证券时报·2025-05-28 14:26Group 1: Market Overview - The three major U.S. stock indices opened slightly higher on May 28, with the Dow Jones up 0.05%, S&P 500 up 0.01%, and Nasdaq down 0.03% [1] - Investor focus has shifted from trade war tensions to the latest U.S. tax reform bill, with significant attention on Nvidia's upcoming earnings report [1][10] - Major tech stocks showed mixed performance, with Nvidia down 0.2% ahead of its earnings release [1] Group 2: Trade War Developments - Recent signals indicate a de-escalation in the U.S. trade war, including President Trump's postponement of high tariffs on the EU [5] - The ASEAN leaders expressed concerns over the uncertainty brought by U.S. tariffs and emphasized the need for trade diversification [5] - Current baseline tariffs are at 10%, with potential reductions for countries providing favorable conditions [5] Group 3: Tax Reform Concerns - The latest U.S. tax reform bill is projected to increase the deficit by $3.8 trillion over the next decade, with $2.2 trillion (approximately 58%) occurring in the first five years [8] - Analysts from Deutsche Bank and Morgan Stanley highlight that the deficit will remain above 6% of GDP in the coming years, with the tax reform contributing to this increase [9] Group 4: Nvidia's Earnings Expectations - Nvidia is set to release its earnings report, with analysts expecting revenue of $43.28 billion for the quarter, a year-over-year growth of 66% [11] - The anticipated net profit is around $19 billion, reflecting a 31% increase, although this growth rate is significantly lower than the previous year's 260% [11] - Market attention is on the supply situation of Nvidia's new Blackwell chips and its performance in the Middle East and China [11]