Traders work on the floor of the New York Stock Exchange on June 10, 2025.

Stocks closed lower on Wednesday as traders weighed a preliminary U.S.-China trade agreement and new inflation data. The market’s recent run higher took a breather as major indexes ended the session near previous closing levels.

The S&P 500 lost 0.27% to end the day at 6,022.24, snapping a three-day win streak. The Nasdaq Composite fell 0.5% to 19,615.88. The Dow Jones Industrial Average shed a mere 1.1 points, closing at 42,865.77.

The consumer price index rose 0.1% in May from April, less than the 0.2% estimate from economists polled by Dow Jones. Core CPI, which strips out volatile food and energy prices, also increased 0.1%, less than expected.

“Inflation in May was lower than anticipated, suggesting the tariffs aren’t having a large immediate impact because companies have been using existing inventories or slowly adjusting prices due to uncertain demand,” said Alexandra Wilson-Elizondo, global co-CIO of multi-asset solutions at Goldman Sachs Asset Management.

“As we wait for the 90-day tariff pause to pass, the market will be caught between inflation and job prints. If inflation stays under control or the job market weakens, the Federal Reserve will likely consider cutting interest rates down the road,” Wilson-Elizondo said.

Discussions between U.S. and Chinese officials have been a key focus this week for investors who remain on edge regarding trade policy.

Officials reached a consensus after two days of talks in London, but said that they will seek approval on the framework from the U.S. and Chinese presidents before implementing it. As part of the framework, China would approve the exports of rare earth minerals while the U.S. would roll back restrictions on the sale of advanced technology to China.

Even as the framework is being finalized, Commerce Secretary Howard Lutnick said Wednesday that U.S. tariffs on Chinese imports will not change from their current levels.

President Donald Trump said earlier in a Truth Social post that the deal with China is “done, subject to final approval with President Xi and me.” As part of the deal framework, he said that magnets and “any necessary rare earths” will be supplied up front by China and the U.S. will allow Chinese students to attend U.S. colleges and universities, adding that “WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%.”

U.S. crude oil futures rose more than 4% on Wednesday afternoon on news of escalating tensions in the Middle East, particularly after sources told Reuters that the U.S. is preparing a partial evacuation of its embassy in Iraq due to heightened security risks in the region.

— CNBC’s Evelyn Cheng contributed reporting.

Biggest S&P 500 Movers on Wednesday Decliners After securing the S&P 500’s top performance in the previous session, Intel (INTC) shares gave back most of their gains on Wednesday, tumbling 6.5% to record the steepest daily drop in the benchmark index. This week’s volatility for Intel stock came as trade talks between the U.S. and China boosted hopes for less onerous semiconductor export restrictions. Meanwhile, the chipmaker remains in the midst of a major restructuring effort under CEO Lip-Bu Tan, who has been focused on cutting costs through workforce reductions, divestitures, and other initiatives since entering the role in March.

(INTC) shares gave back most of their gains on Wednesday, tumbling 6.5% to record the steepest daily drop in the benchmark index. This week’s volatility for Intel stock came as trade talks between the U.S. and China boosted hopes for less onerous semiconductor export restrictions. Meanwhile, the chipmaker remains in the midst of a major restructuring effort under CEO Lip-Bu Tan, who has been focused on cutting costs through workforce reductions, divestitures, and other initiatives since entering the role in March. Shares of steelmakers came under pressure following reports that the U.S. and Mexico are negotiating to scale back or cancel President Donald Trump’s 50% tariff on steel imports up to a certain volume. The North American neighbors are reportedly exploring a quota system that would allow a specific amount of the metal to enter the U.S. from Mexico duty-free or at lower rates, with excess amounts subject to the full 50% levy. Nucor (NUE) shares lost 6.1%.

(NUE) shares lost 6.1%. Lockheed Martin (LMT) shares dropped 4.3% after reports indicated that the U.S. Department of Defense is cutting down on its orders for the aerospace and defense manufacturer’s F-35 fighter jets. Delays involving a technological upgrade have hampered the finalization of contracts for the F-35. Advancers Warner Bros. Discovery (WBD) jumped 5%, climbing the most of any S&P 500 stock on Wednesday, as investors continue to evaluate the entertainment giant’s recently announced plan to split its studio operations and TV business into two separate companies. The stock has been volatile since the announcement, and uncertainties about the strategy remain.

(WBD) jumped 5%, climbing the most of any S&P 500 stock on Wednesday, as investors continue to evaluate the entertainment giant’s recently announced plan to split its studio operations and TV business into two separate companies. The stock has been volatile since the announcement, and uncertainties about the strategy remain. Starbucks (SBUX) shares jolted 4.3% higher on Wednesday. The coffee giant announced the launch of Green Dot Assist, a virtual assistant powered by generative artificial intelligence (AI) that is designed to help baristas with in-store functions, from learning to make drinks to troubleshooting maintenance issues. The company’s CEO also said that Starbucks would accelerate its rollout of an updated staffing model across its stores and noted that the company has garnered significant interest regarding a possible sale of its stake in its China business. GE Vernova CEO Scott Strazik speaking at an event in March. Aaron M. Sprecher / Bloomberg / Getty Images Shares of GE Vernova (GEV), the energy technology company that spun off from General Electric in 2024, surged 3.9% after Bank of America boosted its price target on the stock. Analysts highlighted their expectations for growing electricity demand in the U.S. over the next 10 years. They noted that GE Vernova could be well-positioned to capitalize on its natural gas turbine market strength. BofA also pointed to upside potential for GE Vernova’s electrification business, anticipating strong demand for grid reliability equipment. -Michael Bromberg

Oracle Pops as CEO Projects ‘Dramatically Higher’ Growth Oracle (ORCL) delivered quarterly results that topped analysts’ expectations and projected strong growth, sending shares sharply higher in extended trading Wednesday. In its fiscal fourth quarter, revenue grew 11% year-over-year to $15.9 billion, above the analyst consensus. Adjusted net income of $4.88 billion, or $1.70 per share, rose from $4.61 billion, or $1.63 per share, in the year-ago quarter, also beating estimates. The gains came as cloud infrastructure revenue jumped 52% to $3 billion, making it Oracle’s fastest-growing segment, though the figure was slightly short of Wall Street estimates. CEO Safra Catz said Oracle expects cloud infrastructure growth to increase from 50% in fiscal 2025 to more than 70% in fiscal 2026. Analysts had called for growth of 62%, according to Visible Alpha. Oracle CEO Safra Catz speaking at an event in February. Joe Raedle / Getty Images “FY25 was a very good year—but we believe FY26 will be even better as our revenue growth rates will be dramatically higher,” said Catz. “Oracle is well on its way to being not only the world’s largest cloud application company—but also one of the world’s largest cloud infrastructure companies,” Catz added. Oracle shares were up about 7% in recent after-hours trading. Ahead of the earnings report, traders were pricing in the likelihood of a big move in Oracle’s stock price. -Andrew Kessel

GameStop Slides on News of Convertible Note Offering GameStop (GME) shares fell in extending trading after the company announced plans for a big convertible notes offering expected largely to fund its Bitcoin-buying aims. GameStop’s stock, which fell about 5% in the day’s regular session, was off another 11% in after-hours action. The company in a press release said it was offering $1.75 billion in the notes, with as much as $250 million more available to initial purchasers of the notes. The news affirmed plans announced in March. The company in its statement said the proceeds were intended for “general corporate purposes, including making investments in a manner consistent with GameStop’s Investment Policy and potential acquisitions.” The notes are convertible into either company stock or a combination of cash and stock; the conversion rate has not been determined. GameStop, which earlier this week reported its latest financial results, is a video-game retailer seeking to become a Bitcoin treasury. The company last month said it had recently bought more than 4,700 bitcoin. -David Marino-Nachison

Oklo Stock Jumps 30% on News of Air Force Contract Shares of nuclear energy startup Oklo (OKLO) skyrocketed Wednesday after the company announced it had tentatively landed a “mission-critical” contract to provide nuclear energy to a U.S. Air Force base in Alaska. Once it receives the necessary permits to start building its “Aurora powerhouse” small modular nuclear reactors, the startup will “design, construct, own, and operate” a plant to provide power to the Eielson Air Force Base in Alaska. Oklo has long appeared to be the likely winner of the contract. But the process was delayed over the last two years as complaints were submitted by competing nuclear energy providers, according to Barron’s. The news follows a recent rally for Oklo and other nuclear energy stocks, sparked by President Donald Trump signing executive orders last month aimed at boosting the industry. Oklo CEO Jacob DeWitte was in the Oval Office when the orders were signed, and the company released a statement supporting the directives. Oklo CEO Jason DeWitte speaks alongside US Secretary of Defense Pete Hegseth at the White House last month. Mandel Ngan / AFP / Getty Images Stocks in the nuclear energy sector have risen over the last year due to the anticipation of growing energy needs to run data centers and train artificial intelligence models. Oklo shares rallied last month after the company announced it had completed initial work at the site in Idaho, where it is planning to build and start operating its first reactor by late 2027 or early 2028. Oklo shares gained 30% in regular trading, pushing the stock’s year-to-date gain to 220%. Shares were down about 5% in extended trading hours after the company announced a public offering of $400 million in stock. -Aaron McDade

Starbucks Stock Surges Amid Spate of Headlines Starbucks (SBUX) shares are climbing toward prices not seen since April, when newly enacted tariffs dragged down the market. The coffee chain’s shares were recently up more than 4% to above $95, within range of the roughly $100 they last closed above in March before sinking below $80. The shares rose amid the circulation of a few headlines—and as Citi analysts increased their price target for its shares in a morning research note. Citi brought its target from $84 to $95–roughly in line with where shares were trading by Wednesday afternoon. The company announced Green Dot Assist, an AI assistant, will be rolled out to improve store operations, and help with tasks like reviewing beverage recipes and troubleshooting equipment. Efficiency—and serving customers within four minutes—is the centerpiece of a turnaround campaign Starbucks launched to lure back customers amid sluggish traffic. The company also hopes to lift sales by making cafes a more welcoming place to spend time and money. Starbucks CEO Brian Niccol, shown here at a golf event in May, joined the company last September after serving as CEO of Chipotle. Michael Reaves / Getty Images Meanwhile, the company is exploring selling a minority stake in its struggling shops in China, and has received a “lot of interest” from potential partners, CEO Brian Niccol recently told The Financial Times. Starbucks shares were leading S&P 500 gainers as of Wednesday afternoon. -Sarina Trangle

Chewy Stock Slides as Profit Falls Short of Estimates Shares of Chewy (CHWY) fell sharply Wednesday as the online pet retailer’s first-quarter profit came in below analysts’ expectations. Chewy reported GAAP net income of $62.4 million, or $0.15 per share. Analysts polled by Visible Alpha were looking for $68.9 million, or $0.16 per share. The company reported adjusted earnings per share (EPS) of $0.35 on net sales that increased 8.3% year-over-year to $3.12 billion, while analysts had expected $0.34 and $3.08 billion, respectively. Last quarter, Chewy had guided for $0.30 to $0.35 and $3.06 billion to $3.09 billion in Q1. Chewy’s active customer base grew 3.8% to nearly 20.8 million. The company affirmed its full-year outlook of 6% to 7% sales growth to $12.30 billion to $12.45 billion. For the second quarter, Chewy forecast adjusted EPS of $0.30 to $0.35 and sales of $3.06 billion to $3.09 billion, while analysts currently expect $0.31 and $3.04 billion, respectively. Chewy shares were down 12% in mid-afternoon trading but remain 20% higher in 2025. -Aaron McDade

What to Know Ahead of AMD’s ‘Advancing AI’ Event Tomorrow Advanced Micro Devices (AMD) CEO Lisa Su is set to take the stage tomorrow for a keynote presentation on the chipmaker’s latest developments in artificial intelligence. Citi analysts said they anticipate AMD will use the event to launch its latest AI GPU, the MI355X, which the bank said could come with more high-bandwidth memory and at a lower price point than rival Nvidia’s (NVDA) B200 chip. The company could also offer updates on its upcoming MI400 model, which Citi expects to ramp in the second half of 2026. The keynote is set to begin Thursday at 12:30 p.m. ET. (You can watch the event here.) AMD CEO Lisa Su testifying before a Senate Committee last month. Chip Somodevilla / Getty Images AMD could reveal new high-profile customers as well, such as Amazon (AMZN) or potentially OpenAI, Citi said. The bank maintained a “neutral” rating for the stock, while raising its price target to $120 from $100. The mean target of the 11 analysts covering AMD tracked by Visible Alpha, including Citi, is about $121, suggesting little change from Wednesday’s intraday price. The stock has climbed less than 1% since the start of the year. The event comes after AMD delivered quarterly results last month that beat Wall Street’s expectations on the strength of its data center sales. However, the company warned it could take a hit in the current quarter to the tune of $800 million related to tightening restrictions on sales of its chips to China. Rival Nvidia said it took a $4.5 billion charge in its fiscal first quarter associated with new export curbs. -Andrew Kessel

Tesla Stock Back to Where it Was Before Trump-Musk Feud The latest tempest around Tesla’s shares appears to have passed. Tesla’s (TSLA) stock is rising for a fourth straight day and was recently right around the price at which it closed June 4. That was the session before a spat between CEO Elon Musk and President Donald Trump led to a remarkable series of social-media posts and statements that culminated in a one-day drop of about $150 billion in Tesla’s market value. Tesla’s market value is meanwhile back above $1 trillion, according to Visible Alpha data. TradingView Put another way, investors appear to have moved on, even if the degree to which Musk and Trump have—the former earlier today posted that he “went too far” in some of his comments regarding the president, though he didn’t say which ones—remains an open question. Tesla bulls would undoubtedly prefer it this way. Musk is seeking to reframe the perception of his business from a carmaker to a leader in robotics, AI and autonomous mobility; a Trump-Musk breakup was reasonably seen as creating a possible overhang, even as some observers thought that worry was overblown. Deepwater Asset Management called the Musk-Trump friction an “overreaction” in a Saturday note. “Long term, the White House will likely support autonomy given its central role in global AI leadership,” the firm’s note read. “Bottom line: a key component of our Tesla thesis has officially begun playing out,” Piper Sandler analysts wrote Tuesday, citing the rollout of driverless Teslas in Austin, Texas. “We expect the stock to sustain upward momentum in the coming weeks.” Other factors are helping support stocks—including high-profile tech shares—lately. Today, for example, inflation data and the appearance of progress on the trade front gave investor sentiment a boost. But it nevertheless appears that investors are moving beyond last week’s headlines and—as Shakespeare’s Prospero might have said—these latest revels are now ended. -David Marino-Nachison

