Stocks ended May strong, with the S&P 500 up 5.2% for the month and the Nasdaq up 8.4%. Both indices closed Friday 0.2% higher, setting record closing levels. Technology and consumer discretionary stocks led the advance, while energy lagged behind the broader index.

Dell surged after reporting fiscal first‑quarter results, rallying 33% in Friday morning. Shares have more than doubled year‑to‑date, fuelled by strong AI‑optimized server sales and robust traditional PC demand. The results also beat analysts' expectations, highlighting the company's foothold in enterprise cloud spending.

Labor's share of gross domestic income slipped to 51% the lowest since 1947, while corporate profits rose to 12.1% the highest since 1950, underscoring the gap between a bullish market and a cautious public. Memory-chip makers Samsung, SK Hynix and Micron each hold valuations above $1 trillion, together exceeding the combined cap of the three largest oil companies even as Saudi Aramco approaches $1.8 trillion.