Dow Jones Hits Record Highs Heading Into Holiday Weekend | Closing Bell

Summary

The Bloomberg Closing Bell team reviews the final trading day before Memorial Day weekend, highlighting record highs in the Dow Jones and broad market gains. Key movers include Qualcomm, Dell Technologies, and quantum computing stocks, while consumer pressure emerges in retail commentary from BJ's Wholesale and gas stations. The discussion also covers rising short-end yields and inflation concerns.

• Dow Jones Industrial Average closes at a record high.
• S&P 500 and Nasdaq also post gains for the week.
• Qualcomm jumps 12% on Stellantis collaboration for AI in cars.
• Dell Technologies hits new record, up 135% year to date.
• Quantum computing stocks rally on US Commerce Department grant news.
• BJ's Wholesale shares fall after consumer pressure comments.
• Short-end Treasury yields rise for fifth straight week, signaling rate hike bets.
• Memorial Day barbecue costs expected to rise, with retailers absorbing some costs.