--- title: "U.S. Stock Market Outlook | Three Major Index Futures Rise Together, Commercial Aerospace Stocks Generally Decline, Dell Tech and U.S. NetApp Surge After Earnings" type: "News" locale: "en" url: "https://longbridge.com/en/news/288069185.md" description: "On May 29th, before the US stock market opened, the three major stock index futures rose together. Major European indices generally increased, while oil prices fell. The US and Iran reportedly agreed to extend the ceasefire by 60 days, raising hopes for a de-escalation of the conflict. The new Federal Reserve Chair, Chris Waller, faces inflation pressures, and expectations for interest rate cuts are fading; maintaining interest rates may be seen as a victory" datetime: "2026-05-29T12:35:55.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/288069185.md) - [en](https://longbridge.com/en/news/288069185.md) - [zh-HK](https://longbridge.com/zh-HK/news/288069185.md) --- # U.S. Stock Market Outlook | Three Major Index Futures Rise Together, Commercial Aerospace Stocks Generally Decline, Dell Tech and U.S. NetApp Surge After Earnings ## Pre-Market Market Trends 1. As of May 29 (Friday), U.S. stock index futures are all up before the market opens. As of the time of writing, Dow futures are up 0.29%, S&P 500 futures are up 0.16%, and Nasdaq futures are up 0.06%. ![21.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260529/1780057720911460.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, Germany's DAX index is up 0.00%, the UK's FTSE 100 index is up 0.19%, France's CAC 40 index is up 0.63%, and the Euro Stoxx 50 index is up 0.39%. ![22.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260529/1780057724954165.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 down 1.38%, priced at $87.67 per barrel. Brent crude oil is down 1.61%, priced at $91.21 per barrel. ![23.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260529/1780057727318123.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) ## Market News **The U.S. and Iran reportedly agree to extend the ceasefire for 60 days, pending Trump's approval.** According to U.S. officials, after multiple rounds of indirect negotiations, U.S. and Iranian negotiators have reached a preliminary consensus on a 60-day memorandum of understanding. This agreement aims to extend the current fragile ceasefire and pave the way for substantive negotiations on Iran's nuclear issues. This has raised market hopes that the three-month-long conflict may be nearing resolution. However, whether the agreement will ultimately take effect still depends on the approval of the highest leadership in both the U.S. and Iran. Media reports, citing a U.S. official, state that President Trump has asked the mediators for "a few days to consider" and has not yet given final approval. Meanwhile, Iran's Supreme Leader Khamenei has also not confirmed the terms. **Interest rate hike storm sweeps the Federal Reserve! The rate cut roadmap has been scrapped, and Walsh considers it a win if he doesn't raise rates.** Walsh's ability to win the competition for the Federal Reserve chair is partly due to his planning of a path toward lower interest rates. However, now, this new Federal Reserve leader is facing a completely different situation: how to curb the sudden shift in market expectations for higher rates as fellow decision-makers warn that inflation is back. Federal Reserve observers indicate that the window for rate cuts has closed due to energy shocks caused by the Middle East war. This means that for Walsh, merely maintaining the current interest rate level may already be considered a victory. How Walsh guides the narrative around interest rates in the coming months may set the tone for his leadership style and shape his ability to demonstrate to the outside world that he is defending the independence of the Federal Reserve. Although President Trump has expressed a desire for Walsh to act independently as Fed chair, the political pressure to lower rates remains a strong undercurrent **Federal Reserve's Musalem warns: Don't expect AI to solve inflation problems, the door to rate hikes cannot be closed.** St. Louis Federal Reserve Bank President Musalem stated that policymakers cannot rely on the productivity boom that AI may bring to alleviate the current inflation problem and warned that the possibility of future rate hikes cannot be ruled out. He pointed out, "I think it is risky to rely on the prospect of higher productivity growth in the future to solve our current inflation problem." Although he admitted to being an enthusiastic user of AI and is optimistic about the long-term potential of the technology to boost the economy, he also sees that the market's enthusiasm for AI is driving up demand for electricity and chips, which in turn may prompt the central bank to raise interest rates. He emphasized, "Our task is to maintain price stability and maximize employment, and the current inflation rate is still above the target. Therefore, the possibility or probability of considering rate hikes in the future—I believe must be greater than zero." **Federal Reserve's Kashkari: It's too early to assert rate hikes, but all policy options must be kept open.