US PRE-MARKET MOVERS: NVDA, CSCO, BA, WHR, TTWO, FISV, KLAR
ES +0.3% NQ +0.3% RTY +0.1%

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… departing drom the summit on Friday, May 15, 2026 …
(I guess as soon as the door on A/Force 1 shuts).
… not “to take any dramatic steps during his trip to China, but think he could make his next move immediately afterward.” …
By Dave Lawler, Barak Ravid on Axios
… Israeli officials say they’ll be on high alert this weekend in case Prez T decides to resume the war. Any such operation would take place in coordination with the Israeli military, the officials say. …
place your bets girlz n boyz
Today’s Market Minute (Reuters)
USDJPY 1 HOUR
USD/JPY continues to chop with a c. 45 pip move lower this morning, seen on hawkish remarks from BoJ’s Masu, who said the central bank needed to raise rates “at the earliest stage possible”. Masu, at the last BoJ confab, was not one of the three hawkish dissenters, meaning the vote split could theoretically be 5-4 should former dissenters maintain their votes. Markets are reluctant to fully price a June meeting hike, with just 15bps of tightening expected. The move seen on Masu’s remarks has since been faded as oil prices remain high (Newsquawk)
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Crude oil briefly spiked lower on this headline but so far with limited follow through.
WHITE HOUSE STATEMENT: US President Trump had a good meeting with Chinese President Xi; the two sides discussed ways to enhance economic cooperation; the two sides agreed that the Strait of Hormuz must remain open (Newsquawk)
One Hour (CFD charts)
XBRUSD XTIUSD

Forex Market Update
Tight ranges in what seems like the calm before the next storm. USD still up on the week but contained while EURUSD trades above 1.17 and GBPUSD above 1.35. In USDJPY, it is either a hidden hand or fear of BoJ intervention so far capping the upside just below 158.
EUREUSD USDJPY GBPUSD

XAUUSD (GOLD) DAILY
Pattern: 4700 has traded 7 days in a row
The longer this pattern goes on the greater the risk of a directional move once it is broken (i.e. 4700 becomes a solid support or resistance).
Rewarding range traders (but stay alert for when the pattern breaks): 4638-4773 range the past 6 days.

Forex Market Snapshot
The USD is trading about unchanged as the focus stays on US equities (US500 and NAS100 extend record highs) while the forex market has so far decoupled from a risk on mood set by stocks. ’
One thought is the forex market is trading defensively with the risk of geopolitical escalation seen increasing once the Prez returns from China.’
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Newsquawk US Market Wrap: Tech strength leads equities higher as Trump/Xi summit awaits
SNAPSHOT: Equities up, Treasuries mixed, Crude down, Dollar up, Gold down

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May 12 Earnings Release Stocks
(OKLO) Oklo Inc. posted a first-quarter net loss of $33.1 million, or $0.19 per share, compared with a loss of $9.8 million, or $0.07 per share from the previous quarter. Oklo ended the quarter with $1.59 billion in cash and cash equivalents alongside $614.5 million in marketable debt securities.
Shares rose 2.1% in Wednesday’s premarket trading session.
(KRMN) Karman Holdings Inc. reported adjusted earnings of $0.11 per share as revenue surged 51% year over year to $151.2 million. Despite the strong quarterly performance, shares have declined 26.5% this quarter and are down 19.6% year to date. The stock fell 11.1% to $55.26 shortly after the market opened.
May 12 Earnings Release Stocks
(AG) First Majestic Silver Corp. delivered record revenue and cash flow, supported by higher silver prices, while EBITDA surged 192% year over year. Shares had risen 9.8% during the quarter and have gained 41.5% year to date.
(QBITS) D-Wave Quantum Inc. reported first-quarter revenue of $2.86 million. Revenue declined 81% year over year The company posted an adjusted quarterly loss of $0.01 per share, while shares reversed earlier gains and fell 7%.
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