US stocks hit record highs as Dell drives tech rally, S&P 9‑week

The Nasdaq, S&P 500 and Dow Jones all finished May 29 at fresh record levels, with Dell Technologies surging 32% after a strong earnings report and the S&P 500 posting its ninth consecutive week of gains [2]. Oil prices fell on optimism surrounding a potential U.S.–Iran peace deal, while Treasury yields edged higher [2].

Key takeaways

• Dell’s stock rose 32%, its biggest one‑day gain, after beating forecasts and raising its AI outlook [2].
• The S&P 500 closed up 0.2% for the day and logged a 1.4% gain over the week, marking a nine‑week winning streak [2].
• All three major indexes ended the month higher, each posting modest daily gains (Dow +0.7%, Nasdaq +0.2%) [2].
• West Texas Intermediate crude fell 1.7% to $87.75 per barrel as investors cheered remarks from former President Trump on a possible Iran peace resolution [2].
• The 10‑year Treasury yield rose above 4.45%, indicating higher borrowing costs for mortgages and other loans [2].

Dell’s earnings lift tech sector to new highs

Dell Technologies delivered results that exceeded analysts’ expectations, prompting the company’s shares to jump 32%—its best single‑day performance on record [2]. The server maker cited robust demand for artificial‑intelligence infrastructure as a key driver and raised its outlook accordingly. The rally helped the tech‑heavy Nasdaq close at a fresh all‑time high, with the index up 0.2% on the day. Other notable tech moves included Microsoft gaining 5.5% and a mixed performance from the “Magnificent Seven” stocks, which largely fell despite the overall market strength [2].

Oil retreat and broader market context

While equities surged, oil prices slipped as President Donald Trump posted on Truth Social that he would make a final determination on a proposal to end the war with Iran, fueling optimism of a diplomatic breakthrough [2]. West Texas Intermediate futures dropped 1.7% to $87.75 per barrel, and Brent crude fell 1.8% to $92.05. The broader market backdrop earlier in May had already shown resilience; on May 8, the three major indexes rose for a second straight week, buoyed by a strong jobs report and tech gains, with the Nasdaq and S&P 500 posting record‑setting moves [1]. That earlier momentum set the stage for the May 29 highs.

Why it matters

The sustained rally across all three major indexes underscores investor confidence in the U.S. economy, bolstered by strong corporate earnings and optimism over geopolitical risks. Dell’s outsized gain highlights the growing importance of AI‑related hardware in driving market performance. Meanwhile, the pullback in oil prices suggests that any progress toward a U.S.–Iran de‑escalation could ease energy‑related inflation pressures. With Treasury yields climbing above 4.45%, higher borrowing costs may temper future equity enthusiasm, but the S&P 500’s nine‑week streak indicates that momentum remains a key factor for market participants.