The Week Ahead: Micron Earnings and Inflation Data Could Make or Break the Tech Rally

TLDR

• The PCE inflation index for May is due Thursday and could top April’s 3.8% year-over-year rise
• Micron Technology reports earnings Wednesday, with its market cap now at $1 trillion and shares up over 800% this year
• The S&P 500 gained 1.08%, the Nasdaq rose 2.48%, and the Dow added 0.14% for the week
• SpaceX went public in the largest IPO in history, raising $85.7 billion at a valuation above $2 trillion
• Bitcoin gained 0.46% to $64,139, trailing the broader tech-led stock rally

Markets closed higher last week, driven by a mix of big tech moves, a historic IPO, and fresh hope around global trade. Here’s what happened and what to watch in the week ahead.

Stocks Finish the Week in the Green

All three major U.S. indexes ended higher. The S&P 500 gained 1.08% to close at 7,500.58. The Nasdaq climbed 2.48% to 30,406.19, helped by strong demand for growth and tech stocks. The Dow Jones Industrial Average added 0.14% to end at 51,564.70.

A tentative U.S.-Iran peace deal helped lift market sentiment. It raised the possibility of restored shipping through the Strait of Hormuz, which pushed oil prices lower and gave investors reason to buy.

The 10-year U.S. Treasury yield closed the week at 4.455%. That matters for growth stocks, which tend to fall when borrowing costs rise.

The Federal Reserve, under newly appointed Chair Kevin Warsh, held interest rates steady. But officials signaled more hikes could come if inflation stays elevated. The Fed hasn’t moved rates since December.

Bitcoin gained 0.46% to close at $64,139.86. Gold fell 1.72% to $4,172.90. Crypto trailed the broader rally, which was mostly driven by tech and large-cap growth names.

SpaceX Makes History With Record IPO

The biggest story of the week was SpaceX going public. Elon Musk’s space and satellite company raised $85.7 billion in its IPO, the largest in history. The listing gave SpaceX a valuation above $2 trillion.

The debut shifted investor attention toward large technology and innovation-linked companies.

SpaceX also reportedly agreed to acquire AI startup Cursor for $60 billion, a move aimed at expanding its AI capabilities.

Nvidia announced plans to issue at least $20 billion in investment-grade bonds for general corporate purposes. It is one of the company’s largest debt moves since the AI boom began.

Fox Corporation announced a $22 billion deal to acquire Roku, the streaming platform. The deal expands Fox’s digital reach as traditional media companies look to build stronger streaming and ad platforms.

Yum! Brands sold Pizza Hut to LongRange Capital and Yum China Holdings for $2.7 billion. The company said the sale lets it focus on its remaining core brands.

What to Watch This Week

Micron Technology reports fiscal third-quarter results on Wednesday. Its market cap has hit $1 trillion and shares are up over 800% this year. The company reported gross margins above 68% in its most recent update, raising questions about whether the memory chip cycle is near a peak.

The PCE price index for May comes out Thursday. The April reading was 3.8% year-over-year, the highest in three years. The May number could come in even higher based on other recent cost-of-living data. The Fed watches the PCE closely as its preferred inflation measure.

Other earnings this week include Carnival Corp., FedEx, BlackBerry, and Darden Restaurants. BlackBerry shares have more than doubled in 2026 on the back of its growing Nvidia partnership and demand for its QNX software used in driver assistance systems.

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