Forex Signals May 21: Walmart WMT, NetEase, Ross Stores and Zoom Earnings Preview on Thursday

Quick overview

Live BTC/USD Chart

BTC/USD

0.0000

MARKETS TREND

TRADE BTC/USD

Walmart, NetEase, Ross Stores, and Zoom Communications headline Thursday’s earnings calendar, setting the tone for a mixed session across retail, gaming, and software sectors.

Broad Market Rally

US stock indices closed sharply higher as investors shifted toward a more optimistic view of US–Iran geopolitical risks. Markets increasingly priced in either diplomatic progress or a limited conflict scenario, helping reduce the previously elevated risk premium.

This shift supported a broad-based rally across equities, with risk assets benefiting from improved sentiment and easing macro pressure.

🚀 Small Caps and Growth Lead Gains

The Russell 2000 led the advance, jumping more than 2.3%, signaling a strong return of appetite for economically sensitive stocks. The move highlighted renewed confidence in domestic growth exposure and higher-beta segments of the market.

The NASDAQ rose nearly 1.5%, supported by falling yields, which tend to favor technology and growth-oriented valuations. The S&P 500 gained around 1.0%, while the Dow Jones Industrial Average also posted solid gains, reinforcing the breadth of the rally across major indices.

📉 Yields Drop Sharply Across the Curve

Treasury markets strengthened significantly, with yields moving lower across maturities.

• The 2-year yield fell about 8 basis points to near 4.04%
• The 10-year yield dropped roughly 10 basis points to around 4.569%

The decline reflects reduced demand for inflation protection as energy prices fell and fears of prolonged Middle East supply disruption eased. Key technical levels now sit near 4.00% for the 2-year and 4.50% for the 10-year, with a break below potentially reinforcing further bond buying.

🛢️ Oil Prices Collapse on Supply Risk Repricing

Crude oil was the key driver of the session’s macro shift.

• WTI crude fell $5.89 to $98.26
• Brent crude dropped $6.26 to $105.02

The sharp decline reflects fading concerns over immediate supply disruptions. Holding WTI below the $100 threshold is increasingly seen as critical for stabilizing inflation expectations and supporting broader market sentiment.

Earnings Calendar Highlights for Thursday

Thursday’s earnings slate offers a broad cross-section of the global economy, from Walmart’s consumer read-through to NetEase’s China exposure and Zoom’s software demand stability. With Ross Stores adding further insight into discretionary retail health, the session is likely to highlight whether consumption trends remain resilient or show further signs of cooling across segments.

🛒 Walmart Inc. (WMT) – Retail Bellwether

• Reporting Q1 2027 earnings before market open (BMO)
• Expected EPS: $0.66
• Market cap: ~$1.04 trillion

Key focus:

• US consumer demand resilience
• Grocery and discretionary spending trends
• Margin pressure from logistics and wage costs

Market sensitivity: Walmart often acts as a real-time gauge of household spending behavior, making its commentary more important than the earnings beat itself.

🌏 NetEase, Inc. (NTES) – China Tech & Gaming Exposure

• Reporting Q1 2026 earnings before market open (BMO)
• Expected EPS: $15.39
• Market cap: ~$74.85 billion

Key focus:

• Online gaming pipeline strength
• Regulatory environment in China
• Monetization trends across mobile and PC gaming

Market sensitivity: NetEase remains closely tied to China consumer sentiment and policy direction, making forward guidance critical.

🏬 Ross Stores (ROST) – Off-Price Retail Demand Check

• Reporting Q1 2026 earnings after market close (AMC)
• Expected EPS: $1.43
• Market cap: ~$70.16 billion

Key focus:

• Value retail demand trends
• Inventory management and markdown pressure
• Consumer trade-down behavior in a high-price environment

Market sensitivity: Ross Stores often reflects budget-conscious consumer behavior shifts, especially in discretionary categories.

💻 Zoom Communications (ZM) – Enterprise Software Stability Test

• Reporting Q1 2027 earnings after market close (AMC)
• Expected EPS: $1.43
• Market cap: ~$29.3 billion

Key focus:

• Enterprise subscription retention
• Competition in video and collaboration tools
• Product expansion and monetization

Market sensitivity: Zoom is increasingly viewed as a maturity-stage software name, where growth stabilization matters more than acceleration.

Gold Returns Above $4,500

Although demand for safe haven assets is still high, gold fell precipitously from record highs following the Fed’s most recent rate cut comments, as profit-taking was prompted by Powell’s cautious tone. In December, gold jumped above $4,380 following the Federal Reserve’s announcement of a 25 basis point rate decrease. But the impetus soon waned, and prices dropped back to $4,004. The 20o daily SMA (red) held as support this week and buyers returned and pushed XAU above the $4,800 and above the 100 SMA (green).

USD/JPY Rebounds

USD/JPY – Daily Chart

Cryptocurrency Update

Buying the Retrace in Bitcoin

Cryptocurrencies remained highly active over the summer. Bitcoin (BTC) climbed to fresh highs of $123,000 and $124,000 in July and August, supported by institutional inflows and technical strength. However, remarks from Treasury Secretary Scott Bessent ruling out U.S. increases to BTC reserves triggered a steep pullback, sending the coin down to $80K before finding support at the 100 weekly SMA (green). A rebound followed, sending BTC near $100 is the first major text for Bitcoin buyers. However BTC returned lower and fell below $80K, breaking below the but the 100 weekly SMA (green) but the decline stopped at the $60K support where the 200 weekly SMA (purple) stands and rebounded above $76K but returned to $70K again.

BTC/USD – Daily Chart

Ethereum Returns to $2,000

Ethereum (ETH) has been similarly strong, surging toward $4,800, its highest since 2021 and near its all-time peak of $4,860. Despite a dip last week, ETH found support at the 20-day SMA, with retail enthusiasm and renewed institutional participation driving fresh upside momentum. Last week we saw a dive below $2,000 but buyers returned n d pushed the price above $2K again.

ETH/USD – Weekly Chart

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

Bitcoin (BTC) Holds $77K to $81K Range — Fed Chair Uncertainty and ETF Demand Drive Market Volatility and $100K Outlook

16 hs ago

Save

Central Banks to Accelerate Gold Purchases Amid Diversification Push

17 hs ago

Save

Gold at $4,464 Holds Steady as Ceasefire Holds & Trump-Xi Talks Loom – $4,627 Breakout Next?

18 hs ago

Save