Stock Market Live May 18, 2026: S&P 500 (SPY) Red with Iran Conflict on Shaky Ground

S&P 500 futures decline slightly, with the Dow and Nasdaq also lower. Oil drops despite a fragile ceasefire, while gold rises and bitcoin falls. Iran-related uncertainty continues to weigh on sentiment, with peace negotiations making little progress. Newer inflation data suggests the Federal Reserve will not cut interest rates soon, and markets expect rates to stay higher for longer. Attention turns to Nvidia earnings, with analysts expecting revenue between $70 billion and $78 billion and EPS to nearly double. Growth is expected to be driven by the data center segment supported by hyperscale spending. Bank of America and Oppenheimer maintain bullish stances ahead of results.

"Markets are coming under pressure again this morning. S&P 500 futures are down about 0.2%, or by 14 points. The SPDR S&P 500 ( SPY | SPY Price Prediction) is down 0.2%, or by $148. The Dow is down by 0.34%, or by 165 points. The Nasdaq is down by 0.07%, or by about 23 points. Oil is down about 34 cents, even with the ceasefire on shaky ground. Gold is up about $19 at $4,549. Bitcoin is down about $21 at $77,351.75."

"Unfortunately, uncertainty over Iran is still wreaking havoc. Just yesterday, President Trump said Iran needs to "get moving" or there "won't be anything left." And unfortunately, peace negotiations are going absolutely nowhere. Not helping, newer inflation data tells us the Federal Reserve won't cut interest rates anytime soon. In fact, "The financial markets expect interest rates to remain higher for longer, notwithstanding President Trump's demands that Kevin Warsh, newly instated as Fed chief, get rates down," wrote Ed Yardeni, president of Yardeni Research, as quoted by CNBC. "But the macroeconomic backdrop no longer supports an easing bias, let alone a rate cut.""

"On Wednesday, Nvidia ( NASDAQ: NVDA) will post its next batch of earnings, which, according to analysts, could be explosive. Analysts are looking for revenue to range from $70 billion to $78 billion, or about 60% year-over-year growth. EPS is expected to nearly double. And its data center segment is expected to drive significant growth, supported by heavy spending from hyperscale customers"

"Analysts at Bank of America also reiterated a buy rating on NVIDIA ahead of earnings, with a price target of $320 a share. The firm cited earnings, the Computex trade show, the Vera Rubin launch, and a potential second-half cash return. In addition, Oppenheimer reiterated an outperform rating, noting that, "We expect NVDA CY26 FCF to approach $"

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