Market Review: May 14, 2026

Closing Recap

Thursday, May 14, 2026

The S&P 500 index (SPX) hits 7,500 for the first time and the Dow tops 50,000 as U.S. stocks continue to rally on FOMO, with investors chasing tech shares, semiconductor shares, data centers, ai infrastructure names, etc. on the daily, as the QQQ is now up 17.5% YTD and 8% this month, while the S&P is up roughly 10% YTD in what has been one of the greatest 7 week stretches in market history. The Philly semiconductor index (SOX) rises again, up 15% this month and 71% YTD with NVDA hitting new all time highs on reports some of their graphics cards are now being allowed to being sold in China (Reuters reported overnight). Today’s focus was the IPO market as semi chipmaker Cerebras (CBRS) opened about 90% higher ($350) in its US market debut after pricing 30M shares at $185, well above the high end of its $150-$160 range showing the insatiable demand for AI companies. Just not normal times, that’s for sure, as the QQQ is +30% in the last 32 days ($555.60 low on March 30 to above $722 today) while SMH has gone from $358 to $578 since 4/1, astounding. Economic data showed concerns of rising inflation (CPI, PPI), raising prospects that the Fed’s next rate move could be a hike vs. a cut – but markets remain unphased as the Technology (XLK) sector in S&P now up 25% YTD, with the next best sectors Materials +14% YTD and Industrials +12.5% with no others up double digit %.

In sector movers: Trucking stocks were mixed with freight brokers (CHRW, LSTR, RXO) weaker after the US Supreme Court has ruled 9-0 that freight brokers can be held LIABLE if they negligently hire unsafe trucking companies — including those with illegal alien and foreign drivers who violate CDL rules and cause accidents. At the same time, shares of truckload carriers (ARCB, JBHT, KNX, WERN, ODFL) was big gains after stronger truckload spot rates. Crypto stocks (COIN, CRCL, MSTR, etc.) were strong after Clarity Act bill advanced 15 to 9. Drone and space names saw strength behind ONDS earnings with RDW, UMAC, RCAT, DPRO shares rising.

News coming out of the President Trump/Xi summit showed, President Trump says China’s President Xi told him that China will not provide military equipment to Iran and expressed support for a peace deal. Trump also says that President Xi has offered to mediate tensions in an effort to reopen the Strait of Hormuz. President Trump said China agreed to buy 200 planes from Boeing in a multibillion-dollar deal that would mark the nation’s first purchase of US-made commercial jets in nearly a decade.

In sentiment data: This week’s NAAIM Exposure Index slumped to 77.34 from last week’s 96.67 – the 10-29-25 Reading of 100.83 is the 52 week hi – 2025 trough from 4-16-25 of 35.16 – Last Quarter Average (Q1) was 82.00 (down from 92.26 in Q4). The bull-bear spread in the American Association of Individual Investors (AAII) weekly survey was +2.7% vs +5.3% last week. Bulls rose to 39.3% from 38.3%, Neutrals fall to 24.1% from 28.7%, Bears rise to 36.6% from 33%.

• Import prices increased 1.9% last month (vs. est. +1%) after an upwardly revised 0.9% rise in March. In the 12 months through April, import prices vaulted 4.2%, the largest y/y rise since October 2022, and followed a 2.3% increase in March while export prices rose +8.8%. Prices of imported fuel jumped 16.3% last month, the largest advance since March 2022, after rising 10.0% in March. Prices of imported food increased 0.9%.
• March Business Inventories +0.9% (vs. consensus +0.8%) vs Feb +0.4% (prev +0.4%); March inventory/sales ratio 1.32 months’ worth vs Feb 1.33 months; U.S. March business sales +2.1% vs Feb +1.8% (prev +1.7%); U.S. March retail inventories ex-autos revised to +0.4% (prev +0.5%).

• Precious metals give back some gains as June gold settles -$21.40/oz, or -0.45%, at $4,685.30 and July Silver settles -$4.04/oz, or -4.52%, at $85.33 an ounce.
• Bitcoin rebounding after falling to $79K yesterday, +2.75% at $81,800 with COIN, MSTR seeing notable bounces. Crypto sector saw strength after Senate Banking Committee Clarity Act bill advanced 15 to 9, with Dems Gallego and Alsobrooks voting yes.
• The dollar index climbed to a two-week high on Thursday as upbeat U.S.-China rhetoric lifted U.S. equities and more hawkish Fed signals supported two-year Treasury yields. Sterling slide extends toward mid-April lows amid mounting UK political angst. EUR/USD fell to a two-week low below its 200-DMA of 1.1682.

