NEW YORK, May 29, 2026, 16:01 EDT
- The Dow, S&P 500 and Nasdaq finished up for the week, which was shortened by the holiday.
- Dell jumped after AI server sales boosted its results and outlook.
- Oil fell on caution around a possible extension of the U.S.-Iran truce.
Wall Street finished up Friday, with the three major U.S. indexes posting gains. Dell jumped on strong AI demand and lower oil prices supported another leg in the May rally, which finished at new highs.
Dow Jones climbed 358.82 points, or 0.71%, to 51,027.94. S&P 500 was up 19.91 points, or 0.26%, at 7,583.61. Nasdaq Composite rose 59.92 points, or 0.23%, to 26,978.21.
S&P 500 finished off a holiday-shortened week aiming for its ninth straight weekly gain, which would be the longest streak since December 2023. U.S. markets were open Friday, with the week starting after Monday’s Memorial Day break. Nasdaq stocks traded during the normal 9:30 a.m. to 4:00 p.m. Eastern window.
Market gains were still concentrated, with tech leading the move. Investors stuck with AI-infrastructure names, paying a premium, while inflation and uncertainty around geopolitics weighed on bonds, oil, and stocks tied to consumers.
Dell Technologies surged nearly 30% as quarterly results put AI server revenue at $16.1 billion, higher than PC unit sales of $14.6 billion. Super Micro Computer and Hewlett Packard Enterprise both climbed around 14%. HP, which competes in PCs, added 10%.
Melius Research analysts said they had “never seen anything like this” from Dell, calling the company “the best way to play AI out there.” Dell took its fiscal 2027 AI server revenue target up to $60 billion, higher than the earlier $50 billion. It also boosted its yearly revenue guidance to a range of $165 billion to $169 billion. Reuters
Dell COO Jeff Clarke said on the post-earnings call that component inflation is sticking around. “We’re repricing, it feels like, every day,” he said. He noted customers are getting hit by rising memory-chip prices. Reuters
Oil pulled back on bets over a possible ceasefire extension and shipping rule changes from Washington and Tehran. U.S. crude slid 1.73% to settle at $87.36 a barrel. Brent gave up 1.77% to $92.05, according to Reuters.
Energy prices are now seen as a clear inflation risk for equities. The personal consumption expenditures price index climbed 3.8% in April from a year ago. The Commerce Department’s Bureau of Economic Analysis said the core index, without food and energy, was up 3.3%.
“This administration watches the markets and they like to do big things when the markets are closed to control the messaging before the market has a chance to react,” Ross Mayfield, investment strategy analyst at Baird, said. He said a 60-day reopening of the Strait of Hormuz could give negotiators time to try for a broader deal. Reuters
Market bets now hinge on AI earnings topping forecasts and Middle East tension not pushing up inflation. If oil prices climb again or the Fed gets more hawkish, that same handful of stocks pushing indexes up this week could put the wider market at risk.
Buyers held on through the close. The rally didn’t hit every corner of the market, but it worked. Wall Street wrapped up May with momentum, the sort that tends to go unnoticed until it fades.
