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Top Stories
Ukraine Peace Talks in Limbo as Putin Opts Out, Trump Downplays Absence
Ukraine peace talks in Istanbul face uncertainty as Putin skips the event. Trump downplays Putin's absence, while Zelenskiy meets with Erdogan in Turkey. The Kremlin states it's too early to discuss Russian participation, as Ukraine's delegation hasn't arrived yet.
UK Economy Beats Forecasts with 0.7% Growth in Q1, Faces Potential Slowdown
UK economy grew 0.7% in Q1 2025, surpassing expectations. GDP rose 0.2% in March, driven by government infrastructure efforts. Growth is expected to slow later in the year, with businesses facing challenges.
UnitedHealth Shares Crash on DOJ Medicare Fraud Investigation
UnitedHealth stock plummets amid reports of a DOJ criminal probe into possible Medicare fraud. The investigation has caused the company's shares to fall by 18%, erasing $400 billion in market cap over the past month and impacting the Dow Jones index.
Mixed Economic Signals: US Retail Sales Up, Producer Prices Down, Global Trends Vary
US economic data shows mixed results: retail sales rose slightly, while producer prices fell unexpectedly. Manufacturing in Canada declined less than forecast. Brazil's retail sales grew month-over-month but declined year-over-year.
Company News
Walmart Inc. (WMT)
Performance Overview
1D Change: -0.5%
5D Change: -1.11%
News Volume: 311
Unusual Volume Factor: 10x
Walmart Beats Earnings But Warns of Looming Price Hikes Due to Tariffs
Walmart reported strong Q1 earnings, beating expectations with adjusted EPS of $0.61 vs $0.58 estimated. However, the retail giant warned of imminent price hikes due to tariffs. CFO John David Rainey said price increases could start later this month, as tariff-related costs are too high to fully absorb. CEO Doug McMillon noted all tariffs create cost pressures, but China tariffs have the biggest impact. Despite solid sales growth, Walmart withheld Q2 guidance citing economic uncertainty.
Full coverage of $WMT on MarketFlux.io
Foot Locker, Inc. (FL)
Performance Overview
1D Change: 85.7%
5D Change: 95.58%
News Volume: 105
Unusual Volume Factor: 43x
Dick's Sporting Goods Acquires Foot Locker in $2.4 Billion Deal, Shaking Up Retail Landscape
In a major shakeup of the retail landscape, Dick's Sporting Goods has announced its acquisition of struggling shoe chain Foot Locker for $2.4 billion. The all-cash deal, which was confirmed today, offers Foot Locker shareholders $24 per share, representing an 86% premium over the previous closing price. This news sent Foot Locker's stock soaring by as much as 85% in premarket trading.
Full coverage of $FL on MarketFlux.io
Geopolitics Events
Global Diplomacy in Flux: Putin Skips Ukraine Peace Talks, Trump Touts Mediation Successes Amid Ongoing Conflicts
The international community is abuzz with diplomatic efforts to address global conflicts, particularly the ongoing war in Ukraine. Peace talks in Istanbul have hit a snag as Russian President Vladimir Putin has decided not to attend, throwing the negotiations into uncertainty. The Kremlin stated it's too early to discuss future Russian participation, as the Ukrainian delegation has yet to arrive. Meanwhile, Ukrainian President Volodymyr Zelenskiy has landed in Turkey for talks with President Erdogan, weighing his next steps in light of Putin's absence.
Trump Pushes for Birthright Citizenship Restrictions as Supreme Court Prepares to Hear Case
Trump urges Supreme Court to limit birthright citizenship as justices prepare to hear arguments on the controversial issue, potentially impacting nationwide policies.
Oil Prices Plunge on Trump's U.S.-Iran Deal Optimism
Oil prices plummeted 4% as President Trump hinted at a potential U.S.-Iran nuclear deal, sparking hopes for increased global oil supply and weaker demand expectations.
Trump Claims India Proposes Zero-Tariff Deal to US
India reportedly offered the US a deal for zero tariffs, according to claims made by President Trump. This potential agreement could significantly impact trade relations between the two nations.
