Editor&#8217;s Note: This story has been updated to include the latest details



A federal court struck down global tariffs imposed by&nbsp;President Donald Trump under the International Emergency Economic&nbsp;Powers Act on Wednesday. This ruling could significantly impact the administration&#8217;s trade strategies.



What Happened: The federal court has ruled against Trump&#8217;s authority to impose extensive global tariffs&nbsp;under the IEEPA, according to a <a href="https://www.axios.com/2025/05/28/trump-tariffs-trade-court-ruling">report</a> by Axios. The decision, delivered by the U.S. Court of International Trade, could potentially halt the administration&#8217;s trade war efforts.



The court&#8217;s ruling, which emerged from two separate cases, nullifies the tariffs Trump had enforced using the 1977 IEEPA law, a statute never previously applied in tariff situations. Businesses and states had challenged the tariffs, arguing they violated the Constitution&#8217;s allocation of import duty authority to Congress.



The three-judge panel, comprising appointees from the Reagan, Obama, and Trump administrations, stated that IEEPA does not grant the president unlimited tariff-imposing powers. Consequently, the court vacated the challenged tariff orders and permanently enjoined their operation.



Axios noted that the court bypassed motions for an injunction, directly issuing a judgment that IEEPA did not authorize the &#8220;Worldwide, Retaliatory or Trafficking&#8221; orders. The White House has yet to comment on the ruling. 



&#8220;The challenged Tariff Orders will be vacated and their operation permanently enjoined,&#8221; wrote the court in its ruling, according to the report.



The decision could lead to confusion at U.S. ports and impact markets as businesses await the administration&#8217;s next steps and potential higher court interventions.



The Trump administration filed an appeal against the ruling in minutes, according to a Reuters report.



See Also:&nbsp;<a href="https://benzinga.com/general/market-summary/25/05/45641879/stock-market-is-pricing-a-never-before-seen-divergence-as-equities-and-bonds-run-it-hot-amid-gloomy-outlook-by-bottom-up-analysts" target="_blank" rel="noreferrer noopener">Stock Market Is Pricing A Never-Before-Seen &#8216;Divergence&#8217; As Equities And Bonds &#8216;Run It Hot&#8217; Amid Gloomy Outlook By Bottom-Up Analysts</a>



Why It Matters: This ruling follows a series of aggressive trade measures by Trump, including the introduction of a <a href="https://www.benzinga.com/25/04/44616760/donald-trump-sets-reciprocal-tariffs-on-key-trade-partners-in-historic-policy-shock">reciprocal tariff structure</a> in early April 2025. The president announced these tariffs as part of a broader strategy to redefine America&#8217;s trade relationships, dubbing it &#8220;our Declaration of Economic Independence.&#8221;



The economic impact of these tariffs was immediate and profound. The U.S. stock market <a href="https://www.benzinga.com/markets/equities/25/04/44655719/trump-tariffs-erode-5-trillion-in-market-cap-in-2-days-as-china-retaliates-jerome-powell-warns-of-inflation">experienced a significant downturn</a>, with a $5 trillion loss in market capitalization over just two days following the tariff announcement.



Photo Courtesy: Joey Sussman on Shutterstock.com



Read Next:&nbsp;



<ul class="wp-block-list">
<li><a href="https://benzinga.com/general/market-summary/25/05/45641879/stock-market-is-pricing-a-never-before-seen-divergence-as-equities-and-bonds-run-it-hot-am" target="_blank" rel="noreferrer noopener">Stock Market Is Pricing A Never-Before-Seen &#8216;Divergence&#8217; As Equities And Bonds &#8216;Run It Hot&#8217; Amid Gloomy Outlook By Bottom-Up Analysts</a></li>
</ul>



This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

News

Politics

Economics

General

Trump Tariffs Struck Down By Federal Court — Appeal Filed By Administration: Report (UPDATED)

Leading cryptocurrencies fell on Wednesday even as a federal court blocked President Donald Trump's sweeping tariffs.



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 9:30 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-0.91%</td><td>$107,931.14</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>+2.43%</td><td>$2,707.97</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-1.12%</td><td>$0.2240</td></tr></tbody></table></figure>



What Happened: Bitcoin dipped sharply in the early trading hours, falling below $107,000 before regaining $108,000 overnight.



Ethereum erupted above $2,700 late in the day, extending its 24-hour gains to 2.43%.



The overnight surge came after <a href="https://in.benzinga.com/news/25/05/45660322/trump-tariffs-struck-down-by-federal-court-major-blow-to-white-houses-trade-strategy-report">a federal court struck down</a> global tariffs imposed by Trump under the Emergency Powers Act. The decision, delivered by the U.S. Court of International Trade, could put an end to trade war fears gripping the capital asset markets.



Over $232 million was liquidated from the cryptocurrency market in the last 24 hours, with bullish long bets accounting for $165 million.



Bitcoin&#8217;s Open Interest rose 1.28% in the last 24 hours, while Ethereum recorded a 4.46% jump. The percentage of Binance traders placing bullish bets on Bitcoin jumped above 50%, suggesting increased optimism.



The &#8220;Greed&#8221; sentiment rose from 71 to 74 over the last 24 hours, as indicated by the Crypto Fear and Greed Index, implying increasing demand.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 9:30 p.m. ET)</td></tr><tr><td>Virtuals Protocol (VIRTUAL)</td><td>+16.25%</td><td>$1.07</td></tr><tr><td>Uniswap (UNI)</td><td>+13.87%</td><td>$7.15</td></tr><tr><td>Toncoin (TON)</td><td>+12.22%</td><td>$3.38</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.43 trillion, following a dip of 0.38% in the last 24 hours.



Stock futures ripped overnight Wednesday. The Dow Jones Industrial Average Futures soared 450 points, or 1.07%, as of 9:26 p.m. EDT.&nbsp; Futures tied to the S&amp;P 500 jumped 1.43%, while Nasdaq 100 Futures gained 1.80%.



See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>



Analyst Notes: Cryptocurrency analyst and trader Ali Martinez observed that Bitcoin has reached the lower limit of its current channel, which had previously served as support.&nbsp;



He also spotted a "buy" signal from the TD Sequential indicator on BTC's hourly chart.&nbsp;



The TD Sequential indicator is a technical analysis tool that helps traders identify potential price reversals and exhaustion patterns.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> reached the lower boundary of its current channel, where it has previously found support, while the TD Sequential is flashing a buy signal on the hourly chart! <a href="https://t.co/vBL64tRhXK">pic.twitter.com/vBL64tRhXK</a>&mdash; Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1927908025907527902?ref_src=twsrc%5Etfw">May 29, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Another widely followed cryptocurrency investor, known by the pseudonym Scient, predicted BTC to hit a new all-time high "in a couple of days," provided it could hold above $107,974—the upper boundary of a "box" that they highlighted.



"If we fall under the box, $102,000 is a good support for scalp longs, but it will invite a lot of sell pressure when we test $108,000 from underside," they said.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> pretty simple for me here. • Hold above the box while holding the trend and I think we should be at new ATHs in a couple of days from now. If we fall under the box, $102k is a good support for scalp longs but it will invite a lot of sell pressure when we test $108k from… <a href="https://t.co/fNwF4U6t2r">pic.twitter.com/fNwF4U6t2r</a>&mdash; Scient (@Crypto_Scient) <a href="https://twitter.com/Crypto_Scient/status/1927906432701038925?ref_src=twsrc%5Etfw">May 29, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Photo Courtesy: Antonio Gravante On Shutterstock.com



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Cryptocurrency

Markets

Movers

Trading Ideas

$BTC

$DOGE

$ETH

Bitcoin, Dogecoin Dip, Ethereum Gains As Court Strikes Down Trump's Tariffs: Analyst Anticipates BTC All-Time High 'In A Couple Of Days' If This Happens

Nvidia Corporation&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) blockbuster quarter has drawn reactions from top investors, with Ross Gerber slamming <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45629142/nvidia-q1-earnings-preview-analyst-cautions-on-macro-uncertainty-china-restrictions-stay-long-the-stock">U.S. policy on China</a>. At the same time, Deepwater Asset Management's Gene Munster has urged Wall Street to focus on the chipmaker's explosive AI growth.



