Dow Up, D-Wave Quantum Inc Up

The three major indices rose today.

The NASDAQ rose 22.74 points.

The DOW rose 276.31 points.

The S&P 500 rose 12.75 points.

Broad market sentiment appeared positive, with all three major indices closing higher. Investors navigated a complex economic landscape, assessing U.S.-Iran talks and reviewing Federal Reserve minutes that highlighted ongoing inflation concerns. The Fed maintained interest rates at 3.5%-3.75%, signaling expectations for inflation to persist longer. Sector performance showed strength in Information Technology, Materials, and Consumer Discretionary, while the Energy sector experienced a decline. Easing oil prices, which saw Brent crude retreat from an intraday high, helped U.S. stocks erase earlier losses, also contributing to a decline in Treasury yields. Economic data released today included new insights from the U.S. Census Bureau's Business Trends and Outlook Survey regarding artificial intelligence adoption across various businesses. Additionally, housing starts fell by 2.8% in April, though building permits saw a 5.8% increase. The manufacturing sector demonstrated robust health, with the May S&P Global Manufacturing PMI Flash surging to 55.3, marking its highest reading since May 2022. However, the service sector showed signs of weakness, as the S&P Global Service PMI Flash declined to 50.9, and employment in the sector saw its second-fastest pace of decline since May 2020. Consumer Price Index data for April 2026 also revealed significant year-over-year increases in gasoline prices, up 28.4%, and airline fares, which climbed 20.7%, reflecting persistent inflationary pressures, particularly for travel-related expenses.

All this as D-Wave Quantum Inc. (QBTS) shares rose $6.44 to end the day at $25.74 per share. The stock opened at $22.66, reaching a day high of $25.83 and a day low of $21.61 before its final trade. D-Wave Quantum Inc.'s significant price move occurred because the company signed a Letter of Intent for $100 million in proposed funding under the U.S. CHIPS and Science Act. This funding is contingent upon D-Wave issuing $100 million in common stock to the U.S. Department of Commerce upon the execution of final award documents. This development forms part of a broader federal initiative by the Trump administration to support quantum computing firms, reportedly involving $2 billion in investments across the sector.

D-Wave Quantum Inc. expects the developments to significantly accelerate the development and scaling of its annealing and gate-model quantum systems. The proposed funding would support initiatives including the establishment of a new research and development facility in Boca Raton, Florida. The company views the Letter of Intent as a crucial endorsement from the U.S. government, validating its dual-platform quantum computing technologies and their potential to impact the U.S. economy. D-Wave anticipates this investment will expedite the delivery of advanced superconducting quantum computers, including a 100,000-qubit annealing system and a 10,000-qubit gate-model system. These advancements aim to enhance performance for solving complex computational problems in areas such as optimization, materials simulation, blockchain, and artificial intelligence applications.