US equities ripped higher on Wednesday, May 20, 2026, as cooling oil prices, ebbing Middle East risk, and anticipation around blockbuster NVIDIA earnings combined to extend this year’s AI-led risk rally.
Index recap and risk tone
- The Dow Jones Industrial Average surged roughly 645 points to close at 50,009.35, with cyclicals, financials and select industrials leading as oil’s retreat eased stagflation fears.
- The S&P 500 (7,432.97, +1.08%) and Nasdaq Composite (26,270.36, +1.54%) both rallied, powered by mega‑cap tech and AI beneficiaries into NVIDIA’s after‑the‑bell print.
- Volatility compressed as traders faded recent geopolitical risk premia tied to the Strait of Hormuz, while positioning skew in options markets tilted toward upside calls in mega‑cap tech and semis. The CBOE Volatility Index (VIX) closed at 417.44, -3.43%.
Macro, rates and commodities: oil deflates the war premium
- Crude gave back ground falling 4.90% to closes at $99.05/bbl as markets digested President Donald Trump’s pledge to backstop shipping insurance in the Persian Gulf, easing fears of a prolonged disruption in the Strait of Hormuz and pulling Brent and WTI off recent triple‑digit spikes.
- Earlier in the month, repeated shutdown and reopening headlines out of Iran had driven double‑digit percentage moves in oil, whipsawing inflation expectations and rate‑cut odds; today’s retreat helped stabilize breakevens and took some pressure off long‑end yields.
- Lower energy prices translated directly into strength in fuel‑sensitive groups such as airlines, truckers and select consumer discretionary names, while energy equities lagged the broader tape.
- Interest rates drop nicely with the 10-yr declining 2.04% to 4.57.
NVIDIA: AI “factory” super‑cycle goes vertical
NVIDIA’s fiscal Q1 2027 results, released after the close, reinforced the narrative that the AI infrastructure build‑out remains in full hyper‑growth mode.
- Revenue hit a record 81.6 billion dollars for the quarter ended April 26, 2026, up 20% sequentially and 85% year over year, with GAAP gross margin just under 75%.
- Data Center revenue reached 75.2 billion dollars, rising 21% quarter on quarter and 92% from a year ago, underscoring voracious demand for AI compute across hyperscale and enterprise “AI factory” deployments.
- The company paired these numbers with a shareholder‑friendly capital return reset: an additional 80 billion dollars of share repurchase authorization, on top of prior capacity, and a dividend step‑up from 0.01 dollars to 0.25 dollars per share, payable in late June to holders of record in early June.
- Management framed AI infrastructure as “the largest expansion in human history,” positioning NVIDIA’s platform—spanning cloud, edge, agentic AI software stacks, networking and automotive/robotics—as the central picks‑and‑shovels provider to this cycle.
From a market‑structure lens, these results extend NVIDIA’s role as both sentiment barometer and liquidity magnet for the entire AI complex. The combination of triple‑digit earnings growth, high‑70s non‑GAAP gross margins, and aggressive buybacks/dividend re‑rating is likely to keep the stock front‑and‑center in performance chases and benchmark‑hugging portfolios.
SpaceX and the private‑to‑public pipeline
- In the background of today’s tape, SpaceX continued to inch toward the public markets, with recent reports highlighting plans for a five‑for‑one stock split ahead of a potential IPO and naming Goldman Sachs as lead‑left underwriter.
- While timing remains fluid, the prospect of one of the most closely watched private unicorns coming public in 2026 adds another potential liquidity event for growth‑oriented investors already rotating toward AI, space and defense adjacencies.
What it all means for positioning
- Macro: A softer oil tape and contained rate expectations give equities more room to run, but the path remains hostage to headlines out of the Strait of Hormuz and evolving US–Iran dynamics.
- Earnings: NVIDIA’s blow‑out quarter and massive capital return program effectively validate the AI capex super‑cycle, raising the bar for peers across semis, cloud and networking into their next prints.
