S&P futures are up 0.1% Friday morning after U.S. equities finished mostly higher Thursday, with the S&P 500 rising for a sixth straight session to another record high. Semis, software, most-shorted names, retail favorites, drones/defense, healthcare, retail/apparel, dollar stores, and industrial metals led the tape. Global markets are firmer, with South Korea up more than 3.5%, Japan up more than 2.5%, and Europe up roughly 0.5%. Treasuries are little changed but on pace for a strong weekly rally, the dollar is up 0.1%, gold is higher, Bitcoin futures are slightly firmer, and WTI crude is down 1.7%, leaving oil off more than 9% for the week.
The macro narrative remains anchored by U.S.-Iran deal optimism, with headlines suggesting an agreement is largely done and awaiting final approval. That has driven a sharp pullback in crude and a rate reprieve. The AI demand story received another boost from Dell’s blowout results, while apparel retail earnings were weaker, though more due to merchandising execution than broad macro deterioration. Consumer headwinds remain a focus in the press, including credit-card debt, a depressed savings rate, and labor’s historically low share of the economy versus record corporate-profit share.
Economic Calendar
Fedspeak remains active today, with Schmid, Bowman, Paulson, and Daly scheduled. Next week is a big macro week, with ISM manufacturing, JOLTS, ISM services, the Beige Book, and the employment report. ISM manufacturing is expected to rise to 55.3 from 52.7, ISM services to 53.8 from 53.6, and May nonfarm payrolls to increase 95K after April’s 115K gain. Unemployment is expected to hold at 4.3%, with average hourly earnings up 0.3% m/m.
Company News
- DELL: Big gainer after blowout Q1 results and guidance, driven by accelerating AI demand.
- ADSK: Beat and raised, but reaction was limited by valuation scrutiny around the $3.6B MaintainX acquisition.
- NTAP: Fiscal Q4 and FY27 outlook came in ahead despite gross-margin pressure.
- MDB: Takeaways were positive on Atlas consumption and downstream AI opportunities.
- OKTA: Beat and raised, with focus on NRR acceleration, large-customer growth, and new-product traction.
- S: Down sharply as a Q1 revenue miss overshadowed record NNARR.
- ESTC: Pressured by cloud-growth deceleration.
- COST: Takeaways highlighted improvement in renewal rates.
- GAP: Hit by a comp miss driven by weaker Old Navy performance.
- AEO: Pressured after comps unexpectedly turned negative, with weakness tied to women’s category issues.
U.S. equities finished higher Thursday, ending near best levels, with the Dow up 0.05%, S&P 500 up 0.58%, Nasdaq up 0.91%, and Russell 2000 up 0.57%. The macro backdrop was constructive as yields moved lower and markets priced greater optimism around a potential U.S.-Iran resolution. Reports suggested negotiators reached a 60-day ceasefire framework with unrestricted Strait of Hormuz traffic, though Trump had not yet signed off and Iranian negotiators reportedly had not made nuclear commitments. WTI crude settled up just 0.9% at $89.48, well off best levels, while Treasuries firmed across the curve, with the 10-year yield down 3 bp to 4.45% and the 30-year down 3 bp to 4.98%, its sixth straight decline. Core PCE rose 0.2% m/m, softer than March and below the 0.3% consensus, while personal income was flat and spending rose 0.5%. Durable-goods orders jumped 7.9% on transportation strength, but core capital-goods orders fell 1.1%. Q1 GDP was revised down to 1.6% from 2.0%, jobless claims were slightly above expectations, and new-home sales missed.
Sector performance was led by Healthcare and Technology. Healthcare rose 1.41%, helped by pharma/biotech and MedTech strength, while Technology gained 1.34% on semis, memory, AI-linked software, and Microsoft strength. Consumer Discretionary rose 0.54%, Materials gained 0.24%, and Communication Services added 0.12%. Energy slipped 0.14% despite crude finishing modestly higher, while Industrials fell 0.27%, Financials declined 0.28%, Real Estate lost 0.47%, Consumer Staples fell 0.50%, and Utilities dropped 1.13%. The tape favored semis, memory, software, retail/apparel, dollar stores, industrial metals, quantum computing, most-shorted names, and retail favorites, while rails, insurers, private equity, exchanges, homebuilders, machinery, E&Cs, beverages, household products, tobacco, utilities, and China tech lagged.
