U.S. stocks logged a choppy week through Friday, May 14, 2026 when it sold off solidly at the end of the week, as major indexes pushed to fresh records even while rising bond yields and pre‑earnings jitters around Nvidia (NVDA) kept volatility elevated.
Index performance
Major benchmarks finished the week higher, with large‑cap tech and AI leaders once again setting the tone.
- The S&P 500 ended the week around 7,408.50, slightly up +.13% over the last 5-days.
- The Dow Jones Industrial Average finished under 50k at 49,526.17, ticking .17% over the week and after reclaiming the 50,000 level.
- The Nasdaq Composite closed at 26,225.15, slipping .08% over the last 5-days.
- The small caps on the Russell 2000 took a 2.37% hit over the last 5-days.
- The CBOE Volatility Index (VIX) jumped 6.78% on Friday.
Macro backdrop
The macro tape delivered a mixed message: growth is cooling at the margins, but not enough to take the Federal Reserve off alert.
- Recent data showed nonfarm payrolls rising by about 115,000, reflecting a still‑resilient but moderating labor market, while PMI slipped to the mid‑50s, signaling expansion with less momentum than earlier in the year.
Rates, yields, and the dollar
Rising rates reasserted themselves late in the week, briefly knocking growth stocks before dip‑buyers stepped back in.
- The 10‑year Treasury yield climbed to roughly 4.55%, its latest leg higher in a multi‑month backup that has tightened financial conditions and raised the bar for richly valued growth stocks.
- The U.S. Dollar Index ticked up toward the high‑90s, reflecting expectations that the Fed will be slow to cut rates given lingering inflation pressures and solid, if slower, economic activity.
- Bond markets dropped across the world as fears that the Iran war will force interest rates to rise further and as crude oil prices jumped back over $100 a barrel to end the week at $101.16.
Earnings, AI, and Nvidia watch
Earnings season remained a key driver, with the AI complex in focus ahead of Nvidia’s highly anticipated report due out on May 20.
- Corporate results continued to surprise to the upside, with a large majority of S&P 500 companies beating earnings expectations and aggregate surprises running near 20% above consensus, reinforcing the profit backdrop for equities.
- Options pricing suggested traders were bracing for roughly a 6% move in Nvidia shares around its upcoming earnings release and the reopening of China’s market, underscoring how central the name has become to broader AI sentiment and index‑level performance.
Sector and style trends
Beneath the surface, the market continued to reward secular growth and AI‑levered plays while leaving more cyclical areas behind.
- Information technology and communication services led the advance, buoyed by enthusiasm around AI infrastructure demand and cloud‑related spending, while energy and utilities lagged as investors rotated away from defensives.
- Mid‑caps and small‑caps participated but underperformed, with mid‑caps up around the mid‑single digits year‑to‑date and small‑caps trailing as higher rates and tighter credit conditions weighed on rate‑sensitive, domestically focused names.
Volatility and sentiment
Volatility stayed elevated as macro surprises and rate moves pulled markets in both directions throughout the week.
- Intraday swings picked up as investors digested mixed signals: a solid but slowing labor market, concerns that inflation might be re‑accelerating, and uncertainty about how far long‑term yields could climb before pressuring valuations more broadly.
- Still, risk appetite remained firm, with investor positioning tilted toward growth and AI beneficiaries, and pullbacks increasingly viewed as opportunities rather than the start of a broader de‑risking cycle.
Big picture for investors
For now, the market narrative remains a tug‑of‑war between higher‑for‑longer rates and stronger‑than‑feared earnings, with AI‑driven leaders continuing to carry the tape.
- If upcoming inflation and retail‑sales data confirm that price pressures are stabilizing without a material hit to growth, the current “Goldilocks with higher rates” regime could persist, favoring quality growth and profitable AI‑exposed names.
- Conversely, any upside surprise in inflation or downside surprise in growth could reprice the path of rates and earnings, injecting fresh volatility into a market that, despite recent chop, remains near all‑time highs.
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.
Amwell® (NYSE: AMWL, $7.57)
Amwell® (NYSE: AMWL), a leading provider of a comprehensive SaaS-based technology-
enabled healthcare platform, 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.”
FMC Corporation (NYSE: FMC, $14.17, +5.75%)
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, payable on July 16, 2026, to shareholders of record as of the close of business on June 30, 2026.
Eupraxia Pharmaceuticals (EPRX, $6.92)
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, $3.37)
- 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, $36.52)
- InterGroup Corporation delivered (Feb. 17) a notably stronger quarter, highlighted by a 20% jump in total revenue to $17.3 million and a 27% surge in hotel revenue as renovated rooms returned to service and travel demand improved. The company swung from a prior-year net loss to $1.0 million in net income, with operating income more than doubling to $2.0 million, underscoring better cost control and improved operating efficiency. Management further enhanced liquidity and sharpened strategic focus by selling a non-core 12‑unit Los Angeles multifamily property, generating a meaningful gain and additional working capital while maintaining stable performance across its real estate portfolio.
