📊 Weekly Market Scoreboard
Week ending May 29, 2026
🏢 Sector Heatmap
🔎 The Week That Was
May went out swinging. The S&P 500 closed Friday at 7,580.06, up 1.43% on the week, while the Nasdaq led the charge with a 2.39% gain to 26,972.62 — a reminder that when tech is in the mood, the whole market feels it.The sector rotation story this week was hard to ignore. Technology ripped 5.89% higher while defensive plays got absolutely punished — Utilities dropped 2.05%, Consumer Staples shed 2.23%, and Energy cratered 5.38%. That's not a subtle signal. Money moved aggressively from 'safe and boring' into 'growth and risk-on,' which is the kind of positioning you see when investors feel confident about the macro backdrop.
The Russell 2000's 1.75% weekly gain is also worth flagging. Small caps outperforming suggests the rally had some breadth to it — this wasn't just a handful of mega-cap names dragging the index higher. Broad participation is generally a healthy sign.
Heading into the first full week of June, the question is whether this momentum has legs or if it was just month-end window dressing from portfolio managers. With AVGO, PANW, CRWD, and LULU all reporting this week, there's plenty of fresh catalysts on deck to either confirm the bull case or give bears something to work with.
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🟢 Top 5 Winners
🔴 Top 5 Losers
📈 What Drove the Moves
The biggest story of the week, full stop, was Snowflake. SNOW exploded 48.40% to $255.55 — the kind of move that makes you do a double-take. The catalyst was an earnings report that blew past expectations, with product revenue growth accelerating and AI-driven workloads showing up in the numbers in a real way. It validated the thesis that cloud data platforms are becoming critical AI infrastructure, and the market responded accordingly. SMCI and MU weren't far behind, surging 29.54% and 29.29% respectively, as the AI hardware and memory trade continued to attract serious capital. Micron in particular benefited from optimism around HBM memory demand tied to next-generation AI chips.On the losing side, Zscaler had a rough week, dropping 23.38% to $139.73 after its earnings report raised concerns about slowing deal cycles and cautious enterprise spending on cybersecurity — awkward timing ahead of CrowdStrike's report this Tuesday. Costco falling 6.99% to $956.32 is eyebrow-raising given how bulletproof that stock usually feels; weaker-than-expected comparable sales data and margin pressure from its recent membership fee hike spooked investors who had priced in perfection. Exxon's 6.24% slide to $145.26 tracks neatly with the broader energy sector collapse — crude prices softened on demand concerns, and XOM paid the price.
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📅 Earnings: Week Ahead
🔭 What to Watch This Week
The headliner this week is Broadcom on Tuesday, June 3rd, where Wall Street is expecting $2.02 in earnings per share. AVGO has quietly become one of the most important AI infrastructure reads on the Street — its custom chip business serving hyperscalers like Google and Meta has been a monster growth driver, and investors will be laser-focused on any forward guidance that speaks to AI capex appetite from big tech. After Snowflake's blowout week, the bar for AI-adjacent names is high.Also on Tuesday, CrowdStrike reports with a $0.13 EPS estimate — and after Zscaler's brutal 23% drop this week, the cybersecurity sector is walking into earnings season with a chip on its shoulder. CRWD has generally been the gold standard of the group, so if it can demonstrate that its ARR growth and customer retention metrics are holding firm, it could help separate itself from the Zscaler narrative and give the sector a much-needed confidence boost. Watch the net new ARR number closely.
Palo Alto Networks kicks things off Monday, June 2nd, with a $0.43 estimate, and Lululemon rounds out the week Thursday at $1.67. LULU is an interesting consumer sentiment barometer — if the affluent shopper is pulling back on $130 leggings, that tells you something about discretionary spending that the headline retail numbers might not capture yet.
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