S&P 500 Climbs to 7,580 as Summer Rally Outlook Turns Mixed

The S&P 500 closed at 7,580.06 on May 31, up 0.22% and nearly 10% year-to-date, as investors weigh strong first-quarter results against valuation and inflation risks. Earnings season delivered broad beats, with 84% of firms topping EPS estimates and AI leaders like Nvidia reporting 85% revenue growth to $81.6 billion while guiding for ~95% growth next quarter. Consumer resilience from Walmart and Costco supported gains, yet Nvidia shares fell about 4% post-earnings and concerns over an AI bubble and potential Fed leadership changes now temper the forward outlook despite $700 billion in planned infrastructure spending.