Investors continue to digest the monetary policy meeting records from the Federal Reserve and await NVIDIA Corp.'s post-market earnings report, while the sell-off of Electronic Design Automation (EDA) software companies has contributed to the decline of all four major US indices on May 28th. The Dow Jones Industrial Average fell by 0.58% to close at 42,098.70 points, the Nasdaq dropped by 0.51% to 19,100.94 points, the S&P 500 decreased by 0.56% to 5,888.55 points, and the Philadelphia Semiconductor Index fell by 0.55% to 4,834.42 points.

NVIDIA reported first-quarter revenues exceeding Wall Street's expectations, leading to a surge of over 4% in its after-hours stock price. However, the company's forecast for Q2 revenue was below expectations. NVIDIA's stock dropped by 0.51% during regular trading to $134.81. U.S. Bank senior investment strategist Tom Hainlin indicated that consumer spending and business investments are the primary drivers keeping the US economy from recession, and NVIDIA's earnings report will serve as an important indicator to observe whether companies are accelerating their investments.

Near the end of trading, the Financial Times reported, citing anonymous sources, that the Trump administration had ordered EDA software firms Cadence Design Systems and Synopsys not to sell services to Chinese groups. Cadence and Synopsys' stocks plummeted by 10.67% and 9.64%, respectively, in response. Furthermore, according to the May 6-7 meeting records released by the Federal Reserve, officials acknowledged the difficult trade-offs they will face in the coming months, likely allowing inflation to rise or ignoring rising unemployment rates. Spartan Capital Securities chief market economist Peter Cardillo stated that there was nothing unusual in the FOMC minutes, suggesting the Fed is poised to remain watchful and wait for trade conditions to clarify.

Investors are also closely monitoring US long-term bond yields. According to data from CNBC, the yield on the 30-year US Treasury bond rose by 4 basis points to 4.983% at the end of trading on the 28th, briefly breaking the 5% barrier during the day; the 10-year Treasury yield rose by 5 basis points to 4.485%; the 2-year Treasury yield, which is more sensitive to Fed monetary policy, also increased by nearly 5 basis points to 3.996%. (Note: Treasury prices and yields move inversely.) The S&P 500 has gained 0.1% year-to-date, but still remains some distance from its historic closing high reached on February 19; it had briefly fallen by as much as 18.9% following President Trump's announcement of reciprocal tariffs in early April. According to a Reuters poll, strategists and analysts generally expect the S&P 500 to end the year near its current levels. UBS's research report published on the 27th noted that given Trump's preference for aggressive rhetoric in trade negotiations, the markets are expected to remain volatile in the negotiations with major partners like China and the EU. Trade agreements may face challenges, and the S&P 500 is only 4% away from its February peak, with momentum for further gains likely to be limited before the end of the year (2025). Individuals fluctuations included Okta, which, despite reporting better-than-expected quarterly earnings, saw its stock plunge by 16.16% due to maintaining its guidance unchanged, indicating uncertainties in the macroeconomic environment. In contrast, Abercrombie & Fitch and Dick's Sporting Goods saw their stocks rise by 14.67% and 1.66%, respectively, following their earnings reports.