EB Daily Market Report - Friday, May 22, 2026
Dear Members.
As a reminder, Tom Bowley and I will host our latest Happy Hour right after the market closes today at 4:05pm ET. You can tune in live on YouTube.
This is not intended to be a stock market discussion, though we may talk a bit about it. Instead, we'll just be shooting the breeze and we'd certainly welcome any and all of you to join us. So grab your favorite Friday afternoon cocktail and we'll see you at Happy Hour!
As we head into a three-day holiday weekend, all major indexes are up nicely. The Dow is setting a record high and the S&P is closing in on its all-time high of 7517. While the NASDAQ is lagging somewhat, it too has bounced nicely off the low earlier in the week.
One thing I've noticed lately, no matter if it's been a green or red day, is the $VIX has steadied, mostly remaining in the teens over the past month. This is a sign that traders feel confident about the market and are certainly not panicking on days with selling.
Both oil and interest rates are lower today on hopes of progress in the Middle East but traders have mostly brushed off the sharp move higher we've seen in both over the past month. This could be a sign that traders are looking further down the road rather than focusing on current rates and prices.
Interestingly, NVDA continues to sell off post earnings while the rest of the market powers forward. The bulls must see that as a positive sign as well - i.e., the largest market cap in the world is lagging but not dragging the rest of the market down with it.
It's worth keeping an eye on how the S&P closes today and whether it can reclaim its all-time high in the near term. If not, we could face either some selling or at least some consolidation. We've consistently seen buying on any dips since the March 30 low and until we see otherwise the upper hand goes to the bulls.
I want to wish everyone a restful holiday weekend. Tom will be back with his Weekly Market Report at the beginning of next week.
At your service,
John Hopkins