U.S. and Ukraine Skeptical as Istanbul Peace Talks Loom, Rubio Suggests Trump-Putin Involvement Necessary for Breakthrough
U.S. Secretary of State Rubio is set to meet with Turkish and Ukrainian officials in Istanbul on Friday to discuss the ongoing Russia-Ukraine conflict. However, expectations for a breakthrough in these talks are low, with Rubio stating that significant progress would likely require the involvement of President Trump and Russian President Putin. Meanwhile, Ukrainian President Zelenskiy has expressed skepticism about Russia's commitment to peace negotiations, citing the low-level officials Moscow has sent to represent them. Zelenskiy suggested that if a ceasefire could be reached at a technical level, a direct meeting with Putin might be unnecessary. The talks in Istanbul are seen as a potential path to "lasting peace," with Russia reportedly reviving a 2022 draft deal seeking a neutrality-for-security guarantees framework. The U.S. remains committed to achieving peace but acknowledges the long road ahead. In addition to the Ukraine situation, Rubio mentioned U.S. concerns about Gaza and openness to alternative aid plans for the region.
Trump Secures Massive Defense and Aviation Deals with Qatar, Boosting U.S. Aerospace Industry
President Trump announced significant defense deals with Qatar during his Middle East visit. Qatar agreed to invest $10 billion in a U.S. base and signed a $42 billion defense purchase agreement. Boeing secured a record $96 billion order from Qatar Airways for 160 jets. These deals are seen as major wins for Trump's trade agenda and the U.S. aerospace industry. Additionally, plans for new fighter jets, including the F-22 Super and F-55, were discussed as part of a broader air dominance strategy.
Trump Claims U.S. "Very Close" to Nuclear Deal with Iran
President Trump announced that the U.S. is nearing a nuclear deal with Iran, suggesting Tehran has tentatively agreed to terms. This development signals potential progress in ongoing negotiations between the two nations, though details remain undisclosed.
Trump Criticizes Apple's India Manufacturing Push, Urges U.S. Production
Former President Trump expressed displeasure with Apple's expansion of iPhone production in India during a speech in Qatar. He claimed to have told CEO Tim Cook to stop building in India, emphasizing his preference for U.S. manufacturing. Trump's comments come as Apple increases its presence in India, highlighting tensions between global manufacturing strategies and political pressure for domestic production.
Trump, Nvidia CEO, and UAE President Discuss "Special" AI Project in Abu Dhabi
Trump meets with Nvidia CEO Huang and UAE President in Abu Dhabi, discussing potential AI project collaboration. Trump expresses optimism about the initiative's significance.
Trump's Gulf AI Deals Spark Debate: Officials Urge Caution on Chip Sales to Middle East
President Trump's push for AI deals in the Gulf has sparked internal disagreement. Some officials advocate slowing down sales of Nvidia and AMD chips to Middle Eastern countries, citing concerns over potential technology transfer to China. This rift highlights tensions between economic interests and national security.
U.S. Diplomat Rubio's Landmark Meeting with Syrian Counterpart Sparks Hope for Regional Peace
In a rare diplomatic meeting, U.S. Secretary of State Rubio met with Syria's Foreign Minister in Turkey, signaling potential shifts in regional dynamics. Rubio welcomed Syria's efforts to reduce Iranian influence, disarm chemical weapons, and pursue peace with Israel. He emphasized the need to protect human rights in Syria and account for missing Americans. Rubio also discussed Syria and Iran with Israeli Prime Minister Netanyahu, reaffirming U.S. commitment to Israel. The Trump administration plans to waive certain sanctions on Syria.
Germany Backs Trump's 5% NATO Spending Goal, Decision Pending June Summit
Germany signals support for raising NATO's defense spending target to 5% of GDP, aligning with Trump's push. The proposal splits spending into military, infrastructure, and cyber categories. Chancellor Friedrich Merz aims to make the Bundeswehr Europe's strongest military. However, Germany's final decision on spending levels will come after June's NATO summit, as the country leads European members in boosting defense expenditure.
China Moves to Tighten Grip on AI Data Centers
China plans to implement stricter regulations on artificial intelligence data centers, according to reports from The Information.
