Sunday, May 24, 2026

The week of May 18–22 ended with the S&P 500 posting its eighth consecutive winning week (7,408→7,473.47, +0.9%) after NVIDIA delivered the most comprehensive earnings beat of the AI era — $81.62B revenue, $91B Q2 guide, $80B buyback, 25× dividend hike — Samsung averted its 48,000-worker strike with a last-minute tentative deal, Workday surged 10.8% AH on a beat that confounded cautious pre-print consensus, Kevin Warsh was sworn in as Fed Chair pledging a "reform-oriented Federal Reserve," and oil recorded its largest weekly loss since the Iran conflict began as Trump declared nuclear talks "largely negotiated" — a deal that as of Sunday remains unsigned with Hormuz still closed, sticking points on enriched uranium disposal and Strait control, and Israel publicly opposing the emerging framework. Sunday opens with VIX at 16.70, WTI at $96.60 (down 8% on the week), Brent at $103.54 (down 5%), gold up ~0.4%+ on the week (fourth consecutive weekly gain) at $4,523.20, UMich Consumer Sentiment at a record low 44.8, and the Memorial Day weekend providing the backdrop for the most consequential potential announcement of the conflict: a ceasefire that, if signed, would send oil to $80–85 and force wholesale repositioning of every energy and defense position.

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1. Sunday Futures Open (6 PM ET)

Note: Estimates based on Friday May 22 close and weekend developments. Verify live levels before trading. CME halts Monday May 25 at 12:00 PM CT; reopens 5:00 PM CT for Tuesday May 26 trade date.

Oil & Safe Havens — Sunday Opening Bias

What to watch at 6 PM ET: If WTI gaps below $93 on a signed Iran MOU announcement, the ceasefire trade is on — ES likely surges 0.8–1.5%, XLE sells off 5%+. If oil holds $95–97 and ES opens flat-to-up on WDAY/Samsung positive sentiment, the base case (Scenario B) is in force. The VIX below 16.0 signals Memorial Day complacency rather than genuine resolution.

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2. Weekend Developments

Iran Deal: "Largely Negotiated" — Not Yet Signed (May 23–24)

The most consequential weekend development: the US and Iran are on the verge of signing a ceasefire memorandum of understanding that would end the war, reopen the Strait of Hormuz, and launch nuclear negotiations — but as of Sunday morning, no deal has been signed, and Trump stated that "the Blockade will remain in full force and effect until an agreement is reached, certified, and signed."

What is in the emerging deal (Axios, May 24 exclusive):
- 60-day ceasefire during which Hormuz reopens, Iran can sell oil freely, and nuclear program negotiations begin
- Iran commits to never pursuing nuclear weapons and to negotiate suspension of uranium enrichment
- Iran commits to negotiate over the removal of its highly enriched uranium stockpile during the 60-day period (third-party transfer to be determined; Iran's Supreme Leader has ordered it to remain inside Iran, making this a contested point, not a settled term)
- Hormuz: 30-day timeline for shipping to return to pre-war levels
- US lifts the naval blockade and issues sanctions waivers for Iranian oil

Sticking points preventing Sunday signing:
- Hormuz control: Trump said the Strait reopens under the MOU; multiple Iranian media outlets reported Sunday that the Strait would remain under Iranian supervision — a direct contradiction
- Enriched uranium: Iran's Supreme Leader ordered the country's enriched uranium reserves to remain inside Iran — complicating the custody provisions
- Sanctions timing: Disagreement on when US sanctions relief begins relative to Iranian compliance steps

Israel factor: A senior Israeli official stated the emerging agreement is "bad because it signals to the Iranians that they possess a weapon no less effective than a nuclear one, and that is the Strait of Hormuz." Israel views the framework as an economic deal that does not address Israeli security concerns. Israeli opposition is the most significant geopolitical wildcard for the deal's completion.

Market implication: Oil fell 8% (WTI) and 5% (Brent) this week pricing in a deal that has not yet been signed. Each day without a signed MOU is a partial oil-price support; a signed deal is worth an additional $10–17/bbl downside on WTI (from $96 to the $80–85 target range).

