Seven Weeks. Three New Milestones. One Brutal Friday. The Full Weekly Recap

Seven straight winning weeks. S&P crossed 7,500 for the first time. Dow reclaimed 50,000. Cerebras +68% on IPO day. China pledges to pressure Iran. CPI 3.8%, PPI +1.4% — hottest inflation prints of 2026. Then Friday: S&P -1.24%, Nasdaq -1.54%, semis crash. Full May 11-15 weekly recap inside.
📊 In this video I cover:

00:00 – Intro: Seven Weeks. Three Milestones. One Brutal Friday.
02:00 – Weekly Scorecard: S&P +0.3%, Nasdaq +0.3%, Dow -0.05%, Russell -2%
05:00 – The Week's Defining Theme: AI Carries Everything While Inflation Burns Underneath
08:00 – Monday: ATH Despite Iran Rejection — Market Refuses to Quit
10:30 – Tuesday: CPI 3.8% — 3-Year High — Market Barely Reacts
13:00 – Wednesday: PPI +1.4% — Hottest Since 2022 — Jensen Huang Boards Air Force One
16:00 – Thursday: The Greatest Single Day of 2026 — S&P 7,500, Dow 50K, Cerebras +68%, China Speaks
20:00 – The Cerebras IPO: Opens $350, Closes $311 — $95B Market Cap — What It Means
23:00 – The SpaceX IPO Announcement — The Biggest IPO in History Is Coming
25:30 – The China Breakthrough: Bessent Says China Will Pressure Iran on Hormuz
28:00 – 10 Chinese Firms Cleared for Nvidia H200 — What That Signals
31:00 – Friday: The Reality Check — What Caused the Selloff
34:00 – Trump-Xi Summit Ends: "Fantastic" Deals — But No Binding Agreements
36:30 – Nvidia -4.4%, Micron -6.6%, AMD -5.7%, Intel -6% — The Semiconductor Friday
39:00 – Bill Ackman Builds Stake in Microsoft — MSFT +4% on Friday
41:00 – Dan Niles: "10 of Last 12 Recessions Preceded by Oil Spike" — The Warning
43:30 – Empire State Manufacturing: 19.6 — Highest Since April 2022 — The Bright Spot
45:00 – The Week's Inflation Picture: CPI 3.8%, PPI +1.4%, 10Y at 4.47%
47:30 – Fed Rate Hike Probability: Where Futures Now Stand
49:30 – Starbucks: Third Round of Layoffs — $400M Restructuring Charge
51:00 – The IPO Wave Building: Cerebras, SpaceX, OpenAI, Anthropic — The Timeline
53:00 – NVIDIA MAY 20 — The Setup, The Expectations, The Stakes
56:00 – Bull Case vs Bear Case for the Week Ahead
58:00 – Two Relatable Talking Points for Traders
61:00 – Final Thoughts
📊 WEEKLY SCORECARD
As of market close Friday, the S&P 500 and Nasdaq Composite both finished the week up around 0.3%, while the Dow finished down just 0.05% for the week. That modest weekly gain masked an extraordinary amount of intraweek volatility — the S&P hit an all-time high of 7,517 intraday on Thursday before closing the week at 7,408 on Friday. FinancialContent
Day by day:

Monday: S&P +0.19% to 7,412 — new ATH despite Trump's "TOTALLY UNACCEPTABLE" Iran rejection Sunday night. FinancialContent
Tuesday: CPI +3.8% — 3-year high — Nasdaq -0.71%, S&P -0.16%. CNBC
Wednesday: PPI +1.4% monthly — hottest since March 2022 — but Nasdaq +1.2%, S&P +0.58% to 7,444 as Jensen Huang boards Air Force One to Beijing. CNBC
Thursday: S&P +0.77% to 7,501 — first close above 7,500 ever. Dow +370 to 50,063 — reclaims 50,000. Cerebras IPO soars 68%. China pledges Hormuz pressure. TRADING ECONOMICS
Friday: S&P -1.24% to 7,408. Nasdaq -1.54% to 26,225. Dow -537 to 49,526. Semiconductor selloff — Nvidia -4.4%, Micron -6.6%, AMD -5.7%, Intel -6%. CNBC

🔥 THE WEEK'S INFLATION PICTURE:
Three consecutive hot inflation prints defined the week's economic narrative. CPI at 3.8% Tuesday. PPI at +1.4% monthly Wednesday. And the bond market's verdict: the 10-year yield touched 4.47% — its highest level of 2026 — with the 20-year and 30-year both crossing 5%. The Fed's hawkish dissenters from last week's 8-4 vote are looking increasingly prescient. Traders now see the Fed raising rates for its next move. CNBCCNBC
🚀 THE CEREBRAS IPO — WEEK'S DEFINING CORPORATE EVENT:
Cerebras Systems soared 68% in its Nasdaq debut Thursday, closing at $311.07 after pricing at $185. The stock opened at $350 — nearly double the IPO price — peaked at $386, and closed with a market cap of about $95 billion. The company raised $5.55 billion — the largest US tech IPO since Uber in 2019. Demand exceeded available shares by more than 20 times. Then Friday, Cerebras shed 10% — a classic first-day pop followed by profit-taking, but still finishing its first two days of trading up roughly 50% from IPO price. BloombergCNBC
🌏 THE CHINA SUMMIT — PROGRESS WITHOUT PAPERWORK:
The Trump-Xi Beijing summit was the week's most consequential geopolitical event. Trump departed China after two days of talks with President Xi Jinping, accompanied by 16 top US executives. Trump touted "fantastic" trade deals and said "a lot of different problems" had been resolved, though no major agreements or breakthroughs were formally announced. The concrete positives: China pledged to use its influence with Iran to help reopen the Strait of Hormuz, and the US cleared 10 Chinese firms to buy Nvidia's H200 chips. Xi told assembled CEOs including Musk, Cook, and Huang that China would "open wider." Trump said he has not yet decided whether to move forward with a major arms package for Taiwan after hearing concerns from Xi. Fin

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