10AM Hour: Dell Shares Surge, MongoDB CEO, Lead Anthropic Investor 5/29/26

SPEAKER_1 (0:00)

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This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information-packed daily market preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions, and key results and statistics that may impact your trading. Download the latest episode and subscribe at schwab.com/marketupdatepodcast, or find Schwab Market Update wherever you get your podcasts.

Sara Eisen (1:04)

Good Friday morning, welcome to Squawk on the Street. I'm Sara Eisen, the Carl Quintanilla and David Faber. We are live as always from Post 9 of the New York Stock Exchange. Today, Dell shares surging, driven by demand for its Nvidia power servers, plus a new contract with the Pentagon. It all comes after the president said earlier this month, go out and buy a Dell. We'll break down the move with Ben Reitzes, who has raised his price target several times on this name this year. Plus the latest test for the software trade, the CEO of MongoDB with us here at Post 9 on the back of a rise, a beat, and raise on its earnings. We're going to break down the quarter. And then they're the lead investor in the Anthropic $65 billion Series H round, now valued at $965 billion. That's official. Altimeter partner Pauline Yang will be with us as the street awaits what's expected to be one of the biggest IPOs of all time.

But guys today, figured we'd look at the month that was, since it is the last trading day of the month of May. And guess what? It was a great one for stocks. Overall, there's been this narrative in the market that because the war has dragged on and we have not had a resolution, high oil prices would weigh on consumer, would weigh on stocks. And guess what? Another strong month, a 5.5% gains for the S&P 500 Now, since the war began, the S&P 500 is up 10% basically. And then on the oil trade, it's actually been an unraveling of the spike in oil prices that we saw early on in the war, at least for the month, where we saw really sharp declines. Even overnight, WTI traded as low as 87, which is the lowest we've seen since April on hopes of a deal, on the fact that, similarly to kind of how the, remember when tariffs were traded, liberation was traded, it was like worst case scenario all up front, and then things improved over time. That's kind of been how it's been. We're not back down on oil prices to pre-war levels, but we have come substantially down. We have to talk about tech, because that's been the leadership in this market. Information technology, by far the best performing sector.

Here are the winners month to date, and it's pretty astounding, really. I mean, Dell today's star, but look at its 100 percent gain in the month.

David Faber (3:15)

Those numbers, you can't even really comprehend them. 457 percent for the month for Micron. You're not, that's not wrong.

Carl Quintanilla (3:23)

No, that's the price change, 88 percent. Yeah.

Sara Eisen (3:28)

It's pretty incredible, and I think that, look, that- Sorry, thank you.

David Faber (3:31)

That was the points.

Sara Eisen (3:32)

Yeah, those percentage changes, but those are the winners.

Look, it's all happened as yields have risen, which that has been part of the story of the month on inflationary concerns. We can do the 10-year yield for that. But it's this combination of the fact that earnings have been better, the economy has held up better than expected and AI, AI, AI. The investment cycle is alive and well, and it is carrying a lot of these stocks. It's carrying the COSPI. I thought we should throw that up in Korea.

Oliver Renick (4:01)

COSPI has doubled for the year.

Sara Eisen (4:03)

Crazy month-to-date chart there.

Carl Quintanilla (4:05)

We should point out that more sectors are down this month than were up on the S&P. Yeah, it's concentrated. And a great piece in the journal today about labor share of GDP at an all-time low.