How Much Traders Expect Oracle Stock to Move After Earnings Software company Oracle (ORCL) is scheduled to report fiscal fourth-quarter earnings after the closing bell on Wednesday, and traders see potential for the stock to hit a record high on the results. Oracle shares are expected to move about 7.2% in either direction by the end of the week, according to options pricing data. That would put shares at about $190, their highest price this year and just 1% shy of a record, or about $164, which would erase the stock’s gains so far this month. Oracle stock has climbed steadily in recent weeks as investors have embraced the AI trade amid waning economic uncertainty. Shares are up about 45% since hitting a year-to-date low in mid-April, and about 7% since the start of the year. Oracle shares have moved an average of 8.6% the day after its four most recent earnings reports. Oracle has missed sales and adjusted earnings estimates in each of its last two reports, causing shares to fall 3.1% after earnings in March and 6.7% in December. Shares jumped double digits in the two prior quarters after announcing cloud computing deals with Amazon (AMZN), Microsoft (MSFT), OpenAI, and Alphabet’s (GOOGL) Google. Wall Street is split on the outlook for Oracle stock. Of the 13 Oracle analysts tracked by Visible Alpha, 6 recommend buying the stock and 7 have assigned it a “hold” rating. The average price target of $174.42 is about 2% below the stock’s closing price on Tuesday. Shares of Oracle have gained more than 7% since the start of 2025, outpacing the performance of the benchmark S&P 500 index. TradingView -Colin Laidley

Intel Stock Price Levels to Watch Amid Recent Volatility Intel (INTC) shares tumbled Wednesday after surging the previous session as chip stocks rallied amid hopes that curbs on exports to China could be eased. The stock was down 5% at around $21 in recent trading, giving back much of the 8% it gained on Tuesday, when it paced S&P 500 advancers. Intel shares are up about about 5% so far in 2025, slightly outpacing the gains of the S&P 500, but have lost nearly a third of their value over the past 12 months amid uncertainty over the chipmaker’s strategic direction and inability to capitalize on the booming AI chip market. CEO Lip-Bu Tan, who took over the top spot in mid-March, has launched a major restructuring effort. Intel shares have remained rangebound since gapping sharply lower last August. More recently, the stock found buying interest around the lower levels of the trading range, with the price closing above both the 50- and 200-day moving averages on Tuesday. Source: TradingView.com. Importantly, the move higher occurred on the highest daily volume since early April, indicating buying conviction from larger market participants. Moreover, the rally thrust the relative strength index back above its neutral threshold to signal accelerating price momentum. Investors should watch crucial overhead areas on Intel’s chart around $23, $26 and $33, while also monitoring a major support level near $19. Read the full technical analysis piece here. -Timothy Smith

Quantum Computing Stocks Jump After Nvidia CEO Comments Quantum computing stocks jumped in early trading Wednesday after Nvidia (NVDA) CEO Jensen Huang said that the industry is “reaching an inflection point.” Huang’s comments during his keynote speech at the chipmaker’s GTC Paris developer conference marked a more optimistic take by the Nvidia CEO, who said early this year that quantum computing technology is 15 to 30 years away. “Quantum computing is reaching an inflection point,” Huang said in the speech Wednesday. “We are within reach of being able to apply quantum computing, quantum classical computing, in areas that can solve some interesting problems in the coming years.” Quantum computing involves qubits, which can exist in a multidimensional state, unlike a normal computer bit that can be in one state (either 0 or 1), making them capable of much more powerful computations than ordinary computers. Shares in Quantum Computing (QUBT) were up nearly 30% in recent trading, while Rigetti Computing (RGTI) surged 18% and D-Wave Quantum (QBTS) shares added 2%. Shares in quantum computing firm IonQ (IONQ), which announced the acquisition of a U.K. rival Monday and has a collaboration with Nvidia, were up 8%. Quantum computing stocks have posted massive gains over the past 12 months. TradingView IBM (IBM) shares, which hit an all-time high Tuesday after it showcased a “viable path” to building the world’s first large-scale, “fault-tolerant” quantum computer by the end of the decade, are little changed in premarket trading. -Nisha Gopalan

Musk Sets Robotaxi Launch Date, Regrets Some Trump Posts Tesla (TSLA) shares are rising in premarket trading Wednesday after three straight sessions of gains following new social media posts from CEO Elon Musk. On Tuesday evening, Musk responded to a user asking questions about the launch of Tesla’s robotaxi program, saying it will launch “tentatively, June 22.” “We are being super paranoid about safety, so the date could shift,” Musk wrote. He added that the first Tesla that will drive itself from the factory directly to a customer’s door should be delivered about a week later, on June 28. Last month, Bloomberg reported that Tesla was targeting a June 12 launch for the autonomous ridesharing service, while Musk had previously only said the program was on track to launch sometime this month. In its own posts hours before Musk’s, the Tesla X account posted a robot and car emoji, and responded to another user sharing video of what appeared to be a Tesla with no one in the driver’s seat being tested on the roads of Austin, Texas. Musk has also said Tesla’s plans for a more affordable Tesla model are on track to launch this month as well, but details about that potential launch have yet to be released. Musk and Trump at a White House event last month. Tom Brenner / The Washington Post / Getty Images In another post early Wednesday, Musk said he regrets some of the posts he made during his public split with President Donald Trump last week, saying they “went too far.” In a few posts, which have since been deleted, Musk accused Trump of being in the “Epstein files,” referencing the late convicted sex trafficker, and agreed with another user who said Trump should be impeached so Vice President JD Vance could take over. Musk spent days criticizing the budget reconciliation bill currently working its way through Congress for adding to the deficit and national debt. Trump last week said he was “disappointed” in Musk for his comments, and the pair continued to exchange comments and insults on their own social media platforms for hours afterward. Tesla shares were up nearly 3% in recent premarket trading, putting the stock in position to recover all of the ground that was lost after the fracas between Musk and Trump. -Aaron McDade

US Treasury Secretary Scott Bessent told Fox Business on Tuesday that he plans to meet his Chinese counterpart next week and discuss an extension of an August 12 deadline for higher tariffs.

“I think we’ve actually moved to a new level with China, where it’s very constructive and very we’re able – we’re going to be able – to get a lot of things done now that trade has kind of settled in at a good level,” Bessent said

Meanwhile, the prospect of an interim trade and tariff deal between the US and India before the August 1 deadline have dimmed, according to Reuters. Talks remain deadlocked due to disagreements on key agricultural and dairy products.

The European Union still wants a trade pact with the US, but the bloc said to be readying its counterattack as President Trump plays hardball and makes a no-deal outcome more likely.

EU member states are pushing for new and stringent measures to retaliate against US companies, The Wall Street Journal reported, while its officials are meeting this week to draw up a plan for reprisals.

“If they want war, they will get war,” a German official told the WSJ, while noting there was still time to hammer out a deal.

Trump is reportedly pushing for higher blanket tariffs on imports from the EU, throwing a wrench in negotiations ahead of an Aug. 1 deadline for sweeping duties to take effect.

Trump wants at least a 15% to 20% tariff on EU goods, according to the FT. He threatened 30% duties from Aug. 1, targeting other countries and sectors like copper, pharma, and chips.

Last week, Trump said he would soon send letters to over 150 smaller US trade partners, setting blanket tariff rates for that large group. Trump has already sent letters to over 20 trade partners outlining tariffs on goods imported from their countries.

Earlier in July, Trump announced a 35% tariff on Canadian goods and followed that up with promises of 30% duties on Mexico and the EU. The letters have at times upended months of careful negotiations, with Trump saying he is both open to reaching different deals but also touting his letters as “the deals” themselves.

Treasury Secretary Scott Bessent on Monday said the administration is “more concerned with high quality deals than getting these deals done by Aug. 1.”

Read more: What Trump’s tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

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1474 updates

From 11 Jun 2025 13.10 BST Trump: Our deal with China is done Newsflash: Donald Trump has announced that the US trade deal with China is “done”, following the talks in London this week. He explains that the US will get the access to Chinese rare earth minerals, and magnets, which his officials had been pushing for at Lancaster House on Monday and Tuesday. In a post on his Truth Social site, Trump also declares that the relationship with China is “excellent” (previously he has claimed that negotiating with Beijing was ‘not easy’). Today, he writes: OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!). WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER! Share Updated at 13.11 BST

11 Jun 2025 17.09 BST WSJ: Beijing puts six-month limit on its ease of rare-earth export licenses The Wall Street Journal is reporting that China is putting a six-month limit on rare-earth export licenses for U.S. automakers and manufacturers, according to people familiar with the matter. This will give Beijing leverage if trade tensions flare up again, but also creates lingering uncertainty for American industry. The WSJ reports: Chinese negotiators agreed to the temporary restorations of the licenses after the latest round of talks with their American counterparts in London after two days of intense talks, aimed at upholding an interim agreement forged in Geneva last month. In exchange, the people said, the U.S. negotiators agreed to relax some recent restrictions on the sale to China of products such as jet engines and related parts as well as ethane, a component of natural gas important in manufacturing plastics. Details of the framework are still being worked out, the people said. The White House declined to comment. Beijing wants to keep its chokehold on the supply of such critical commodities for future negotiations, according to people who consult with senior Chinese officials. Share

11 Jun 2025 17.08 BST In other trade news…. the White House has welcomed a federal appeals court ruling earlier this week that allows President Donald Trump‘s most sweeping tariffs to remain in effect. The decision by the U.S. Court of Appeals for the Federal Circuit in Washington, D.C. means Trump may continue to enforce, for now, his “Liberation Day” tariffs on imports from most U.S. trading partners, as well as a separate set of tariffs levied on Canada, China and Mexico. The tariffs will remain in effect while the Court reviews a lower-court decision blocking them on grounds that he had exceeded his authority by imposing them. White House spokesman Kush Desai said in a statement: “The Trump administration is legally using the powers granted to the executive branch by the Constitution and Congress to address our country’s national emergencies of persistent goods trade deficits and drug trafficking. The US Circuit Court of Appeals’ stay order is a welcome development, and we look forward to ultimately prevailing in court.” Share

11 Jun 2025 16.55 BST Trump:: CPI numbers are ‘great’ Donald Trump has renewed his calls for the US Federal Reserve to lower interest rates dramatically. Posting on his Truth Social site, Trump urges the Fed to cut rates by a whole percentage point – a call he also made last Friday. Welcoming the small rise in US inflation, Trump says: CPI JUST OUT. GREAT NUMBERS! FED SHOULD LOWER ONE FULL POINT. WOULD PAY MUCH LESS INTEREST ON DEBT COMING DUE. SO IMPORTANT!!! Share

11 Jun 2025 16.40 BST FTSE 100 falls short of record closing high, again Britain’s blue-chip share index has risen closer to its record closing high tonight. The FTSE 100 has closed at 8864 points, up 0.13% or 11 points today, as it closes in on the previous record close of 8871.31 points set on 3 March. Housebuilders helped to lift the Footsie, after UK chancellor Rachel Reeves announced a surge in funding for affordable housing (see our Politics Live blog for details) AJ Bell head of financial analysis Danni Hewson, says: “The FTSE 100 has returned over 10% so far this year, a heady performance which might just be the green shoots of a revival in the UK equity market. It’s early days, but a sustained period of strong performance could see investors reappraise the prospects for UK stocks, and create a virtuous circle whereby more money starts to flow into UK plc, boosting performance even further. “Housebuilders had a rather splendid day, after the Chancellor confirmed £39 billion of investment in affordable and social housing, which she claims is the biggest cash injection in fifty years. This comes on top of existing plans to remove red tape around planning permission to make it easier for housebuilders to develop new homes and flats. There is a clear tailwind for the housebuilding sector and the cherry on top would be a further decline in interest rates so more people can afford to get on the housing ladder. When the FTSE 100 finally hits its record high, it will cap off a recovery in stocks over the last two months, as markets rebounded after crashing in early April. Back on 9 April, the FTSE 100 closed at 7,679 points, before recovering through April and May as Trump backed down over some of his tariff threats. Share

11 Jun 2025 16.35 BST Severin Carrell UK and Scottish ministers are scrabbling to save around 400 jobs at one of the UK’s largest electric bus manufacturers, Alexander Dennis, after its owners announced a consultation on the closure of two Scottish sites. The company’s owners, NFI, said midway through the Chancellor’s spending review statement at Westminster they wanted to consolidate all manufacturing to Scarborough because of the intense competition from Chinese electric bus makers, our Scotland editor Severin Carrell reports. The closures raise fresh questions about the UK’s transition to net zero, which the Chancellor prioritised in her statement. Alexander Dennis’ factories are in Falkirk and Larbert, close to Grangemouth oil refinery which has recently closed with the loss of 400 jobs. Ian Murray, the Scottish secretary, said he was “a bit surprised” at the timing of NFI’s announcement given ministers in both governments were in talks about a deal to protect those jobs. He said that could include putting the workforce on furlough to “buy a little time”. Murray blamed the Scottish government for failing to give the firm enough orders. Andy Burnham, the mayor of Manchester, had placed an order for 200 of its EV buses while the Scottish government had only bought 44: “The Scottish government hasn’t ordered enough buses from their indigenous bus company, and we need to try and find a way through that. “Obviously it’s a huge shock to the workforce, a huge shock to the local area, but the 45 day notification period on this allows us to get a bit of time to see if there’s ways in which we can help.” Kate Forbes, Scotland’s deputy first minister, said they had “engaged extensively” with the company to “ensure that every possible avenue is explored to mitigate the need for redundancies.” Share

11 Jun 2025 16.02 BST Stocks have risen on Wall Street in morning trading, as investors welcome the US-China trade accord. The news that inflation rose by less than expected last month has also cheered traders. The Dow Jones industrial average, which contains 30 large US companies, has risen by. 167 points or 0.4% to 43,034 today. The broader S&P 500 share index is rising towards its recent record high; it’s up 0.3% at 6,056 points. John Lloyd, global head of multi sector credit at Janus Henderson Investors, says today’s inflation report should reassure policymakers: However, this report will provide the Fed with comfort that we are on the correct pathway with regards to underlying inflation. The path for policy rates over the next year is certainly more difficult to forecast as the economy and markets will be impacted by governmental policy decisions in the US and around the world. There are currently 50 bps of cumulative cuts to the Fed Funds rate priced in for the year. This report gives us more confidence that we will realise at least two cuts before year end. Share

