Morning Juice – US Session Prep (28th May)

Sentiment
US stock futures wavered ahead of NVIDIA’s earnings as investors waited to gauge the impact of the trade war and outlook for artificial intelligence.

S&P 500 contracts were little changed after the index jumped in the previous session. NVIDIA, the last of the Big Tech cohort to report earnings, rose in early trading.
The dollar was steady, while Treasuries dipped. European stocks ticked down.

In a year in which Trump’s tariff war has spurred significant market volatility, there’s high anticipation around the AI-bellwether’s earnings that are due after the close on Wednesday.
The chipmaker’s blistering multi-year rally has already faced scrutiny over whether massive investment in AI is justified and as its products have gotten caught up in US-China trade acrimony.

The dollar was little changed, trading close to its lowest levels since 2023.
The currency has slumped more than 7% this year on the back of a retreat from US assets.

Docket
13:00 ET
US sells $70 bln 5-Year Notes

14:00 ET
FOMC Meeting Minutes for the May Meeting

Speakers
11:00 ET
BoE releases text from Chief Economist Pill’s speech at the Oesterreichische Nationalbank and SUERF annual economics conference in Vienna.
The speech was originally given on May 22nd.

12:00 ET
US VP Vance speaks at a Bitcoin Event

14:00 ET
Trump signs Executive Orders

Earnings
16:00 ET
Salesforce Q1 2026 Earnings
Est. EPS: $2.56
Est. Rev: $9.75B

16:20 ET
Nvidia Q1 2026 Earnings
Est. EPS: $0.93
Est. Rev: $43.3B

Good luck!