Andy Chen

Tradingkey - On May 28, U.S. government officials reported a new ceasefire agreement reached between the U.S. and Iran. Influenced by this major geopolitical news, trading volumes across major global asset markets saw a significant expansion during the day. All three major U.S. stock index futures turned from gains to losses. As of press time, Dow Jones futures rose 0.02%, S&P 500 futures rose 0.23%, and Nasdaq 100 futures rose 0.39%. Spot gold surged in the short term, rising by more than $100; as of press time, it was up 0.14% at $4,452. The two major crude oil futures fell before rebounding; as of press time, WTI crude oil futures rose 0.36% to $89, while Brent crude oil futures rose 0.21% to $94.49.

Tradingkey - Snowflake (SNOW) shares surged over 35% in after-hours trading following the announcement of a new partnership with Amazon AWS and its first-quarter earnings results. As of press time, the stock remained up 33% at $233.1. Snowflake reported its fiscal first quarter 2027 results, with revenue reaching $1.39 billion, up 33% year-over-year. Net revenue retention stood at 126%. Furthermore, remaining performance obligations (RPO) were $9.21 billion, up 38% year-over-year; there were 779 customers with trailing 12-month product revenue exceeding $1 million, a 29% year-over-year increase. Snowflake also provided strong guidance, forecasting a second-quarter adjusted operating margin of 12.5% and product revenue between $1.415 billion and $1.42 billion, surpassing market expectations of 11.9% and $1.37 billion, respectively.

Tradingkey - On May 27, Eastern Time, Marvell Technology (MRVL) released its fiscal first quarter 2027 financial results during post-market trading, reporting revenue that exceeded market expectations. During the period, Marvell’s Q1 revenue reached a record high of $2.418 billion, compared to $1.89

Tradingkey - On May 26, Eastern Time, the three major U.S. stock indices showed divergent performance. The Dow Jones Industrial Average hit an intraday record high of 50,830.41, while the Nasdaq Composite and the S&P 500 turned lower. Although U.S. equities have staged a strong broad-based rebound over the past two months, the performance gap between the three indices remains significant. The Nasdaq Composite has led the market with a cumulative gain of approximately 27%, followed by the S&P 500 with an 18% increase over the same period. The Dow Jones has shown relative weakness, rising only 12% during this interval and significantly lagging behind the other two major indices.

Tradingkey - According to Iranian sources, a "preliminary informal document" regarding a Memorandum of Understanding (MoU) framework between Iran and the United States has been disclosed. The content covers the Strait of Hormuz, regional military deployments, and arrangements for future agreements. Driven by the de-escalation of geopolitical tensions, gold prices dropped to their lowest levels since late March. Both major crude oil benchmarks plunged: WTI crude futures hit a low of $87.77 per barrel, the lowest since April 22, while Brent crude fell to a low of $94.17 per barrel.

Tradingkey - AI chipmaker Cerebras Systems (CBRS) shares rose, gaining more than 10% at one point to reach a high of $266.7. As of press time, the stock remains up 8.7% at $262.75. Renowned Wall Street investor Cathie Wood, founder and CEO of ARK Invest—often referred to as the "female Warren Buffett"—has significantly increased her stake in Cerebras Systems. Despite the stock’s post-listing retracement, Wood opted to buy the dip, signaling firm confidence in the long-term explosive potential of the company’s unique "wafer-scale" AI chip technology.

Tradingkey - On May 26, Eastern Time, driven by a decline in U.S. Treasury yields, U.S. technology stocks extended their rally. The three major indices closed mixed, with the S&P 500 and the Nasdaq Composite hitting record highs. At the close, the Dow Jones Industrial Average fell 0.23% to 50,461.68; the S&P 500 rose 0.61% to 7,519.12; and the Nasdaq Composite rose 1.19% to 26,656.18.

Tradingkey - On May 26 (ET), hostilities in Iran escalated once again, driving the two major crude oil futures to narrow their losses. WTI crude futures were down 3% at $93.70, while Brent crude futures returned to the $100 mark, though remaining down 3.41%. The core catalyst for this rapid rebound in international oil prices is the sudden escalation of geopolitical tensions in the Strait of Hormuz: U.S. forces recently launched military strikes in the strait area, to which Iran immediately responded with firm countermeasures, leading to a sharp cooling of market optimism regarding the restoration of waterway passage through negotiations.

Tradingkey - Elon Musk’s SpaceX is set to list on Nasdaq in mid-June with a target valuation of $1.75–$2 trillion, as the market focuses intensely on whether its performance can support this massive valuation. According to prospectus data, Starlink is currently the company’s sole profit pillar; the communications business, including Starlink, generated $11.39 billion in revenue last year, accounting for 61% of total revenue. The market generally considers Starlink's user growth and commercialization progress as key variables for valuation validation. Today, American Airlines (AAL) confirmed the adoption of Starlink’s in-flight network, injecting new growth momentum into the business. American Airlines finalized an in-flight connectivity upgrade plan to equip over 500 narrow-body aircraft with SpaceX’s Starlink system, further consolidating Starlink’s advantage in the aviation Wi-Fi sector as it continues to gain favor among major global airlines.

Tradingkey - On May 26, 2026 (ET), the first trading day following the Memorial Day holiday, the three major US stock indices maintained an overall upward trend. This momentum was driven by the dual catalysts of an intensifying AI investment craze and easing geopolitical risks fueled by expectations of a US-Iran peace agreement. Both the Nasdaq Composite and the S&P 500 reached new all-time highs: the Nasdaq hit an intraday peak of 26,725.29, and the S&P 500 reached an intraday high of 7,539.09. Conversely, the Dow Jones Industrial Average opened higher but trended lower, declining 0.16% as of press time.

