---
title: "U.S. Stock Outlook | Three Major Index Futures All Decline, U.S.-Iran Clash Again, April PCE Coming Tonight"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/287916155.md"
description: "On May 28th, the three major U.S. stock index futures all fell, with Dow futures down 0.17%, S&P 500 index futures down 0.19%, and Nasdaq futures down 0.38%. At the same time, major European stock indices also generally declined. Tensions between the U.S. and Iran have escalated again, with Iran launching drones at U.S. merchant ships, prompting a U.S. military response. The April PCE price index will be released tonight, with the market expecting inflation to reach a nearly three-year high, which may affect the direction of Federal Reserve policy"
datetime: "2026-05-28T12:17:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/287916155.md)
  - [en](https://longbridge.com/en/news/287916155.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/287916155.md)
---

# U.S. Stock Outlook | Three Major Index Futures All Decline, U.S.-Iran Clash Again, April PCE Coming Tonight

## Pre-Market Market Trends

1.  As of May 28 (Thursday), U.S. stock index futures are all down before the market opens. As of the time of writing, Dow futures are down 0.17%, S&P 500 futures are down 0.19%, and Nasdaq futures are down 0.38%.

![21.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260528/1779970273334768.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

1.  As of the time of writing, the German DAX index is down 0.77%, the UK FTSE 100 index is down 1.11%, the French CAC40 index is down 0.61%, and the Euro Stoxx 50 index is down 0.53%.

![22.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260528/1779970282942228.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

1.  As of the time of writing, WTI crude oil is up 3.10%, priced at $91.43 per barrel. Brent crude oil is up 2.84%, priced at $94.87 per barrel.

![23.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260528/1779970289542595.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

## Market News

**The prospects for negotiations have changed again! The U.S. and Iran exchange fire once more.** On the 27th, a senior U.S. official stated that Iran launched four one-way attack drones at a U.S. merchant ship, "the U.S. military shot down these drones and attacked them before another ground drone launch unit could fire." Additionally, an Iranian military source claimed that a U.S. tanker attempted to shut down its radar system while crossing the Strait of Hormuz, but due to the swift and decisive action of the Iranian Revolutionary Guard Navy, it was fired upon, forcing the tanker to stop and turn back. In retaliation, U.S. military forces fired on scorched earth around Abbas Port. U.S. President Trump stated during a cabinet meeting at the White House on the 27th that the U.S. has not discussed any easing of sanctions or funding for Iran, "these two matters are not related." Earlier that day, Trump stated in an interview that even if Iran abandons high-enriched uranium, it cannot obtain "sanction exemptions."

**April PCE Preview: Inflation may hit a nearly three-year high, and the Federal Reserve may return to a hawkish stance.** On Thursday at 20:30 Beijing time, the U.S. Department of Commerce's Bureau of Economic Analysis will release the April Personal Consumption Expenditures (PCE) price index report. This inflation "report card," which the Federal Reserve values most, is likely to show that inflationary pressures have not only not dissipated but are also penetrating into broader areas. The market generally expects the year-on-year increase in April PCE to rise to 3.8%, higher than the previous value of 3.5%, setting a new high since June 2023. Even excluding the more volatile food and energy prices, the core PCE annual rate is expected to slightly rise to 3.3%.

**Federal Reserve officials are increasingly hawkish! The Vice Chair warns that inflation risks remain "tilted to the upside," and Goolsbee warns that "AI frenzy" may push up inflation and force interest rate hikes.** Chicago Fed President Goolsbee intensified his warnings on Thursday He pointed out that expectations for AI to enhance productivity are rising sharply, which may drive up inflation and force the Federal Reserve and other central banks to raise interest rates. He stated, "The more intense the hype around future productivity, the more likely it is that interest rates will need to be raised to prevent the economy from overheating," adding, "Moreover, more importantly, the supply shocks faced in the short term—whether from oil prices, supply chain disruptions, or other factors—will exacerbate the problem." Additionally, Federal Reserve Vice Chairman Jefferson indicated that as the impact of rising tariffs and energy costs gradually fades, he expects inflation to cool later this year, although he warned that inflation risks remain tilted to the upside.

