Pre-Market Update — Friday, May 22, 2026

Pre-Market Pulse: Risk-on tone into the open as Europe rips, yields ease, and $AMD leads chip strength — but crude's wild overnight range is the tell.

Overnight Action Asia closed mixed but with a roar out of Tokyo — the $^N225 surged +2.68% to 63,339, while Hang Seng slipped -0.18%. Europe is firmly bid: $^STOXX50E +1.02%, $^GDAXI +0.54%, $^FTSE +0.44%. US futures are following through — $ES_F +0.35% at 7,492.25, $NQ_F +0.38% at 29,558.25, $YM_F +0.62%, $RTY_F +0.49%. The 10-year yield is down to 4.55% (-0.78%), greasing the rally. $VIX a touch firmer at 16.83. Crude is the wildcard: $CL_F printed a 95.65–99.43 overnight range on Iran-deal chatter — *"Oil Prices Fall Below $100 On Report Iran Deal"* — before settling at $96.52, +0.18%. $BZ_F at $103.42, +0.82%. Gold soft at $4,518.80, -0.46%.

Movers Before the Bell *(Pre-market quotes are thin — treat moves as indicative.)*

• ▸$AMD +2.42% to $460.45 — leading the chip tape, riding the Nvidia earnings afterglow flagged in overnight wires (*"Nvidia Blasts Past Earnings Estimates"*).
• ▸$TSLA +0.68% to $420.74 — quietly firm despite a bizarre Cybertruck headline out of Texas; the SpaceX IPO risk-factor story keeps Musk-name flow active.
• ▸$NVDA +0.45% to $220.48 — digesting the print; muted reaction suggests the move was front-run.
• ▸$GLD -0.44% to $415.15 — tracking spot lower as risk appetite returns and yields fall (counterintuitive, but the dollar bid is doing work).
• ▸$USO -0.73% to $141.50 — catching down to crude's Iran-headline swoon from yesterday's session.

Mega-cap tape otherwise tight: $AAPL +0.29%, $MSFT +0.32%, $GOOGL +0.21%, $AMZN -0.06%, $META flat.

Still Ahead Today $WMT reports before the bell — the consumer read of the week, with Wall Street watching comps and tariff commentary. No major Fed speakers of consequence on the docket post-open. Crypto firm but unremarkable: $BTC $77,344 (+0.22%), $ETH $2,129.80 (+0.67%), $SOL $87.44 (+2.12%). Watch the Iran headline tape — any confirmation/denial swings crude and the energy complex into the weekend.

Game Plan — $SPY Reference: $SPY pre-market $745.71 (+0.40%).

• ▸Resistance: $746.50 (overnight ES high equivalent) → $748
• ▸Pivot: $744
• ▸Support: $742.72 (prev close) → $740

*Trade idea:* Long bias above $744 targeting $748 into Walmart digestion; fade only if crude spikes back above $99 and drags yields higher. Friday into a long weekend — keep size tight, don't chase the gap.