Alert: Trump Cancels Iran Attack Tomorrow...
In a Nutshell
Markets sold off on news of a potential Trump-led Iran strike but rallied after he paused the attack at the request of Gulf leaders. Attention now shifts to Nvidia’s earnings on May 20, with insider selling and high valuations raising concerns about further downside. Broader worries include elevated bond yields, rising inflation, and a weakening labor market.
These notes were generated by AI and may contain inaccuracies.
Markets reacted to news that Trump announced the planned Iran attack is on hold after Gulf leaders made a request. The US was supposedly set to attack, which would have ended the ceasefire and likely caused negative market reactions. This news emerged during a day with significant selling pressure, particularly affecting Nvidia and the broader NASDAQ market.
On the 4-hour timeframe, markets showed a slight pullback but remain in a bullish position overall. The market is in the early stages of a possible reversal, though full confirmation of an active sell-off has not yet been established. Caution is advised against becoming overly excited without proper confirmation.
Tomorrow, May 19th, Home Depot is scheduled to report earnings. On May 20th, Nvidia will report earnings with a market capitalization of $5.38 trillion. Markets are closely watching Nvidia's upcoming report.
Markets sold off from open to close, but rallied in the final moments after Trump announced the attack was on hold. This follows a pattern where markets celebrate 5% on ceasefire announcements and retrace 5% on potential attack news. Markets tend to be more willing to rally than to sell off.
The NASDAQ began to recover during the day but is showing slight selling pressure during overnight hours. It remains to be seen whether the sell-off will continue.
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