Trump Signals Breakthrough in Iran Nuclear Talks, Hints at India Trade Developments
President Trump claims the U.S. is nearing a nuclear deal with Iran, suggesting Tehran has "sort of" agreed to terms. He also mentioned discussions with Apple CEO Tim Cook about India plants and potential tariff-free trade with India. Trump's statements indicate progress in multiple international negotiations.
Eric Trump Fuels Bitcoin Frenzy, Calls Accumulation a "Race to the Top"
Eric Trump declares a "race to the top" for Bitcoin accumulation, signaling growing interest in cryptocurrency from the Trump camp and potentially influencing market sentiment.
Trump Urges Apple CEO to Prioritize US Manufacturing Over India Expansion
President Trump revealed he spoke with Apple CEO Tim Cook about the company's plans for manufacturing in India. Trump expressed his preference for Apple to focus on building in the US, telling Cook he didn't want Apple to expand operations in India unless it was specifically to serve the Indian market.
UAE President Lauds Trump-Era Boost in US Relations, Seeks Further Cooperation
The UAE President expressed enthusiasm to former President Trump about strengthening bilateral ties, noting a significant improvement in relations since Trump's tenure. The UAE leader emphasized the mutual benefits of enhancing friendship between the two nations.
Trump Open to Turkey Visit for Russia-Ukraine Talks, Pending Appropriateness
Former President Trump expresses willingness to attend Russia-Ukraine talks in Turkey on Friday, contingent on it being deemed appropriate. The potential diplomatic engagement sparks international interest.
US Industrial Output Flat in April, Factory Production Dips
US industrial production stagnated in April following a decline in March, with factory output falling but showing potential for improvement.
Macro Events
US Economic Data Reveals Mixed Signals: Retail Sales Edge Up, Producer Prices Unexpectedly Fall
US economic data released on Thursday showed mixed results. Retail sales rose 0.1% in April, slightly beating expectations of 0%. However, the producer price index fell 0.5% month-over-month, surprising analysts who predicted a 0.2% increase. Core PPI also declined 0.4%, contrary to forecasts. Manufacturing data from Canada and New York showed weakness. These figures suggest potential economic slowdown, impacting various sectors and currencies. The unexpected drops in producer prices could influence inflation expectations and monetary policy decisions.
UK Economy Defies Expectations with 0.7% Growth in Q1, but Challenges Loom on the Horizon
The UK economy showed unexpected strength in the first quarter of 2025, with GDP growing 0.7% quarter-on-quarter and 1.3% year-on-year, surpassing forecasts. March GDP rose 0.2% month-on-month, defying expectations of stagnation. Construction output and business investment displayed positive trends, with construction growing 0.5% monthly and 1.4% annually, while business investment surged 8.1% year-on-year. However, the manufacturing sector faced challenges, with production declining 0.8% annually. The services sector performed well, growing 0.4% monthly. The trade balance remained negative at -£19.87 billion, slightly worse than expected. In other European news, Norway's mainland GDP grew 1.0% quarterly, beating estimates, while Swiss GDP rose 0.7% quarter-on-quarter. The German wholesale price index showed a slight decline. Despite the positive first-quarter performance, experts warn of potential economic slowdown later in the year due to tax pressures on businesses.
Walmart Braces for Price Hikes as Tariffs Take Toll, Despite Strong Q1 Performance
Walmart warns of impending price increases due to tariffs, despite strong first-quarter sales. Executives say the "magnitude of tariffs" is forcing the retail giant to raise prices later this month, impacting consumers across the US.
French Inflation Surpasses Expectations, Swiss Prices Decline: Diverging Economic Pressures in Europe
France's final April inflation figures exceeded expectations, with EU-harmonized CPI rising 0.9% year-over-year and 0.7% month-over-month. The national CPI increased 0.8% annually and 0.6% monthly. These figures surpassed initial estimates, indicating stronger inflationary pressures. Meanwhile, Switzerland reported a decline in producer and import prices, with a 0.5% year-over-year decrease, contrasting with France's upward trend. The Swiss data suggests deflationary pressures in their economy, while France grapples with rising consumer prices.
