--- title: "SG Morning Brief | Dow Hits Record as Oil Crashes to $89, PDD Plunges 10% on Double Miss" type: "News" locale: "en" url: "https://longbridge.com/en/news/287837514.md" description: "US OvernightThe Dow rose 182.60 points (+0.36%) to a new record close of 50,644.28, also hitting an intraday all-time high. The S&P 500 ticked up 0.02% to 7,520.36, another closing record. The Nasdaq edged 0.07% higher to 26,674.73. The main driver was a 5.55% collapse in WTI crude to $88.68 — its lowest since early April — after Iranian state media reported the country is committed to restoring Hormuz commercial traffic to pre-war levels within one month." datetime: "2026-05-28T00:47:16.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/287837514.md) - [en](https://longbridge.com/en/news/287837514.md) - [zh-HK](https://longbridge.com/zh-HK/news/287837514.md) --- # SG Morning Brief | Dow Hits Record as Oil Crashes to $89, PDD Plunges 10% on Double Miss ## US Overnight The Dow rose 182.60 points (+0.36%) to a new record close of 50,644.28, also hitting an intraday all-time high. The S&P 500 ticked up 0.02% to 7,520.36, another closing record. The Nasdaq edged 0.07% higher to 26,674.73. The main driver was a 5.55% collapse in WTI crude to $88.68 — its lowest since early April — after Iranian state media reported the country is committed to restoring Hormuz commercial traffic to pre-war levels within one month. The White House denied the report as a "complete fabrication," but oil sold off regardless. JPMorgan fell 2% after CEO Jamie Dimon said the bank could spend up to $20 billion on an acquisition. Bank of America warned the market is "running out of room" and investors should prepare for a summer pullback. ### Key Movers **PDD Holdings (PDD) -10%** — PDD plunged 10.38% to $86.61 after a double miss on Q1 earnings. EPS of $1.38 missed the $2.13 consensus by 35%, and revenue of RMB 106.2 billion ($15.4B) fell short of the RMB 109.82 billion estimate. Net income declined 17% YoY as the company continued heavy investment in Temu's supply chain with no near-term pivot signaled. The stock is now down over 16% year-to-date. **Micron (MU) +4%** — Micron rose 3.63% to $928.41, extending gains from Tuesday's 19% surge that pushed it past $1 trillion in market cap. The stock opened at $955.66 and hit $956.16 intraday before selling off to a low of $888.15, then rallying back into the close — a volatile session reflecting profit-taking and dip-buying in equal measure. **After hours, Snowflake (SNOW) +37%** — Snowflake surged 37.14% to $240.35 in after-hours trading after reporting Q1 revenue of $1.39 billion (+33% YoY), beating the $1.32 billion consensus, with adjusted EPS of $0.39 versus $0.32 expected. The standout was a $6 billion commitment from AWS to use Amazon's new Graviton AI CPU chips through Snowflake's platform — one of the largest enterprise AI infrastructure deals this year. Salesforce fell roughly 3% after hours on light full-year guidance. ## SGX Preview The STI closed at 5,070.55 on Monday. DBS is near S$62.18 and UOB near S$37.91. Oil crashing to $89 is unambiguously positive for Singapore: lower energy costs ease inflation, support consumer spending, and reduce import bills for the trade-dependent economy. The PDD selloff may pressure China-linked Singapore names, but the broader macro backdrop is improving rapidly. Today's Q1 GDP second estimate (8:30 PM SGT) will be closely watched. ## Asia Pre-Market S&P 500 futures are up 0.35%, Nasdaq futures up 0.65%, and Dow futures up 0.36%. Brent crude is at $94.18 (-2.58%), continuing its descent from $100+. Gold is at $4,478 (-1.25%) and Bitcoin at $75,842 (-1.63%). VIX is at 16.87. The Snowflake surge and easing oil should provide a risk-on start for Asian markets, partially offset by the Salesforce miss and PDD hangover. ## Today's US Earnings and Economic Calendar Event Time (ET) Time (SGT) Q1 GDP (2nd Estimate) 8:30 AM 8:30 PM Initial Jobless Claims 8:30 AM 8:30 PM Company Timing Costco (COST) Post-mkt Dollar Tree (DLTR) Pre-mkt **Data Spotlight: Q1 GDP Second Estimate** — The advance estimate showed the economy growing at a subdued pace under the weight of $100+ oil and geopolitical uncertainty. Today's revision will either confirm that resilience or flag deeper weakness. With oil now crashing toward $90 and the Iran deal narrative gaining traction, Q2 growth could look meaningfully better — but only if the Hormuz reopening actually materializes. Tomorrow's Core PCE is the week's final macro test. ## One More Thing Oil at $89 is the story. Not the Dow record. Not even Snowflake's 37% pop. WTI has fallen from $106 three weeks ago to $89 today — a 16% decline that, if sustained, rewrites the inflation outlook for the rest of 2026. At $89 oil, gasoline should fall below $4 per gallon within weeks, easing the consumer squeeze that pressured Walmart and every retailer this earnings season. At $89 oil, headline CPI decelerates, the 30-year yield retreats from 5%, and the rate hike narrative fades. The Iranian claim about restoring Hormuz traffic may be a "complete fabrication" per the White House, but the market is trading as if it's real. If it turns out to be true, $80 oil is next. If it's not, $100 oil returns and so does the inflation panic. Tomorrow's PCE will be the first data point that reflects the old reality. The market is already pricing the new one. _This briefing is for informational purposes only and does not constitute investment advice._ ## Related News & Research - [Futures hit record highs on Iran deal hopes despite tensions](https://longbridge.com/en/news/287670378.md) - [Hedge Funds Hold Record Amount Of Technology Stocks](https://longbridge.com/en/news/287646793.md) - [Trump's gas price approval sinks to record 21% amid inflation](https://longbridge.com/en/news/287446627.md) - [Teen summer hiring projected to hit record low in 2026](https://longbridge.com/en/news/287715754.md) - [WinWay says sales to hit record high](https://longbridge.com/en/news/287660024.md)