New York, May 19, 2026, 06:03 EDT
- Futures on the Nasdaq 100 dropped 0.51% shortly after 5:20 a.m. ET. S&P 500 futures fell 0.30%. Dow futures edged down 0.11%.
- Nasdaq fell 0.51% and the S&P 500 edged down 0.07% on Monday. The Dow managed a 0.32% gain. Some investors booked profits in tech names.
- Traders will get Nvidia’s numbers Wednesday, with Home Depot out Tuesday and Walmart later in the week. The timing leaves markets watching both AI and U.S. retail.
Nasdaq 100 futures slipped Tuesday morning, pushing other U.S. stock futures down as traders held back after weakness in tech stocks. Nvidia’s earnings report this week left some investors on edge. Futures pointed to a lower start for Wall Street, with contracts indicating a softer open.
AI stocks and consumer names are both being watched this week as key parts of the market come into focus. Nvidia will report Wednesday, drawing eyes as an AI bellwether. Retailers including Home Depot, Target, TJX, and Walmart also report, with investors looking for signs of how consumers are handling energy prices and inflation.
Dow Jones futures were down 53 points, or 0.11%, to 49,715 at 5:21 a.m. ET. S&P 500 futures fell 22.50 points, or 0.30%, to 7,403.25. Nasdaq 100 futures lost 147.75 points, or 0.51%, to 28,948.25.
Stocks finished lower after a volatile session on Monday. The Dow managed to add 159.95 points to finish at 49,686.12. The S&P 500 slipped 5.45 points, settling at 7,403.05. The Nasdaq Composite dropped 134.41 points to 26,090.73. Tech shares continued to lag. The Philadelphia Semiconductor Index fell 3.3%.
S&P 500 climbed 18% from its March 30 low to last Thursday, while the Nasdaq was up 28% over the same stretch. Both cooled as sellers showed up. The rally paused with investors stepping back. Tech strength and AI hopes had pulled stocks higher.
Stocks are facing some profit-taking after the rally, said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder. “There’s concern about the rally we’ve had,” Ghriskey said. Burns McKinney, portfolio manager at NFJ Investment Group, said oil prices have become a daily market driver. McKinney also pointed to higher yields hurting tech and chip shares. Reuters
Market attention was on oil and bonds early. Brent crude eased after U.S. President Donald Trump said he paused a planned strike on Iran for negotiations. The 10-year Treasury yield gave up some ground from its more than one-year high and stands at 4.597%.
Oil prices remain elevated, with Brent last at $110.50 a barrel according to Reuters. That’s more than 50% above prewar levels, despite pulling back from recent highs. Markets are watching for any fallout in the Strait of Hormuz, as traders say any flare-up could push energy prices higher. Inflation concerns hang over all of it.
Nvidia is in the spotlight as the next equity event. “Nvidia is the market’s shorthand for everything AI,” Richard Reyle, chief investment officer at Questar Capital Partners, said. The company reports earnings Wednesday. Results there could swing trading for other AI names, chipmakers, and data-center suppliers that have been behind this year’s rally. Reuters
Retail is in focus this week. Home Depot will report Q1 before the bell Tuesday at 9 a.m. ET, and Walmart is set to follow on Thursday, Reuters reported. Investors want to see whether inflation or energy prices are changing consumer habits, since Home Depot’s home improvement and Walmart’s heavier grocery business have played out differently this cycle.
Oil and bonds are holding steady for now, but that may shift. Florian Ielpo, head of macro at Lombard Odier Investment Managers, said the “micro story remains strong,” but “macro story is becoming less forgiving.” He warned good company results won’t help much if yields go up or headlines from the Middle East turn negative. Reuters
Tech futures drifted lower and Europe moved higher. Oil bounced off its lows. Traders held back ahead of new earnings that might lift the AI trade again or confirm that Monday’s chip pullback wasn’t just noise.
