MARKET RECAP + TODAY’S AC&I LIVE ACCESS
The main Wall Street averages retreated Tuesday, weighed down by rising bond yields. The 10-year U.S. Treasury yield surged to an intraday high before settling at 4.48%. UBS analysts noted this spike was not a surprise and that Moody’s recent U.S. credit downgrade had already been priced in, given the well-known deterioration of the U.S. fiscal outlook.
Markets are now more focused on ongoing trade negotiations and the potential passage of what Trump calls his “one big, beautiful bill.” On Tuesday, President Trump met with GOP lawmakers on Capitol Hill, urging them to support his budget package—which analysts estimate could add another $3 to $5 trillion to the already $36.2 trillion U.S. debt load.
The S&P 500 snapped its six-day win streak, closing down -0.39%. Home Depot (HD) gave back earlier gains, and Tesla (TSLA) climbed 0.5% after CEO Elon Musk confirmed his intent to remain CEO for at least the next five years.
Retail Earnings Watch
Retailers are under the microscope this week as earnings from TJX Companies (TJX) and Lowe’s (LOW) drop before today’s open. These come amid intensifying tariff tensions, which have already impacted forecasts from major consumer names like Walmart (WMT), which recently warned of incoming price hikes.
Home Depot stated it would try to hold prices steady but acknowledged tariffs could limit product availability on shelves. Watch for guidance updates and margin commentary from today’s retail names.
Nvidia’s CEO Slams U.S. AI Chip Export Ban
Nvidia CEO Jensen Huang, speaking at Computex, called the U.S. export controls on AI chips to China a “failure,” noting the restrictions only accelerated China’s development of local chip alternatives. Nvidia’s China market share has dropped from 95% to 50% since the Biden administration’s rules took effect.
With the Department of Commerce continuing to clamp down on exports—now also citing Huawei chip use violations—this tug-of-war over AI supremacy is a trend OptionsPlayers will be watching closely for potential trades.
U.K. Inflation Surges
Inflation in the U.K. soared to 3.5% in April, far exceeding the Bank of England’s 2.0% target and raising the possibility of a delayed rate cut. A steep monthly increase of 1.2% was driven by energy price hikes, new vehicle taxes, and council tax adjustments.
This macro pressure could bleed into global equity markets and currency pair setups—something we’ll evaluate further in upcoming sessions.
Oil Prices Climb
Oil popped higher Tuesday after reports surfaced that Israel is preparing a possible strike on Iranian nuclear facilities. While not confirmed, CNN reports the likelihood of action has “gone up significantly.”
At the same time, U.S. crude inventories surprisingly increased by 2.5 million barrels, versus an expected drawdown of 1.9 million barrels. Expect elevated energy volatility as geopolitical tensions escalate in the Middle East.
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