U.S. stocks extended their rebound on Thursday, May 21, 2026, with investors leaning back into risk as hopes for a U.S.–Iran agreement tempered recent geopolitical anxiety and markets digested a dense slate of Fed commentary and macro data. Gains were broad-based across major indices, while renewed focus on critical minerals policy put names like Perpetua Resources (PPTA, $31.55, +18.08% in the aftermarket) in the spotlight after it secured multibillion‑dollar government-backed financing for its Idaho gold–antimony project.
Equity markets today
Wall Street built on Wednesday’s strength, with all three major U.S. benchmarks finishing higher as the bid for risk assets persisted. The Dow Jones Industrial Average climbed about .55% to close just above the 50,285 mark, led by financials, with Goldman Sachs rising .62% as investors rotated toward rate‑sensitive and capital‑markets names. The S&P 500 advanced around .17%, while the tech‑heavy Nasdaq Composite gained about .09%, continuing a pattern of mega‑cap and growth leadership that has characterized much of the 2026 rally. Small caps, as proxied by the Russell 2000, outperformed with gains north of .93%, signaling improving risk appetite beneath the mega‑cap surface.
At the sector level, technology and communication services remained key engines of performance, supported by ongoing enthusiasm around artificial intelligence and cloud infrastructure, while cyclicals such as industrials and financials caught a bid on the back of better‑than‑feared macro prints and easing geopolitical risk premia. Energy shares lagged as crude oil ($97.62, -.65%) stayed volatile amid shifting expectations around a potential U.S.–Iran deal and its implications for future oil supply. For context, April’s outsized rally pushed the Nasdaq up more than 15% and the S&P 500 over 10% year‑to‑date, leaving positioning extended but momentum still intact into late May.
Macro and policy backdrop
The macro narrative today remained anchored on three pillars: Fed policy, inflation persistence, and geopolitics. Investors continued to parse recent Federal Reserve communications that acknowledged sticky inflation but also signaled patience, reinforcing expectations that the Fed will prioritize a longer hold at current rates rather than a hawkish surprise hike. Market participants are increasingly focused on the balance between resilient growth and slowly moderating price pressures, as global forecasters now project 2026 world GDP growth in the low‑3% range with modest upside to prior estimates.
Geopolitically, markets took comfort from fresh signs that a U.S.–Iran accord may be edging closer, after weeks in which stalled talks and sporadic escalations had driven bouts of risk‑off behavior and oil price spikes. That incremental relief helped compress energy‑related risk premia and supported rate‑sensitive assets by tempering fears of a renewed inflation shock from commodities. Still, Fed minutes released this week underscored that policymakers remain uneasy about the pace of disinflation, a theme likely to keep rate‑cut expectations subdued and preserve a “higher for longer” rate regime into 2027.
Notable corporate and sector stories
One of the day’s most notable headlines came from the critical‑minerals space, where Perpetua Resources advanced toward securing roughly 2.7–2.9 billion dollars in U.S. government‑backed loan support for its Stibnite gold–antimony project in Idaho. The Export‑Import Bank has notified Congress of a proposed package that would fund the bulk of the project’s upfront capital costs, reflecting Washington’s strategic push to diversify supply chains away from China for key defense‑related metals such as antimony. The Stibnite project has long been framed as both a domestic supply security play and an environmental flashpoint, drawing legal challenges from local stakeholders even as federal agencies move the financing process forward.
From a market-structure perspective, the Perpetua story underscores how industrial policy and national security considerations are increasingly intersecting with mining and materials valuations. Investors in the metals and mining complex are now forced to underwrite not only commodity‑price risk, but also regulatory timelines, environmental negotiations, and the durability of bipartisan support for strategic‑materials initiatives. In practice, that can translate into more binary outcomes for single‑asset developers, but it also creates a policy‑supported floor for projects deemed systemically important to U.S.
Positioning and narrative for investors
For equity investors, today’s tape fits neatly into the ongoing narrative of “climbing the wall of worry” in a high‑rate, high‑earnings environment. Stronger‑than‑expected corporate results, especially in technology and select financials, continue to offset concerns about policy rates and geopolitical tail risks, keeping the S&P 500 and Nasdaq on record‑setting trajectories despite frequent tactical pullbacks. The resurgence in small caps and cyclicals hints that the rally is broadening beyond the AI‑heavy mega‑cap cohort, an important marker of durability if it persists into early summer.
In the macro backdrop, global outlook revisions show modest upgrades to growth projections, particularly in developed markets, while central banks outside the U.S. contemplate further tightening to tame residual inflation. For asset allocators, that mix argues for maintaining a pro‑equity stance but with a more selective tilt: overweight high‑quality growth and AI beneficiaries, balance them with cyclicals levered to real‑economy expansion, and maintain risk controls around energy and geopolitical sensitive exposures.
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.
Rigetti Computing, Inc. (RGTI, $22.04, +30.57%)
Rigetti Computing, Inc., a pioneer in full-stack quantum-classical computing, announced (May 21) that it has signed a letter of intent (“LOI”) with the U.S. Department of Commerce (the “Department”) for an award of up to $100 million in funding over three years to accelerate superconducting quantum computing R&D.
Astera Labs, Inc. (ALAB, $297.84, +3.60%)
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® (AMWL, $7.93, +.51%)
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, $6.94, +8.95%)
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, $4.15, +7.79%)
- 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, $37.47)
- 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, +8.34%) & 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, $14.18, +4.11%)
- 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.
- Nokia announced (May 21) the launch of its AI Networking Innovation Lab, a new center designed to drive co-innovation with AI and cloud partners and accelerate the development of next-generation networking technologies for artificial intelligence (AI) infrastructure. Located within Nokia’s Sunnyvale, California facility, the lab serves as an innovation hub where Nokia will work across advanced AI networking technologies, architectures and ecosystems with a variety of partners to help shape the future of data center networking. AI workloads are fundamentally changing how data center networks must operate. The performance, scale, and precision required to support large-scale AI training and distributed, real-time inference place unprecedented demands on networking infrastructure. To address these challenges, Nokia is adopting a new approach to how technologies are integrated, tested, and deployed from the ground up for the AI era.
NVIDIA (NVDA, $219.51)
Nvidia’s First Quarter Fiscal 2027 earnings report crossed the tape Wednesday, 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, $284.12, +1.37%)
- 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, $417.85, +.14%)
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, $1.88, +11%)
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, $1.76, +12.10%)
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, $13, +2.44%)
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.
GeoVax Labs, Inc. (GOVX, $2.75, +23.32%)
GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing vaccines and immunotherapies against infectious diseases and cancer, commented (May 20) on the rapidly evolving Bundibugyo Ebola virus (BDBV) outbreak in Central Africa and the broader implications for global infectious disease preparedness and biodefense infrastructure.
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/
