Jun 05

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📈 Market Overview

• Indexes Up Modestly:

  • S&P 500 (SPY): +0.3%

  • Dow: +0.2%

  • Nasdaq (QQQ): +0.3%

  • Russell 2000 (IWM): +0.1%

• 10-Year Treasury Yield: Flat at 4.36%

• Commodities:

  • Crude oil: +1%

  • Gold: Slightly up

  • Silver: Up strongly

  • Copper: Rising, near resistance

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🧾 Economic Data

• Jobless Claims:

  • Initial: 247K (vs. 235K est.)

  • Previous: 239K
    → Continuing claims little changed

• Challenger Job Cuts:

  • Down 12% vs. April

  • Up 47% YoY

  • YTD layoffs: 284K (includes govt & contractors)

• JOLTS Preview (Friday):

  • Expected: 129K vs. April’s 177K

  • Jobless rate to remain at 4.2%

• Trade Deficit:

  • Dropped to $61.6B (vs. $118.1B est.; previous $138.3B)

  • Imports from China lowest since March 2020

• Productivity (Q1 Revised):

  • Down 1.5% (was -0.8%)

  • Unit labor costs up 6.6% (vs. 5.7% est.)

• ECB Cut Rates:

  • By 25 bps to 2.0% as expected

• Geopolitics:

  • Trump–Xi call helped boost futures (positive tone reported)

  • EU–US trade talks reportedly going well

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🏢 Corporate Highlights

• Argan (AGX):

  • EPS beat by 176%, revenue up 23% → stock surged

  • CFO stepping down for personal reasons

• Costco (COST):

  • Core comps +6%, U.S. +5.5%, e-commerce +11.6%

  • Growth slowed from April

• Descartes Systems (DSGX):

  • Missed EPS & revenue → stock plunging

• Shift4 Payments (FOUR):

  • CEO Jared Isaacman stepping down (was once Trump’s NASA pick)

  • Taylor Lauber named successor

• Robinhood (HOOD):

  • May activity:

    • Equity volume +10%

    • Options +5%

    • Crypto +30%

• TradeWeb:

  • Daily volume +33% YoY

• Foxconn:

  • May revenue +11.9% YoY

• Circle (CRCL):

  • Raised $1.1B by selling shares at $31 each

• Ciena (CIEN):

  • EPS miss, slight revenue beat → stock volatile

• Winnebago (WGO):

  • Preliminary Q3 EPS & revenue well below expectations (after strong results from RevGroup & Thor)

• Cracker Barrel (CBRL):

  • EPS beat, slight revenue miss → stock within buy zone

• MongoDB (MDB):

  • Strong beat on EPS, 22% revenue growth

  • Raised FY EPS guidance

  • Announced $800M buyback (total now $1B)

• Planet Labs (PL):

  • Breakeven, beat revenue → stock skyrocketing

• CyberArk (CYBR):

  • Plans $750M convertible debt sale

• SanDisk (via Western Digital):

  • 17M shares being sold

• Suzuki:

  • Suspends subcompact production due to China rare earth export restrictions

• Tesla (TSLA):

  • Offers $1,100 discount in China via referral program

  • More incentives amid concerns about demand and political tensions

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🧾 Analyst Actions & Earnings Tonight

• CRM (Salesforce): Downgraded to Hold (ERST)

• AVGO (Broadcom): Upgraded to Buy

  • Key earnings after close: AVGO, Rubrik (RBRK), DocuSign (DOCU), Lululemon (LULU), ServiceTitan (TTAN)