- Flows: With mega‑cap tech continuing to dominate index‑level earnings power, benchmarked money faces growing pressure to add or at least neutralize underweights in AI leaders, even as concentration risk at the index level grinds higher.
VP Watchlist Updates
Below is an update‑style snapshot on the VP Watchlist names for the week, focused on recent catalysts, positioning, and narrative rather than precise price moves.
Astera Labs, Inc. (Nasdaq: ALAB, $287.48, +17.69%)
Astera Labs, Inc. (Nasdaq: ALAB), a leader in semiconductor-based connectivity solutions for rack-scale AI infrastructure, today announced preliminary financial results for the first quarter of fiscal year of 2026, ended March 31, 2026.
Amwell® (NYSE: AMWL, $7.89, +.77%)
Amwell® (NYSE: AMWL), a leading provider of a comprehensive SaaS-based technology-
enabled healthcare platform, highlighted (May 18) results from an independently led, National Institute of Mental Health-funded randomized trial published in Nature Human Behaviour examining SilverCloud® by Amwell®, the company’s digital behavioral health solution.
Amwell announced (May 5) financial results for the first quarter ended Mar. 31, 2026.
“Entering 2026, Amwell’s main focus was to consolidate our platform to fulfill the unmet needs of our Payer and Provider customers. The Technology-Enabled Care infrastructure we have developed to fill that gap in the market continues to gain traction as customers recognize its clear advantages: lower costs, better outcomes, stronger market share and an increased level of control and agility. Our platform is performing well and built to leverage the latest AI-powered innovations, positioning it as essential infrastructure for tech-enabled care delivery,” said Dr. Ido Schoenberg, Chairman and CEO of Amwell. “We are seeing powerful validation of the platform with significant pipeline growth and a number of meaningful renewals. With this momentum and the favorable regulatory tailwinds, Amwell is well-positioned for continued strong execution this year and to reach our goal of positive cash flow from operations in the fourth quarter.”
Eupraxia Pharmaceuticals (EPRX, $6.37, +1.27%)
Eupraxia Pharmaceuticals Inc. (EPRX), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, announced (May 5) the first Eosinophilic Esophagitis Endoscopic Reference Score (EREFS) data from its ongoing Phase 1b/2a part of the RESOLVE trial evaluating EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). These data were also presented at the ongoing Digestive Disease Week (“DDW”) conference in Chicago. “The EREFS is an important, validated visual index of severity of EoE disease in the esophagus of patients. It measures edema, rings and strictures and other visible markers of disease often associated with symptoms. Today’s data demonstrated improvement in two key outcomes with EP-104GI in the treatment of EoE: first, that a full injection protocol of 20 injections resulted in more pronounced improvement than a protocol with fewer injections and less coverage area within the esophagus; second, with the higher number of injections, a consistent response in both the inflammatory and fibrotic sub scores of EREFS was observed,” said Dr. James A. Helliwell, Chief Executive Officer of Eupraxia. “This EREFS data being reported at DDW is consistent with the improvements we have seen in EoE symptoms and tissue health (EoEHSS) and suggests improvement in inflammation, fibrosis and the associated narrowing of the esophagus.”
Eurpraxia announced on Friday, May 1, the appointment of Dr. Jeymi Tambiah as Chief Medical Officer (CMO) as well as the retirement of Dr. Mark Kowalski, Eupraxia’s current CMO. Dr. Jeymi Tambiah (MB ChB, FRCS, MS, FAPCR, FFPM), is a Board Certified Cardiothoracic Surgeon physician scientist who practiced at Guys and St Thomas’ Hospitals prior to entering the biopharmaceutical industry in 2008. Dr. Tambiah brings over 18 years of experience in clinical development, medical and regulatory strategy, and product commercialization across pharmaceutical and biotechnology organizations.
