Finance

Shares of IBM and several smaller quantum computing firms surged after the U.S. Department of Commerce announced a $1 billion CHIPS and Science Act award for a new quantum chip foundry. This government backing sparked a broader sector rally, with companies like D-Wave Quantum and Rigetti Computing seeing gains of over 25%.

Walmart shares suffered their steepest one-day decline since late 2023, falling over 7% after the retailer issued a cautious profit forecast citing consumer spending headwinds from inflation. Meanwhile, Nvidia shares dipped nearly 2% despite exceeding earnings expectations, as investors engaged in profit-taking following the stock's significant year-to-date run.

The 30-year Treasury yield surpassed 5.2% for the first time since 2007, driven by persistent inflation concerns and a shift in market expectations toward a more hawkish Federal Reserve. These rising yields have trickled down to the housing market, where the average 30-year fixed mortgage rate reached 6.63% on May 21, 2026.