Finance

Stronger-than-expected quarterly results from several key companies helped maintain market momentum ahead of the holiday weekend. Zoom Communications surged 15.5%, while Ross Stores and Workday advanced 7.7% and 6.5%, respectively, after reporting profits and revenues that exceeded analyst forecasts. These gains countered slight losses in some mega-cap technology leaders like Nvidia, which fell nearly 2% during the session.

U.S. Treasury yields retreated from recent highs as Kevin Warsh was sworn in as the new Federal Reserve Chair. The 10-year note yield settled around 4.56%, down from earlier peaks, as investors reacted to presidential remarks regarding Fed independence and the possible transition to a more orthodox monetary policy. This easing in bond markets provided a supportive backdrop for the broader equity rally.

Bitcoin and Ethereum maintained a tight trading range on May 22, with Bitcoin hovering between $77,000 and $78,000 despite broader market volatility. While some altcoins saw minor retreats, Bitcoin remained resilient, decoupling from some of the risk-off sentiment that initially pressured other asset classes earlier in the day. Institutional interest remains a primary driver, with spot Bitcoin ETFs continuing to see significant inflows.