S&P 500 (NYSEARCA: SPY) Live: Markets Trading Aimlessly Ahead of Key Tech Earnings

By Gerelyn Terzo Updated May 28, 4:02PM EDT · Published May 28, 10:17AM EDT

Key Points

Stocks are showing little conviction as the markets await Nvidia’s earnings later today.
The markets appear to be satisfied that the U.S. is making progress with its trade partners as the focus shifts to earnings.

Live Updates

Chip Sales to China

May 28, 2025 at 4:02 PM EDT | Gerelyn Terzo

Shares of chip design companies Cadence Design (Nasdaq: CDNS | CDNS Price Prediction) and Synopsys (Nasdaq: SNPS) are under pressure, falling by 10.2% and 9.4%, respectively, after the Trump administration reportedly ordered them to halt chip design software sales to China, according to a report in the FT. The report suggests that the Trump administration’s directive is an attempt to thwart China’s progress in the tech race. This reignites trade war fears and comes as the markets await quarterly results from chip leader Nvidia (Nasdaq: NVDA). The SPY ETF finished the trading session down 0.59%.

Great Expectations

May 28, 2025 at 12:38 PM EDT | Gerelyn Terzo

A cautious tone persists in today’s trading, with the three major stock market averages slightly in the red. Nvidia (Nasdaq: NVDA) shares are up 0.33% ahead of its highly anticipated quarterly earnings report expected after the closing bell. The prevailing sentiment is that Nvidia will once again exceed expectations and upgrade its guidance due to strong AI and chip demand. Yet, concerns linger regarding a potential write-down linked to China revenues, even with overall strong demand. The SPY ETF is lower by 0.16%.

Consumer Spending on Deck

May 28, 2025 at 10:49 AM EDT | Gerelyn Terzo

The markets will receive greater insight on the resilience of the consumer this week. Personal Income and Spending data for April is due out on Friday. This data follows a period of robust consumer spending observed in March. Economists at Wells Fargo anticipate a 0.3% increase in personal income and a 0.2% rise in personal spending. SPY is currently lower by 0.24%.

This article will be updated throughout the day, so check back often for more daily updates.

Markets are treading carefully today, following yesterday’s powerful surge driven by news of EU import tariff delays. The spotlight is now firmly on corporate earnings, particularly those of chip giant Nvidia (Nasdaq: NVDA), whose highly anticipated quarterly results are due after the market closes. Early morning trading shows stocks with minimal direction, as the Nasdaq Composite, S&P 500, and Dow Jones Industrial Average are all registering modest gains. The SPY ETF is down 0.11% as of mid-morning trading. Here’s a look at the SPY over the past five trading sessions:

The “Magnificent Seven” stocks are largely flat, with Meta Platforms (Nasdaq: META) up 1% and the rest of the cohort seeing mixed trading. GameStop (NYSE: GME) has dipped 3.5% today after venturing into the cryptocurrency space with its initial bitcoin acquisition exceeding $500 million, mirroring moves by MicroStrategy (Nasdaq: MSTR) and Tesla (Nasdaq: TSLA).

ARK Invest has offloaded some TSLA shares while increasing its stake in Nvidia ahead of the AI leader’s earnings announcement. Elon Musk attempted to soothe investor concerns by posting about his relentless work schedule.

Here’s a look at the performance as of morning trading:

Dow Jones Industrial Average: Down 22.97 (-0.05%)
Nasdaq Composite: Down 9.71 (-0.05%)
S&P 500: Down 2.27 (-0.04%)

Market Movers

Retailer Macy’s (NYSE: M) is down 2.7% today, having cut its profit outlook amidst tariff-related challenges and cautious consumer sentiment.

Conversely, Abercrombie & Fitch (NYSE: ANF) is surging by 25.9% after easily beating its first-quarter earnings estimates.

Joby Aviation (NYSE: JOBY), an electric air taxi firm, has climbed 26% following a $250 million strategic investment from automaker Toyota Motor.

After initially rising above $127 per share, identity management company Okta (Nasdaq: OKTA) is now down 12% in the wake of its quarterly results, experiencing profit-taking.

Fair Isaac Corp (NYSE: FICO) is recovering recent losses and is up 6.8% today.

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About the Author Gerelyn Terzo →

Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.