The post-Memorial Day holiday trading week was short but potent as stocks delivered more record gains while confidence grew that a peace deal would materialize.
The Standard & Poor’s 500 Index advanced 1.43 percent, while the Nasdaq Composite Index gained 2.39 percent. The Dow Jones Industrial Average climbed 0.90 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, rose 0.99 percent.1,2
Ninth Straight for S&P
Stocks got off to a good start as the chipmaker-led rally continued to support the broader market, while the White House reported diplomatic progress on a Middle East peace deal.3
Leadership shifted a bit midweek, with the Dow rising modestly to a new record close as oil prices fell.4
The S&P and Nasdaq opened higher Thursday on upbeat economic news. Both posted solid gains, while the Dow Industrials went sideways.5
Stocks wrapped up the week and the month on positive notes. Sliding oil prices and technology gains helped push all three averages to record intraday and closing highs, including the Dow cracking the 51,000 mark for the first time.6
Source: YCharts.com, May 30, 2026. Weekly performance is measured from Friday, May 22 to Friday, May 29. TR = total return for the index, which includes any dividends as well as any other cash distributions during the period. Treasury note yield is expressed in basis points.
Economic Updates
It was a mixed bag of economic news last week, with four key April data points released on Thursday.
The Fed’s preferred inflation measure came in cooler than expected. The personal-consumption expenditure (PCE) index rose 0.4 percent in April, less than the 0.5 percent expected. Annual PCE rose 3.8 percent.7
The Gross Domestic Product report showed the economy grew more slowly in Q1 than initially estimated, with the estimate revised down to 1.6 percent annualized growth.7
In a good sign for manufacturing, durable goods orders rose 7.9 percent in April, double the expected pace and the biggest increase in almost a year. The main reason? Civilian aircraft orders soared 166 percent after China ordered 200 planes following a recent U.S.-China presidential summit.8
Homebuyers bought 6.2 percent fewer new homes in April over the prior month. But investors focused on the fact that homebuyers bought 8.9 percent and 7.4 percent more new homes in February and March, respectively, over the prior month.9
This Week: Key Economic Data
Monday: ISM Manufacturing. Construction Spending. Auto Sales. Minneapolis Fed President Neel Kashkari speaks in South Korea.
Tuesday: Job Openings. Cleveland Fed President Beth Hammack speaks.
Wednesday: ADP Employment Report (private sector hiring). Factory Orders. ISM Services. Fed Beige Book. Fed governor Michael Barr speaks.
Thursday: Weekly Jobless Claims. Productivity. Richmond Fed President Tom Barkin speaks.
Friday: Federal Employment Report. Consumer Credit.
Source: Investors Business Daily – Econoday economic calendar; May 29, 2026. The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to provide accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts are also subject to revision.
This Week: Companies Reporting Earnings
Monday: Hewlett Packard Enterprise Company (HPE)
Tuesday: Palo Alto Networks, Inc. (PANW)
Wednesday: Broadcom Inc. (AVGO), CrowdStrike (CRWD), Medtronic (MDT)
Thursday: Ciena Corporation (CIEN)
Source: Zacks, May 29, 2026. Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your goals, time horizon, and risk tolerance. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule their earnings reports without notice.
“Time is the only critic without ambition.”
– John Steinbeck
Who Can Deduct Car Expenses on Their Tax Returns?
Can you deduct expenses such as gas, depreciation, and lease payments on your tax returns? If you are a business owner or self-employed individual, you may be able to. If you use your car for business and personal purposes, you may split the expenses and base the deductions on a portion of the mileage used for business.
There are two methods to calculate the car expenses you can deduct. The first method involves calculating and deducting expenses, including depreciation, lease payments, gas and oil, tires, repairs and tune-ups, insurance, and registration fees.
The second entails using the standard mileage rate, which is calculated to reflect gas and other factors. In 2021, the standard mileage rate is 56 cents per mile. Taxpayers who want to use the standard mileage rate for a car they own must use this method in the first year the vehicle is available for use in their business.
This information is not a substitute for individualized tax advice. Please consult with a qualified tax professional to discuss your specific tax issues.
Tip adapted from IRS.gov10
Healthy Summer Tips
Staying healthy this summer will help you enjoy the season even more. Here are some of our favorite healthy summer tips:
- Stay safe in the sun, and always wear sunscreen. Use an SPF 30 or above with both UVA and UVB protection. If possible, hang out in shaded areas.
- Challenge your family and friends to some healthy competition, such as Capture the Flag, a scavenger hunt, volleyball, flag football, or dodgeball.
- Eat smart by indulging in a few of your favorite foods but still making healthy choices. Swap red meat for chicken, choose fruits and veggies over chips, and eat sweets sparingly. Countless healthy barbecue and cookout recipes are delicious and will still satisfy that summer picnic spirit.
Summer can be an ideal time to stay active by swimming, playing games, and enjoying your favorite healthy bites.
Tip adapted from Coalition to Strengthen America’s Healthcare11
It traveled from Kentucky to Texas in three days, and it did so while staying in a corner. What is it?
Last Week’s Riddle: At times it begs to be answered, sometimes it interrupts you, but it will never ask you a question. What is it?
Answer: A phone.
An African elephant with large tusks grazes in Amboseli National Park, Kenya with Mt Kilimanjaro on the horizon.
Amboseli National Park, Kenya
Footnotes and Sources
1. WSJ.com, May 29, 2026
2. Investing.com, May 29, 2026
3. CNBC.com, May 26, 2026
4. CNBC.com, May 27, 2026
5. WSJ.com, May 28, 2026
6. CNBC.com, May 29, 2026
7. WSJ.com, May 28, 2026
8. KPMG.com, May 28, 2026
9. Realtor.com, May 28, 2026
10. IRS.gov, January 22, 2026
11. Coalition to Strengthen America’s Healthcare, February 19, 2026