Fed Chair Powell Calls for Framework Review, Citing Inflation Volatility and Supply Shock Concerns
Federal Reserve Chair Jerome Powell suggests reconsidering the average inflation targeting approach and addressing potential supply shock challenges. He emphasizes the need for a robust framework adaptable to various circumstances, including more frequent supply shocks. Powell notes the zero-lower bound risk should be addressed, though it's no longer a base case. The Fed is conducting a two-day review of its 2020 framework, with officials agreeing to reconsider language on employment shortfalls and average inflation.
Walmart Beats Earnings Expectations, Warns of Imminent Price Hikes Amid Tariff Concerns
Walmart has reported strong Q1 2026 earnings, beating estimates with adjusted EPS of $0.61 versus the expected $0.58. Revenue reached $165.61 billion, slightly below the estimated $166.02 billion but still up 2.5% year-over-year. The retail giant saw impressive growth in US comparable sales, with total US comp sales excluding gas up 4.8%, surpassing expectations. Walmart-only US stores and Sam's Club both showed strong performance. Despite the positive results, the company is cautious about the future, withholding specific Q2 operating income growth and EPS forecasts due to economic uncertainties. Walmart reaffirmed its full-year outlook, projecting net sales growth of 3% to 4% and adjusted EPS of $2.50 to $2.60. However, CFO John David Rainey warned of potential price hikes starting later this month due to ongoing tariff pressures, particularly affecting imported goods from China.
Fed Officials Warn of Trade Policy Risks Amid Solid Economic Outlook
Federal Reserve Governor Michael Barr has stated that the U.S. economy is on solid footing with inflation heading towards 2%. However, he warns that trade policies have clouded the economic outlook. Barr emphasizes that trade shocks could be particularly challenging for small businesses, potentially triggering price increases if supply chains are disrupted or firms fail. Fed Chair Jerome Powell echoes these concerns, suggesting that the U.S. could face "more persistent supply shocks." The Fed is closely monitoring the impact of Trump-era trade policies on the economy, holding interest rates steady for now. While unemployment remains low and stable, the evolving economic dynamics and policy uncertainties may keep long-term interest rates elevated.
Walmart Signals Price Hikes as Fed and ECB Navigate Economic Uncertainties
Walmart CFO John David Rainey has warned of potential price hikes due to ongoing tariffs, particularly affecting imported goods from China. This comes as the retail giant beats earnings expectations. Meanwhile, the Federal Reserve is considering a strategy shift in its monetary policy framework, reassessing the balance between inflation and employment goals. The ECB has highlighted trade tensions, debt, and market volatility as key risks for the Eurozone, with concerns about eroding fiscal buffers. In the broader economic landscape, inflation in Saudi Arabia remained steady at 2.3% year-on-year in April, while Fed official Mary Daly noted that despite sentiment shocks, there's no broad pullback in consumer and business spending.
U.S. Retail Sales Stall in April as Tariff-Driven Spending Surge Fades
U.S. retail sales barely increased in April, rising just 0.1% compared to March's revised 1.7% jump. This slowdown suggests consumers pulled back on spending as the effects of tariffs began to kick in. The modest growth beat expectations of 0% but indicates a significant deceleration from the previous month's tariff-fueled buying spree. Sales excluding autos and gas rose only 0.2%, falling short of the 0.3% estimate. The control group, a key GDP input, actually declined by 0.2%. This data points to waning consumer momentum and potential economic uncertainty as trade tensions continue to impact household demand.
U.S. Jobless Claims Steady, Signaling Robust Labor Market
Jobless claims in the U.S. remained unchanged last week, aligning with forecasts and indicating a stable labor market. The steady figures suggest continued economic resilience.
JPMorgan's Dimon Predicts Ongoing Volatility, Eyes Digital Banking Expansion
JPMorgan CEO Jamie Dimon anticipates continued market volatility, noting its potential benefits for traders. He also sees an opportunity for JPMorgan to build a "great digital bank," highlighting the company's fintech ambitions and efforts to scale digital infrastructure to compete with tech-driven challengers.
U.S. Retail Sales Growth Stalls in April as Tariff-Driven Buying Frenzy Subsides
U.S. retail sales growth slowed significantly in April, rising just 0.1% compared to March's 1.7% surge. The deceleration suggests consumers pulled back on spending as the initial rush to beat tariffs faded and economic uncertainty grew. Core spending weakened, with sales excluding autos and gas increasing only 0.2%. This tepid growth indicates households may be losing their "will to spend" amid concerns about rising prices from tariffs, potentially impacting GDP.
