May 25, 2026 · Market Brief

Pre-Market · May 25, 2026

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Technology stocks dominated overnight gains, with semiconductor and infrastructure plays leading the charge: DELL (+16.8%), HPQ (+15.3%), NTAP (+12.4%), SWKS (+12.1%), and QCOM (+11.6%) surged on AI server demand, earnings beats, and easing trade tensions. The semiconductor-heavy SOXL jumped 6.82% while QQQ and TQQQ climbed 0.42% and 1.16% respectively. Beyond chips, ROST (+8.1%) crushed earnings with 17% EPS upside and 20.6% revenue growth, F (+9.2%) rallied on EV strategy optimism, and EL (+11.9%) bounced after killing the Puig merger. Falling Treasury yields sparked a risk-on rotation into growth equities, lifting SaaS names like WDAY and TTD.

Recommendation

Buy the dip in quality semis and AI infrastructure plays** — QCOM, NXPI, and HPE show genuine momentum from earnings and guidance, not just sentiment. **Avoid chasing pre-earnings euphoria in DELL and HPQ** — their 16-15% overnight pops ahead of earnings Thursday carry elevated reversal risk if results disappoint. **Hold ROST and defensive cyclicals** as genuine earnings beats justify valuations, but monitor macro headwinds given the yield-driven rally may be fragile.

Indices & ETFs

SPY$745.64

▲ 0.39%

7D ▲ 0.9%30D ▲ 4.8%6M ▲ 13.1%

QQQ$717.54

▲ 0.42%

7D ▲ 1.2%30D ▲ 9.5%6M ▲ 21.6%

TQQQ$77.84

▲ 1.16%

7D ▲ 3.3%30D ▲ 29.3%6M ▲ 63.9%

SOXL$190.56

▲ 6.82%

7D ▲ 16.1%30D ▲ 80.4%6M ▲ 500.6%

SPX$7473.47

▲ 0.37%

7D ▲ 0.9%30D ▲ 4.7%6M ▲ 13.2%

Top Movers19 movers

DELLDell Technologies Inc.▲ 16.8%

Dell's stock surged 16.8% ahead of Thursday earnings, likely driven by anticipation of strong server and AI infrastructure demand results.

Price

$252.80 → $295.19

Mkt Cap

$191.7B

P/E

34.0x

▲ 22.0%

30D

▲ 37.5%

▲ 141.0%

HPQHP Inc.▲ 15.3%

JPMorgan's price target reset ahead of earnings combined with investor enthusiasm for HP's AI-powered PCs drove today's 15.3% surge.

Price

$21.90 → $25.24

Mkt Cap

$23.2B

P/E

9.6x

▲ 21.3%

30D

▲ 23.5%

▲ 5.3%

NTAPNetApp, Inc.▲ 12.4%

NetApp surged 12.4% likely due to strong AI infrastructure momentum and positive hardware sector outlook ahead of Q4 earnings.

Price

$123.95 → $139.36

Mkt Cap

$27.6B

P/E

23.4x

▲ 16.2%

30D

▲ 25.5%

▲ 29.9%

SWKSSkyworks Solutions, Inc.▲ 12.1%

Mobile and RF chip sector rallied on easing US-China trade tensions and geopolitical optimism following Trump's Beijing summit with tech leaders.

Price

$73.54 → $82.42

Mkt Cap

$12.4B

P/E

34.3x

▲ 20.3%

30D

▲ 33.4%

▲ 31.6%

ELThe Estée Lauder Companies Inc.▲ 11.9%

Estée Lauder surged 11.9% after ending merger talks with Spain's Puig, likely relieving investor concerns about the acquisition deal.

Price

$78.91 → $88.32

Mkt Cap

$32.0B

P/E

N/A

▲ 10.0%

30D

▲ 15.2%

▼ 1.8%

QCOMQUALCOMM Incorporated▲ 11.6%

Qualcomm surges 11.6% as investors gain confidence in its AI pivot and expanded automotive partnerships, particularly the Stellantis deal accelerating Snapdragon adoption.

Price

$213.41 → $238.16

Mkt Cap

$251.0B

P/E

25.6x

▲ 18.2%

30D

▲ 75.0%

▲ 45.8%

HPEHewlett Packard Enterprise Company▲ 10.6%

Analysts raised HPE price targets citing surging demand for AI-driven servers from enterprise customers and hyperscalers.

