The S&P at a fresh record. Micron through $1 trillion.

Tuesday’s record-breaking cash session, the Micron move, today’s oil session and tonight’s AI hardware earnings slate combine into the four readings that set the open. The detailed account follows in the section below.

Tuesday’s first post-Memorial Day cash session printed fresh all-time highs on two of the three big indices. The S&P 500 added 0.61% to 7,519.12 — through 7,500 for the first time and a fresh ATH; the Nasdaq Composite +1.19% to 26,656.18, also a record. The Dow lagged at −0.23% to 50,461.68 as rotation flipped back toward mega-cap tech and away from the cyclicals that led last week. Under the headline, the single-name story was Micron Technology — the stock surged 19% on a round of sell-side price-target hikes and bullishness on AI-memory pricing, topping a $1 trillion market capitalisation for the first time and becoming the fifth semiconductor name in the trillion-dollar club (after NVIDIA, TSMC, Broadcom and AMD). The chart of the day visualises the grouping.

Conference Board consumer confidence at 10:00 ET landed at 93.1 versus 91.9 consensus — a slight beat — but down 0.7 points from an upwardly-revised 93.8 in April. The release flagged escalating inflation expectations tied to the Iran conflict; the present-conditions component held up, but expectations softened to a 2026 low. Net of the noise, the print was supportive of the broader risk bid: not weak enough to amplify recession-pricing, not strong enough to push yields higher. The 10-year eased to 4.52% (−4 bps); the 30-year to 5.07% (−3 bps); the dollar softened modestly; gold held the $4,670 line. Oil continued lower with the framework trade: Brent −1.3% to $96.84, WTI to $92.46.

Today’s calendar is light on data — new home sales at 10:00 ET — but heavy on earnings into the close. Dell Technologies, HP, Salesforce, Marvell and Nutanix all report after the bell. Dell is the centrepiece: the stock is up roughly 28% over the past two weeks on AI-server price-target hikes; the bar into the print is now elevated, with the pattern from NVIDIA’s “beat-not-stretch” reception last week as the template. Tomorrow brings Q1 GDP second estimate and Costco / Best Buy earnings; Friday is April PCE inflation. The Iran MOU remains in the negotiated-wording phase — US-Iran technical teams expected to meet in Doha through Thursday — and Hormuz throughput is edging up to ~4.3 mb/d on commercial confidence ahead of the signature.

S&P and Nasdaq at fresh records on Tuesday; Dow lagged as money rotated back into the AI complex. Long-end yields eased modestly on the in-line confidence print; oil continued lower with the framework trade; the dollar softened. Micron’s +19% lift to top $1T was the single-name headline.

Markets across the UAE, Saudi Arabia, Qatar, Bahrain, Kuwait and Oman are closed today for Eid al-Adha 1447 AH; DFM, ADX, Tadawul and the Qatar Stock Exchange reopen Thursday. The pause arrives at a useful moment. Regional credit has done most of the framework-pricing work over the last fortnight — Qatar 5-year CDS is at its tightest level of the year, UAE eurobond spreads continue to grind to fresh post-conflict lows, and Saudi 5-year CDS sits inside the levels that held in March before the escalation. With cash equity shut, the read today is a credit-and-curve read; Aramco and ADNOC trade resumes Thursday into the wording outcome from Doha.

The Doha technical round runs through Thursday on the two stuck items — the Hormuz-control language and the nuclear-arsenal verification mechanism — with Pakistani Field Marshal Asim Munir continuing to play the mediator role he assumed last weekend. The Vault house view through the holiday remains unchanged: maintain GCC overweight; favour banks and developers over oil-linked equity if Brent holds the $95–$100 corridor; treat the Hormuz indicator as the cleanest single-line read on whether the deal survives signature. The asymmetric tail is still an Iran walk-back or a meaningful Israeli intervention before the MOU is initialled.

Cash markets open with the S&P and Nasdaq at fresh record highs, Micron’s $1T moment behind us, and Dell’s earnings ahead. Three threads define the next 36 hours.