Market & Economic Updates:
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U.S.-Iran Nuclear Deal: Progress toward a deal could increase Iranian oil output.
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10-Year Treasury Yield: Slightly down to 4.49%, still at highs not seen since Feb 19.
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Fed Commentary: Jerome Powell warned of persistent supply shocks that could challenge monetary policy.
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Inflation Data:
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PPI (April): Fell 0.5% vs expected 0.2%. Prior revised up to flat.
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Core PPI: Fell 0.4%, missing 0.3% expectations. Prior revised up to 0.4%.
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Core Inflation: At 3.1% YoY vs 3.0% estimate.
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Retail Sales (April): +0.1%, in line. March revised up to +1.7%.
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Philly Fed Index (May): -10 vs prior -26.4.
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Empire State Index: -9.2, worse than estimate.
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Jobless Claims: 229,000, flat vs previous week.
Corporate News & Earnings:
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Apple: Trump urged Apple not to shift production to India.
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CoreWeave: Big Q1 revenue beat (420%) but a large loss; heavy CapEx positive for Nvidia.
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Cisco & Walmart: Both beat revenue estimates; Walmart notes tariff-related price hikes likely soon.
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Dick's Sporting Goods: Acquiring Foot Locker for $2.4B; Foot Locker stock up sharply.
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Birkenstock, Dillard's, Alibaba, Deere: Mixed results; Deere cut full-year guidance despite Q2 beat.
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Star Bulk, DLocal, NextTracker: Beats across revenue and/or earnings.
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Boot Barn: Slight miss, but stock surging due to $200M buyback.
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Steris: Slight EPS miss, revenue beat.
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CrowdStrike: Downgraded by Mizuho; weak channel checks.
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Rubrik: Dropped on valuation concerns.
Market Sentiment:
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Slight pause in rally; mega caps (Tesla, Nvidia, Google) lifted indices.
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Broader market (e.g., RSP equal-weight S&P 500) down.
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Some concern as multiple stocks show pre-market weakness.
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Market still performing well overall unless key support levels break (e.g., 21-day moving average).
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