Eupraxia recently co-hosted a Tribe Public www.TribePublic.com, CEO Presentation & Q&A Webinar event, Wednesday, April 1 titled “Turning EOE Into a Once-a-Year Appointment.” The event featured James A. Helliwell, M.D., Co‑founder and CEO of Eupraxia Pharmaceuticals (NASDAQ: EPRX), who discusses the company’s precision drug‑delivery platform, its approach to Eosinophilic Esophagitis (EoE), and broader pipeline priorities, followed by a focused 5–10 minute Q&A. You may watch it now at this Youtube link.
Modular Medical (MODD, $3.95, +18.62%)
- Modular Medical, Inc. (NASDAQ:MODD), a leader in innovative, patient-centric insulin delivery, saw (May 1) CEO Jeb Besser join Tribe Public’s members to unpack a simple question with big implications: what happens when an “almost‑pumper” market finally meets an FDA‑cleared device built for the rest of us, not just the superusers? Tribe Public hosted its CEO Presentation and Q&A Webinar, “From FDA Wins to Scaling Manufacturing – What Investors Should Watch,” on Friday, May 1, 2026, at 8:00 a.m. PT / 11:00 a.m. ET. In keeping with Tribe’s reputation for efficient programming, the session ran approximately 30 minutes, pairing a focused prepared talk with a 5–10 minute live Q&A segment that allowed investors to drill into timelines, capital needs, and commercial strategy. Besser’s formal remarks were framed under the title “From FDA Wins to Scaling Manufacturing – What Investors Should Watch,” setting the tone for a discussion that sat at the intersection of regulation, innovation, and recurring‑revenue hardware. By registering, attendees also joined Tribe Public’s membership base, ensuring they will receive future invitations to CEO briefings, sector spotlights, and investor wish‑list events.
- Modular Medical announced (APRIL 19) the pricing of a registered direct offering consisting of 750,000 shares of the Company’s common stock at an offering price of $4.50 per share. The gross proceeds to the Company from the Offering are estimated to be approximately $3.4 million before deducting placement agent fees and other offering expenses. The Offering is expected to close on or about April 21, 2026, subject to the satisfaction of customary closing conditions.
- Modular Medical’s latest regulatory milestone upgrades the narrative: the company has now (April 9) secured FDA 510(k) clearance for its Pivot tubeless insulin patch pump, moving from “launch‑ready” to “launch‑approved” in the heart of the fast‑growing diabesity market. The FDA has cleared Modular Medical’s Pivot patch pump as a tubeless, removable insulin delivery system, formally validating the device’s design and performance for commercial use in U.S. adults living with diabetes. The clearance converts what had been a Q1 2026 launch “subject to FDA response” into a tangible commercial pathway, giving the company permission to sell into an insulin pump market that has been estimated at roughly 8 billion dollars globally. Pivot is engineered as a simplified, two‑part patch pump with a 3‑milliliter removable reservoir, no need for battery recharging, and the ability to bolus without a dedicated controller, aiming squarely at patients who have stayed on multiple daily injections because traditional pumps felt too complex, cumbersome, or costly. By clearing Pivot, the FDA is effectively endorsing Modular Medical’s attempt to make advanced insulin delivery feel less like adopting a gadget and more like upgrading a daily habit.
The InterGroup Corporation (INTG, $37.05)
- The InterGroup Corporation (NASDAQ: INTG) announced financial (May 11) results for the fiscal third quarter ended March 31, 2026. InterGroup is a diversified holding company with interests in hospitality (through its majority‑owned subsidiary Portsmouth Square, Inc.), real estate operations, and investment transactions. The discussion below is derived from the Company’s Quarterly Report on Form 10‑Q for the quarter ended March 31, 2026. Third Quarter Fiscal 2026 Highlights (Three Months Ended March 31, 2026 vs. 2025) are as follows:
- Total revenues increased to $20.372 million from $16.824 million (+21%).
