Market Minute ⏱️ 5/20/26: Nvidia Earnings, Meta Cuts on Market Radar

Mike Larson | Editor-in-Chief

Stocks are modestly higher amid a dip in crude oil prices and Treasury yields. Gold and silver are mixed, while the dollar is flat.

Buckle up...because the biggest of the Big Tech names is reporting first-quarter earnings after the bell! Analysts expect Nvidia Corp. (NVDA) to report adjusted earnings per share of $1.76 and sales of $78.7 billion, compared to 96 cents and $44 billion a year earlier. Investors will be keenly watching forward guidance as well as commentary about increasing competition for AI-focused chips. Nvidia stock is up 18.3% year-to-date, but down 2.3% in the past five trading days.

NVDA, META, TGT (YTD % Change)

Meta Platforms Inc. (META) is making good on its promise, starting the process of laying off 8,000 workers around the world. Cuts are landing in Asia, Europe, and the US, with engineering and product groups suffering the brunt of them. Another 7,000 employees are being shifted to AI-focused efforts. Meta is spending more than $100 billion on various AI initiatives, including the construction of massive data centers.

Target Corp. (TGT) appears to be back on track. The discount retailer posted a 5.6% rise in same-store sales in the most recent quarter, the biggest jump in four years and more than triple the gain analysts expected. It also raised its full-year revenue forecast. That pushed Target stock up further after a 30% year-to-date rally. The company has added partnerships, revamped food and beverage offerings, and taken other steps to win back customers.

Bond yields have been climbing for weeks, and that’s putting upward pressure on mortgage rates. The average 30-year mortgage rate rose 10 basis points to 6.56% in the most recent week, according to the Mortgage Bankers Association.

That’s the highest in seven weeks – and home loan applications are falling as a result. Rate-sensitive stocks have taken notice, with everything from Real Estate Investment Trusts (REITs) to home builders losing ground in the past month.

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