US Open: NASDAQ up ahead of NVIDIA results

US markets opened in the green today, following in the footsteps of the European ones. Both the S&P 500 (0.7%) and the NASDAQ Composite (1.3%) are trading higher. Equities are supported by a 4% decline in energy prices, which has slowed the rise in bond yields.

The yield on 10-year US Treasury bonds rose above 4.68% yesterday, reaching its highest level since January 2025, when President Trump was inaugurated. This represents a cumulative increase in yields of over 70 basis points since February. While the impact of this move on the stock market has been surprisingly small at this point, we suspect that if the trend continues, the pressure could intensify significantly.

Today's stabilisation allows investors to fully focus on NVIDIA's evening results. Due to the company's heavy reliance on just five companies (Microsoft, Amazon, SMC, Alphabet, and Meta), which account for over 50% of its revenue, the predictability of NVIDIA's revenue is slightly higher than for many other companies. Therefore, attention should focus on the details. Among others – how new products such as Rubin, Vera CPU and DGX Spark are doing.

The company's shares are up 2% awaiting the report scheduled for 9:30 PM UK time. Intel, Micron, AMD, Marvell Technology and ARM Holdings are all posting more notable gains however, supported by the planned strike of employees of one of its largest competitors, Samsung. AMD also seems to benefit from target price increases by some analysts.

All this despite has happened in the absence of major changes in the macroeconomic and geopolitical environment. There will be no releases of market-critical macroeconomic data today (the next releases – the May PMIs – are scheduled to be published tomorrow). We also did not receive any specific announcements from Donald Trump, who continues his erratic rhetoric regarding war in Iran.

Technical analysis

US100 (D1)

Source: xStation (20.05.2026)

US100 is moving within a very steep, dynamic upward channel following a powerful rebound from the lows of mid-March 2026. After establishing a new high, the market is catching its breath. The price is currently undergoing a local correction, but it remains within the upper half of the channel. If the correction deepens, the first important stop and support is the 23.6% Fibo level (around 28,000 points). The pattern is clearly pro-uptrend. The price has significantly deviated from the averages (especially the 50 SMA), confirming the strong momentum, but it also signals a warning – the market is slightly overheated in the short term.

Company news

• Micron Technology (MU.US): The shares have gone up by over 3.5%, driven by investor flight from Asian manufacturers amid reports of a potential strike at Samsung factories. The company has also just begun sample shipments of innovative 256GB DDR5 server memory modules and is mass-deploying groundbreaking, powerful 245TB SSDs. Both products are critical components necessary for the continued physical scaling of the world's artificial intelligence infrastructure.
• Target (TGT.US): The retail giant reported its Q1 2026 results, significantly beating market expectations for both profit and sales. Adjusted earnings per share reached $1.71 (consensus was $1.46), while revenue increased 6.7% y/y to $25.4 billion. The growth was driven by strong store traffic (up 4.4%) and a nearly 9% jump in digital sales, supported by its new same-day delivery service (Target Circle 360). Despite raising its annual sales expectations, the stock plunged more than 5%. Investors were concerned about the decline in operating margin (from 6.2% to 4.5% year-over-year), driven primarily by rising selling and administrative costs.
• Lowe's (LOW.US): The US home improvement market leader posted solid results for Q1 2026, beating Wall Street forecasts on both profit and revenue levels. Adjusted earnings per share (EPS) came in at $3.03, compared to expectations of $2.97. The biggest surprise in plus turned out to be like-for-like sales growth (0.6% growth), marking the fourth consecutive quarter of positive numbers in this regard. This success was driven, among other things, by a 15.5% jump in e-commerce and continued demand in the professional contractor segment and the large household appliance market. The management board fully maintained its full-year forecasts. Despite all the above, the company is currently trading slightly lower (-0.5%).
• Hasbro (HAS.US): The American toy and game manufacturer recorded a fantastic start to 2026, easily breaking the $1 billion mark with revenue (against market expectations of $963.9 million). Earnings per share closed at $1.47 (consensus $1.13). The real driver of profits turned out to be the Wizards and Digital Gaming segment, which grew by 26%. Monopoly Go!, a mobile game, added another $41 million to its earnings. However, the overall enthusiasm was overshadowed by a slightly weaker-than-expected full-year EBITDA forecast and a massive 24% decline in revenue in the entertainment segment. This resulted in a drop in the company's shares by over 8%.

---

Michał Jóźwiak, Financial Markets Analyst at XTB