📊 Weekly Market Scoreboard
Week ending May 29, 2026
🏢 Sector Heatmap
🔎 The Week That Was
May closed with a bang. All four major indexes finished the week in the green, with the S&P 500 landing at 7,580.06 (+1.43%) and the Nasdaq leading the charge at 26,972.62 — a 2.39% weekly gain that tells you everything you need to know about where investor conviction lived this week.The story under the hood was a sharp, decisive rotation into technology and out of defensive names. Tech posted a stunning +5.89% week while Consumer Staples (-2.23%), Utilities (-2.05%), and Energy (-5.38%) all took meaningful hits. That's not noise — that's investors actively repositioning away from safety plays and back into growth. When money flows this decisively from staples into semis, it usually signals a risk-on shift in sentiment.
Small caps quietly had a strong week too. The Russell 2000 gained +1.75%, outpacing both the S&P and the Dow (+0.90%). Broader market participation like that tends to be a healthy sign — it suggests the rally isn't just a handful of mega-cap names dragging the indexes higher.
When markets reopen Monday, the question is whether this tech momentum has legs or whether it was end-of-month window dressing. With AVGO, PANW, and CRWD all reporting this week, the AI and cybersecurity trade is about to get a serious stress test. How those earnings land will likely set the tone for June.
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🟢 Top 5 Winners
🔴 Top 5 Losers
📈 What Drove the Moves
Snowflake (SNOW) was the undisputed story of the week, exploding +48.40% to $255.55. That kind of move in a large-cap software name doesn't happen without a serious earnings beat, and that's exactly what happened — Snowflake posted results that silenced the skeptics who've been questioning its growth trajectory in an increasingly competitive data cloud market. Micron (MU) wasn't far behind, surging +29.29% to $971.00 as AI-driven memory demand continues to show up in the numbers. SMCI (+29.54% to $46.09) also ripped higher, riding the same AI infrastructure wave that's been lifting the whole semiconductor neighborhood.Atlassian (TEAM) and Unity Software (U) rounded out the top five, gaining +25.98% and +19.16% respectively — both beneficiaries of a broader software re-rating as investors got more comfortable paying up for growth again. This wasn't random; the entire cohort of cloud and AI-adjacent software names got a lift from Snowflake's results proving the enterprise spending thesis is still intact.
On the other side of the ledger, Zscaler (ZS) had a rough week, dropping -23.38% to $139.73 — a sharp reversal that likely reflects disappointing guidance rather than just a bad print. Costco (-6.99%) and Walmart (-3.76%) both sold off hard, which fits neatly with the rotation out of consumer staples and defensive names. ExxonMobil (-6.24%) and the broader Energy sector (-5.38%) got hit by a combination of softening crude prices and investors simply preferring to own data centers over oil rigs right now.
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📅 Earnings: Week Ahead
🔭 What to Watch This Week
The biggest report to watch this week is Broadcom (AVGO) on Wednesday, June 3, with Wall Street expecting $2.02 in earnings per share. Broadcom has become one of the most important reads on AI infrastructure spending — its custom chip business for hyperscalers like Google and Meta has been a key growth driver, and any update on that pipeline will move not just AVGO but the entire semiconductor sector. Given MU's massive week, expectations are already running hot.CrowdStrike (CRWD) also reports Wednesday with estimates at $0.13 EPS, and this one carries extra weight after Zscaler's brutal -23% week. The cybersecurity sector has been a tale of two cities — some names thriving on enterprise security budgets, others missing on competition or execution. CRWD's print will tell us which camp is winning. Palo Alto Networks (PANW) kicks things off Tuesday at $0.43 EPS, making it effectively a two-day cybersecurity earnings gauntlet.
Lululemon (LULU) closes out the week on Thursday with a $1.67 EPS estimate, and it's the key data point for anyone watching the premium consumer. LULU has been navigating a tricky macro backdrop where higher-income shoppers are still spending but becoming more selective. With Consumer Discretionary up +1.42% this week, there's some optimism baked in — the question is whether LULU's results validate it or deflate it.
📰 Further Reading
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