11 Jun 2025 14.25 BST Today’s inflation report suggests that the Trump trade war has not, yet, had much impact on US prices. Alexandra Wilson-Elizondo, global co-CIO of multi-asset solutions in Goldman Sachs Asset Management, explains: “Inflation in May was lower than anticipated, suggesting the tariffs aren’t having a large immediate impact because companies have been using existing inventories or slowly adjusting prices due to uncertain demand. While we might see some price increases on goods later, service prices are expected to remain stable, suggesting any rise in inflation is likely to be temporary. As we wait for the 90-day tariff pause to pass, the market will be caught between inflation and job prints. If inflation stays under control or the job market weakens, the Federal Reserve will likely consider cutting interest rates down the road. We expect the Fed to remain on hold at next week’s meeting, but we see a path to a rate cut later in the year.” Share Updated at 14.46 BST

11 Jun 2025 14.24 BST Trade deal will peg China’s tariffs at 55% Donald Trump’s statement that “WE ARE GETTING A TOTAL OF 55% TARIFFS” from China has caused some confusion, as the truce agreed last month in Geneva had lowered tariffs to 30%. But, this 55% total also includes pre-existing trade levies, it seems. A White House official has told Reuters said the agreement allows the U.S. to charge a 55% tariff on imported Chinese goods. This includes a 10% baseline “reciprocal” tariff, a 20% tariff for fentanyl trafficking and a 25% tariff reflecting pre-existing tariffs. China would charge a 10% tariff on U.S. imports, the official said. More here. Trump’s claim that the US is ‘getting’ the tariffs is questionable, as they will be paid by US companies when they import goods from China (despite claims that the country shipping the goods pays them). Share

11 Jun 2025 14.00 BST US egg prices fall, but up 41.5% over last year. Donald Trump will be pleased to learn that eggs prices fell last month. The US president has repeatedly claimed that egg prices, which surged after a bird flu outbreak last year, have fallen on his watch (a claim which CNN dubbed a lie in April) Today’s inflation report shows that egg prices fell by 2.7% in May, helping to pull the index for meats, poultry, fish, and eggs down by 0.4%. But over the last 12 months, egg prices have increased by 41.5%, hitting US households hard in the pocket. Egg prices +41% y/y, with the May CPI’s food at home index +2.2%. — Jason Brooks (@brookskcbsradio) June 11, 2025 Trump recently claimed that egg prices were down 400% (implausible, as that would mean retailers paying shoppers to take them away…). Share

11 Jun 2025 13.46 BST On a monthly basis, the US consumer prices index rose by 0.1% in May, lower than the 0.2% rise expected. More expensive housing pushed up the cost of living; the index for shelter rose 0.3% in May. Food prices rose by 0.3%, while energy prices fell 1% thanks to cheaper gasoline. Share

11 Jun 2025 13.36 BST US inflation rises to 2.4% Newsflash: Annual inflation across the US rose in May, but not as much as expected. The consumer prices index rose by 2.4% over the last 12 months, the US Bureau of Labor Statistics has reported. That’s up from 2.3% in the year to April, but lower than the 2.5% which economists had predicted. Energy prices decreased by 3.5% over the last year, while the food index increased 2.9% over the last year. Core inflation (which strips out food and energy) rose 2.8% over the last year, matching April’s reading. Share

11 Jun 2025 13.10 BST Trump: Our deal with China is done Newsflash: Donald Trump has announced that the US trade deal with China is “done”, following the talks in London this week. He explains that the US will get the access to Chinese rare earth minerals, and magnets, which his officials had been pushing for at Lancaster House on Monday and Tuesday. In a post on his Truth Social site, Trump also declares that the relationship with China is “excellent” (previously he has claimed that negotiating with Beijing was ‘not easy’). Today, he writes: OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!). WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER! Share Updated at 13.11 BST

11 Jun 2025 12.24 BST Over in parliament, Rachel Reeves will soon begin delivering the government’s spending review to MPs, outlining spending plans for the next few years. We’re live-blogging it here: Keir Starmer faces Kemi Badenoch at PMQs ahead of government’s spending review – UK politics live Read more The review will not be a “game changer” for the markets, predicts Fawad Razaqzada, market analyst at City Index. In the UK, Chancellor Rachel Reeves will unveil her Spending Review—but expectations are low. The headline takeaway is simple: the coffers are tight. Departmental spending is set to grow by just 1% in real terms annually over the next three years, with most of that going to health, defence, and education. This isn’t a full Budget, and with no Office for Budget Responsibility forecast alongside it, there’s not much scope for headline-grabbing fiscal moves. Don’t expect fireworks in gilts or the pound as a result. Share

11 Jun 2025 12.02 BST UK pub chain Fuller has pledged to take a cautious approach to increasing prices, as it juggles rising costs. CEO Simon Emeny said this morning: “Like everybody in the sector, we have had to raise prices during April to help us navigate this extra cost burden placed on us by the chancellor, but we’ve kept those as low as possible,.” That cost budgen includes the rise in employers’ social security contributions and the minimum wage. This led Fuller’s to hike the price of a pint of beer by abut 15p across its bars after being hit with £8 million in extra staff costs. Emeny was speaking after Fuller reported that pre-tax profits more than doubled in the last year, to £33.8m, from £14.4m. Share Updated at 12.30 BST

11 Jun 2025 11.17 BST China urges US to abide by trade deal China has welcomed the progress made at its trade talks with the US in London this week. Chinese vice premier He Lifeng, who led Beijing’s delegation, has said the US should resolve trade disputes with China through equal dialogue and mutually beneficial cooperation, the Xinhua newswire reports. In a statement published by state broadcaster China Central Television (via Bloomberg), He explained: “As a next step, the two sides should follow the important consensus and requirements reached by the two heads of state on the phone call, further play a good role in the China-US economic and trade consultation mechanism.” Share

11 Jun 2025 11.01 BST Housebuilders’s shares lifted by £39bn affordable homes spending boost Back in the City of London, shares in UK housebuilders are rising as investors anticipate higher government spending slowing into the sector. Rachel Reeves is expected to announce a near-doubling of spending on affordable housing in today’s spending review, in an attempt to hit the government’s house-buildinng targets. The chancellor will announce nearly £40bn worth of grants to be spent over 10 years for local authorities, private developers and housing associations – a major increase on the previous programme. Rachel Reeves to unveils £39bn housing boost in spending review shake-up Read more Shares in Persimmon and in Barratt Redrow, two of the UK’s largest housebuilders, have jumped around 1.8%, putting them in the list of top risers on the FTSE 100 this morning. Smaller rivals Vistry (+8.4%) and Crest Nicholson (+5.9%) are among the top risers on the FTSE 250 index of medium-sized companies. Vistry is focused on social housing. Richard Beresford, chief executive of the National Federation of Builders (NFB), has welcomed the plan, saying: “Rachel Reeves is backing up her planning reforms with the funding required to build the social and affordable homes the nation so desperately needs. This is a significant step in the right direction and demonstrates that both the Prime Minister and Chancellor have a long-term plan to fix the housing crisis and are not afraid to share the limelight for the good of the nation.” Share Updated at 11.03 BST

Biggest S&P 500 Movers on Friday Advancers Nike (NKE) shares skyrocketed 15%, posting the S&P 500’s top performance on Friday, after the footwear and apparel company reported smaller-than-anticipated sales and profit declines for its fiscal fourth quarter. The results suggested that Nike is making progress on its turnaround plan under CEO Elliott Hill, who took the helm of the company last October. Nike executives said that the company could take a hit of up to $1 billion if tariffs remain at current levels. Nike CEO Elliott Hill before the college football game between the Oregon Ducks and Ohio State Buckeyes last October. Tom Hauck / Getty Images Trade progress between the U.S. and China helped lift shares of aircraft manufacturer Boeing (BA), which climbed 5.9%. Analysts at Rothschild upgraded Boeing stock to “buy” from “neutral,” highlighting an acceleration in production as well as improvements in the aviation giant’s financial picture, culture, and safety processes.

(BA), which climbed 5.9%. Analysts at Rothschild upgraded Boeing stock to “buy” from “neutral,” highlighting an acceleration in production as well as improvements in the aviation giant’s financial picture, culture, and safety processes. Shares of data center real estate investment trust Equinix (EQIX) gained 5.3%, staging a partial recovery after suffering heavy losses over the past two trading days. Although this week’s downturn related to the firm’s muted growth forecasts and plans for major spending, Equinix remains a beneficiary of the demand for data center services driven by increasing adoption of artificial intelligence technologies. Decliners Signs of easing geopolitical tensions weighed on shares of big data analytics software firm Palantir Technologies (PLTR), which has secured significant contracts with the U.S. military. In addition, a budget request from the Department of Defense for fiscal 2026 represented a downtick from the previous year. Palantir shares were down more than 9%, falling the furthest of any S&P 500 stock.

(PLTR), which has secured significant contracts with the U.S. military. In addition, a budget request from the Department of Defense for fiscal 2026 represented a downtick from the previous year. Palantir shares were down more than 9%, falling the furthest of any S&P 500 stock. Coinbase Globa l (COIN) shares sank 5.8%, retreating from a record high set in the previous session. The move lower came as the ARK Innovation ETF (ARKK), a technology-focused fund managed by influential investor Cathie Wood, unloaded 33,000 Coinbase shares. Coinbase stock has drawn attention in recent weeks amid a number of positive developments in the crypto space, including the Senate’s passage of a bill to promote and regulate stablecoins.

l (COIN) shares sank 5.8%, retreating from a record high set in the previous session. The move lower came as the ARK Innovation ETF (ARKK), a technology-focused fund managed by influential investor Cathie Wood, unloaded 33,000 Coinbase shares. Coinbase stock has drawn attention in recent weeks amid a number of positive developments in the crypto space, including the Senate’s passage of a bill to promote and regulate stablecoins. Shares of solar technology firm Enphase Energy (ENPH) dropped 4.9%. Friday’s downturn reversed a portion of the substantial gains posted by the microinverter manufacturer’s stock on Thursday following reports that the Senate version of the budget bill may be less onerous for solar companies than the House bill, which included a rapid phase-out of federal tax credits for residential rooftop solar installations. -Michael Bromberg

A Rocky Road to Record Highs Major U.S. stock indexes turned in their best performance this week in more than a month, putting them on pace for their second straight month of big gains. The S&P 500 and Nasdaq Composite rose 3.4% and 4.2%, respectively, their biggest gains since the week of May 12. The Dow added 3.8%, its best week since early April. With one trading day left in June, the Dow has gained 3.7% for the month, while the S&P 500 has added 4.4% and the Nasdaq is up 6.1%. Since the start of the year the S&P 500 and Nasdaq have risen 5%, while the Dow has tacked on 3%. TradingView It’s been a rocky road to record highs. Stocks plunged in early April amid concerns about the Trump administration’s tariff policies and how they could affect the economy. The S&P 500 was down 15% year-to-date at its low point, while the Nasdaq was down more than 20% for the year at that point. TradingView Concerns about tariffs have subsided over the past several weeks, while economic data and corporate earnings have been generally encouraging. With the improvement in investor sentiment, the Nasdaq has soared 33% since hitting its low for the year on April 8, while the S&P 500 has surged 24%.

Trump Says Trade Talks With Canada Are Over President Donald Trump upended the outlook for trade policy Friday when he said he was ending negotiations with Canada due to the country’s adoption of a Digital Services Tax.

Canada’s tax, which charges digital companies for the revenue they collect from Canadian users, has been a contentious issue since it went into effect in 2024. In a social media post, Trump called the tax a “direct and blatant attack on our Country” that hurts U.S. technology companies. Digital taxes have also been a sticking point in trade talks between the U.S. and the European Union.2 President Trump at a press briefing at the White House on Friday. Celal Gunes / Anadolu / Getty Images Trump’s announcement came hours after Canada reportedly said it was proceeding with collecting the tax despite an agreement between the countries of the G7 (Canada, France, Germany, Italy, Japan, and Great Britain) to exclude U.S. companies from certain taxes. U.S. negotiators reportedly agreed to the deal in exchange for the U.S. legislators taking a “revenge tax” section out of the “One Big Beautiful Bill” legislation currently being debated in Congress. Trump and his Canadian counterparts have clashed over multiple trade-related issues since he took office. Trump set off a trade war with Canada in February when he imposed a 25% tax on imports from the country, but tensions eased somewhat after he removed those duties from items subject to previous trade agreements. It is unclear how the termination of trade talks will affect the amount of tariffs charged on Canadian products shipped to the U.S. “We will let Canada know the Tariff that they will be paying to do business with the United States of America within the next seven day period [sic],” Trump wrote in his social media post. -Diccon Hyatt

Core Scientific Levels to Monitor Amid CoreWeave Deal Talk Core Scientific (CORZ) shares soared this week following reports Nvidia (NVDA)-backed CoreWeave (CRWV) is in discussions to buy the bitcoin mining and hosting provider, after an unsuccessful attempt about a year ago. A transaction could be finalized in the coming weeks,The Wall Street Journal reported, citing people familiar with the matter. The two companies already have a longtime partnership that includes billions of dollars in contracted commitments, the report noted. Core Scientific shares were up 2% in recent trading after jumping 33% Thursday, leaving the stock near a record high set last November. They’ve climbed about 75% over the past 12 months, with investors cheering the company’s strategic shift to capitalize on the AI boom. Source: TradingView.com. Core Scientific shares have formed a classic cup and handle pattern over the past six months before staging a decisive breakout above the formation’s top trendline in Thursday’s trading session. The bullish move occurred on the highest daily volume since the company relisted its shares on the Nasdaq in January last year, signaling active participation from larger market participants. While recent price momentum has driven the relative strength index into overbought territory, the indicator remains below its mid-2024 peak following a strong trend higher. Investors could watch overhead areas on Core Scientific’s chart around $18.65 and $27.30, while also monitoring vital support levels near $13 and $10.50. Read the full technical analysis piece here. -Timothy Smith

Musk Reportedly Dismisses Longtime Aide Afshar from Tesla Tesla (TSLA) CEO Elon Musk has reportedly fired his longtime aide Omead Afshar after sales in the EV maker’s key markets slumped this year. Afshar, Tesla’s head of operations in North America and Europe, was let go “amid declining sales in both regions and the electric vehicle brand’s falling popularity,” Forbes reported, citing people familiar with the matter. Afshar couldn’t immediately be reached for comment. He posted on X on Monday praising Musk following last weekend’s robotaxi launch in Austin, Texas. “Thank you, Elon, for pushing us all!” he wrote on the Musk-owned social media platform.

