May 23 2025

 Market Summary:

• Futures Down Sharply:
  Market futures show a weak open following a social media post by former President Trump threatening a 25% tariff on all foreign-made iPhones and 50% tariffs on EU goods. This has led to:

  • Russell 2000: ↓ 1.2%

  • NASDAQ (Q's): ↓ 1.7%

  • S&P 500 (SPY): ↓ 1.4%

  • Dow Jones Futures: ↓ 1.3%

• Key Movers:

  • Apple, Amazon, Nike: Down ~3%

  • Palantir: Holding better, down <2%

  • AEM (Gold stock): Gaining on stronger gold prices (↑1.7% to $2,335/oz)

  • Oil: ↓ 1%, just under $60.50/barrel

  • Bitcoin: Down with market, trading around $108,250

  • 10-Year Yield: ↓ 8 bps to 4.47%

• Uranium Stocks Rally:
  Trump may sign executive orders to boost the nuclear/uranium sector.

  • URNM ETF: ↑ 5%

  • Cameco (CCJ): Breaking out, watch $53.48 level

  • Constellation Energy (CEG): Testing $300 breakout

• Earnings Highlights:

  • Positive:

    • Intuit (INTU): Strong beat and raised guidance; target hiked to $850 by Stifel

    • Stepstone Group (STEP): Earnings more than doubled YoY; watch for breakout above $60

  • Negative:

    • Ross Stores (ROST): ↓ >10% on weak earnings and China tariff exposure

    • Workday (WDAY): Earnings beat but stock pressured; revenue just above expectations

    • Copart (CPRT): Missed badly; dropped below buy point

    • Deckers (DECK): ↓ 20% despite solid quarter; growth concerns in Hoka brand

• Upcoming:
  NVIDIA earnings next week – under pressure now but remains a key watch.