** At an event on Friday, Minneapolis Fed President Kashkari commented on the outlook for U.S. monetary policy. He noted that it is not yet sufficient to determine the need for an immediate rate hike, but emphasized that the policy path must remain flexible. The divergence around the rate path was already reflected in the Fed's April meeting. Although the meeting ultimately decided to keep rates unchanged, Kashkari supported this outcome, but he and two other policymakers opposed the statement that hinted at the possibility of future rate cuts. The three preferred to use neutral language to clearly retain various policy possibilities, including rate hikes. Regarding the uncertainty in the economic environment, Kashkari pointed out that the war in the Middle East has introduced more variables into the U.S. economic outlook. The impact of this conflict has already been reflected in inflation trends, with energy prices being pushed higher, compounded by previous factors, leading to continued pressure on the cost of living that has remained high for the past five years. He also expressed concerns about the current inflation policy. **ExxonMobil warns that oil inventories are nearing historic lows! If the Strait of Hormuz does not reopen, oil prices may soar again.** ExxonMobil warned that oil inventories will drop to record historic lows in the coming weeks, forcing oil prices to enter a new round of surges and suppressing demand. This senior executive in the oil and gas industry stated that when inventories reach historic lows in the coming weeks, the spot trading price of Brent crude oil will soar to $150 to $160 per barrel. Additionally, top commodity analysts on Wall Street have recently warned that the Strait of Hormuz is now not just at the stage of "best to open as soon as possible," but is approaching the stage of "must restore stable passage as soon as possible." Once commercial inventories approach "minimum operational inventories," oil prices will shift from linear increases to nonlinear surges. **Was the big surge in May just a "flash in the pan"? Wall Street giants collectively pour cold water: Don't blindly chase the dollar higher.** In May, as traders digested the prospect of higher U.S. interest rates, the dollar exchange rate rose sharply. However, this rebound has made Wall Street strategists cautious about further increases in the dollar. Strategists from Morgan Stanley to Wells Fargo believe that the current focus is shifting to the possibility of more aggressive rate hikes from other major central banks, while at the same time, optimism about the U.S.-Iran peace agreement is weakening the dollar's safe-haven demand According to the compiled forecast data from institutions, the consensus view on Wall Street is that the major indicators of the dollar will decline by more than 1% by the third quarter and by 2% by the fourth quarter. Eric Nelson, a macro strategist at Wells Fargo Securities LLC, stated, "We are not going to blindly chase the rebound of the dollar now. The 'American exceptionalism' may have reached another peak, which will limit the dollar's ability to break through further and disrupt the existing mature range." ## Individual Stock News **U.S. commercial aerospace stocks fell before the market opened.** As of the time of writing on Friday, AST SpaceMobile (ASTS.US) fell over 12%, Momentus (MNTS.US) and Rocket Lab (RKLB.US) fell over 4%, Firefly Aerospace (FLY.US), Redwire (RDW.US), and Intuitive Machines (LUNR.US) fell over 6%, while MDA Space (MDA.US), York Space Systems (YSS.US), and Voyager Technologies (VOYG.US) fell over 2%. **The power of the AI printing machine is evident! Dell Technologies (DELL.US) delivered explosive results in Q1: revenue achieved the strongest growth since returning to the public market, and net profit surged more than twice.