Information Technology
- SNOW +36.5%: Q1 product revenue beat by roughly 5%, Q2 guidance was well ahead, and FY27 guidance was raised. Management highlighted AI as a key consumption tailwind, strong Cortex Code uptake, and Snowflake Intelligence accounts more than doubling q/q.
- MSFT +3.5%: The Information reported Microsoft is set to release new coding models at next week’s Build Conference, part of an effort to strengthen GitHub Copilot’s competitiveness.
- MRVL +3.1%: Q1 EPS was in line and revenue slightly ahead, while Q2 guidance topped Street expectations. Management cited strong AI data-center demand and expects revenue growth to accelerate through FY27, though supply constraints and a high bar remained points of caution.
- DELL +4.2%: Won a $9.7B Pentagon contract to consolidate Microsoft software and services across military departments.
- HPQ -1.9%: Fiscal Q2 was better than feared, helped by PC pull-forward and price increases to offset memory inflation. However, units were still down 7%, the upper end of FY EPS guidance was lowered, and input-cost pressure remains a concern.
- SNPS -8.6%: FQ2 revenue and earnings beat, and guidance was raised, but analysts were underwhelmed by the magnitude of the beat and flagged softness outside AI. The company also reached a cooperation agreement with Elliott.
- PLAB -36.4%: FQ2 earnings and revenue missed, with management citing delayed design releases, memory supply constraints, and cost pressure for OEMs. Next-quarter guidance was below Street expectations.
Communication Services
- Communication Services +0.12%: Finished slightly higher, though China tech lagged.
- AI software / model headlines: Anthropic rolled out Opus 4.8, highlighted improvements in coding, financial analysis, and reasoning, and reportedly surpassed OpenAI as the most valuable AI startup after a $65B capital raise at a $900B valuation.
Consumer Discretionary
- BURL -7.9%: Q1 earnings, revenue, and comps beat, and FY guidance was raised, but the stock fell as expectations were elevated after strong competitor reports.
- BBY +15.8%: Q1 comps, margins, and EPS beat, with most categories positive. Management highlighted a strong start to May, with high-single-digit comp growth versus a -1% Q2 guide.
- DLTR +17.9%: Q1 earnings beat, revenue was largely in line, margins improved on mark-on, freight, and shrink benefits, and FY EPS guidance was raised.
- KSS +20.6%: Q1 earnings beat and comp decline was narrower than expected. Management cited Kohl’s card customer improvement, proprietary brand strength, and juniors momentum, while reaffirming FY guidance.
- CZR: Reportedly to be taken private by Fertitta Entertainment.
Consumer Staples
- HRL +12.6%: Fiscal Q2 EPS beat and revenue was slightly ahead. Gross margin topped expectations, organic net sales rose 3.3%, and FY guidance was reaffirmed.
- Consumer Staples -0.50%: Lagged as beverage, household products, tobacco, and defensive consumer names underperformed.
Energy
- Energy -0.14%: Slipped despite WTI finishing modestly higher, with crude well off intraday highs as investors weighed ceasefire headlines and potential Hormuz reopening.
Financials
- Insurers / private equity / exchanges: Lagged, weighing on the broader Financials sector.
- Financials -0.28%: Underperformed despite lower yields and the broader risk-on tone.
Healthcare
- A +16.9%: Agilent beat fiscal Q2 earnings and revenue, with core revenue ahead of consensus. AMG was a standout, helped by spectroscopy strength, replacement-cycle momentum, and share gains. FY guidance was raised.
- Healthcare +1.41%: Led the market, supported by pharma/biotech and MedTech strength.
Industrials
- HEI +11.5%: Fiscal Q2 revenue beat by 10% and EBIT was more than 20% ahead. Takeaways were positive on 18% organic growth, ETG rebound, and reiterated FY26 growth expectations across both segments.
- FDXF: Set to join the S&P 500 after its spin from FedEx.
- Rails / machinery / E&Cs: Underperformed, leaving Industrials down 0.27%.
Materials
- Industrial metals: Outperformed, helping Materials finish modestly higher.
Eco Data Releases | Friday May 29th, 2026
S&P 500 Constituent Earnings Announcements | Friday May 29th, 2026
No constituents report today
Data sourced from FactSet Research Systems Inc.
