Stocks ended the week on a firm note, with the Dow Jones closing at a new high as bond yields eased and tech shares helped lift the broader market. The Dow (DJIA) rose 0.58% on Friday to 50,579.70, while the S&P 500 (SPX) climbed 0.37% to 7,473.47. The Nasdaq (NDX) added 0.42% to 29,481.64.
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At the same time, the S&P 500 posted its eighth straight weekly gain, keeping the market’s strong run intact. The 10-year Treasury yield slipped to 4.59%, while Gold (CM:XAUUSD) fell 0.7% to $4,508.00, oil (CM:CL) rose 1.66% to $96.44, and Bitcoin (BTC-USD) traded at $76,693.98.
The main macro story was the change at the Federal Reserve. Kevin Warsh was sworn in as Fed chair and said he would take a “reform-oriented” approach. That matters for markets because he starts the job at a tough time, with high inflation, a weak consumer mood, and stocks still near record highs.
Quantum Stocks Jump as Washington Backs the Sector
Quantum stocks were one of the week’s biggest themes after the U.S. Commerce Department signed letters of intent tied to $2.013 billion in CHIPS Act aid. The plan includes grants to nine quantum and chip firms, with the U.S. government set to take small equity stakes as part of the deals.
International Business Machines Corporation (IBM) is set to receive $1 billion. IBM said the funds will help build an American quantum chip foundry through a new company called Anderon. IBM also plans to match the federal funds with another $1 billion.
GlobalFoundries Inc. (GFS), a chip maker that builds semiconductors for other firms, is set to receive $375 million. D Wave Quantum Inc. (QBTS), a pure play quantum firm, and Rigetti Computing Inc. (RGTI), a quantum chip and systems company, are also set to receive $100 million each. Other winners include Infleqtion (INFQ), Atom Computing, PsiQuantum, Quantinuum, and Diraq.
The news sparked a sharp move across the group. D-Wave rose 14.14%, Rigetti jumped 20.15%, and GlobalFoundries gained 5.37%. Other quantum-linked names also rose in sympathy, including IonQ Inc. (IONQ), Quantum Computing Inc. (QUBT), Arqit Quantum (ARQQ), and Honeywell International Inc. (HON), which backs Quantinuum.
Infleqtion CEO Matthew Kinsella said the review was “a very rigorous technical evaluation over many, many months.” He added that the U.S. government had looked across the sector and picked the firms it believes “can execute.”
Tech, Deals, and IPO Talk Stay in Focus
Elsewhere, Qualcomm Incorporated (QCOM) helped lead the tech move higher. That gave the market another boost as investors stayed focused on large tech and AI-linked stocks.
IMAX Corporation (IMAX) also gained after reports said it held early talks about a possible sale. Analysts pointed to tech and media buyers as natural fits.
In AI-related news, OpenAI remained in the spotlight as talk of a possible trillion-dollar listing raised fresh questions about its cash use, sales mix, and rising competition from cheaper AI models. That is also important for Microsoft Corporation (MSFT), a key OpenAI partner, and Nvidia Corporation (NVDA), which supplies many of the chips used to train and run AI models.
SpaceX also drew fresh market buzz after reports of a possible IPO that could value the private space firm at nearly $2 trillion. That would likely have a large impact on early backers and staff, while also adding to investor focus on Tesla Inc. (TSLA) CEO Elon Musk.
In politics and markets, President Trump disclosed more than 3,700 first-quarter trades worth between $220 million and $750 million. The list leaned heavily toward tech, with trades tied to Nvidia, Microsoft, Amazon.com Inc. (AMZN), Meta Platforms Inc. (META), Broadcom Inc. (AVGO), ServiceNow Inc. (NOW), Texas Instruments Incorporated (TXN), Dell Technologies Inc. (DELL), and Oracle Corporation (ORCL).
The Week Ahead
Looking ahead, investors will watch whether the stock rally can continue to broaden. The Dow has hit a new high, and the S&P 500 has now logged eight straight weekly gains. Still, with stocks near records, each fresh data point on inflation, rates, and growth may carry more weight.
