Trade Secrets: Dailies 05.20.2026

US Stocks lowered as Wall Street awaited Nvidia earnings, hoping strong results could offer some relief from ongoing inflation concerns.
The grand finale of earnings season lands on Wednesday, with Nvidia (NVDA) set to report its results after the bell. While the stock of the world's most valuable company has continued to rise this year, chipmaker rivals are closing in.
Moreover, Nvidia’s results are expected to reverberate across markets. As a key indicator of the AI trade, the company’s performance is central to investor sentiment, especially amid geopolitical uncertainty and persistent inflation.
In day trading on Tuesday, stocks declined as tech pulled back and Treasury yields surged. Concerns that rising inflation could force the Federal Reserve to hike interest rates dampened interest in growth stocks, including AI.
Finally, the Iran war — a major driver of rising prices — continues with no end in sight. President Trump threatened to attack the country in the coming days if a deal isn’t reached soon.
Asian stocks fell in broad-based selling on Wednesday, with technology shares tracking overnight losses on Wall Street as investors turned cautious ahead of chip giant Nvidia’s quarterly earnings later in the day.
Wall Street’s main indexes ended lower for a third straight session on Tuesday, with technology and semiconductor shares leading declines.
Japan’s Nikkei 225 fell 1.5%, while the broader TOPIX index slipped 1.7%.
South Korea’s KOSPI dropped more than 2.5%. Samsung stock reversed early gains and fell more than 4% after the company said negotiations with the union broke down due to unresolved gaps on a few remaining issues.
Yonhap news agency reported that the Samsung union said it will go on strike starting Thursday, May 21, as planned.
Higher global bond yields weighed heavily on growth and technology stocks, particularly semiconductor companies that had driven much of this year’s artificial intelligence-led rally.
Investors are now awaiting Nvidia’s first-quarter earnings report – later on Wednesday – for fresh clues on the sustainability of AI spending momentum. Some investors worry expectations have become stretched after the stock’s sharp rally this year.
Oil prices remained elevated above $110 per barrel despite easing slightly after U.S. President Donald Trump said Washington had postponed a planned military strike on Iran.
Trump later warned the United States could still attack Iran if diplomatic efforts fail, keeping geopolitical tensions and inflation concerns firmly in focus.
Markets are also awaiting minutes from the Fed’s April policy meeting later on Wednesday for additional guidance on the outlook for U.S. interest rates.
China kept its benchmark lending rates unchanged for a 12th straight month on Wednesday, as authorities balanced the need to support weak domestic demand against rising inflation risks linked to higher global energy prices.
The People’s Bank of China left the one-year loan prime rate (LPR) at 3.00% and the five-year LPR at 3.50%, in line with market expectations.
The decision offered little support to mainland Chinese markets, with investors remaining concerned about sluggish credit demand and the prolonged property downturn.
China's Shanghai Composite index edged 0.5% lower, while the blue-chip Shanghai Shenzhen CSI 300 dipped 0.4%.
Hong Kong's Hang Seng index declined 1.1%.
Elsewhere, Australia's S&P/ASX 200 slipped 1.2%, while Singapore's Straits Times Index fell 0.8%.
Futures tied to India's Nifty 50 fell 0.5%.

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