U.S. Economic Indicators Show Mixed Signals as Fed Reconsiders Strategy
Recent economic data paints a mixed picture of the U.S. economy. April's Producer Price Index is expected to rise 0.2%, while retail sales remained flat. Manufacturing output declined 0.4%, and capital expenditures are forecasted to fall in 2025. Federal Reserve Chair Jerome Powell signaled that long-term interest rates may remain elevated and emphasized the need to reconsider strategies for both jobs and inflation. Despite these challenges, retail sales inched up 0.1% in April, surpassing expectations. Analysts predict a slight increase in core PCE for April, which could be a positive sign for the Fed following March's soft print.
Markets Rally as Inflation Worries Subside, Fed Outlook Remains Cautious
Inflation concerns ease as soft data improves and the Fed maintains a cautious tone. Stocks rise while US yields sink, with Meta being an exception. Gold prices increase and defensive sectors dominate. The battle for the Fed's future continues, but officials remain confident inflation will return to target levels. Markets anticipate potential rate cuts, though recession fears linger.
Eurozone Growth Slows, Industrial Output Surges Amid ECB Warnings on Economic Risks
The Eurozone's economic growth slowed to 0.3% in Q1 2025, below initial estimates of 0.4%. Despite this, industrial output surged 2.6% in March, led by capital goods and a German rebound. The ECB warns of risks from trade tensions, debt, and market volatility, while also highlighting challenges from aging populations, climate goals, and technological shifts. Meanwhile, UK productivity grew 0.2% quarter-on-quarter in Q1 2025.
NY Manufacturing Slump Deepens as Empire State Index Falls Further in May
The NY Empire State Manufacturing Index fell to -9.2 in May, marking its third consecutive month of contraction and signaling weakening business conditions. While new orders rose, hiring slowed and input costs hit a two-year high. The Philadelphia Fed index showed some recovery, but overall, the data suggests continued challenges in the manufacturing sector and cooling economic momentum.
Oil And Gas Events
Oil Prices Plunge on Trump's U.S.-Iran Deal Optimism
Oil prices plummeted 4% as President Trump hinted at a potential U.S.-Iran nuclear deal, sparking hopes for increased global oil supply and weaker demand expectations.
Russia's Oil Revenue Nosedives: Lowest Since 2023 Amid Price Slump and Weak Demand
Russia's oil and gas revenue is projected to plummet by a third in May compared to last year, reaching 0.52 trillion rubles. This decline marks the lowest export revenue since 2023, as oil prices slump and global demand growth slows for the remainder of 2025.
IEA Forecasts Oil Demand Growth Deceleration in 2025 Amid Economic Headwinds
The International Energy Agency (IEA) predicts a slowdown in global oil demand growth for the remainder of 2025, dropping to 650,000 barrels per day from 990,000 in Q1. Economic challenges, increased EV sales, and trade uncertainty contribute to this forecast, with slight improvements projected for 2026.
Crypto Events
Coinbase Faces Security Breach: Customer Data Stolen, $20M Ransom Demanded
Coinbase, a major cryptocurrency exchange, suffered a cyberattack affecting a small number of customer accounts. Hackers accessed sensitive data through bribed contractors or employees outside the US, demanding a $20 million ransom. Coinbase refused to pay and is investigating the breach, working to secure affected accounts and notify customers.
Crypto Market Fluctuates: Bitcoin ETFs Surge, Ethereum Bullish, as Investors Eye Economic Data
The cryptocurrency market experienced volatility as Bitcoin dipped below $102,000 amid anticipation of US PPI and jobless claims data. Despite this, Bitcoin ETFs saw a significant rebound with $319.56 million in net inflows, led by BlackRock's IBIT. Ethereum showed strength, with $1.2 billion in ETH leaving exchanges, potentially signaling a bullish trend. Solana (SOL) faced an 8% drop, while XRP's rally seemed to lose steam. The market sentiment shifted towards greed, affecting various cryptocurrencies. Analysts are eyeing Bitcoin's potential to reach $320,000, though it must hold above $109,400. Ethereum, Solana, and Sui continued to outperform Bitcoin, with Ethereum aiming for the $3,000 mark. Investors remain cautious, watching for further market indicators and potential price movements across major cryptocurrencies.
