Stock Market Today, May 29: Markets Extend Gains as Dell Soars 33%

The S&P 500 (^GSPC +0.22%) was up 0.22% to 7,580.06, the Nasdaq Composite (^IXIC +0.20%) gained 0.20% to 26,972.62, and the Dow Jones Industrial Average (^DJI +0.72%) rose 0.72% to 51,032.46 as record‑level rallies extended on AI strength and cooler oil.

Market movers

Dell Technologies soared almost 33% on blowout earnings today. Dell blew past analyst estimates and raised its full-year guidance on the back of massive artificial intelligence (AI) server demand. ServiceNow jumped about 14% and Datadog surged 10% on renewed software enthusiasm.

In contrast, Costco Wholesale slid despite solid Q3 earnings as consumer defensive stocks declined. Rocket Lab and other space stocks fell following the Blue Origin rocket explosion.

What this means for investors

The S&P 500 posted its ninth straight week of gains today, increasing by more than 6% in May despite energy and shipping fears. In addition to hopes for a U.S.-Iran ceasefire, Dell’s surge reinforced confidence in AI infrastructure and boosted markets.

Strong performances from ServiceNow and Datadog suggest the broader AI ecosystem could be gaining traction, with AI demand broadening beyond a handful of mega‑caps. Investors had been worried that AI would replace many software firms, but some of those firms provide services essential to AI workloads.

With indexes near record highs, investors will be watching inflation, jobs data, and consumer sentiment as we head into June. Strong earnings have gone a long way to offset elevated oil prices and the recently-revised GDP estimates, but it isn’t clear how much further the rally can continue.