S&P 500, Nasdaq futures jump as oil falls, Micron continues epic run: Live updates – USA News 28 May 2026
The S&P 500 and Nasdaq Composite rose to fresh intraday and closing records on Tuesday.
Date: May 28, 2026 | Source: CNBC | Category: USA News
Overview
The S&P 500 and Nasdaq Composite rose to fresh intraday and closing records on Tuesday.
Key Details
Livestream
The Dow Jones Industrial Average rose to a new record on Wednesday as oil prices retreated, while the S&P 500 eked out a tiny gain, with chip stocks keeping the index's gains in check.
The 30-stock Dow gained 182.60 points, or 0.36%, for a record close of 50,644.28. The blue-chip index also hit an intraday all-time high. The broad market S&P 500 ticked 0.02% higher to 7,520.36, another closing record. The Nasdaq Composite also edged up 0.07% to end at 26,674.73.
A decline in oil prices lent the Dow some support. U.S. crude oil fell 5.55% to settle at $88.68 a barrel after Iranian state media said the country is committed to restoring commercial traffic through the Strait of Hormuz to pre-war levels within one month, per Reuters.
The White House, however, denied the Iranian state media report as a "complete fabrication."
Meanwhile, the recent rally in chip stocks lost steam Wednesday. Micron Technology, which surged more than 19% on Tuesday to top $1 trillion in market capitalization for the first time, was off its highs of the day and closed 3.6% higher. Fellow semiconductor stocks Intel and Qualcomm were in negative territory, dropping 1% and 6%, respectively. Intel rose roughly 3% Tuesday, while Qualcomm gained more than 4%.
In the prior session, Micron soared on a bullish report from UBS, which said the stock could more than double from here because of long-term agreements being signed by memory suppliers to fuel AI implementation. Investors have shifted to memory chip makers as their favorite way to play the AI bull market. Micron's South Korean peer SK Hynix hit a $1 trillion market value as well overnight.
"The transformative impact of AI in the coming years and decades cannot be overstated, but the current valuations associated with many of the semiconductor stocks that are providing the compute infrastructure to make it all happen have gotten extremely frothy and way ahead of themselves," said Eric Parnell, chief market strategist at Great Valley Advisor Group.
In 2026 alone, shares of Micron have more than tripled, as have Intel shares.
"While we may be in the latest boom cycle for chip stocks today, it is important to remember that bust cycles have historically followed," Parnell added.
JPMorgan was another key laggard Wednesday. Shares were down 2% after CEO Jamie Dimon said that the bank could spend as much as $20 billion on an acquisition "in the next couple years."
— CNBC's Spencer Kimball contributed to this report.
The Dow Jones Industrial Average finished at record levels on Wednesday.
The blue-chip index added 182.60 points, or 0.36%, to 50,644.28. The other two major indexes finished up slightly, with the S&P 500 rising 0.02% to 7,520.36 and the Nasdaq Composite climbing 0.07% to 26,674.73.
— Sean Conlon
U.S. stocks may be running out of room after a relentless rally, according to Bank of America strategists, who are warning investors to start preparing for a summer pullback.
"Risk-reward is deteriorating, and multiple indicators favor a more defensive stance," Bank of America strategists wrote in a note to clients. "Base case: maintain trend-following longs into June, prepare for summer correction."
BofA said weakening market breadth and diverging momentum signals suggest the next leg higher could prove more difficult.
— Yun Li
Loop Capital reiterates Warby Parker Inc. as a buy with a $32 price target.
"With Warby Parker's Intelligent Eyewear debut fast approaching and an additional year of smart glasses data and insights, we have "sharpened the pencil" on the potential financial implications," according to the investment bank.
Raising the 2027 estimates, these smart glasses can provide 20%+ tailwind to Warby Parker's 2027 EBITDA. The smart glasses debuting this fall have a potential financial implication for the eyewear brand, especially after its partnership which was first announced last May.
While Meta Ray-Ban remains the industry leader, analysts at Loop Capital believe WRBY will have a "better mousetrap" due to its vastly superior offerings including longer batter life and better AI capabilities than what Meta Ray-Ban offers. With its integration with popular Google apps, the AI capabilities will ultimately be smart glasses "killer application," according to Loop Capital's analysis.
— Deena Zaidi
Evercore ISI is upgrading Hershey to outperform on boosted pricing power and an improving outlook for confections.
Analysts said they spoke with retailers in the space and that they think Hershey can maintain its prices through deflating cocoa costs.
"We continue to see a path to 20% EPS growth in 2027 given significant cocoa deflation," David Palmer and colleagues wrote for Evercore in a Wednesday note. "After speaking with retailer buyers, we do not anticipate Hershey giving back price next year—assuming it does improve its market share trends."
