Argus

•

May 21, 2026

Sector(s)

Technology, Healthcare, Consumer Cyclical

Summary

Stocks saw a nice snapback rally on Wednesday. Crude oil (WTI) was smacked, falling 5.5% to $98.50/barrel, while Brent oil dropped about the same to $105/barrel. That took a lot of pressure off the bond market, as the 10-year Treasury yield declined 9.5 basis points (bps), the 5-year fell 10.5 bps, and the 2-year dropped 8 bps.  So for a day anyway, everything was back to normal. The AI charge reasserted itself, led by semiconductor stocks. MU popped 5%, AMD 8%, ASML 6%, INTC and LRCX 7%, and ARM 15%. The hottest chip names come from the memory and storage areas, and the timing of the Roundhill Memory ETF (DRAM, which began trading 4/2) has been a stroke of genius, so far. Assets under management (AUM) for new ETFs generally are nominal. But money has poured into this ETF, which now has an AUM of about $10 billion. And new funds go right into the stocks in the ETF, making an already hot area sizzle. From its 4/2 close, DRAM had rocketed 98% at its recent high on May 11. Indeed, momentum investing is the great self-fulfilling prophecy: higher prices attract more mone

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