Elon Musk and Omead Afshar (left) leave an event in Shanghai in January 2019, when Tesla broke ground on a new manufacturing facility in China. Qilai Shen / Bloomberg / Getty Images The Forbes report of Afshar’s termination follows a Bloomberg report that the executive, who was promoted last year, had “left” the firm. The report also said that Jenna Ferrua, Tesla’s director of human resources for North America, had left. Milan Kovac, the head of engineering for the company’s Optimus humanoid robot program, left the company recently as well, according to Bloomberg. Tesla didn’t immediately respond to an Investopedia request for comment. The departures come after Musk announced his intent to refocus on his companies following a backlash to his role leading the Trump administration’s cost-cutting Department of Government Efficiency, or DOGE. The company is also grappling with a slump in global deliveries, with declining sales in Europe and China, which are key markets, and a fleet of older vehicles. Tesla shares, which entered Friday down almost 20% this year, were down about 1% in recent trading.

Microsoft Levels to Watch as Stock Keeps Hitting New Highs Microsoft shares (MSFT) hit the latest in a series of record highs on Friday, boosted by Wall Street enthusiasm about the company’s position in the AI race. Earlier this week, Wells Fargo lifted its price target on the stock, citing the company’s early AI lead and strong incumbent position in a tight market. Analysts at Wedbush also raised their price target, noting that the tech giant stands to benefit from a massive adoption wave of Copilot and Azure monetization as enterprise clients deploy AI tools, The bullish commentary comes after a report surfaced last week that the Windows maker is planning to cut thousands of jobs as it looks to reduce labor costs while increasing its AI spending. Microsoft shares have gained 18% since the start of the year, making the stock the second-best performer in the Magnificent 7, behind only Facebook and Instagram parent Meta Platforms (META). Microsoft was up 0.3% at around $499 in recent trading. Source: TradingView.com. After closing above the 50- and 200-day moving averages last month, Microsoft shares have traded higher within a narrow ascending channel on low volatility. The move has coincided with the relative strength index remaining mostly above the indicator’s 70 threshold, signaling strong momentum. In another sign that the bulls remain in control of the price action, the 50-day MA crossed above the 200-day MA earlier this month to generate a golden cross pattern. However, more recently, the stock formed a doji in Wednesday’s trading session, a candlestick pattern that indicates indecision among buyers and sellers. The measured move technique, which calculates the distance of the ascending channel from its low to high and adds that amount to the pattern’s top trendline, projects an upside target of $565. Investors should also monitor key support levels on Microsoft’s chart around $468 and $425. Read the full technical analysis piece here. -Timothy Smith

MP Materials, USA Rare Earth Stocks Drop Shares of MP Materials (MP) and USA Rare Earth (USAR), two of the biggest rare earths producers in the U.S., slumped Friday after officials from the White House and China confirmed the framework of a new trade deal. As part of that framework, China pledged to export rare earths to the U.S. Those minerals are key components in a wide range of tech applications, including smartphones and electric vehicles. MP Materials shares were down more than 6% and 10%, respectively, in recent trading. Even with today’s sharp decline, MP Materials stock has more than doubled since the start of the year. USA Rare Earth stock, however, is back to near unchanged for the year. TradingView -Bill McColl

Major Index Futures Point to Higher Open Futures tied to the major stock indexes were each up 0.3% in recent trading. Dow Jones Industrial Average TradingView S&P 500 TradingView Nasdaq 100 TradingView

Thursday’s Market Recap Stocks closed sharply higher on Thursday, putting major indexes on the brink of record highs, as investors digested economic data and comments from Federal Reserve officials about the outlook for interest rate cuts. The benchmark S&P 500 index rose 0.8% to 6,041, just 3 points shy of its record closing high posted in February, while the tech-heavy Nasdaq Composite jumped 1% to 20,168, which was 6 points away from its record close in December. The Dow Jones Industrial Average gained 0.9%, or 400 points, but remains about 4% from a record. The major indexes were were coming off a lackluster performance on Wednesday after posting big gains the previous two days as the geopolitical concerns that had roiled markets in recent weeks faded after Iran and Israel reached a cease-fire agreement. Market participants on Thursday were fed a flurry of economic reports, including weekly jobless claims numbers, trade balance figures, data on durable goods orders and the latest reading on first-quarter GDP. Several Fed officials also spoke Thursday, after Chair Jerome Powell said during testimony in Congress earlier in the week that the central bank needs more data that show how tariffs are affecting the economy before it can adjust interest rates. A few of the Fed’s policy committee members have suggested that rates could be cut as soon as next month, though others believe the Fed can afford to wait. Mega-cap technology stocks, which have helped pace the recent rally, were mostly higher on Thursday. Nvidia (NVDA) rose 0.5% to another record closing high, after climbing more than 4% on Wednesday to reclaim its title as the world’s most valuable company by market capitalization. Rival chip giant Broadcom (AVGO) gained about 2%, as did Amazon (AMZN), Alphabet (GOOG) and Meta Platforms (META), while Microsoft (MSFT) rose 1% to a new high. Apple (AAPL) and Tesla (TSLA) fell slightly. Among other noteworthy tech sector movers, shares of chip company Marvell Technology (MRVL) jumped 5.5%, while AI analytics software provider Palantir (PLTR) advanced 1% to a fresh record. Shares of Micron (MU) closed the day 1% lower, giving up early gains, even as the memory chip maker reported better-than-expected quarterly results, with revenue soaring amid booming AI-related demand. Nike (NKE) shares closed nearly 3% higher, ahead of the athletic apparel company’s earnings release after the closing bell. Bitcoin was at $107,000 late Thursday, down from a morning high of above $108,000. The digital currency had tumbled below $99,000 over the weekend as the Middle East conflict intensified, but cryptocurrencies have rebounded along with other risk assets as the geopolitical situation has calmed. West Texas Intermediate futures, the U.S. crude oil benchmark, climbed 0.5% to $65.20 per barrel. WTI had risen to more than $77 early in the week amid concerns that the supply of oil could be disrupted by the Middle East fighting, but fell sharply once those fears eased before rebounding the past two days. Gold futures were little changed at $3,340 an ounce in late-afternoon trading Thursday, after rising as high as $3,415 at the start of the week as some investors turned to the traditional safe haven amid the geopolitical uncertainty. The yield on the 10-year Treasury note, which affects borrowing costs on all sorts of consumer and business loans, was at 4.25%, down from 4.29% at Wednesday’s close. The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, fell 0.4% to 97.33, trading at a three-year low.

Biggest S&P 500 Movers on Thursday Advancers Enphase Energy (ENPH) stock secured Thursday’s top performance in the S&P 500, skyrocketing 12.8%. The leap higher for shares of the solar microinverter manufacturer came as reports indicated Republicans in Congress were considering changes to the budget bill that would maintain federal tax credits for residential rooftop solar installations. Shares of Enphase and other solar companies plunged in May after the House passed a version of the bill that stipulated tax credits for wind and solar projects would be eliminated by 2029.

(ENPH) stock secured Thursday’s top performance in the S&P 500, skyrocketing 12.8%. The leap higher for shares of the solar microinverter manufacturer came as reports indicated Republicans in Congress were considering changes to the budget bill that would maintain federal tax credits for residential rooftop solar installations. Shares of Enphase and other solar companies plunged in May after the House passed a version of the bill that stipulated tax credits for wind and solar projects would be eliminated by 2029. Copper prices pushed higher, boosted by a surge in imports to the U.S. ahead of proposed tariffs, resulting in a decline in inventories elsewhere, alongside strong demand from China. Analysts at Goldman Sachs predicted that prices for the industrial metal would continue to rise before reaching a 2025 peak in August. Shares of major copper producer Freeport-McMoRan (FCX) jumped 6.9% on Thursday. Freeport-McMoRan CEO Kathleen Quirk speaking at a conference in March. F. Carter Smith / Bloomberg / Getty Images Albemarle (ALB) stock gained 5.6%. At an industry conference in Las Vegas, lithium producers noted that prices of the key battery ingredient remain depressed, despite ongoing increases in demand. Although observers suggested that oversupply will likely keep a lid on lithium prices over the coming years, producers have been making strides in reducing costs.

Decliners Equinix (EQIX) shares tumbled 9.6%, losing the most of any stock in the S&P 500. Thursday’s drop extended losses posted in the prior session as the data center real estate investment trust (REIT) held its analyst day. Equinix forecasted tapering growth in adjusted funds from operations (AFFO) per share—a key metric for REIT performance—over the medium term. Analysts at BMO Capital Markets and Raymond James downgraded Equinix stock following the analyst day event, noting that capital-intensive plans to double capacity for AI workloads could weigh on earnings growth.

(EQIX) shares tumbled 9.6%, losing the most of any stock in the S&P 500. Thursday’s drop extended losses posted in the prior session as the data center real estate investment trust (REIT) held its analyst day. Equinix forecasted tapering growth in adjusted funds from operations (AFFO) per share—a key metric for REIT performance—over the medium term. Analysts at BMO Capital Markets and Raymond James downgraded Equinix stock following the analyst day event, noting that capital-intensive plans to double capacity for AI workloads could weigh on earnings growth. Shares of Fair Isaac (FICO), the data analytics firm known for providing consumer credit scores, sank 4.1%. With the downturn on Thursday, the stock reversed gains posted earlier in the week as Fair Isaac announced that it would incorporate buy now, pay later activity into its credit scores. -Michael Bromberg

Shake Shack Stock Continues Climbing Shake Shack (SHAK) shares rose Thursday to extend a recent rally as analysts offered bullish views on the stock. Barclays increased its price target for Shake Shack shares to $166 Thursday, a day after Oppenheimer raised its to $160. Their price targets are the two highest of 13 analysts who cover Shake Shack and are tracked by Visible Alpha. The average price target of that group is just under $125. Shake Shack shares gained more than 3% to close at around $138 on Thursday. The stock has risen 8% over the past week, putting it back into positive territory for the year. Shake Shack’s plans to add more locations and new corporate leadership stood out to both Barclays and Oppenheimer analysts. (One relatively recent hire, Chief Communications Officer Luke DeRouen, is leading an initiative to create a tagline for the fast-casual concept.) “With new leadership comes new ideas and operating efficiencies, while still in outsized growth mode,” Barclays wrote in note on high-growth, high-valuation restaurants. Oppenheimer said the stock had been outperforming peers in recent weeks. Since early April, “SHAK is +77% (vs. S&P’s +22%), representing best performance among growth peers over [the] same time-frame (+14% average),” analysts said. Bank of America also bumped up its price target for Shake Shack shares this week, to $134 from $112. -Sarina Trangle

Major Indexes on Track for 2nd Straight Months of Big Gains The rally that has lifted major indexes near record highs this week has also put them on track to post big gains for the second consecutive month. Through today’s close, the S&P 500 has gained 3.9% so far in June, after rising 6.2% last month. The Nasdaq Composite is up 5.5% this month, adding to the 9.6% increase in May. The Dow, which added 3.9% last month, has tacked on 2.6% this month. TradingView So far in 2025, the S&P 500 and Nasdaq Composite have each gained 4.4%, while the Dow is up 2%. TradingView

How Much Traders Expect Nike to Move After Earnings Nike (NKE) is scheduled to post fiscal fourth-quarter results after the market closes on Thursday, with investors expecting a sizable move following the report. Options pricing at the closed of trading Wednesday suggested traders expected shares could move close to 8% in either direction. Nike shares have moved an average of about 8% in the sessions following its last four earnings reports, with declines of 5%, 6%, and nearly 20%, along with one 0.3% gain. Last quarter, the company said tariffs could negatively affect its sales, and said its plan to shift into new inventory could also slow sales as older franchises see sales decline. Nike shares, a Dow component, have dropped about 18% since the start of the year, while the blue chip index has gained 2%. TradingView Nike shares have lost about a third of their value in the last 12 months as the shoe retailer has faced declining sales and a change in leadership. Analysts expect Nike to report a decline of about 15% in revenue year-over-year to $10.73 billion, while earnings per share are projected to drop sharply to $0.13 from $0.99 a year ago. Bank of America analysts said recently that they will be more focused on the company’s long-term outlook amid new CEO Elliott Hill’s turnaround effort than short-term results. Several analysts have said they prefer to wait on the sidelines of Nike’s turnaround, with eight of the 17 brokers tracked by Visible Alpha giving the stock a “hold,” while another eight say it’s a “buy” and just one calls it a “sell.” The stock has an average price target near $72. The stock was up 2% at around $62 in late trading Thursday. -Aaron McDade

Acuity Stock Jumps on Strong Results Shares of Acuity (AYI) rose Thursday after the lighting and building solutions provider beat quarterly profit and sales estimates as results were boosted by newly acquired audio-visual equipment firm QSC. The company posted fiscal 2025 third-quarter adjusted earnings per share of $5.12 on revenue that jumped 22% year-over-year to $1.18 billion. Analysts surveyed by Visible Alpha expected $4.40 and $1.14 billion, respectively. Sales at its Acuity Intelligent Spaces (AIS) unit skyrocketed nearly 250% to $188.4 million. A huge portion of that ($172.8 million) came from QSC performance. Acuity purchased QSC last October for $1.215 billion. Sales at its Acuity Brands Lighting (ABL) were up 2.7% to $923.2 million. The company noted that it “accelerated productivity actions in our ABL segment that resulted in $29.7 million of special charges. These charges included the elimination of brands, associate severance, and facility reorganization.” Acuity shares were up 6% in recent trading, putting the stock back into positive territory for 2025. -Bill McColl

Enphase Soars on Solar Tax Credit News Enphase Energy (ENPH) was the best-performing stock in the S&P 500 amid reports Congress may not cut federal tax incentives for residential rooftop solar installations. Enphase shares soared more than 10% in recent trading afternoon. Rivals Sunrun (RUN), SolarEdge Technologies (SEDG), and First Solar (FSLR) advanced roughly 6%, 5%, and 3%, respectively. Solar stocks have risen this week after Sen. Kevin Cramer of North Dakota told reporters that “Republicans on the Senate tax writing committee were considering making a slate of clean energy tax credits more generous, including by pushing back their expiration dates,” Bloomberg reported, adding that he said “lawmakers are also discussing changes for rooftop solar credits.” Enphase shares are down nearly 40% so far in 2025, lagging the performance of other solar stocks. TradingView Shares of solar firms plummeted last month after the House passed a tax and spending bill that would end tax credits for wind and solar projects in 2029. They tumbled further last week after the Senate maintained the full removal of clean-energy tax credits in the budget bill.

