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Stock prices hit fresh highs as eBay jumps and NVIDIA hits a record high, but Boeing declines on mixed China signals

May 19, 2026

This Week

The Middle East, especially any further developments around Iran and the Strait of Hormuz, is expected to be the primary focus, as President Trump is set to hold a top-level Situation Room Meeting on Tuesday.

Energy markets remain sensitive to signs of escalation, amid speculation that the US might resume its military campaign against Iran. Investors are also assessing the success of President Trump’s China visit, particularly after the discussion of China’s Boeing order and the impact on US-China trade. After last week’s stronger than expected CPI and PPI data, there will also be attention on whether inflation will impact growth and additionally affect the Fed’s decisions on interest rates. In the earnings season, NVIDIA, which hit a fresh record high last week, is set to post its results on May 20th.

Stocks

eBay

eBay surged 7.89% last week, ending the period at a record high as markets reacted positively to the company’s rejection of GameStop’s $56 billion takeover proposal. Markets largely viewed the decision positively due to concerns that GameStop didn’t have the capital to complete such a deal. The move added to recent upwards momentum following eBay’s above expectations late-April earnings report, upbeat second-quarter revenue guidance, buybacks, and ongoing marketplace improvements. Citibank cited those results when the investment bank upgraded eBay’s price target midweek.

Boeing

Boeing fell 7.28%, with the airliner stock pulling back even as investors digested major headlines around a long-awaited China order. President Trump was reported as saying China had agreed to buy 200 Boeing jets, with the order potentially rising to as many as 750. However, previous reports suggested Boeing expected an initial 500 jet order, and Boeing shares came under pressure because the number was smaller than analysts had expected. In late April, Morgan Stanley upgraded its price forecast for the company.

Commodities

Crude Oil

Crude oil prices jumped 6.75% last week, rebounding strongly into Friday as traders expected tensions between the US and Iran to rise in the coming days, with the possibility of the conflict restarting. Concerns that the Iran conflict will continue to disrupt flows through the Strait of Hormuz lifted prices higher towards the end of the week. Tighter inventories and the beginning of the driving season mean oil prices could be pressured higher if tensions escalate in the coming days.

Gold

Gold prices dropped 3.73% over the week, giving back some of their recent gains after hitting multi-week highs. The move came after US inflation came in higher than expected, making gold less attractive, since it doesn’t pay any interest. A stronger dollar didn’t help either, adding extra pressure as rate expectations shifted higher again. There was still some support from geopolitical uncertainty, but not enough to offset the US-China summit and a firmer dollar.

Gasoline

Gasoline prices jumped 5.16%, making it one of the strongest movers of the week. The rally was driven by a combination of falling US gasoline inventories, refinery disruptions, and the approach of the summer driving season. Supply concerns due to the Iran conflict, along with stronger crude prices, added further support and kept refined products well bid through the week.

EUR/USD

EUR/USD fell 1.36% last week, extending the dollar’s rebound. The pair came under pressure as stronger US inflation data supported the view that the Federal Reserve may need to keep policy tighter for longer, while energy-driven uncertainty also favoured the dollar over the euro. The euro was also restrained by the contrast with the ECB’s steadier policy stance, leaving EUR/USD declining firmly over the week.

Recap

Last week, the S&P 500 rose around 0.1%, the Nasdaq slipped about 0.1%, and the Dow Jones fell roughly 0.2%, as markets lost momentum after hitting new record highs and investors reacted to higher-than-expected inflation data and rising oil prices. Investors weighed positive earnings, and the focus was mostly upbeat due to expectations that the US-China summit might produce benefits for US companies. Crude oil moved higher as concerns mounted over tensions in the Middle East, while gold fell as stronger inflation data negatively impacted sentiment. Silver also fell, while platinum and palladium came under pressure as precious metals retreated on inflation fears.