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US markets opened the week with Monday's Memorial Day closure, but investors wasted little time making up ground. Equities extended their rally through the remaining four sessions, driven by a technology sector buoyed by strong earnings and continued AI enthusiasm. Micron Technology was the standout, surging roughly 19% on the back of robust results that reinforced the broader semiconductor narrative.
With the October rate hike all but taken off the table, markets split sharply along value and growth lines: the Russell 2000 surged 2%, energy hit record highs, and Brent crude closed above $116, while a $16 billion tax charge sent Meta tumbling and Communication Services led the week's losses. →
A hotter-than-expected September CPI reignited October rate-hike fears, while an AI revenue disappointment triggered an eight-session semiconductor losing streak — but the Dow powered to an all-time high and oil's surge toward $100 made energy the week's standout sector. →
A hawkish set of FOMC minutes sent the 10-year briefly to a 24-year high before a strong Treasury auction and Trump's diplomatic overtures to Iran sent yields back down and equities higher, with the S&P 500 and Dow posting solid weekly gains on the doorstep of earnings season. →
A soft August PCE print and a sharply disappointing jobs report sent rate hike odds collapsing from 64% to 17%, rescuing equities from an otherwise bruising week shaped by geopolitical flare-ups and crumbling consumer sentiment. →
Treasuries hit 19-year highs as October rate hike odds climbed toward 70%, yet equities powered through the pressure, led by Meta's AI showcase and a broad technology rally. →
