ADDX GO Market Morning Wrap - 29th May

Stock Market

On Wednesday, US Eastern Time, the three major US stock indices turned lower in late trading and closed lower collectively.

At the close, the Dow fell 244.95 points, a decline of 0.58%, to 42,098.70; the Nasdaq fell 98.23 points, a decline of 0.51%, to 19,100.94; the S&P 500 Index fell 32.99 points, a decline of 0.56% , to 5,888.55.

Most popular tech stocks fell, with Tesla down more than 1%, and Microsoft, Amazon, Nvidia, and Google declining by less than 1%.

Cryptocurrency and oil & gas drilling sectors were among the biggest decliners: GameStop fell more than 10%, Trump Media & Technology Group dropped more than 6%, and Coinbase fell more than 4%.

On Wednesday local time, Nvidia, the AI industry leader, released its fiscal first-quarter report for 2026 (ending April 27). Despite pressure from US government export restrictions, its performance overall exceeded expectations. Nvidia's stock price rose nearly 5% in after-hours trading.

Financial reports show that Nvidia's total revenue in the first fiscal quarter increased by 69% year-on-year to $44.1 billion, higher than the market expectation of $43.1 billion; net profit was $18.775 billion, with a market expectation of $20.767 billion; adjusted earnings per share were $0.96, compared with a market expectation of $0.93.

Global Hotspots

U.S. Federal Court Blocks President Trump's Tariff Policy on Constitutional Grounds: The U.S. Court of International Trade in Manhattan issued an injunction halting President Donald Trump’s latest tariff policy, which was scheduled to take effect on April 2. The court ruled that the administration had exceeded its constitutional authority by unilaterally imposing broad-based tariffs on countries running trade surpluses with the United States. In its decision, the court emphasized that the power to regulate international commerce rests solely with Congress, as outlined in the U.S. Constitution. The legal challenge was brought by the Center for Liberty and Justice, a nonpartisan nonprofit, on behalf of five small U.S. businesses directly impacted by the tariffs. The ruling marks a significant setback to the administration’s trade agenda and sets a precedent for future limitations on executive action in trade policy.
Trump says US-Iran nuclear deal 'may be reached in the next few weeks': US President Trump said that the US is conducting some very good negotiations with Iran, and the current negotiations are progressing well. Trump also said that the US-Iran nuclear agreement 'may be reached in the next few weeks'.
NATO plans major military expansion, combat brigades to increase to 120–130: NATO plans to raise the total number of combat brigades to be provided by its member states from the current approximately 80 to 120–130. It is understood that this goal will be one of the topics at the meeting of NATO defense officials next week.
Ukraine says it has submitted ceasefire documents to Russia, urging Russia to immediately submit a 'memorandum': Ukrainian Defense Minister Umerov said on social media on the 28th that Ukraine has submitted ceasefire documents to Russian delegation head Medinsky. According to the process, Russia still has four days to submit the documents to Ukraine for processing.
Two major global meteorological agencies warn that more severe deadly heatwaves will encounter in the coming years: The two major global meteorological agencies predict that record-high temperatures will continue in the coming years, pushing the earth into a more deadly, hotter, and more uncomfortable extreme state.

Company News

Nvidia's Q1 revenue exceeded expectations, stock price rises 5% after hours: Nvidia's overall revenue in the first quarter increased by 69% year-on-year to $44.1 billion, higher than the market expectation of $43.1 billion. Data center revenue increased by 73% year-on-year to $39.1 billion (market expectation $39.3 billion), accounting for 88% of sales. Nvidia's stock price rose 5% after hours.
Apple is reportedly planning to fully rename its operating system, planning to use years instead of version numbers: Apple plans to carry out its most comprehensive adjustment to the naming of its operating systems to date, which is one of the software transformation actions extended to all its devices. According to informed sources, Apple's next-generation operating system will be named after the year rather than the version number.
Tesla plans to launch Robotaxi service in Austin, Texas on June 12: According to an informed source, Tesla is set to launch its long-awaited autonomous taxi (Robotaxi) service in Austin, Texas, on June 12, which will be a major milestone for Musk to reshape the company's business around autonomous driving and artificial intelligence.

Forex & Commodities

WTI crude oil futures closed at $61.84 per barrel, up $0.95, or 1.56%.

Brent crude oil futures closed at $64.9 per barrel, up $0.81, or 1.26%.

COMEX gold futures fell 0.48% to close at $3,312.4 per ounce, and COMEX silver futures fell 0.65% to $33.095 per ounce.

At the end of trading in New York, the US dollar index rose 0.28% to 99.8965, and most non-US currencies fell.

Cryptocurrency

Bitcoin fell 2.5% to $107,216, and its 24-hour trading volume fell 14% to $48.3 billion.

Ethereum (ETH-USD), the second-largest digital asset by market capitalization, fell 2.3% to $2,624.

XRP (XRP-USD) lost 4.4%, BNB (BNB-USD) fell 0.9%, and Solana (SOL-USD) declined 4.9%.

Dogecoin (DOGE-USD) slumped 4.6%, and Cardano (ADA-USD) fell 3.8%.

The total market value of the cryptocurrency industry decreased by 2.5% in the past 24 hours to $3.38 trillion, with trading volume dropping 11% to $115 billion.

Key Events

Vance predicts the number of Bitcoin holders in the US will double, promises to create a friendly regulatory framework: On Wednesday, Vance spoke to thousands of Bitcoin investors wearing orange uniforms in Las Vegas, touting the rise of cryptocurrencies and predicting that the number of Americans holding Bitcoin will soon double. 'This is a movement—I am proud to stand with you today,' he said.