May 20, 2026

Markets:

Futures are pushing higher this morning, helped in part by a pullback in oil as traders position ahead of NVIDIA earnings.

WTI crude is down about 2% but still holding above $101, while Brent has dropped roughly 3% to the $108 area.

All eyes are on NVDA, which reports after the close. This report is a key read-through on the AI trade and, more importantly, current demand trends across the semiconductor space.

On the rates side, the 10-year Treasury yield briefly touched 4.687%, marking its highest level since January 2025. Yields have been climbing on the back of last week’s economic data pointing to persistent inflation, along with continued uncertainty surrounding the U.S.–Iran situation and its potential impact on energy prices.

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Portfolio:

We step into the session, NVDA Day, holding just one setup in ACHR.

One of the biggest expectations from NVDA earnings is commentary from Jensen Huang around China. The market will be listening closely for any update on demand and access following his recent visit.

Keep in mind, Jensen has consistently said that NVDA currently has effectively zero market share in China. Any shift in that narrative could be a major catalyst.

Today is all about NVDA. Stay sharp and be ready.