US Stocks Morning Report! 05.29

Dow Jones Industrial Average rose 24.69 points, up 0.05%, closing at 50,668.97 points;
Nasdaq Composite rose 242.74 points, up 0.91%, closing at 26,917.47 points;
S&P 500 Index rose 43.27 points, up 0.58%, closing at 7,563.63 points;
Nasdaq Golden Dragon China Index fell 31.46 points, down 0.48%, closing at 6,586.59 points;
The three major US stock indices slightly rose due to progress in US-Iran negotiations; the China Golden Dragon Index slightly declined.
Major tech stocks collectively rose
Wind US Tech Seven Giants Index overall increased by 0.91%​​, with specific performances as follows:
Microsoft rose over 3%​​, SanDisk rose over 3%​
Qualcomm, Eli Lilly, and AMD rose over 4%​
Amazon rose 0.79%, Nvidia rose 0.78%, Apple rose 0.53%, Tesla rose 0.4%, Google rose 0.33%, Facebook rose 0.01%
Only Micron Technology slightly declined by 0.53%
Segmented sectors lead the gains and losses
SaaS sector leads the gains​: Snowflake surged over 36%​​,
ServiceNow rose over 6%, Palantir rose over 8%, the core reason being Q1 earnings exceeding expectations, and the company announced it will purchase $6 billion worth of services and technology from AWS over the next five years, boosting sector sentiment
Quantum computing sector rises​: D-Wave rose over 7%, IBM rose over 3%
Most chip stocks rose​: Philadelphia Semiconductor Index increased by 1%, ARM rose over 10%, Super Micro Computer and Qualcomm rose over 4%, SanDisk rose over 3%, Mavenir Technologies rose over 3%
Optical communication sector declined across the board​: Lumentum and Corning fell over 4%
Chinese concept stocks performance
Nasdaq Golden Dragon China Index closed down 0.48%​​, with market divergence:
Gainers: Yatsen E-commerce closed up 18.2%, iQIYI up 8%, Ares Solar Energy up 6.8%, GDS Holdings up 4.1%
Decliners: Meituan fell 4.8%, Pinduoduo fell 4.1%, NIO fell 3.2%, Alibaba fell 1.3%, Tencent fell 1.7%
Latest macroeconomic data background
Data released on May 28 shows:
1. The second estimate of US Q1 2026 real GDP growth at an annualized rate increased by 1.6%​​, lower than the initial estimate of 2%
2. US April PCE price index soared 3.8% year-over-year​​, the largest increase since May 2023; core PCE price index increased 3.3% YoY​​, the highest level since November 2023, in line with market expectations
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