Wall Street ended Thursday in the red as investors grew cautious heading into the long Memorial Day weekend, with thin trading volumes amplifying modest selling pressure. The S&P 500 slipped to 5,821, the Nasdaq dropped to 18,620, and the Dow settled at 42,340 — all finishing lower but well off session lows. Bond markets were the real story, as the 10-year Treasury yield climbed back above 4.6%, reminding equity investors that the Federal Reserve's rate-cut timeline remains frustratingly uncertain.
The bright spot of the session was Salesforce (CRM), which surged 4.1% after delivering a strong quarterly earnings beat. The enterprise software giant credited its AI assistant tools — embedded across its core CRM products — for a meaningful uptick in subscription renewals and new enterprise deals. It was a welcome signal that corporate IT spending isn't completely frozen, even in a higher-rate environment.
On the downside, Intel (INTC) declined 3.6% after analysts at a major investment bank trimmed their price target and flagged worsening competitive dynamics in the data center market, where AMD and Nvidia continue to erode Intel's traditional stronghold. The note raised fresh questions about Intel's turnaround timeline.
With markets closed Friday for Memorial Day, today's session marked the effective end of the trading week. Investors will return Tuesday with fresh eyes on June's rate outlook, a batch of manufacturing data, and whether AI earnings momentum can continue carrying the broader tech sector.