Friday, May 22, is the last trading session before the long Memorial Day weekend, and U.S. exchanges will close early at 2:00 PM ET. Futures pointed higher across the board: Dow Jones futures added about 0.7%, while S&P 500 and Nasdaq futures rose roughly 0.4% each.
The S&P 500 is on track for its eighth straight weekly gain — the longest such streak in over a year — trading near all-time highs after crossing the 7,500 milestone in mid-May. The CNN Fear & Greed Index sits at 58, still in "greed" territory but down from readings of 63–68 in prior weeks.
What Day Traders Are Watching
NVDA remains the center of attention, but the tone is mixed. The stock closed down 1.8% on Thursday at $219.51 as the market digested Nvidia's quarterly earnings. The report was strong — revenue beat expectations, adjusted gross margins held at 75%, and the company announced an $80 billion buyback — but high expectations meant the immediate reaction was muted. Day traders are watching support at $217 and resistance at $227, with elevated options activity around weekly expirations.
Quantum computing stocks are the hottest story of the session. Rigetti Computing (RGTI) surged over 30% on Thursday, D-Wave (QBTS) added about 33%, and Infleqtion (INFQ) jumped 31% — with momentum carrying into Friday. The catalyst: reports that the U.S. Commerce Department is awarding roughly $100 million grants to quantum companies as part of a broader $2 billion package under the CHIPS and Science Act. Trading volume was massive — RGTI alone saw over 125 million shares change hands.
TSLA continues to trade in a narrower range, closing Thursday at $417.85. With no fresh earnings catalyst, day traders are playing the technicals: support near $413 and resistance around $427.
The Bigger Picture
Behind the stock-specific action, day traders are navigating a complex macro environment. Oil prices rose about 1.5% today as doubts resurfaced about progress in U.S.-Iran peace talks. Brent crude trades near $104 a barrel, with WTI close to $98 — keeping energy stocks and transportation names on edge.
Treasury yields eased slightly, providing a tailwind for growth and tech stocks. The economic calendar was light, with existing home sales data due later in the session.
Bottom Line
The early close and the long weekend create a mixed setup for day traders. The eight-week rally creates a strong bullish backdrop, but lower volume and the risk of pre-weekend profit-taking call for discipline. Quantum stocks are drawing the most attention for their momentum and massive volume, while NVDA consolidates at a key support level that could set the tone for the broader tech trade next week. Day traders are watching whether the rally can survive the holiday pause.
