Trade Secrets: Dailies 05.26.2026

U.S. stock futures pointed to record opens for both the Nasdaq and S&P 500 as trading resumed Tuesday after the Memorial Day long weekend, even as fresh U.S. strikes on Iran over the weekend and continued tensions in Ukraine kept geopolitical risk elevated.
Micron Technology (MU) is the story of the session, surging 18% to a record high of $886.60 and crossing $1 trillion in market capitalization for the first time. The move was catalyzed by UBS more than tripling its price target to $1,625 — the highest among the 46 brokerages covering the stock — citing AI-driven high-bandwidth memory demand and the emergence of long-term supply agreements that could stabilize Micron's historically volatile earnings profile.
The AI memory trade is broadening. Wolfspeed (WOLF) was up 10%, and a wide array of semiconductor, software, and satellite names were among the premarket gainers, reflecting renewed momentum in AI infrastructure plays after Nvidia's earnings beat the prior week.
AutoZone (AZO) reported quarterly earnings of $38.07 per share, beating the $36.22 consensus forecast, though revenue of $4.84 billion came in slightly below the $4.86 billion estimate. The CEO noted international sales were challenged while domestic performance held up. Shares fell more than 5% premarket, with fellow auto parts retailer O'Reilly Auto Parts down 4% in sympathy.
Ferrari (RACE) U.S.-listed shares fell 3% in premarket after the luxury carmaker unveiled its first-ever EV, the Luce, priced at around $640,000. Analysts noted that many fans are disappointed by the EV pivot, viewing it as diluting the brand's identity around combustion power and classic design.
On the Iran front, President Trump said Monday that negotiations were "proceeding nicely" but warned the U.S. could resume attacks if talks failed. U.S. forces conducted what officials described as "self-defense strikes" targeting Iranian missile launch sites and boats around the Strait of Hormuz over the weekend — a reminder of how fragile the ceasefire remains. Brent crude touched $100 a barrel again before easing to around $99, still elevated given more than 1.2 billion barrels of oil have been disrupted since the conflict began on February 28.
WTI futures were more divergent, trading around $91.73 per barrel — significantly below Brent — as analysts noted the two benchmarks are pricing different risks, with Brent more directly exposed to Hormuz disruptions. Energy executives have warned that full normalization of Middle East oil supply may not occur until 2027.
Kevin Warsh was sworn in as the new Federal Reserve chairman on Friday, May 22, inheriting the chair under conditions of persistent inflation and ongoing Middle East conflict. Markets are watching for any early policy signals, with rate-hike concerns still hanging over growth stocks.
Asian markets were broadly higher Tuesday, tracking U.S. futures and Iran deal optimism. South Korea's KOSPI rose 2.55% to close at a record 8,047.51, having touched an intraday high of 8,131.15. The small-cap Kosdaq added 0.98%.
Japan's Nikkei 225 ended Tuesday's session 0.25% lower at 64,996.09 amid some profit-taking after the index breached 65,000 for the first time on Monday in holiday-thinned trading. The Topix was marginally lower at 3,938.46. The Bank of Japan's Deputy Governor said the timing of a rate hike is still being evaluated, with the central bank continuing to monitor Middle East developments.
Australia's S&P/ASX 200 fell 0.39% to 8,657.80. China's CSI 300 gained 0.53% to 4,947.85. Hong Kong's Hang Seng was flat in choppy trade, having been closed Monday for a public holiday. India's Nifty 50 slipped 0.23%.
S&P 500 futures gained 0.78%, Nasdaq-100 futures advanced 1.14%, and Dow Jones futures popped 371 points, or 0.73%, ahead of the U.S. open.