SEC Probes Coinbase Over User Metrics as Stock Tumbles Amid Regulatory Scrutiny
The U.S. Securities and Exchange Commission (SEC) is investigating Coinbase, a major cryptocurrency exchange, over potential misrepresentation of user numbers in past filings. The probe, which began under the Biden administration, focuses on the "100M+ verified users" statistic once cited in IPO documents. Coinbase has since discontinued using this metric in 2023. The news caused Coinbase's stock to drop sharply, falling more than 8%. Coinbase's Chief Legal Officer, Paul Grewal, responded to the report, calling the investigation a "hold-over from the prior administration" concerning a metric they stopped reporting 2.5 years ago. Grewal clarified that the "verified users" metric included anyone who verified their email address or phone number with Coinbase. The company states it is cooperating with the SEC on the probe. This investigation comes amid other challenges for Coinbase, including a recent cyberattack and ongoing scrutiny of crypto disclosures.
Coinbase Faces $20M Ransom Demand After Insider-Led Data Breach
Coinbase, a major cryptocurrency exchange, has fallen victim to a data breach orchestrated by hackers who bribed overseas employees for customer information. The cybercriminals obtained names, emails, ID documents, and partial Social Security numbers, but crucially, no wallets, passwords, or private keys were compromised. Now, the hackers are demanding a $20 million ransom to prevent public disclosure of the stolen data. Coinbase is refusing to pay and is working to mitigate the impact on affected customers.
FTX to Distribute $5 Billion to Creditors in May 30 Payout
FTX Recovery Trust announces a second distribution of over $5 billion to creditors, scheduled for May 30. This significant payout marks another step in the ongoing recovery process for affected FTX customers.
Eric Trump Fuels Bitcoin Frenzy, Calls Accumulation a "Race to the Top"
Eric Trump declares a "race to the top" for Bitcoin accumulation, signaling growing interest in cryptocurrency from the Trump camp and potentially influencing market sentiment.
Bitcoin Bullish Signals Intensify: Experts Predict $200K Target as Corporate Holdings Soar
Bitcoin's future looks bright as historic indicators suggest a potential $200K target. JPMorgan predicts Bitcoin could outperform gold through 2025, despite CEO Jamie Dimon's previous skepticism. Eric Trump emphasizes the urgency to accumulate Bitcoin, while corporate holdings reach $16 billion. Meanwhile, Pi Network generates buzz with cryptic posts from Binance and HTX, fueling price speculation in the crypto market.
Coinbase Security Breach: Hackers Accessed Customer Data for Months
Coinbase, a major cryptocurrency exchange, faced a significant security breach. Hackers reportedly accessed customer data since January, raising concerns about data protection and potential financial implications for users.
Bitcoin Millionaire Forecast: Hayes Urges European Investment
Arthur Hayes predicts Bitcoin will reach $1 million by 2028, advising Europeans to invest in cryptocurrency amid economic uncertainty.
Judge Rejects Ripple-SEC Motion, XRP Lawsuit Remains Unresolved
Judge Torres has denied a request for an indicative ruling in the Ripple-XRP lawsuit, refusing to signal potential reconsideration of a previous decision if the case returns from a higher court.
Earnings Events
Walmart Beats Earnings Expectations, Warns of Imminent Price Hikes Amid Tariff Concerns
Walmart has reported strong Q1 2026 earnings, beating estimates with adjusted EPS of $0.61 versus the expected $0.58. Revenue reached $165.61 billion, slightly below the estimated $166.02 billion but still up 2.5% year-over-year. The retail giant saw impressive growth in US comparable sales, with total US comp sales excluding gas up 4.8%, surpassing expectations. Walmart-only US stores and Sam's Club both showed strong performance. Despite the positive results, the company is cautious about the future, withholding specific Q2 operating income growth and EPS forecasts due to economic uncertainties. Walmart reaffirmed its full-year outlook, projecting net sales growth of 3% to 4% and adjusted EPS of $2.50 to $2.60. However, CFO John David Rainey warned of potential price hikes starting later this month due to ongoing tariff pressures, particularly affecting imported goods from China.
