An 8-week S&P win streak, Waller calling rate cuts “crazy,” and health care quietly having its best week since November. The rotation nobody’s talking about.

Two facts that should not share a calendar week. The Dow closed at a record 50,579.70 and the S&P 500 booked its eighth straight weekly gain. University of Michigan consumer sentiment fell to a record-low 44.8.

Brent crude is still above $103 with roughly 14 million barrels a day at risk through the Strait of Hormuz, and the new Fed Chair’s own colleague just called rate-cut talk “crazy.” The tape is climbing a wall it has every reason to fall off. The real question is what is holding it up.

The Rundown

Five Things Moving Markets

1. Oil › Brent Holds Above $103 As Hormuz Keeps 14M Bpd At Risk

Brent settled above $103 and WTI held near $96 as the Strait of Hormuz disruption kept roughly 14 million barrels a day of supply in question. This is the macro input feeding everything else right now: inflation expectations, bond volatility, gas near $4.55 a gallon, and the Fed’s room to move. Barclays estimates even a fast reopening leaves global inventories about 20 million barrels below historically tight levels. Energy is the one sector you want long when oil behaves like this.

2. Records › Dow Hits 50,579 As The S&P Logs Its 8th Straight Week

3. Fed › Waller Calls Rate-Cut Talk “Crazy” As Warsh Takes Over

Fed Governor Chris Waller said betting on rate cuts right now is “crazy” with April CPI running at 3.8%, and he said it just as Kevin Warsh was sworn in as the new Fed Chair. Nomura now expects zero cuts in 2026, and market pricing shows a 58% chance of at least one 25 basis-point hike by year-end. The easing trade that powered a lot of this year is getting repriced in real time.

4. AI Infra › Dell +17%, HP +15% As The AI Trade Broadens Past Nvidia

Dell (NYSE:DELL) jumped 17% and HP rose 15% as the AI build-out spilled out of chips and into servers, PCs, networking, and power. Nvidia (NASDAQ:NVDA) hiked its quarterly dividend to $0.25 from $0.01 and added an $80B buyback, but the stock still slipped 2.84% after earnings, a sign the easy money in the obvious name is harder to find. Dell reports May 28, with Wells Fargo looking for $60B to $65B in AI server revenue against a $50B prior guide.

5. Space › SpaceX Files To IPO On The NASDAQ Under $SPCX

SpaceX filed to go public on the NASDAQ under the ticker $SPCX, and the money is already lining up. Blackrock is reportedly eyeing up to $10 billion in the deal, while Starlink alone cleared more than $1 billion in operating profit last quarter. SpaceX now accounts for more than half of all successful orbital launches on the planet. The whole space economy is repricing around it, and most portfolios have almost no exposure to the theme.

Markets close Monday for Memorial Day, then the earnings flood: Salesforce, Marvell, and HP on Wednesday, Costco, Dell, and Okta on Thursday. We’ll have the scorecard.

Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.