• In Restaurants: JACK delivered better-than-anticipated bottom-line results—aided by lower G&A—even as comp store sales, restaurant-level, and franchise-level margins each missed expectations; FY26 guidance was lowered across a number of key metrics and announced a CEO transition alongside earnings results. CAKE was upgraded to Neutral at JP Morgan saying Q126/April comments highlight the importance of experience-oriented dining even if absolute price points can trend high. SBUX upgraded to Buy from Hold saying the company has numerous tangible drivers to drive positive sales revisions in a strong category backdrop. DIN board approves share repurchase plan up to $100M.
• Retail: SN to replace FLO in the S&P MidCap 400, and Flowers Foods will replace CSGS in the S&P SmallCap 600 effective prior to the opening of trading on Monday, May 18; WWW Q1 adjusted EPS $0.25 vs. est. $0.22 and revs $457.6M vs. consensus $449.56M; raises FY26 adjusted EPS to $1.43-$1.58 from $1.35-$1.50 and backs FY26 revenue view $1.96B-$1.985B; GOOS also a mover on earnings.
• Home Appliances/Furnishing: WHR was downgraded to Neutral from Buy at Goldman Sachs and cut tgt to $53 from $72 citing ongoing macroeconomic and industry pressures that are likely to keep appliance demand depressed in the near to medium term.
• Cruise sector: VIK reported Q1 revenue and yields that topped expectations while adjusted Ebitda for the period trailed and named a new CFO; Q1 revenue $1.05B, vs. consensus $1.01B; said operating capacity is 7% higher for the 2026 season compared to the 2025 season and 15% higher for the 2027 season compared to the 2026 season.

• Battery maker ENVX shares fell after Q1 results beat but forecast Q2 revenue in $8B-$9B, the midpoint is below the $8.69B consensus estimate and midpoint of Q2 adj EPS loss of ($0.13-$0.17) was in-line with ests) as growth in firm’s key smartphone segment remains delayed
• Solar: CSIQ reported Q1 EPS loss (-$0.71) vs. est. loss (-$1.03); Q1 revs $1.08B vs. consensus $1.02B and sees Q2 revenue $1B-$1.2B, below consensus $1.57B; Q2 gross margin is expected to be between 13% and 15%.
• Utility/Nuclear: OKLO shares dipped after announced up to $1 bln ATM (at the market) stock offering saying it intends to use net offering proceeds from any sales for general corporate purposes, working capital and capex, and potential future investments, per the prospectus.

• FinTech: KLAR reported Q1 revs of $1B topped consensus of $943.8M and operating profit of $17M was also above consensus and reported 119M active consumers, while guided Q2 revs $960M-$1B) which was below the $1.06B consensus and sees Q2 GMV $35.5B-$36.5B. FISV announced a new effort with OpenAI aimed at modernizing how financial institutions operate in the new age of AI. Fiserv is developing select first-party agents with OpenAI on the agentOS platform Fiserv launched, targeting the workflows that consume the most operational capacity at financial institutions

• BIIB announced topline results from the Phase 2 CELIA study evaluating diranersen; CELIA did not meet its primary endpoint assessing dose response for change from baseline on the Clinical Dementia Rating-Sum of Boxes at Week 76.
• EYPT said an independent safety committee found no new concerns in two late-stage trials ‌of its experimental eye disease drug Duravyu and recommended ‌the studies continue unchanged. The drug, Duravyu, is being tested to treat wet age-related ​macular degeneration, or wet AMD.
• RGNX shares fell after safety concerns;  the co said top-line results showed it met its primary endpoint in a Phase 3 study of its RGX-202 gene therapy for Duchenne Muscular Dystrophy. The trial met its primary endpoint with high statistical significance, with 93% of participants reaching at least 10% microdystrophin expression. Two SAE’s were reported, a case of subacute myocarditis and a case of asymptomatic liver injury.