- Income from operations increased to $4.260 million from $2.350 million (+81%).
- GAAP net income was $0.595 million, compared to a GAAP net loss of $0.750 million in the prior‑year quarter.
- Net income attributable to InterGroup was $0.457 million, or $0.21 per diluted share, compared to a net loss attributable to InterGroup of $0.578 million, or $0.27 per share, in the prior‑year quarter.
- Hotel revenues increased to $16.497 million from $12.210 million (+35%). For additional context, Hotel revenues for the quarter ended March 31, 2026 exceeded the comparable pre‑pandemic quarter ended March 31, 2019 by approximately $1.028 million.
- Real estate revenues were $3.875 million compared to $4.614 million in the prior‑year quarter (‑16%).
- Net loss from investment transactions was $(0.342) million compared to $(1.379) million in the prior‑year quarter.
Volato Group, Inc. (SOAR) & M2i Global, Inc. (MTWO)
- Volato Group, Inc. (NYSE American: SOAR) announced (May 18) that its pro-forma cash balance was $5.5 million at March 31, 2026. This pro-forma cash balance equates to $0.14 cash per share. The pro-forma calculation includes cash raised in April from its now completed ATM Prospectus Supplement filed on March 30, 2026.
- Volato Group, Inc. (NYSE American: SOAR) recently announced voting results indicate that the shareholders have approved the previously announced merger with M2i Global, Inc. (“M2i Global”)(OTCQB: MTWO) with 99% of the shares of common stock present or represented by valid proxy at the special meeting voting in favor of the merger. This marks a significant milestone toward closing the transaction and advancing Volato’s strategic expansion into the critical minerals sector. The number of shares of common stock present or represented by valid proxy at the special meeting was 15.1 million, representing approximately 40% of the total number of shares of common stock entitled to vote. Management believes that the approval reflects strong shareholder alignment with the Company’s strategic direction and long-term growth plans.
Nokia (NOK, $13.62)
- Nokia has quietly stitched together a new chapter in its comeback story—one that runs from American living rooms to Pentagon test ranges, and now straight through NVIDIA’s (NVDA) data centers. With NVIDIA’s billion‑dollar vote of confidence in the fall and another blockbuster NVIDIA earnings report due today, the old handset icon is suddenly speaking fluent AI.
NVIDIA (NVDA, $223.47, +1.30%)
Nvidia’s First Quarter Fiscal 2027 earnings report have finally crossed the tape today (May 20), and the immediate takeaway is that the AI engine is still running at full throttle, even if Wall Street was already leaning hard on the accelerator. The story today is less about whether Nvidia is growing and more about just how far into “infrastructure of AI” territory it has now ventured.
McDonald’s (MCD, $280.27)
- Morgan Stanley (April 21) has adjusted its price target on McDonald’s (MCD) to $334, maintaining an Equal Weight stance on the stock. The firm’s analyst highlighted consumer strength heading into first-quarter results, noting that earnings quality will likely vary across the restaurant and food distribution landscape . While some operators may face headwinds, the underlying consumer backdrop remains robust, which could support McDonald’s performance as one of the industry’s quality players positioned to navigate the current environment .
Tesla (TSLA, $417.26, +3.25%)
Tesla’s Q1 2026 performance underscored strong revenue growth and signs of margin stabilization, supported by continued investment in solar and AI initiatives. The narrative is further bolstered by Tesla’s stake in SpaceX, with anticipation building around a potential SpaceX IPO that could unlock additional shareholder value soon. However, elevated capital expenditure levels remain a key overhang, tempering investor enthusiasm despite these strategic advantages.
