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On Thursday, all three major Equity Index futures rose.
The revised GDP for the first quarter of the United States and the initial unemployment claims data for last week were released:
The growth rate of GDP in the first quarter of the United States has been slightly revised to -0.2%. The actual GDP annualized quarterly rate revision is recorded at -0.2%, with the initial value being -0.3%.
For the week ending May 24, the number of initial unemployment claims in the United States was 0.24 million, with expectations of 0.23 million. The previous value was revised from 0.227 million to 0.226 million.
After the data was released, $USD (USDindex.FX)$ the short-term trend declined:
Hassett stated that the tariff decision will be overturned, and the ruling does not affect the progress of the current trade agreement.
According to Fox News, Hassett, the Director of the National Economic Council, stated in an interview that the judge's ruling on tariffs will be overturned, and the Trump administration has various options regarding tariff issues, and the ruling concerning tariffs will not affect ongoing trade agreements. The government will see what happens with the appeal regarding the tariff ruling. More trade agreements are expected in the coming weeks. As of last week, three agreements are ready, awaiting a decision from Trump.
Cryptos concept stocks moved upward overall in Pre-Market Trading. $SharpLink Gaming (SBET.US)$ Increased by over 5%, $Trump Media & Technology (DJT.US)$ rising over 3%, $MARA Holdings (MARA.US)$ Up over 2%.
Semiconductor stocks are rising sharply in Pre-Market Trading. $Navitas Semiconductor (NVTS.US)$up over 9%, $NVIDIA (NVDA.US)$ $Marvell Technology (MRVL.US)$ Increased by more than 6%.
NVIDIA's dominance in AI remains strong! In Q1, the data center Business took the lead, with demand still robust, and an acceleration turning point may be迎来 in the second half of the year.
$NVIDIA (NVDA.US)$ The company released its financial data for the first fiscal quarter of fiscal year 2026, ending April 27, 2025, as well as performance guidance for the second fiscal quarter of fiscal year 2026, rising nearly 6% in Pre-Market Trading.
Overall, NVIDIA's Q1 revenue was $44.1 billion, a year-on-year increase of 69%, surpassing the analyst expectation of $43.309 billion, and NVIDIA's own guidance of between $42.14 billion and $43.86 billion, with a year-on-year growth of 78% in the previous quarter. The year-on-year growth rate for NVIDIA's revenue is the lowest quarterly growth in two years, but still stronger than the analyst expected growth rate of 66%.
In terms of profits, the export restrictions on the H20 chip in Q1 had a significant impact on NVIDIA. The adjusted EPS for NVIDIA grew by 33% year-on-year, which is less than half of the previous quarter's 71% growth rate, with an EPS of $0.81 falling nearly 13% below the analyst's expectation. However, excluding the impact of H20 costs, EPS would rebound to $0.96, which is more than 3% higher than the analyst's expectation of $0.93.
NVIDIA's cooperation with Navitas Semiconductor has led to a pre-market trading increase of over 8%, as market sentiment continues to surge.
$Navitas Semiconductor (NVTS.US)$ With an 8% pre-market increase, on May 21st local time, Navitas Semiconductor announced a collaboration with NVIDIA to develop the next generation of 800V high-voltage direct current (HVDC) architecture, powering the "Kyber" rack-level system that supports GPUs including Rubin Ultra. Navitas's Gallium Nitride and Silicon Carbide technology will play a crucial role in this collaboration. This partnership could be a turning point for Navitas Semiconductor, as the company is poised to become a key partner in NVIDIA's future AI chip production lines.
Burlington Stores' stock price rose 5.6% in pre-market trading due to first-quarter profits exceeding expectations.
$Burlington Stores (BURL.US)$ FY2025 adjusted EPS expectations range from $8.70 to $9.30, while the analyst estimate is $9.24.
The wave of AI applications is sweeping the globe! Enterprise-level AI leader C3.ai has seen revenue increase by 26%, and performance outlook exceeds expectations.
Benefiting from the accelerated expansion trend in the market for artificial intelligence application software, the leader in the generative AI field, a provider of enterprise-level AI application software focused on accelerating corporate digital transformation. $C3.ai (AI.US)$ The performance data announced was stronger than Analyst expectations, and as of now, it has risen over 14% in Pre-Market Trading.
C3.ai's impressive guidance for total revenue for the next fiscal quarter and fiscal year 2026 indicates not only that the demand for AI computing infrastructure, represented by NVIDIA's AI GPUs, is incredibly strong, but also that the demand for enterprise-level AI application software, which can comprehensively enhance operational efficiency, is equally robust and is accelerating its penetration into various industries.
