Earnings Reports and Economic Calendar for this week (5/27~5/31): Will the market continue to be dominated by NVIDIA? Expectations for buying opportunities in domestic semiconductor-related stocks.

Points for this week
It is expected that the Japanese stock market this week will have a heavy upside. Amid concerns that investors' sentiment will be chilled as the United States' inflation remains unsettled and the likelihood of interest rate cuts recedes, there is a lack of new information after passing the earnings of the highly anticipated U.S. NVIDIA. From major economic indicatorsit seems that there will be a development to explore clues about the future of U.S. monetary policyaccording to Daiki Takei, President of Resona Holdings, it is expected that range-bound trading will continue until around the summer, when the earnings announcements for the April-June period will be released. "Many companies have announced conservative outlooks for the current fiscal year in their earnings reports, so stock prices are finding it difficult to gain upward momentum. In addition, the retreat of expectations for interest rate cuts in the United States is also starting to be noticed," he said, and stock prices are likely to remain lackluster even after next week.

As the earnings announcements come to an endmarket attention is once again turning to the monetary policies of Japan and the United StatesFollowing the positive surprise of the U.S. PMI last week, expectations for an early interest rate cut have diminished, and the outlook for inflation, the economy, and monetary policy has once again become uncertainThis week will be a week to confirm the likelihood of a U.S. interest rate cutwhich will be announced on the 30thThe announcement of the US April Personal Consumption Expenditures (PCE) is the most important event.In March, the strength of the core price index was demonstrated, increasing concerns about inflation pressure.Attention is focused on confirming the stability of inflation in PCE.It is an inflation indicator that the FRB emphasizes in determining the direction of policy, and the attitude of investors is likely to become more cautious ahead of the weekend announcement.With the results depending, it could potentially lead to significant market fluctuations due to investors adopting a wait-and-see attitude.In addition, with the upcoming release of the Federal Reserve District economic reports (Beige Book) on the 29th, and the announcement of the May Chicago Purchasing Managers' Index on the 31st, the mood to gauge those results is intensifying.Therefore, the mood to carefully observe these results becomes stronger.I guess.

This week's dollar-yen exchange rate is being watched as the anticipation of a rate cut by the US Federal Reserve retreats.Whether the dollar will continue to be bought or not is the focus.At the Bank of Japan International Conference scheduled for the 27th,The comments of Governor Ueda and Deputy Governor Uchida regarding monetary policy are attracting attention.Whether there will be comments on monetary policy leading up to the June meeting is the key point. There is a possibility that the dollar/yen will fluctuate temporarily.

On the 31st, the April unemployment rate, job openings-to-applicants ratio, and May Tokyo Consumer Price Index (CPI) for the central Tokyo area are scheduled to be released. If the result of the May Tokyo Consumer Price Index (CPI) core is strong, there is a possibility that the yen will be bought due to speculation of additional monetary policy adjustments by the Bank of Japan.

Last week's market points
Currently, the dollar/yen is expected to face resistance in the 157 yen range, but if there are catalysts such as the US PCE Core Price Index, it could reach the 158 yen range. The situation where the low-interest yen is easily sold has not changed, but the demand-driven dollar buying is expected to provide support in the last week of the month. On the other hand, there is a sense of caution about intervention by the Japanese government and the Bank of Japan to buy the yen, but the statement by US Treasury Secretary Yellen that "foreign exchange intervention should rarely be used and there should be sufficient warning before intervention" is expected to support the dollar-yen exchange rate.
Long-term interest rates reach 1.005%, attracting attention to bank stocks for the first time in 12 years.
NVIDIA, the strongest in "space", surprises in earnings! Will the momentum continue to new all-time highs?
Major US banks raise S&P500 target stock prices! NVIDIA's strong earnings and the US economy lead the way.
Hedge funds reduce holdings of large-cap technology stocks! The proportion of semiconductor stocks rises to a record high of 6.5%.
Ethereum surges! With the approval of Ethereum ETF, there is a possibility of a 60% increase! Related stocks have risen 62% since May.
FOMC minutes suggest a "long" path to rate cuts, with some mentioning rate hikes.

On the other hand, major Wall Street banks last week.JP Morgan's trading desk is in a hurry to upwardly revise the target stock price of the S&P 500.In the background of Nvidia's strong earnings and the resilience of the U.S. economy, JP Morgan's trading desk sees further upside potential in the S&P 500 index.Nvidia accounts for about one-fourth of the S&P 500's gains this year. While the pace may slow down, continued growth in the index is expected.Furthermore, one of the most well-known bears on Wall Street, Morgan Stanley's Wilson, expects the S&P 500 to reach new highs.5400BMO's Brian Belski has raised the year-end target for the S&P 500 to 4,000, with expectations for further upside.5600Among the major investment banks,The highest。

In the FOMC minutes released on the 22nd, it was revealed that there was a consensus that it is desirable to maintain policy interest rates at a high level for a longer period of time, and various participants have become more positive about the possibility of additional tightening if necessary. In contrast to the previous remarks by Chairman Powell of the FRB after the last FOMC meeting, which were negative about rate hikes, there seems to be a slightly more hawkish impression.