Kevin Warsh Sworn In as Fed Chair (May 22)

Warsh was sworn in at the White House on Friday, with Supreme Court Justice Clarence Thomas delivering the oath. His inaugural statement: "I will lead a reform-oriented Federal Reserve." Key lines:

• "Our mandate at the Fed is to promote price stability and maximum employment. When we pursue those aims with wisdom and clarity, independence and resolve — inflation can be lower; growth, stronger; real take-home pay, higher."
• Warsh said he was "not naive" about the challenges facing the US economy
• Stressed the Fed's independence — a direct signal to Trump, who had pressured the institution throughout the Powell transition

Market read: The statement was measured and non-shocking. No explicit rate-hike language; no indication of a June 16–17 FOMC surprise beyond the hawkish April Minutes (already released May 20). The "reform-oriented" framing is a long-term institutional signal, not a near-term rate catalyst. Warsh's first FOMC meeting is June 16–17; blackout begins June 6.

UMich Consumer Sentiment Final May: 44.8 — Record Low (Released May 22)

The University of Michigan's final May reading came in at 44.8 — worse than the preliminary 48.2 and consensus expectation of 49.5. This is the third consecutive monthly decline to a record low.

The 1-year inflation expectation at 4.8% is the highest since 2023. The long-run expectation's jump from 3.5% to 3.9% is significant — it represents the broadest consumer anxiety about structural inflation becoming embedded. The Strait of Hormuz disruption and elevated gasoline prices are the primary cited factors; 57% of consumers spontaneously mentioned that high prices were eroding their personal finances. This reading directly feeds into Warsh's "inflation can be lower" mandate as his first piece of consumer data as Chair.

Samsung Tentative Deal Averts Strike (Late May 20)

Samsung Electronics reached a tentative wage agreement with its union Wednesday evening, May 20 — hours before the 18-day strike was scheduled to begin. The union confirmed suspension of the May 21–June 7 strike plan.

Deal terms (tentative — union vote still required): The agreement addresses the union's core demand: institutionalizing performance bonuses tied to operating profit and removing the cap on bonus payouts (previously 50% of annual salary). The 48,000+ workers (~40% of Samsung Electronics' workforce) will vote on ratification.

Market impact: KOSPI surged +8.42% Thursday May 21 (from ~7,220 to 7,815.59) on this resolution. By Friday May 22, KOSPI had extended to 7,847.71 (+0.41%). HBM and DRAM supply chain risk is materially reduced. SK Hynix and Micron lose the "supply-gap beneficiary" narrative; Samsung regains execution credibility heading into the NVDA-demand upcycle.

Workday Q1 FY2027: +10.8% AH Beat (Reported May 21 AH)

WDAY reported Thursday after close and delivered a decisive beat that confounded the cautious pre-print consensus (29 downward revenue revisions pre-print, multiple PT cuts).

Stock: +10.8% AH Thursday, partially reflected in Friday's Nasdaq +0.2% close. Enterprise SaaS is not dead; the AI disruption narrative (that compressed WDAY pre-print) was premature. Subscription revenue +14.3% YoY. The post-earnings drift window opens Tuesday May 26 for the full gap-fill trade.

SpaceX IPO: Roadshow June 4, Debut June 12 (S-1 Filed May 20)

SpaceX confirmed its IPO roadshow begins June 4, with pricing set for June 11 and a potential Nasdaq debut (ticker: SPCX) as early as June 12. Key data:
- Target raise: $75B (would be largest IPO in history, surpassing Saudi Aramco's $35.4B record); implied valuation $1.75T
- 2025 revenue: $18.7B (+33% YoY); Q1 FY2026 net loss: $4.27B (Starship + Starlink capex)
- Elon Musk retains 85% voting control via Class B super-voting shares
- Retail access: Robinhood, Fidelity, Charles Schwab will have direct IPO allocation access
- If successful, SpaceX SPCX will trigger index-inclusion mechanical demand when it enters Nasdaq-100 and eventually S&P 500 composition

The IPO is not yet investable (roadshow not started). Index inclusion demand on debut will be significant given the $1.75T implied valuation vs. current S&P 500 index weighting thresholds.

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3. Asia Monday Outlook

The Asia-open backdrop on Monday May 25 is the most constructive in four weeks: Samsung strike averted, NVDA blowout absorbed (KOSPI surged 8.42% Thursday), oil declining toward $96 (structural positive for Japan, India, Korea, China as energy importers), WDAY beat reinforces enterprise tech health, and the Iran deal approaching signature removes the tail-risk premium that had suppressed risk appetite across Asia-Pacific. US markets are closed Monday (Memorial Day) — thin conditions mean Asia Monday trade occurs without the normal US anchor.