**Silver under pressure at high levels! Bank of America sets a target price of $100 but warns that the upward trend may not be sustainable, with "de-silvering" in photovoltaics becoming the biggest obstacle.** Bank of America's commodity team provided a "rise then fall" assessment in its latest research report—led by metals research head Michael Widmer, the analysis team remains optimistic, believing that silver prices could reach $100 per ounce by the fourth quarter of 2026. However, Bank of America also issued a clear warning that this round of gains may be "short-lived" and not sustainable. The bank expects that with the structural decline in industrial demand, silver prices will fall back to around $75 per ounce by the second quarter of 2027. In Bank of America's view, the biggest structural resistance facing silver comes from the "de-silvering" trend in the industrial sector.

**With the tariff deadline approaching at the end of June, a risk-averse frenzy in the copper market triggers cross-market arbitrage.** As the U.S. government approaches the deadline for deciding whether to impose tariffs on refined copper imports (by the end of June), market risk aversion has sharply increased, directly widening the arbitrage space between copper prices on the New York Commodity Exchange (COMEX) and the London Metal Exchange (LME). The premium for U.S. delivery copper prices continues to rise, with global copper flowing into the U.S. market and supply tightening in other regions, mirroring the anxious state of the market in the same period of 2025. Data shows that the spot copper price on COMEX is about 3% higher than LME, while the March 2027 forward contract premium approaches $1,000 per ton, equivalent to 7% of the LME price. Coupled with signals from the U.S. government—imposing a 15% tariff on refined copper starting in early 2027 and raising it to 30% in early 2028—there remains ample upward space for the COMEX premium.

## Individual Stock News

**Marvell Technology (MRVL.US) Q1 earnings report significantly exceeds expectations: full-year guidance sharply raised, with custom chip revenue targeting $10 billion by 2029.** Driven by the strong momentum of AI data center construction, Marvell Technology delivered a Q1 fiscal 2027 earnings report that significantly exceeded expectations and raised its performance outlook for the full year and the coming years. The earnings report shows that Marvell Technology's Q1 revenue grew by 28% year-on-year, reaching $2.42 billion, surpassing the market expectation of $2.41 billion. The adjusted earnings per share were $0.80, higher than the consensus estimate of $0.79. The adjusted gross margin reached 58.9%, roughly in line with market expectations. As the company's core growth engine, the data center business achieved revenue of $1.83 billion in Q1, a year-on-year increase of 27%, also exceeding the market expectation of $1.81 billion The company expects the median revenue for the second quarter to be $2.7 billion, significantly higher than the average analyst expectation of $2.6 billion; the adjusted earnings per share guidance median is $0.93, also above the market expectation of $0.90. In addition, the company expects total revenue for the fiscal year 2027 to reach approximately $11.5 billion, a year-on-year increase of about 40%, exceeding both analyst and the company's previous expectation of $11 billion. Even more noteworthy is the outlook for the custom chip business. Maywell Technology expects that by the fiscal year 2029, its custom chip business revenue will exceed $10 billion.

**E DA leader raises full-year profit guidance! Synopsys (SNPS.US) delivers impressive results for Q2 and reaches a settlement with activist investor Elliott.** In the quarter ending April 30, Synopsys reported an adjusted earnings per share of $3.35, with revenue growing 42.5% year-on-year to $2.28 billion. Analysts had previously expected the company to report an adjusted earnings per share of $3.16 and revenue of $2.25 billion. Among these, design automation revenue surged 62% to $1.62 billion; while design IP revenue fell 5.8% year-on-year to $439.5 million. Looking ahead to the third quarter, Synopsys stated that it expects adjusted earnings per share to be between $3.63 and $3.69, with revenue expected to be between $2.41 billion and $2.46 billion. Analysts had previously expected the company to report adjusted earnings per share of $3.62 and revenue of $2.39 billion. In addition to the financial results, Synopsys announced that it has reached an agreement with Elliott Investment Management and will appoint a representative from this activist investment firm, Jesse Cohen, to the company's board of directors. As of the time of writing, Synopsys shares fell over 2% in pre-market trading on Thursday.

**The recovery of commercial PCs cannot hide the rising cost of memory! HP (HPQ.US) lowers its fiscal year profit ceiling, and demand front-loading may overshoot Q4 growth.** HP's profit forecast for the current quarter indicates that the company is still struggling to cope with the challenges posed by the sharp rise in memory chip prices. HP expects that for the quarter ending July, the earnings per share, excluding restructuring costs and other items, will be between $0.61 and $0.71. Although the midpoint of this range, $0.66, exceeds the average expectation, data shows that some analysts' forecasts go as high as $0.73. In Q2, HP reported earnings per share of $0.86, exceeding market expectations; sales were $14.4 billion, a year-on-year increase of 9.2%. Analysts had an average expectation of adjusted earnings per share of $0.71 and sales of $14 billion. The company reported an adjusted operating profit margin of 7.5%, while the average expectation was 6.6%.

