Stock Market Live May 15, 2026: S&P 500 (SPY) Deep in the Red
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Over the past year, Dell’s rally has been fueled by surging demand for AI and growing expectations that Dell will remain a major beneficiary of the AI spending boom.
Heading into earnings, analysts expect Dell to report fiscal first-quarter revenue in the mid-$35 billion range, with adjusted earnings per share projected between $2.90 and $3.00. Investors will also be closely watching the company’s guidance for the remainder of the fiscal year.
Analysts at Citigroup raised their price target on Dell to $290 from $235, citing “strong neocloud/sovereign AI demand and improving enterprise mix” as key growth drivers, according to Seeking Alpha.
Analysts at Mizuho Financial Group also boosted their Dell price target, increasing it to $300 from $260. The firm pointed to agentic AI workloads as a durable catalyst for sustained server demand and recurring revenue growth.
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Dell (NYSE: DELL | DELL Price Prediction) is also getting caught up in the pullback this morning.
The good news for the stock – JPMorgan reiterated its buy rating on the tech giant with a price target of $280 ahead of earnings.
“We are expecting Dell to raise its earnings guidance for FY27 (Jan-end) again from the already raised outlook of 25% growth, although more modest in this case, on account of flow-through of the beat in F1Q27 but constrained by supply visibility, which still needs to catch up to the higher demand outlook for AI servers in particular,” said the firm, as quoted by CNBC.
Dell is scheduled to post its first-quarter results on May 28.
After an impressive bullish run, the major indices are coming under pressure. At the moment, the S&P 500 is down about 1.1%, or by 81 points. The SPDR S&P 500 ETF (SPY) is down 1.18%, or by $8.80. The Dow is down 0.8%, or by 400 points.
The Nasdaq is down 1.54%, or by 456 points. Oil is up by $3 at $104.24. Gold is down by nearly $125 at $4,552.51. Part of the reason for this was the fact that the Trump-Xi meeting ended with no major deals. Plus, according to some analysts, the unsustainable move in tech stocks is starting to break down. However, some tech giants, like Microsoft (NASDAQ: MSFT), are moving higher this morning after Bill Ackman’s Pershing Square said it built a position in the MSFT stock after it pulled back and offered an attractive valuation.
“We were able to establish our position at a valuation of 21 times forward earnings, broadly in line with the market multiple and well below Microsoft’s trading average over the last few years,” Ackman wrote, as quoted by CNBC. While Ackman didn’t note the size of his stake in the tech giant, he called it a “core holding.”
Market Movers: Cisco Could See More Upside
Cisco (NASDAQ: CSCO) just posted third-quarter numbers that were better than expected.
For the quarter, Cisco’s EPS of $1.06 was above estimates of $1.04. Revenue of $15.84 billion was also above expectations of $15.56 billion. Moving forward, the company is forecasting fourth-quarter adjusted EPS of $1.16 to $1.18 per share on revenue of $16.7 billion to $16.9 billion. Analysts were looking for fourth-quarter adjusted EPS of $1.07 on revenue of $15.82 billion. Cisco said it has received $5.3 billion in artificial intelligence infrastructure and hyperscaler orders so far this year and raised its expected fiscal-year orders to $9 billion.
While the stock is getting caught up in the pullback this morning, analysts at HSBC still rate the stock a buy with a price target of $137 from $77. “We believe 3Q supports a thesis that Cisco’s AI role is becoming structural and that AI revenue is having a larger financial impact than we had expected,” said the firm, as quoted by CNBC.
Analysts at TD Cowen also reiterated a buy rating on Nvidia with a price target of $275.
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