Big Moves, Short Week: Nvidia Rockets, Bonds Shiver, Gold Slips

Daniel Ledenev
Jun 2
6 min read

Updated: Jun 21

👋 Welcome Back Investors! (May 26 to 30, 2025)

We’re back with another recap of what really moved the markets this week. Whether you're a day one reader or just catching the wave, this space is all about keeping you informed without the noise. This final week of May delivered a mix of momentum and mayhem, surprise economic data, delayed trade decisions, and another round of tech headlines kept investors on their toes. From shifting bond yields to strong end of the month rallies, it was the kind of week that showed just how quickly the mood can change. Let’s break it all down!

The U.S. stock market was closed on Monday, May 26 in observance of Memorial Day, leading to a shortened trading week.

📞 Tariff Talks Take a Pause: EU Asks Trump for More Time

As reported, European Commission President Ursula von der Leyen held a key phone call with former President Donald Trump this week, requesting additional time to negotiate a path forward on proposed U.S. tariffs targeting EU goods. Trump, who has recently reignited protectionist rhetoric on the campaign trail, had floated the idea of imposing 50% tariffs on European imports, more specifically on cars and machinery. Von der Leyen’s call signals concern from Brussels about the escalating trade tone and its potential impact on transatlantic commerce. While no formal delay was granted, the outreach indicates that EU officials are pushing for diplomacy over confrontation. The market reaction was muted, but investors are watching closely. If tariffs are implemented, it could ripple through sectors like autos, steel, and manufacturing. For now, it's a waiting game, but one with major stakes for global trade and industrial giants on both sides of the Atlantic.

📉 Bond Yields Jump as Court Blocks Trump Tariffs

A surprise ruling from a U.S. trade court sent shockwaves through global bond markets this week. As The Wall Street Journal reports, the court blocked a set of Trump-era tariffs, leading to a broad sell off in major government bonds, particularly U.S. Treasuries and European debt. The decision, which invalidated a portion of tariffs imposed on industrial imports, eased some trade tensions but simultaneously raised questions about inflation expectations and fiscal policy. As a result, yields on 10-year U.S. Treasury notes spiked to their highest level in over a week, signaling that investors may now anticipate less economic drag from trade friction, and possibly more room for the Fed to hold rates steady.

In short: legal surprises met market surprises. With tariffs temporarily off the table, bonds took the hit.

💻 Nvidia Stuns Again: AI Boom Powers Record Quarter

Nvidia (NVDA) once again shattered expectations in its fiscal Q1 2025 earnings, continuing to ride the explosive demand for AI chips and data center computing. The chipmaker reported $26 billion in revenue, up 262% year-over-year, and net income of $15 billion, marking a sevenfold increase from the previous year. That kind of growth isn’t just rare; it’s historic. You may wonder what caused this! Relentless demand for Nvidia’s H100 AI chips, which are now the gold standard for powering everything from ChatGPT to enterprise level machine learning platforms. CEO Jensen Huang emphasized that the company is still in the "early innings" of an AI-driven computing revolution. Nvidia’s Data Center segment alone brought in $22.6 billion, growing 427% year-over-year; an insane figure that shows just how dominant they’ve become. Investors weren’t just impressed, they were ecstatic. The stock surged following the report, helping push the S&P 500 and Nasdaq higher mid-week. Nvidia’s results also lifted broader chip stocks, reaffirming the market’s belief that AI isn’t just hype, it’s fueling the next wave of tech infrastructure. With forward guidance also topping Wall Street estimates, Nvidia is signaling that this growth trajectory may still have serious legs.

In short: AI is no longer a buzzword, it’s Nvidia’s business model, and it’s booming.

🛒 Best Buy Posts Modest Beat, But Consumer Trends Still Cloud Outlook

Meanwhile, Best Buy (BBY) released its fiscal Q1 2025 earnings this week and offered a mixed bag. The electronics retailer posted earnings and revenue slightly ahead of Wall Street forecasts, but same store sales declined and consumer demand remained tepid. Specifically, revenue came in at $8.85 billion, slightly above expectations, while adjusted earnings were $1.20 per share. Despite soft trends in big-ticket categories like appliances and home theater, Best Buy benefited from better-than-expected sales in mobile devices and services. Investors rewarded the mild beat, with BBY stock rising 7.3% to close at $66.32 on the day of the report. Still, management kept full year guidance conservative, citing continued macroeconomic pressures and inflation related hesitation from consumers.