What Happened: Nvidia <a href="https://www.benzinga.com/news/earnings/25/05/45657660/nvidia-q1-highlights-china-export-ban-hits-results-but-jensen-huang-says-demand-incredibly-strong">reported first-quarter revenue</a> of $44.1 billion, up 69% year-over-year and ahead of Wall Street's $43.2 billion estimate.



"Another impressive qtr from Nvidia despite [Donald] Trump basically destroying their China business for now," said Gerber, CEO of Gerber Kawasaki on X, formerly Twitter. "At some point maybe the U.S. will understand the advantages of having China being dependent on our technology."



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Another impressive qtr from Nvidia despite Trump basically destroying their China business for now. At some point maybe the US will understand the advantages of having China being dependent on our technology… <a href="https://twitter.com/search?q=%24NVDA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NVDA</a>&mdash; Ross Gerber (@GerberKawasaki) <a href="https://twitter.com/GerberKawasaki/status/1927845155647721692?ref_src=twsrc%5Etfw">May 28, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



See Also:&nbsp;<a href="https://www.benzinga.com/25/04/44897214/nvidia-discusses-ai-powering-future-with-japan-amid-rising-energy-demands" target="_blank" rel="noreferrer noopener">Nvidia&#8217;s Jensen Huang Meets Japanese PM To Discuss AI&#8217;s Growing Energy Needs</a>



Meanwhile, Munster <a href="https://www.benzinga.com/25/05/45182565/nvidia-designing-new-ai-chips-for-alibaba-bytedance-tencent-after-warning-us-export-ban-on-h20-could-cost-the-company-55-billion-report">downplayed the China hit</a>, suggesting investors should zoom in on Nvidia's core business. &#8220;Forget the China curbs. $NVDA&#8217;s business is off the charts good,&#8221; he said on social media.



&#8220;[Nvidia&#8217;s] core business is on fire and is evidence that we&#8217;re still early in the AI infrastructure buildout,&#8221; he said on his Pressure Points show.&nbsp;



Munster stated that if the $2.5 billion revenue loss from China in the April quarter were excluded, Nvidia's year-over-year growth would have reached 79%. Similarly, adjusting for the expected $8 billion China hit in the July quarter would still imply 76% revenue growth, well above Wall Street's 60% forecast.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Forget the China curbs. <a href="https://twitter.com/search?q=%24NVDA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NVDA</a>&#39;s business is off the charts good. <a href="https://t.co/eSmHWeWG5f">pic.twitter.com/eSmHWeWG5f</a>&mdash; Gene Munster (@munster_gene) <a href="https://twitter.com/munster_gene/status/1927886052770893883?ref_src=twsrc%5Etfw">May 29, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Why It's Important: On April 9, Nvidia was hit with an export ban affecting its H20 products bound for China. As a result, the company recorded a $4.5 billion charge in the first quarter tied to <a href="https://www.benzinga.com/tech/25/05/45309175/nvidia-modifies-h20-chip-for-china-after-us-restrictions-block-sales-aims-to-deliver-new-version-by-july-report">unsold H20 inventory</a> and existing purchase commitments.



Before the new export rules took effect, H20-related sales for the quarter totaled $4.6 billion. Nvidia noted that, excluding the impact of this charge, its adjusted earnings per share for the quarter would have been 96 cents.



Previously, it was reported that Nvidia is preparing to <a href="https://www.benzinga.com/markets/equities/25/05/45605521/after-jensen-huang-criticized-us-export-curbs-nvidia-set-to-launch-cheaper-blackwell-ai-chip-for-china-amid-market-share-slide-report">introduce a much more affordable</a> artificial intelligence chip for the Chinese market, with prices ranging from $6,500 to $8,000.



Earlier this month, Nvidia CEO Jensen Huang reportedly told U.S. lawmakers that current <a href="https://www.benzinga.com/25/05/45157365/nvidia-ceo-jensen-huang-warns-us-lawmakers-that-export-bans-are-backfiring-fueling-huaweis-rise-in-global-ai-chip-race">export limits on AI chips could be giving</a> Huawei Technologies an advantage, potentially strengthening the Chinese company's position in the global AI competition.



Price Action: Nvidia shares rose 4.89% in after-hours trading, reaching $141.40, after slipping 0.51% during Wednesday's regular session, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.



Nvidia also holds a strong growth score of 98.75% on Benzinga Edge Stock Rankings — <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">click here to compare it with other leading tech stocks</a>.



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/28213900/Screenshot-2025-05-29-at-7.06.23%E2%80%AFAM.png" alt="" class="wp-image-930743"/></a></figure>



Photo Courtesy: Hepha1st0s On Shutterstock.com



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Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Tech

NVDA

Ross Gerber Blasts Trump For 'Destroying' Nvidia's China Business — Gene Munster Says 'Forget About The China Curbs' Because The Chip Giant's Core Business Is 'On Fire'

Editor's Note: This article has been updated to correct the first-quarter earnings per share.



NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) reported first-quarter financial results after <a href="https://www.benzinga.com/earnings">market close Wednesday.</a>



Here are the key highlights.



Nvidia's Key Q1 Figures: Nvidia reported first-quarter revenue of $44.1 billion, up 69% year-over-year and up 12% from the fourth quarter. The revenue beat a Street consensus estimate of $43.2 billion.



Nvidia reported adjusted earnings of 81 cents per share in the first quarter, which may not compare to analyst estimates.



Excluding the charges related to restrictions on chip sales to China, Nvidia said adjusted earnings would have been 96 cents per share, which appears to be above varying analyst expectations.



Nvidia faced an export ban on H20 products to China on April 9. The company said it incurred a $4.5 billion charge in the first quarter related to H20 excess inventory and purchase obligations. H20 product sales were $4.6 billion for the first quarter prior to the new export licensing requirements.



The company said without the $4.5 billion charge, adjusted quarterly earnings per share would have been 96 cents per share.



Nvidia&#8217;s Q1 Performance By Segment:&nbsp;Nvidia reported record revenue for the company's Gaming segment with news that the company will power the new Nintendo Switch 2 console, shared in the quarter.



Here is a look at the revenue performance by operating business segment.



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Segment</td><td>Revenue</td><td>Year-over-Year change</td><td>Quarter-over-Quarter change</td></tr><tr><td>Data Center</td><td>$39.1 billion</td><td>+73% </td><td>+10% </td></tr><tr><td>Gaming &amp; AI PC</td><td>$3.8 billion</td><td>+42% </td><td>+48% </td></tr><tr><td>Professional Visualization</td><td>$509 million</td><td>+19% </td><td>flat</td></tr><tr><td>Automotive </td><td>$567 million</td><td>+72% </td><td>-1% </td></tr></tbody></table></figure>



What's Next: Nvidia is guiding for second-quarter revenue of $45.0 billion, +/- 2%. The guidance includes the loss of $8.0 billion in H20 revenue due to the export controls.



