Your Evening Briefing

May 29, 2026

Stocks close week with new records powered by tech gains and ceasefire optimism

The S&P 500 and Nasdaq 100 set new record closing highs, while the Russell 2000 dipped. This morning, President Trump posted on Truth Social that he’s meeting with advisers in the Situation Room to make a “final determination” on a peace deal with Iran.

Information technology was the best-performing sector as Snowflake’s earnings eased investor fears of an AI-induced SaaSpocalypse, lifting the entire software sector, with Salesforce, Microsoft, Palantir, CrowdStrike, ServiceNow, Atlassian, Figma, Zscaler, Microsoft, Okta and Intuit climbing.

Aside from tech, financials was the only other sector to close in the green, while consumer staples fared the worst.

Moving higher:

Dell had its best day ever after delivering blowout quarterly results and boosting full-year guidance after the bell yesterday, driven by surging AI server demand.
Dell's strong Q1 beat on AI server demand lifted the broader server hardware space, with HP Enterprise and Super Micro Computer surging on the news.
Ford rallied after Bank of America hiked its price target to $20 from $17.
Micron and Sandisk rose on new Street-high price targets from Susquehanna.
Okta soared on a Q1 earnings beat and raised outlook driven by AI security demand.
SoFi Technologies continued to surge following the launch of its stablecoin to 15 million customers.
BlackBerry climbed, extending what is one of its hottest rallies of all time.
Nextpower climbed on news it will acquire battery energy storage provider Prevalon Energy, along with price target hikes from Jefferies and other analysts.

Moving lower:

AST SpaceMobile plummeted after a Blue Origin rocket explosion.
Gap sank after cutting its annual sales forecast and missing on earnings.
Costco shares fell following company’s mixed fiscal third-quarter earnings report. The retailer managed to outperform Wall Street estimates on earnings per share and membership fees, but missed on revenue overall as budget-conscious co
Cryptocurrency sui fell as the blockchain halted transactions for the second day in a row.

The Trump administration is reportedly planning a 50% made-in-America requirement for USMCA tariff relief

The USMCA currently has no US-specific content requirement. Read more.

Depending where you are in the US, up to 50% of World Cup matches kick off during the workday

Sorry, Corporate America.

Read more.

42 is the answer to life, the universe, and everything in Douglas Adams’ classic “The Hitchhiker’s Guide to the Galaxy.” It’s also the number of unsupervised Robotaxis Tesla has on the road in Texas, the only state where it’s operating autonomous service, according to records from a newly required government database in the state. Read more.

The $640,000 Luce makes the average Ferrari look like a bargain
On the grounds of price alone, Luce detractors might have a point.

Was this email forwarded to you? Don’t miss out on future stories — subscribe to The Wrap and get your daily dose of financial news straight to your inbox.

Craving more insights in your inbox? Subscribe to Chartr and Snacks for quality reads.

We care what you think! If you have any feedback or comments, feel free to reply and let us know your thoughts!

Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more

SHERWOOD MEDIA, LLC, 85 Willow Road, Menlo Park, CA 94025