Wall Street’s main indexes closed more than 1% higher on ​Wednesday, bouncing back from a three-day selloff with a boost in sentiment from technology and chip stocks, which rose ahead of Nvidia’s quarterly results.

Investors will look to the latest report from Nvidia , the leading artificial intelligence chipmaker and the world’s most highly valued company, for reassurance that the appetite for spending on AI remains ‌strong enough to ⁠support lofty valuations ⁠across the technology sector.

The Philadelphia SE Semiconductor index rallied sharply ahead of the report with big gainers including Astera Labs and ARM Holdings.

“Technology is driving the bus again ​today, and the AI theme. We’ve swapped back from yesterday’s concerns about rising rates and potential inflation and are leaning more into the all-things-AI story,” said ​Carol Schleif, chief market strategist at BMO Private Wealth in Minneapolis. “It’s actually a little bit unusual because you would expect the market to sit pretty quiet waiting for Nvidia’s results later today. But there’s clearly a lot of optimism.”

The lack of a resolution to the U.S.-Israeli war ​on Iran had sent U.S. indexes lower in the last three days as investors worried ⁠that elevated oil ‌prices would boost inflation enough to lead the Federal Reserve to raise interest rates.

On Wednesday, Iran’s foreign ​ministry spokesperson said the exchange ​of messages between Iran and the U.S. has continued. President Donald Trump said negotiations with Iran were ⁠in the final stages and that the U.S. may have to attack Iran even harder ​but would wait and see if they can reach a deal.
While investors are still ​monitoring fluctuating energy prices and inflation, Schleif said “they really want to look beyond what’s going on in the Middle East” and focus on the potential of AI.Also supporting stocks, the benchmark 10-year Treasury yield eased on Wednesday after rising for three straight days and touching a 16-month high.

According to preliminary data, the S&P 500 gained 79.06 points, or 1.08%, to end at 7,432.67 points, while the Nasdaq Composite gained 398.33 points, or 1.54%, to 26,269.04. The Dow Jones Industrial Average rose 647.44 points, or 1.31%, to 50,011.32.

Stocks gradually added to gains following the release ‌of minutes from the Federal Reserve’s last meeting, which showed more officials saying the central bank should lay the groundwork for a possible rate hike. Bets for a Fed rate hike in December were choppy after the meeting and ​recently showing a 36.8% probability, ​down from 42% on Tuesday, according ⁠to the latest data from CME Group’s FedWatch tool.

Citing uncertainty around issues such as oil prices, tariffs and AI, Brian Jacobsen, chief economic strategist at Annex Wealth Management, said after the minutes that “it’s hard to take any of their forward guidance as more than just ​mere guesswork.”

Among the 11 major S&P 500 sectors, big gainers included consumer discretionary and technology. On the flip side, energy dropped with oil prices.

Consumer staples slipped with pressure from Target . Shares in the retailer declined after it warned of a challenging macroeconomic backdrop even as it doubled its annual sales growth forecast.

Falling oil prices boosted sentiment around airline stocks with Delta Air Lines, United Airlines, Southwest Airlines and Alaska Air advancing.

Intuit shares declined after Reuters, citing an internal memo, reported that the company is laying off about 3,000 employees.

NEW YORK — Xanadu Quantum Technologies Limited shares rose 1.36 dollars, or 11.64 percent, to $13.08 in morning trading on Wednesday, May 20, 2026, as investor interest in photonic quantum computing continued amid broader sector enthusiasm.

The Canadian company, which became the first pure-play photonic quantum computing firm to list publicly earlier in 2026 through a SPAC merger with Crane Harbor Acquisition Corp., has experienced significant volatility since its debut on Nasdaq and the TSX under the ticker XNDU.

Xanadu reported its first-quarter 2026 financial results on May 14, showing revenue growth but wider losses typical for a development-stage quantum computing company. The company highlighted progress on its photonic hardware roadmap and partnerships.

Key milestones included completing its public listing, advancing negotiations for up to approximately $285 million ($390 million CAD) in government funding from Canada and Ontario for Project OPTIMISM, and strengthening collaborations with partners including AMD, Lockheed Martin, Mitsubishi Chemical and TELUS.

Xanadu’s open-source PennyLane platform reached more than 35,000 active users with 200,000 monthly downloads. The company also advanced hybrid quantum-classical algorithms through its partnership with AMD.

The company focuses on building scalable photonic quantum computers using light-based qubits, which offer potential advantages in error resistance and room-temperature operation compared with other modalities. Its mission centers on developing useful, accessible quantum computers.

Xanadu operates research and development facilities in Toronto and maintains a strong emphasis on both hardware and software. Its PennyLane software framework has become a widely adopted tool in the quantum computing community.

