Markets Hit Records

The three leading US indexes finished Friday at record highs as shares of Dell Technologies led a tech-stock advance and oil prices pulled back on optimism of a US-Iran peace deal [1]. The S&P 500 ended higher for a ninth straight week, with the Nasdaq and Dow Jones Industrial Average also ending the day up [1]. This comes as the US stock market continues to show resilience, with the S&P 500 rising 1.4% over the four sessions [1].

Key takeaways

• The S&P 500 finished its ninth straight week of gains, adding 1.4% over the four sessions [1].
• The Nasdaq and Dow Jones Industrial Average ended up 2.4% and 0.9% for the week, respectively [1].
• Oil prices fell as President Donald Trump wrote on Truth Social that he will "make a final determination" on a proposal to end the war with Iran [1].

Market Performance

The blue-chip Dow Jones Industrial Average, benchmark S&P 500, and tech-heavy Nasdaq Composite ended the day up a respective 0.7%, 0.2%, and 0.2% [1]. All three ended comfortably higher for the month of May, with the Nasdaq, S&P 500, and Dow rising roughly 8%, 5%, and 3%, respectively [1]. In 2026, they are up about 16%, 11%, and 6% [1]. The tech sector was led by Dell Technologies, which jumped 32% after the server maker posted better-than-expected results and lifted its outlook on booming AI demand [1].

IPO Market

The IPO market is also expected to see significant activity, with Anthropic's valuation jumping to nearly $1 trillion [1]. This comes as the start-up announced a funding round that valued it at $965 billion, more than double its valuation in February [1]. Anthropic's new valuation dramatically increases the size of this year's IPO pipeline, with the start-up expected to file to go public before the end of the year [1]. Other notable IPOs expected this year include SpaceX, which could raise up to $75 billion, and OpenAI, which is reportedly preparing to file in the coming weeks [1].

Why it matters

The continued rise of the US stock market, combined with the expected IPO activity, suggests a strong outlook for the US economy [1]. However, inflation remains a concern, with the Personal Consumption Expenditures (PCE) indicating inflation rose 3.8% year-over-year in April [2]. The 10-year Treasury yield, which influences interest rates on mortgages and other consumer loans, was below 4.46% at 4 p.m. ET, down from 4.49% at yesterday's close [2]. As the market continues to evolve, it will be important to monitor these trends and their impact on the US economy [1].