Nvidia's earnings print drew a surprisingly muted market reaction

Nvidia's muted earnings reaction left U.S. stocks higher on May 21, with the S&P 500 up +0.5% amid US–Iran peace-talks noise.

• Confusion around US–Iran peace talks boosted oil volatility while the S&P 500 closed up +0.5%

• Tech and AI optimism supported the Nasdaq, which rose +0.5%, and the VIX fell to 16.65

• Key near-term catalysts: May 26 FOMC & ADP, and May 28 GDP & PCE, which could set market direction

US–Iran peace-talks confusion lifts oil volatility The diplomatic uncertainty pushed energy swings higher while tech-driven optimism underpinned a bounce in equity indices.

• S&P 500 rose +0.5% and the Nasdaq rose +0.5% on the session (close)

• VIX moved to 16.65, down -0.6%, and CNN's Fear & Greed index sits at 58 (Greed)

• Reuters/Bloomberg coverage and UBS analysis noted Nvidia supply expectations helped offset some near-term uncertainty

Nvidia (NVDA) and AMD (AMD) back in the spotlight Signs of AI demand and tentative supply relief drew buying into semiconductor names.

• Shares of Nvidia suppliers outperformed, lifting parts and equipment stocks

• UBS said AI demand supports future guidance and views the sector as constructive

Watch energy names around Occidental Petroleum Higher oil sensitivity made energy headlines capable of shifting fund flows.

• Occidental saw widened short-term volatility after related reports

• Smaller energy names registered M&A and asset-sale headlines that caught investor attention