While the quarter wasn’t groundbreaking, it was solid enough to stabilize sentiment around a stock that’s been under pressure. In a retail landscape where winners are separating fast from the rest, Best Buy showed it still has enough brand power and margin control to navigate the uncertainty, for now.

🌍 India Becomes the World’s Third-Largest Stock Market by Value

India hit a major financial milestone this week, officially surpassing Hong Kong to become the third largest stock market in the world by market capitalization, according to the BBC. The total value of listed Indian equities crossed $5 trillion, putting the country just behind the U.S. and China. The surge reflects a mix of domestic optimism, strong corporate earnings, and growing foreign investor interest. India’s equity market has seen consistent inflows, especially into sectors like technology, energy, and manufacturing. The government’s push for digitalization and infrastructure spending has boosted investor sentiment, while global firms increasingly look to India as a production and consumer base alternative to China. Foreign institutional investors (FIIs) have added billions to Indian equities, even as other emerging markets saw pullbacks. Why it matters? This is not just a numbers milestone, it signals India’s rising influence in global finance. For long-term investors, it reaffirms the narrative that India is not just a developing story, but an increasingly central player in the global investment landscape.

In short: India just took the bronze in the global stock market rankings—and it's still gaining speed.

🟨 Gold Dips as Stronger Dollar Tests Investor Nerves

Gold prices slipped this week as a resurgent U.S. dollar put pressure on commodities across the board. Investors pulled back from gold as the dollar gained strength following better than expected economic data and cautious signals from Fed officials. This renewed strength in the dollar makes gold more expensive for foreign buyers, leading to a natural dip in demand.

Spot gold fell below $2,350/oz, retreating from recent highs, as traders recalibrated expectations for near-term interest rate cuts. The stronger dollar also came on the heels of improving U.S. consumer sentiment and labor data, which gave the Fed more breathing room to stay in wait-and-see mode. With no immediate easing in sight, investors appeared more risk averse and rotated out of non yielding assets like gold. Still, some analysts see this as a temporary pullback. With geopolitical tensions and inflationary pressures still in play, gold remains a hedge in many portfolios. But for now, the dollar is back in charge, and gold bulls are watching closely to see if support holds near key technical levels.

Bottom line: The dollar's strength is gold’s weakness, for now.

👀 Stocks to Watch: What This Week’s Moves Reveal

Despite a shortened trading week due to Memorial Day, the final stretch of May packed in plenty of movement. From blowout earnings to tariff headlines and shifting global sentiment, here are the stocks that made noise from May 26 to 30:

Nvidia (NVDA) – Reported another monster quarter, posting a 262% jump in revenue and a sevenfold increase in profit. With AI demand fueling its Data Center segment and forward guidance coming in strong, Nvidia’s blowout results reinforced its role as the crown jewel of the AI boom.
Best Buy (BBY) – Rose 7.3% after a modest earnings beat. Despite macro pressure, mobile and service segments showed strength. While guidance stayed cautious, investors welcomed stability in a shaky retail landscape.
C3.ai (AI) – Surged over 20% after announcing an expanded U.S. Air Force contract. The news gave fresh life to the AI trade and signaled the company’s deepening ties to government defense tech.
E.l.f. Beauty (ELF) – Spiked 23.6% following its acquisition of Rhode Skincare and a strong quarterly report. The move was seen as a major brand expansion play, giving ELF greater exposure to Gen Z consumers.

From AI breakouts to retail rebounds, these are the stocks that caught investor attention as May came to a dramatic close.

🛎️That’s a Wrap!

That’s it for this week’s market recap, appreciate you tuning in! From Nvidia’s explosive earnings to delayed tariffs, bond market ripples, and a surprise pop from E.l.f. Beauty, the final trading days of May didn’t disappoint. Even with a shortened week, there was no shortage of headlines or stock moves. Whether it was AI-fueled optimism or global trade anxiety, the market stayed on its toes. We’ll be back next week with another breakdown of what mattered, what moved, and what’s next as we head into June.

Until then, stay focused and stay curious. Catch you next week 👋