"Tariff Man" is back and global equity markets are none too pleased. Just as a sense of normalcy was creeping back on Wall Street, President Donald Trump upended it with two social media posts Friday morning. The first threatened a 25% levy on Apple iPhones that aren't made in the U.S., while the second promised a blanket 50% tariff on European Union imports beginning June 1.

And so investors come back to a shortened trading week having to decide if the White House is all bark and no bite as the bond market gets "yippy" once again.

Before Trump's posts, NVIDIA was slated to be the center of attention, with the AI chipmaker reporting first-quarter fiscal-2026 results after the market close on Wednesday. Salesforce.com will also announce earnings on Wednesday, while Costco and Dell Technologies Inc. will report on Thursday.

The Bureau of Economic Analysis' personal consumption expenditures price index, to be released on Friday, is the week's highlight for economic data. The Federal Reserve's favored inflation gauge, the core PCE price index, is hovering near four-year lows.

The Conference Board will release its Consumer Confidence index on Tuesday, while the minutes from the FOMC's early May monetary policy meeting will be released Wednesday. On Thursday we'll get an updated estimate of first-quarter GDP growth from the BEA.

Monday 5/26

Equity and fixed-income markets are closed in observance of Memorial Day.

Tuesday 5/27

AutoZone, Bank of Nova Scotia, Heico, Okta, and PDD Holdings Inc, XIAOMI-W report quarterly results.

The Census Bureau releases the durable goods report for April. Consensus estimate is for new orders for manufactured durable goods to decline 8%, after a 7.5% jump in March. The March spike was most likely a byproduct of tariff frontrunning.

S&P CoreLogic releases its Case-Shiller National Home Price Index for March. In February the index rose 3.9% year over year, led by New York's 7.7% gain. Tampa was the weakest market of the twenty large metropolitan areas tracked by S&P CoreLogic, registering a 1.5% decline from a year earlier.

The Consumer Board releases its Consumer Confidence index for May. Economists forecast a 87 reading, one point more than April's 86, which was the lowest reading since May of 2021.

Wednesday 5/28

Abercrombie & Fitch, Agilent Technologies, Bank of Montreal, Capri Holdings, e.l.f. Beauty, Dick's Sporting Goods, HP Inc, Macy's, Nordson, Nutanix, NVIDIA, Pure Storage, Salesforce.com, SentinelOne, Synopsys, and Veeva Systems release earnings.

The Federal Open Market Committee releases the minutes from its early-May monetary-policy meeting. At that meeting the FOMC kept the federal-funds rate unchanged at 4.25% -- 4.5%.

The central bank has been in wait-and-see mode due to the uncertainty of tariff policy and its effects.

Thursday 5/29

Best Buy, Li Auto, Burlington Stores, Canadian Imperial Bank of Commerce, Cooper Cos., Costco, Dell Technologies Inc., Gap, Hormel Foods, Marvell Technology, NetApp, Royal Bank of Canada, Ulta Beauty, and Zscaler announce quarterly results.

The BEA releases its second estimate of first-quarter gross-domestic-product growth. The consensus call is for GDP growth to have declined at a seasonally adjusted annual rate of 0.3%, unchanged from the BEA's advance estimate from late April.

The National Association of Realtors releases its Pending Home Sales Index for April. Expectations are for a 1% month-over-month decline, following a 6.1% jump in March.

Friday 5/30

The Bureau of Economic Analysis releases the personal consumption expenditures price index for April. Economists forecast a 2.2% year-over-year increase, one-tenth of a percentage point less than in March. The core PCE index, which excludes food and energy prices, is expected to rise 2.5%, compared with 2.6% previously.

The Institute for Supply Management releases its Chicago Business Barometer for May. Consensus estimate is for a 45 reading, roughly even with the April data.