evening wrap, may 28

market vibes

May 28…)

“The chief cause of problems is solutions.” Eric Sevaride

Nvidia reported revenue of $44.1 billion, vs. estimates of $43.3 billion, a 69% year-over-year uptick from $26 billion a year ago. Adjusted EPS was $0.96, vs. estimates of $0.93. The stock is up $4. The Dow is lower, S&Ps are +9 and NDX is +.85.

In trading today

An early rally in stocks and bonds fizzled in the first hour of trading. Mixed oil news rallied WTI into mid-day and faded into its usual afternoon funk. Gold entered the NY session and conceded a $25 dip, from $3,345 to $3,320, reluctantly. The dollar was higher overnight and higher all day.

The FOMC minutes from May 6 and 7 were cautious; focused on threats to employment, and inflationary expectations, including much higher tariffs than anticipated. Russia said it has a peace "memorandum" to offer at a second round of direct talks in Istanbul next Monday. So, that is good news.

A few charts up next

Slim pickings today, stocks did nothing and faded into the close. Gasoline seems to be laggard in oil, bonds look dicey and bitcoin is marginally long, plus some thoughts on taxes in the vibe. Here we go.