| 📊 Alain’s Holdings — May 22, 2026 | ||||
|---|---|---|---|---|
| Symbol | Name | Price | Change | Change % |
| VOO | Vanguard S&P 500 ETF | 685.55 | +2.71 | +0.40% |
| QQQ | Invesco QQQ Trust | 717.54 | +3.03 | +0.42% |
| XIU.TO | iShares S&P/TSX 60 ETF | 50.78 | +0.06 | +0.12% |
All four indices closed green · New Dow record · Kevin Warsh sworn in
The week ends on a high note
Iran deal hopes, an OpenAI confidential IPO filing, Dell’s 16% analyst-driven surge, and the ceremonial swearing-in of a new Fed Chair at the White House — Wall Street closed the week with a broad pre-holiday rally, and the Dow set a new all-time record close.
Major indices — Friday close
S&P 500
7,473.47
▲ +0.37%
9 of 11 sectors ↑Dow Jones
50,579.70
▲ +0.58% (+294 pts)
All-time record ★Nasdaq
26,343.97
▲ +0.19%
Russell 2000
2,870
▲ +0.96%
Small caps leadCommodities & rates
Today’s biggest movers
DELL · Dell Technologies
Dell Technologies
Day’s biggest single-stock mover. A round of analyst price target upgrades — ahead of Dell’s Q1 FY2027 earnings — sparked explosive buying. Dell is a pure AI infrastructure play (servers, storage, AI PCs), and Nvidia’s blowout Q1 is seen as a direct read-through to Dell’s order book. Earnings due next week.
OpenAI IPO · SoftBank / ARM
OpenAI files confidential IPO
OpenAI filed confidentially with the SEC for a fall IPO, working with Goldman Sachs and Morgan Stanley. SoftBank — which holds a 10%+ stake in OpenAI — surged 11.9%, extending Thursday’s 20% gain. Arm Holdings jumped 16%+ on AI momentum. SoftBank added $61B in market cap over two days — one of the biggest two-day gains in Tokyo stock exchange history.
EL · Estée Lauder & WDAY · Workday
Estée Lauder
Surged after Estée Lauder and Puig terminated their merger discussions. Investors cheered management’s return to self-recovery mode. Workday (+7.8%) also logged big gains, while Generac Holdings rose sharply on energy infrastructure tailwinds.
SPOT · Spotify
Spotify
Spotify (SPOT) surged 6.34% after a successful Investor Day that eased margin concerns and outlined strong growth targets, significantly outperforming the Communication Services sector’s decline of 0.47%.
OpenAI files confidential IPO — targeting fall 2026 debut
OpenAI is working with Goldman Sachs and Morgan Stanley on the filing. No valuation or price range disclosed, but the company was last privately valued in the hundreds of billions. Combined with SpaceX’s prospectus filed Thursday, the 2026 IPO market is entering a historic phase. This could be one of the largest U.S. IPOs in history when it prices.
🏛 Kevin Warsh officially sworn in as Fed Chair
Warsh was sworn in by Supreme Court Justice Clarence Thomas in the East Room of the White House — the first Fed Chair sworn in at the White House since Alan Greenspan in 1987. Trump said he wants Warsh to be “totally independent” while openly preferring rate cuts. Warsh’s first FOMC policy meeting is in June. He inherits a tricky economy: inflation at 3.8%, oil above $96, bond yields near recent highs, and a divided committee on whether to cut rates at all in 2026.
Three themes to carry into next week
01
IPO season is open
OpenAI + SpaceX filing in the same week is historic. Both companies are expected to be among the largest U.S. IPOs ever. The AI and space infrastructure narrative is translating into public market appetite at the highest level.
02
Iran: deal or no deal?
Oil held near $96 WTI — below $100 for the first time in weeks — on diplomatic optimism. But no deal is signed. A Hormuz reopening would be the biggest macro catalyst of the year. The market is priced for cautious hope, not confirmation.
03
Warsh’s June test
The new Fed Chair faces his first FOMC meeting in June with inflation at 3.8%, political pressure for cuts, a divided committee, and a closed Strait of Hormuz. His first words as Chair will move markets.
Week in review — May 18–22
| Day | Headline | Result |
|---|---|---|
| Mon 18 | NextEra-Dominion $400B megadeal · 10-yr yield hits 52-wk high | Mixed ± |
| Tue 19 | 30-yr yield hits 5.198% (19-yr high) · Home Depot beats · Iran pause | S&P ▼ |
| Wed 20 | Nvidia $81.6B beat · Target best comp in 5 qtrs · Airlines +10% | Rally ▲ |
| Thu 21 | IBM +12% on $2B quantum grants · Walmart guides lower · SpaceX IPO filing | Split ± |
| Fri 22 | Dow record close · Dell +16% · OpenAI IPO filing · Warsh sworn in | Record ★ |
Markets closed Monday, May 25 — Memorial Day. NYSE, Nasdaq, and U.S. bond markets are closed. Regular trading resumes Tuesday, May 26. Next week: Dell Q1 earnings, first Warsh Fed signals, Iran ceasefire developments, and the first full week of the OpenAI/SpaceX IPO narrative playing out in public markets.
Week in one line
The week gave us a new Dow record, Nvidia’s validation of the AI supercycle, a quantum computing breakthrough, OpenAI preparing to go public, a new Fed Chair, and the first real signs that oil below $100 might be sustainable. Whatever comes next, it won’t be boring.
— Market recap analysis, May 22, 2026 · Have a great Memorial Day weekend
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