Wall Street futures are trading near record levels on Friday (May 29), with the S&P 500 closing in on its all-time high of 7,520 and the Nasdaq powered by relentless tech momentum.
S&P 500 futures hover around 754.5 — a hair's width from yesterday's all-time high of 755.15. Nasdaq 100 futures add roughly 0.6%, as a strong earnings season continues to lift sentiment. The VIX, Wall Street's "fear gauge," edges down to 15.7 — a level suggesting low volatility and growing investor confidence.
Why It Matters
Dell Technologies (DELL) is the undisputed star of the week. The stock surged another 4% in pre-market trading, extending a meteoric run from $234 two weeks ago to $317 today. The rally follows a blockbuster quarterly report that crushed analyst estimates, driven by the company's AI server division. Dell reported surging demand for AI computing infrastructure, joining a growing list of data-center companies riding the AI investment wave.
Anthropic is also making headlines — reports indicate the company is approaching a $1 trillion valuation in its latest funding round, leapfrogging OpenAI. The development underscores that the AI arms race is far from over, with investors continuing to bet on exponential growth in the sector.
What Experts Are Saying
Earnings season is winding down, but the echoes are still loud. Okta (OKTA) drew attention after beating estimates with a strong quarter, highlighting the growing opportunity in AI agents for enterprise security. The stock is up more than 5% since the report.
On the macro front, the mood is calmer than usual. The 10-year Treasury yield eases to 4.45%, retreating from the spike that followed April's hotter-than-expected CPI data. In commodities, gold trades around $4,537 per ounce — elevated levels reflecting lingering geopolitical uncertainty even as tensions in the Iran theater cool. WTI crude edges down to around $88 per barrel on signs of de-escalation in the Middle East.
The U.S. economy continues to show resilience. Costco reported record gas station demand as consumers try to get ahead of expected price increases.
The Bottom Line
The last trading day of the week opens with cautious optimism near record levels. Momentum is driven by exceptionally strong tech earnings, but questions remain about the rally's durability. The Dell and Anthropic stories highlight a key theme — AI is no longer just a hot narrative; it is a real growth engine reshaping market valuations within days. The path forward hinges on falling bond yields and sustained geopolitical stability.