The dominant Asia Monday theme: Oil's 8% weekly decline is the single most positive development for every major Asian energy importer. Japan's energy import bill, India's fiscal balance, Korea's petrochemical feedstock costs, and China's refinery margins all improve as Brent moves from $109→$103 with a signed deal potentially taking it to $88–93. The Samsung deal re-establishes the KOSPI as a functioning AI infrastructure beneficiary rather than a chip-supply-disruption victim. Nikkei at 63,339 is above its prior 2026 closing high of 62,833.84 (set May 7, 2026) — the AI capex upcycle thesis is the driver.

Nikkei specific: The BoJ's hawkish tone (Koeda May 21: "rate hikes at appropriate pace; core CPI near 2%") and Japan CPI April (released Friday May 22) create two-sided BoJ risk: a higher-than-expected print supports a June or July rate hike, which would push USD/JPY below 158 — a short-term headwind for yen-weak exporters but a structural sign of Japan's nominal recovery. Tokyo Electron and Advantest (the Japan semiconductor equipment bellwethers) read through NVDA's $91B Q2 guide and Samsung's production resumption as the best AI capex confirmation of the cycle.

KOSPI specific: The recovery from 7,493 (May 15) to 7,848 by May 22 (+4.7%) reflects the two most critical Korea risk removals of the month — though the index dipped further to 7,209 on May 20 before the Samsung-driven +8.42% surge on May 21: Samsung strike averted and NVDA blowout confirming HBM demand. The 8,000 level — where KOSPI briefly traded on May 15 before the 6% crash — is the week's psychological target. Samsung's union vote on the tentative deal is the remaining risk; a rejection would bring back strike risk and send KOSPI back below 7,600.

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4. Saturday Weekly Follow-Up

The May 17 Sunday report set up three scenarios for the week of May 18–22. Here is the May 24 scorecard.

Scenario Scorecard (From May 17 Sunday Report)

May 17 Watch Items — Final Status

Weekly Scorecard Summary

5 of 6 major May 17 predictions: CORRECT — The structural macro framework (VIX, FOMC Minutes hawkish, consumer resilience) was accurate. The NVDA magnitude was underestimated (Scenario A, not B). Samsung's last-minute deal and Iran's peace progress were the week's two most positive surprises. The key miss: Samsung strike (Scenario C prediction) and the precise NVDA magnitude above Scenario B's "in-line" framework.

Pattern: The oil and rate calls have improved in directional accuracy. The primary recurring calibration error is underestimating the asymmetric upside from AI capex beats — NVDA's beats have consistently exceeded even "blowout" scenario predictions. Apply a "NVDA blowout multiplier" to AI infrastructure names for future scenarios.

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5. Commodities

Oil context: The 8% WTI weekly decline represents the market front-running an Iran deal that has not yet been signed. The key insight: Hormuz remains physically closed at 3–5 ships/day vs. 120–140 normal — even with a signed MOU, the 30-day timeline to full shipping restoration means $96 WTI today does not reflect the $80–85 equilibrium; it reflects "deal optimism with execution discount." If the deal collapses on Hormuz control or uranium custody, WTI snaps back to $105–110 within 48 hours. The risk is now asymmetric to the downside if signed; symmetrically catastrophic if it falls apart.

Gold divergence update: Gold's relative outperformance (+0.4%+ on the week — its fourth consecutive weekly gain — vs. WTI −8%) confirms the structural insight from May 17: gold is no longer acting as a pure war hedge. The 10Y yield falling from 4.65%→4.57% partially supports gold via real-rate relief. A signed Iran deal that sends WTI to $85 would push real yields toward 4.3–4.4% (lower energy CPI) — net neutral-to-slightly-positive for gold depending on the risk-on sentiment switch. The war-premium component of gold ($200–300/oz estimated) would unwind; the real-rate support would partially offset.

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6. Monday Calendar

US Markets Closed — Memorial Day, Monday May 25, 2026

US equity markets (NYSE, Nasdaq), bond markets, and most US exchanges are closed Monday May 25. CME equity index futures (ES, NQ, YM, RTY) trade Sunday May 24 through approximately 12:00 PM CT Monday May 25, then reopen at 5:00 PM CT Monday for Tuesday May 26 trade date. Verify exact CME holiday hours at CME Group directly.