The company is guiding for gross margins between 71.8% and 72.0% for the second quarter.



"Our breakthrough Blackwell NVL72 AI supercomputer – a ‘thinking machine' designed for reasoning – is now in full-scale production across system makers and cloud service providers," Nvidia CEO Jensen Huang said.



Huang added that demand for Nvidia's AI infrastructure is "incredibly strong."



"AI inference token generation has surged tenfold in just one year, and as AI agents become mainstream, the demand for AI computing will accelerate. Countries around the world are recognizing AI as essential infrastructure — just like electricity and the internet — and NVIDIA stands at the center of this profound transformation.&#8221;



NVDA Price Action: Nvidia stock is up 2.7% to $138.25 in after-hours trading Wednesday versus a 52-week trading range of $86.63 to $153.13.



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Image created using photos from Shutterstock.

Earnings

Nvidia Q1 Highlights: China Export Ban Hits Results But Jensen Huang Says Demand 'Incredibly Strong' (CORRECTED)

Rising tariffs could reignite inflation while shifts in global investor confidence may undermine the U.S. dollar's safe-haven status, according to the Federal Reserve's May meeting minutes, which reflect growing concern <a href="https://www.benzinga.com/news/econ-s">over lasting economic headwinds.</a>



<h3 class="wp-block-heading">Tariffs And Inflation: A Risky Combination</h3>



Participants agreed inflation had eased since its 2022 peak but remains "somewhat elevated" and could accelerate due to new trade barriers. 



"Participants judged that it was likely to be boosted by the effects of higher tariffs, although significant uncertainty surrounded those effects," the minutes stated. 



Reports from businesses and surveys suggest that "firms generally were planning to either partially or fully pass on tariff-related cost increases to consumers."



Some participants warned that even firms unaffected by tariffs might use the price environment as cover to raise their own.



Several Fed officials noted rising short-term inflation expectations in markets and surveys, which could pressure firms to keep raising prices. 



Although long-term expectations remain anchored, the risk of upward drift remains. "Some participants saw the risk that they could drift upward, which could put additional upward pressure on inflation," according to the minutes.



Tariffs on intermediate goods and related supply chain disruptions were seen as potentially contributing to "a more persistent increase in inflation," echoing the kind of price stickiness seen during the pandemic era.



<h3 class="wp-block-heading">US Assets And Financial Volatility: A Growing Concern</h3>



Multiple participants raised alarms over financial market behavior in April, highlighting that "heightened volatility" had emerged across asset classes. 



Particularly notable was the unusual pattern of longer-term Treasury yields rising while the dollar depreciated, even as equity prices fell.



Such a divergence, they said, could signal deeper shifts. 



"Participants noted that a durable shift in such correlations or a diminution of the perceived safe-haven status of U.S. assets could have long-lasting implications for the economy."



These concerns intersect with broader financial vulnerabilities. While household and corporate balance sheets appear healthy, some participants flagged "high levels of leverage at hedge funds" and potential risks from the private credit market. 



They added that higher rates or an economic downturn could amplify these issues.



<h3 class="wp-block-heading">Labor Market: Resilient But At Risk</h3>



The Fed found labor market conditions to be "broadly in balance," with unemployment stable and layoffs low. But some businesses have started "limiting or pausing hiring because of elevated uncertainty," and participants acknowledged a growing risk of labor market weakness in the months ahead.



Importantly, officials downplayed the labor market as a major inflation driver for now. "Several participants commented that labor market conditions were unlikely to be a source of inflationary pressure."



<h3 class="wp-block-heading">Economic Growth: Stable, But Threatened by Policy Uncertainty</h3>



The Fed recognized solid economic momentum, with consumer spending strong in March and private domestic final purchases—a key growth measure—rising in the first quarter. Yet, real GDP dipped slightly, possibly due to statistical quirks involving a surge in pre-tariff imports.



Even so, sentiment is softening. "Several participants noted that their contacts or surveys reported sharp declines in business sentiment," and many firms are delaying capital expenditures. Retailers, manufacturers and small businesses appear most exposed to tariff pressures.



<h3 class="wp-block-heading">Market Reactions</h3>



Stocks remained broadly unchanged in reaction to the minutes, with the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) still down 0.1% for the day. 



Yields on 30-year Treasury bonds slightly softened to 4.98%, with the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) trimming session losses.



The dollar held onto session gains, with the U.S. dollar index, which is tracked by the&nbsp;Invesco DB USD Index Bullish Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UUP#NYSE">UUP</a>), up 0.3%. 



Read now: <a href="https://www.benzinga.com/25/05/45644145/nvidia-stock-is-bullish-ahead-of-q1-earnings-but-will-h20-chip-woes-dampen-the-party">Nvidia Bullish Ahead Of Q1 Earnings, But Will H20 Chip Woes Dampen The Party?</a>



Photo: Shutterstock



<a href="https://www.benzinga.com/25/05/45644145/nvidia-stock-is-bullish-ahead-of-q1-earnings-but-will-h20-chip-woes-dampen-the-party"> </a>

Broad U.S. Equity ETFs

Federal Reserve

ETFs

Federal Reserve Minutes Flag Tariff-Driven Inflation, Eye US Market Volatility As Economic Risk

After years of being the poster child for China&#8217;s regulatory reckoning, Alibaba (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>) is now sending a different sort of signal to shareholders: It&#8217;s back, it&#8217;s profitable and it&#8217;s on the AI wave on a large scale. And for <a href="https://www.benzinga.com/etfs">ETF investors</a>, its return may be more than a BABA-centric tale, which might be a sign of a wider reawakening for China-centric tech ETFs.



The Numbers Don&#8217;t Lie, They Shout



Alibaba&#8217;s most <a href="https://www.benzinga.com/news/earnings/25/05/45437447/alibaba-stock-slides-5-after-revenue-miss-cloud-spend-hits-free-cash-flow">recent quarterly earnings</a> showed that the company&#8217;s revenue increased 7% year-over-year in the March quarter, which was a miss. However, operating income skyrocketed 93%, and adjusted EBITA jumped 36%. The jaw-dropping number? Net income expanded to $1.65 billion, an eye-opening 1,203% jump from the prior-year period. Even stripping out one-time gains, non-GAAP net income was up 22%. The company has also stepped up expenses, cut share-based compensation in half, and streamlined its sprawling platforms—all while accelerating cash flow by 18%. For a company once seen as a regulatory landmine, Alibaba is now flexing financial discipline and strategic clarity.



Also Read: <a href="https://www.benzinga.com/trading-ideas/movers/25/05/45620670/alibaba-eyes-growth-in-other-markets-as-us-ties-strained-says-chairman">Alibaba Eyes Growth In Other Markets As US Ties Strained, Says Chairman</a> Alibaba&#8217;s Not-So-Secret Weapon



As e-commerce remains the company&#8217;s anchor business, Alibaba&#8217;s Cloud Intelligence Group is shaping up to be the next significant growth driver. The cloud unit increased revenue by 18% YoY to $4.15 billion, while adjusted EBITDA surged 69%. But the real news is what&#8217;s fueling that growth: artificial intelligence.



Alibaba has now reported seven straight quarters of triple-digit revenue growth from AI-driven cloud products. CEO Eddie Wu has referred to generative AI as the key driver here, a trend that international investors are following closely, particularly as AI emerges as the next wave across enterprise and consumer applications. The ETF Implication: Who&#8217;s Holding The Bag (In A Good Way)?



