May 28 2025

 

Market Overview

• Indexes:

  • Nasdaq (QQQ) up 1.5%, near all-time highs.

  • S&P 500 (SPY) also strong.

  • Dow Jones faded to +0.3%, below its 200-day line.

  • Russell 2000 (IWM) up 0.7%, still well below 200-day line.

• 10-Year Treasury Yield: Fell from 4.53% to 4.46%.

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Macro News

• Federal court ruled many Trump-era tariffs exceeded presidential authority; some key tariffs repealed (e.g. fentanyl, Liberation Day).

• Jobless claims rose to 240K (vs. 230K expected).

• Q1 GDP revised to -0.2% (from -0.3%).

• Consumer spending revised down to +1.2%.

• Core PCE inflation: 3.4% annual rate (vs. 2.6% Q4).

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Upcoming Data

• Pending home sales (April) to be released at 10am ET.

• April Core PCE inflation due later this week.

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Key Earnings and Company Highlights

• NVIDIA: +69% revenue, Q2 guide slightly lower due to $8B in China chip sales blocked. AI outlook bullish.

• CRM (Salesforce): Beat on earnings, guided up, stock down.

• Pure Storage: +12% revenue, in-line FY guide, stock dropped.

• Nutanix: +22% revenue, reclaiming buy point.

• Tesla: Robotaxi launch confirmed for June 12.

• Xpeng: Strong orders for $18K Mona M03 Max sedan with advanced driver assist.

• Futu: +81% revenue, solid user and asset growth.

• Best Buy: Slight beat, lowered guidance on tariff uncertainty.

• Elf: Initially fell 10% on weak guidance, reversed and soared on tariff relief; acquiring Hailey Bieber’s brand.

• Burlington: EPS beat, flat comps, low FY guide.

• Li Auto, Noah, HLNE, Synopsys, HPQ, Agilent, SentinelOne, C3.ai – mixed results.

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Other News

• United & JetBlue forming a loyalty/flight alliance.

• Multiple secondary offerings (ASM, Berkshire, TATT).

• Post-market earnings to watch: Zscaler, Costco, Dell, NetApp, Marvell, TIGR.