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This report is designed to help investors of all skill levels break down important stories/topics within the stock market. And best of all, we cut through all of the BS and give you exactly what you need to know in easy to digest, bite sized pieces of content.

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Well, all three major indexes made new all-time highs… again, as stocks continue to show strength post the war sell-off. Meanwhile, headlines of a deal put pressure on treasury yields and oil prices.

These are some of the biggest stories from the second half of the week that had an influence on market action.

The US and Iran spent this week exchanging military strikes while negotiators worked toward a sixty-day ceasefire extension, creating violent swings in oil and equity markets. Both sides have failed to finalize a memorandum of understanding, with conflicting public statements from Washington and Tehran repeatedly undermining progress. The Strait of Hormuz remains largely closed after three months of conflict, and no formal agreement has been signed.

🔑 Key Points

👀 What You Need to Know

Every deal headline this week came with a contradiction within hours, and oil and equity markets have been whipsawing as a result. The Strait of Hormuz remains largely closed, and analysts estimate over 1.2 billion barrels of oil supply have been disrupted since the war began, meaning energy prices are unlikely to return to pre-war levels quickly even after a deal is reached. Until both sides formally sign an agreement and the Strait reopens, headline-driven volatility in oil and energy stocks is likely to continue.

It was a massive week for earnings with beats across the board but reactions ranging from historic after-hours rips to ugly 20%-plus crashes. Dell and Snowflake were the stories of the week while Zscaler reminded everyone that beating on the headline means nothing if something ugly is buried below it.

Dell $DELL ( ▼ 6.55% ) obliterated estimates by margins that almost never happen at this scale, sending shares up roughly 30% in one of the biggest single-session moves for a company this size.

Salesforce $CRM ( ▼ 1.64% ) posted a record quarter on both lines and despite Q2 guidance coming in light, the stock was +7% this week, leaving shares down roughly 27% YTD.

Costco $COST ( ▼ 0.05% ) delivered another steady beat with broad-based comp strength, though a slight EPS miss against some estimates and a rich valuation left the stock essentially flat on the print.

Snowflake $SNOW ( ▼ 2.42% ) delivered the strongest sequential dollar growth in company history and then added a $6B multi-year AWS deal on top of it. Shares jumped roughly 48% this week.

Zscaler $ZS ( ▼ 3.31% ) beat on both lines and posted a record non-GAAP operating margin, then cratered more than 20% after the CFO cut free cash flow margin guidance by roughly 370 basis points citing surging hardware costs.

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The Federal Reserve's preferred inflation gauge came in hot for April, with prices rising faster than they have in nearly three years, driven largely by a sustained energy shock tied to the U.S.-Iran war. Consumers kept spending despite their paychecks shrinking for the second consecutive month, drawing down savings to cover the gap. The report lands roughly two weeks before the Fed's June meeting, putting pressure on new Chair Kevin Warsh to respond to inflation that is moving in the wrong direction.

🔑 Key Points

👀 What You Need to Know

The April PCE report puts the Fed in a tough spot heading into June, with inflation accelerating while consumer finances are quietly weakening. The saving rate at 2.6% suggests many households are spending beyond their means, a trend that cannot last indefinitely. A single cooler monthly core reading does not signal a turning point, and import prices picked up broadly in April, meaning more pressure could show up in the May and June data.

In this section, we'll be curating a selection of news headlines we think you'll find interesting. If a topic catches your eye, click the provided links to read more about it.

We continue to push out more and more content every week to give investors that edge. Here are the posts Investor’s Edge+ subscribers received this week.

Mondays are for the investors. Every Monday morning we share exactly what we’re watching in the week ahead, how we’re positioning, and even share a sneak peek into our systems and models. This week we discussed we said to expect low volume and potential larger than normal moves, especially on US/Iran deal news. We gave our expectations and how we were playing it, as well as what we expected in the PCE report. See the latest full report here:

This week’s Shallow Dive focused on Toast. The stock is +6% since posting the shallow dive. See our thoughts on the company, our valuation models, price targets for 2026, and quick analysis. You can see the full shallow dive on Discord:

Next week has a handful of key earnings releases, as well as several major jobs reports, but the key catalyst for the market continues to be the US/Iran headlines.

Earnings season is winding down, but there are still several major reports to come. Here is the full calendar of scheduled earnings releases next week:

Overall, 5 of the names we cover are set to report:

Next week focus shifts back to the labor market with NFP, unemployment, ADP, JOLTs, and jobless claims reports all scheduled for release.

We also get key manufacturing and services PMI data for May.

Here is the full calendar of events we will be watching:

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Thank you for reading this edition of the Weekly Wrap-Up. Have a great weekend!

Until next time investors!

Mark & Chris

The Investor’s Edge

This is not investing advice. It is very important that you do your own research and make investments based on your own personal circumstances, preferences, goals and risk tolerance.