-Aaron Rennie

Incyte Stock Rises as Pharma Firm Appoints New CEO Incyte (INCY) shares rose Thursday after the drugmaker named Bill Meury its new CEO, effective immediately, to replace the retiring Hervé Hoppenot. Hoppenot, who is leaving his post after 11 years in charge, will remain as an advisor to Meury and a board member through the end of this year, Incyte said. Meury joins the firm after previously leading Anthos Therapeutics and Karuna Therapeutics, which both were acquired by other firms. “Incyte’s track record for discovering innovative treatments for complex problems in human health is outstanding,” Meury said. “My priority is to build upon our exceptional R&D and commercial capabilities to accelerate new product flow, drive sustainable growth and create value for all stakeholders.” Shares of the drugmaker were up about 4% in recent trading, putting the stock back into positive territory for 2025. -Aaron McDade

Equinix Stock Plunges After Company Lays Out Growth Targets Equinix (EQIX) shares slumped for a second day Thursday, posting the biggest intraday decline among S&P 500 companies the data center company laid out its growth targets for the next several years. At its annual analyst day Wednesday, Equinix said it expects revenue to grow by 7% to 10% annually through 2029. Its adjusted earnings before interest, taxes, depreciation, and amortization margin is projected to hit at least 52% by 2029, while adjusted funds from operations are expected to grow from 5% to 9% through 2029, starting at the lower end and eventually reaching the higher end of the range. Those targets are forecast as Equinix looks to double the capacity across its data center network by the end of 2029, the company said in a presentation. UBS analysts said the targets were “largely in line with expectations on a longer term basis but point to a near-term slowdown in per share growth as investments to accelerate top-line growth ramp.” The analysts held their $1,035 price target and “buy” rating, adding that they “believe industry fundamentals and secular trends remain supportive but updated financial targets point to a near-term estimate reset and more meaningful acceleration in growth to ’27.” Equinix shares were down 9% in recent trading at around $749, after a 9% drop Wednesday. After two straight days of steep declines, Equinix shares are down 20% so far in 2025, while the benchmark S&P 500 index has gained more than 4% since the start of the year. TradingView -Aaron McDade

Palantir Strikes Nuclear Deal as AI Power Demand Surges Palantir Technologies (PLTR) shares rose to a new record high Thursday as the data integration software maker is taking advantage of the soaring demand for electricity to drive AI data centers by striking a deal with a big nuclear power plant builder. The company announced a strategic partnership with The Nuclear Company, which it calls the “leading gigawatt-scale deployment of nuclear power across America and pioneering the modernization of nuclear construction.” The deal calls for the two firms to “co-develop and deploy NOS, the first AI-driven, real-time software system built exclusively for nuclear construction.” NOS will be used to help The Nuclear Company build plants faster, safer, and at lower costs, Palantir said. Mike Gallagher, Head of Defense at Palantir, said the agreement “marks the first time Palantir’s software will be used to help power the next generation of nuclear energy infrastructure.” Gallagher added that by teaming up with The Nuclear Company, Palantir is “laying the foundation for a new era of resilient, intelligent and secure energy systems in the United States and beyond.” Palantir noted that President Donald Trump last month called for 400 gigawatts of nuclear power generation by 2050, and 10 large-scale reactors to be under construction by 2030 as a way to ensure that America has the electricity needed to lead the world in AI. The Nuclear Company CEO Jonathan Webb explained that with the creation of NOS, “we finally break the cycle of delays, deliver a new energy future, and protect America’s nuclear leadership from China, so we don’t lose it like we did manufacturing decades ago.” Shares of Palantir Technologies set a new intraday record of $148.21 soon after the opening bell and recently were up 1% at around $144. The stock is up about 90% this year. -Bill McColl

Major Index Futures Rise Slightly Futures tied to the Dow Jones Industrial Average were up 0.2%. TradingView S&P 500 futures rose 0.3% TradingView Nasdaq 100 futures added 0.4%. TradingView

Biggest S&P 500 Movers on Wednesday Decliners Paychex (PAYX) shares dropped 9.4%, losing the most of any S&P 500 stock, after the payroll and human resources services provider reported lower-than-expected sales for its fiscal fourth quarter. Although revenue was up 10% from the year-ago period, the majority of those gains stemmed from the acquisition of human capital management, or HCM, software firm Paycor, which closed in April. Paychex also provided full-year sales and profit guidance that came in below consensus estimates. Shares of fellow HCM software providers Paycom (PAYC), Dayforce (DAY) and Automatic Data Processing (ADP) were all down more than 4%.

(PAYX) shares dropped 9.4%, losing the most of any S&P 500 stock, after the payroll and human resources services provider reported lower-than-expected sales for its fiscal fourth quarter. Although revenue was up 10% from the year-ago period, the majority of those gains stemmed from the acquisition of human capital management, or HCM, software firm Paycor, which closed in April. Paychex also provided full-year sales and profit guidance that came in below consensus estimates. Shares of fellow HCM software providers Paycom (PAYC), Dayforce (DAY) and Automatic Data Processing (ADP) were all down more than 4%. Cereal maker General Mills (GIS) missed fiscal fourth-quarter sales estimates and projected a larger-than-anticipated profit decline in fiscal 2026, and its shares fell 5.1%. A decline in the company’s North America Retail segment weighed on its results. The parent company of Cheerios and Bisquick baking mix anticipates that the uncertain macroeconomic environment will continue to affect consumers. CEO Jeff Harmening said General Mills intends to focus on reinvigorating volume-driven organic sales growth.

(GIS) missed fiscal fourth-quarter sales estimates and projected a larger-than-anticipated profit decline in fiscal 2026, and its shares fell 5.1%. A decline in the company’s North America Retail segment weighed on its results. The parent company of Cheerios and Bisquick baking mix anticipates that the uncertain macroeconomic environment will continue to affect consumers. CEO Jeff Harmening said General Mills intends to focus on reinvigorating volume-driven organic sales growth. Tesla (TSLA) stock slipped 3.8% after the the European Automobile Manufacturers’ Association reported that the automaker’s new car registrations in the European Union were down more than 40% year-over-year in May. This marked a fifth straight month of declines for Tesla in the region, even as overall battery electric vehicle registrations have consistently moved higher. A Tesla Cybercab on display at a tech event in Paris this month. Chesnot / Getty Images Advancers Super Micro Computer (SMCI) shares soared 8.8%, logging the top daily performance in the S&P 500. With Wednesday’s gains, the stock clawed back the steep losses posted earlier in the week after the server maker announced a plan to issue $2 billion in convertible notes. Although news of the offering raised concerns about potential share dilution, Supermicro said it would dedicate part of the proceeds to capped call transactions designed to mitigate the dilutionary impact.

(SMCI) shares soared 8.8%, logging the top daily performance in the S&P 500. With Wednesday’s gains, the stock clawed back the steep losses posted earlier in the week after the server maker announced a plan to issue $2 billion in convertible notes. Although news of the offering raised concerns about potential share dilution, Supermicro said it would dedicate part of the proceeds to capped call transactions designed to mitigate the dilutionary impact. Northern Trust (NTRS) stock advanced 4.8%, extending gains posted earlier this week following news that Bank of New York Mellon (BK) had approached the smaller wealth and asset management firm about a potential merger. Additional reports Wednesday indicated that talks between the two companies have been occurring for months, suggesting that negotiations may be further along than previously believed, although Northern Trust has said that it is committed to remaining independent.

(NTRS) stock advanced 4.8%, extending gains posted earlier this week following news that Bank of New York Mellon (BK) had approached the smaller wealth and asset management firm about a potential merger. Additional reports Wednesday indicated that talks between the two companies have been occurring for months, suggesting that negotiations may be further along than previously believed, although Northern Trust has said that it is committed to remaining independent. Shares of AI semiconductor behemoth Nvidia (NVDA) jumped 4.3%, lifting the stock to its highest-ever close and returning the company to the top spot in the list of the world’s most valuable companies by market capitalization. Wednesday’s gains came as Bank of America analysts highlighted Nvidia’s leadership in the AI market, while Loop Capital analysts raised their price target on Nvidia stock, forecasting an oncoming “golden wave” in the adoption of generative AI technology. -Mike Bromberg

Micron Revenue Surges on Booming AI Demand Micron Technology (MU) reported record quarterly revenue as data center sales more than doubled year-over-year on AI-driven demand. The memory chip maker reported record revenue of $9.3 billion, up 37% year-over-year and well above of the analyst consensus compiled by Visible Alpha. Its adjusted net income of $2.18 billion, or $1.91 per share, rose from $702 million, or 62 cents per share, in the year-ago quarter, also beating estimates. The gains came as the Nvidia (NVDA) partner’s data center sales more than doubled year-over-year. “We are on track to deliver record revenue with solid profitability and free cash flow in fiscal 2025, while we make disciplined investments to build on our technology leadership and manufacturing excellence to satisfy growing AI-driven memory demand,” said CEO Sanjay Mehrotra in a release after Wednesday’s closing bell. Micron CEO Sanjay Mehrotra speaks at an event last year at the company’s headquarters in Boise, Idaho. Kyle Green / Bloomberg / Getty Images In the current quarter, Micron expects revenue of $10.4 billion to $11 billion and adjusted earnings per share of $2.35 to $2.65. Analysts had called for revenue of $9.99 billion and adjusted EPS of $2.04. Micron shares were up about 1% in recent extended trading following the release. The stock has gained over 50% in 2025 through Wednesday’s close. -Andrew Kessel

QQQ Levels to Watch as ETF Hits Another Record High The Invesco QQQ Trust (QQQ) hit an all-time high Wednesday for the second straight session as tech stocks continued to rally. The fund, which tracks the Nasdaq 100 index, lost around a quarter of its value between mid-February and early April, dragged down by concerns over big tech’s significant AI spending and uncertainty over the economic impact of President Trump’s “Liberation Day” tariffs. The ETF has recovered all of those loses as concerns about trade policy have subsided and corporate earnings have been generally strong. The QQQ gained 0.3% to close Wednesday’s session at around $541. The fund is now up 6% since the start of 2025. After gapping above the neckline of an inverse head and shoulders formation last month, the QQQ fund continued trending higher before consolidating within a flag pattern just below its record high. The fund broke out from the flag in Tuesday’s trading session, paving the way for a further move higher. Source: TradingView.com. Meanwhile, yesterday’s bullish price action coincided with an uptick in the relative strength index, though the indicator remains below overbought levels, providing ample room for the ETF to continue its uptrend. The bars pattern tool projects an overhead target of around $575, while the measured move technique forecasts an overhead target of $586. Investors should monitor major support levels on QQQ’s chart around $524 and $494. Read the full technical analysis piece here. -Timothy Smith

BlackBerry Soars on Better-Than-Expected Results, Outlook BlackBerry Ltd. (BB) jumped Wednesday, a day after the security software provider posted better-than-anticipated results and raised its guidance following strong demand for its QNX automotive software. The Canadian firm posted fiscal 2026 first-quarter adjusted earnings per share of $0.02, while analysts surveyed by Visible Alpha were expecting $0.00. Although revenue fell 1.4% year-over-year to $121.7 million, that still beat forecasts. Revenue for the QNX unit rose more than 4% to $57.5 million. However, it was down almost 5% to $59.5 million at the Secure Communications division, and Licensing revenue slipped more than 1% to $4.7 million. CEO John Giamatteo said the company had “a strong start to the new fiscal year, building on the solid foundation we as a company have laid over the past year.” BlackBerry now sees full-year revenue of $508 million to $538 million, up from its previous estimate of $504 million to $534 million. Shares of BlackBerry closed 13% higher on Wednesday and have now gained 29% year-to-date. -Bill McColl

Microsoft Hits Fresh High as Analysts Grow More Bullish Wall Street is growing even more bullish on Microsoft (MSFT), whose shares set another all-time high Wednesday. In a note to clients Tuesday, Wells Fargo raised its price target to $585 from $565. “We acknowledge shares are trading near historical highs, but think this is justified given its early AI lead and strong incumbent position in a tight market,” Wells Fargo said, adding, “We still see a bright future ahead for Microsoft.” Microsoft shares rose 0.4% to $492.27 on Wednesday, marking the tech titan’s 12th record close in 17 June trading sessions. Wedbush was even more bullish Wednesday, raising its price target to $600 from $515. Microsoft has “a massive adoption wave of Copilot and Azure monetization now on the doorstep” as enterprise clients deploy AI tools, analysts wrote. Wells Fargo and Wedbush are more bullish than average, but they’re far from alone. All 19 brokers tracked by Visible Alpha have a “buy” or equivalent rating for Microsoft stock, with a mean price target of about $532. Microsoft shares have gained 17% since the start of 2025, far outpacing the performing of the benchmark S&P 500 index over that stretch. TradingView -Andrew Kessel

Coinbase Gets a New Top Wall Street Bull Coinbase (COIN) has a new Street-high price target after several days of huge gains for the crypto trading platform. Bernstein analysts hiked their target for Coinbase to $510 from $310 on Wednesday, well above any other target tracked by Visible Alpha. The stock was up roughly 2% in recent trading at around $351, after surging as much as 7% earlier in the day. Shares had gained 35% over the previous four sessions. Bernstein called Coinbase “the most misunderstood company in our Crypto coverage universe,” pointing to a bearish consensus among Wall Street analysts, despite the company’s dominant position in consumer cryptocurrency trading and institutional crypto services. The mean target of brokers surveyed by Visible Alpha at $273 would suggest a decline from Wednesday’s level. “The bear thesis on Coinbase has not played out,” Bernstein analysts said, adding “Coinbase’s market share has been persistent despite new competition.” “Traditional brokerage competition is several months away from launch, which is an eternity on crypto timelines. And we believe, the traditional Crypto brokerage launches are likely not even going to be full suite products,” they said. Coinbase shares have surged in recent weeks as Congress made progress on passing legislation related to the crypto industry, with a show of renewed confidence from investors like Cathie Wood, whose firm Ark Invest bought up more shares of Coinbase earlier this week. The stock has added over 40% of its value in 2025 so far. -Aaron McDade

Nvidia Hits Record, Reclaims Spot as Most Valuable Company Nvidia (NVDA) shares climbed to an all-time high in Wednesday afternoon trading, helping the chipmaker reclaim the title of most valuable company by market value. The chipmaker’s stock was up close to 4% in recent trading near $154, topping an intraday high of $153.13 set in January. It would be the stock’s highest closing price ever, if the stock can sustain that level. The gains pushed Nvidia’s market capitalization to a whopping $3.75 trillion, surpassing Microsoft’s (MSFT) at $3.65 trillion. Nvidia CEO Jensen Huang reportedly said at the company’s annual shareholder meeting Wednesday that he believes there are “many growth opportunities across our company, with AI and robotics the two largest, representing a multitrillion-dollar growth opportunity.” Nvidia CEO Jensen Huang at an event in Paris earlier this month. Mustafa Yalcin / Anadolu / Getty Images) Bank of America analysts told clients Tuesday they believe Nvidia “remains the undisputed leader in performance” among semiconductor firms as the AI market accelerates. The bank expects the AI market to reach $1 trillion by 2030, with Nvidia a “key beneficiary.” One facet of Nvidia’s market opportunity is in growing sovereign AI demand, with BofA expecting “every major country” to invest in sovereign AI, “generating high-tech employment, and serving critical healthcare, defense, industrial, financial and cyber needs.” Earlier this month, Huang announced multiple sovereign AI partnerships during a European tour. Oppenheimer analysts recently estimated the global sovereign AI market could reach $1.5 trillion, including $120 billion in Europe. -Andrew Kessel