For&nbsp;investors&nbsp;in&nbsp;ETFs who want&nbsp;to&nbsp;play&nbsp;Alibaba&#8217;s&nbsp;rebound&nbsp;without&nbsp;committing&nbsp;all&nbsp;to&nbsp;a&nbsp;single&nbsp;stock,&nbsp;there&nbsp;are many&nbsp;funds&nbsp;with&nbsp;significant&nbsp;exposure: KraneShares CSI China Internet ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KWEB#NYSE">KWEB</a>)



With 12% weighting in Alibaba, KWEB has been a favorite among those wagering on the Chinese internet rebound. The ETF also provides some exposure to Tencent (OTCPK: TCEHY), JD.com (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>), and Meituan, providing diversified access to the group. Invesco Golden Dragon China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PGJ#NASDAQ">PGJ</a>)



This fund invests in U.S.-listed Chinese shares, such as Alibaba (8% weightage), and goes heavy on tech-heavy names. It provides a pure play for those interested in the innovation economy of China without having to contend with A-shares. iShares MSCI China ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MCHI#NASDAQ">MCHI</a>)



A more diversified China play and a significant position in Alibaba (~10%), MCHI may attract investors who want to mix tech with some exposure to financials, real estate, and industrials. Not All Dragons Breathe Fire



While Alibaba&#8217;s Q4&nbsp;results&nbsp;are&nbsp;certainly&nbsp;to be applauded, it&#8217;s not&nbsp;a&nbsp;decade&nbsp;of&nbsp;peace&nbsp;and&nbsp;prosperity&nbsp;on the China tech horizon. The&nbsp;larger&nbsp;China tech&nbsp;story&nbsp;is&nbsp;still&nbsp;susceptible&nbsp;to geopolitical&nbsp;stress,&nbsp;local&nbsp;regulator&nbsp;switches, and sentiment investor turns. ETFs can insulate single-stock risk but aren&#8217;t proof against macro headwinds.



Nevertheless, the green shoots are difficult to overlook. Following years of investor doubts, Alibaba&#8217;s robust quarter may be the catalyst China tech ETFs have been waiting for.



For ETF investors, particularly those who hold long positions in KWEB, PGJ, and MCHI, the last earnings call hinted that the tide could be turning for China tech. With AI traction, cloud profitability, and a solid core commerce engine, Alibaba no longer looks like a cautionary tale. The Alibaba stock is up 38% year-to-date.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/global/25/05/45655155/exxon-stock-vs-chevron-the-11-billion-barrel-oil-war-that-could-shake-up-energy-etfs">Exxon Stock Vs. Chevron: The 11 Billion Barrel Oil War That Could Shake Up Energy ETFs</a></li>
</ul>



Photo: Shutterstock

Specialty ETFs

BABA

KWEB

MCHI

TCEHY

China Tech's Revival Starts With Alibaba: ETFs To Watch As The Dragon Wakes

Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) is charging into its first-quarter earnings report on Wednesday with strong technical momentum, but investors might want to buckle up. Wall Street is expecting the company to report 88 cents in earnings on $43.21 billion revenue for the quarter, as it reports <a href="https://www.benzinga.com/quote/NVDA/earnings">after market hours</a>.



While the charts are flashing bullish signals, Wall Street is bracing for what could be a messy quarter, driven not by a lack of demand—but by supply chain snarls tied to China's restrictions and the high-profile H20 chip delay.



Read Also: <a href="https://www.benzinga.com/trading-ideas/long-ideas/25/05/45616366/nvidias-q1-earnings-loom-while-amds-edge-ai-bet-could-change-the-narrative">Nvidia&#8217;s Q1 Earnings Loom, While AMD&#8217;s Edge AI Bet Could Change The Narrative</a>



<h2 class="wp-block-heading">Nvidia Stock Chart Bullish Ahead Of Q1 Earnings</h2>



<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0528"><img loading="lazy" decoding="async" width="631" height="486" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/28085308/Screenshot-2025-05-28-at-2.46.41-PM.png" alt="" class="wp-image-929873" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/28085308/Screenshot-2025-05-28-at-2.46.41-PM.png 631w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/28085308/Screenshot-2025-05-28-at-2.46.41-PM-300x231.png 300w" sizes="(max-width: 631px) 100vw, 631px" /></a></figure>



<a href="https://www.benzinga.com/pro/register?utm_adType=bzprocontent&amp;utm_campaign=14daytrial&amp;utm_ad=0528">Chart created using Benzinga Pro</a>



On the technical front, Nvidia stock looks rock solid. The stock is trading at $135.50, well above its eight-day, 20-day and 50-day simple moving averages (SMAs)—$134.03, $125.44, and $115.39, respectively. The 200-day SMA also trails at $126.47, further reinforcing the bullish setup for Nvidia stock. 



The Moving Average Convergence Divergence (MACD) indicator stands at 6.31, suggesting upward momentum remains intact. Meanwhile, the Relative Strength Index (RSI) is at 68.00, inching closer to the overbought territory but still showing healthy buying pressure.



Despite these bullish signals, not everyone is convinced the upcoming earnings will sustain Nvidia's rally.



<h2 class="wp-block-heading">Guidance Could Trim By 10% &#8211; Says Investment Strategist </h2>



Stephanie Link, chief investment strategist at Hightower Advisors, is not expecting fireworks. "I don't think it is going to be a catalyst quarter. It's noisy– you have the China restrictions, etc. So, July quarter guidance probably has to come down because of the H20 issue," she warned, estimating the impact could shave off about 10% from outlook expectations.



The H20 chip, a modified version of Nvidia's flagship AI hardware designed to comply with U.S. export controls, has hit production snags in China, one of Nvidia's key growth markets. Add in chatter about slower rack production and power supply constraints, and it&#8217;s clear why sentiment is mixed.



Still, Link argues that these are supply, not demand, problems. "They're going to do about $5 in earnings power, this year I would assume," she added, signaling long-term confidence despite short-term turbulence.



With Nvidia stock up nearly 25% in the past month, optimism is already baked in. Whether the stock extends its bullish run may hinge on how investors digest potentially weak guidance—especially if it&#8217;s seen as a temporary blip rather than a structural concern.



Read Next: 



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<li><a href="https://www.benzinga.com/markets/25/05/45640667/nvidia-supplier-asml-loses-over-130-billion-in-market-cap-amid-china-export-curbs-trump-tariff-uncertainty">Nvidia Supplier ASML Loses Over $130 Billion In Market Cap Amid China Export Curbs, Trump Tariff Uncertainty</a></li>
</ul>



Photo: Shutterstock

Technicals

Previews

Nvidia Bullish Ahead Of Q1 Earnings, But Will H20 Chip Woes Dampen The Party?

After a sharp Tuesday rally fueled by optimism over improved U.S.-EU trade ties, Wall Street stalled midweek as rising Treasury yields reasserted pressure ahead of Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)&#8217;s earnings report and the release of<a href="https://www.benzinga.com/topic/federal-reserve"> key Federal Reserve minutes.</a>



Major U.S. stock indexes paused on Wednesday, digesting recent gains as yields on longer-term Treasury bonds resumed their climb. The S&amp;P 500 slipped 0.2% to 5,900 points by midday in New York, while the tech-heavy Nasdaq 100 held flat. Small-cap stocks underperformed sharply, with the Russell 2000 down 0.8%.



Sector performance was broadly negative, with 9 of the 11 S&amp;P 500 sectors trading lower. Technology and communication services were the only sectors managing to avoid losses. 



All eyes are on Nvidia, which is set to report earnings after Wednesday's closing bell. Wall Street expects earnings per share of 88 cents and revenue of $43.2 billion, according to <a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a> estimates.