• Hospital Operators: Keybanc noted CMS finally posted the approval of Florida’s $7.8B State Directed Payment (SDP) program for FY25, confirming recent press reports and disclosures in UHS’s 10Q. In the firm’s view, the approval represents a modest positive for hospitals with exposure to the State (HCA, THC, UHS, ACHC). Additionally, UHS’s revised estimate from the 10Q ($100M vs $47M) indicates the net EBITDA benefit may be higher than initial estimates, and the firm thinks it’s possible hospitals will recognize ~two years of the program during 2026, assuming the FY26 renewal is approved before YE (timing is unknown).
• Medical Equipment, Supplies & Distribution: SOLV was downgraded to Neutral from Buy at UBS but raise PT to $50 saying continues to like SOLV’s end-market exposure, leverage to accelerating Grid investment, and relatively high earnings visibility given a highly contracted $8.2B backlog, but risk/reward more balanced. STAA shares jumped after Q1 results were consistent with Q1 pre-announcement and beat expectations on both the top and bottom-line. The China business was especially strong with revenue of $47.4M driven by underlying demand

• In Transports: @FreightAlley noted on X, “Truckload spot rates on the daily chart have exploded to $3.50/mile. This is $.41/mile higher than a week ago and a new cycle high, moving close to all-time highs ($3.68/mile). While this relates to Roadcheck week, the message is clear: capacity is at its tightest levels in year.” Shares of JBHT, ODFL, KNX, WERN, SNDR are among truckload carriers that may benefit (while Brokers/logistics providers such as CHRW, RXO have mixed exposure and they may face higher carrier costs). Also hitting logistics names (CHRW, LSTR, RXO), the U.S. Supreme Court issued a ruling today in Montgomery v. Caribe Transport II, LLC. It resolves a long-standing circuit split in favor of plaintiffs, allowing state-law negligent hiring/selection claims against freight brokers to proceed
• Construction & Engineering: LGN raised its FY26 revenue guidance to $4.1B-$4.3B from prior view of $3.7B-43.9B and Q1 revs rose 105% y/y to $1.04B as its revenue growth driven in part by recent acquisitions, particularly The Bowers Group.
• Metals: CMC was upgraded to Buy from Neutral at UBS & raise its PT to $89 (from 79) following ~40% YTD underperformance vs peers, creating attractive entry as key downside risks to US rebar pricing have eased.

• Telecom & Satellite: IRDM to acquire Aireon, advancing its strategy to lead the future of Aviation safety as it buys the remaining 61% of Aireon it doesn’t own for $366.7M and to assume outstanding debt of $155M at closing; AT, and VZ said they plan to launch new joint venture that helps end dead zones.
• Content Delivery: AKAM announced plans to acquire LayerX, a browser-based Ai usage control and enterprise browser Security company, for about $205M; the deal is aimed at expanding Akamai’s Zero Trust and Ai Security capabilities

• Hardware/Phones: for AAPL Keybanc said results from their April iPhone 17 carrier surveys and KFL data came in below expectations. Carrier survey results point to weak sell-through, while KFL data declined y/y and tracked below typical seasonal m/m. Their carrier survey indicates iPhone 17 sell through was weaker than expected in April, partially attributable to weaker promotions at Verizon and T-Mobile, while inventories are building more meaningfully than normal seasonal patterns. Demand for Pro/Pro Max remained stable.

• CPU chip names ARM, INTC, AMD lagged other chip names today.
• NVDA shares were active after Reuters reported the U.S. has cleared around 10 Chinese firms to buy Nvidia’s 2nd-most powerful AI chip, the H200, but not a single delivery has been made so far, people familiar with the matter said, leaving a major technology deal in limbo – Reuters https://tinyurl.com/3aefpws8
• POET signed a supply and joint development deal with Lumilens for AI optics, including an initial $50M order for optical engines. The partnership could scale to $500M over five years, with samples expected in late 2026 and production ramp planned for 2027.
• TSM said it expects the global Semiconductor market to exceed $1.5 trillion by 2030, topping its previous forecast of $1 trillion. Ai and high-performance Computing are expected to account for 55% of the $1.5 trillion market, followed by smartphones with 20%, and Automotive applications with 10%, according to TSMC. TSMC said it has been expanding capacity at a faster pace in 2025 and 2026 and plans to build nine phases of wafer fabs and advanced packaging facilities in 2026 – Reuters