Stocks Close Near Record Highs as Snowflake Surges on Strong Earnings and Amazon Deal
By
Emma Newbery
Toasted to a respectable shade. No regrets, no crumbs left.
Summary
U.S. stocks reversed early losses to close near record highs on May 28, 2026, despite hotter-than-expected PCE inflation data. The S&P 500 rose 0.58%, the Nasdaq gained 0.91%, and the Dow edged up 0.05%. Snowflake surged 36% following strong Q1 results and a $6 billion deal with Amazon, leading tech stocks higher. Microsoft also climbed on analyst optimism and plans to build in-house AI models, while Salesforce dipped on concerns over heavy AI spending despite solid earnings. Photronics plunged on weak results and outlook.
Key quotes
· 5 pulledSnowflake jumped 36% after strong Q1 results and a $6 billion Amazon deal
Salesforce dipped despite yesterday's solid earnings on concern over heavy AI spending
Photronics plunged on weak results and outlook
Microsoft climbed on analyst optimism and plans to build in‑house AI models
The S&P 500 rose 0.58% to 7,563.63, the Nasdaq Composite gained 0.91% to 26,917.47 as stocks reversed early losses to close near record highs despite hotter PCE inflation
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