Market Closing on May 28: All three major US stock indices reached new record highs, while crude oil prices declined. Top 20 US stocks by trading volume on May 28: NVIDIA extended its losing streak to four days, declining for seven out of eight sessions following its earnings report. Popular US-listed Chinese stocks mostly rose on May 28: NIO gained 9.32%, while Pinduoduo fell 10.38%. Commodities Summary: Crude oil prices dropped significantly; gold and copper also moved lower. European stocks steadied, erasing earlier gains after the White House denied reports of a peace agreement.
Macro Trump expressed "not satisfied" with US-Iran negotiations, adding uncertainty to peace prospects. Trump stated the Strait of Hormuz is not under anyone's jurisdiction and warned Oman to follow the rules. White House: US-Iran talks are "progressing well," with Trump having drawn a "red line." Trump opposed Iranian control of the Strait of Hormuz, creating another key point of contention in US-Iran talks. Iran stated it would not back down due to Trump's remarks. Trump said no US-Iran deal has been reached, and the White House denied Iranian media claims. White House called the US-Iran memorandum of understanding published by Iranian media "inaccurate." Iranian Islamic Revolutionary Guard Corps: 23 vessels were permitted to pass through the Strait of Hormuz in the past 24 hours. US Secretary of State stated developments in the Iran situation may become clear in the coming hours or days. A chemical storage tank implosion at a factory in Washington state, USA, resulted in two fatalities. Zelenskyy sent letters to the US President and Congress seeking support for air defense capabilities. Norway will accept France's "nuclear umbrella." European Central Bank: Middle East conflict and US policies are increasing financial risks.
Company FAA required SpaceX to conduct an investigation before its next Starship mission. FedEx Freight will join the S&P 500 index. HP reported increased profit and revenue for its second fiscal quarter but lowered its full-year performance outlook. Jamie Dimon is seeking the "next big deal" opportunity for JPMorgan Chase. Meta will launch an AI chatbot subscription service with a monthly fee starting at $7.99. Bank of America CEO anticipates a 15% year-over-year increase in Q2 trading business revenue, stating the US economy remains resilient.
Commentary Federal Reserve Governor Cook: Prepared to raise interest rates if inflation continues moving in the wrong direction. May 28 Global Headlines: Trump stated no US-Iran deal has been reached; FAA ordered a full halt to SpaceX Starship test flights; Meta to launch AI chatbot subscription. Crude Oil: Prices fell as traders focused on US-Iran negotiation progress. US Stocks: S&P 500 closed nearly flat as investors took profits and assessed US-Iran talks. US Treasury yields declined amid prolonged US-Iran negotiations. New York Fed: Increased food insecurity in the US exacerbates K-shaped divergence, dampening confidence among low-income households. European car sales rose for the third consecutive month in April, with pure electric vehicle deliveries surging 38%. Goldman Sachs stated dollar strength during the Iran conflict weighed on foreign official demand for US Treasuries. The US 5-year Treasury note auction yield was slightly above pre-auction trading levels. European Bond Market: German government bonds erased gains as markets reassessed the prospects of a US-Iran agreement. Former UK Prime Minister Tony Blair published a 5,600-word essay criticizing the Labour Party, calling attempts to oust Keir Starmer "playing with fire." Surging US food prices to be exacerbated by war and El Niño phenomenon. FDIC: Key US banking sector metrics improved in Q1, but book losses increased slightly. FTSE Russell eased inclusion rules for US indices, paving the way for major IPOs like SpaceX.
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