The S&P 500 advanced 0.88%, while the Nasdaq edged ahead 0.45%. The Dow Jones Industrial Average climbed 2.13%. The MSCI EAFE Index, which tracks developed overseas stock markets, rose 2.16 percent.1,2
S&P 500’s 8th Winning Week
Stocks sputtered out of the gate as a capacity issue amid soaring demand in the memory chip space put pressure on those stocks, along with the AI trade and tech more broadly.3
Then markets took a leg up midweek as investor optimism returned for a Middle East peace deal; oil prices and Treasury yields fell. Investors also looked ahead to a quarterly earnings report from one of the megacap AI chipmakers. The Dow hit a fresh record close.4,5
Then, on Friday, markets rallied once again as investors continued to hold out hope that a Middle East peace deal would materialize.
Kevin Warsh was sworn in as the new Fed chair, while investor enthusiasm over the AI trade and other tech stocks added to the market’s ebullient sentiment. The Dow closed at another record high, while the S&P 500 finished its eighth consecutive week in the green, its longest weekly winning streak since 2023.6
Fed Meeting Minutes
The Federal Reserve released minutes from its April Federal Open Market Committee meeting, Jerome Powell’s last FOMC meeting as Fed Chair.
The minutes revealed that if the Fed were to adjust rates sometime during the remainder of this year, it might be a rate hike rather than a rate cut.7
Economic Data To Watch
Tuesday: Case-Shiller Home Price Index. Consumer Confidence.
Thursday: Weekly Jobless Claims. New Home Sales. Durable Goods.
Friday: Gross Domestic Product (GDP). Personal Consumption & Expenditures (PCE) Index. Trade Balance in Goods. Retail & Wholesale Inventories.
Source: Investors Business Daily - Econoday economic calendar: May 22, 2026.
The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to provide accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts are also subject to revision.
Upcoming Earnings Reports
Wednesday: Marvell Technology, Inc. (MRVL), Salesforce, Inc. (CRM), Synopsys, Inc. (SNPS)
Thursday: Costco Wholesale Corporation (COST), Dell Technologies Inc. (DELL)
Source: Zacks, May 22, 2026. Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your goals, time horizon, and risk tolerance. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule their earnings reports without notice.
Footnotes And Sources1. WSJ.com, May 22, 2026
2. Investing.com, May 22, 2026
3. CNBC.com, May 18, 2026
4. CNBC.com, May 20, 2026
5. CNBC.com, May 21, 2026
6. WSJ.com, May 22, 2026
7. WSJ.com, May 20, 2026
Source: YCharts.com, May 23, 2026. Weekly performance is measured from Monday, May 18 to Friday, May 22. TR = total return for the index, which includes any dividends as well as any other cash distributions during the period. Treasury note yield is expressed in basis points.