Beyond the headline figures, investors will be closely watching two key aspects: the impact of the U.S. export ban on the H20 chips destined for China and the forward guidance. CEO Jensen Huang already said the company could face a $5 billion annual earnings hit due to export restrictions, making this quarter&#8217;s outlook pivotal for market sentiment.



The Federal Reserve's minutes from its May meeting will also be released. The Federal Open Market Committee left rates unchanged in the 4.25%-4.50% range. Chair Jerome Powell signaled little urgency to cut rates, citing inflation risks partly tied to newly proposed trade tariffs.



Markets will parse the minutes for hints on the Fed's timeline for easing monetary policy, particularly as inflation data remains stubbornly elevated.



After a brief relief, bond markets came under renewed pressure. The yield on the 30-year Treasury note climbed 5 basis points to 5%, while the 10-year yield rose to 4.5%. Investors remain concerned about the trajectory of U.S. fiscal policy, with swelling budget deficits raising doubts about long-term debt sustainability.



The U.S. dollar rallied for a second straight session, decoupling from other U.S. assets. Meanwhile, gold slipped 0.2%, dipping below $3,300 per ounce. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell 2%, trading near $107,000 as speculative appetite in cryptocurrencies waned.



<h3 class="wp-block-heading">Wednesday&#8217;s Performance In Major US Indices, ETFs</h3>



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Major Indices</td><td>Price</td><td>1-day %</td></tr><tr><td>Nasdaq 100</td><td>21,427.45</td><td>0.0%</td></tr><tr><td>S&amp;P 500</td><td>5,908.48</td><td>-0.2%</td></tr><tr><td>Dow Jones</td><td>42,230.96</td><td>-0.3%</td></tr><tr><td>Russell 2000</td><td>2,074.61</td><td>-0.8%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 12:10 p.m. ET</figcaption></figure>



According to&nbsp;Benzinga Pro&nbsp;data:



<ul class="wp-block-list">
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) inched 0.2% down to $589.76.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) eased 0.3% to $422.71.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)&nbsp;held steady at $521.25.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.8% to $206.15.</li>



<li>The&nbsp;Communication Select&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) outperformed, up 0.2%; the&nbsp;Utilities&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) lagged, down 1.3%.</li>
</ul>



<h3 class="wp-block-heading">Wednesday&#8217;s Stock Movers</h3>



<ul class="wp-block-list">
<li>Vail Resorts Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTN#NYSE">MTN</a>) rallied over 12% – on pace for the strongest one-day rally since March 2020 – after the company announced the reappointment of Rob Katz as CEO. </li>



<li>GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) fell almost 10% after announcing the purchase of 4,710 Bitcoin.</li>
</ul>



Stocks reacting to earnings reports include: 



<ul class="wp-block-list">
<li>HEICO Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HEI#NYSE">HEI</a>) up 6.67%</li>



<li>Okta, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/OKTA#NASDAQ">OKTA</a>) down 14.62%</li>



<li>DICK&#8217;S Sporting Goods, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DKS#NYSE">DKS</a>) up 1.89%</li>



<li>Abercrombie &amp; Fitch Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANF#NYSE">ANF</a>) up 18.83%</li>



<li>Macy&#8217;s, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) up 1.46%</li>



<li>Capri Holdings Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CPRI#NYSE">CPRI</a>) up 3.45%</li>
</ul>



Stocks slated to report earnings after the close include Nvidia Corp, Agilent Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/A#NYSE">A</a>), Synopsys Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNPS#NASDAQ">SNPS</a>), HP Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPQ#NYSE">HPQ</a>), Salesforce Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>), Nordson Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NDSN#NASDAQ">NDSN</a>), e.l.f. Beauty Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELF#NYSE">ELF</a>), nCino Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NCNO#NASDAQ">NCNO</a>), C3.ai Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AI#NYSE">AI</a>), Veeva Systems Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VEEV#NYSE">VEEV</a>), Pure Storage Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSTG#NYSE">PSTG</a>), and SentinelOne Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/S#NYSE">S</a>).



Now Read:



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<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45645056/gold-etf-bleeds-money-at-fastest-pace-in-3-years-is-the-safe-haven-trade-over">Gold ETF Bleeds Money At Fastest Pace In 3 Years — Is The Safe-Haven Trade Over?</a></li>
</ul>



Image: Shutterstock

Equities

Government

Large Cap

Macro Economic Events

Regulations

Bonds

Commodities

Treasuries

Global

Econ #s

CPRI

NCNO

NDSN

OKTA

PSTG

SNPS

VEEV

Wall Street Stalls As Treasury Yields Climb Again Ahead Of Nvidia Earnings, Fed Minutes: What's Driving Markets Wednesday?

A major gold exchange-traded fund recorded its steepest capital exodus in nearly three years this May, casting doubts over investor appetite for traditional safe-haven assets—but some analysts suggest the bull cycle <a href="https://www.benzinga.com/topic/gold">is far from over.</a>



<h3 class="wp-block-heading">$2.1 Billion Outflows Rock SPDR Gold ETF</h3>



The SPDR Gold Trust ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) saw outflows totaling $2.1 billion in May, marking its worst monthly withdrawal since July 2022. 



The sell-off follows three straight months of heavy inflows, during which the fund attracted approximately $7.5 billion, reflecting a major reversal in sentiment.



The outflows come as gold prices moved sideways in May, set to close the month broadly unchanged after a robust four-month rally that pushed prices to a record high of $3,500 an ounce in mid-April.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="535" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/28091555/image-364-1024x535.png" alt="" class="wp-image-929914" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/28091555/image-364-1024x535.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/28091555/image-364-300x157.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/28091555/image-364-768x401.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/28091555/image-364-1536x803.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/28091555/image-364-2048x1070.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3 class="wp-block-heading">US-China Truce Dampens Demand For Gold</h3>



A key reason behind the fading appetite for gold appears to be the May 12 trade agreement between the U.S. and China, which saw both nations slash tariffs by 115 percentage points and resume negotiations. 



That same day, gold plunged 2.7%, its sharpest daily decline since November 2024. With geopolitical fears cooling, some traders may be reallocating capital away from defensive assets like gold.



The S&amp;P 500, as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), is up 6.7% in May, eyeing its strongest month since November 2023, reflecting investor shift towards riskier assets. 



Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) reached record highs at $112,000, and is up 16% for the month. 



<h3 class="wp-block-heading">Long-Term Bull Run Still Intact?</h3>



Despite May's weakness, gold remains one of 2025's standout assets. In the first five months of the year, gold has rallied 26%, outperforming all major asset classes. 



For comparison, the S&amp;P 500 is up just 0.6%, the U.S. dollar is down 8%, long-dated Treasuries – tracked by the iShares 20+ Year Treasury Bond ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) – have fallen 3%, and Bitcoin has gained 16%.



Gold's current bullish wave dates back to October 2022, from which prices have doubled. In the past 14 months, gold closed 11 months in positive territory—a clear indication of sustained bullish momentum.



<h3 class="wp-block-heading">Expert Views: Has Gold Peaked Or Is More to Come?</h3>



"It's difficult to work out what gold may do next," said David Morrison, senior market analyst at Trade Nation. He noted that gold's MACD (moving average convergence divergence) momentum indicator has retreated from overbought levels, signaling potential upside. 



"While this means that gold has the potential to rally from here&#8230;it could be that gold has already topped."



Still, structural demand trends are giving bulls hope.



Goldman Sachs Research expects prices to reach $3,700 per ounce by year-end, driven by safe-haven buying and central bank diversification.