The Fed will also stay in focus as Warsh begins his term. Markets will look for signs of how fast he wants to shift policy, and whether his “reform-oriented” tone changes how investors view the path for rates.
At the same time, quantum may remain a key theme. The new U.S. grants gave the sector a major vote of trust, but investors will still need to see proof that these firms can turn public funds into real tech progress and, later, real sales.
Finally, AI and IPO talk may continue to drive single-stock action. OpenAI, SpaceX, Nvidia, Microsoft, and Tesla are all tied to some of the market’s biggest growth themes. As a result, any fresh news around AI spending, chip demand, or new listings could shape the next move in tech.
Upcoming Earnings and Ex-Dividend Announcements
The week of May 25 brings a busy earnings slate, with software, cloud, retail, banks, travel, China EVs, and data center hardware in focus. Salesforce Inc. (CRM), Marvell Technology Inc. (MRVL), Snowflake Inc. (SNOW), Costco Wholesale Corporation (COST), and Dell Technologies Inc. will be among the key reports to watch. At the same time, several large firms will trade ex-dividend, giving income buyers a wide list of health care, tech, mining, telecom, real estate, rail, and utility names to track.
Earnings Preview
On Monday, May 25, the earnings list is light. Trip.com Group Limited (TCOM), a China-based online travel firm, is the key large-cap name on the schedule. Wall Street is looking for $0.89 per share on revenue of about $2.33 billion.
On Tuesday, May 26, Zscaler Inc. (ZS) will be one of the main reports, with forecasts calling for $1.01 per share on revenue of about $835.60 million. Semtech Corporation (SMTC) is expected to post $0.45 per share on revenue of about $283.53 million. AutoZone Inc. (AZO) is set to report $36.22 per share on revenue near $4.86 billion, giving investors a look at repair and do-it-yourself auto demand. In addition, Modine Manufacturing Company (MOD) is expected to post $1.55 per share on revenue of about $920.67 million, while Xiaomi Corporation (XIACY) is expected to report $0.14 per share on revenue near $14.67 billion.
On Wednesday, May 27, Salesforce will be a major focus. The cloud software firm is expected to report $3.13 per share on revenue of about $11.05 billion, and investors will watch for signs of AI demand across its sales and service tools. Marvell Technology is expected to post $0.79 per share on revenue of about $2.40 billion. Snowflake is set to report $0.32 per share on revenue near $1.32 billion. In the same way, PDD Holdings Inc. (PDD) is expected to report $2.43 per share on revenue of about $16.15 billion. HP Inc. (HPQ) is set to post $0.71 per share on revenue near $13.99 billion.
Also on Wednesday, Synopsys Inc. (SNPS) is expected to report $3.15 per share on revenue of about $2.25 billion. Bank of Nova Scotia (BNS) is set to report revenue of about $7.05 billion and earnings of $1.41 per share. Best Buy Co. Inc. (BBY) is expected to report $1.22 per share on revenue near $8.82 billion. In addition, Nutanix Inc. (NTNX) is set to post $0.35 per share on revenue of about $686.34 million, while Dick’s Sporting Goods Inc. (DKS) is expected to report $2.90 per share on revenue near $5.07 billion.
On Thursday, May 28, Costco will be one of the main reports, with forecasts calling for $4.98 per share on revenue of about $69.61 billion. The result should give investors a strong view of consumer strength and store traffic. XPeng Inc. (XPEV) is expected to report a loss of $0.11 per share on revenue of about $1.90 billion. Dell Technologies is set to post $2.91 per share on revenue near $34.97 billion, with investors likely focused on AI server demand. Li Auto Inc. (LI) is expected to report a loss of $0.27 per share on revenue of about $3.22 billion.
