Major stock indices concluded May on a high note, with the technology sector once again serving as the primary engine for growth. The Nasdaq Composite and the S&P 500 both saw gains of 0.3% on Friday, while the Dow Jones Industrial Average climbed 329 points. This upward momentum allowed all three major averages to reach fresh intraday highs during the session. By the end of the month, the Nasdaq was poised for an impressive 8% jump, significantly outperforming the S&P 500’s 5% gain and the Dow’s 2% advance.

The technology sector’s dominance was underscored by a massive surge in Dell Technologies shares, which jumped 30% following a strong quarterly earnings report and an upward revision of its full-year guidance. This performance highlights a broader trend in the AI infrastructure market, moving beyond just chips and memory into a wider ecosystem of hardware and services. Other tech giants also saw significant movement; Apple continued its record-breaking streak, and semiconductor companies like Micron Technology and Qualcomm posted substantial monthly gains. Additionally, the solar energy sector experienced a major rally, with the Invesco Solar ETF marking its strongest monthly performance since 2013.

In the energy markets, crude oil prices experienced a decline following news of a potential ceasefire between the U.S. and Iran. A memorandum of understanding aimed at extending a ceasefire led to a 2% drop in West Texas Intermediate and Brent crude futures. While geopolitical tensions remain a factor for market volatility, the prospect of stabilized shipping routes in the Strait of Hormuz has provided some relief to investors.

Elsewhere, the space industry faced turbulence after a Blue Origin rocket explosion during a ground test, causing shares in related companies like AST SpaceMobile and Rocket Lab to tumble. Despite this setback, attention remains fixed on the future of the sector, particularly with reports suggesting SpaceX is targeting a valuation of at least $1.8 trillion as it prepares for a potential public debut.