Dow Jones - 41,249.38 (-0.29%) 

Nasdaq - 17,928.92 (+0.0043%) 

S&P 500 - 5,659.91 (-0.071%) 

• A narrow week of trading. Stocks traded in a narrow range most of the week with the major U.S. indexes closing down slightly overall. Despite a midweek rally, volatility continues. The S&P 500 is still almost 8% below its record high it saw in mid-February.
• Volatility. U.S. stocks fell on Monday and Tuesday but then reversed course the next two days as news of trade talks spurred investor optimism. The United States and the United Kingdom announced a framework aimed at reaching a comprehensive trade agreement on Thursday and U.S. and Chinese officials announced plans to discuss tariffs over this past weekend. 
• Chinese trade talks. There was no immediate indication whether progress was made Saturday during the meeting over 10 hours between Treasury Secretary Scott Bessent, U.S. Trade Representative Jamieson Greer and a delegation led by Chinese Vice Premier He Lifeng. President Trump said that he won't lower the 145% tariffs on China but made a social media post on Friday that read, "80% tariff on China seems right! Up to Scott B." 
• Chinese exports. Exports to the U.S. fell 21% in April amid 145% tariffs, but overall Chinese exports rose 8.1% year over year in April. That was down from 12.4% in March.
• The 10-year Treasury note yield went up. The note went up almost two basis points after climbing 10 basis points to 4.37% on Thursday. This was the highest close since April 23. 
• Interest rates kept steady. The U.S. Federal Reserve kept interest rates unchanged for its third meeting in a row on Wednesday. The FOMC maintained its target range for the federal funds rate at 4.25%-4.5%, as expected. The fed noted that “the risks of higher unemployment and higher inflation have risen." Fed Chair Jerome Powell said that it’s “not at all clear” what the central bank should do next. President Trump called Powell a "fool" for keeping rates steady.
• Oil dropped then bounce. The price of U.S. crude oil fell below $56 a barrel on Monday. This was the lowest level in more than four years. It then climbed back to $61 on Friday. 
• Earnings season continued. Earnings continued to improve overall and now 90% of S&P 500 companies have reported first-quarter results as of Friday. Net income was expected to rise an average of 13.4%, based on reports already released and forecasts for the companies that hadn’t yet reported, according to FactSet. 
• Bitcoin exploded. The price of the leading cryptocurrency climbed back above the $100,000 threshold on Thursday for the first time in more than three months. Bitcoin was trading around $103,000 on Friday afternoon, this was up roughly 6% for the week. A month earlier the coin hit as low as $77,000.
• Lyft soared 11.7% rally ahead of Friday's open. The company reported positive quarterly earnings but a slight miss on analysts' revenue estimate. Rides jumped 16%, better than analysts had expected, and Lyft raised its share buyback plan to $750 million, citing financial strength.
• Delta Air Lines was among many travel stocks getting a lift. Investors are hopeful that trade progress will help the travel industry. Other travel stocks that jumped last week include Norwegian Cruise Line, Wynn Resorts, and Carnival.
• Coinbase fell after reporting earnings. The company missed analysts' revenue estimate but a day earlier saw gains when Bitcoin topped $100,000.
• Expedia dropped 10% in Friday pre-market trading. The company cut its full-year revenue and bookings outlooks. 
• Pinterest soared more than 12% in Friday pre-market trading. The company's revenue forecast surpassed Wall Street's estimates. The social media company's quarterly revenue beat analysts' forecasts, but earnings per share fell short.
• Cloudflare jumped. The company reported better-than-expected earnings.
• Affirm fell. The buy-now, pay later loan company's guidance came in below analysts' expectations.
• What's important next week. A Consumer Price Index report scheduled for release on Tuesday will show whether a recent trend of moderating inflation extended into April as tariffs and global trade tensions rose. April's CPI report showed an annual rate of 2.4% in March, down from 2.8% the previous month. 