Applied Materials Beats Q2 EPS Estimates, Sets Optimistic Q3 Outlook
Applied Materials reported strong Q2 2025 earnings, beating EPS estimates but slightly missing revenue expectations. The company saw year-over-year growth in revenue and adjusted EPS. Q3 guidance suggests continued growth, with a wide range for both revenue and EPS forecasts.
Alibaba's Q4 Earnings: Mixed Results, Strong Segment Growth, and Optimistic Outlook
Alibaba's Q4 earnings show mixed results, with revenue slightly below estimates at CNY236.45B but adjusted EBITDA beating expectations at CNY41.78B. The company reported strong growth in Cloud Intelligence and Taobao & Tmall segments. Alibaba remains confident in its business outlook, approving a special dividend and focusing on AI and Cloud as long-term growth drivers.
Deere & Co Beats Q2 Earnings Estimates, Adjusts Full-Year Outlook Amid Mixed Sector Performance
Deere & Co's Q2 earnings surpassed expectations, with EPS at $6.64 and net income of $1.80B. The company adjusted its full-year net income forecast to $4.75B-$5.50B. While Construction and Forestry sales fell short, Production and Precision Ag sales exceeded estimates, showcasing strong performance in key sectors.
Healthcare Events
Healthcare Sector Abuzz with Positive Trial Results and Advancements in Drug Development
The healthcare sector is buzzing with activity as multiple companies report positive trial results and new developments. GRI Bio, Quince Therapeutics, and Lipella Pharmaceuticals are among those sharing promising data for various treatments. Voyager Therapeutics demonstrated novel AAV capsids for blood-brain barrier transport, while Aptevo and IMUNON reported high remission rates and encouraging vaccine results, respectively. Revolution Medicines and Immutep are progressing with lung cancer trials. Short bets against S&P 500 healthcare stocks have increased, with Moderna remaining the top shorted stock. Merus and Immutep announced journal publications on their cancer treatments. Moderna, Tiziana, and Pacira BioSciences are advancing their clinical trials in various therapeutic areas. Cybin, Pasithea, and Merck are also making strides in drug development and clinical success.
DOJ Launches Criminal Investigation into UnitedHealth Group for Alleged Medicare Fraud
UnitedHealth Group faces a criminal investigation by the US Department of Justice for potential Medicare fraud. The probe, active since last summer, has unclear specific allegations, as reported by the Wall Street Journal.
HHS to Halt CDC's Routine COVID Vaccine Advice for Kids and Pregnant Women
HHS plans to discontinue CDC's routine COVID-19 vaccine recommendations for children, teens, and pregnant women. This significant policy shift comes amid ongoing debates about pandemic-era health mandates, potentially marking a new approach to public health guidance.
Legal Events
SEC Probes Coinbase Over User Metrics as Stock Tumbles Amid Regulatory Scrutiny
The U.S. Securities and Exchange Commission (SEC) is investigating Coinbase, a major cryptocurrency exchange, over potential misrepresentation of user numbers in past filings. The probe, which began under the Biden administration, focuses on the "100M+ verified users" statistic once cited in IPO documents. Coinbase has since discontinued using this metric in 2023. The news caused Coinbase's stock to drop sharply, falling more than 8%. Coinbase's Chief Legal Officer, Paul Grewal, responded to the report, calling the investigation a "hold-over from the prior administration" concerning a metric they stopped reporting 2.5 years ago. Grewal clarified that the "verified users" metric included anyone who verified their email address or phone number with Coinbase. The company states it is cooperating with the SEC on the probe. This investigation comes amid other challenges for Coinbase, including a recent cyberattack and ongoing scrutiny of crypto disclosures.
Judge Rejects Ripple-SEC Motion, XRP Lawsuit Remains Unresolved
Judge Torres has denied a request for an indicative ruling in the Ripple-XRP lawsuit, refusing to signal potential reconsideration of a previous decision if the case returns from a higher court.
