Wall Street enters the new week with a packed agenda of corporate earnings and key economic data. Major companies such as Home Depot, Palo Alto Networks, Medtronic, Snowflake, Intuit, and Workday are set to release their quarterly results, providing fresh insight into the health of various sectors. On the economic front, investors will track reports on new and existing home sales, as well as S&P’s flash US services and manufacturing PMIs for May, to gauge the momentum of the US economy.
A notable event on the calendar is US Federal Reserve Chair Jerome Powell’s commencement address on May 25, which may offer clues on monetary policy direction. Meanwhile, geopolitical developments remain in focus, particularly the ongoing US-Iran nuclear talks. The negotiations, mediated by Oman, continue to face hurdles over uranium enrichment, with the US demanding zero enrichment and Iran insisting on its right to continue. Despite US President Trump’s optimism about nearing a deal, both sides acknowledge significant gaps remain, and further talks are expected soon.
Last week, US markets rallied on optimism over a US-China tariff truce. The Dow Jones gained 0.78% to close at 42,654.74, the S&P 500 rose 0.70% to 5,958.38, and the Nasdaq advanced 0.52% to 19,211.10. For the week, the S&P 500 climbed 5.3%, the Nasdaq surged 7.2%, and the Dow was up 3.4%. In bonds, the 10-year Treasury yield edged down to 4.44%, while the 2-year yield rose to 3.99%. Oil prices also moved higher, with Brent and WTI both up 1.4%, on hopes of progress in the Iran nuclear negotiations.
