Summary

Equities were mixed on the week, with the Dow edging higher at +0.44% while the S&P 500 slipped -0.74% and the Nasdaq underperformed at -1.28%, as the 10-year Treasury yield rose +8 basis points to 4.56%. Economic data was broadly constructive, with ADP employment printing +42,250 jobs, Pending Home Sales beating estimates at +1.4% in April and +3.3% year over year, and Initial Jobless Claims coming in marginally below expectations at 209,000. The preliminary S&P Global Manufacturing PMI expanded to 55.3 from 54.5, while the preliminary Services PMI slipped to 50.9, missing estimates. The May FOMC minutes struck a hawkish tone, with members agreeing inflation risks outweigh employment risks, flagging tariff pass-through concerns, and warning of the risk of unanchored inflation expectations. On the corporate side, Nvidia (NYSE: NVDA) fell -1.7% despite a stellar earnings beat, Intuit (NYSE: INTU) plunged -20% on a workforce reduction and revenue miss, and Walmart (NYSE: WMT) declined -2% on margin pressure and a Q2 guidance miss, while SpaceX announced a June 12th Nasdaq listing targeting a record $80 billion raise. Risk assets broadly sold off, with spot gold -2.3%, spot silver -8.2%, WTI Crude -3.5% amid ongoing Iran peace negotiations, and Bitcoin -4.6%, while the dollar gained +0.4% on the week.

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10-Year Treasury Yield

• Current Rate: 4.56% (as of May 21, 2026) 
• Week-to-Date Movement: +8bps (from 4.48% on May 14, 2026)     

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Major U.S. Equity Indices Performance

• S&P 500: 7,501.21 → 7,445.72 (-0.74% WTD)  
• Dow Jones Industrial Avg: 50,063.46 → 50,285.66 (+0.44% WTD)  
• Nasdaq Composite: 26,635.22 → 26,293.10 (-1.28% WTD)

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Notable Market Events

Macroeconomic Data: 

ADP Weekly Employment Change revealed +42,250 jobs added in the week ending May 2nd, above the +33,000 recorded the prior week. Pending Home Sales rose +1.4% in April and +3.3% year over year, surpassing estimates of +1.0% and +2.1% respectively. MBA Mortgage Applications fell -2.3% in the week ending May 15th, a reversal from the +1.7% gain the prior week. Initial Jobless Claims came in at 209,000 for the week ending May 16th, marginally below the 210,000 estimate. Housing Starts fell -2.8% in April, giving back a portion of the +12.0% surge seen in March, while Building Permits rebounded +5.8% on a preliminary basis, a sharp turnaround from the -11.5% decline the month prior. On the activity side, preliminary data for the S&P Global US Manufacturing PMI expanded further in May, rising to 55.3 from 54.5, while the preliminary Services PMI slipped to 50.9, missing the 51.2 estimate. 

Economic Policy: 

The May FOMC minutes revealed a committee increasingly tilted toward inflation vigilance, with members broadly agreeing that inflation risks outweigh employment risks at this stage. Some participants argued it would neither be feasible nor appropriate to wait for full clarity on the inflationary impact of tariffs before adjusting monetary policy. Several members flagged the likelihood that companies would pass tariff costs through to consumers, cautioning that the full effects may take time to materialize. Notably, multiple members raised concerns about the risk of inflation expectations becoming unanchored, underscoring the committee’s heightened sensitivity to price stability. 

Business: 

Nvidia (NYSE: NVDA) fell -1.7% on Thursday despite a stellar earnings report, with data center revenue doubling year over year. Intuit (NYSE: INTU) plunged -20% after the tax and finance software maker announced it is cutting 17% of its workforce and reported quarterly revenue below consensus. SpaceX announced plans to list on the Nasdaq on June 12th, with Elon Musk set to serve as CEO, CTO, and Chairman following the IPO. The company is seeking to raise a record $80 billion and reported Q1 2026 revenues of $4.69 billion. Walmart (NYSE: WMT) declined -2% after warning that rising fuel costs are squeezing margins and could translate into higher prices for shoppers, with the company’s Q2 adjusted profit guidance also missing expectations.

Markets: 

Risk assets came under pressure on the week. Spot gold declined -2.3% while spot silver shed -8.2%. WTI Crude fell -3.5% as Iran deliberates over the latest US peace deal proposal, with President Trump stating he would give Tehran “a couple of days” to reach a decision. Bitcoin retreated -4.6%, while the dollar bucked the trend, rising +0.4% on the week.  

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Stock Sector Performance

All performance figures and market events are sourced from Bloomberg as of market close 5/21/2026, using the prior Friday’s market open as the start date.

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