Well, if you decided to sell in May and go away, you might have some FOMO after week one.
The SPDR S&P 500 ETF (SPY) is already up more than 2% so far on the month, compared to its average May return of 0.58% since 2010. Looking back at very recent history, SPY has far outpaced its typical May performance by surging 6% in 2025 and 5% in 2024, so we may yet have some upside left to go here before it’s all said and done.
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Before tomorrow’s new livestream of Market on Close, here’s a quick catch-up on some of the movers & headline stocks I’m watching this week.
Corning (GLW), one of my pick-and-shovel AI plays, popped on a deal with Nvidia (NVDA).
First Solar (FSLR) finally triggered its TTM Squeeze, and looks set to test $242.
First Solar is in squeeze mode. Jazz Pharma (JAZZ), my drug play that could benefit from loosened cannabis regulations in support of clinical research, had a monster earnings report and continues to rip. JAZZ, to me, looks like one of the few positives in the rather depressing healthcare space right now.
Refiners like Philips 66 (PSX) recently suffered from "throwing the baby out with the bathwater" syndrome on headlines related to Iran ceasefire/peace talks.
Don't be short-sighted on US refiners like PSX. However, the crude oil supply chain is still effectively closed and deeply, fundamentally damaged, and Wall Street is totally missing the fact that US refiners will be running full balls-out for the next year.
Joby Aviation (JOBY) just demonstrated its first EVTOL flights from JFK to Manhattan in 7 minutes, which is projected to cost in the range of $150-$200 – competitive with an Uber Black ride, but taking only a fraction of the time.
JOBY is looking to close the week back above $10. Joby is targeting the launch of service as soon as the second half of this year, pending FAA certification, which means we’re finally headed for flying cars – the next George Jetson technology to come to life.
Disclosure: I own or have options on FSLR, JAZZ, and PSX.
– John Rowland, CMT, is Barchart’s Senior Market Strategist and host of Market on Close.
On the date of publication, Barchart Insights did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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