Stock Market Live May 19, 2026: S&P 500 (SPY) Still Slipping on Uncertainty

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Nvidia Upgraded Heading into Earnings

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With Nvidia earnings tomorrow, analysts are still upgrading the stock. Most recently, HSBC reiterated its buy rating on the tech giant, with a price target of $325 from $295. The firm expects to see another beat and raise. Morgan Stanley also reiterated an overweight rating on the stock with a price target of $285 from $265, expecting continued upside to numbers.

Markets are under substantial pressure, and the situation could get far worse.

At the moment, the S&P 500 is down another 0.32%, or by 24 points. The SPDR S&P 500 ETF (SPY | SPY Price Prediction) is down 0.5%, or by $3.67. The Dow is down 0.17%, or by 85 points. The Nasdaq is down 0.62%, or by 182 points. Oil is down about $0.60 to $108.09. Gold is down about $35 at $4,518. Bitcoin is down about $175 at $76,768.

For one, the U.S.-Iran conflict is still ongoing, and each new development appears to add another layer of risk. Most recently, oil prices surged back above $108 a barrel, inflation is ticking higher, yields are spiking, and there are fears that consumers may be pulling back on spending.

In fact, there are also growing concerns that consumers could begin pulling back on spending. American consumers have been one of the strongest pillars supporting the economy over the past two years. However, persistent inflation, elevated interest rates, and geopolitical uncertainty may weaken consumer confidence. If spending begins to slow meaningfully, economic growth could soften, increasing fears of a broader market correction.

Adding to investor anxiety is the possibility that the Federal Reserve may postpone interest rate cuts far longer than expected. According to analysts at Bank of America, the Fed may need to delay rate cuts until the second half of 2027 due to persistent inflationary pressures. That marks a dramatic shift from earlier expectations for two interest rate cuts this year, based on the expectation that Kevin Warsh would steer policymakers toward easing monetary policy.

But that view has changed with a shifting economic backdrop. 

Now, as uncertainty rises, volatility often increases rapidly, creating both risks and opportunities for traders. While long-term investors may choose to remain defensive and stay on the sidelines, short-term traders often look for ways to benefit from market swings through volatility-focused exchange-traded products.

Look at the ProShares Ultra VIX Short-Term Futures ETF (UVXY): This ETF is structured to deliver two times (2x) the daily performance of the S&P 500 VIX Short-Term Futures Index, making it highly sensitive to spikes in market volatility.

S&P 500 VIX Short Term Futures ETN (VXX): Another option is the VXX, which offers exposure to the same underlying volatility index but without leverage.

ProShares VIX Short Term Futures ETF (VIXY): The VIXY provides long exposure to short-term VIX futures contracts, with a weighted average maturity of about one month.

In times like these, volatility becomes both a risk and an opportunity. While long-term investors may prefer to stay cautious and focus on risk management, short-term traders can look to instruments like these ETFs and ETNs to potentially benefit from rapid market swings.