Volato Group, Inc. (SOAR) & M2i Global, Inc. (MTWO)
- Volato Group, Inc. (NYSE American: SOAR) today 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, $13.95, +8.81% over the last 5-days)
- Nokia is quietly turning the humble home router into a mini network strategist, and Wall Street is starting to notice. NVIDIA’s billion‑dollar bet on the Finnish vendor in 2025 only sharpened that narrative, tying living‑room Wi‑Fi to the coming 6G, AI‑native era. Nokia has rolled out “agentic AI” for home and broadband networks, aiming to move consumer connectivity from reactive trouble‑ticket handling to proactive, autonomous optimization. Instead of waiting for a frustrated customer to reboot the router, Nokia’s software layer watches traffic patterns, anticipates congestion, and adjusts in real time to keep streaming, gaming, and video calls on track. The company describes agentic AI as a paradigm where AI systems set and pursue goals with limited or no human intervention, making decisions continuously rather than executing one‑off predictions. In practice, that means fleets of micro‑agents embedded in broadband platforms like Corteca and other access software, each tasked with jobs such as fault isolation, congestion management, or quality‑of‑experience tuning.
NVIDIA (NVDA, $225.32, +4.70% over the last 5-days)
NVIDIA CEO Jensen Huang is working through significant regulatory headwinds by joining President Trump’s delegation to China in an effort to repair trade ties after a dramatic collapse in the company’s China revenue, which previously made up a substantial portion of its data center business. Although the U.S. authorized H200 chip sales to 10 Chinese companies in late 2025, demand has remained soft as Chinese buyers have been reluctant to commit.
NVIDIA will host a conference call on Wednesday, May 20, at 2 p.m. PT (5 p.m. ET) to discuss its financial results for the first quarter of fiscal year 2027, which ended April 26, 2026. The call will be webcast live (in listen-only mode) on investor.nvidia.com.
McDonald’s (MCD, $276.39, +.23%)
- 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, $422.24)
Tesla’s latest reveal reads a bit like a family group chat gone public—over $500 million in revenue tied to Elon Musk’s own empire, because apparently vertical integration now includes your boss’s other companies. Meanwhile, the solar business is having a cloudy moment, robotics competition is heating up, and just to keep things interesting, Tesla snagged a jaw-dropping 370 Semi order. Oh, and in case that wasn’t enough, there’s talk of a casual $119 billion chip manufacturing push—because why not add semiconductors to the to-do list?
Serina Therapeutics (NYSE: SER, $1.62)
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.”
Everspin (MRAM, $37.57, +39.20% over the last 5-days)
Chandler, AZ’s Everspin’s (MRAM) new $40 million defense pact reads less like a routine semiconductor contract and more like a carefully scripted act in Washington’s ongoing bid to onshore critical tech—with an Arizona memory specialist unexpectedly cast in a leading role.
BuzzFeed, Inc. (BZFD, $1.49, +108.98% over the last 5-days)
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.
Ouster, Inc. (OUST, $34.86, +38.33% Over the last 5-days)
Ouster, Inc. (Nasdaq: OUST), a leader in sensing and perception for Physical AI, announced (May 13) its new Rev8 OS family of digital lidar sensors are qualified to run on the NVIDIA DRIVE Hyperion platform for accelerating development and deployment of level 4 autonomous vehicles.
The Sources
- Yahoo Finance – “Stock market today: Dow, S&P 500, Nasdaq sink as bond yields jump to cap volatile week ahead of Nvidia earnings”
https://finance.yahoo.com/markets/live/stock-market-today-dow-sp-500-nasdaq-sink-as-bond-yields-jump-to-cap-volatile-week-ahead-of-nvidia-earnings-224527328.htmlx - CNBC – “Stock market today” live updates (May 14, 2026)
https://www.cnbc.com/2026/05/14/stock-market-today-live-updates.htmlseattletimes - Schwab – “Yields, Oil Surge, Putting Early Pressure on Tech”
https://www.schwab.com/learn/story/stock-market-update-openschwab - Seattle Times – “How major US stock indexes fared Thursday 5/14/2026”
https://www.seattletimes.com/news/how-major-us-stock-indexes-fared-thursday-5-14-2026seattletimes - Las Vegas Sun – “How major US stock indexes fared Thursday 5/14/2026”
https://lasvegassun.com/news/2026/may/14/how-major-us-stock-indexes-fared-thursday-5142026lasvegassun - J.P. Morgan Asset Management – “Weekly Market Recap” (PDF)
https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/insights/market-insights/wmr/weekly_market_recap.pdfjpmorgan - Investopedia – “Here’s Why Nvidia’s Earnings Could Move Your Portfolio Even If You Don’t Hold the Stock”
https://www.investopedia.com/here-is-why-nvidia-earnings-could-move-your-portfolio-even-if-you-dont-hold-the-stock-nvda-update-1investopedia - Investing.com – “Nvidia Facts and Statistics”
https://www.investing.com/academy/statistics/nvidia-facts-and-statisticsinvesting - T. Rowe Price – “Global markets weekly update”
https://www.troweprice.com/personal-investing/resources/insights/global-markets-weekly-update.htmltroweprice - YouTube – “Stock Market Update 5/14/26”
https://www.youtube.com/watch?v=iqTWErL6gmMyoutube
