S&P 500 Returns to Record Territory After Turbulent Week

CNBC reported Saturday that the S&P 500 extended its S&P 500 winning streak to eight consecutive weeks, pulling to within 0.4% of its May 14 all-time closing high of 7,501. The broader index gained 0.9% across the five trading sessions. The blue-chip Dow Jones Industrial Average closed the week at a fresh record. The Nasdaq added 0.5%, while the Dow surged 2.1%.

Mid-Week Turbulence Tests the Rally

The week began under significant strain. Oil prices climbed back above $100 a barrel. The 30-year Treasury yield hit its highest point since 2007 on Tuesday, rattling equity investors. The S&P 500 suffered a three-session losing run through Tuesday. It was the longest such skid since late March.

Markets found their footing on Wednesday. Oil and bond yields both retreated from their highs. Sentiment also lifted after President Donald Trump suggested Washington was nearing the end of peace negotiations with Iran. That combination flipped the mood and sent stocks higher for three straight sessions to close out the week.

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Nvidia Delivers but Fails to Rally on Results

Semiconductor giant Nvidia posted another standout quarter late Wednesday. Chief Executive Jensen Huang said customer demand had reached near-vertical growth rates. The company beat analyst forecasts on both revenue and forward guidance by a wide margin. Despite the strong print, Nvidia shares fell more than 3% over the following two sessions. Analysts attributed the decline to a well-established post-earnings pattern rather than any fundamental concern.

The bigger winner from Nvidia’s report was chip designer Arm Holdings. Nvidia highlighted robust demand for its Arm-based processor line and Chief Financial Officer Colette Kress pointed to nearly $20 billion in projected CPU revenue for the year. Arm, which collects royalties on those chips, saw its shares jump more than 16% on the news and finished the week up roughly 46%.

Also Read: Arm Holdings Surges on AI Chip Royalty Outlook

SpaceX IPO Filing Adds to Market Momentum

Wednesday also brought a landmark corporate filing. Elon Musk‘s rocket and satellite company SpaceX formally submitted paperwork for an initial public offering. The company carries a valuation of approximately $1.25 trillion. Analysts expect the offering to raise upward of $75 billion, which would make it the largest IPO in United States history. That figure would more than triple the record set by Alibaba’s $25 billion debut in 2014. Goldman Sachs secured the lead underwriter role on the deal, positioning the bank to capture the largest share of underwriting fees from what could be a historic transaction.

Background: A Rally Born From Conflict

The current streak traces its origins to March 30, when the S&P 500 hit its wartime low following the outbreak of conflict involving Iran. Since that trough, the index has climbed for eight uninterrupted weeks, matching the pace of the recovery seen in late 2023. That prior streak reached nine weeks before stalling. Investors will be watching closely next week to see whether improving geopolitical signals and steady corporate earnings can push the index to a new all-time high.

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