Wall Street capped an extraordinary run on Friday: the S&P 500 posted its eighth straight winning week — the longest streak since 2023. The index rose 0.4% on the day to close at 7,473, while the Dow Jones Industrial Average added 294 points to close at a new record of 50,579. The Nasdaq also advanced, notching its seventh positive week in the last eight.
This week will be short: U.S. markets are closed Monday, May 25, for Memorial Day.
S&P 500: a rare winning streak
The broad index gained approximately 0.9% for the week, driven largely by AI-fueled optimism, strong corporate earnings beats, and progress on Middle East geopolitical talks. Small caps (Russell 2000) also performed well on Friday.
The eight-week winning streak marks the longest for the S&P 500 since a similar run in late 2023, underscoring the resilience of the bull market despite elevated oil prices and mixed consumer sentiment data.
NVIDIA: another beat, but the bar keeps rising
NVIDIA reported its Q1 FY2027 results on Wednesday after the bell, delivering numbers that once again exceeded Wall Street expectations:
- Revenue: $81.6 billion, up 85% year-over-year, above the ~$78.5 billion consensus
- Data Center revenue: $75.2 billion, up 92% YoY
- Non-GAAP EPS: $1.87, above estimates of ~$1.76
- Q2 guidance: ~$91 billion in revenue, ahead of analyst forecasts
- Buyback: $80 billion new authorization
Despite the beat on nearly every metric, the stock's reaction was muted. NVDA closed Friday around $215, down slightly from pre-earnings levels. The market has priced "perfection," and with whisper numbers running ahead of even raised guidance, NVIDIA is finding it harder to surprise to the upside.
TSLA and AAPL: diverging retail flows
Tesla closed Friday at $426, up about 2% on the day. Retail investors have been net buyers, with approximately $6 billion in net inflows recently. However, longtime bull Gary Black warned that rising oil prices and bond yields could pressure Tesla's valuation, which trades at a significantly higher forward PEG than peers like NVIDIA, Google, Meta, and Amazon.
Apple closed near $309, up 1.3% on Friday. The company reported strong fiscal Q2 results in April ($111 billion revenue, up 17% YoY), but retail investors have been net sellers, with roughly $4 billion in net outflows.
Oil remains elevated
Brent crude traded around $104 per barrel on Friday, maintaining pressure on energy-sensitive sectors and keeping inflation concerns alive. Elevated oil prices remain a key macro headwind as the market heads into the shortened trading week.
The bottom line
U.S. markets enter a holiday-shortened week riding an eight-week winning streak — a rare feat that reflects strong risk appetite but also raises the bar for continued upside. The real test comes Tuesday, when trading resumes. All eyes will be on interest rates, inflation data, and whether oil prices continue their upward drift.
