- NVIDIA is set to publish its financial results.
- Many companies from the ‘Magnificent Seven’ group are still trading below their all-time highs.
- July Brent crude oil futures have settled above $110 a barrel.
- NVIDIA is set to publish its financial results.
- Many companies from the ‘Magnificent Seven’ group are still trading below their all-time highs.
- July Brent crude oil futures have settled above $110 a barrel.
The primary catalyst of recent days was the release of elevated US inflation data, which prompted a definitive shift in investor sentiment regarding the trajectory of interest rates. Meanwhile, Donald Trump’s visit to China failed to yield a significant breakthrough, and the geopolitical impasse in the Middle East remains unresolved. The coming week promises to be particularly compelling, dominated by Nvidia’s quarterly earnings report. In tandem, markets will digest UK inflation figures and the minutes from the most recent Federal Reserve meeting. Investors will also monitor preliminary PMI readings across Europe and the US. Against this backdrop, the US100 (Nasdaq 100 fut.), GBPUSD, and Gold warrant particular attention.
US100 (Nasdaq 100 fut.)
Robust earnings from American Big Tech and optimistic forward guidance have pushed US indices to fresh record highs on an almost daily basis. The market now faces an ultimate litmus test in the form of Nvidia's financial results. Consensus estimates point to accelerating revenue growth, projected to exceed $78bn, though markets are quietly positioning for a figure north of $80bn. GAAP earnings per share are expected at $1.75, representing a year-on-year surge of over 100%. While these figures are critical, investors will scrutinise the report for guidance on new product lines—specifically the Vera Rubin chips. These are expected to enhance efficiency and reduce token-generation costs for AI model queries.
GBPUSD
The US dollar has strengthened broadly following hotter-than-expected inflation prints. This week, attention shifts to UK inflation data, which may similarly surprise to the upside given the country’s history of persistent price dynamics. Beyond Wednesday’s CPI release, Tuesday brings the labour market report, followed by preliminary PMI readings (covering both the UK and US) on Thursday and retail sales data on Friday. Consequently, sterling is primed for heightened volatility. Currently, markets are not pricing in a high probability of a Bank of England rate hike in June; however, such a move is fully anticipated by July.
Gold (GOLD)
As hawkish expectations for US interest rates resurface—with the market now seeing a significant chance of one further hike by year-end—gold has responded with a sharp leg down. The precious metal is currently undergoing a correction of more than $200. In this context, the publication of the Fed minutes is the pivotal event for bullion. Although the last Federal Reserve meeting was held under the leadership of Jerome Powell, the minutes will reveal the prevailing sentiment among the broader Federal Open Market Committee (FOMC). Given that internal dissent is at its highest level since the 1990s, the FOMC minutes may once again become a primary driver of volatility, even as investors look ahead to Kevin Warsh’s inaugural appearance as Fed Chair.
---
Michał Stajniak, Deputy Director of Research Department at XTB
US OPEN: Wall Street Bleeds After Trump's Beijing Visit
Bond Markets Sell Off❗️TNOTE Dips Below 1-Year Low 📉
Kevin Warsh Faces the Fed’s Biggest Test Yet. Trump Wants Rate Cuts, Inflation Says “No”
Market Wrap: Stocks and metals dip as Trump-Xi summit fails to break Iran deadlock 📉 (15.05.2026)
The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
