[US Pre-Market] Nvidia Earnings Countdown. US Semiconductor Stocks Rise Broadly Pre-Market While Global Bond Markets Remain Sluggish

TradingKey - Before the bell on Wednesday Eastern Time, the three major U.S. stock indices rose slightly as the market awaited Nvidia's ( NVDA) earnings report.

The three major U.S. stock indices all closed lower in the previous trading session as long-term government bond yields remained elevated globally. The 30-year U.S. Treasury yield briefly approached the 5.2% mark, reaching its highest level since 2007; the benchmark 10-year U.S. Treasury yield neared the 4.70% threshold, hitting a new high since January 2025.

On the news front, although Trump canceled a planned military strike against Iran, he warned that the U.S. could still launch a "heavy blow" against the country.

Market Movement

Semiconductor stocks rose broadly, with Marvell (MRVL) climbing over 4%, Intel (INTC) up more than 4%, Qualcomm (QCOM) gaining nearly 3%, Micron Technology (MU) , ASML (ASML) , AMD rising more than 2%.

Ahead of its earnings report, Nvidia rose over 1% in pre-market trading.

Market Headlines

Samsung’s labor union failed to reach an agreement with management and will launch a full-scale strike on May 21. Yonhap News Agency reported on May 20 that the union of South Korean semiconductor giant Samsung Electronics stated that since the two sides failed to reach an agreement on issues such as wages, the union will legally initiate a full-scale strike on the 21st. On that day, Samsung's Korean-listed shares rose only slightly, while the benchmark Kospi index fell.

The market is awaiting Nvidia's after-hours earnings report, with an "earnings beat" seen as a near certainty and Wall Street remaining highly optimistic. Options market positioning data shows that traders are betting on a price swing of approximately 6.5% following the report, representing a market value fluctuation of about $350 billion. Nvidia rose about 1.5% in pre-market trading.

The underwriting lineup for the SpaceX IPO has been finalized: Goldman Sachs (GS) is leading the IPO as the lead bookrunner, followed by Morgan Stanley (MS) , then Bank of America (BAC) , Citigroup (C) and JPMorgan Chase (JPM) . SpaceX is expected to publicly file its IPO documents as early as this Wednesday and list on June 12.

The Google I/O 2026 developers conference saw the release of Gemini 3.5 Flash and the introduction of the new multimodal AI system, the Gemini Omni model. Google (GOOG) (GOOGL) CEO Sundar Pichai stated that Flash's greatest advantage is its ability to provide near-top-tier AI capabilities at less than half the cost of comparable state-of-the-art models. Google closed down more than 2%.

Key Data/Events Preview

On May 21, Eastern Time, preliminary U.S. PMI data will be released, the Federal Reserve will publish its monetary policy meeting minutes, and Nvidia will report its earnings and host a conference call.