Markets wrapped up an abbreviated post-holiday week by setting fresh records across the board. The Dow crossed 51,000 for the first time ever, the S&P 500 locked in its ninth consecutive week of gains, and Dell Technologies reminded everyone that the AI infrastructure trade is still printing money. Crypto drifted sideways as equities hogged the spotlight.
Market Snapshot
| INDEX | CLOSE | CHANGE |
|---|---|---|
| S&P 500 | 7,580.08 | +0.22% |
| Nasdaq | 26,972.62 | +0.26% |
| Dow Jones | 51,032.46 | +0.72% |
| Bitcoin | $73,096 | +0.27% |
| Ethereum | $2,004 | -0.70% |
What Moved Markets
Dell’s earnings were absurd. Revenue jumped 88%, earnings per share surged 214%, and the company disclosed a $51 billion AI server backlog. On top of that, Dell landed a $9.7 billion Pentagon contract. The stock ripped 33% in a single session. When a hardware company posts numbers like that, it tells you something about where enterprise dollars are actually going right now.
The AI sympathy rally was just as loud. Dell’s results dragged the entire sector higher. Hewlett Packard Enterprise gained 12.76%, NetApp jumped 22.39%, IBM rose 11.39%, Salesforce added 9.32%, and Microsoft climbed 5.45% on reports of a $37 billion AI run rate. Only 206 of the S&P 500’s 503 holdings finished green, but tech and financials were heavy enough to carry the whole index.
U.S. and Iran talks pushed oil lower. VP Vance said the two sides are “very close” to an initial agreement on reopening the Strait of Hormuz and extending a ceasefire, though Iran denied anything was finalized. WTI crude slipped 1% to $87.93, and Brent dropped to $92.47. Gold climbed 1% to $4,578.50 as the geopolitical picture stayed murky enough to keep safe haven demand alive.
Space made headlines for opposite reasons. Blue Origin’s New Glenn rocket exploded during a ground test at Cape Canaveral (all personnel safe). Meanwhile, SpaceX lowered its IPO valuation target to $1.8 trillion and could start marketing the deal as early as June 4. If it prices near that range, it would be the largest IPO in history.
Worth Watching
SpaceX IPO roadshow could kick off as soon as June 4, with pricing potentially by June 11. The company is looking to raise up to $75 billion.
May jobs report drops Friday, June 5 at 8:30 a.m. ET. This is the last major labor data point before the Fed meets.
FOMC meeting June 16 to 17, with updated economic projections and the dot plot. Markets will be watching for any shift in the rate path after PCE came in at its highest reading in nearly three years last week.
Bottom Line
Nine straight weeks of gains sounds great until you notice only two sectors are doing the heavy lifting. Tech and financials are carrying the index while everything else treads water. Dell’s AI numbers are real, but Morgan Stanley’s Daniel Skelly is already warning this trade looks like the mid-1990s semiconductor surge: impressive, but possibly due for a breather. The Nasdaq gained 8% in May on the back of a handful of names. If you hold broad index funds, you’re along for the ride. If you’re chasing individual AI stocks at these levels, understand you’re buying conviction, not value. The jobs report Friday and the Fed meeting in two weeks will tell us whether the economy underneath all this hype is actually holding up.
