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For a full recap, view the trade log here:
Recent Trades & Current Positions Note: The trade log is reset each Monday morning at 12:01 am Est.Current Market Picture: Strength is showing up where it matters most.
Tech, semis, and growth leaders continue to carry the strongest tone.
Owned names are working, but earnings dates demand smart position control.
Stay focused, stay selective, and let the best setups prove themselves
Market Overview & Sectors: May opened with fresh record highs for the S&P 500 and Nasdaq, but the celebration had a very narrow guest list. The S&P 500 rose 0.3% and the Nasdaq jumped 0.9% as mega-cap growth and tech carried the tape, while the Dow fell 0.3% and most sectors finished lower. Information technology did the heavy lifting with a 1.4% gain, and consumer discretionary was the only other sector in the green, up 0.5%. Energy was the weakest group, down 1.3%, as crude oil dropped $3.31 to $101.84.
Leaders: Apple kept the mega-cap engine humming, rising 3.2% after topping earnings estimates and guiding higher, while Microsoft bounced 1.6% from yesterday’s post-earnings weakness. Software had some sparkle as Atlassian exploded nearly 30% after earnings and helped lift the iShares GS Software ETF 3.2%. Semiconductors also stayed firm, with the SOX up 0.9%, Sandisk up 8.3%, and Seagate extending its huge earnings-driven move with another 7.9% gain.
Breadth & Styles: Under the hood, this was more selective than the headline indexes suggest. The Vanguard Mega Cap Growth ETF gained 0.9%, helping the market-cap weighted S&P 500 outperform the equal-weighted S&P 500, which fell 0.3%. That tells the real story: large-cap growth led, while the broader market had more chop than charge. Cruise lines, couriers, and airlines caught a bid as oil backed off, but overall participation remained uneven.
Rates & Macro: Treasuries were quiet to start May, with international participation lighter due to overseas holiday closures. The 2-year yield rose one basis point to 3.89% and finished the week up 11 basis points, while the 10-year yield eased one basis point to 4.38% and gained seven basis points on the week. The commodity story was louder than the bond market, with oil’s sharp retreat helping transportation-related names while pressuring energy stocks.
What We’re Watching Next: The market is still rewarding earnings strength, especially where mega-cap growth, software, and select semiconductor names are delivering. The caution flag is breadth: record highs are powerful, but the move needs more participation if this rally wants sturdier legs beneath it. Next week, we’ll be watching whether leadership broadens beyond the giants, whether tech can keep setting the pace, and whether falling oil continues to support travel, transport, and consumer-facing groups.
