Wall Street wrapped up May on a mixed note Friday, with tech outperforming while financials lagged. Month-end rebalancing flows created choppiness throughout the session, keeping major indices in a relatively tight range for most of the day. The S&P 500 eked out a modest gain of 0.3%, while the Dow dipped slightly lower as bank stocks weighed on the blue-chip index.
Nvidia was the standout story of the session, surging over 3% after a prominent Wall Street analyst raised their price target and reiterated a buy rating. The note pointed to unprecedented demand for Nvidia's next-generation AI chips, with hyperscalers reportedly expanding orders well into 2027. The move helped lift the broader Nasdaq, which gained 0.7% on the day.
On the downside, JPMorgan Chase dragged the financial sector lower after Jamie Dimon struck a cautious tone at an investor conference, warning that consumers and businesses may begin to feel meaningful stress if the Federal Reserve holds rates at current levels into late 2026. The comments rattled bank investors who had been hoping for earlier rate relief.
For the month of May, the S&P 500 posted a gain of roughly 2.4%, recovering from April's tariff-driven turbulence. Gold remained near record highs above $3,280, reflecting continued investor appetite for safe-haven assets even as equities stabilized. VIX at 17.4 suggests markets are calm but not complacent heading into June.