EB Daily Market Report - Highlights - Thursday, May 28, 2026
Our major indices are moving up once again today, setting new all-time highs in the process. Here are some notable developments:
- The widely-anticipated Core PCE Index came in slightly below expectations, +0.2% (actual) vs. +0.3% (estimate)
- Volatility Index ($VIX) is looking to close below 16 for the first time since January, before the 10% correction
- The 10-year treasury yield ($TNX) is down 3 basis points to 4.45%, its lowest level in two weeks, after the light inflation number
- Sustainability ratios continue to support this advance; even the XLY:XLP ratio is approaching a multi-month high
- For the first time in May, all Mag 7 stocks are trading back above their 50-day SMAs
- This is the most robust advance in semiconductors (SOXX) during the entire secular bull market (and the 2nd most isn't close), based on its daily, weekly, and monthly PPO readings
- Bitcoin ($BTCUSD, -1.48%) trades below the 74000-75000 support range for the first time since it broke above that key resistance range in mid April
- Renewable energy ($DWCREE) continues to soar as First Solar (FSLR, +11.59%) approaches its all-time high of 317, reached in May 2008; NXT, SEDG, and ENPH have all been running hot
- Software ($DJUSSW) is having another very solid day, led by many downtrodden stocks like Palantir (PLTR, +7.06%), Oracle Corp (ORCL, +6.61%), and Microsoft (MSFT, +3.70%)
- Snowflake (SNOW, +38.12%) posted excellent quarterly results, igniting the software rally
- Railroads ($DJUSRR, -4.10%) are notably weak after big breakouts on Wednesday from the likes of Union Pacific (UNP, -3.88%) and CSX Corp (CSX, -1.98%); both stocks are bouncing off their 20-day EMAs
We are in a sweet spot historically as our major indices tend to perform well through the 5th or 6th of June, which is the end of next week.
Happy trading!
Tom