Stock Market Today, May 22: S&P 500 Posts Eighth Straight Week of Gains
The S&P 500 (SNPINDEX:^GSPC) rose 0.37% to 7,473.47, the Nasdaq Composite (NASDAQINDEX:^IXIC) added 0.19% to 26,343.97, and the Dow Jones Industrial Average (DJINDICES:^DJI) gained 0.58% to 50,579.70, with the Dow closing at fresh record highs.
Market movers
Dell Technologies and HP jumped by double digit percentages on upbeat expectations ahead of earnings next week. Texas Instruments advanced after an analyst upgrade tied to data-center power demand and Qualcomm soared on partnership news. Workday climbed following a well-received quarterly report.
Quantum-computing names such as Rigetti Computing and D-Wave Quantum extended multi-day gains, underscoring strong speculative interest in next‑generation computing themes.
What this means for investors
The S&P 500 finished in the green for the eighth consecutive week, as 10-year Treasury yields eased and oil prices dipped slightly. U.S. markets will be closed on Monday for Memorial Day, and traders continue to watch for developments in U.S.-Iran peace negotiations and any steps toward reopening the Strait of Hormuz.
Stock market gains are at odds with consumer sentiment, which just fell to a new low. Today’s May Survey of Consumers report from the University of Michigan showed people are worried about the cost of gas and rising inflation. This could signal that elevated energy prices are impacting other sectors.
Goldman Sachs warned of a growing risk that rising yields and inflation could trigger a stock market correction. Investors need to remain cautious and ensure portfolios can benefit from any further rallies without being overexposed to any single sector or stock.
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Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Goldman Sachs Group, HP, Qualcomm, Texas Instruments, and Workday. The Motley Fool has a disclosure policy.
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