The winning streak continued to close out the month of May. All six indices closed higher, extending the rally for the holiday-shortened week.

As FactSet pointed out last week, 94% of S&P 500 companies have reported their earnings result with 84% of those companies beating their expectations.

Inflation remained the key macro story after hotter-than-expected CPI and PPI reports reinforced concerns that price pressures remain sticky.

The S&P 500 gained 2.3%, while the Nasdaq surged 4.5% as AI-driven enthusiasm and strong earnings fueled buying across the tech sector.

As FactSet reported Friday, we are effectively more than halfway through the earnings season as it relates to the S&P 500 Index with 63% having reported.

The Nasdaq Composite resumed its top spot last week, adding 1.5%. The S&P 500 added half a percent with both benchmarks hitting fresh all-time new highs.