Tradingkey - In early US trading on May 26, optical communication stocks led the gains. As of press time, Amphenol (APH) rose 7.04%, Viavi Solutions (VIAV) rose 6.32%, Marvell Technology (MRVL) rose 5.67%, Broadcom (AVGO) rose 5.05%, Nokia (NOK) rose 4.43%, and Corning (GLW) rose 2.63%. According to media reports, a core researcher from a leading South Korean memory manufacturer revealed that global memory and advanced packaging companies are jointly exploring a breakthrough GPU-HBM heterogeneous integration solution. This approach aims to break the physical constraints of traditional 2.5D packaging, where HBM must be positioned adjacent to the GPU, by packaging computing and memory units independently and interconnecting them via high-speed optical fiber links.

Tradingkey - Since the outbreak of the conflict in Iran, international crude oil prices have climbed rapidly. Over the past several months, U.S. economic data has consistently confirmed that inflationary pressures triggered by rising oil prices are spreading across the entire supply chain. Against this backdrop, the market moved early to price in Federal Reserve rate hike expectations, driving U.S. Treasury yields to continuous new periodic highs. However, a major turning point has emerged in the geopolitical landscape, with prospects for a peaceful resolution to the U.S.-Iran conflict. Consequently, WTI crude oil futures fell below the $90 per barrel psychological mark today for the first time since May 7. This shift has introduced uncertainty to the previously "certain" rate hike expectations that had broadly formed within the market.

Tradingkey - Arab media reports that a draft agreement has been reached between the U.S. and Iran, causing the two major crude oil futures to plunge in the short term. WTI crude futures dropped by over 7% at one point to $89.65 per barrel, while Brent crude futures also fell by more than 7% to $93.2

Tradingkey - Since the outbreak of conflict involving Iran, copper price floor support has continued to solidify. The core drivers stem from the synergy of three major fundamentals: the energy transition, AI computing expansion, and military demand. These factors, coupled with tight global copper mine supply and smelting bottlenecks, have collectively established strong support for copper prices. Market analysis indicates that the opening of the Strait of Hormuz will alleviate the pressure high oil prices have placed on market risk appetite, benefiting the recovery of global economic expectations and opening upside potential for copper prices. Meanwhile, falling energy costs and improved demand expectations are conducive to the valuation recovery of long-duration copper equity assets.

Tradingkey - The three major U.S. stock index futures recorded significant gains, with Dow Jones futures up 0.91% at 51,121, S&P 500 futures up 0.91% at 7,559, and Nasdaq 100 futures jumping 1.32% to 29,949. In his latest post on Truth Social, Donald Trump stated that he is using negotiations with Iran as leverage to demand that multiple countries in the Middle East and surrounding regions sign the Abraham Accords, in an attempt to forge an unprecedented Middle East grand alliance that includes Iran.

Tradingkey - The U.S. Bureau of Economic Analysis (BEA) will release the April PCE inflation report on May 28, Eastern Time. Since May, multiple economic indicators have confirmed that inflation remains elevated, leading the market to even begin betting that the Federal Reserve may pivot to rate hikes within the year. Consequently, U.S. Treasury yields have strengthened, with the 30-year Treasury yield surging to 5.2% on May 20, reaching its highest level since 2007. It should be noted that while the CPI is a major inflation indicator monitored by the market, the Federal Reserve pays closer attention to PCE inflation data. This has been its official inflation anchor since its formal establishment in 2012, with a long-term policy goal of stabilizing YoY PCE growth at 2%. In its actual decision-making, the Fed places particular weight on Core PCE—which excludes food and energy prices—believing it to be less volatile and a more accurate reflection of underlying inflation trends in the economy.

Tradingkey - Since the beginning of this year, developments regarding SpaceX's IPO prospects have triggered significant volatility in capital markets. The potential listing of this aerospace giant founded by Elon Musk is no longer merely business news, but is increasingly viewed as a major event that could reshape the liquidity landscape of the U.S. stock market. According to Reuters, SpaceX's potential fundraising scale may surpass all previous IPOs in U.S. history, potentially becoming the largest-ever stock market debut for a U.S. company on Wall Street. The latest information indicates that its target valuation has surged to a staggering $1.75 trillion.

Tradingkey - With shares priced near $970, Lumentum Holdings (ticker: LITE) has a market cap of approximately $75 billion. LITE serves as the major infrastructural chokepoint for the impending AI boom expected to start in 2026. The principal contradiction defining LITE’s valuation is the divergence

Tradingkey - On May 22, Asian equity markets strengthened across the board, with Japanese and South Korean stocks approaching all-time highs. An overnight surge in U.S. quantum computing stocks drove significant gains in related Japanese shares. The U.S. government reportedly plans to provide approximately $2 billion in funding to nine quantum computing-related companies through equity investments. Additionally, market sentiment was further bolstered by easing geopolitical tensions as the U.S. and Iran move closer to an agreement. A senior Iranian official stated that negotiators are very close to reaching a deal and are currently drafting the text.

Tradingkey - Nearly three months since the outbreak of the Iran war, oil prices continue to fluctuate at high levels, with WTI crude futures hovering around $100 and Brent crude around $105. The primary reason for prices maintaining current levels is a market consensus: while the escalation in the Strait of Hormuz has disrupted global supply, it has also suppressed demand, with the two forces offsetting each other to create a delicate dynamic balance. A recent Morgan Stanley report noted that although net exports from major Middle Eastern producers have declined, other producers—led by the U.S.—have significantly increased export supplies. Simultaneously, major importers like China have reduced their import volumes, collectively sustaining the current supply-demand equilibrium in the crude oil market.