May 11, 2026

Your Weekly Update for Monday, May 11, 2026.

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Have a great week!
Bill Roller
NMLS #107972
CHARTERED FINANCIAL ANALYST
CERTIFIED FINANCIAL PLANNERTM
CHARTERED MARKET TECHNICIAN
bill.roller@beaconrwa.com

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Summary

Markets were UP last week. The Dow Jones Industrial Average was UP 0.22% to 49,609.16 while the S&P500 ended UP 2.33% to 7,398.93. The Nasdaq Composite ROSE 4.51% to 26,247.08. The annual yield on the 30-year Treasury FELL 1.9 basis point(s) to 4.947%.

Last Week

  1. The major averages ended a record-setting week on a mostly higher note, with the S&P 500 (+0.8%) and Nasdaq Composite (+1.7%) capturing fresh record intraday and closing highs amid solid tech leadership. Strength in the broader market was mixed and kept the DJIA on its flatline.
  2. The PHLX Semiconductor Index spent the entire session well above its flatline as investors bought into yesterday’s dip across its components. Memory names Micron (MU 79, +100.16, +15.49%) and Sandisk (SNDK 1562.34, +222.38, +16.60%) rocketed to fresh all-time highs, while Advanced Micro Devices (AMD455.19, +46.73, +11.44%) and Intel (INTC 124.90, +15.28, +13.93%) captured similar gains.
  3. Elsewhere in the information technology sector, Akamai Tech (AKAM 71, +31.02, +26.58%) was the top-performing S&P 500 component after a mixed earnings report that featured an announcement that a leading frontier model provider (which Bloomberg later reported to be Anthropic) has committed to $1.8 billion over seven years for cloud infrastructure.
  4. The technology sector was the only S&P 500 sector to capture a gain wider than 0.5%, as the broader market had a relatively muted session amid the semiconductor rally.
  5. There was some lingering strength across other mega-cap tech names, particularly Tesla (TSLA 29, +16.50, +4.01%), that helped the consumer discretionary (+0.5%) sector trade higher and the communication services sector finish flat despite broad weakness in its components.
  6. The Vanguard Mega Cap Growth ETF (+1.2%) notched a nice gain, which contributed to the outperformance of the market-weighted S&P 500 (+0.8%) relative to the S&P 500 Equal Weighted Index (+0.3%).
  7. Meanwhile, the defensive health care (-0.9%) and utilities (-0.9%) sectors finished with the widest losses amid the outperformance in tech stocks.
  8. The consumer staples sector (+0.1%) avoided a loss, due in part to Monster Beverage’s (MNST 31, +10.34, +13.61%) post-earnings rally.
  9. On the geopolitical front, the market showed a muted reaction to the U.S. and Iran exchanging fire in the Strait of Hormuz as the U.S. awaits a response from Iran on its latest peace proposal. Crude oil futures settled today’s session $0.50 higher (+0.5%) at $95.39 per barrel.
  10. This morning’s release of the Employment Situation report for April, which showed very strong headline nonfarm payrolls growth (115,000; Briefing.com consensus 67,000), but average hourly earnings (0.2%; Briefing.com consensus 0.3%) showed a smaller-than-expected increase, reflecting some pressure on spending power, especially when accounting for the recent inflationary shock.
  11. Despite some mixed participation beneath the surface, the S&P 500 and Nasdaq Composite still finished firmly higher for the week as semiconductor and mega-cap technology stocks reasserted their leadership following Thursday’s brief pullback. Continued AI-driven enthusiasm, solid earnings growth, and resilience across large-cap tech names helped keep the market’s momentum firmly intact heading into next week.
  12. S. Treasuries finished a bumpy week with modest gains across the curve, though the 2-year note just missed a higher finish for the week while longer tenors recorded slim gains for the week. The 2-year note yield settled down three basis points to 3.89% (unchanged this week), and the 10-year note yield settled down three basis points to 4.36% (-2 basis points this week).
  13. Russell 2000: +15.3% YTD
  14. Nasdaq Composite: +12.9% YTD
  15. S&P Mid Cap 400: +11.9% YTD
  16. S&P 500: +8.1% YTD
  17. DJIA: +3.2% YTD
  18. Reviewing Friday’s data:
    1. The April Employment Situation Report featured a 115,000 increase in nonfarm payrolls, a 4.3% unemployment rate, and a bump in the average workweek to 34.3 hours (from 34.2). This was not an indisputably strong employment report, however. Average hourly earnings growth was weaker than expected, the labor force participation rate dipped, and the U-6 unemployment rate, which accounts for unemployed and underemployed workers, increased. The key takeaway from the report, though, may just be found in a number that looks good on the surface but could be a harbinger of lower spending activity if inflation pressures aren’t controlled. We’re talking about the 3.6% year-over-year increase in average hourly earnings, which leaves real earnings up just 0.3% when pitted against the March CPI report or up just 0.1% when measured against the latest PCE Price Index. That doesn’t provide a lot of discretionary spending cushion without taking on debt or dipping into savings.
    2. The preliminary reading for the University of Michigan Consumer Sentiment Index for May dropped to 48.2 (Briefing.com consensus: 50.5) from the final reading of 49.8 for April. In the same period a year ago, the index stood at 52.2. The key takeaway from the report is that consumers are clearly concerned about rising costs and their ability to out-earn the inflation.
    3. Wholesale inventories increased 1.3% in March (Briefing.com consensus 1.4%), from the revised previous increase of 0.9% (from 0.8%).

