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Afternoon Note

More New Highs

By John Jean, Research Analyst
5/28/2026 1:31 PM

Major indices are higher and near session highs, as investors await further details on the Iran peace negotiations.

Technology (XLK) is leading today's action, with software out in front while hardware and semiconductor names also move higher. Healthcare (XLV) is the runner up and getting a boost from Eli Lilly and Company (LLY) after CVS restored coverage for their Zepbound and Foundayo obesity drug. Additionally, the sector is benefiting from favorable earnings results from Agilent Technologies (A). On the other end of the list, Financials (XLF) are lagging followed by Consumer Staples (XLP).

Quantum Update

Quantum names are seeing strong momentum. Last week, the US government announced investments into 9 players in the space.

This morning, International Business Machines Corporation (IBM) announced plans to invest approximately $10 billion into quantum computing over the next five years in an effort to achieve large scale fault tolerant quantum computers by 2029.

Economic Data

The Q1 GDP growth came in at an annualized 1.6%, up from 0.5% in Q4, but lower than the advance estimates of 2%.

New single family home sales fell 6.2% M/M in April following a 3.4% increase in March.


 

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