Cocoa prices are down more than 50% on the year, according to Trading Economics, even as overall inflation has been rising on an increasingly cost-squeezed consumer. The personal saving rate fell to 3.6% in March, its lowest level since 2022.
— Tobias Burns
Exxon Mobil shareholders on Wednesday voted in favor of the oil major moving its state of incorporation from New Jersey to Texas.
About 71% of participating shareholders voted in favor of the move, according to preliminary results. Exxon has been headquartered in Texas since 1989 but it is incorporated in New Jersey.
— Reuters and Spencer Kimball
Shares of JPMorgan slipped 3% on Wednesday after CEO Jamie Dimon said that the bank could spend up to $20 billion on an acquisition in the next couple of years.
JPM 5D chartA deal of that size would be the largest of Dimon's 20-year tenure at the helm of JPMorgan.
"I do think there might be opportunities, and so we are on the lookout," Dimon told analysts at a New York financial conference. "There might be, in the next couple years, a chance to put $10 [billion] or $20 billion to work buying something."
However, Dimon added the caveat that any takeover target would need to cleanly integrate into the bank's existing operations, fit its culture and enhance core businesses.
— Hugh Son and Lisa Kailai Han
Cybersecurity stocks fell on Wednesday, with shares of Zscaler tanking more than 31% after the cloud security company issued disappointing revenue guidance for the current quarter.
Palo Alto Networks declined more than 3% and CrowdStrike dropped about 5% in sympathy.
The Global X Cybersecurity ETF (BUG) also lost more than 5%.
Cyber stocks 5D chart— Lisa Kailai Han
The Russell 2000 ticked higher to touch a new all-time high Wednesday, its second in as many days.
The small-cap benchmark was last up 0.2%.
Russell 2000 in the past five daysStocks lifting the Russell to its newest high include Abercrombie & Fitch. Shares of the teen apparel retailer gained nearly 13% after Abercrombie beat earnings estimates in the first quarter.
Engineering services company Dycom Industries surged about 30% after raising its expectations for contract revenue in the full year.
—Darla Mercado and Gina Francolla
Apple climbed as much as 1.4% Wednesday, rallying for the sixth day in seven and touching a new intraday all-time high of $312.77.
Chief executive officer Tim Cook, due to step down later this year, is going out with a bang.
Apple has soared 56% in the past year and now has a market value of $4.5 trillion, according to Factset data, trailing only Nvidia at $5.2 trillion and Alphabet at $4.7 trillion.
Apple has soared 56% in the past 12 months— Scott Schnipper
Increasing caution on the lower-income consumer is weakening Deutsche Bank's outlook for Dollar General.
The bank downgraded the retailer in a Wednesday note to hold from buy, and cut its price target to $110. That represents a 6% gain from Tuesday's close. Between a weaker consumer and conventional grocers potentially shifting prices in a a way that could hurt Dollar General's margins, the company is facing a slew of challenges, analyst Krisztina Katai wrote.
"We are concerned that the stock may be unable to outperform this year as numerous headwinds impact results," Katai said. "While we command DG management for getting the company back on track with solid SSS growth and margin recapture, we are concerned that the stock may be unable to outperform for the balance of the year as numerous macro headwinds persist/accelerate."
Since the U.S.-Iran war began and gas prices started putting pressure on consumers, Dollar General's stock has fallen more than 30%.
Dollar General since Feb. 27, 2026. — Davis Giangiulio
U.S. crude oil prices fell about 6% Wednesday on a report Iran would restore traffic through the Strait of Hormuz as part of a framework deal with the U.S.
West Texas Intermediate futures tumbled 5.7% to $88.53 per barrel by 8:33 a.m. ET. International benchmark Brent crude oil slid about 4.7% to $94.91.
WTI Crude, 1-day— Spencer Kimball
Shares of Micron Technology rallied Wednesday as premarket trading went on, gaining more than 8%.
This comes after the stock surged more than 19% in the prior trading day, putting its month-to-date rise at more than 73%.
MU, month-to-date— Sean Conlon
Check out the companies making the biggest moves premarket:
Read the full list here.
— Davis Giangiulio
Shares of Dick's Sporting Goods dropped more than 3% in the premarket on Wednesday after the company's first-quarter earnings missed analyst expectations.
The company posted adjusted earnings of $2.90 per share for the quarter, below the $2.92 per share that analysts surveyed by LSEG were expecting. However, its revenue came in at $5.17 billion, while analysts had forecast $5.09 billion.
The company also reaffirmed its full-year adjusted earnings guidance.
DKS, 1-day— Gabrielle Fonrouge and Sean Conlon
Options traders are convinced the "SaaS-pocalypse" is over. Whether that's true will likely depend on the market's reaction to Salesforce earnings after the bell Wednesday.