This Week

  1. The S&P 500 futures are 0.2% below fair value; the Nasdaq 100 futures are 0.1% below fair value; and the DJIA futures are 0.2% below fair value
  2. Key factors driving the futures market:
    1. Lack of selling impulse despite six straight weeks of gains for the major indices
    2. Mixed to slightly softer price action in the mega-cap stocks
    3. Compulsory concern for Iran war tempered by lack of destructive military hostilities
  3. President Trump calls Iran’s peace proposal response “totally unacceptable”
  4. 40 countries will meet today to discuss a mission to escort ships through the Strait of Hormuz. Bloomberg
  5. Israeli Prime Minister Benjamin Netanyahu says war in Iran is not over until enriched uranium is removed from Iran. CBS News
  6. President Trump and Chinese President Xi to discuss Iran, trade, artificial intelligence, and Taiwan at a summit this week. NY Times
  7. Energy Secretary Chris Wright says the White House is open to suspending the gas tax (Note: This will require congressional approval). NBC News
  8. Republicans’ chances of keeping the House are increasing following court rulings and redistricting, but Democrats are still confident heading into the midterms. Axios
  9. The Senate Banking Committee will hold a vote Thursday on a bill that would create a regulatory framework for cryptocurrency. Reuters
  10. House will remove provision from housing bill that requires rental homes built by large investors to be sold after seven years. Politico
  11. $58 bln 3-yr note auction results at 1:00 p.m. ET
  12. Cerebras (CBRS)increases IPO price range to $150-160/share. Reuters
  13. Circle Internet Group (CRCL) beats by $0.02, misses on revs; launches AI infrastructure to power the Agentic economy
  14. Dream Finders Homes (DFH)confirms it will acquire Beazer Homes (BZH) for $25.75/share in cash
  15. Lumentum Holdings Inc. (LITE)will become a component of the Nasdaq-100 Index® replacing CoStar Group, Inc. (CSGP) prior to market open on Monday, May 18, 2026.
  16. Brokerage research calls of note:
    1. Upgrades: NWSA, PBI, PRIM, SARO, STRZ
    2. Downgrades: AD, CG, CNH, DELL, GT, DOC, HUBS, STLA, TDS, TTD, WEN
  17. WTI crude futures +3.3% to $98.58/bbl; nat gas futures +3.0% to $2.84/mmbtu; copper futures +1.6% to $6.40/lb; gold futures -1.1% to $4679.10/toz; silver futures +1.2% to $81.86/toz
  18. 2-yr note yield +3 bps to 3.92% and 10-yr note yield +3 bps to 4.39%
  19. The U.S. Dollar Index +0.1% to 98.02
  20. Today’s economic data: April Existing Home Sales at 10:00 a.m. ET

Mortgage Rates

“The 30-year fixed-rate mortgage averaged 6.37% this week,” said Sam Khater, Freddie Mac’s Chief Economist. “Recent data points to slightly better conditions for buyers with a boost in new-home sales, median new-home prices being down to their lowest level since July 2021, and higher inventory than in recent years. Together, these trends could modestly ease affordability pressures through the spring homebuying season.”