Serina Therapeutics (NYSE: SER, $1.70, +5.59%)
Serina Therapeutics, Inc. (“Serina” or the “Company”) (NYSE American: SER), a clinical-stage biotechnology company developing its proprietary POZ Platform™ drug optimization technology, reported (May 14) its financial results for the first quarter ended March 31, 2026, along with key business updates. The company highlighted the follow: Phase 1b Registrational Clinical Study of SER-252 Underway in Advanced Parkinson’s Disease; TFL data from the SAD study arm targeted for first half of 2027 & Closed $21.2 million private placement financing to support continued advancement of SER-252. “With our Phase 1b registrational study of SER-252 now underway and a strengthened balance sheet, Serina is entering an important execution phase as we work toward our first clinical data in patients with advanced Parkinson’s disease,” said Steve Ledger, Chief Executive Officer of Serina. “SER-252 represents the first clinical validation of our POZ Platform™, which is designed to optimize well-understood therapeutics by improving pharmacokinetics, tolerability and dosing profiles. We believe this approach has the potential to unlock meaningful value across multiple modalities, and we are building a pipeline and partnership strategy to fully leverage the breadth of the platform.”
BuzzFeed, Inc. (BZFD, $1.57, +19.85%)
BuzzFeed, Inc. (NASDAQ: BZFD) has entered into a transaction agreement with Allen Family Digital, LLC, an affiliate of Byron Allen’s family office, that would see Allen invest $120 million for a majority stake in the once high-flying digital media pioneer. Under the deal, Allen’s vehicle will purchase 40 million shares at $3.00 apiece, giving it roughly 52% of BuzzFeed’s outstanding shares when the transaction closes.
FMC Corporation (NYSE: FMC, $12.69)
FMC Corporation (NYSE:FMC) reported (April 29) first quarter 2026 results above guidance with Adjusted EBITDA above high end of range, reaffirms full-year outlook. Their first quarter 2026 revenue of $759 million, down 4 percent versus first quarter 2025. First quarter 2026 revenue, excluding India, was $762 million, down 4 percent versus first quarter 2025, which included India. On a GAAP basis, the company reported a loss of $2.25 per diluted share in the first quarter, a decrease of $2.13 versus first quarter 2025. First quarter adjusted loss per diluted share of $0.23 was down 41 cents versus first quarter 2025. FMC Corporation also announced today that its board of directors declared a regular quarterly dividend of 8 cents per share (roughly 2.26%), payable on July 16, 2026, to shareholders of record as of the close of business on June 30, 2026.
The Sources
- CNBC – Market Open: May 20, 2026 (real-time look at equity markets and sector moves)cnbc
https://www.cnbc.com/video/2026/05/20/market-open-may-20-2026.html - Yahoo Finance – How major US stock indexes fared Friday 5/15/2026 (context on recent index performance into mid‑May)finance.yahoo
https://finance.yahoo.com/markets/stocks/articles/major-us-stock-indexes-fared-202242234.html - Zacks Investment Research – Stock Market News for May 14, 2026 (macro, inflation data, and equity reaction)zacks
https://www.zacks.com/stock/news/2920948/stock-market-news-for-may-14-2026 - Finbold – Machine learning algorithm predicts Nvidia stock price on May 31, 2026 (AI expectations and NVDA sentiment into late May)finbold
https://finbold.com/machine-learning-algorithm-predicts-nvidia-stock-price-on-may-31-2026/ - Morningstar – 1 Reason Nvidia Stock Could Surge in 2026 (longer‑term AI/GPU demand backdrop)finance.yahoo
https://finance.yahoo.com/news/1-reason-nvidia-stock-could-232300856.html - SiliconData – GPU Pricing Trends 2026: What to Expect in the Year Ahead (GPU market dynamics and AI/data‑center demand)silicondata
https://www.silicondata.com/blog/gpu-pricing-trends-2026-what-to-expect-in-the-year-ahead - Gotrade – US Market Outlook May 11–15, 2026: CPI Is Key (broader macro and risk‑on/risk‑off setup into mid‑May)heygotrade
https://www.heygotrade.com/en/news/weekly-economic-outlook-2026-05-11/