 "Long gold positions sharply improve risk-adjusted portfolio returns during periods where U.S. institutional credibility is challenged," Daan Struyven, commodity analyst at Goldman Sachs, said. 



He highlighted rising public debt and geopolitical fragmentation as key long-term catalysts for higher gold prices. According to Struyven, if private investors shift even a small portion of assets from equities or Treasuries to gold, the price could exceed $4,000 by mid-2026.



Another persistent tailwind is central bank gold demand, which surged after Western sanctions froze Russia's reserves in 2022. Emerging markets, underweight in gold relative to developed peers, are expected to keep buying aggressively. 



Struyven said this trend could account for a 21% base-case gold return by mid-2026.



Now Read:



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<li><a href="https://www.benzinga.com/25/05/45622854/trump-may-be-smoking-in-the-dynamite-shed-as-the-big-beautiful-bill-drives-bond-yields-higher">Trump May Be &#8216;Smoking In The Dynamite Shed&#8217; With The Big, Beautiful Bill Pressuring Yields Higher</a></li>
</ul>



Image: Shutterstock

Analyst Color

Analyst Ratings

Gold ETF Bleeds Money At Fastest Pace In 3 Years — Is The Safe-Haven Trade Over?

A global equity index that excludes U.S. companies has broken above levels last seen before the 2008 financial crisis, marking a key technical breakout and posing a direct challenge to the long-standing American market dominance known as <a href="https://www.benzinga.com/markets/25/05/45491438/mohamed-el-erian-says-era-of-us-exceptionalism-is-paused-but-not-over-yet-too-early-to-say-if-the-damage-inflicted-is-irreversible">the &#8220;U.S. exceptionalism trade.&#8221;</a>



Between September 2009 and late 2024, U.S. stocks outperformed global equities by an astonishing 340 percentage points, reinforcing the narrative of American market supremacy. But that narrative is now facing growing skepticism.



Still, May's rebound in the S&amp;P 500 suggests the U.S. isn't ready to relinquish its lead just yet.



<h3 class="wp-block-heading">Global Equities Rally, Led By German Defense Powerhouse</h3>



On May 28, the iShares MSCI ACWI ex U.S. ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACWX#NASDAQ">ACWX</a>) surged to $59.58, its highest price since April 2008. The milestone marks a significant recovery for international equities, which have long trailed their U.S. counterparts.



This market is up 14% year-to-date, beating the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) by roughly 13 percentage points—a record pace of relative outperformance since ACWX's 2008 inception. 



The rally reflects growing investor interest in markets outside the U.S., fueled by concerns over American political risks and debt sustainability. 



Yet, in May, the tide shifted slightly. The S&amp;P 500 has gained 6.7% so far this month—on track for its strongest performance since November 2023—while ACWX has risen 4.7%. It's the first month since January when U.S. equities have outpaced international ones.



A select group of seven global stocks has more than doubled year-to-date, with gains ranging from 104% to over 200%. Most operate in the defense or energy sectors, two industries booming amid rising geopolitical tensions and infrastructure overhauls.



<ol class="wp-block-list">
<li>Rheinmetall AG (OTCPK: RNMBF) – German weapons and tank maker, up 207% on Europe's defense spending boom.</li>



<li>Hyundai Rotem (OTCPK: HYROF) – South Korean military and rail equipment producer, up 184%.</li>



<li>Hanwha Co. Ltd (OTCPK: HWANF) – Jet engine and missile maker from South Korea, up 172% amid rising global arms demand.</li>



<li>Doosan Enerbility (OTCPK: DOOSF) – South Korean energy firm, up 141%, with nuclear and hydrogen driving growth.</li>



<li>Hanwha Ocean – Builds submarines and LNG ships in South Korea, up 111% this year.</li>



<li>Leonardo S.p.A. (OTCPK: FINMF) – Italy's top defense contractor, up 109%, benefiting from EU rearmament.</li>



<li>Saab AB (OTCPK: SAABF) – Swedish defense firm known for Gripen jets, up 104%. </li>
</ol>



<h3 class="wp-block-heading">Technicals Support Global Outperformance</h3>



Bank of America's chief technical analyst Paul Ciana views the breakout in the MSCI World ex-U.S. index as more than symbolic.



In a note shared Tuesday, he noted a "technically constructive picture," highlighting key factors such as:



<ul class="wp-block-list">
<li>A rising 50-week simple moving average</li>



<li>A resilient 14-week relative strength index above 40</li>



<li>A bullish MACD (Moving Average Convergence Divergence) signal</li>



<li>A relative ratio vs. the S&amp;P 500 breaking higher in early 2025</li>
</ul>



Ciana said this offers &#8220;the next best chance for the world to outperform the U.S.&#8221;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="535" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/28101506/image-365-1024x535.png" alt="" class="wp-image-930050" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/28101506/image-365-1024x535.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/28101506/image-365-300x157.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/28101506/image-365-768x401.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/28101506/image-365-1536x803.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/28101506/image-365-2048x1070.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3 class="wp-block-heading">Backdrop: Cracks In The US Exceptionalism Trade</h3>



The U.S. equity market reached record highs in February 2025, a month after Trump's return to the White House. 



Yet, fears surrounding his administration's aggressive tariff strategy—temporarily paused for 90 days—sparked synchronized April selloffs across U.S. stocks, bonds and the dollar.



A May 2025 downgrade of the U.S. credit rating by Moody's intensified concerns over debt sustainability and the long-term dominance of American assets.



According to Oxford Economics, the downgrade "reinforces the narrative of de-dollarization, credibility erosion and exceptionalism fatigue."



Still, some believe the dollar's primacy remains unchallenged.



"The fact that the U.S. dollar is the world reserve currency has been core to the U.S. exceptionalism thesis," said Savita Subramanian, equity strategist at Bank of America. "No other country has the option, albeit a bad one, of printing money to pay their debt."



&#8220;Political gridlock, massive deficits, and trade protectionism have cast doubt on the durability of the dollar's dominance. But for all the grumbling, there's still no real alternative,&#8221; said veteran Wall Street strategist Ed Yardeni.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45616116/trumps-tariffs-may-trigger-an-inflation-shock-but-not-a-lasting-one-goldman-sachs-says">Trump&#8217;s Tariffs May Trigger An Inflation Shock &#8211; But Not A Lasting One, Goldman Sachs Says </a></li>
</ul>



Photo: Shutterstock

ACWX

DOOSF

FINMF

RNMBF

SAABF

Wall Street Dominance Faces Crucial Test As Global Stocks Soar To 2008 Highs

U.S. stock futures were trading below the flatline on Wednesday after rallying on Tuesday. Futures of major benchmark indices declined in premarket.



Investors will eye the technology bellwether Nvidia Corp.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) first-quarter earnings, which will be announced after the market closes.



The S&amp;P 500 broke a four-day losing streak on Tuesday as the markets opened after a long weekend following Memorial Day. The stocks got a boost from President Donald Trump&#8216;s <a href="https://www.benzinga.com/25/05/45603240/trump-agrees-to-extend-50-tariffs-on-europe-until-july-9-it-was-my-privilege-to-do-so">extension of the 50% tariffs</a> on Sunday till July 9th, which he had initially announced on Friday.



Meanwhile, the 10-year Treasury bond yielded 4.47% and the two-year bond was at 3.96%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>&#8216;s projections show markets pricing a 97.9% likelihood of the Federal Reserve keeping the current interest rates unchanged in its June meeting. 