Since going public in late March 2026, the stock has seen sharp swings. Earlier volatility included a significant drop after a resale registration filing for nearly 294 million shares, followed by recoveries tied to sector momentum and company milestones.

Analysts have initiated coverage with generally positive outlooks. Canaccord Genuity and Northland Securities issued Buy and Outperform ratings with price targets around $45, citing Xanadu’s photonic approach and commercialization potential.

The quantum computing sector has attracted renewed attention in 2026 due to advancements in hardware and growing recognition of potential applications in optimization, simulation and machine learning. Xanadu’s public listing provided investors with direct exposure to a pure-play photonic company.

Xanadu exited 2025 with $4.6 million in revenue, up 188 percent year-over-year, though it reported operating losses. The company raised substantial capital through its public listing, providing runway for research and development.

Construction and scaling of quantum hardware remain long-term challenges across the industry. Xanadu’s photonic platform aims to leverage silicon photonics manufacturing techniques for potential scalability advantages.

The stock’s performance on May 20 reflected broader market interest in quantum and AI-related technologies. Trading volume was elevated compared with recent sessions as the shares moved higher.

Xanadu continues to pursue government and industry partnerships to advance its technology toward commercial applications. Its hybrid quantum-classical approach targets near-term value in areas such as battery simulation and materials science.

As a publicly traded company, Xanadu provides regular financial updates and clinical or technical progress reports. Its next milestones include further hardware demonstrations and potential expansion of its cloud-accessible quantum systems.

The quantum computing field remains in early development stages with significant technical hurdles. Companies like Xanadu focus on error-corrected, fault-tolerant systems that could eventually outperform classical computers on specific problems.

Investor enthusiasm for quantum stocks has varied in 2026, with periods of strong gains followed by corrections. Xanadu’s listing added a new pure-play option for those seeking exposure to photonic approaches.

The company maintains active research programs in photonic architectures, quantum algorithms and software tools. Publications and open-source contributions continue to build its technical reputation.

As of mid-morning trading on May 20, shares held gains with active volume. Market participants monitored for sustained momentum or potential pullbacks typical in high-growth technology names.

Xanadu Quantum Technologies operates with a focus on long-term commercialization while delivering incremental technical progress. Its public status provides transparency into financials and strategic direction for investors evaluating the quantum sector.

Sporting brand powerhouse Fanatics and American Express announced Wednesday a partnership that will allow Amex users to tap into their sports fandom.

The bank holding company is now the Official Payments Partner across select Fanatics online and retail locations worldwide and a presenting sponsor at Fanatics Fest, one of the world’s premier sports fan festivals held annually in New York City. 

“Nearly 80% of U.S. American Express Consumer Card Members identify as sports fans and this partnership with Fanatics will deliver unforgettable fan experiences and expanded access at some of the world’s most popular sporting events,” said Elizabeth Rutledge, chief marketing officer at American Express.

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“By combining the scale of the American Express Network with Fanatics’ ecosystem of more than 100 million fans, we’re delivering the new Fanatics American Express Card and experiences that make fandom more rewarding – from everyday purchases to once in a lifetime moments.”

Fanatics’ chief strategy and growth officer, Tucker Kain, added, “We’re constantly looking for new ways to celebrate and support fans for their passions and enhance the everyday fan experience.

This new partnership combines the power of American Express’ global payments network and expertise in membership, loyalty, and experiences with the scale and reach of Fanatics’ sports ecosystem, creating new opportunities to recognize and reward fans throughout every stage of their sports journey.

FIFA, FANATICS JOIN FORCES IN MAJOR PARTNERSHIP FOR OFFICIAL TRADING CARDS, COLLECTIBLES

The deal features a new Fanatics Amex Card, where users can earn FanCash, Fanatics’ digital reward currency, which can be redeemed for authentic apparel, tickets, trading cards, collectibles, and other experiences across the Fanatics platform.

Ticker	Security	Last	Change	Change %
AXP	AMERICAN EXPRESS CO.	309.73	+0.39	+0.13%

Fanatics Cardholders will gain exclusive benefits and elevated tier status within the Fanatics ONE loyalty program and will have access to unique offers, benefits, experiences, and protections through the trusted American Express Network.

“Partnering with American Express allows us to scale these ambitions in a meaningful way, expanding our payments, loyalty and advertising capabilities, while creating truly differentiated products, including the Fanatics American Express Card, which we believe will become the Card that sports fans reach for,” Kain said.

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The deal with Amex is similar to Fanatics’ brand partnership with AT&T that became official last month in that AT&T customers get enhanced status with Fanatics ONE, have additional opportunities to earn FanCash, access to experiences and unforgettable events, and more.