• Intel (INTC)
• Tesla (TSLA)
• Nvidia (NVDA)
• Lyft (LYFT)
• Apple (AAPL)

Biggest Gainers

• Regencell Biosciences Holding Limited (RGC) – 72.65%
• Lyft (LYFT) – 28.08%
• Insulet Corporation (PODD) – 20.88%
• TransMedics Group (TMDX) – 19.64%
• Rumble (RUM) – 19.54%

Biggest Losers

• Onto Innovation, Inc. (ONTO) – 30.21%
• Globus Medical (GMED) – 22.96%
• Compass, Inc. (COMP) – 19.15%
• Affirm Holdings (AFRM) – 14.47%
• Globalstar, Inc. (GSAT) – 12.90%

Weekly Notables

Google to Pay Texas $1.4B in Data Privacy Settlement

Google has agreed to pay nearly $1.4 billion to the state of Texas to settle allegations of violating the data privacy rights of the state’s residents, Texas Attorney General Ken Paxton said. Google was sued by Paxton in 2022 for allegedly unlawfully tracking and collecting the private data of users. The attorney general also obtained a $1.4 billion settlement for Texas from Meta in July of 2024. 

Are Gasoline Prices Heading Lower?

Gasoline prices are expected to go lower to reflect a recent tumble in oil futures. The national average for gasoline stood at $3.14 per gallon on Friday, according to AAA data. That's about $0.04 lower than a week ago and about $0.50 less than the same time last year. "Given gasoline inventories declining, we haven't seen gas prices drop nearly as much as oil prices," GasBuddy head of petroleum analysis Patrick De Haan told Yahoo Finance. "But with refinery maintenance season wrapping up, I do think there's becoming a solid chance that we could see the national average below $3 per gallon this summer as inventories will likely soon start to grow." At least 23 states already are seeing an average below $3 per gallon.

The Week Ahead

• Potential market moving catalysts this week: - Monday (5/12): Federal budget from the U.S. Department of the Treasury. Tuesday (5/13): Consumer Price Index from the U.S. Bureau of Labor Statistics. Wednesday (5/14): EIA Crude Oil Inventories, MBA Mortgage Applications Index. Thursday (5/15): Retail sales from the U.S. Census Bureau, Business inventories from the U.S. Census Bureau, Producer Price Index from the U.S. Bureau of Labor Statistics, Industrial production and capacity utilization from the U.S. Federal Reserve, Weekly unemployment claims from the U.S. Department of Labor, Housing Market Index from the National Association of Home Builders. Friday (5/16): Export and import prices from the U.S. Bureau of Labor Statistics, Export and import prices from the U.S. Bureau of Labor Statistics, University of Michigan Consumer Sentiment (Preliminary). 
• Earnings on deck this week: Monday (5/12): NRG Energy Inc. (NRG), Monday.com Ltd. (MNDY), Simon Property Group Inc. (SPG), DaVita Inc. (DVA), Zoominfo Technologies Inc. (ZI), Hertz Global Holdings (HTZ). Tuesday (5/13): Sea Ltd. (SE), JD.com Inc. (JD), On Holdings AG (ONON), Exelixis Inc. (EXEL), CAE Inc. (CAE), Oklo Inc. (OKLO). Wednesday (5/14): Dynatrace Inc. (DT), Cisco Systems Inc. (CSCO), STERIS PLC (STE), Nextracker Inc. (NXT), DXC Technology Co. (DXC), Ibotta Inc. (IBTA). Thursday (5/15): Walmart Inc. (WMT), Alibaba Group Holdings Ltd. (BABA), Deere & Co. (DE), NetEase Inc. (NTES), Applied Materials Inc. (AMAT), Take-Two Interactive Systems Inc. (TTWO), CAVA Group Inc. (CAVA). Friday (5/16): RBC Bearings Inc. (RBC), Flowers Foods Inc. (FLO).