Markets ripped to new all-time highs last week as the U.S. and Iran closed in on a nuclear deal, $AMD gapped up on a beat-and-raise quarter, and memory stocks surged with $SNDK posting +16% on Friday alone. Easing war fears sent oil futures lower, pulling energy ($XLE) down with it. Semiconductors ($SMH) and tech ($XLK) led the broad move higher, with software ($IGV) printing its fourth consecutive green weekly candle. In other news:
Looking ahead, inflation is front and center with both CPI and PPI on the calendar. Earnings season rolls on with $HIMS, $OKLO, and $AMAT all on deck. With the indexes at all-time highs and the Iran deal still unsigned, let’s see how the charts are setting up.
Weekly Analysis
SPY (SPDR S&P 500)
$SPY closed the week higher at $737.62 (+2.36%), putting in yet another new all-time high. The GoNoGo TrendPro Go signal has been on the money for five straight weeks now, with price grinding higher the entire way. The 1.618 Fibonacci extension sits just overhead at $740.20. Does price stall here, or is this just another level to chew through?
QQQ (Invesco QQQ Trust)
$QQQ ripped to a new all-time high, closing at $711.23 (+5.50%), and slicing clean through the 1.618 Fibonacci extension at $687.32. The GoNoGo TrendPro briefly flashed a NoGo before snapping straight back to Go, and traders who were nimble got paid. With candles now printing the most bullish bright blue, the 2.618 extension at $768.73 is the next level on the map.
IWM (iShares Russell 2000)
$IWM lagged on the week, closing at $284.17 (+1.75%), though the GoNoGo TrendPro has held a continuous Go signal since August 2025 with no signs of letting up. Unlike $SPY and $QQQ, small-caps have yet to reach their 1.618 Fibonacci extension, leaving more runway ahead. As long as price holds above the 9/21 EMA cloud, this trend gives bears nothing to work with.
Earnings
Notable Results
PLTR (Palantir Technologies)
- EPS: $0.33 vs $0.27 est
- REV: $1.63B vs $1.54B est
NVO (Novo Nordisk)
- EPS: $1.04 vs $0.87 est
- REV: $15.17B vs $11.13B est
CVS (CVS Health)
- EPS: $2.57 vs $2.21 est
- REV: $100.42B vs $94.88B est
SHOP (Shopify Inc.)
- EPS: $0.36 vs $0.31 est
- REV: $3.17B vs $3.08B est
SHEL (Shell PLC)
- EPS: $2.44 vs $2.13 est
- REV: $69.69B vs $80.94B est
ARM (Arm Holdings)
- EPS: $0.60 vs $0.54 est
- REV: $1.49B vs $1.47B est
ANET (Arista Networks)
- EPS: $0.87 vs $0.79 est
- REV: $2.70B vs $2.61B est
AMD (Advanced Micro Devices)
- EPS: $1.37 vs $1.25 est
- REV: $10.25B vs $9.90B est
DUK (Duke Energy)
- EPS: $1.93 vs $1.79 est
- REV: $9.17B vs $8.47B est
BUD (Anheuser-Busch InBev)
- EPS: $0.97 vs $0.91 est
- REV: $15.26B vs $14.68B est
GILD (Gilead Sciences)
- EPS: $2.03 vs $1.91 est
- REV: $6.96B vs $6.91B est
DIS (Walt Disney Co.)
- EPS: $1.57 vs $1.49 est
- REV: $25.16B vs $24.87B est
PFE (Pfizer Inc.)
- EPS: $0.75 vs $0.72 est
- REV: $14.45B vs $13.80B est
APP (AppLovin Corp.)
- EPS: $3.56 vs $3.44 est
- REV: $1.84B vs $1.77B est
MCD (McDonald’s Corp.)
- EPS: $2.83 vs $2.74 est
- REV: $6.51B vs $6.47B est
ENB (Enbridge Inc.)
- EPS: $0.71 vs $0.69 est
- REV: $16.30B vs $12.82B est
UBER (Uber Technologies)
- EPS: $0.72 vs $0.70 est
- REV: $13.20B vs $13.26B est
HSBC (HSBC Holdings)
- EPS: $2.20 vs $2.17 est
- REV: $18.62B vs $18.54B est
MCK (McKesson Corp.)
- EPS: $11.69 vs $11.57 est
- REV: $96.29B vs $101.49B est
SONY (Sony Group)
- EPS: $0.09 vs $0.14 est
- REV: $19.36B vs $17.99B est
What’s Happening Now
NVDA Nvidia
Even as the SP500 continues to chart all-time highs, market breadth is surprisingly weak. Most components, such as MSFT, META, and TSLA, are down more than 10% from their previous peaks and the equal-weight RSP index is nearly flat since before the U.S.-Iran conflict began. However, the three largest companies NVDA, GOOG, AAPL have all hit new records, buoying the index and pushing Nvidia above a historic $5T valuation (trailed closely by Google at $4.8T).
INTC Intel
Semiconductors are seeing a historic meltup, led by Intel which gained additional momentum after the WSJ reported its preliminary deal to manufacture chips for Apple. AMD also surged after a blowout earnings report while projecting the CPU market to reach $120 billion by 2030. Across the broader sector, Sidekick Deep Research notes export controls as a key risk. Next week is pivotal, as Nvidia’s CEO will reportedly join Trump on a trade-focused trip to China.
GME Gamestop
GameStop has proposed a massive $55.5 billion cash-and-stock acquisition of eBay, sending EBAY surging while GME fell. The deal has faced skepticism after a strange CNBC interview where GameStop CEO Ryan Cohen struggled to explain how the offer, backed only by a “highly confident” $20 billion debt note, would be fully funded. Following the controversial bid, famed short-seller Michael Burry reportedly exited his GME position and the stock is down nearly 10%.
Believe it or not, this is just a fraction of what happened in the markets last week. For a full rundown delivered straight to your inbox every weekend, sign up for The Official Trendspider Newsletter!
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