Morning Brew May 20 2026

Good morning

As yields remain high – the US 30 hit a two decade high – sentiment in most areas is weak.

The Nasdaq Composite fell 0.8% to 25,870.71, with the S&P 500 down 0.7% to 7,353.61 and the Dow Jones Industrial Average lower by 0.7% to 49,363.88 at the close. Materials, communication services, and consumer discretionary sectors led declines. Home Depot gained 0.7% after posting first-quarter earnings that beat analysts' estimates with revenue rising 4.8% to $41.8 billion. ServiceNow surged after strong results. Alphabet declined 2.3%, contributing the most to the S&P 500 index decline

In Germany, SAP gained 6% OHB jumped 13% on a join space security project with Helsing. Samsung Electronics is facing a strike of for 48,000 workers on Thursday, threatening the health of South Korea's economy

The European Union struck a provisional agreement on Wednesday on legislation to remove import duties on U.S. goods

The US Dollar is strong against most currencies, EURUSD has fallen below 1.16, GBPUSD is below 1.34 and  USDJPY is 158.90. Gold and Silver have fallen to 4477 and 74

UK and EU inflation will be closely watched after the Canadian number came in lower than expected yesterday, besides that, all eyes will be on Nvidia and the middle east. This morning, two Chinese tankers left the straight of Hormus

Expect nervous trading ahead of the earnings of the worlds most valuable company

Good morning

As yields remain high—with the US 30-year hitting a two-decade high—sentiment across most areas is weak.

The Nasdaq Composite fell 0.8% to 25,870.71, with the S&P 500 down 0.7% to 7,353.61 and the Dow Jones Industrial Average lower by 0.7% to 49,363.88 at the close. Materials, communication services, and consumer discretionary sectors led declines. Home Depot gained 0.7% after posting first-quarter earnings that beat analysts' estimates, with revenue rising 4.8% to $41.8 billion. ServiceNow surged after strong results. Alphabet declined 2.3%, contributing the most to the S&P 500 index decline.

In Germany, SAP gained 6%, while OHB jumped 13% on a joint space security project with Helsing.

Samsung Electronics is facing a strike by 48,000 workers on Thursday, threatening the health of South Korea's economy.

The European Union struck a provisional agreement on Wednesday on legislation to remove import duties on U.S. goods.

The US dollar is strong against most currencies; EURUSD has fallen below 1.16, GBPUSD is below 1.34, and USDJPY is at 158.90. Gold and silver have fallen to 4,477 and 74, respectively.

UK and EU inflation will be closely watched after the Canadian number came in lower than expected yesterday. Besides that, all eyes will be on Nvidia and the Middle East. This morning, two Chinese tankers left the Strait of Hormuz.

Expect nervous trading ahead of the earnings of the world’s most valuable company.

Key points:

1. Nvidia’s earnings are likely to be the next major test for the AI trade. The company remains at the centre of the AI infrastructure boom, but expectations are high after a strong rally in technology and semiconductor stocks.
2. The market may focus more on guidance than the past quarter. Investors will want to know whether AI demand is still accelerating, whether margins remain strong and whether China or competition risks are becoming more material.
3. The key risk is that “good” may not be good enough. Nvidia has become a signal for the broader AI theme, so any disappointment could spill over into semiconductors, Nasdaq and other AI-linked names.

https://social.saxo/7cgeqtg?uuid=Ts0CSdo

UK CPI, EU Inflation,
Target, Lowes, Nvidia

Thursday May 21

Japan Trade, Global PMI
Nio, Walmart, John Deere, Zoom, Workday,

Friday May 22
Japan CPI, Germany GDP & IFO, UK Retail Sales, Canada Retail Sales

Monday May 25
Pentecost