BP Shares Jump on Report Company in Merger Talks with Shell Shares of BP jumped Wednesday, lifted by a report that Shell was in talks to acquire it in what would mark a huge deal for the pair of U.K. oil giants. BP’s (BP) U.S.-traded stock was up 2% recently, after surging nearly 10% immediately after the report, while Shell’s (SHEL) stock was off roughly 1%. The Wall Street Journal, citing people familiar with the matter, wrote that the companies were in “early stage talks” to merge. Bloomberg in early May wrote that Shell was studying a possible deal. A deal would combine two massive oil companies. Shell’s market capitalization is around $208 billion, according to Visible Alpha, while BP’s was around $79 billion. “As we have said many times before, we are sharply focused on capturing the value in Shell through continuing to focus on performance, discipline and simplification,” a Shell spokesperson said in emailed comments. BP did not respond to Investopedia’s request for comment in time for publication. -David Marino-Nachison

Paychex Leads S&P Decliners After Soft Results Paychex (PAYX) was the worst-performing stock in the S&P 500 Wednesday after the payroll and human resources services provider missed sales estimates as most of its gains came from its acquisition of human capital management software maker Paycor. Paychex reported fiscal 2025 fourth-quarter revenue rose 10% year-over-year to $1.43 billion, while analysts surveyed by Visible Alpha were looking for $1.44 billion. Adjusted earnings per share (EPS) of $1.19 was in line with forecasts, but GAAP EPS of $0.82 was well below them. Management Solutions revenue increased 12% to $1.0 billion, but the company noted that without the contribution of Paycor, it would have risen 3%. Interest on funds held for clients grew 18% to $45.2 million, which was primarily because of the acquisition of Paycor. The deal closed in April.2 The company anticipates fiscal 2026 adjusted EPS will be up 8.5% to 10.5%, with revenue rising 16.5% to 18.5%. Both forecasts were above Visible Alpha consensus. Paychex shares had outperformed the S&P 500 so far this year, but with today’s sharp decline are now lagging the benchmark index year-to-date. TradingView Paychex shares were down 7.5% in early-afternoon trading, putting the stock back to near unchanged for 2025. -Bill McColl

Pony AI Jumps as Uber Partner Added to China-Tracking Index Shares of robotaxi maker Pony AI (PONY) surged for a second straight session Wednesday after a prominent Nasdaq index tracking Chinese firms added the stock to its ranks. The Nasdaq Golden Dragon China Index (HXC) on Monday added Pony AI to its ranks, now comprising 73 companies, the Guangzhou, China-based firm said. Other components include Alibaba Group (BABA), NetEase (NTES), JD.com (JD), electric vehicle maker NIO (NIO), offering traders exposure to China’s economy through U.S.-listed stocks. Pony AI’s U.S.-listed shares were up more than 2% in recent trading, after jumping nearly 17% yesterday. The autonomous driving company operates a fleet of roughly 300 vehicles and partnered with Uber (UBER) last month to add robotaxis to the ride-hailing giant’s fleet. Pony AI reported nearly $14 million in revenue in the first quarter. -Andrew Kessel

How Much Traders Expect Micron Stock to Move After Earnings Micron Technology (MU) is scheduled to release its quarterly earnings report after the closing bell on Wednesday, with traders expecting a sizable move from the chipmaker’s stock in the coming days. As of the close of trading Tuesday, options pricing suggested traders anticipate the shares could move close to 8%, or nearly $10, in either direction in the two days following the chipmaker’s report. At the high end, that would leave shares near $138, or bring them down to $118 at the low end. In March, shares dropped 8% the day after Micron issued a gross margin forecast that one analyst called a “fly in the ointment” of otherwise strong results. The stock plunged 16% following Micron’s December earnings report, which included a warning from the chipmaker about softness in the PC market. Still, Micron’s stock has gained over 50% in 2025 so far amid expectations it could benefit from growing AI demand. The stock was down more than 1% at around $126 in early trading Wednesday, after surging 5% yesterday. Heading into Wednesday’s earnings, most analysts tracked by Visible Alpha expect growing profits from the chipmaker and rate its stock a “buy,” though their average price target at $121 would suggest a decline from current levels. -Andrew Kessel

FedEx Levels to Watch as Stock Slides After Earnings Release FedEx (FDX) shares dropped in early trading Wednesday after the shipping giant suspended its annual outlook and issued light guidance for the current quarter, which overshadowed quarterly results that surpassed Wall Street expectations. The company decided not to issue full-year earnings and revenue forecasts, citing uncertainty over U.S. trade policies. Executives said they expect the Trump administration’s decision in April to end duty-free treatment on low-value shipments from China to continue weighing on air freight demand, with CEO Raj Subramaniam telling analysts on an earnings webcast that the global demand environment remains volatile. Heading into the company’s earnings report, FedEx shares were down 18% so far in 2025, pressured by uncertainty surrounding tariffs and a falloff in demand from industrial customers. The stock was down 5.5% at $217 in the opening minutes of Wednesday’s session. Source: TradingView.com. After bottoming out in early April, FedEx shares consolidated within an ascending triangle, a chart pattern that potentially signals a continuation of the stock’s longer-tern downtrend upon a breakdown from the formation. Investors should monitor key support levels on the FedEx chart around $214 and $194, while also watching important resistance levels near $233 and $254. Read the full technical analysis piece here. -Timothy Smith

Futures Point to Slightly Higher Open for Major Indexes Futures tied to the Dow Jones Industrial Average were fractionally higher. TradingView S&P 500 futures were up 0.1%. TradingView Nasdaq 100 futures added 0.4%. TradingView

Biggest S&P 500 Movers on Tuesday Advancers Shares of Coinbase Global (COIN), operator of the largest cryptocurrency exchange in the U.S., skyrocketed 12.1% on Tuesday to secure the S&P 500’s top performance. Analysts at the research firm Benchmark lifted their price target on Coinbase stock, pointing to favorable legislative and regulatory developments and the company’s initiatives to capitalize on them.

(COIN), operator of the largest cryptocurrency exchange in the U.S., skyrocketed 12.1% on Tuesday to secure the S&P 500’s top performance. Analysts at the research firm Benchmark lifted their price target on Coinbase stock, pointing to favorable legislative and regulatory developments and the company’s initiatives to capitalize on them. Secretary of Health and Human Services Robert F. Kennedy Jr. announced that the department would launch a massive advertising campaign to encourage the use of wearable health devices. Kennedy specifically mentioned the benefits of glucose monitors for patients managing diabetes. Shares of glucose monitor manufacturer Dexcom (DXCM) surged 9.7%.

(DXCM) surged 9.7%. Uber Technologies (UBER) shares jumped 7.5% as the ridesharing company debuted its robotaxi service in Atlanta. Uber’s partnership with Waymo, the autonomous vehicle company owned by Google parent Alphabet (GOOGL), initially offers service in 65 square miles of Atlanta, around half the city’s footprint.

(UBER) shares jumped 7.5% as the ridesharing company debuted its robotaxi service in Atlanta. Uber’s partnership with Waymo, the autonomous vehicle company owned by Google parent Alphabet (GOOGL), initially offers service in 65 square miles of Atlanta, around half the city’s footprint. Carnival Corporation (CCL) posted better-than-expected sales and profits for its fiscal first quarter, and the cruise operator’s shares sailed 6.9% higher. The company also boosted its full-year profit outlook, pointing to increases in passengers carried and passenger cruise days as well as declining costs. Shares of competitors Norwegian Cruise Line Holdings (NCLH) and Royal Caribbean Group (RCL) also advanced. Decliners

AutoZone (AZO) shares dropped 3.6%, losing the most of any S&P 500 stock on Tuesday, following reports that a senior vice president at the auto parts retailer had sold a stake in the company worth more than $2.5 million. Investors often view large sales by company insiders as a negative signal for a stock.

(AZO) shares dropped 3.6%, losing the most of any S&P 500 stock on Tuesday, following reports that a senior vice president at the auto parts retailer had sold a stake in the company worth more than $2.5 million. Investors often view large sales by company insiders as a negative signal for a stock. Crude oil futures tumbled as optimism around de-escalation in the Middle East helped alleviate potential supply concerns. Shares of energy company Occidental Petroleum (OXY) fell 3.3%, while Exxon Mobi l shares (XOM) were down 3%.

(OXY) fell 3.3%, while l shares (XOM) were down 3%. The potential for calming geopolitical tensions also pressured defense stocks. Northrop Grumman (NOC) shares dropped 3.2%, while shares of aerospace and defense peers RTX Corp. (RTX) and Lockheed Martin (LMT) also traded lower. -Michael Bromberg

Which Power Grids—and Utilities Stocks—Can Beat the Heat? U.S. power grids face their first major test of the summer this week as a heat wave brought extreme temperatures and humidity to much of the country. The U.S. is expected to demand 10 gigawatts (GW) more electricity this summer compared with last year, more than double the increase between 2023 and 2024, according to the North American Electric Reliability Corporation’s (NERC) 2025 Summer Reliability Assessment. Temperatures in New York City were expected to surpass 100 degrees on Tuesday. Selcuk Acar / Anadolu / Getty Images For the most part, grids are expected to meet demand under normal conditions, but NERC warns some regions could struggle to handle extreme heat. The Midcontinent Independent System Operator (MISO), which supplies power to about 42 million customers across the Midwest, Arkansas, Louisiana, and Mississippi, “is at elevated risk of operating reserve shortfalls during periods of high demand or low resource output,” according to NERC. Since last summer, the system has retired nearly 1.6 GW of capacity, which has mostly been replaced with more variable solar power. Other areas at risk of shortfalls include New England, Texas, and much of the Great Plains. For investors, a strained grid can be a mixed bag, according to Jefferies analysts. “In the long term, a tightening supply/demand picture is positive for utilities and merchants via higher investment needs and margins, respectively,” the analysts wrote in a note on Monday. NextEra Energy (NEE) and Duke Energy (DUK) are two utilities they said could benefit from a tighter grid in Florida, which “had the largest contraction in overall/normal reserve margins” of any region in the last year. Texas Independent Power Producers—companies like NRG Energy (NRG) and Vistra (VST), which generate electricity but are not public utilities, and thus sell their power directly to clients at market rates—”had a Goldilocks update” this year, said Jefferies. The state’s ability to meet demand under normal conditions has improved while its extreme demand readiness deteriorated, “primarily due to higher reliance on renewables.” Electricity demand is expected to grow at a brisk pace as the state courts energy-intensive industries like data centers and semiconductor fabrication. But in the near term, a strained grid increases headline risk. “Utilities always take the political blame for outages and reliability events,” the analysts noted. For that reason, utilities operating in high-risk regions could also be at risk of a high-profile outage dinging investor sentiment. -Colin Laidley

FedEx Slides as Company Shelves Full-Year Forecast FedEx (FDX) shares fell in extended trading Tuesday after the shipping giant suspended its full-year forecast. The decision to omit a full-year sales or profit estimate for fiscal 2026 comes after FedEx slashed its fiscal 2025 outlook three quarters in a row. For the first quarter of fiscal 2026, FedEx said it expects adjusted earnings of $3.40 to $4, below the analyst consensus compiled by Visible Alpha. The company called for revenue to come in flat to up 2% year-over-year, better than the Street expected. In its fourth quarter, FedEx reported revenue of $22.2 billion, up less than 1% year-over-year and above of the analyst consensus. Adjusted net income of $1.46 billion, or $6.07 per share, rose from $1.34 billion, or $5.41 per share, in the year-ago quarter, also beating estimates. FedEx shares fell 5% in extended trading Tuesday following the release. The stock has lost nearly a fifth of its value since the start of the year through Tuesday’s close, with their largest drop following President Trump’s “Liberation Day” tariff announcement, amid concerns that shipping demand could take a hit if tariffs lead to a pullback in discretionary spending. On Saturday, FedEx said its founder and former CEO Fred Smith died at the age of 80. In 1973, Smith’s Memphis, Tenn.-based company, then known as Federal Express, began with 186 deliveries on its first day of operations. Now it delivers about 16 million packages per day. -Andrew Kessel

Citi Calls Meta a ‘Top Pick’ on Digital Ad Strength Citi analysts called Meta Platforms (META) a “top pick” Tuesday, after the social media giant showcased its strength in digital advertising at the Cannes Lions International Festival of Creativity. The Facebook and Instagram parent “was among the best platform[s] to target specific audiences,” Citi said, citing its meetings with stakeholders across the ad sector. Citi raised its price target to $803 from $690, well above the Visible Alpha analyst consensus of about $715. Shares of Meta were up nearly 2% at around $711 in recent trading. The stock has gained about 21% year-to-date. Meta shares have posted the biggest gains among the Magnificent 7 group of large-cap technology stocks so far in 2025. TradingView Meanwhile, Jefferies analysts reiterated a price target of $790 after the event. The analysts highlighted Meta’s new AI advertising tool that allows marketers to generate video ads for Facebook or Instagram using a series of static images. Also featured at the event were Meta’s AI-powered Ray-Ban glasses, which Citi said “creates a significant opportunity for Meta.” “We are increasingly of the view that glasses are a core AI device,” the bank said. Last week, Meta unveiled its latest AI glasses collaboration, this time with Oakley. -Andrew Kessel

Coinbase Adds to Recent Rally Amid Crypto Optimism Coinbase (COIN) was the best-performing stock on the S&P 500 Tuesday as the cryptocurrency trading platform added to its recent rally. Shares have rallied over the last week after the Senate passed the GENIUS Act, which would allow stablecoins to be used more widely. Late Monday, Cathie Wood’s firm Ark Invest said a pair of its funds had bought nearly 4,200 combined shares of Coinbase, and Benchmark analysts reportedly boosted their price target on the stock to $421 from $301. Bitcoin (BTCUSD) and most major cryptocurrencies are rebounding Tuesday after having dipped when the U.S. launched an attack on nuclear facilities in Iran over the weekend. Some other crypto-adjacent stocks, like trading platform Robinhood (HOOD) were also sharply higher on Tuesday. TradingView Coinbase shares recently were up 13% at about $348, trading near its highest level since late 2021. The stock has added more than a third of its value over the past four sessions. -Andrew McDade

