US Earnings, First-Quarter GDP Revision Set to Refocus Investors on Tech Stocks

US stock markets were closed on May 25 for Memorial Day. President Donald Trump said that Iran’s enriched uranium could be sent to the US for disposal, or processed in Iran or a third country. As negotiations to formally end hostilities between the two countries show renewed progress, investor attention on Wall Street is poised to shift back to technology stocks.

Major US companies in technology, retail and other sectors are scheduled to report earnings this week. Marvell Technology, cloud software company Salesforce and IT hardware maker HP will release results on May 27.

Costco and hardware equipment maker Dell Technologies will report on May 28. Their results could provide a clearer gauge of the impact of Middle East tensions and demand related to artificial intelligence.

Shares of Marvell, Salesforce and Dell surged on May 22, highlighting growing expectations for technology stocks. Dell soared 16.77% to close at $295.19. HP jumped 15.25% to end at $25.24. Expectations for server and PC makers have climbed as demand for AI infrastructure rises. Marvell gained 2.96% and Salesforce added 2.13%.

The so-called Magnificent Seven group of megacap US technology stocks traded mixed as investors took profits. Nvidia fell 1.90% despite reporting earnings that beat market expectations. Tesla rose 0.14%, Amazon gained 1.30%, Meta added 0.38% and Apple advanced 0.91%. Microsoft slipped 0.25% and Alphabet fell 0.32%.

The main US economic data due this week are the revised first-quarter gross domestic product reading and the April personal consumption expenditures price index, both scheduled for May 28. Markets will be watching whether inflation accelerated amid tensions in the Middle East and whether that strengthens expectations for a Federal Reserve rate increase.

Lee Mi-a, Hankyung.com reporter, mia@hankyung.com