In software, Okta Inc. (OKTA) is expected to report $0.85 per share on revenue of about $751.84 million. MongoDB Inc. (MDB) is set to post $1.19 per share on revenue near $664.54 million. Autodesk Inc. (ADSK) is expected to report $2.84 per share on revenue of about $1.89 billion. In the banking sector, Toronto-Dominion Bank (TD), Royal Bank of Canada (RY), and Canadian Imperial Bank of Commerce (CM) are also on the schedule, with revenue forecasts of about $10.56 billion, $12.59 billion, and $5.79 billion, respectively.
Ex-Dividend Dates This Week
Several large firms will trade ex-dividend during the week, giving income buyers a broad mix of health care, tech, banks, mining, real estate, transport, and telecom names. The list includes lower-yield growth names, steady blue-chip payers, and higher-yield global firms.
On Tuesday, May 26, Johnson & Johnson (JNJ) will trade ex-dividend with a $1.34 payout due in about 16 days. Skyworks Solutions Inc. (SWKS) will offer $0.71 in about 23 days, while Prudential Financial Inc. ($PRU will pay $1.40 in about 18 days. Atmos Energy Corporation (ATO) will offer $1.00 in about 15 days. Warner Music Group Corp. (WMG) will pay $0.19 in about 9 days. In addition, Penske Automotive Group Inc. (PAG) will offer $1.42 in about 10 days.
On Wednesday, May 27, Newmont Corporation (NEM) will trade ex-dividend with a $0.26 payout due in about 29 days. Electronic Arts Inc. (EA) will offer $0.19 in about 24 days, while Wheaton Precious Metals Corp. (WPM) will pay $0.20 in about 16 days. Tractor Supply Company (TSCO) will offer $0.24 in about 16 days. Yum! Brands Inc. (YUM) will pay $0.75 in about 19 days, while Yum China Holdings Inc. (YUMC) will pay $0.29 in about 24 days. In addition, Lowe’s Companies Inc. (L) will offer $0.06 in about 16 days, and TransUnion (TRU) will pay $0.13 in about 18 days.
Also on Wednesday, Sun Life Financial Inc. (SLF) will offer $0.70 next month. RB Global Inc. (RBA) will pay $0.31 in about 25 days. Bureau Veritas SA (BVRDF) will offer $1.09 in about 4 days, while CK Hutchison Holdings Limited (CKHUF) will pay $0.20 in about 18 days.
On Thursday, May 28, Expedia Group Inc. (EXPE) will trade ex-dividend with a $0.48 payout due in about 25 days. Amcor plc (AMCR) will offer $0.65 in about 24 days, while Xylem Inc. (XYL) will pay $0.43 next month. Hyundai Motor Company (HYMLF) will offer $1.41 next month. Telefonica Brasil SA (VIV) will pay $0.07. In addition, AIA Group Limited (AAIGF) will offer $0.18 in about 19 days, and Informa plc (IFPJF) will pay $0.20 in about 2 months.
On Friday, May 29, Realty Income Corporation (O) will trade ex-dividend with a $0.27 payout due in about 22 days. Barrick Mining Corporation (B) will offer $0.17 in about 22 days, while AGNC Investment Corp. (AGNC) will pay $0.12 in about 16 days. T-Mobile US Inc. (TMUS) will offer $1.02 in about 18 days. eBay Inc. (EBAY) will pay $0.31 in about 19 days, while Corning Incorporated (GLW) will offer $0.28 next month.
Also on Friday, Dow Inc. (DOW) will pay $0.35 in about 19 days. Dominion Energy Inc. (D) will offer $0.67 in about 27 days. Union Pacific Corporation (UNP) will pay $1.38 next month. S&P Global Inc. (SPGI) will offer $0.97 in about 17 days. In addition, Brookfield Renewable Partners L.P. (BEP) will pay $0.39 next month, Brookfield Infrastructure Partners L.P. (BIP) will offer $0.46 next month, CSX Corporation (CSX) will pay $0.14 in about 22 days, and Manulife Financial Corporation (MFC) will offer $0.35 in about 26 days.