WTI Levels to Watch Amid Wild Oil Price Swings Oil prices have gone on a wild ride so far this week as investors reacted to the latest developments in the Middle East conflict. West Texas Intermediate futures, the U.S. crude oil benchmark, were trading at around $65 per barrel Tuesday afternoon, after rising to a five-month high of more than $77 per barrel when trading resumed after the U.S. struck three Iranian nuclear facilities over the weekend. Investors worried that an intensification of fighting could affect oil supplies if infrastructure is damaged or shipping routes are blocked, which could spark inflation and hinder economic activity. Those concerns have eased now that a cease-fire has been reached between Iran and Israel, and after Iran’s retaliation for a U.S. strike on the country’s nuclear facilities caused no casualties or significant damage. Source: TradingView.com. The commodity’s price rallied to the top trendline of a multi-year descending channel in Monday’s trading session before staging a dramatic intraday reversal, forming a bearish engulfing pattern in the process. The turnaround coincided with the relative strength index falling below its neutral threshold and the price closing below the 50-week moving average, signaling bearish price momentum. Investors should watch major support levels on the WTI oil chart around $57 and $44, while also monitoring key resistance levels near $77 and $93. -Timothy Smith

Uber Surges as Robotaxi Service With Waymo Expands Shares of Uber Technologies (UBER) jumped Tuesday as the ridesharing giant announced the launch of its robotaxi service in partnership with Alphabet (GOOGL)-owned Waymo in Atlanta. Atlanta-area Uber customers can now ride in a Waymo autonomous vehicle, though—like their collaboration in Austin, Texas—not to the airport. The initial launch covers 65 square miles of Atlanta, roughly half of its footprint. Also like the Austin partnership that launched in March, Uber users can choose in their settings whether they want to take autonomous rides, and will be given the choice to accept or decline and switch to a person-driven ride when they book a trip. In Austin, where more than 100 Waymo vehicles are on the Uber platform, the robotaxi space has started to get more crowded with Tesla (TSLA) launching its own small-scale program last weekend. A self-driving Waymo vehicle drives past Uber headquarters in San Francisco earlier this year. Smith Collection / Gado / Getty Images The companies announced Austin and Atlanta as their first targets for the program last September, more than a year after revealing an agreement that they would eventually bring Waymo vehicles to Uber’s platform. Uber shares were up more than 8% in recent trading at $92.30, approaching the all-time high of $93.60 they hit on May 20. The stock has gained more than 50% since the start of 2025. -Aaron McDade

AMD Leads Chip Stock Rally Tuesday Shares of Advanced Micro Devices (AMD) and other semiconductor companies surged Tuesday as risk-appetite grew amid hopes for a de-escalation of tensions in the Middle Eastl. AMD stock was up 6% at around $137 in recent trading, making it one of the top-performing stocks on the S&P 500 and Nasdaq. Intel (INTC), Broadcom (AVGO), Nvidia (NVDA), and TSMC (TSM) were also among the other chip stocks on the rise, boosting the PHLX Semiconductor Index (SOX) over 3%. Micron Technology (MU) climbed 4% a day ahead of its quarterly results. On Monday, Melius analysts reportedly said AMD stock “has a lot more to go” as the company’s position in the artificial intelligence industry grows. The broker raised its price target to $175 from $110, above the Wall Street consensus of roughly $124 compiled by Visible Alpha. Broadcom stock meanwhile got an upgrade to “buy” from “hold” by analysts at HSBC Tuesday. The bank raised its price target to $400 from $240, placing it well above the Street consensus of $294. The chipmaker’s application-specific integrated circuit business has the “potential to knock our socks off,” HSBC said. -Andrew Kessel

Carnival Stock Soars on Strong Earnings, Rosy Outlook Carnival Corporation (CCL) shares jumped Tuesday after the cruise line reported better-than-expected fiscal second-quarter results and boosted its guidance as it added passengers and cut costs. Carnival posted adjusted earnings per share of $0.35 as revenue increased more than 9% year-over-year to $6.33 billion. Both topped consensus estimates of analysts surveyed by Visible Alpha. The company also said it exceeded its fiscal 2026 financial targets 18 months early. Passengers carried rose 3% to 3.4 million, and passenger cruise days grew 4% to 25.3 million. Cruise costs per available lower berth day (ALBD) fell 0.3%, and fuel consumption per ALBD was down more than 6%. CEO Josh Weinstein called the performance “another phenomenal quarter,” with the carrier more than tripling adjusted net income and having strong close-in demand. Weinstein added that despite “the complex macroeconomic and geopolitical backdrop we have all experienced in the last few months,” Carnival was raising its full-year outlook. It now sees adjusted net income more than 40% higher than in 2024, $200 million more than its March prediction. It anticipates adjusted EBITDA of $6.9 billion, compared to the earlier $6.7 billion. Carnival shares moved into positive territory for the year for the first time since February. TradingView Carnival shares were up 8% in early-afternoon trading, pushing the stock back into positive territory for 2025. The news also lifted shares of rivals Norwegian Cruise Line Holdings (NCLH) and Royal Caribbean Group (RCL), which rose 5% and 3%, respectively. -Bill McColl

Powell Reiterates ‘Wait-and-See’ Approach on Rates If you’re waiting for lower borrowing costs on all kinds of debt, they may not be coming any time soon.

Federal Reserve Chair Jerome Powell told Congress Tuesday that the central bank can continue its waiting game when it comes to lowering the key fed funds rate, which influences interest rates on credit cards, car loans, and other debt. The Fed has been holding the rate at a higher-than-usual level all year to snuff out the last of the post-pandemic inflation flare-up. The Fed will continue to hold rates flat until Fed officials have a better idea of what President Donald Trump’s tariff policy will be, and how the tariffs will affect consumer prices, Powell said in prepared remarks, reiterating the stance he outlined last week when the Fed’s policy committee voted for the fourth time this year to keep the fed funds rate unchanged.

Powell’s testimony to the House Finance Committee on the Fed’s semi-annual monetary report to Congress was the latest action in an increasingly heated conflict between Powell and Trump over interest rates. Powell speaking during Tuesday’s hearing. Al Drago / Bloomberg / Getty Images Trump has repeatedly demanded the Fed cut rates sharply, pointing to recent economic data showing that inflation has been relatively tame in recent months. However, the Federal Reserve is not under presidential control, and Fed officials have been reluctant to cut interest rates despite Trump’s insult-filled threats on social media and in interviews. Lower rates could boost the economy by encouraging more borrowing and help the federal budget by cutting the amount of interest the government pays on its national debt. However, Powell and many professional forecasters expect Trump’s tariffs to push up consumer prices later in the year, in a potential setback in the Fed’s battle against inflation. Powell’s testimony highlighted the fact that Trump’s trade policy hasn’t settled on long-term tariff levels, clouding the economic outlook. Several tariff-related deadlines are approaching, including Trump’s July 9 deadline for trading partners to negotiate lower trade barriers to avoid the double-digit “reciprocal” tariffs he announced on Liberation Day.

“The effects of tariffs will depend, among other things, on their ultimate level,” Powell said in prepared testimony. “Expectations of that level, and thus of the related economic effects, reached a peak in April and have since declined. Even so, increases in tariffs this year are likely to push up prices and weigh on economic activity.” Powell also emphasized the psychological aspect of inflation: if people expect inflation to accelerate, they’ll behave in ways that cause inflation, a kind of self-fulfilling prophecy. The Fed has sought to keep inflation in check, but surveys show businesses and consumers are bracing for tariff-related inflation. “The effects on inflation could be short lived—reflecting a one-time shift in the price level. It is also possible that the inflationary effects could instead be more persistent. Avoiding that outcome will depend on the size of the tariff effects, on how long it takes for them to pass through fully into prices, and, ultimately, on keeping longer-term inflation expectations well anchored,” Powell said.

Powell’s stance diverged from at least two other members of the Fed’s rate-setting committee. Fed Governor Christopher Waller said last week that he was leaning towards a rate cut as soon as July, and Governor Michelle Bowman made similar comments Monday.

-Diccon Hyatt

KB Home Cuts Forecast Amid Consumer Uncertainty KB Home (KBH) topped second-quarter revenue and profit estimates after the bell Monday, but cut its full-year sales forecast as the housing market remains sluggish. Revenue fell more than 10% year-over-year to $1.53 billion but came in narrowly above Visible Alpha consensus. Earnings per share of $1.50 dropped from $2.15 a year ago but also topped analysts’ projections. Still, KB Home lowered its housing revenue forecast for the second straight quarter to $6.30 billion to $6.50 billion, down from the $6.60 billion to $7.00 billion range the company laid out in March and below analysts’ expectations of $6.57 billion. “While longer term the outlook for the housing market remains favorable driven by demographics and an undersupply of homes, consumers are continuing to demonstrate a lack of confidence about the short term, which has impacted their home purchase decisions,” CEO Jeffrey Mezger said in Monday’s earnings call, according to a transcript from AlphaSense. Mezger said the company saw “more subdued demand” in the spring selling season as Americans faced affordability challenges, persistently high mortgage rates, and other macro and geopolitical uncertainty. CFO Rob Dillard said KB Home expects to generate $1.5 billion to $1.7 billion in revenue for the third quarter, below the $1.8 billion analyst consensus, with an average home selling price of $470,000 to $480,000, below its full-year average projection of $480,000 to $490,000. In a note following the report, UBS analysts cut their price target for KB Home to $80 from $86 while keeping their “buy” rating. “Despite choppy market conditions, we believe the setup for homebuilder stocks remains favorable, given reset expectations and the group’s tendency to bounce ahead of a bottom,” the analysts wrote. KB Home shares, which entered Tuesday down nearly 20% since the start of this year, were little changed in recent trading. -Aaron McDade

Major Index Futures Point to Higher Open Tuesday Futures tied to the Dow Jones Industrial Average were up 0.6% in recent trading. TradingView S&P 500 futures added 0.7%. TradingView Nasdaq 100 futures rose 0.9%. TradingView

Biggest S&P 500 Movers on Monday Advancers Tesla (TSLA) shares soared 8.2%, logging Monday’s top performance in the S&P 500, a day after the electric vehicle manufacturer launched its robotaxi service in Austin, Texas. CEO Elon Musk has said Tesla plans to begin with around 10 to 20 Model Y vehicles operating autonomously in the Texas capital city before a rapid expansion to more locations and a large fleet by the end of the next year. Wedbush analyst Dan Ives has said that robotaxis and self-driving software could help Tesla double its market capitalization by the end of 2026.

(TSLA) shares soared 8.2%, logging Monday’s top performance in the S&P 500, a day after the electric vehicle manufacturer launched its robotaxi service in Austin, Texas. CEO Elon Musk has said Tesla plans to begin with around 10 to 20 Model Y vehicles operating autonomously in the Texas capital city before a rapid expansion to more locations and a large fleet by the end of the next year. Wedbush analyst Dan Ives has said that robotaxis and self-driving software could help Tesla double its market capitalization by the end of 2026. The Wall Street Journal reported that Bank of New York Mellon (BK) has expressed interest in a possible merger with smaller competitor Northern Trust (NTRS). According to the Journal, there has been at least one conversation between executives at the firms, but they have not discussed a formal offer. Northern Trust shares jumped 8% in the wake of the report, while BNY shares slipped 2.2%.

(NTRS). According to the Journal, there has been at least one conversation between executives at the firms, but they have not discussed a formal offer. Northern Trust shares jumped 8% in the wake of the report, while BNY shares slipped 2.2%. Shares of Arista Networks (ANET), a provider of cloud networking hardware and software, advanced 6.6%. The gains came after Evercore ISI analysts boosted their price target on the stock, highlighting expectations for Arista’s partnerships with Facebook parent Meta Platforms (META) and other major cloud players to contribute to revenue growth. Evercore’s team also said that although investors are primarily focused on the artificial intelligence cloud business, Arista’s opportunity in campus cloud networking remain underappreciated. Decliners Super Micro Computer (SMCI) shares dropped 9.8%, losing the most of any S&P 500 stock, after the server maker announced that it will issue $2 billion in convertible notes. Supermicro said it will use the proceeds partially for general corporate purposes, with up to $200 million set to be directed toward capped call transactions, which companies use to reduce potential dilution related to issuing convertible bonds. Supermicro CEO Charles Liang speaking at a conference in March. Big Event Media / Getty Images Crude oil futures prices eased off their recent highs as concerns abated about the likelihood of supply disruptions related to the conflict in the Middle East. The price retreat pressured numerous oil and gas stocks. Shares of exploration and production company APA Corp. (APA) sank 7.9%, while shares of oilfield services firms Halliburton (HAL) and Schlumberger (SLB) were down 6.8% and 5.9%, respectively.

