Dow sets new record — 8 weeks in a row: The Dow Jones closed at 50,579.70 on Friday, a fresh all-time high, as Treasury yields retreated from weekly peaks. The S&P 500 posted its eighth consecutive weekly gain — the longest winning streak since 2024.

Nvidia delivers a historic quarter: Q1 FY2027 revenue surged 85% year-over-year to a record $81.6 billion, beating the $78.9B consensus. Data Center revenue hit $75.2B (+92% YoY). Non-GAAP EPS of $1.87 topped the $1.77 forecast. Jensen Huang described the AI infrastructure buildout as “the largest in human history.” NVDA closed the week up ~4.5%.

SpaceX files its S-1 — biggest IPO in history? SpaceX publicly filed its IPO prospectus on May 20, targeting a Nasdaq listing under ticker SPCX as early as June 12. The offering aims to raise up to $75 billion at a $1.75–$2 trillion valuation — which would surpass Saudi Aramco’s 2019 listing as the largest IPO ever. Q1 2026 revenue was $4.7 billion, with adjusted EBITDA of $1.1 billion.

Quantum computing gets $2B in federal funding: The Trump administration awarded $2.013 billion to nine quantum computing companies. Rigetti (RGTI) and D-Wave (QBTS) surged over 20% on the news. IBM gained 6.2% and GlobalFoundries also climbed.

Qualcomm surges on Stellantis deal: Qualcomm announced a major expansion of its multi-year technology partnership with Stellantis, driving the stock up 18% on the week.

Ralph Lauren surprises to the upside: Shares rose ~14% after the luxury apparel group reported stronger-than-expected Q4 earnings, raised its dividend by 9.6%, and issued upbeat FY2027 guidance. Resilient demand from affluent shoppers in Europe and Asia drove the beat.

Intuit craters on AI layoffs: Intuit dropped ~14% after announcing it would cut 17% of its workforce (~3,000 jobs) to “focus on AI.” The company beat Q3 earnings estimates and raised full-year guidance — but the market punished the restructuring signal. It’s the latest sign that AI-driven layoffs are no longer automatically rewarded by investors.

Kevin Warsh sworn in as Fed Chair: Jerome Powell’s successor was officially sworn in on Friday, May 22 at a White House ceremony. Warsh inherits a central bank under pressure — inflation above target, yields elevated, and rate hike odds near 50%. His first policy signals will set the tone for markets this summer.

Iran peace deal — still no breakthrough: Secretary Rubio described progress as “good signs” but warned a deal would be “unfeasible” if Iran pursues permanent control of the Strait of Hormuz. Brent crude remains ~$105, roughly 40% above pre-conflict levels.