** The financial report shows that in the first quarter ending May 1, Dell's revenue skyrocketed by 88% year-on-year to $43.84 billion, far exceeding the average analyst expectation of $35.43 billion; this is the fastest quarterly revenue growth Dell has achieved since returning to the public market in 2018, with the previous record being 39%. Net profit increased more than twice from $965 million in the same period last year to $3.44 billion; adjusted earnings per share reached $4.86, significantly better than the market expectation of $2.94. The gross margin was diluted to 18.1% due to structural changes leaning towards AI servers, but the gross profit amount still grew by 57% year-on-year to $7.9 billion, and operating profit soared by 154% to $4.2 billion. The biggest "engine" of this quarter's performance is undoubtedly the AI servers—AI server revenue surged 757% year-on-year to $16.1 billion. The AI order bookings for the quarter reached $24.4 billion, with the number of customers exceeding 5,000. By the end of the quarter, the backlog of AI servers reached a record $51.3 billion, and the number of reserve projects was several times this figure. In response to the overwhelming demand, Dell raised its full-year AI server revenue forecast for fiscal year 2027 from $50 billion given in February to $60 billion, implying about 144% year-on-year growth. As of the time of writing, Dell Technologies surged nearly 34% before the U.S. market opened on Friday. **Is AI disruption anxiety dissipating? MongoDB (MDB.US) performance and guidance exceeded expectations across the board.** According to MongoDB's financial results for the first quarter of fiscal year 2027 (ending April 30), adjusted earnings per share were $1.32, far exceeding the general analyst expectation of $1.19, and up 32% from $1.00 in the same period last year. Revenue for the quarter grew by 25% year-on-year to $687.6 million, also significantly exceeding the market expectation of about $665 million What excites the market even more is the performance outlook provided by MongoDB. The company expects adjusted earnings per share for the second quarter to be between $1.58 and $1.61, with revenue ranging from $729 million to $734 million. Both midpoints of the guidance are significantly higher than analysts' estimates of $1.29 for earnings per share and $701 million for revenue. MongoDB also raised its full-year performance guidance. The company increased its full-year adjusted earnings per share guidance from the previous $5.75 to $5.93 to $5.95 to $6.14, and raised its revenue guidance from $2.86 billion to $2.9 billion to $2.92 billion to $2.96 billion, while the market's previous expectations were $5.92 and $2.9 billion, respectively. The company attributes its strong performance and raised guidance to the robust demand for its multi-cloud database service, Atlas. As of the time of writing, MongoDB's stock rose over 3% in pre-market trading on Friday. **Not a storage chip manufacturer, yet fully benefiting from the "storage super cycle"! The performance outlook of NetApp (NTAP.US), standing at the forefront of the NAND super trend, crushes expectations.** Long focused on enterprise-level high-performance storage systems and data infrastructure platforms, NetApp is fully capitalizing on the "AI storage super cycle" brought about by the global AI data center expansion frenzy through enterprise storage systems, all-flash arrays, and cloud high-performance data storage services. Data shows that the company's revenue for the fourth fiscal quarter was approximately $1.948 billion, a year-on-year increase of 12%, significantly outperforming the market expectation of about $1.85 billion; adjusted earnings per share reached a record $2.43, a substantial year-on-year increase of 11%, significantly higher than the market expectation of about $2.27. The strong growth in performance is primarily driven by the accelerated growth of the all-flash array business and public cloud high-performance storage business. Additionally, the company’s guidance for the first quarter and full year of fiscal 2027 exceeds market expectations. As of the time of writing, NetApp's stock rose nearly 19% in pre-market trading on Friday. **Bawang Chaji (CHA.US) released its Q1 2026 financial report, with total GMV reaching 7.918 billion yuan.** The financial report shows that as of March 31 of this year, Bawang Chaji had a total of 7,531 global stores. The total GMV for the first quarter reached 7.918 billion yuan, with net income of 3.546 billion yuan and adjusted net profit of 507 million yuan. In this quarter, overseas GMV was 426 million yuan, a year-on-year increase of 139% and a quarter-on-quarter increase of 14.6%. As of the time of writing, Bawang Chaji's stock rose over 12% in pre-market trading on Friday. ## Important Economic Data and Event Forecasts Beijing time 21:10 Federal Reserve Governor Bowman delivers a speech. Beijing time 21:15 2026 FOMC voting member and Philadelphia Fed President Harker speaks on economic outlook. 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