Global Macro
Breaking news! A U.S. court has halted President Trump's "Liberation Day" trade policy.
On May 28 local time, the U.S. International Trade Court blocked the tariff policy announced by President Trump under the International Emergency Economic Powers Act from taking effect and ruled that Trump overstepped his authority. Shortly after the ruling was announced, lawyers for the Trump administration notified the court that they would appeal.
This ruling indicates that the 10% base tariffs and retaliatory tariffs announced by the Trump administration on April 2, as well as the previously imposed fentanyl tariffs on Canada, Mexico, and China, may be halted. If Trump's appeal fails, this round of "trade war" he initiated could abruptly end within 10 days.
Goldman Sachs expects that tonight's U.S. GDP revision may be halved, potentially triggering a reassessment of the economic outlook in the market.
The revised U.S. GDP for the first quarter will be released on Thursday evening at 20:30. The preliminary estimate previously indicated an economic decline of 0.3%. Economists expect little change in the revised data, which may still show slight contraction. The uncertainty of trade policies, the increase in imports, and the mismatch between inventory and consumption are key factors affecting the forecasts.
According to the preliminary estimate from the Bureau of Economic Analysis (BEA) last month, the first quarter GDP, after excluding the impact of inflation, recorded a year-on-year decline of -0.3%, in stark contrast to the growth of 2.4% in the fourth quarter of last year. However, this is not yet the final conclusion. The BEA typically releases three rounds of quarterly GDP growth data, with the second round of revised data being published tonight. This round of revisions will be based on more data and updated estimates.
Despite mixed performances in the preliminary data, economists generally believe that the second round of GDP revisions will not significantly change the overall trend. Bloomberg and FactSet's consensus forecast remains at -0.3%.
The Ministry of Commerce: China urges the U.S. to completely lift unilateral tariffs.
At today's routine press conference held by the Ministry of Commerce, the spokesperson stated that China urges the US to completely eliminate the wrong practice of unilateral tariff increases. The spokesperson of the Ministry of Commerce, He Yongqian, noted that on May 28 local time, the US International Trade Court ruled that Trump's global tariffs, retaliatory tariffs, and "fentanyl" tariffs are illegal, and called for their repeal and permanent cessation of implementation. China has always maintained that there are no winners in a trade war, and protectionism has no way out. Since the US introduced unilateral tariff measures, it has not only failed to solve any problems within the US but has also severely undermined the international economic and trade order, seriously disrupted corporate production and management, and affected the consumption of the populace, harming others without benefiting itself, and has triggered many dissenting voices within the US. China urges the US to face the rational voices from the international community and domestic parties, and completely eliminate the wrong practice of unilateral tariff increases.
Goldman Sachs warns: The depreciation of the Turkish lira threatens the world's best arbitrage trades.
Goldman Sachs stated that the most successful arbitrage trades in the world now seem to be facing risks, as the Turkish central bank allows the lira to depreciate. Goldman Sachs economists Clemens Grafe and Basak Edizgil mentioned in a report on Wednesday that the Turkish central bank is letting the lira depreciate against the dollar at a rate that exceeds typical levels, a move that may be aimed at limiting hot money inflow and responding to exporters' complaints about the overvaluation of the local currency.
Goldman Sachs stated: "It is possible that the central bank has decided no longer to commit to combating Forex inflow driven by capital inflows through increasing reserves. Therefore, allowing the lira to devalue may be to some extent to stop this influx of funds."
As OPEC+ increases production, the UAE's flagship Crude Oil Product trade volume reaches a record high.
As OPEC+ increases supply quotas, trading activity for UAE flagship crude oil surged to the highest level on record this month. Exchange data shows that Abu Dhabi InternationalFutures trading.the open contracts for the full curve of Murban crude oil futures on the Exchange rose to 0.081 million contracts earlier this month, marking the highest level for the contract since its launch in March 2021.
Top 20 transactions in Pre-Market Trading.
Macro calendar reminders for the USA stock market.
(The following is in Beijing time)
20:30 U.S. Initial jobless claims for the week ending May 24 (in ten thousand people)
20:30 U.S. Q1 revised annualized quarterly GDP
22:00 U.S. Pending home sales index for April month-on-month
22:30 U.S. EIA natural gas inventory for the week ending May 23 (in hundred million cubic feet)
Early next morning:
00:15 U.S. Vice President Vance delivers a speech.
02:00 The Federal Reserve releases the minutes of the May monetary policy meeting.
Editor/Lee