Volume ratios in options trading on the iShares Expanded Tech-Software Sector ETF (IGV) have been increasingly bullish throughout this month, including on Tuesday — when more than twice as many calls traded as puts, with a heavy bias toward call-buying. By comparison, five times more puts traded in the VanEck Semiconductor ETF (SMH) than calls.
CRM, 1-year— Oliver Renick
European stocks advanced into positive territory on Wednesday, with the pan-European Stoxx 600 rising 0.3% and major bourses in Frankfurt, Milan and Paris all higher, while the U.K.'s FTSE 100 was in the red by 9:10 a.m. in London (4:10 a.m.).
Most regional sectors were higher, with autos the standout performer, rising 2.4%, boosted by a 5.1% year-on-year rise in new car registrations in the European Union, according to ACEA data.
Renault jumped 4.4%, with Stellantis up 3.9%, as Volkswagen advanced 2.3%. Mercedes-Benz gained 2.5% and BMW added 1.4%.
— Hugh Leask
Asia-Pacific markets closed mixed on Wednesday as investors assessed recent U.S. military action in Iran, the fragile state of the Washington-Tehran ceasefire and optimism that a deal could still be reached.
Japan's Nikkei 225 closed flat at 64,999.41, giving up gains after hitting a fresh record high, while the Topix declined 0.52%.
South Korea's Kospi closed 2.52% higher at 8,228.7, while the small-cap Kosdaq declined 3.36% to 1,133.13. Shares of Samsung Electronics rose 2.68% after unionized workers at the company in South Korea approved a provisional wage agreement, averting a potential strike that could have disrupted global semiconductor supply chains.
In Australia, the S&P/ASX 200 was up 0.69%, closing at 8,717.7.
Hong Kong's Hang Seng index declined 1.03% in the final hour of trading, while the mainland CSI 300 was down 0.79% at 4,908.53.
— Lee Ying Shan
Shares of SK Hynix jumped as much as 11% on Wednesday, lifting the South Korean chipmaker's market capitalization above $1 trillion as investors continued to pile into artificial intelligence-linked semiconductor stocks.
The rally extended a blistering run that has seen SK Hynix shares skyrocket about 250% since the start of the year, fueled by surging demand for high-bandwidth memory chips used in AI servers and accelerators.
The company has emerged as a key supplier to AI chip giant Nvidia, cementing its position at the center of the global AI supply chain.
Read the full story here.
— Lee Ying Shan
Shares of Samsung Electronics rose 7% after unionized workers at the company in South Korea approved a provisional wage agreement.
Of the 62,616 workers who voted, 73.7% were in favor of the deal involving bonus payouts at the hugely profitable chipmaker.
The approval comes after a tentative agreement was reached on May 20, averting a planned 18-day strike that could have disrupted global semiconductor supply chains.
— Lee Ying Shan and Lim Hui Jie
Asia-Pacific markets rose on Wednesday, with Japan and South Korea's benchmark indices hitting new highs as investors assessed recent U.S. military action in Iran, the fragile state of the Washington-Tehran ceasefire and optimism that a deal could still be reached.
Japan's Nikkei 225 rose 1.49% to a fresh record high, while the Topix added 0.57%. South Korea's Kospi jumped 4.84%, while the small-cap Kosdaq declined 0.68%.
In Australia, the S&P/ASX 200 was up 0.13%. Hong Kong's Hang Seng index was flat, while the mainland CSI 300 added 0.27%.
—Lee Ying Shan
Melius Research sees shares of Dell Technologies surging nearly 25% from here.
In a Tuesday note, the firm hiked its price target on the technology company to $380 from $245. Shares of Dell closed at $305.08 on Tuesday afternoon.
Dell is on the docket to report its fiscal first-quarter earnings after Thursday's closing bell. Melius analyst Ben Reitzes reiterated his buy rating on the stock ahead of this print.
"We are focusing on the future, which is even brighter. We see Jensen's CPU racks for agentics adding to traditional server upside, enterprise AI picking up in 2H for GPU-powered AI servers and regular storage set to benefit from agents too. We are raising our FY28 and FY29 EPS estimates that were already above consensus by 8% and 11%, respectively," Reitzes wrote. "Furthermore, our targets surges to $380 (from $245) as Dell clearly deserves a higher multiple given its long-term growth that looks well above its long-term EPS growth target of 15%."
— Lisa Kailai Han
These are the stocks moving the most in extended-hours trading:
Read the full list of stocks moving here.
— Lisa Kailai Han
Stock futures traded near flat on Tuesday night.
Shortly after 6 p.m. ET, futures tied to all three major averages were trading around the flatline.
— Lisa Kailai Han
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- May 28, 2026
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- The S&P 500 and Nasdaq Composite rose to fresh intraday and closing records on Tuesday.
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- UPSC, SSC CGL, SSC CHSL, Railway RRB, IBPS, SBI PO, and all State PSC exams.
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- CNBC
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Source: CNBC
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