The week ending Friday, May 22, 2026, saw U.S. equities grind higher into the Memorial Day weekend, with the S&P 500 extending its longest weekly winning streak since 2023 and the Dow Jones Industrial Average tagging fresh record highs as investors leaned into AI, resilient consumer demand, and hopes that geopolitical and inflation risks can be managed rather than avoided. Beneath the surface, however, rising oil prices, still‑elevated Treasury yields, and quiet but important debate over the Federal Reserve’s “plumbing” signaled that the late‑cycle backdrop remains complex even as risk assets continue to climb.
Index performance and market tone
Major U.S. indexes finished the week higher, with the S&P 500 moving toward the 7,450–7,500 area and on track for an eighth straight week of gains and closing at 7,43.47 marking its longest weekly win streak since late 2023. The Dow Jones Industrial Average notched a record closing high and an intraday high late in the week, closing at 50,579.70 helped by a broad bid for blue chips into the holiday weekend, while the Nasdaq Composite also advanced, albeit more modestly as some mega‑cap AI leaders paused after strong prior gains.
Trading remained relatively orderly: early‑week pressure from higher yields and expensive energy moderated as oil backed off its highs and long‑term yields eased from peak levels, allowing equities to stabilize and buyers to re‑emerge. Volatility stayed subdued, with measures such as the VIX hovering near levels seen earlier in the year closing at $16.70 and off 6.29% over the last 5-days, consistent with a market that is climbing a wall of worry rather than reacting to single headlines.
Sector moves and leadership
Leadership continued to cluster around technology and AI‑linked themes, with enthusiasm for artificial intelligence infrastructure and devices remaining a defining feature of the tape. Outside of tech, energy and select defensive sectors held up relatively well against the backdrop of higher oil prices and lingering macro uncertainty, while more cyclically sensitive groups like materials and some industrials saw more mixed performance as investors weighed slower global growth forecasts against still‑solid U.S. demand.
The market’s breadth story was nuanced: investors showed willingness to pay up for clear earnings visibility and AI leverage, yet pockets of the market tied closely to rates and global trade remained choppier. This dynamic kept factor leadership tilted toward quality balance sheets and secular growth, rather than a wholesale rotation into deep cyclicals or early‑cycle value.
Macro data and Fed expectations
On the macro front, markets continued to digest an inflation picture complicated by higher‑for‑longer energy prices and still‑firm core readings. Recent CPI and PPI reports for April came in above expectations, underscoring that disinflation progress has become bumpier and feeding concerns that the Fed may need to remain restrictive for longer or even consider further tightening if price pressures re‑accelerate. At the same time, global forecasters trimmed growth expectations for 2026, with one prominent outlook now seeing world real GDP around 2.2% versus nearly 3% earlier this year, reinforcing the sense of a slower but not collapsing expansion.
In rates, the 10‑year Treasury yield pushed toward the mid‑4% area—around 4.5%–4.6%—before easing slightly late in the week as oil retreated back below $100/bbl and risk appetite improved, while the stronger dollar and weaker gold prices reflected confidence in U.S. assets despite higher funding costs. Debate intensified around the Fed’s eventual path: investors are now more focused on balance‑sheet policy, reserve levels, and the “plumbing” of money markets as potential catalysts for a regime shift, not just the timing of the next rate move.
Oil, geopolitics, and global currents
Energy remained a key swing factor for sentiment, with Brent crude holding above the 100‑dollar threshold at points and West Texas Intermediate near the high‑90s before slipping back as reports suggested tentative progress in negotiations around the Iran conflict and shipping flows. The tug‑of‑war between fears over a prolonged Middle East stalemate and periodic headlines hinting at de‑escalation produced intraday volatility in both oil and equities, though by week’s end risk assets appeared more willing to look past near‑term noise.
Globally, equity markets in Europe and Asia largely took their cues from Wall Street, with rallies in AI‑linked names and exporters offsetting concerns about weaker growth and currency volatility, including renewed focus on the yen as it drifted toward levels that have previously triggered official intervention. For U.S. investors, the story remained one of domestic strength against a more challenging international backdrop, supporting the recent outperformance of U.S. benchmarks.
Micro stories: AI devices and corporate moves
On the micro side, AI continued to drive idiosyncratic winners, including chipmakers and semiconductor ecosystem companies that benefit from the build‑out of AI computing and, increasingly, AI‑enabled end devices. Strong reactions to earnings updates and product commentary in this space underscored that investors are broadening their focus from data center demand to the next wave of AI PCs, smartphones, and edge devices, rewarding firms with credible roadmaps and tight integration with leading platforms.
Big picture for investors
Stepping back, this week’s action fit the pattern of a late‑cycle bull market that is still intact but increasingly sensitive to macro undercurrents: growth expectations are edging down, inflation risks are proving sticky, and policy plumbing issues are moving from obscure to mainstream discussions. Yet as long as earnings from AI beneficiaries, consumer‑facing firms, and high‑quality cyclicals hold up, markets seem inclined to lean into risk on pullbacks rather than abandon the rally altogether.
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, $26.42, +48.01% over the asteroid 5-days)
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, $306.88, +31.89% over the last 5-days)
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, $7.96, +5.15% over the last 5-days)
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, $7.10, +2.31% over the last 5-days)
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, $4.34, +28.78% over the last 5-days)
- 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, $41.49, +13.61% over the last 5-days)
- 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, +7.41% over the last 5-days) & 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, $15.47, +10.90% over the last 5-days)
- 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, $215.33)
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, $282.27, +2.13% over the last 5-days)
- 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, $426.01, +.89% over the last 5-days)
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, $1.98, +20.73% over the last 5-days)
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, $2.09, +40.27% 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.
FMC Corporation (NYSE: FMC, $13.11)
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, $3.64, +195.93% over the last 5-days)
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
- Yahoo Finance – “S&P 500 Nears Longest Winning Streak Since 2023”
https://finance.yahoo.com/markets/stocks/articles/p-500-nears-longest-winning-104900961.htmlfinance.yahoo - Investopedia – “Stock Market Today: Indexes Advance Ahead of Holiday Weekend” (May 22, 2026)
https://www.investopedia.com/stock-market-today-dow-jones-s-and-p-500-05222026-11982006investopedia - Trading Economics – “United States Stock Market Index”
https://tradingeconomics.com/united-states/stock-markettradingeconomics - Sterling Capital Management – “Weekly Market Recap – 5/18/26” (PDF)
https://sterlingcapital.com/cdn/Weekly-Market-Recap-5-18-26.pdfsterlingcapital - S&P Global – “Global Economic Outlook: May 2026”
https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/05/global-economic-outlook-may-2026spglobal - The Conference Board – “The Conference Board Economic Forecast for the U.S. Economy”
https://www.conference-board.org/research/us-forecastconference-board - Finsyn – “Weekly Market Recap | May 22, 2026”
https://www.finsyn.com/weekly-market-recap-may-22-2026/finsyn - Schwab – Ongoing “Stock Market Update” page
https://www.schwab.com/learn/story/stock-market-update-openschwab - NYSE – Index and market overview
https://www.nyse.com/indexnyse - Edward Jones – “Daily Market Snapshot”
https://www.edwardjones.com/us-en/market-news-insights/stock-market-news/daily-market-recapedwardjones