**Salesforce (CRM.US) performance outlook disappoints! The "AI disrupts everything" narrative hits the CRM leader.** In the first quarter, the company reported total revenue of $11.133 billion, a year-on-year increase of 13%, exceeding market expectations of approximately $11.05 billion; adjusted EPS was $3.88, significantly higher than the market expectation of about $3.13; remaining performance obligations (RPO) — an important indicator of future sales — were approximately $67.9 billion, a year-on-year increase of 11%, compared to the average expectation of Wall Street analysts of $68.9 billion The company expects revenue for the second fiscal quarter ending in July to be approximately $11.3 billion, below the analyst consensus estimate of $11.4 billion. In terms of first fiscal quarter performance metrics, S&P Global's overall performance remains on a growth trajectory, but the forward indicators and second-quarter guidance are insufficient to alleviate the valuation fears surrounding "AI-disrupted software stocks."

**Snowflake (SNOW.US) reverses its annual decline overnight with a comprehensive earnings report exceeding expectations and a $6 billion binding agreement with AWS.** The cloud data platform Snowflake announced its first-quarter earnings report for fiscal year 2027. The report shows that for the first fiscal quarter ending April 30, Snowflake's product revenue grew 34% year-over-year to $1.33 billion, with total revenue reaching $1.39 billion, a 33% year-over-year increase, significantly exceeding the market expectation of $1.32 billion; adjusted earnings per share were $0.39, also surpassing the analyst expectation of $0.32. Even more exciting for investors, Snowflake raised its product revenue forecast for fiscal year 2027 (ending January 2027) from $5.66 billion given in February to $5.84 billion, higher than Wall Street's general expectation of $5.68 billion—product revenue accounts for about 95% of Snowflake's total revenue. Thanks to revenue and profit both exceeding market expectations, along with a significant upward revision of the annual product revenue outlook and the announcement of a $6 billion major agreement with Amazon AWS, the stock surged nearly 38% in pre-market trading on Thursday as of the time of writing.

**Best Buy (BBY.US) Q1 performance exceeds expectations, reiterates fiscal year 2027 guidance.** The earnings report shows that Best Buy's Q1 revenue was $8.94 billion, better than the market expectation of $8.83 billion; adjusted earnings per share were $1.28, better than the market expectation of $1.23. The company reiterated its adjusted earnings per share guidance for fiscal year 2027 to be between $6.30 and $6.60, with revenue guidance of $41.2 billion to $42.1 billion. Analysts expect the full-year adjusted earnings per share to be $6.48, with revenue of $41.74 billion. As of the time of writing, Best Buy's stock rose over 8% in pre-market trading on Thursday.

**Kohl's (KSS.US) Q1 performance exceeds expectations.** The earnings report shows that Kohl's Q1 sales were $3 billion, down from $3.05 billion in the same period last year, and in line with the market expectation of $2.99 billion; diluted earnings per share were a loss of $0.13, while the market expectation was a loss of $0.16 per share. The company reiterated its expectation for adjusted earnings per share for fiscal year 2026 to be between $1 and $1.60, with the market expectation at $1.36. The company also stated that its full-year net sales and same-store sales are still expected to decline by 2% to remain flat. As of the time of writing, Kohl's stock surged nearly 13% in pre-market trading on Thursday.

## Important Economic Data and Event Forecasts

Beijing time 20:30 U.S. April personal spending month-on-month rate

Beijing time 20:30 U.S. April PCE price index year-on-year rate

Beijing time 20:30 U.S. first quarter real GDP annualized quarter-on-quarter revised value Beijing time 20:30 Initial jobless claims in the U.S. for the week ending May 18

Beijing time 20:55 FOMC permanent voting member and New York Fed President John Williams delivers a keynote speech at a conference organized by the Central Bank of Iceland

Beijing time 22:15 2028 FOMC voting member and St. Louis Fed President James Bullard speaks

Beijing time the next day 03:00 2027 FOMC voting member and Richmond Fed President Tom Barkin participates in a fireside chat at a conference hosted by the Johns Hopkins University Carey Business School

## Earnings Forecast

Friday morning: Dell (DELL.US), NetApp (NTAP.US), MongoDB (MDB.US)

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