May 22, 2026

Markets:

Stock futures ticked higher early Friday as Wall Street looked set to cap off a winning week despite heightened volatility.

Futures tied to the Dow Jones Industrial Average rose by 124 points, or 0.25%. S&P 500 futures gained 0.18% and Nasdaq 100 futures
 inched 0.27% higher.

The S&P 500 is up 0.5% week to date despite increased market swings, putting the benchmark on track for its eighth straight weekly gain. That would be its longest since a nine-week winning streak that ended in late 2023.

The Dow has climbed 1.5% this week and is headed for its third positive week in four. The Nasdaq Composite has added 0.3%, on pace for its seventh weekly advance in the past eight weeks.

Volatility picked up this week as investors wrestled with a sharp rise in long-term Treasury yields. The 30-year Treasury yield
climbed above 5.19% earlier this week, reaching its highest level since before the financial crisis, before easing to 5.09% on Thursday.

Oil prices have also been choppy as traders gauge the prospects of a U.S.-Iran war resolution. On Friday, both Brent and WTI were up around 2%.

President Donald Trump is expected to swear in Kevin Warsh, his pick to lead the Federal Reserve and succeed Jerome Powell, during a ceremony on Friday.

Portfolio:

Wild week and and we enter the final trading session of the week holding setups in TE, DRAM, and FIVN.

As we mentioned earlier this week, it’s now about flow and positioning following NVDA earnings. We’re seeing significant out of the money activity across a number of semiconductor names, stretching from August through year end, with positioning that suggests meaningful upside. At the same time, some of the laggards like AAPL are starting to quietly come to life.

We rolled out our Phase 2 basket of the AI buildout last fall. Now we’re beginning to see Phase 3 take shape, and we’ll be sharing more on that soon.

For today, patience is key. As we noted, expect volume to fade as traders and institutions head into the long holiday weekend in the U.S. That can lead to more exaggerated price action. The real move likely resumes on Tuesday.

The queue is active this morning. Even with lighter and potentially erratic volume, if setups confirm, we will act.

Anticipate.