Asia Markets — Open Normally Monday May 25

What could move markets Monday despite US closure:
1. Iran deal signed: If the MOU is announced Sunday evening or early Monday, Asia futures and oil markets immediately react — WTI −8–12%, Asia equities +1–2%, XLE would gap lower at Tuesday US open
2. Samsung union vote: If the union rejects the tentative deal and reinstates the strike notice, KOSPI −3–5% Monday
3. BoJ reaction to Japan CPI April: If April CPI (released Friday May 22) came in above 2.5% (hawkish), Monday yen strengthening pushes USD/JPY toward 156–157, adding Nikkei headwind

No US macro releases Monday. No Fed speakers. The primary Monday risk is geopolitical (Iran MOU) or corporate (Samsung union vote).

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7. Week Ahead

The shortened week of May 26–29 (Tuesday–Friday; US reopens after Memorial Day) is defined by three catalysts: the Core PCE April release Thursday May 28 (the Fed's primary inflation measure and the last major data point before the June 16–17 FOMC), a dual AI earnings event Wednesday May 27 (Marvell's custom ASIC AI data center read and Salesforce's AI monetization check), and the Iran deal's binary resolution — which could arrive any day and would be the most market-moving event since the NVDA earnings report.

Core PCE April context: This is the single most consequential data release between now and the June 16–17 FOMC. Warsh has just been sworn in; the April minutes confirmed 4 hawkish dissents; the FOMC dot plot in June will reflect Warsh's first policy input. If April Core PCE comes in above 3.0%, the market will be forced to price a June discussion of rate hikes — compressing risk assets precisely when the Iran deal (if signed) is providing relief. The oil decline (-8% WTI on the week) is the most important PCE tailwind: energy PCE feeds into headline PCE, and lower energy prices retroactively lower the April CPI pathway that feeds into PCE calculation. A ~3.2% Core PCE is the consensus given tariff pass-through and sticky services inflation; the oil-driven energy PCE tailwind (WTI −8% on the week) may keep the final print at or below consensus, but shelter inflation and tariff-driven goods inflation create upside risk.

MRVL/CRM context: Marvell reports its custom ASIC AI data center business for the first time post-NVDA's $91B Q2 guide. If MRVL confirms that custom ASIC demand from Amazon (Trainium2) is accelerating and provides updates on its active negotiations with Google for TPU-adjacent chip work (no contract signed as of April 2026), it validates the "AI infrastructure is not a one-vendor cycle" thesis — positive for the entire AI infra ecosystem. Salesforce's AI agent monetization disclosure is the enterprise software equivalent of NVDA's guidance: if CRM is pricing AI agents at $50–100/seat above baseline, it suggests enterprise AI is generating real revenue, not pilot projects. A miss on NRR or agent attach rates would extend the WDAY-cautious sentiment into SaaS broadly.

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8. Strategy Signals

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9. Scenario A / Scenario B / Scenario C

Scenario A: Iran MOU Signed This Week — Oil Crash + De-escalation Rally (20%)

Iran and the US sign the MOU by Wednesday May 28. Hormuz begins reopening under a 30-day timeline; mines cleared by late June. WTI crashes to $80–86 (-16–21% from Friday close); Brent to $88–93. S&P 500 surges 1.5–2.5% on de-escalation (fuel cost relief for airlines, industrials, consumer discretionary; energy sector rotation out). Core PCE Thursday comes in at 2.5–2.7% (oil-input relief reflected in April data) — FOMC June hold confirmed.

What changes: warflation_hedge rapidly exits energy sleeve. geopolitical_crisis exits defense positions. global_airlines_travel surges on fuel cost relief — jet fuel follows WTI lower. oil_down_tech_up activates — lower energy cost = higher tech multiple environment. defensive_rotation partially reverses (lower inflation expectation = lower "safety" need). Gold faces dual headwinds: lower inflation expectations + risk-on unwinding of safe-haven positions = $4,400–4,450 target. Bitcoin likely rallies on risk-on surge. momentum re-ignites — 9th weekly win.

