor confidence. The potential agreement raised prospects for resumed maritime traffic through the Strait of Hormuz, driving crude prices downward and encouraging equity purchases.
The benchmark 10-year Treasury yield finished the week at 4.455%. This metric holds significance for growth-focused companies, as their valuations typically contract when financing expenses climb.
The Federal Reserve, now led by recently appointed Chair Kevin Warsh, maintained current interest rate levels. However, policymakers indicated additional increases remain possible should inflation persist at elevated levels. The central bank has kept rates unchanged since December.
Bitcoin edged up 0.46%, finishing at $64,139.86. Gold retreated 1.72% to $4,172.90. Digital assets lagged the wider market advance, which was predominantly fueled by technology and large-capitalization growth stocks.
SpaceX Shatters IPO Records
The week’s headline event was SpaceX’s public market entrance. Elon Musk’s aerospace and satellite enterprise secured $85.7 billion through its IPO, establishing a new benchmark for public offerings. The listing assigned SpaceX a valuation surpassing $2 trillion.
The launch redirected investor focus toward major technology firms and innovation-driven enterprises.
SpaceX also purportedly reached an agreement to purchase AI company Cursor for $60 billion, a strategic initiative designed to bolster its artificial intelligence operations.
Nvidia revealed intentions to issue no less than $20 billion in investment-grade corporate debt for general business purposes. This represents one of the chipmaker’s most substantial financing activities since the artificial intelligence revolution accelerated.
Fox Corporation disclosed a $22 billion agreement to acquire Roku, the streaming device manufacturer. The transaction strengthens Fox’s digital footprint as legacy media enterprises pursue more robust streaming and advertising infrastructure.
Yum! Brands divested Pizza Hut to LongRange Capital and Yum China Holdings for $2.7 billion. Management stated the transaction enables greater concentration on its other flagship restaurant concepts.
Key Events on This Week’s Agenda
Micron Technology unveils fiscal third-quarter financial results on Wednesday. The memory chip manufacturer’s market capitalization has reached $1 trillion, with shares soaring over 800% this year. The company posted gross profit margins exceeding 68% in its latest disclosure, prompting speculation about whether the memory semiconductor cycle is approaching its zenith.
The PCE inflation metric for May releases Thursday. April’s figure registered 3.8% on an annual basis, marking the highest level in three years. May’s reading could climb further based on additional recent consumer price indicators. The Federal Reserve monitors PCE as its preferred gauge for measuring inflation trends.
Additional corporate earnings announcements this week include Carnival Corp., FedEx, BlackBerry, and Darden Restaurants. BlackBerry shares have more than doubled in 2026, driven by its expanding collaboration with Nvidia and strong demand for its QNX operating system deployed in advanced driver assistance technologies.
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