The Daily Wrap – May 11, 2026
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The Daily Wrap – May 11, 2026
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The market was driven by two powerful and opposing narratives: escalating geopolitical tensions in the Middle East sent oil prices soaring and weighed on the housing market, while an investor frenzy over artificial intelligence created a "supercycle" in memory chips, sending stocks like Micron and Intel to new highs. This tech rally was further supported by strong earnings from software company Monday.com and a strategic pivot to AI by stablecoin issuer Circle. Other major corporate news included Inspire Brands filing for an IPO to return Dunkin' to the public market and a speculative rally in biotech stocks like Moderna over hantavirus fears.
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