Technology Events
Meta's 'Behemoth' AI Model Delayed: Tech Giant Faces Setback in Multibillion-Dollar AI Push
Meta, the tech giant behind Facebook, is postponing the launch of its highly anticipated AI model, codenamed 'Behemoth'. Originally slated for a spring release, the rollout has been pushed back to fall or later due to underwhelming performance. This delay has sparked internal concerns about the direction of Meta's multibillion-dollar AI investments and potential shakeups within the AI team. The news has caused Meta's stock to dip, reflecting investor unease about the company's AI strategy. This setback highlights the growing caution in Big Tech's AI race, as companies grapple with balancing innovation, performance, and risk management in the rapidly evolving field of artificial intelligence.
CoreWeave Lands $4 Billion Cloud Deal with OpenAI, Reshaping AI Computing Landscape
CoreWeave has secured a $4 billion deal to provide additional cloud computing capacity to OpenAI through April 2029. This expansion of their partnership aims to revolutionize how compute is delivered to clients in the AI industry.
Trump, Nvidia CEO, and UAE President Discuss "Special" AI Project in Abu Dhabi
Trump meets with Nvidia CEO Huang and UAE President in Abu Dhabi, discussing potential AI project collaboration. Trump expresses optimism about the initiative's significance.
UAE-US Forge Landmark AI Partnership with New 5GW Campus in Abu Dhabi
The UAE is poised to secure a groundbreaking AI chip deal with the U.S., marking a significant shift in tech diplomacy. During Trump's visit to the UAE, a comprehensive 5GW UAE-US AI campus in Abu Dhabi was unveiled. The U.S. Commerce Department announced that several U.S. companies will operate UAE data centers as part of an AI acceleration partnership. This move signifies a strategic realignment in AI cooperation, with Gulf states emerging as key compute hubs. Trump expressed optimism about the project, noting NVIDIA CEO Huang's presence and hinting at a possible return to Washington.
US and UAE Seal Tech Security Pact: A New Era of Digital Collaboration
The US and UAE have finalized a technology framework agreement, requiring mutual commitments to ensure tech security. This landmark deal marks a significant step in bilateral technological cooperation.
China Moves to Tighten Grip on AI Data Centers
China plans to implement stricter regulations on artificial intelligence data centers, according to reports from The Information.
Stock Markets Events
Buffett's Berkshire Shakes Up Portfolio: Exits Citigroup, Boosts Constellation Brands
Warren Buffett's Berkshire Hathaway has made significant changes to its portfolio, dissolving its stake in Citigroup and reducing holdings in Bank of America and Capital One. The company also doubled its investment in Constellation Brands.
Real Estate Events
Canadian Housing Starts Skyrocket in April, Defying Economic Headwinds
Canada's housing starts surged 30% to 278,600 units in April, significantly exceeding forecasts of 227,500 and March's 214,200. This unexpected jump signals resilience in the housing market despite high interest rates and affordability concerns.
US Homebuilder Sentiment Hits 2023 Low as Housing Market Faces Mounting Pressures
US homebuilder sentiment plummeted to 34 in May, down from 40 in April, marking the lowest level since 2023. The NAHB Housing Market Index fell short of the expected 40, reflecting persistent challenges in the housing sector. Elevated interest rates, policy uncertainty, and material costs continue to dampen builder confidence, signaling potential headwinds for the US housing market.
Indian REITs Distribute Billions as Global Real Estate Market Faces Mixed Signals
India's REITs distribute Rs 1,553 crore to unitholders. Homebuilders show potential despite market challenges. Redfin reports slow spring sales. Experts recommend REITs for long-term investors, with Realty Income highlighted as a promising option.
Housing Data and Consumer Sentiment Report Expected as Real Estate Trends Shift
Economic indicators on housing and consumer sentiment are due Friday. Investors eye offshore and affordable housing, while data centers gain attention. Mid-America Apartment's market performance is under scrutiny.
US 30-Year Mortgage Rates Climb to 6.81%, Still Below Last Year's Levels
US 30-year fixed mortgage rates increased to 6.81% in the week ending May 15, up from 6.76% the previous week, according to Freddie Mac. This rate is lower than the 7.02% recorded a year ago.
Corporate Actions Events
CVS Pursues Rite Aid Assets in Pacific Northwest Expansion Bid
CVS is bidding to acquire Rite Aid stores and patient files in the Pacific Northwest region, potentially expanding its market presence and customer base.
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