Your Evening Briefing

May 27, 2026

S&P 500 closes flat as traders weigh peace prospects

Stocks wavered as traders digested peace progress, with President Trump saying that the US is “not satisfied” with the deal with Iran. The Iranian state media reported on a deal to restore traffic through the Strait of Hormuz within one month, which the White House dismissed as a “complete fabrication.”

The S&P 500 managed to eke out a new record closing high by an incredibly thin margin, while the Nasdaq 100 and Russell 2000 closed just below record highs.

Consumer discretionary was the best-performing sector, led by gains in Amazon, Tesla, and travel stocks. Energy was the worst-performing sector as oil prices dropped.

Stocks that moved higher:

Meta jumped after announcing paid subscription options for Instagram, WhatsApp, Facebook, and AI.
Micron continued to edge higher after topping $1 trillion in market cap yesterday on the heels of UBS more than tripling its price target to $1,625.
IREN rallied after securing GPUs to boost its run-rate revenues to $4.4 billion.
Opendoor Technologies surged after announcing it will be re-added to the Russell 3000 Index.
AppLovin rose amid a Morgan Stanley note reiterating its $720 price target and overweight rating.
Boeing edged higher after the company met FAA requirements to increase monthly 737 Max production to 47, up from 42.
Abercrombie & Fitch climbed on a Q1 earnings beat and lowered full-year tariff impact estimates.
Reddit and Shopify gained as Reddit expanded its social shopping partnership with Shopify and touted high returns for retail advertisers.
Lululemon gained after settling its proxy battle with founder Chip Wilson, agreeing to appoint three new directors in exchange for Wilson dropping his public criticism of the company.
Paramount rose after Semafor reported that US regulators are likely to approve Paramount's acquisition of Warner Bros.
Dycom surged after its results beat expectations on continued data center infrastructure demand, and the company raised guidance.
Nio climbed ahead of the first commercial deliveries of the ES9, its largest and most expensive vehicle to date.

Stocks that moved lower:

Zscaler plummeted on disappointing fiscal 2027 annual recurring revenue guidance in yesterday’s earnings call.
GlobalFoundries slid after Abu Dhabi's sovereign wealth fund Mubadala reportedly offered $1.9 billion in shares in a block sale.
Verra Mobility cratered after cutting guidance due to the termination of its contract with Avis.

Anthropic’s revenue continues to surge, shooting past OpenAI

As Anthropic and OpenAI race toward their IPOs this year, the trickle of the companies’ financial data has turned into a flow. Read more.

Ferrari’s EV push is testing what makes a Ferrari a Ferrari

Investors and pundits are hating on the electric Luce that Ferrari just unveiled.

Read more.

Uber raised its stake in Germany-based Delivery Hero to nearly 37%, up from the 19.5% the companies disclosed earlier this month, according to reporting by the Financial Times. Read more.

Teens aren’t getting summer jobs like they used to — this year could be worse than ever
Teen summer hiring in the US might hit its lowest level since federal tracking began, new report finds.
Tesla is recovering in Europe. BYD is still beating it.
So far this year, Tesla’s European sales are up 46%. BYD’s have grown 144%.
Google DeepMind’s Hassabis: AGI is 3 to 4 years away
Google DeepMind CEO and Nobel Prize-winner Demis Hassabis shortened his prediction for when the era of AGI would be upon us.
Bitcoin ETFs continue to suffer, with BlackRock’s IBIT seeing $1.29 billion exit in a dark pool transaction
This exodus comes on the heels of last week’s $1.26 billion in outflows.
Temu’s US web traffic quietly recovered from last year’s tariff blow
Temu’s parent company’s stock is still under pressure though, both this year and this morning.
The US honey industry is in a bit of a sticky spot
Production is stalling as bee colony losses mount, per the USDA, but demand for honey just keeps on rising.

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