Price

$33.97 → $37.58

Mkt Cap

$49.9B

P/E

N/A

▲ 13.5%

30D

▲ 31.8%

▲ 83.1%

FFord Motor Company▲ 9.2%

Ford surged 9.2% as retail investors recognized undervalued stock while CEO Farley's aggressive EV expansion strategy and European market push impressed the market.

Price

$13.67 → $14.93

Mkt Cap

$59.5B

P/E

N/A

▲ 11.4%

30D

▲ 18.2%

▲ 16.4%

GNRCGenerac Holdings Inc.▲ 9.0%

Jefferies upgraded GNRC to "Buy" with higher price target, citing strong data center backup power demand and Q1 earnings beat.

Price

$247.79 → $270.14

Mkt Cap

$15.9B

P/E

84.7x

▲ 2.4%

30D

▲ 26.4%

▲ 85.0%

ROSTRoss Stores, Inc.▲ 8.1%

Ross Stores surged 8.1% after beating Q1 EPS by 17% with 20.6% revenue growth, driven by strong off-price demand.

Price

$217.19 → $234.81

Mkt Cap

$75.9B

P/E

32.8x

▲ 10.4%

30D

▲ 3.7%

▲ 34.9%

SMCISuper Micro Computer, Inc.▲ 6.3%

SMCI surged 6.3% likely due to doubled sales last quarter driven by soaring AI infrastructure and data center demand from hyperscalers.

Price

$33.46 → $35.58

Mkt Cap

$21.4B

P/E

18.7x

▲ 14.6%

30D

▲ 21.9%

▲ 10.5%

CVNACarvana Co.▲ 6.0%

Baird analyst Craig Kennison raised Carvana's price target from $80 to $88 with an Outperform rating following the stock split.

Price

$64.39 → $68.28

Mkt Cap

$74.9B

P/E

39.5x

▲ 1.7%

30D

▼ 18.1%

▲ 10.2%

ONON Semiconductor Corporation▲ 6.0%

Mizuho raised ON's price target to $130 and maintained "Outperform" rating; strong Q4 results with record free cash flow and $6B buyback also supported gains.

Price

$109.61 → $116.20

Mkt Cap

$45.2B

P/E

85.4x

▲ 2.7%

30D

▲ 30.6%

▲ 148.8%

APHAmphenol Corporation▲ 5.8%

# Amphenol (APH) +5.8% Likely Due To: Improved market sentiment and rising tech sector momentum, potentially bolstered by Amphenol's strategic role in AI data center optical connector standards development.

Price

$124.86 → $132.06

Mkt Cap

$162.5B

P/E

37.8x

▲ 5.6%

30D

▼ 10.8%

▲ 0.3%

NXPINXP Semiconductors N.V.▲ 5.7%

NXP surged on strong Q1 earnings beat, upbeat guidance across automotive and IoT segments, and broader chipmaker strength.

Price

$299.38 → $316.47

Mkt Cap

$79.9B

P/E

30.2x

▲ 8.6%

30D

▲ 40.2%

▲ 65.4%

MRKMerck & Co., Inc.▲ 5.6%

CHMP approval of Merck's Keytruda-Padcev combination for bladder cancer expanded treatment options and validated the drug combo's potential.

Price

$115.88 → $122.41

Mkt Cap

$302.3B

P/E

34.5x

▲ 9.9%

30D

▲ 8.4%

▲ 25.2%

ZBRAZebra Technologies Corporation▲ 5.5%

Zebra Technologies rallied 5.5% today as broader market sentiment improved with falling yields and the Dow reaching new all-time highs above 50,700.

Price

$242.26 → $255.55

Mkt Cap

$12.2B

P/E

30.8x

▼ 1.5%

30D

▲ 10.6%

▲ 6.1%

TTDThe Trade Desk, Inc.▲ 5.2%

Treasury yields cooled and risk-on sentiment returned, lifting AI-linked growth stocks like TTD while the software sector recovered from previous selling pressure.

Price

$21.28 → $22.38

Mkt Cap

$10.5B

P/E

25.4x

▲ 5.8%

30D

▼ 5.0%

▼ 43.6%

WDAYWorkday, Inc.▲ 5.2%

Treasury yields cooled, triggering a risk-on rotation that lifted AI-linked SaaS growth stocks including Workday higher.

Price

$121.85 → $128.14

Mkt Cap

$32.0B

P/E

39.8x

▲ 2.5%

30D

▲ 1.2%

▼ 43.1%

All Reports

Updated 12:31 PM · May 25, 2026