Scenario B: Deal Imminent But Unsigned — Soft Oil, Markets Grind Higher (55% — Base Case)

Iran deal remains "in progress" through the week. Sticking points (Hormuz control language, uranium custody, Israeli opposition) prevent signing before Friday May 29. Oil stays soft but not crashing: WTI $90–97, Brent $98–105 (deal priced in but execution discount held). Core PCE Thursday prints 2.6–2.8% (consensus) — June FOMC hold confirmed; 10Y falls to 4.50–4.55%. MRVL and CRM both beat Thursday's bars (AI capex confirmation continues). S&P 500 grinds to 7,480–7,560 (ninth consecutive winning week in progress). VIX stays 15–17. Memorial Day week light volume amplifies any directional move but mutes the overall range.

What to do: Hold AI infrastructure positions through MRVL/CRM Wed. ai_mega_ecosystem fully active. insider_buying_real MP Materials entry zone $55–58. earnings_surprise_drift WDAY Tuesday drift entry. bond_duration_trade waits for Core PCE Thursday before sizing. warflation_hedge holds with stops, no new adds. buyback_yield_systematic — BSX June 30 deadline creates daily mechanical bid regardless of macro.

Scenario C: Core PCE Shock OR Iran Deal Collapse (25%)

Either Core PCE April prints > 3.0% Thursday May 28 (shelter + goods inflation outrun oil decline; UMich long-run inflation expectations at 3.9% signaling embedded inflation), or Iran deal negotiations collapse on Hormuz control (Iran insisting on Iranian supervision = Trump cancels MOU, restores blockade). Either event reprices June 16–17 FOMC from "hold" to "hike watch." 10Y spikes back above 4.65–4.70%. If Iran collapses: Brent surges to $112–118 (above the May 15 high); VIX spikes above 20. S&P 500 drops 2.5–3.5% from Friday close (to ~7,210–7,287).

What changes: vix_spike_buyback triggers at VIX 20+ — the contrarian buy-the-spike entry. bond_duration_trade maximum structural short — 10Y toward 4.75%. warflation_hedge re-activates fully if Iran collapses — oil back above $108 Brent. geopolitical_crisis fully active — defense and energy slate. momentum_crash_hedge activates — 8-week winning streak is the breakable trend. Reduce AI-growth and long-duration exposure. treasury_safe only if panic exceeds inflation fear (flight-to-quality bid in bonds). gold_bug surges if Iran collapses (war premium + inflation premium simultaneously); faces headwind if Core PCE shock (higher real rates = gold ceiling). Net gold +1–3% on Iran collapse; net gold flat-to-negative on pure PCE shock.

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The Week Ahead in One Paragraph

Sunday opens from a week that produced the S&P 500's eighth consecutive winning week — a streak that survived NVIDIA delivering the most comprehensive AI earnings beat of the era ($81.62B revenue, $91B Q2 guide, $80B buyback, 25× dividend hike), Samsung averting its 48,000-worker strike with a last-minute tentative deal, Workday's +10.8% AH surge on an earnings print that confounded 29 bearish pre-print revisions, Kevin Warsh's swearing-in as a "reform-oriented" Fed Chair, and University of Michigan consumer sentiment falling to a record low of 44.8 with long-run inflation expectations jumping to 3.9% — as the week's most consequential story unfolds in the weekend silence: Iran and the US are "largely" done negotiating a deal that would reopen the Strait of Hormuz and end the war, but as of Sunday, the Blockade remains in full force, sticking points on Hormuz control language and uranium custody have not been resolved, and Israel is publicly opposing the emerging framework.The week of May 26–29 is a shortened holiday week (US reopens Tuesday) anchored by a binary trio of data releases: Core PCE April on Thursday May 28 — the Fed's primary inflation target measure and the last major macro input before Warsh's June 16–17 FOMC debut — where a print above 3.0% would force a June hike discussion and a print below 2.6% would confirm a hold, with the oil-driven energy PCE tailwind (WTI down 8% on the week) the most important input to the calculation; Marvell's custom-ASIC AI data center earnings Wednesday confirming or questioning whether the AI capex cycle has legs beyond NVIDIA; and Salesforce's AI agent monetization disclosures that will tell the market whether enterprise AI is generating real seat-level revenue or remains in pilot limbo.The Iran deal is the event that no calendar can schedule — if the MOU is signed before Thursday's Core PCE release, the market faces a simultaneous oil crash ($80–85 WTI target) and inflation-expectation relief, a combination that sends S&P 500 to 7,550+ and forces a wholesale reallocation out of energy and defense; if the deal collapses on Hormuz control language, oil snaps back to $110+ Brent and the prior week's entire bull narrative reverses in 48 hours.Asia Monday opens with Nikkei at 63,339 (above its prior 2026 high), KOSPI recovering to 7,848 on Samsung's last-minute deal, oil at $96 WTI versus ~$102 WTI just nine days ago (Brent at $103 versus ~$111 intraday peak), and the structural tailwind that Brent below $105 provides to every major Asian energy importer — Japan, India, Korea, China — making this the best macro backdrop for Asian equities since before the Hormuz crisis, provided the deal does not collapse over the Israeli objection and uranium custody dispute that remain the Sunday morning sticking points.The strategic framework entering the week is built around two asymmetric positions: warflation_hedge holds with tightened stops and no new adds — the directional oil trade is largely complete; and ai_mega_ecosystem remains fully active through MRVL and CRM this week — two sequential capex-cycle confirmations after NVDA's blowout, with the buyback_yield_systematic NVDA $80B authorization providing the largest mechanical bid in the market as the underlying gravitational floor for every AI-infrastructure name through 2026.

