🎉 Happy NVDA earnings day to those who celebrate

💣 Plus, Boeing finally kills someone (who wasn't a whistleblower)

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📰 Market Headlines

  • The S&P 500 and Nasdaq notched fresh record highs yesterday as investors awaited Nvidia's earnings report with bated breath.

    • The Dow inched up 0.17%, and the S&P 500 gained a modest 0.25%. The Nasdaq eked out a 0.22% advance.

  • NVIDIA will report earnings right after the bell today. Analysts expect a 400% year-over-year boost in profits.

  • President Biden, who long avoided touting stock market gains, now can't resist.

  • Sales taxes have surged 50% in the past 3 years, hitting low-income families in big cities especially hard.

  • A Singapore Airlines flight from London hit severe turbulence, killing one passenger and injuring 30. Yes, it was a Boeing.

🕶️ Market Vibes

🎰 Market Forecasts and Futures

Forecasts via ​Kalshi​, the prediction market.

😱 Fear and Greed Index

🎤 What you said last time

📈 Trends you need to know

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How does NVIDIA keep this up?

🧠 What do you think?

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📊 Stocks

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Winners and losers

Earnings, upgrades, and acquisitions

  • Lowe's fell 1.9% despite reporting better-than-expected Q1 earnings and revenue.

  • XPeng beat estimates, launching shares 11.4%.

  • Macy's topped Q1 earnings estimates; shares rose about 1%.

  • Urban Outfitters presented record Q1 sales and earnings, shares climbed 8.9%.

  • AutoZone beat Q3 EPS estimates but missed revenue, slumping shares 1.7%.

  • Toll Brothers inched higher by 1% after surpassing analysts’ estimates.

Market movers

  • The EU approved the AI Act, establishing global AI regulations with fines of up to 7% of revenue for violations.

  • Nestle announced the launch of a $5 line of frozen pizzas and protein-enriched pasta for people taking Ozempic.

  • California's top court decided to review a union challenge to Uber and Lyft's driver classification as contractors rather than employees with benefits.

  • Pixar Animation Studios cut approximately 14% of its workforce or around 175 employees, the biggest reduction in Pixar's history.

Ideas, trends, and analysis

  • The San Francisco Fed says high inflation is due to supply chain issues, tight labor market, and stimulus-driven demand, not corporate greed.

  • Silver has caught fire, gaining over 20% in May as gold and copper both reached fresh all-time highs.

  • Florida's senior living industry is struggling with surging property insurance costs, with premiums up 125% in 5 years.

🌍 Global Perspectives

  • 🇺🇸 🇮🇱 The US Central Command said more than 569 tons of aid was delivered across a floating pier into Gaza.

  • 🇮🇱 🇵🇸 Israeli forces raided the West Bank city of Jenin, killing seven.

  • 🇲🇩 🇪🇺 Moldova signed a security and defense partnership with the EU.

  • 🇺🇸 🇲🇽 Two sets of earthquake swarms hit the California-Mexico border region, with the largest quake hitting a magnitude of 4.1.

📊 Crypto

🧠 Errata

📺 What to Watch Today

That’s all for today. Did I miss anything? Smash the reply button to let me know.

Cheers,

Wyatt

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