FOMC Speakers Close Out the Trading Week 29/05/2026

 

HOT stories for today

Market wrap:

• Wall Street pushed to another round of records Thursday, with all three major indexes closing at fresh highs as technology shares led the advance. The S&P 500 rose 0.6%, while the Nasdaq Composite gained 0.9%, and both indexes reached new intraday records. The Dow Jones Industrial Average finished slightly higher, adding 0.1%. Stocks hit session highs after Axios reported that U.S. and Iranian negotiators had agreed on a 60-day memorandum of understanding to extend the ceasefire and begin talks on Iran’s nuclear program. The deal still requires President Donald Trump’s final approval, though a White House official later told CNBC that both sides had “mostly agreed” to the terms of a temporary war pause. 
• The optimism was tested hours later after Iran’s Fars news agency reported that the country’s armed forces fired missiles at unidentified targets late Thursday local time. Friday marks the final trading day of May, with all three major averages on pace for monthly gains. The S&P 500 is up nearly 5%, the Dow is tracking a 2% advance, and the Nasdaq is outperforming with an 8% gain. Momentum also carried over into Asia, where South Korea’s Kospi and Japan’s Topix reached new peaks as investors looked past renewed tensions with Iran. In extended trading, Dell Technologies surged 38% after raising full-year guidance and beating first-quarter earnings and revenue estimates. Buckle reports before Friday’s open, while traders will watch wholesale inventories and Chicago PMI data.

Iran Deal May Not Be the Bullish Catalyst Markets Expect

• A U.S.-Iran deal is widely viewed as a potential positive for risk assets, but Nomura strategist Charlie McElligott warns it could instead trigger a sharp stock-market pullback. The concern is that much of the recent rally has been powered by aggressive positioning, leverage and a powerful gamma squeeze. Since late March, the S&P 500 has climbed nearly 16%, while the Nasdaq has surged more than 24%. The rally has been especially concentrated in semiconductors and AI-linked names, with the PHLX Semiconductor Index up more than 70% as investors chased memory-chip shortages and AI infrastructure demand. A credible Iran deal could lower oil prices, rates and the dollar, potentially sparking a rotation into beaten-down cyclical, healthcare and consumer-discretionary stocks.
• That shift could force investors to sell high-flying tech winners, weighing on major indexes where technology carries the largest weight. Goldman Sachs has also flagged elevated short interest across the market, raising the possibility that a rotation could fuel short squeezes in lagging sectors while pressuring crowded winners. For now, McElligott says traders should watch call-option demand in megacap tech and semiconductor names. If that appetite fades, it could signal that the rally’s most powerful fuel is starting to run out.

Stocks on the move:

• Dell Technologies (DELL): Shares surged 30% after the company raised its full-year outlook well above Wall Street expectations.
• American Eagle Outfitters (AEO): Shares fell about 11% after weak comparable sales and disappointing second-quarter operating income guidance.
• Gap (GAP): Shares tumbled 13% after cutting its full-year sales outlook and missing first-quarter revenue estimates.
• Okta (OKTA): Shares gained 12% after beating first-quarter estimates and issuing stronger-than-expected current-quarter and full-year revenue guidance.
• NetApp (NTAP): Shares jumped 12% after stronger guidance and a fiscal fourth-quarter earnings and revenue beat.

Watchlist: DELL, NTAP, OKTA, GAP, MU, AEO, ADSK, MDB, S, PD

Key Economic Events Today:

EST time

08:30 am: USD Goods Trade Balance
08:30 am: USD Prelim Wholesale Inventories
09:10 am: USD FOMC Member Bowman Speaks
09:15 am: USD FOMC Member Paulson Speaks
09:45 am: USD Chicago PMI
12:40 pm: USD FOMC Member Daly Speaks



Earnings

BMC (Before Market Open): Buckle Inc. (BKE), The Elmet Group (ELMT), Genedco Inc. (GCO), Knot Offshore (KNOP)





The TEFS Analyst team wishes you a successful day!