A shortened but crowded trading week: U.S. markets were closed Monday for Memorial Day, then investors came back to a mix of hot inflation data, softer consumer confidence, U.S.-Iran/Hormuz oil risk, and a powerful AI-infrastructure earnings wave led by Dell, Snowflake, Marvell, Salesforce, HP, and MongoDB. Retail earnings from Costco, Best Buy, Dollar Tree, and AutoZone added a clear read on household spending.
The week looked simple on the calendar but complicated under the surface. Monday was a holiday. Tuesday reopened with consumers still worried about inflation and the Middle East. Wednesday centered on enterprise software and AI cloud results. Thursday delivered the heaviest macro-and-earnings day, with PCE, GDP, durable goods, Dell, Costco, Best Buy, Dollar Tree, MongoDB, and Okta. Friday became the market’s final judgment day: AI optimism remained strong, but investors were still watching oil, Treasury yields, and whether a U.S.-Iran/Hormuz deal would hold.
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NYSE
Memorial Day ClosedNYSE and Nasdaq cash-equity markets closed. Risk carried into Tuesday through oil, geopolitics, and rates.
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CONF
Consumer Confidence 10:00aThe Conference Board index slipped to 93.1 as inflation, gasoline, jobs, and war concerns weighed on household mood.
AZO
AutoZone Q3 FY26 BMONet sales were $4.84B; diluted EPS was $38.07. Investors focused on sales momentum, weather, tariffs, and international softness.
OIL
Hormuz / Iran risk SessionIran said U.S. strikes violated the ceasefire; Brent rose near $100, keeping fuel and inflation risk on the tape.
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CRM
Salesforce Q1 FY27 AMCGAAP EPS $2.42, non-GAAP EPS $3.88; investors weighed Agentforce/AI momentum against cautious software guidance.
SNOW
Snowflake Q1 FY27 AMCRevenue $1.39B, product revenue $1.33B, RPO $9.21B; expanded AWS AI partnership strengthened the enterprise AI story.
MRVL
Marvell Q1 FY27 AMCRevenue $2.418B; non-GAAP EPS $0.80; data-center demand stayed central to the semiconductor read-through.
HPQ
HP Q2 FY26 AMCRevenue $14.4B; non-GAAP EPS $0.86; management highlighted AI PCs, edge AI, and commodity-cost pressure.
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PCE
Personal Income & Outlays 8:30aPCE prices rose 0.4% month over month and 3.8% year over year; core PCE rose 3.3% year over year.
GDP
Q1 GDP second estimate 8:30aReal GDP growth was revised down to a 1.6% annual rate; consumer spending and investment were revised lower.
DUR
Durable goods orders 8:30aApril orders jumped 7.9%, led by transportation; ex-transportation orders rose 1.1%.
BBY
Best Buy Q1 FY27 BMOComparable sales rose 2.0%; adjusted EPS was $1.28. PCs, gaming, phones, and services mattered.
DLTR
Dollar Tree Q1 FY26 BMONet sales rose 7.2%; comps rose 3.5%; adjusted EPS increased 38% to $1.74.
DELL
Dell Q1 FY27 AMCRecord revenue $43.8B, up 88%; AI-optimized server revenue $16.1B; FY27 AI-server outlook raised to roughly $60B.
COST
Costco Q3 FY26 AMCNet sales rose 11.6% to $69.15B; total company comps were 9.8%, or 6.6% adjusted.
MDB
MongoDB Q1 FY27 AMCRevenue $687.6M, up 25%; Atlas revenue grew more than 29%; guidance was raised.
OKTA
Okta Q1 FY27 AMCRevenue $765M, up 11%; RPO $4.719B; cash flow and AI-agent security were key themes.
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YIELDS
Rates risk check SessionThe 10-year yield near 4.45% stayed a pressure point because higher yields compete with equity valuations.
IRAN
Deal decision watch All dayTrump said he would make a final decision on an Iran deal involving Hormuz reopening, mines, nuclear limits, and sanctions/blockade issues.
WEEK
Market close 4:00pAI earnings kept momentum alive, but oil, inflation, and rate-risk controlled the broader market tone.
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Highlighted items are selected for market relevance, earnings signal value, and macro-policy impact. Always verify ticker-specific dates with the issuer’s investor relations page before trading around an event.
Dell’s record quarter, Marvell’s data-center momentum, Snowflake’s AWS expansion, and HP’s AI-PC/edge-AI commentary all reinforced the same message: enterprise AI is moving from idea to infrastructure spending.
PCE inflation stayed hot while Q1 GDP was revised lower. That combination is uncomfortable: consumers are paying more, growth is not accelerating cleanly, and rate-cut confidence gets weaker.
The conflict and potential ceasefire extension kept oil and shipping risk tied directly to inflation expectations. Markets rallied on de-escalation talk and turned cautious when the deal looked unresolved.
Costco, Best Buy, Dollar Tree, and AutoZone showed that consumers are still spending, but they are hunting value, delaying big-ticket purchases, reacting to fuel prices, and trading down where needed.
The Pentagon/War Department announced a five-year Dell Federal Systems agreement for Microsoft services. For markets, the angle was not just AI servers; it was also durable federal enterprise IT demand.
BEA’s GDP technical notes referenced IEEPA tariff refunds, while consumer and retail commentary showed tariffs, fuel, freight, and input costs still flowing into pricing and margin conversations.
The macro message was not cleanly bullish. Durable goods looked strong, but much of that jump came from transportation. GDP was revised lower, real disposable income fell, savings stayed thin, and PCE inflation was still above the Fed’s comfort zone. This kind of tape can lift select winners while keeping broad-market valuation risk elevated.
Plain-English takeaway: The market could still reward companies directly tied to AI demand, but inflation and yields made the broader market less forgiving. This was a week for separating real earnings momentum from hype.
The biggest political-market storyline was energy security. Iran said U.S. strikes violated the ceasefire, then later reports pointed to a potential 60-day extension and reopening of shipping restrictions. This mattered because oil feeds directly into gasoline, freight, fertilizer, food, inflation expectations, Treasury yields, and Fed policy.
Tariff litigation and refund treatment were still showing up in economic and corporate commentary. BEA noted that certain IEEPA tariff refunds were treated as a capital transfer and did not affect first-quarter GDP. For companies, tariff refunds, freight, fuel, and commodity costs still matter because they change gross margin, pricing power, and inventory decisions.