This article was written by

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

One of the top-tier golf simulator companies in the country has stepped it up a notch.

Five Iron Golf, which has spread from its roots in New York City to over 50 locations worldwide, has launched Five Iron Tournaments, a real-money indoor golf tournament platform that turns Five Iron’s national venue network into an always-on competitive golf ecosystem.

The platform, expected to be fully rolled out by the end of this summer, allows players to enter tournaments on demand, compete on live leaderboards and play for real prize money across formats including stroke play, scramble and closest to the pin.

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“Before Five Iron, I was a professional poker player, and I’ve always been fascinated by what happens when games build a true digital presence. We’ve seen that in poker, chess and other competitive formats, and that was part of the inspiration for bringing a more dynamic, gamified competition model to golf,” Five Iron CEO Jared Solomon told FOX Business.

As golf’s popularity continues to skyrocket, Solomon wanted to tap into what has not been done before in the world of the sport.

“We talk a lot about off-course golf and where the sport is going, but we don’t always talk enough about the different ways people can play or consume golf. With Five Iron Tournaments, we’re excited to create a new format that brings competition, flexibility and gamification into the experience,” Solomon said.

Golfers are able to obtain their own Five Iron Handicap based on their performances at courses. Five Iron’s technology gives players the ability not only to play PGA championship courses, but also some of their local country clubs.

JUSTIN THOMAS, KEEGAN BRADLEY GET HEATED WITH OFFICIAL OVER PACE OF PLAY AT PGA CHAMPIONSHIP

Other formats include scrambles (recently won by this author), fourball, closest-to-the-pin contests, and numerous others. A June closest-to-the-pin event will feature 20 tournaments on iconic courses with $20,000 in guaranteed prize pools.

“The idea is to give players many different ways to compete. There can be hourly, daily, weekly or month-long tournaments, with different formats, whether that’s four holes, nine holes, 18 holes, winner-takes-all or other payout structures,” Solomon said.

And while Five Iron is perhaps best known for its bar vibe, Solomon saw that players still have the competitive edge when they head to the simulator. Since the beta launch in October 2025, more than 1,000 players have logged nearly 20,000 tournament entries.

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“A lot of this came directly from our own customers,” he said. “They want to compete more, they want more games and they want more variety in how they engage with golf. Five Iron Tournaments give them another way to do that.”

Markets regulator Sebi on Wednesday proposed allowing third-party payments in mutual funds in certain scenarios, such as investment by an employer on behalf of its employees and payment of commissions by AMCs, provided adequate safeguards are in place.

The current regulatory framework mandates that all payments for investments in mutual funds must originate directly from the investor’s own bank account and be routed exclusively through RBI-authorised payment aggregators or Sebi-recognised clearing corporations.

After receiving feedback from the industry, Sebi felt a need to review the existing framework for third-party payments in mutual funds by permitting specific, well-defined scenarios where such payments may be allowed without compromising the overarching objectives of investor protection and compliance with the provisions of the Prevention of Money Laundering Act (PMLA).

“The intent is to strike a balanced approach that facilitates ease of investing in genuine cases while reinforcing robust safeguards against potential misuse,” Sebi said.

Accordingly, in its consultation paper, Sebi proposed a third-party payment scenario where an employer can pay for employee investments in mutual fund units through payroll deduction.

“The proposed scenario acknowledges the established practice of employers offering various benefits and savings avenues to their employees. This mechanism would allow asset management companies (AMCs) to accept consolidated payments for mutual fund investments through salary deduction,” Sebi said.
Further, the regulator suggested another scenario involving third-party payment, where AMCs can pay mutual fund distributors (MFDs) in the form of mutual fund units instead of trail commission.The proposed scenario — allotting mutual fund units instead of trail commission, as agreed between AMC and the mutual fund distributor — will provide a convenient, seamless and disciplined way for the MFD to invest in MF units and will encourage MFDs to save and invest for the long term, it added.

Additionally, Sebi has proposed to permit investors to contribute a portion of the subscription amount or a scheme’s return toward a social cause. This aims to facilitate investor contributions to social causes through a regulated, transparent and investor-protected framework.

To manage PMLA risks in third-party payments, Sebi has suggested safeguards like robust KYC for both the payee and beneficiary, a clear written mandate, and an auditable, non-cash electronic fund trail via segregated accounts with regular reconciliation.

AMCs must perform due diligence and ensure transparency, guaranteeing beneficiaries full redemption liquidity, Sebi suggested.

The Securities and Exchange Board of India (Sebi) has sought public comments till June 10 on the proposals. PTI