Five key developments that Wall Street will watch out for this week

US futures on Wall Street traded with a negative bias as trading resumed on Sunday evening after the weekend break. Traders continue to monitor the latest Iran developments and a jump in bond yields as well.

The Dow futures are trading with losses between 100-120 points, while futures on the S&P 500 and Nasdaq are trading little changed.

Benchmark indices on Wall Street sold off sharply on Friday, as traders booked profits from record highs amidst a rise in bond yields, a sell-off in chip stocks and US President Donald Trump warning that he is "running out of patience" with Iran leading to a further jump in oil prices.

The Dow Jones fell nearly 550 points last Friday, while the S&P 500 and Nasdaq declined 1.2% and 1.5% respectively.

Here are five important developments Wall Street will monitor this week:

Iran Updates

A conclusion of the Iran war remains the most important development for Wall Street to track.

Trump again took to Truth Social to warn Iran that time is running out for them and they need to "get moving quickly" to reach a deal. Axios quoted Trump telling them that Iran is "not where he wants them to be".

Both UAE and Saudi Arabia reported drone attacks on Sunday.

Putin Heads To China

Just a week after Donald Trump's visit, Russian President Vladimir Putin will be heading to China to meet President Xi Jinping on May 19-20.

According to the Kremlin, both leaders will "discuss current bilateral matters, way to strengthen the comprehensive partnership and strategic cooperation between the two countries" and discuss key international and regional matters.

G7 Meet Today

The G7 group of Finance Ministers and Central Bankers will be meeting in Paris today, amidst a surge in long-term borrowing costs across key economies since the start of the Iran war.

"Opening the Strait of Hormuz and bringing the conflict to a lasting end are of the utmost importance in mitigating the impact on the economy," Eurogroup President Kyriakos Pierrakakis said in a statement.

Bond Markets

Bond yields across the globe are surging and it is these surging bond yields that were one of the major reasons why US markets sold-off on Friday.

The 10-year yield is now nearing 4.6% in the US, while the 30-year yield has already crossed 5.1%. The long-term yield in Japan is at 4% for the first time since 1999.

Monitoring the 10-year is important as it impacts cost of mortgages, auto loans, credit card rates and other consumer debt.

Key Earnings

The biggest possible trigger this week will be results from Nvidia, the most valued company in the world. While the street continues to expect the company to surpass expectations, its commentary on the road ahead, particularly China, will be keenly awaited.

Shares of Nvidia are up 20% so far this year, underperforming most of their other chipmaking peers, which have either doubled or even tripled in value.

Apart from Nvidia, world's largest retailer, Walmart, will also be reporting results this week, along with other retail companies such as Home Depot.

Minutes of Jerome Powell's last meeting as Fed Chair will also be released this week.