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Sources

• Stock Market Today May 22, 2026: Dow rises 294 points to set new record high — TheStreet
• Dow adds nearly 300 points Friday for new record close; S&P 500 notches eighth winning week — CNBC
• Trump: Deal with Iran is 'largely negotiated' — NPR (May 23, 2026)
• Trump says Iran deal reopening Strait of Hormuz 'largely negotiated,' will be announced soon — CNBC (May 23, 2026)
• Exclusive: What's inside the Iran deal Trump is close to signing — Axios (May 24, 2026)
• Details emerge of a potential Iran deal as US cites progress — The Washington Post (May 24, 2026)
• What's in the proposed deal that could end the US-Iran conflict? — CNN (May 24, 2026)
• 2026 Iran war ceasefire — Wikipedia (ongoing)
• Kevin Warsh sworn in as Fed chair: 'I will lead reform-oriented Federal Reserve' — CNBC (May 22, 2026)
• Kevin Warsh sworn in as Fed chair at pivotal moment for US economy — CNN Business (May 22, 2026)
• Kevin Warsh sworn in as Fed chair facing inflation, political pressure — Washington Post (May 22, 2026)
• UMich May final consumer sentiment 44.8 vs 48.2 expected — InvestingLive (May 22, 2026)
• Consumer Sentiment Sinks to Record Low as Cost of Living Concerns Intensify — Advisor Perspectives/dshort (May 22, 2026)
• Samsung Union Suspends Strike, Reaches Tentative Deal — Bloomberg (May 20, 2026)
• Samsung reaches 11th-hour deal with union to avoid strike — The Japan Times (May 21, 2026)
• Workday (WDAY) Q1 FY2027 Earnings: Non-GAAP EPS $2.66 vs $2.49 est; Revenue $2.542B vs $2.517B est — GuruFocus
• WORKDAY ($WDAY) Releases Q1 2027 Earnings, Stock Rises — Quiver Quantitative
• Workday (NASDAQ:WDAY) Shares Jump 10.8% on Q1 Earnings Beat — ChartMill (May 21, 2026)
• SpaceX IPO: Live updates — CNBC (May 20, 2026)
• Retail investors get direct access to SpaceX IPO through major brokerage platforms — CNBC (May 21, 2026)
• Blast Off: SpaceX finally files IPO prospectus — Fortune (May 20, 2026)
• Oil prices post weekly loss as US and Iran signal progress toward a deal — CNBC (May 22, 2026)
• Crude Oil Price Holds Above $96 as Iran Peace Deal Remains Elusive — Foreign Policy Journal (May 23, 2026)
• Asia-Pacific markets: Brent, Nikkei 225, Kospi, Hang Seng — CNBC (May 22, 2026)
• Earnings Calendar and Analysis for This Week (May 25–29) — Kiplinger
• GDP Q1 2026 second estimate / PCE schedule — Federal Reserve Bank of New York Economic Calendar
• US-Israel war on Iran: Has the US accepted Iran's demand to settle Hormuz first? — Al Jazeera
• Memorial Day 2026 Futures Trading Hours — Ironbeam
• CME Group Holiday and Trading Hours

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