Your Evening Briefing

May 28, 2026

Stocks close at new records

The S&P 500, Nasdaq 100, and Russell 2000 all closed at new record highs following reports that the US and Iran have reached a tentative deal to extend the ceasefire by 60 days, pending President Trump’s approval.

Health care was the best-performing sector, led by gains in Eli Lilly, whose stock climbed after CVS restored Zepbound coverage and expanded GLP-1 offerings on its drug plans. Utilities was today’s worst-performer.

Bitcoin hit a six-week low this morning, dipping below $73,000 before recovering as bitcoin ETFs continue to suffer, seeing $733.43 million in outflows yesterday, the largest daily exit since January.

Stocks that moved higher:

A Wall Street Journal report that the Trump administration is in talks to provide equity and debt financing to the US drone industry sent the sector soaring, with Unusual Machines, Red Cat Holdings, AeroVironment, Kratos Defense, and AIRO Group Holdings all surging on the news.
Dollar Tree leapt after boosting its full-year earnings guidance.
Best Buy surged on better-than-expected Q1 sales and earnings.
Kohl’s surged after the struggling retailer reported its best comparable sales results in four years.
Dell jumped after winning a $9.7 billion Pentagon contract.
IBM rallied after committing to invest $10 billion over five years in quantum computing on the heels of government support for the industry.
Following yesterday’s post-market earnings, Snowflake spiked after its Q1 revenue beat estimates and full-year guidance was hiked higher.
Super Micro Computer soared on heavy call volume as management works with Taiwan to avoid chip smuggling into China.
Nebius jumped after AI hedge fund Situational Awareness disclosed a 5.6% stake.
Marvell Technology ticked higher after the custom chip and networking company released results in line with estimates yesterday while continuing to offer an increasingly optimistic view on future sales.

Stocks that moved lower:

Synopsys dropped despite delivering better-than-expected quarterly results in yesterday’s post-market earnings report.
Strategy dipped as an analyst said Strategy's cash runway has collapsed to six months to cover its dividends.
Despite beating expectations for revenue and earnings, Salesforce ticked lower after its full-year sales guidance disappointed.

Anthropic raises $65 billion at a $965 billion valuation, releases a more “honest” Claude Opus 4.8

Anthropic’s monster $965 billion valuation puts it firmly ahead of OpenAI’s $850 billion valuation as the rivals head toward expected IPOs later this year. Read more.

How Meta is looking for revenue outside advertising to justify its ballooning capex bill

Recent pushes into subscriptions, enterprise, and floating a cloud business suggest it’s serious about new revenue sources.

Read more.

Polymarket trader AlphaRaccoon wasn’t just feeling lucky when he took positions related to Google’s year-end top search results late last year, but was instead using confidential data from his position inside the company, according to a criminal complaint filed in New York that was unsealed yesterday.

Michele Spagnuolo, a staff information security engineer at Google Zurich, per his LinkedIn profile, has been charged with money laundering, commodities fraud, and wire fraud, with the account reported to have made $1.2 million across various trades. Read more.

Retail traders are making stock picking look easy
Study after study tells us that stock picking is incredibly difficult. To that, retail traders say: “What, like it’s hard?”
Waymo to launch free robotaxi rides in its new Ojai vans
The new vehicles are less expensive — which is important for the service to really scale.
Report: Microsoft tries to get back in the AI coding game with new model
Despite having a huge foothold in software development via its GitHub platform, Microsoft failed to effectively compete with Anthropic’s Claude Code, OpenAI’s Codex, and Cursor.
Report: Tesla’s Robotaxi trainers don’t think it’s ready for prime time
A new Reuters investigation suggests Tesla’s autonomous vehicles are a lot less autonomous than they seem.
Drake overtakes Michael Jackson for most No. 1 hit songs by a male solo artist
But neither of them come close to The Beatles’ chart-topping tally.

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