Indexes

In the News

Drivers

1. Whether Dell's AI server validation extends to the broader infrastructure complex. Dell's $24.4 billion in Q1 AI orders, $51.3 billion AI backlog and Pentagon contract reframe what was previously a hyperscaler-only story. Hewlett Packard Enterprise (HPE), Super Micro Computer (SMCI), Vertiv (VRT), Eaton (ETN) and the data-center power names are the read-through book. If the Dell move holds into the close and the AI infrastructure cohort confirms in sympathy, the leadership rotation from chips to compute and power gets a real underpinning. If Dell fades from the open, the move stays a single-stock story.

2. The U-Mich final sentiment and 5-10 year inflation expectation at 10:00 a.m. ET. After Thursday's PCE printed 3.8% year-over-year and pushed the 10-year yield briefly above 4.50%, the long-run inflation expectation is the most direct read on whether the term-premium re-pricing is gaining traction. A move above 4.0% on the 5-10 year measure puts the duration relief that overnight rates have delivered at risk. A reading at or below 4.0% lets the Friday curve flattener extend.

3. The Iran-Hormuz tape into the weekend. The draft 60-day memorandum of understanding has settled the overnight tone, but neither President Trump nor Iran's leadership has signed off and the Strait remains effectively closed with $1 million per-ship tolls. If oil holds Friday's overnight reversal and the ceasefire framework gets formal approval into the weekend, the energy complex is set up for a Monday gap lower. If the diplomatic track stalls and crude reclaims $90, the rates reversal will not hold and the long end re-tests Thursday's high.

SPY daily — three consecutive record closes; futures softer overnight as Dell's after-hours surge sits against month-end profit-taking.

QQQ daily — Nasdaq 100 ETF at the record close; Dell, Snowflake and the broader AI infrastructure complex carry the leadership baton.

DELL daily — projected to gap roughly 39% at the open on the Q1 blowout, the Pentagon contract and the $51.3 billion AI backlog disclosure.

COST daily — muted after-hours reaction to in-line Q3 print despite 11.6% sales growth and 6.8% U.S. comp ex-gas.

CRM daily — extends the break below the 200-day; $235 May low is the next visible test.

Rates, FX, Commodities

Treasury yields pulled back overnight as the Iran ceasefire-progress tone took some of the duration risk premium back out of the curve and softened the energy bid that had pushed yields higher on Thursday. The dollar slipped a touch and crude reversed most of Thursday's Hormuz-strike rally as the diplomatic-track headlines reasserted themselves.

Technicals

The S&P 500 enters Friday at 7,563.63, a fresh record close that sits roughly 3% above the 50-day moving average near 7,360 and 6.5% above the 200-day near 7,100. First-line support is 7,520 and resistance steps up to 7,600 and the 7,650 measured-move target. The Nasdaq Composite at 26,917 cleared 27,000 intraday Thursday before settling just below; that round number is the first line in the sand. The 10-year yield at 4.46% slipped back below the 4.50% reference after one session above; a confirmed break below 4.40% would re-engage the spring-low retest near 4.30%, while a recovery above 4.55% reopens the May high near 4.70%. The standout overnight setup is Dell Technologies, which gapped roughly 39% in after-hours trade on its Q1 report and projects to open well above all visible resistance.

DELL (Dell Technologies), hourly. The clearest breakout heading into the open after the Q1 blowout — $24.4B in AI orders, $51.3B AI backlog, and a Pentagon contract have shares projecting to gap through all prior reference levels.

Breakouts & Breakdowns

Breakouts

Dell Technologies (DELL) — projects to gap above $200 at the open, clearing every visible resistance level after the Q1 print delivered $43.8 billion in revenue (up 88%), $16.1 billion of AI server revenue (up 757%) and a $51.3 billion AI server backlog. The prior cycle high near $180 is now first-line support; on confirmed follow-through, $220 is the next visible reference.

Super Micro Computer (SMCI) — testing the $58 resistance shelf that has capped the stock through May on the Dell AI-server read-through. A confirmed close above $58 opens the $65 prior-cycle pivot; the 50-day near $52 is the level the breakout has to hold to stay valid.

Breakdowns

Salesforce (CRM) — extends the post-earnings break of the 200-day moving average and the $245 prior-support shelf, with the $235 May low now the immediate test. A confirmed close below $235 opens the prior-cycle base near $225; only a recovery above $250 would invalidate the breakdown.

Marvell Technology (MRVL) — slipped roughly 2% Thursday despite a Q1 beat and a Q2 guide above consensus, with shares testing the 50-day moving average near $210 after a 145% year-to-date run. A loss of $205 would open the April breakout-base near $190; a hold of $210 keeps the longer leadership trend intact.