(APA) sank 7.9%, while shares of oilfield services firms (HAL) and (SLB) were down 6.8% and 5.9%, respectively. Biotechnology firm Amgen (AMGN) released full results from a Phase 2 trial of its experimental obesity treatment MariTide. The drug demonstrated up to 20% average weight loss in participants with obesity who do not have Type 2 diabetes, while patients with obesity and Type 2 diabetes saw up to 17% weight loss and a significant reduction in hemoglobin A1c levels. Despite the positive data, Amgen shares lost 5.8%, perhaps reflecting concerns about competition in the market for obesity treatments but also reportedly due to concerns about side effects during the trial. -Michael Bromberg

How Much Traders Expect FedEx Shares to Move After Earnings FedEx (FDX) is set to release its final earnings report of its fiscal 2025 after the market closes on Tuesday, with traders expecting a sizable move from the shipping giant’s stock. Based on current options prices for FedEx’s stock, investors are anticipating a move of close to 7%, or nearly $16, in either direction over the rest of the week of trading after the Tuesday afternoon report. At the high end, that would put FedEx stock at just over $245, with the low end just over $213. The stock has had some volatile sessions after its recent earnings reports. Shares sank 6% the day after last quarter’s report, and rose 1% following December’s results when FedEx announced plans to spin off its Freight business. FedEx shares are down by nearly a fifth since the start of the year, with their largest drop following the “Liberation Day” tariff announcement, amid concerns that shipping demand could take a hit if tariffs raise prices and lead to a decrease in discretionary spending. In its fiscal fourth quarter, FedEx is projected to report a small decline in revenue from the same time a year ago to $21.82 billion, while adjusted earnings per share are expected to rise to $5.88 from $5.42 as FedEx continues to work through its cost-cutting efforts. Analysts are still mostly bullish on FedEx’s stock, with 12 “buy” ratings among the 14 analysts tracked by Visible Alpha and just two “hold” ratings. Their average price target sits at about $281, suggesting over 22% upside from Monday’s close. -Aaron McDade

IBM and Microsoft Hit Record Highs Amid AI Optimism Microsoft (MSFT) and International Business Machines (IBM) shares both closed at record highs Monday, building on a string of recent gains. Shares of Microsoft rose almost 2% to close at $486, while IBM added nearly 3% to $289.18, with both among the Dow’s best-performing stocks for the day. In 2025 so far, IBM stock has gained nearly a third of its value, while Microsoft has climbed 15%. IBM is the top performing stock in the in Dow so far in 2025, while Microsoft only slightly trails JPMorgan chase for the No. 2 position among top gainers in the index. Still, some Wall Street analysts have suggested both could have room to rise, expecting more AI-driven gains. Last week, Bernstein analysts reportedly said Microsoft’s partnership with OpenAI “can generate huge potential revenue upside” for its Azure cloud platform. Wedbush meanwhile said Microsoft “is currently in the driver’s seat on the AI front,” in a note to clients. Wall Street’s consensus price target according to Visible Alpha is about $531, implying 9% upside from Monday’s close. IBM meanwhile could be “well-positioned to capitalize on the current demand shift for hybrid and AI applications,” Wedbush analysts said Friday. The firm raised its price target to $325 from $320, which represents a 12% premium to Monday’s close. With its recent gains, IBM has surpassed the mean of targets compiled by Visible Alpha at $264. IBM launched new software last week it says could help clients keep their AI agent systems “responsible at scale.” IBM also recently said it believes it has a “viable path” to building the world’s first large-scale, “fault-tolerant” quantum computer by the end of the decade. -Andrew Kessel

FactSet Stock Rises as Revenue Tops Expectations Shares of FactSet Research Systems (FDS) were among the top gainers on the S&P 500 Monday after the financial data provider reported fiscal third-quarter revenue above analysts’ expectations and announced a new share repurchase plan. The Norwalk, Conn.-based firm posted revenue that rose nearly 6% year-over-year to $585.5 million, above the consensus of analysts surveyed by Visible Alpha. FactSet’s organic annual subscription value yearly growth rate of 4.5% also topped projections, but adjusted earnings per share (EPS) of $4.27 came in just short. FactSet affirmed its full-year projections of adjusted EPS of $16.80 to $17.40 on revenue between $2.305 billion and $2.325 billion, and said its board authorized a buyback of up to $400 million that will be available on Sept. 1. FactSet shares have lagged the performance of the benchmark S&P 500 index since the start of the year. TradingView FactSet shares closed 3.5% higher on Monday. Still, they’ve lost about 9% this year. Earlier this month, the company announced that JPMorgan Chase (JPM) executive Sanoke Viswanathan would take over as CEO in September from the retiring Phil Snow. -Aaron Rennie

Trump Media Authorizes $400 Million Stock Buyback Program Trump Media & Technology Group (DJT) on Monday announced that it had authorized a $400 million stock buyback program. Shares of the of the Truth Social parent, founded by President Donald Trump, gained nearly 5% early in today’s session but closed just 0.3% higher. The stock has lost nearly half of its value since the start of 2025. The share repurchases will be funded separately from the company’s Bitcoin buying efforts, Trump Media said. In May, the company raised more than $2.3 billion in a private placement in order to “create a Bitcoin treasury.” Last week, Trump Media said it plans to launch an ETF that would directly hold both Ether and Bitcoin, with a quarter of its assets in the former and the rest in the latter. The launch is planned for “later this year,” the company said. -Andrew Kessel

Fiserv to Add New Stablecoin for Its Network by Year-End Fiserv (FI) shares gained Monday after the financial technology firm announced plans to launch a cryptocurrency trading platform that will include a new stablecoin. The company said it expects the platform and stablecoin, known as FIUSD, will be included in its current banking and payments infrastructure by the end of this year. Fiserv said that adding FIUSD to its network of some 10,000 financial institutions and 6 million merchant locations “will provide instant scale for FIUSD while creating a digital asset network that clients can use to build new products and services.” COO Takis Georgakopoulos said that with the company’s “scale, reach, and technology leadership,” it is “uniquely positioned to advance stablecoin-powered payments and help democratize access to blockchain financial services.” Sunil Sachdev, Fiserv’s Head of Embedded Finance, added that FIUSD is designed to be “a financial institution-friendly coin that simplifies stablecoin access through a secure and scalable ecosystem.” Despite today’s 4% advance, shares of Fiserv are down 17% in 2025.

Estée Lauder Gets Deutsche Bank Upgrade Estée Lauder (EL) stock is turning heads. Shares of the cosmetics company were among the top performers of the S&P 500 Monday after Deutsche Bank upgraded its rating of the stock to “buy” from “hold” and lifted its price target, saying a makeover of the firm’s strategy appears promising. An Estée Lauder store in Shanghai. CFOTO / Future Publishing / Getty Images For years, Estée Lauder belatedly reacted to trends and neglected key markets while over-concentrating on Chinese consumers, Deutsche Bank analysts wrote in a research note Sunday. The company has gotten better at responding to what’s in fashion by broadening its focus and decentralizing decision-making, they said. “Clearly, growth at EL has lagged behind peers in recent years (exacerbated by undershipment to clear excess trade inventory),” the note said. “However, going forward, we see EL in a far better position to at least keep pace (if not surpass) market growth rates.” Shares sank to below $50 in April from nearly $375 in January 2022, but Deutsche Bank thinks “that many of the root causes of this decline have now been addressed” and raised its price target to $95 from $71. The average price target among analysts who follow Estée Lauder and were polled by Visible Alpha is about $68. Estée Lauder stock, which entered Monday essentially flat for the year, was up 5% to roughly $79 in recent trading. -Sarina Trangle

Hims & Hers Stock Plunges as Novo Nordisk Ends Partnership Hims & Hers Health (HIMS) shares lost nearly a third of their value Monday after Novo Nordisk (NVO) said it is pulling out of its partnership with the digital pharmacy, citing “illegal” and “deceptive” practices. That means the Danish drugmaker’s weight-loss drug Wegovy will no longer be available through the Hims & Hers platform, less than two months after the companies announced their collaboration. In a Monday press release, Novo Nordisk alleged that Hims & Hers “has failed to adhere to the law which prohibits mass sales of compounded drugs under the false guise of ‘personalization’ and are disseminating deceptive marketing that put patient safety at risk.” “We will work with telehealth companies to provide direct access to Wegovy that share our commitment to patient safety—and when companies engage in illegal sham compounding that jeopardizes the health of Americans, we will continue to take action,” Executive Vice President of Novo Nordisk’s U.S. Operations Dave Moore said. In a social media post Monday, Hims & Hers co-founder and CEO Andrew Dudum said in response that the company was “disappointed to see Novo Nordisk management misleading the public.” “In recent weeks, Novo Nordisk’s commercial team increasingly pressured us to control clinical standards and steer patients to Wegovy regardless of whether it was clinically best for patients,” Dudum said. “We refuse to be strong-armed by any pharmaceutical company’s anticompetitive demands that infringe on the independent decision making of providers and limit patient choice.” Wegovy and Ozempic, along with rival Eli Lilly’s (LLY) Mounjaro and Zepbound, were in a shortage for much of the last two years, with a Food and Drug Administration policy allowing compounding pharmacies to make and sell versions of the drugs based on the same active ingredient while they were in short supply. However, when the FDA said earlier this year that Ozempic and Wegovy were no longer in a shortage, it warned compounding pharmacies had until mid-May before the agency would pursue enforcement actions. Hims & Hers shares had soared after the deal with Novo Nordisk was first announced in late April. TradingView Hims & Hers shares were down 32% in late trading. The stock is still up more than 80% so far in 2025. Novo Nordisk shares were down more than 5% in recent trading, with the drugmaker also facing disappointing new trial results on Monday. -Aaron McDade

What to Expect from Powell’s Testimony on Tuesday Federal Reserve Chair Jerome Powell is scheduled to testify before Congress on Tuesday, where he will likely face questions about interest rates, the Fed’s independence from politics, and the economic impact of the U.S. entry into the war between Israel and Iran.

Powell is scheduled to talk with the House Financial Services Committee about the Fed’s semi-annual report to Congress, which was released Friday. The report touched on the message Fed officials have been sending for months: the central bank is in “wait-and-see” mode regarding its benchmark interest rate. It will be Powell’s first public appearance since last week, when the central bank’s policy committee decided to leave the influential federal funds rate at a range of 4.25% to 4.5%, the same level it’s been since December. Powell speaking at a press conference following last week’s meeting of the Fed’s policy committee. Yasin Ozturk / Anadolu / Getty Images The fed funds rate influences borrowing costs on all kinds of loans, and lowering it could boost the economy. However, Powell and other Fed officials have been reluctant to do so because of the risk that President Donald Trump’s tariffs could stoke a fresh round of high inflation. Read the full preview of Powell’s testimony here. -Diccon Hyatt

Supermicro Slides on News of Convertible Bond Offering Super Micro Computer (SMCI) shares tumbled Monday after the AI server maker said it plans to issue $2 billion in convertible bonds. Supermicro shares were down more than 7% in recent trading, leading S&P 500 decliners. Still, they’ve added over 35% since the start of the year. The San Jose, Calif.-based server maker said the bonds will mature on June 15, 2030. Supermicro said it would use the proceeds partly for general corporate purposes. Up to $200 million of the proceeds will go towards financing capped call transactions, which firms use to reduce the potential dilution from the issue of convertible bonds. The transaction usually involves the company buying call options on its own stock, which are subject to a cap. Supermicro also said it expects to give the initial buyers of the convertible bonds the option to acquire an additional $300 million of the notes within 13 days from when it issues the bonds. Supermicro shares have had a volatile 12 months amid concerns about its accounting practices and investor fears it would be delisted from the Nasdaq. The company met the exchange’s deadline to file its delayed reports in February, sending shares soaring at the time, but cut its sales outlook for fiscal 2025 in May, weighing on the stock. -Nisha Gopalan

Novo Nordisk Falls as Weight Loss Drug Trial Disappoints Novo Nordisk (NVO) shares slid Monday after the drugmaker revealed the results of a Phase 3 trial for a new weight-loss treatment. The maker of Ozempic and Wegovy said that after a 68-week trial, obese and overweight patients who took CagriSema and followed a treatment plan lost an average of 22.7% of their body weight compared to 2.3% for those in the placebo group. About 40% of the group lost at least 25% of their body weight during the trial, and nearly a quarter lost 30% or more. Just 6% of the trial group stopped taking the drug, mainly due to gastrointestinal issues like nausea and constipation. Novo Nordisk also published results from a second trial Monday, evaluating the drug’s effectiveness among overweight or obese patients with type 2 diabetes. At 68 weeks, the average weight loss was about 15.7% of a patient’s body weight, and the company said the second trial had similar safety results as the first. Previous trial results for the drug weighed on Novo Nordisk’s shares, as CagriSema has yet to achieve the average weight loss of 25% that the company has reportedly hoped for. Shares have also been pressured by trials showing that rival Eli Lilly’s (LLY) Mounjaro and Zepbound, along with its drugs in development, are more effective at causing weight loss than Ozempic and Wegovy. Novo Nordisk shares have lost nearly a fifth of their value since the start of the year, significantly trailing the performance of rival Eli Lilly’s stock. TradingView U.S.-listed shares of Novo Nordisk were down 6% in early-afternoon trading Monday, while Ely Lilly gained less than 1%. -Aaron McDade

Northern Trust Surges on Reported Merge Talks With BNY Northern Trust (NTRS) shares surged Monday morning after Bank of New York Mellon (BK) reportedly approached the smaller bank about a merger last week. CEOs at the two banks had at least one conversation, though haven’t discussed a specific offer, according to The Wall Street Journal, citing people familiar with the matter. “BNY is considering its next steps, which might include returning to Northern Trust with a formal bid,” the report said. The report said that Northern Trust isn’t interested in a merger with BNY and noted a tie-up “would marry two of the world’s largest asset-servicing businesses and create an investment-management powerhouse that oversees more than $3 trillion.” Northern Trust and BNY didn’t immediately respond to Investopedia requests for comment. Citi analysts said they would see a deal as a “win-win,” with the two franchises seeming “complementary” and raised their price targets for Northern Trust stock to $110 per share from $100, and $92 for BNY from $85, “reflecting possibility of acquisition.” They noted, however, that “this deal does not seem like a “must have,” and that they “expect BK to be disciplined on pricing and would expect only ~10% premium deal given NTRS’ relatively high valuation.” Northern Trust shares were up 8% at around $121 in recent trading, boosting the stock’s year-to-date gain to 18%. BNY shares, which entered Monday up about 19% this year, were down 3% Monday morning at around $89. -Nisha Gopalan

Tesla Jumps After Robotaxi Service Launch Tesla (TSLA) shares surged in early trading Monday, a day after the electric vehicle maker launched its robotaxi service in Austin, Texas. The small-scale launch Sunday featured invites sent to Tesla retail investors and several people with social media accounts dedicated to the brand, Bloomberg reported. Tesla shares, which entered Monday trading down 20% since the start of the year, were up 9% recently at their highest level in a month. A Robotaxi picks up passengers in Austin on Sunday. Tim Goessman / Bloomberg / Getty Images Several users who took some of the first rides on Sunday posted about their experiences on X, the social media platform also owned by Tesla CEO Elon Musk, who wrote that each ride cost a flat fee of $4.20. User videos indicated no one sat in the driver’s seat, a Tesla employee was in the passenger seat to monitor the experience, and passengers sat in the back. -Aaron McDade

Bitcoin Levels to Monitor Amid Cryptocurrency Volatility Bitcoin (BTCUSD) briefly fell below $99,000 on Sunday as news that the U.S. had struck Iranian nuclear sites caused investors to reassess their appetite for risky assets. The digital currency moved as low as $98,200 on Sunday afternoon, its lowest level since May 8, amid uncertainty about the geopolitical and economic outlook after the U.S. late Saturday entered a conflict between Israel that had intensified over the past week. In recent trading, bitcoin had rebounded to about $101,500 but was still well down from its high last Monday of near $109,000. Source: TradingView.com. After trending sharply higher between early April and late May, bitcoin has consolidated within a descending channel. Over the past week, the cryptocurrency’s price has retraced toward the pattern’s lower trendline, an area on the chart that closely aligns with the psychological $100,000 level. Moreover, recent selling has coincided with the relative strength index falling below its neutral threshold, signaling weakening price momentum. Investors should watch crucial support levels on Bitcoin’s chart around $100,000 and $92,000, while also monitoring resistance levels near $107,000 and $112,000. Read the full technical analysis piece here. -Timothy Smith