In Partnership With
 Markets Weekly · May 22, 2026
Records,
Record Lows,
And $100 Oil.

An 8-week S&P win streak, Waller calling rate cuts "crazy," and health care quietly having its best week since November. The rotation nobody's talking about.
S&P 500
7,473.47
+0.4% / +0.9% WK
Nasdaq
26,343.97
+0.2% / +0.5% WK
Dow
50,579.70
+0.6% RECORD

Two facts that should not share a calendar week. The Dow closed at a record 50,579.70 and the S&P 500 booked its eighth straight weekly gain. University of Michigan consumer sentiment fell to a record-low 44.8.

Brent crude is still above $103 with roughly 14 million barrels a day at risk through the Strait of Hormuz, and the new Fed Chair's own colleague just called rate-cut talk "crazy." The tape is climbing a wall it has every reason to fall off. The real question is what is holding it up.
 The Rundown

Five Things
Moving
Markets
01
Oil › Brent Holds Above $103 As Hormuz Keeps 14M Bpd At Risk

Brent settled above $103 and WTI held near $96 as the Strait of Hormuz disruption kept roughly 14 million barrels a day of supply in question. This is the macro input feeding everything else right now: inflation expectations, bond volatility, gas near $4.55 a gallon, and the Fed's room to move. Barclays estimates even a fast reopening leaves global inventories about 20 million barrels below historically tight levels. Energy is the one sector you want long when oil behaves like this.
02
Records › Dow Hits 50,579 As The S&P Logs Its 8th Straight Week
03
Fed › Waller Calls Rate-Cut Talk "Crazy" As Warsh Takes Over

Fed Governor Chris Waller said betting on rate cuts right now is "crazy" with April CPI running at 3.8%, and he said it just as Kevin Warsh was sworn in as the new Fed Chair. Nomura now expects zero cuts in 2026, and market pricing shows a 58% chance of at least one 25 basis-point hike by year-end. The easing trade that powered a lot of this year is getting repriced in real time.
04
AI Infra › Dell +17%, HP +15% As The AI Trade Broadens Past Nvidia

Dell jumped 17% and HP rose 15% as the AI build-out spilled out of chips and into servers, PCs, networking, and power. Nvidia hiked its quarterly dividend to $0.25 from $0.01 and added an $80B buyback, but the stock still slipped 2.84% after earnings, a sign the easy money in the obvious name is harder to find. Dell reports May 28, with Wells Fargo looking for $60B to $65B in AI server revenue against a $50B prior guide.
05
Space › SpaceX Files To IPO On The NASDAQ Under $SPCX

SpaceX filed to go public on the NASDAQ under the ticker $SPCX, and the money is already lining up. Blackrock is reportedly eyeing up to $10 billion in the deal, while Starlink alone cleared more than $1 billion in operating profit last quarter. SpaceX now accounts for more than half of all successful orbital launches on the planet. The whole space economy is repricing around it, and most portfolios have almost no exposure to the theme.

There is now one way to get pre-IPO SpaceX exposure in a single ticker.
 In Partnership With
 Partner · Tema ETFs
The First Pure-Play Space ETF With Pre-IPO SpaceX Exposure.

Space is having its moment. Artemis II is putting humans on a trajectory back to the Moon for the first time in 50 years, a SpaceX IPO is reportedly set for June, and the financial world is paying attention. The Tema Space Innovators ETF ($NASA) is the first pure-play space ETF to provide direct, pre-IPO exposure to SpaceX through a special purpose vehicle (SPV).

SpaceX is to space what Nvidia is to semiconductors: a dominant, category-defining force. It now accounts for more than half of all successful orbital launches globally and has driven the cost of reaching orbit sharply lower, while Starlink and reusable rockets compound advantages no rival is close to matching. That is why SpaceX is the top holding in $NASA.

The portfolio runs deeper than one name. Rocket Lab is the only scaled domestic launch provider outside SpaceX. AST SpaceMobile is building space-based cellular broadband designed to connect directly to standard smartphones. Planet Labs operates the largest fleet of Earth-imaging satellites on orbit. The global space economy is forecast to grow from roughly $630 billion today to $1.8 trillion by 2035.

The opportunity is real, structurally underrepresented in most portfolios, and accelerating. $NASA was built to fill that gap. Are you in?

Visit Tema ETFs →
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 WOLF Summit · NYC

We're Going Live In New York.
August 3.

WOLF Financial and Public.com are co-hosting our first in-person summit in New York City on August 3, bringing together 200 traders, operators, and builders for a day of markets, strategy, and the people behind the timeline. Seats are limited.

Claim Your Seat →
Rallies Radar

The 13Fs Dropped.
The Arena Knew.

This week the whole timeline watched Berkshire, Ackman, Gerstner, and Aschenbrenner reveal their Q1 portfolios. The Arena was already tracking the rotation into defensive growth before the filings confirmed it. See which signals are flashing now, not 45 days late.

See The Arena Live →
 The Week Ahead

Markets close Monday for Memorial Day, then the earnings flood: Salesforce, Marvell, and HP on Wednesday, Costco, Dell, and Okta on Thursday. We'll have the scorecard.
Built For
Wolves.
@WOLF_Financial   /   @StockMKTNewz   /   YouTube
The WOLF Letter is for informational purposes only and should not be considered financial advice. Always do your own research before making investment decisions.
Important Disclosures

SpaceX is a private security, and is less than 15% of holdings. At inception, SpaceX was 10% of the portfolio holdings. Fund holdings are subject to change. Private investments have increased liquidity and valuation risk. View temaetfs.com/NASA for current holdings and prospectus. Consider fund risk and objectives before investing. Distributed by Vigilant Distributors, LLC. No affiliation with, or sponsorship/endorsement by National Aeronautics and Space Administration.

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This content is a paid partnership with Tema ETFs. This information is for informational purposes only and is not investment advice. Investing involves risk, including possible loss of capital. Please read the prospectus before investing.
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Disclosure: This content is a paid partnership with Tema ETFs. This information is for informational purposes only and is not investment advice. Investing in ETFs involves risk, including possible loss of principal. Tema ETFs is a WOLF Financial partner.