The 30-year FRM averaged 6.37% as of May 7, 2026, up from last week when it averaged 6.30%. A year ago at this time, the 30-year FRM averaged 6.76%.

The 15-year FRM averaged 5.72%, up from last week when it averaged 5.64%. A year ago at this time, the 15-year FRM averaged 5.89%.

Mortgage Rates

Selected Cryptocurrencies

Symbol Name Price 24h % 7d % Market Cap Volume(24h)
BTC Bitcoin $81,129.93 0.42% 2.90% $1,624,860,769,121 $33,792,940,413
ETH Ethereum $2,334.07 0.57% -0.11% $281,691,878,454 $21,686,851,420
XRP XRP $1.45 2.33% 4.49% $89,965,665,917 $3,689,338,164
BNB BNB $655.34 0.99% 5.26% $88,330,703,249 $1,651,999,618
SOL Solana $95.16 2.04% 13.45% $54,981,623,195 $5,276,745,415
TRX TRON $0.35 0.41% 3.22% $33,301,642,290 $582,514,739
DOGE Dogecoin $0.11 1.65% -0.17% $18,726,292,251 $1,833,242,015
HYPE Hyperliquid $41.58 -2.78% 0.70% $10,581,090,937 $292,384,481
ADA Cardano $0.28 2.82% 12.67% $10,119,146,247 $702,019,618
ZEC Zcash $569.87 -4.81% 40.26% $9,499,841,709 $926,981,356
LEO UNUS SED LEO $10.20 -0.02% -1.17% $9,395,070,421 $1,240,838
BCH Bitcoin Cash $450.39 -0.56% 1.54% $9,028,489,350 $252,729,921
LINK Chainlink $10.56 1.10% 12.49% $7,684,971,013 $778,082,719
XMR Monero $410.58 -1.16% 6.26% $7,573,987,340 $112,349,585
TON Toncoin $2.31 -3.80% 69.28% $6,199,627,919 $591,150,312
CC Canton $0.15 1.63% 4.93% $5,965,061,868 $21,556,776
XLM Stellar $0.17 3.23% 6.20% $5,632,948,413 $247,559,138
DAI Dai $1.00 0.01% 0.00% $5,364,077,873 $81,024,786

Data as of 4:34 AM PDT, Monday, May 11, 2026. Source: https://coinmarketcap.com

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Sources: Bill Roller, BR Capital, Inc. dba Beacon Rock Wealth Advisors American Association for Individual Investors (AAII), Associated Press, Barclays Capital, Bloomberg, Briefing.com, Citigroup, Deutsche Bank, FactSet, Financial Times, Goldman Sachs, JPMorgan Asset Management, MarketfieldAsset Management, Morgan Stanley, MSCI, Morningstar, Northern Trust, Oppenheimer Funds, PIMCO, Standard & Poor’s, StockCharts.com, The Conference Board, Thomson Reuters, T. Rowe Price, U.S. Bureau of Economic Analysis, U.S. Federal Reserve, Wall Street Journal, The Washington Post. Index performance is shown as total return, which includes dividends, with the exception of MSCI-EM, which is quoted as price return/excluding dividends. Performance for the MSCI-EAFE and MSCI-EM indexes is quoted in U.S. Dollar investor terms.

The information above has been obtained from sources considered reliable, but no representation is made as to its completeness, accuracy or timeliness. All information and opinions expressed are subject to change without notice. Information provided in this report is not intended to be, and should not be construed as, investment, legal or tax advice; and does not constitute an offer, or a solicitation of any offer, to buy or sell any security, investment or other product BR Capital, Inc. dba Beacon Rock Wealth Advisors  is a registered investment advisor.

Notes key: (+) positive/encouraging development, (0) neutral/inconclusive/no net effect, (-) negative/discouraging development.