U.S. stocks capped a strong week: the S&P 500 logged its eighth straight weekly gain — its longest winning streak since 2023 — and the Dow closed Friday at a record 50,580. Leadership broadened well beyond Big Tech, with the Dow up about 2.1% on the week and the Russell 2000 leading all major gauges as money rotated into cyclicals and small caps, while a cooling mega-cap trade left the Nasdaq up just 0.5%. The advance was fueled by progress in U.S.–Iran peace talks, which pulled WTI crude back near $97 for a weekly loss and helped the 10-year Treasury yield ease to 4.56%. Under the surface the mood stayed cautious, with inflation still sticky at 3.8% and traders even pricing some odds of a Fed rate hike rather than a cut later this year. Markets were closed Monday for Memorial Day, and stocks reopen Tuesday into renewed Middle East jitters after weekend U.S. strikes on Iranian missile sites sent oil higher again. Attention now turns to a packed week — Consumer Confidence today, Q1 GDP Thursday, the Fed's preferred PCE inflation gauge Friday, and AI-tinged earnings from Salesforce, Marvell and Dell.
Consumer Confidence (May)
ECONOMIC DATA The first read of the holiday-shortened week and a pulse check on the consumer. With inflation stuck at 3.8% and oil whipsawing on Middle East headlines, investors want to know whether the households that drive two-thirds of the economy are still spending.
Salesforce Earnings
EARNINGS A bellwether for enterprise software and AI monetization. After a strong but choppy run for chipmakers, the Street wants proof that AI spending is translating into real revenue for application makers, not just the hardware names.
Q1 GDP (2nd Estimate)
ECONOMIC DATA A revised look at first-quarter growth. A firm print would reinforce the 'higher for longer' camp at the Fed and keep upward pressure on yields, while a soft revision would revive the stalled rate-cut debate.
PCE Inflation (April)
ECONOMIC DATA The Fed's preferred inflation gauge and the week's marquee release. After CPI reaccelerated to 3.8% and the April meeting drew four dissents, a hot core PCE reading would harden talk that the Fed's next move could be a hike, not a cut.
May Jobs Report
ECONOMIC DATA The first big labor read for June. A still-firm job market would give the hawks cover to hold or even tighten, while a sharp slowdown would reopen the rate-cut debate the spring dissents exposed.
FOMC Rate Decision
FED The next Fed decision and updated dot plot. With inflation near 3.8% and prior votes split four ways, markets will parse whether the committee leans toward cuts, a long hold, or a surprise hike.
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Sector Pulse — Past Week