Alain’s Holding’s
| Symbol | Name | Price | Change | Change % |
|---|---|---|---|---|
| VOO | Vanguard S&P 500 ETF | 679.44 | -8.28 | -1.20% |
| QQQ | Invesco QQQ Trust | 708.93 | -10.86 | -1.51% |
| XIU.TO | iShares S&P/TSX 60 ETF | 49.82 | -0.49 | -0.97% |
| VRT | Vertiv Holdings Co. | 370.94 | -5.29 | -1.40% |
Records give way
to reality
Oil surges, Treasury yields hit a one-year high, the Trump-Xi summit closes with no major deal, and Jerome Powell’s era at the Fed officially ends. All three major indices sold off sharply.
Major indices — closing prices
S&P 500
7,408
▼ −1.24%
Off recordDow Jones
49,526
▼ −1.07% (−537 pts)
Below 50K againNasdaq
26,225
▼ −1.54%
Tech-led selloffRussell 2000
2,803
▼ −2.10%
Worst of the dayCommodities, crypto & rates
Fed rate-hike odds for 2026 climbed to 45% — up from just 1% a month ago. Oil above $100 + a 10-year yield at 4.55% is reigniting inflation fears the market had largely set aside.
Today’s biggest movers
MSFT
Microsoft
The lone bright spot in tech. Bill Ackman’s Pershing Square disclosed it built a large position at ~21× forward earnings — “well below Microsoft’s trading average over the last few years.” Shares climbed to $430.
NVDA
Nvidia
Gave back Thursday’s gains after Trump told reporters that Nvidia chip sales “didn’t come up” in his talks with Xi. Q1 earnings due next Wednesday. Semiconductor index (SOX) 32% above its 50-day moving average.
INTC
Intel
Led semiconductor losses. AMD fell 5.7% and Micron dropped 6.6%. Analysts flagged the AI trade as historically stretched and vulnerable to a correction after weeks of relentless gains.
BA
Boeing
China agreed to buy 200 Boeing jets with GE Aerospace engines — far below the 500-plane, $77B deal markets expected. Shares fell to $222.70 on the disappointment. Losses extended a second straight day.
CBRS
Cerebras Systems
Classic IPO hangover, one day after surging 68% on its Nasdaq debut. Market cap retreated but remained near ~$85B. The broader semi selloff compounded the pullback.
CAT
Caterpillar
Dow’s biggest loser. Industrials fell broadly as tariff concerns and oil’s inflation implications weighed on cyclical sectors. Boeing (−3.74%) was close behind.
Key themes
Oil & inflation fears
Crude surged +4% to ~$101/bbl as the Strait of Hormuz stays closed. Rising energy prices are stoking inflation fears and pushing up Treasury yields — a toxic combo for growth stocks.
No deal from Beijing
Trump touted “fantastic” talks with Xi but left China without concrete trade or Iran agreements. The gap between rhetoric and reality disappointed markets that had hoped for more.
New Fed era begins
Jerome Powell’s tenure officially ended today. Kevin Warsh takes over as Chair into one of the most complex macro environments in years, with a divided FOMC and rising rate-hike pressure.
Week in review
Despite today’s sharp selloff, the S&P 500 and Nasdaq each finished the week up ~0.3%, and the Dow was nearly flat (−0.05%). The week featured back-to-back all-time highs, Cisco’s record earnings beat, the blockbuster Cerebras IPO, and a historic Trump-Xi summit — then ended with a Friday reality check driven by oil, yields, and a dealless Beijing departure.
Today’s takeaway
“Ten of the last twelve recessions were preceded by a spike in oil. This is starting to get uncomfortable.”
— Dan Niles, Founder, Niles Investment Management (CNBC, May 15, 2026)
What to watch next week
- Wed Nvidia Q1 earnings — the most-watched report of the quarter
- Mon Baidu (BIDU) earnings
- Tue Home Depot (HD), Toll Brothers (TOL), Cava Group (CAVA) earnings
- Tue April housing starts & building permits
- All wk Retail sector earnings — SPDR S&P Retail ETF down 6% this week
Other Stock Market blog posts
- Monday.com (MNDY): Dead Cat Bounce or Real Rebound?
- Cerebras IPO: The $100 Billion Leap in AI Hardware
- Stock Market Recap — Thursday, May 14, 2026
Disclaimer: The information provided in this newsletter is for informational and educational purposes only. It does not constitute investment, financial, or legal advice. I am not a registered investment advisor. All “Buy,” “Hold,” or “Sell” ratings are expressions of personal opinion and should not be construed as recommendations to purchase or sell any security.
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