Forex Signals May 25: Costco, Salesforce, Marvell, AutoZone, Dell and Snowflake Earnings Preview for the Week

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Investors will closely monitor upcoming earnings reports from major companies including Salesforce, Marvell Technology, Costco Wholesale, and Dell Technologies as markets continue evaluating consumer demand, enterprise spending, and broader economic conditions.

Federal Reserve Maintains Hawkish Tone

Last week, Christopher Waller reinforced the Federal Reserve’s hawkish stance, pushing back firmly against expectations for near-term interest rate cuts. Waller stated that he does not expect to support a policy shift anytime soon and warned that inflation risks linked to rising energy prices and increasing inflation expectations remain a significant concern for policymakers.

His comments added to growing market expectations that the Federal Reserve could keep interest rates elevated for longer as inflation pressures continue to persist across several sectors of the economy.

Kevin Warsh Sworn in as Fed Chair

Meanwhile, President Trump formally swore in Kevin Warsh as the new Federal Reserve Chair. Trump praised Warsh as highly qualified to lead the central bank while also emphasizing the importance of preserving Fed independence.

Trump argued that strong economic growth and low inflation can coexist, pointing to the recent stock market rally as evidence that investors welcomed Warsh’s appointment and remained optimistic about the broader economic outlook.

US-Iran Negotiations Ease Safe-Haven Demand

Over the weekend, geopolitical developments reduced some demand for defensive assets such as gold. Reports suggested the United States and Iran are nearing a broader nuclear and Hormuz-related agreement, with negotiations reportedly around 95% complete.

According to senior US officials, Iran has agreed in principle to reopen the Strait of Hormuz and dispose of highly enriched uranium in exchange for the lifting of US naval restrictions. However, disagreements over sanctions and final wording continue delaying a formal agreement.

Earnings Calendar Highlights for the Week

This week’s earnings calendar could provide important insight into the health of several major sectors, including technology, retail, banking, and enterprise software. Investors will likely remain especially sensitive to forward guidance as companies navigate persistent inflation pressures, elevated interest rates, and concerns surrounding global economic growth. Strong results may help sustain recent market momentum, while cautious outlooks could increase volatility across equities.

Retail and Consumer Sector

AutoZone will release Q3 2026 earnings before market open.

Analysts expect earnings per share of 36.17.

Investors will focus on consumer spending trends, vehicle maintenance demand, and margin performance amid elevated inflation pressures.

The company currently carries a market capitalization of approximately $56.13 billion.

Costco Wholesale is scheduled to report Q3 2026 results after market close.

• Wall Street expects EPS of 4.92.
• Markets will closely watch membership growth, pricing trends, and consumer resilience as retail spending remains uneven.
• Costco remains one of the largest retailers globally with a market value near $456.18 billion.

Technology Companies

Marvell Technology will announce Q1 2027 earnings after market close.

• Consensus forecasts point to EPS of 0.79.
• Investors remain highly focused on semiconductor demand, data center growth, and infrastructure spending tied to
• AI-related expansion.

Marvell’s market capitalization stands near $171.9 billion.

• Snowflake is also set to release Q1 2027 earnings after the close.
• Analysts expect EPS of 0.32.
• Guidance surrounding enterprise cloud spending and customer growth will likely be key market drivers.

Dell Technologies will report Q1 2027 earnings after market close.

• Expectations currently stand at EPS of 2.96.
• Investors will monitor demand for servers, enterprise infrastructure, and AI-related hardware deployments.

Salesforce is expected to post Q1 2027 earnings after market close.

• Analysts forecast EPS of 3.13.
• Markets will pay close attention to enterprise software demand, subscription growth, and commentary surrounding spending conditions for corporate customers.

Banking and International Markets

Bank of Montreal is expected to report Q2 2026 earnings before market open.

• Analysts expect EPS of 3.45.
• Loan growth, credit quality, and interest margin trends will remain key focus areas for investors.

Royal Bank of Canada will also release Q2 2026 results before market open.

• Consensus estimates currently stand at EPS of 3.79.
• Investors will evaluate broader Canadian banking conditions and consumer credit trends.

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.

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