Trade Secrets: Dailies 05.21.2026

U.S. stock index futures were subdued on Thursday after Nvidia's results failed to fully impress investors, with Nvidia shares edging up just 0.3% in premarket trading. Analysts noted that the lack of any China sales in the outlook and guidance that was only modestly ahead of expectations left some investors wanting more.
The earnings relay baton now passes to retail, with Walmart (WMT), Deere & Company (DE), Workday (WDAY), Zoom (ZM), and Take-Two (TTWO) all on the docket for Thursday, May 21, alongside the weekly Initial Jobless Claims report.
On the Iran front, sentiment shifted meaningfully overnight. Hopes for a diplomatic resolution lifted stocks as oil dropped on speculation that a deal would pave the way for a revival of energy flows through the Strait of Hormuz. Iran said the latest Washington proposal "partly bridged the gap," though the outlook for a breakthrough remains clouded.
Brent crude futures edged up 0.6% to $105.68 a barrel in Asia trade, retracing declines after three supertankers passed through the Strait of Hormuz on Wednesday — though supply concerns persist.
Japan's Nikkei 225 ended Thursday's session 3.14% higher at 61,684, buoyed by a strong trade data report. Japan's exports in April rose 14.8% year-on-year, their fastest growth since January, driven by a surge in semiconductor shipments. SoftBank Group shares surged nearly 20% on the Nvidia earnings momentum.
South Korea's KOSPI advanced 8.42% to 7,815.59, with Samsung Electronics adding more than 8.5% after a strike involving nearly 48,000 workers was averted following a breakthrough in wage negotiations. SK Hynix gained 11.2%. A shareholder group has since flagged a potential legal challenge to the tentative pay deal, keeping some uncertainty in play.
Australia's S&P/ASX 200 climbed 1.6% after weak jobs data — unemployment hitting 4.5% in April — lessened risks of further Reserve Bank of Australia rate hikes. India's Nifty 50 rose 0.6%, while Singapore's Straits Times Index edged 0.3% higher.
In Hong Kong, the Hang Seng Index opened up 0.71% at 25,833. On the mainland, the Shanghai Composite opened up 0.29% at 4,174, while the ChiNext rose 1.03%. Chinese markets lagged regional peers as investors remained cautious on the property sector outlook.
U.S. memory chip stocks also moved in overnight trading, with Micron (MU) up 2.4%, SanDisk up 2%, Western Digital up 1.4%, and Seagate up 1%, all riding the combined tailwind of Nvidia's blowout quarter and the Samsung strike resolution.
On Wall Street Wednesday, stocks staged a comeback ahead of the Nvidia print, with the Dow and S&P recovering from their three-session skid — though the Dow closed at all-time highs by end of Thursday's session as the Iran deal narrative took hold.

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