May 21, 2026

Markets:

Stock futures fell on Thursday, weighed by a spike in crude prices and Treasury yields, while traders weighed whether Nvidia’s earnings report met the high bar set for the artificial intelligence titan.

Crude prices jumped after Reuters reported, citing sources, that Iran’s supreme leader issued a directive to keep enriched uranium within the country — further complicating the outlook to a resolution to the U.S.-Iran war. West Texas Intermediate futures were up 2.9% at $101.04 per barrel. Brent crude popped 2.3% $107.36.

The oil spike was followed with a move higher in Treasury yields, as traders grow fearful or rising inflation. The benchmark 10-year Treasury note yield climbed 5 basis points to 4.615%. The 30-year bond yield advanced 3 basis points to 3.665%.

Stocks rallied on Wednesday, snapping a three-day losing streak for the S&P 500, as oil prices and bond yields retreated. Investor spirits were lifted after President Donald Trump said the administration was in the “final stages” of negotiations with Iran, according to a pool report.

Traders on Thursday also assessed Nvidia’s latest quarterly report. Nvidia breezed past Wall Street’s expectations for earnings and guidance, in addition to announcing a hike in its quarterly cash dividend to 25 cents. But investors have come to expect the chipmaker to beat estimates and raise its outlook amid the AI boom.

Shares of quantum computing companies soared following a Wall Street Journal report that the government plans to award $2 billion in grants to nine firms. 

Portfolio:

Heading into today we are holding just one setup with DRAM and its moving nicely.

The queue is starting to heat up, but this is where patience matters. We are coming off a major NVDA event, digesting what it means for AI, and heading into a long holiday weekend where volume will start to thin out. That kind of environment can exaggerate moves, especially into tomorrow afternoon as traders start stepping away.

One thing that stood out yesterday was the size and intent behind some of the flow. We saw large out of the money positioning in INTC, ARM, and QCOM, all targeting the back half of the year. That is not short term noise. That is positioning for something bigger. INTC in particular had some very aggressive activity pointing toward August. We will be watching closely and looking to add on any pullbacks.

Another theme building right now is data centers. Between Jensen’s commentary and Bezos talking about space based infrastructure over the next few years, this is not slowing down. Keep an eye on names like NBIS, CRWV, CIEN, and ORCL for continued flow.

Quantum is also in play today with the government investment news driving early momentum across the space.

Also keep AAPL on watch here. We flagged it weeks ago on the move toward 300 and now it is quietly grinding higher again, closing near all time highs and consolidating. It has been the laggard, which makes this setup even more interesting. A steady move through June would not be surprising at all.

And one final point because it needs to be said. Stop trying to call a top every other day. What we are seeing build right now is a massive shift driven by AI and tech. This is an environment full of opportunity if you stay focused and positioned the right way.

The summer setup is coming together, and it is shaping up to be one of the best summer setups we have seen in years.  Thus why we are coining it the Summer of all Summers!  Be ready.