May 27, 2025

Markets Update

Stock futures surged Tuesday after President Donald Trump announced over the weekend that he would delay imposing a 50% tariff on the European Union.

Trump stated on Sunday that, following a request from European Commission President Ursula von der Leyen, the new deadline for the proposed levy would be pushed to July 9. This comes after last week’s announcement of a potential 50% import tax on EU goods beginning June 1.

Tuesday’s rally follows a rough week for Wall Street, where the Dow, S&P 500, and Nasdaq Composite each dropped more than 2%, largely due to investor concerns over the proposed tariffs and their potential impact on major firms like Apple. U.S. markets were closed Monday in observance of Memorial Day.

This week, investors will be watching earnings reports closely, starting with Okta after the bell on Tuesday. Reports from Nvidia, Macy’s, and Costco are also on deck. According to FactSet, over 95% of S&P 500 companies have reported this earnings season, with nearly 78% exceeding analyst expectations.

Portfolio Outlook

Big week ahead, with Nvidia earnings set to report after the close Wednesday—a potential game-changer for the semiconductor space and broader AI narrative.

We head into the week with active positions in APLD and METU.  Our focus remains on key technical levels and maintaining agility in a shortened trading week.

Key levels we’re watching:

QQQ challenging 524

SPY reclaiming 595, with 577 as a critical support

TSLA breaking above 353 could trigger a strong upside move

NVDA earnings could set the tone for the market into month-end

Until then, we remain nimble—capitalizing on opportunity as it presents itself.