Top Movers

Gainers

Dell Technologies (DELL) surged roughly 39% in after-hours trade after reporting fiscal Q1 2027 record revenue of $43.8 billion (up 88% year-over-year) and non-GAAP EPS of $4.86 (up 214%). The company booked $24.4 billion in AI orders, recognized $16.1 billion in AI server revenue (up 757%), and disclosed a $51.3 billion AI server backlog along with a $9.7 billion Pentagon contract. Infrastructure Solutions Group revenue hit $29 billion, up 181%. The implication is that AI infrastructure spending is broader than the chip layer alone; the AI server and storage build-out is now visibly compounding across Hewlett Packard Enterprise (HPE), Super Micro Computer (SMCI), Vertiv (VRT) and the data-center power complex.

Super Micro Computer (SMCI) traded higher in the overnight session on the Dell AI-server read-through, as the $24.4 billion order book validates the broader AI server bid into the second half. The stock has spent most of May digesting its February-March rally; a confirmed move above $58 would be the first technical signal that the broader server complex is back in leadership.

Snowflake (SNOW) extended Thursday's record breakout in the overnight session after the $6 billion Amazon Web Services compute agreement and 126% net revenue retention reacceleration drove the largest single-day move in the stock's history. The follow-through is the question into Friday's close, with the $250 round number the next reference; software peers ServiceNow (NOW), Oracle (ORCL) and Palantir (PLTR) all remain in extension off Thursday's sympathy bid.

Costco Wholesale (COST) inched 0.13% higher in after-hours trade after reporting fiscal Q3 net sales of $69.2 billion (up 11.6%), adjusted EPS of $4.93 versus $4.92 consensus, and U.S. comparable sales excluding gasoline of 6.8%. Membership income rose 7% year-over-year and the renewal rate held at 89.7%, slightly above expectations. The muted reaction reflects a small revenue miss versus a tight sell-side bar; the operating quality remains a positive read for the consumer-staples bid into a 3.8% PCE backdrop.

Losers

Salesforce (CRM) extends its post-earnings slide into Friday after Wednesday evening's Q1 FY27 report showed current remaining performance obligation growth cooling to 14% year-over-year from 16% the prior quarter and a Q2 revenue guide at the low end of the sell-side range. The stock is now down roughly 33% year-to-date and remains the worst performer in the Dow. The pre-market setup is fragile heading into the $235 May low.

Marvell Technology (MRVL) trades modestly lower in the pre-market after Thursday's roughly 2% slide despite a clean Q1 beat (revenue $2.42 billion, EPS $0.80) and a Q2 guide above consensus ($2.70 billion revenue, $0.93 EPS). The sell-the-news reaction has now persisted across two sessions, echoing the Nvidia (NVDA) and Micron Technology (MU) post-print patterns earlier this month, with profit-taking after the year-to-date 145% run the dominant flow.

HP Inc (HPQ) trades modestly weaker in the pre-market as Thursday's gap below the 200-day moving average extends into Friday. The fiscal Q2 EPS guide cut to $2.15-$2.45 from $2.47-$2.77 frames the PC replacement cycle skeptically through year-end; the Dell AI-server result does not help the consumer-PC business at the heart of HP's franchise.

Macro Calendar

Friday's data wall has two prints worth attention. The Chicago PMI consensus runs near the 48-50 zone after April's 49.2 reading; a sub-48 print extends the regional-manufacturing softness pattern and reinforces the GDP-revision narrative that drove Thursday's bond reversal. The University of Michigan final May sentiment and the 5-10 year inflation expectation matter more for the rates trade: with PCE having printed 3.8% Thursday, a confirmed move above 4.0% in the long-run inflation expectation would re-engage the duration sell-off and reopen the 4.55% 10-year level.

Earnings Today

Before Open

The pre-open slate is quiet on the last trading day of May. Big Lots (BIG) and a handful of small-cap retailers are the only names with material reads after Thursday's HP guide cut and Dollar Tree beat reframed the off-price tape.

After Close

The post-close slate is also light by recent standards. The week's marquee prints have already cleared — Dell Technologies (DELL), Costco Wholesale (COST), Marvell Technology (MRVL), Salesforce (CRM), Workday (WDAY), Snowflake (SNOW) and HP Inc (HPQ) are all done. Ulta Beauty (ULTA) is now scheduled to report on June 2, with the Sephora-at-Kohls competitive picture and beauty-and-services category trends the focus.