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The S&P 500 and Nasdaq Eye Best Month Since Late 2023

Heading into the final trading session of May, the S&P 500 and Nasdaq Composite are poised to mark their strongest monthly gains since November 2023. Through Thursday, the S&P 500 has risen 6.1%, while the Nasdaq is up 9.9%. As the Dow climbs 3.8%, it could be its finest performance since January’s 4.7% increase. These gains followed a reduction in tariffs between the U.S. and China, offering some relief to the markets.

Biggest Movers in the S&P 500

Advancers

Nordson (NDSN) shares soared 6.8% after exceeding sales and profit forecasts. Boosts from recent acquisitions and its Advanced Technology Solutions segment contributed to this success.

Fair Isaac (FICO) saw shares rise 4%, continuing a recovery after criticism from Bill Pulte led to pressure on its stock prices due to concerns about credit assessment costs.

Estée Lauder (EL) gained 3.6%, following a price target boost from Barclays. Analysts expressed confidence in CEO Stéphane de La Faverie’s leadership.

Decliners

HP (HPQ) led decliners, tumbling 8.3% after reporting lower-than-expected profits. The company cited tariff impacts and trimmed its outlook despite price increases to manage costs.

Best Buy (BBY) dropped 7.3% after lowering its guidance due to tariff impacts. The retailer, sourcing heavily from China and Mexico, reported mixed quarterly results.

Arista Networks (ANET) fell 6.9% following concerns as Nvidia competed with its offerings in networking solutions.

Individual Stocks on the Move

HP: A Deeper Dive

HP shares suffered due to missed profit expectations and an outlook cut, citing tariff-induced costs. As a result, the stock has lost a fifth of its value in 2025. Critical support areas rest around $25, $23, and $21.

C3.ai Celebrates Gains

C3.ai (AI) jumped 21% after reporting promising results and renewing a major contract with Baker Hughes. Its revenue from generative AI more than doubled, pushing the stock upwards despite 2025’s earlier losses.

Boeing’s Positive Momentum

Boeing (BA) shares rose more than 3% as aircraft deliveries to China are set to resume next month, providing a potential long-term boon for the U.S. exporter amidst ongoing trade negotiations.

Salesforce’s Struggles

Salesforce (CRM) shares dropped nearly 4% despite exceeding earnings estimates. Analysts remain concerned about macroeconomic headwinds and nascent AI offerings.

Nvidia’s Triumphant Rise

Nvidia (NVDA) experienced a 4% gain, reclaiming the title of the world’s most valuable company with a market cap of $3.44 trillion. The surge followed a robust quarterly report as AI demand soared.

Broader Market Trends

Major Indices and Futures

Futures suggested a positive open for major U.S. stock indexes. The S&P 500, Nasdaq 100, and Dow Jones all saw incremental increases, continuing the upward momentum of the month.

Analyst Insights on Tariff Ruling

Goldman Sachs analyzed a recent court ruling blocking some Trump-era tariffs. While uncertain, this setback for the administration might not drastically alter trade dynamics.