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Dow Jones</td><td>-0.25%</td></tr><tr><td>S&amp;P 500</td><td>-0.22%</td></tr><tr><td>Nasdaq 100</td><td>-0.20%</td></tr><tr><td>Russell 2000</td><td>-0.39%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, fell in premarket on Wednesday. The SPY was down 0.25% to $589.65, while the QQQ declined 0.22% to $520.09, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From Last Session:



U.S. stocks settled higher Tuesday, with information technology, consumer discretionary, and communication services leading gains across all S&amp;P 500 sectors.



In corporate news, AutoZone Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZO#NYSE">AZO</a>) reported weaker third-quarter earnings, while E2open Parent Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETWO#NYSE">ETWO</a>) surged 25% on news of a $2.1 billion acquisition by WiseTech Global.



On the economic front, March&#8217;s S&amp;P CoreLogic Case-Shiller Home Price Index rose 4.1% year-over-year, and new manufactured goods orders dipped 6.3% in April.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>2.47%</td><td>19,199.16</td></tr><tr><td>S&amp;P 500</td><td>2.50%</td><td>5,921.54</td></tr><tr><td>Dow Jones</td><td>1.78%</td><td>42,343.65</td></tr><tr><td>Russell 2000</td><td>2.48%</td><td>2,090.40</td></tr></tbody></table></figure>



Insights From Analysts:



Jurrien Timmer, the director of global macro at Fidelity Investments, explained in his note that the <a href="https://www.benzinga.com/25/05/45637914/jurrien-timmer-says-cyclical-bull-market-likely-over-in-feb-2025-expects-rangebound-scenario-modest-bear-market-is-now-underway">market was rangebound</a> and lower and upper boundaries for the market have been set. 



He highlighted that stocks were down 20% and they have recovered since, "That suggests that while the lower boundary for this market correction may have been established, so has the upper boundary."



"All this puts me firmly in the trading range camp in terms of what the next 6-12 months will bring. I suspect that this range might be defined by the April low of 4835 as the lower boundary, and the recent highs of 6000 as the upper boundary," he explained.



If Timmer&#8217;s range-bound market forecast holds, the cyclical bull market that began in October 2022 likely concluded in February 2025, after 30 months.



He added that "a new modest bear market is now underway," saying, "Bear markets consist of both a price and time element, and if this one lasts 6-12 months it would meet both conditions."



Meanwhile, Fabio Bassi, JPMorgan&#8217;s head of cross-asset strategy, also told CNBC that the S&amp;P 500 could &#8220;remain rangebound, with limited short-term upside.&#8221; &#8212; <a href="https://www.cnbc.com/2025/05/27/dont-expect-the-market-to-go-anywhere-this-summer-says-jpmorgan.html" title="https://www.cnbc.com/2025/05/27/dont-expect-the-market-to-go-anywhere-this-summer-says-jpmorgan.html">https://www.cnbc.com/2025/05/27/dont-expect-the-market-to-go-anywhere-this-summer-says-jpmorgan.html</a>



&#8220;The rally to our bull case scenario of 5,800 for S&amp;P 500 has played out, but from here we expect a consolidation and range-bound dynamic," Bassi explained.



Meanwhile, Ed Yardeni said in his note that &#8220;The widely feared global sovereign debt crisis has been postponed for another day.&#8221;



The yields on super-long Japanese government bonds (JGBs) fell sharply on Tuesday after Reuters reported that the country&#8217;s finance ministry might issue fewer of these bonds.



He explained that this &#8220;helped to bring down the US 10-year Treasury yield from 4.51% on Friday to 4.46% (On Tuesday).&#8221;



See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures</a>



Upcoming Economic Data



Here&#8217;s what investors will keep an eye on Wednesday:



<ul class="wp-block-list">
<li>Minneapolis Fed President Neel Kashkari will speak in Tokyo again at 4:00 a.m., and minutes of the Fed&#8217;s May FOMC meeting will be out by 2:00 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul class="wp-block-list">
<li>DICK&#8217;S Sporting Goods Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DKS#NYSE">DKS</a>) fell 0.63% in premarket on Wednesday as analysts expect it to report quarterly earnings of $4.34 per share on revenue of $3.59 billion, before the opening bell.</li>



<li>Abercrombie &amp; Fitch Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANF#NYSE">ANF</a>) was up 0.51% ahead of its earnings, which are supposed to be released before the opening bell. Analysts expect earnings of $1.40 per share on revenue of $1.08 billion.</li>



<li>NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) was 0.044% above the flatline as analysts expect it to report quarterly earnings of 88 cents per share on revenue of $43.54 billion, after the closing bell.</li>



<li>HP Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPQ#NYSE">HPQ</a>) advanced 0.39% ahead of its earnings, which are supposed to be released after the closing bell. Analysts expect earnings of 80 cents per share on revenue of $13.15 billion.</li>



<li>Box Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BOX#NYSE">BOX</a>) surged 11.48% after posting better-than-expected first-quarter results and raised its FY2026 guidance after Tuesday's closing bell.</li>



<li>Macy&#8217;s Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) was 1.08% higher as analysts expect it to report quarterly earnings of 15 cents per share on revenue of $4.43 billion, before the opening bell.</li>



<li>Travelers Companies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>) was 0.14% lower after it signed a definitive agreement to sell the personal insurance business and the majority of the commercial insurance business of Travelers Canada to Definity Financial Corporation.</li>
</ul>



Commodities, Gold, And Global Equity Markets:



Crude oil futures were trading higher in the early New York session by 0.77% to hover around $61.36 per barrel.



Gold Spot US Dollar rose 0.67% to hover around $3,322.61 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was higher by 0.01% at the 99.5330 level.



Asian markets closed lower on Wednesday except South Korea's Kospi index. China&#8217;s CSI 300, India's S&amp;P BSE Sensex, Japan's Nikkei 225, Australia's ASX 200, and Hong Kong's Hang Seng indices fell. European markets were also lower in early trade.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/general/market-summary/25/05/45635906/sp-500s-expensive-valuation-combined-with-all-time-high-household-holdings-a-look-at-where-us-stock-market-stands">S&amp;P 500&#8217;s Expensive Valuation Combined With All-Time High Household Holdings: A Look At Where US Stock Market Stands </a></li>
</ul>



Photo courtesy: godongphoto / Shutterstock.com

Market Summary

Futures

Pre-Market Outlook

ETWO

US Stocks Likely To Open Lower Ahead Of Nvidia's Q1 Earnings: 'A New Modest Bear Market Is Now Underway,' Says Expert

Florida Governor Ron DeSantis has enacted a new law, opening the doors for transactions using gold and silver in the state. This move is seen as a nod to the original &#8220;gold standard.&#8221;



What Happened: DeSantis signed the bill, HB 999, into law, allowing Floridians to use gold and silver for transactions. DeSantis hailed this as a &#8220;landmark piece of legislation,&#8221; offering residents &#8220;more independence&#8221; from a fiat currency, <a href="https://www.firstcoastnews.com/article/news/regional/florida/desantis-signs-bill-allowing-transactions-using-gold-silver-in-florida/77-fc00a45a-4a45-439f-befa-8ba2933722e7">reported</a> First Coast News.



Under the new law, gold and silver are now exempt from sales tax, and money services businesses like PayPal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>) are allowed to send and receive payments using these metals.



