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Nvidia: Lightning Speed
AI leader Nvidia (Nasdaq: NVDA) will report its much anticipated Q1 results next week on Weds., May 28. Nvidia stock has been taking it on the chin, down 1% year-to-date, but the company’s fundamentals remain strong, based on its latest results.
Most Wall Street analysts have a buy rating on the stock, with an average 12-month price target of $164 compared with current levels of $132. Nvidia’s Q1 results should reveal the impact of the early 2025 tariffs. Nvidia’s Q4 results surpassed Wall Street estimates on both the top and bottom lines. At the time Nvidia CEO Jensen Huang stated,
“AI is advancing at light speed as agentic AI and physical AI set the stage for the next wave of AI to revolutionize the largest industries.”
NVDA stock is down fractionally today and the Nasdaq Composite remains under pressure.
Apple Fairy Tale
Wedbush analyst Dan Ives clapped back at President Donald Trump’s new tariff targeting Apple (Nasdaq: AAPL) iPhones, calling it a fable. “We believe the concept of Apple producing iPhones in the [U.S.] is a fairy tale that is not feasible,” according to Ives in a report. Apple is in danger of facing tariffs of 25% at minimum on iPhones made outside of the USA, per Trump. Apple most recently hinted at moving production of its iPhones from China to India. Apple stock is down 2.5% today. The Nasdaq Composite remains lower by 1%.
Interest Rate Cuts in Flux
Chicago Fed President Austan Goolsbee stated Friday that President Donald Trump’s recent tariff actions have thrown a wrench into monetary policy likely delaying any adjustments to interest rates. He told CNBC: “Everything’s always on the table. But I feel like the bar for me is a little higher for action in any direction while we’re waiting to get some clarity.”
This article will be updated throughout the day, so check back often for more daily updates.
The markets are in freefall on Friday, with all three of the major stock market averages lower by at least 1%. The markets are poised to end the week on a negative note after President Trump threatened to impose a steep 50% tariff on the EU, which could take effect in the coming days. The Dow Jones Industrial Average is reeling by over 400 points, while the Nasdaq Composite and S&P 500 are similarly down 1% today. Most sectors of the economy are trading lower, with the worst declines seen in consumer discretionary and technology stocks.
Treasury yields are falling as the trade war reignites, capping off a roller coaster week for the bond market. Volatility has also returned to the stock market, as evidenced by a 25% increase in the CBOE Volatility Index (VIX).
Additionally, Apple (Nasdaq: AAPL) has a target on its back after President Trump also cautioned that iPhones made outside of the U.S. could be subject to heavy tariffs. Apple stock is down 2% today. In a bright spot for the Magnificent Seven stocks, influential Wedbush analyst Dan Ives is bullish on Tesla (Nasdaq: TSLA), lifting his price target on the EV maker to $500, reflecting 49% upside potential, with an “outperform” rating attached.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 400.50 (-0.96%)
Nasdaq Composite: Down 309.43 (-1.6%)
S&P 500: Down 66.80 (-1.1%)
Market Movers
Nuclear stocks are bucking the downward trend today and gaining ground as the Trump administration looks to implement favorable conditions for the industry. Stocks including Oklo (NYSE: OKLO), NuScale (NYSE: SMR) and Constellation Energy (Nasdaq: CEG) are all advancing today, led by a double-digit percentage gain for OKLO.
Quantum computing stock IonQ (NYSE: IONQ) fell as much as 4.7% today, following yesterday’s rally that saw the share price close above $45.
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