Despite falling on Friday, stocks again managed to push higher on the week. Investors will be closely watching Nvidia’s (
Stocks
The S&P 500 opened the week by closing at yet another all-time high on Monday, led by gains in major tech stocks, even as the White House said it rejected a proposal from Iran from over the weekend. Tuesday was a bit bumpier, with a hotter-than-expected Consumer Price Index (CPI) report showing annual inflation climbed to 3.8% in April, its highest reading since May 2023. Tech and semiconductor stocks fell substantially following the news. On Wednesday, another hotter-than-expected inflation report came in, with the Producer Price Index (PPI) showing wholesale inflation rising 6% year-over-year. Nevertheless, stocks were able to shake off the inflation scare, with the S&P 500 closing at a new all-time high of 7,444.25. Bullish sentiment was reinforced by news that President Trump and Chinese President Xi Jinping agreed during their Beijing summit that the Strait of Hormuz should remain a free waterway. On Thursday, the market surged higher again, as strong earnings and further optimism around the Trump-Xi summit supported sentiment. But on Friday, uncertainty regarding the outcome of the Trump-Xi summit pulled stocks down, weighing particularly heavily on tech stocks. Overall, energy minerals, health services, and electronic technology were among the top performers during the week, while commercial services, non-energy minerals, and consumer services lagged.
Bonds
US Treasury yields moved higher to begin the week, influenced by geopolitical news from over the weekend, as well as rising oil prices. On Tuesday, yields surged after the latest CPI report showed inflation accelerating to 3.8%, its hottest reading in nearly 3 years. The 10-year yield climbed to 4.461%, its highest level since July 2025, and the 30-year crossed back above 5%. On Wednesday, yields remained elevated even as stocks rallied after the latest PPI report also came in hotter-than-expected. The Senate’s confirmation of Kevin Warsh as the new Federal Reserve chair added another layer of uncertainty, with investors assessing what future Fed policies might look like. On Thursday, the 10-year yield eased slightly as investors balanced the week’s hot inflation data against some stabilizing signals from oil prices, and updates from the Trump-Xi summit. But on Friday, uncertainty regarding the outcome of the summit helped yields spike, with the 30-year yield pushing above 5.1%.
Oil
Oil prices ultimately held near elevated levels throughout the week, with WTI trading around $101 to $102 per barrel and Brent crude hovering above $105. Despite geopolitical news from over the weekend, prices were relatively contained early in the week as investors assessed the chances of resumed negotiations regarding the conflict in Iran. Hotter-than-expected inflation reports throughout the week added upward pressure to prices. Elsewhere, the International Energy Agency added to the cautious backdrop, warning that global oil inventories fell at a record pace of roughly 4 million barrels per day in March and April, and that the market could remain severely undersupplied through October even if the conflict concludes sooner. On Friday, prices rose again following new uncertainty regarding negotiations in the Middle East.
Gold
Gold spent much of the week under pressure, weighed down by rising Treasury yields and a shifting interest rate outlook. The metal opened Monday near $4,700 and initially benefitted from some safe-haven demand stemming from the latest Iran developments. However, the week’s hotter-than-expected inflation reports ultimately weighed on prices. India’s decision to raise import tariffs on gold and silver from 6% to 15% also weighed on demand. While gold is traditionally considered an inflation hedge, the combination of rising rates and a risk-on tone in equities kept the metal on the back foot for the week.
Crypto
Bitcoin briefly traded above $82,300 on Monday before struggling on Tuesday and Wednesday. The week’s hotter-than-expected inflation reports weighed on sentiment. On Thursday, however, it posted a significant bounce, recovering much of its losses from throughout the week. This stemmed in part from news that the Senate Banking Committee is expected to advance the CLARITY Act, which will establish clear regulatory guidelines for the crypto industry. In general, the cryptosphere has been eagerly awaiting CLARITY and believes the bill will be bullish for the industry if it passes. On Friday, however, the gains from Thursday's bounce were erased, as the market reacted to renewed uncertainties in the Middle East.
| Past week | Year-to-date | 5-year | |
|---|---|---|---|
| S&P 500 | 0.2% | 8.2% | 78.5% |
| Oil (WTI crude) | 1.0% | 76.5% | 59.0% |
| Gold (New York) | –2.7% | 5.5% | 142.7% |
| Bitcoin | –3.5% | –10.7% | 79.4% |
Source: Yahoo Finance, as of May 15, 2026.
KEY DATA FOR THE WEEK OF MAY 18
Nvidia’s (
| Home Depot ( |
Housing starts and permits – Tuesday |
| Nvidia ( |
Pending home sales index – Tuesday |
| Lowe's ( |
FOMC minutes – Wednesday |
| Target ( |
EIA petroleum status report – Wednesday |
| TJX Companies ( |
Jobless claims – Thursday |
| Walmart ( |
Consumer sentiment – Friday |
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Source: Fidelity.com, as of May 15, 2026.