The major US stock indices are set to open higher,.
Oil price are down about -$2
Yields are lower by about 2 basis points, which is not much but it is something. Looking at the major indices, the NASDAQ is up 200 points while the S&P is up 28 points in premarket trading Later today, the Fed FOMC meeting minutes from the last April meeting willl be released at 2 PM ET. Recall that at the April meeting, there were three dissenters who wanted to get rid of the easing bias with one (Miran) dissenting in favor of a 25 basis point cut in rates.
Miran has stepped down from his role on the FOMC board, making room for the new Fed Chair Warsh who will take over from Fed Chair Powell on Friday (after his swearing in). After the close, Nvidia will unveil its fiscal Q1 2027 earnings report after the close today, May 20, with Wall Street expecting earnings of $1.78 per share — up 120% year over year — on revenue of approximately $79.2 billion, representing roughly 79.5% growth compared to the same period last year. The company itself has guided for $78 billion in revenue, plus or minus 2%, with gross margins expected to hold near 75%.