DeSantis expressed that the metals will serve as &#8220;real currency again&#8221; and not just &#8220;investment vehicles for the wealthy.&#8221; He believes that the law would enable Florida residents to safeguard themselves against &#8220;the declining dollar.&#8221;&nbsp;As of now, fewer than a quarter of all states—including Louisiana, Texas, South Carolina, and Utah—recognize gold and silver as legal tender. The new law is scheduled to go into effect on July 1, 2026. SEE ALSO:&nbsp;<a href="https://benzinga.com/news/25/05/45635854/elon-musk-disappointed-with-trumps-big-beautiful-bill-says-it-undermines-the-work-that-the-doge-team-is-doin" target="_blank" rel="noreferrer noopener">Elon Musk &#8216;Disappointed&#8217; With Trump&#8217;s &#8216;Big Beautiful Bill,&#8217; Says It &#8216;Undermines The Work That The DOGE Team Is Doing&#8217;</a>



Why It Matters: This move comes at a time when the U.S. dollar&#8217;s confidence is wavering. The recent slide of the U.S. dollar has <a href="https://www.benzinga.com/markets/commodities/25/05/45617358/gold-demand-holds-firm-as-dollar-confidence-wavers">reignited </a>investor interest in gold. Factors such as geopolitical uncertainty and concerns over the long-term sustainability of American fiscal policy have been driving this trend.



Moreover, the U.S. dollar was <a href="https://www.benzinga.com/economics/macro-economic-events/25/05/45608523/the-dollar-is-15-20-overvalued-and-history-says-it-wont-last">trading </a>15–20% above its long-term fair value. Analysts at KKR &amp; Co. Inc. predicted the era of dollar-fueled outperformance in U.S. assets was likely nearing its end. According to them, the greenback may gradually fall below its fair value and stay weak for years, correcting its overvaluation through a prolonged, steady decline rather than a sharp crash.



SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>) surged 39.56% over the past year, while the US Global GO GOLD and Precious Metal Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOAU#NYSE">GOAU</a>) soared 36.78%. 



<ul class="wp-block-list">
<li>READ MORE:&nbsp;<a href="https://benzinga.com/news/25/04/44778357/giuliani-criticizes-trumps-doj-and-fbi-im-very-upset-right-now" target="_blank" rel="noreferrer noopener">Giuliani Criticizes Trump&#8217;s DOJ and FBI: &#8216;I&#8217;m Very Upset Right Now&#8217; &#8211; Benzinga</a></li>
</ul>



Image via Shutterstock



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

GOAU

PYPL

Ron DeSantis Signs Law Allowing Gold, Silver For Transactions In Florida, Citing 'Declining Dollar' Concerns

The U.S. government will retain significant control over United States Steel Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/X#NYSE">X</a>) through a golden share arrangement as part of Nippon Steel Corp.&#8216;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NPSCY#OTC">NPSCY</a>) proposed $14.9 billion acquisition, according to Sen. David McCormick (R-Pa.). 



What Happened: The golden share mechanism will grant Washington veto power over key operational decisions at the iconic American steelmaker. 



McCormick <a href="https://www.youtube.com/watch?v=QL71vaeEvn0">told</a> CNBC that the arrangement requires U.S. government approval for certain board appointments and prevents production cuts without federal consent.



&#8220;It&#8217;ll be a U.S. CEO, a U.S. majority board and then there will be a golden share, which will essentially require U.S. government approval of a number of the board members,&#8221; McCormick said on Tuesday. The structure ensures &#8220;production levels aren&#8217;t cut and things like that.&#8221;



The arrangement stems from a national security agreement (NSA) the companies will sign with the U.S. government, according to McCormick. However, two sources told Reuters the golden share concept remains under consideration and has not been finalized.



See Also: <a href="https://www.benzinga.com/25/05/45637573/chinas-robot-dog-lead-could-outpace-us-humanoid-efforts-says-ark-invest-a-hole-in-tesla-figure-and-apptroniks-portfolio">China&#8217;s Robot Dog Lead Could Outpace US Humanoid Efforts: &#8216;A Hole In Tesla, Figure And Apptronik&#8217;s Portfolio,&#8217; Says Analyst</a>



Why It Matters: U.S. Steel shares climbed 1.98% to $53.04 on Tuesday. The stock has surged over 20% since President Donald Trump&#8216;s <a href="https://www.benzinga.com/25/05/45596866/president-trump-approves-us-steel-nippon-steel-partnership">recent social media endorsement of what he termed</a> a &#8220;planned partnership.&#8221;



The deal faced opposition from both Trump and former President Joe Biden, who formally <a href="https://www.benzinga.com/markets/equities/25/05/45510183/nippon-steel-pledges-14-billion-including-new-us-mill-to-win-trumps-approval-for-us-steel-deal-report">blocked it in January</a>, citing national security concerns. 



Trump launched a fresh Committee on Foreign Investment review in April. His recent <a href="https://www.benzinga.com/25/05/45596866/president-trump-approves-us-steel-nippon-steel-partnership">approval came with conditions</a> that the partnership create &#8220;at least 70,000 jobs&#8221; and inject &#8220;$14 billion into the U.S. economy.&#8221; The president emphasized that U.S. Steel would remain &#8220;controlled by the USA.&#8221;



Photo courtesy: Poetra.RH / Shutterstock.com



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45637573/chinas-robot-dog-lead-could-outpace-us-humanoid-efforts-says-ark-invest-a-hole-in-tesla-figure-and-apptroniks-portfolio">China&#8217;s Robot Dog Lead Could Outpace US Humanoid Efforts: &#8216;A Hole In Tesla, Figure And Apptronik&#8217;s Portfolio,&#8217; Says Analyst</a></li>
</ul>



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

NPSCY

US Government To Hold Strategic Control Over US Steel In $14.9 Billion Nippon Deal, David McCormick Says

The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, while the index remained in the &#8220;Greed&#8221; zone on Tuesday.



U.S. stocks settled higher on Tuesday, with the Dow Jones jumping more than 700 points during the session to snap a four-day losing streak amid renewed optimism surrounding trade talks between the U.S. and the European Union. President Donald Trump announced the extension of the 50% tariffs on Sunday till July 9, which he had initially announced on Friday.



AutoZone Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AZO#NYSE">AZO</a>) reported weaker-than-expected third-quarter earnings. Shares of E2open Parent Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETWO#NYSE">ETWO</a>) jumped around 25% after the company announced WiseTech Global will acquire them for $2.1 billion in an all-cash deal.



On the economic data front, the S&amp;P CoreLogic Case-Shiller Home Price Index increased 4.1% year-over-year in March, following a 4.5% gain in February. New orders for manufactured goods dipped by 6.3% to $296.3 billion in April, recording the sharpest decline since January 2024.



All sectors on the S&amp;P 500 closed on a positive note, with information technology, consumer discretionary and communication services stocks recording the biggest gains on Tuesday.



The Dow Jones closed higher by around 741 points to 42,343.65 on Tuesday. The S&amp;P 500 jumped 2.05% to 5,921.54, while the Nasdaq Composite gained 2.47% to 19,199.16 during Tuesday's session.



Investors are awaiting earnings results from DICK&#8217;S Sporting Goods Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DKS#NYSE">DKS</a>), HP Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPQ#NYSE">HPQ</a>) and Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) today.



What is CNN Business Fear &amp; Greed Index?



At a current reading of 65, the index remained in the &#8220;Greed&#8221; zone on Tuesday, versus a prior reading of 63.9.



The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/25/05/45616471/jim-cramer-says-rocket-is-a-very-fine-company-recommends-buying-this-health-care-stock">Jim Cramer Says Rocket Is A &#8216;Very Fine&#8217; Company, Recommends Buying This Health Care Stock</a> </li>
</ul>



Photo courtesy: Shutterstock

Dow Surges Over 700 Points Following EU Tariff Delay: Investor Sentiment Improves, Fear Index Remains In 'Greed' Zone

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