🧠 S&P 500 trades above 6,000, Dow joins Nasdaq in positive territory for 2025

📊 US Markets

• Jobs Report 💼 US payrolls increased 139k in May, more than 126k expected; unemployment at 4.2% – CNBC: The May jobs report showed the US labor market remained resilient amid President Trump's new tariff policy.

• Private Payroll 💸 ADP says, private sector hiring rose by just 37,000 in May, the lowest in more than two years  –Yahoo! Finance: Private payrolls increased just 37,000 In May, below the 60,000 in April and the Dow Jones forecast for 110,000. It was the lowest monthly job total from the ADP count since March 2023, as 'hiring hesitancy' hits a slowing US labor market.

• Federal Reserve 🏛️ Fed likely to leave rates unchanged as US job market cools but doesn't crumble – Reuters: Federal Reserve policymakers have already signaled they are in no rush to cut interest rates, and a government report on Friday showing the labor market is far from crumbling amid big trade policy changes only cements that stance.

• S&P 500 $SPY ( ▲ 0.4% ) 📊 Dow rallies 450 points after jobs report; S&P 500 trades above 6,000; tech-heavy Nasdaq climbs sharply as stocks head for weekly gains – MarketWatch: Stocks climb Friday after an employment report showed the US added more jobs in May than expected. The Dow was attempting to return to positive territory for 2025.

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💱 Banks & Crypto

• Banks (National) $WFC ( ▼ 1.23% )🏛️ Wells Fargo Stock Rises as Fed Removes $1.95T Asset Cap After 7 Years – CNBC: After 2018 restrictions related to its fake account scandal, the Federal Reserve has removed the $1.95T asset cap on WFC, clearing a major obstacle to its growth plans.

• Brokerage $HOOD ( ▼ 1.39% ) 💱 Robinhood extends rally as speculation over S&P 500 inclusion grows – Yahoo! Finance: The Wall Street firms including Bank of America Corp. and Barclays Plc have called the company a top candidate to join the benchmark rebalancing. Robinhood shares rose 3.3% in the session, bringing their gain to 17% over six trading days.

• Brokerage (Stablecoins) $CRCL ( ▼ 9.1% ) 💱 Circle stock soars over 160% after IPO as stablecoin giant makes market debut – CNBC: The stablecoin issuer continued to gain Friday after it exploded higher in its first day of trading, rising as much as 200% in its long-anticipated public market debut.

🌐 Technology

• Hardware $HPE ( ▼ 0.49% ) 🗄️ HPE’s stock rises as the company shows a stronger AI pipeline, driven by sovereign AI – MarketWatch:  Server company is seeing growth from sovereign customers, with one executive calling out AI momentum in the Middle East.

• Semi-conductors $AVGO ( ▲ 1.25% ) 🏻 Broadcom rides on AI chip demand to deliver upbeat revenue forecast – Rueters:  Broadcom forecast Q3 revenue above estimates, however, the company's shares fell after gaining about 12% this year, as the forecast failed to impress investors who have bet heavily on chip stocks, anticipating substantial growth driven by advancements in generative AI technology.

• Security $CRWD ( ▲ 1.0% )🛡️ CrowdStrike shares drop on weak Q3 revenue guidance – CNBC: CrowdStrike called for $1.14B-$1.15B in revenue in Q3, trailing analyst estimates of $1.16B. The company has allocated $1B for share buybacks

• Software : Productivity $DOCU ( ▼ 0.3% )✍ DocuSign beats Q1 targets but stock tanks after company cuts billings outlook– Rueters:  The e-signature company reported Q1 revenue ahead of expectations, with sales up 7.6% year on year to $763.7M. Guidance for next quarter’s revenue was better than expected at $779M, 0.7% above analysts’ estimates.

• ETFs $IVES ( ▲ 0.57% ) 📊 Dan Ives' Wedbush ETF tracking AI stocks launches – CNBC:  Dan Ives, a tech analyst known for his bullish calls on Nvidia, Tesla, and the generative AI boom, is offering investors an exchange-traded fund to buy into his bullish AI thesis.

• Language Models ✨ Samsung may incorporate Perplexity’s AI tech in its phones – TechCrunch: According to Bloomberg, Samsung is closing in on an investment in AI search startup Perplexity that would also see the Korean tech giant incorporating the AI company’s tech into its devices.

• Robotics 🦾 Tesla’s Optimus VP of humanoid robot program, Milan Kovac is leaving the company – TechCrunch: Kovac worked at Tesla for nearly 10 years, with much of that time coming as a top engineer on the Autopilot team. He was tapped to help lead development of Optimus in 2022 and became a vice president overseeing the program in late 2024.

• Energy $CEG ( ▲ 2.8% )  🔌 Constellation Energy rallies 15% on Meta nuclear power deal – CNBC: Meta has signed a 20-year agreement to buy nuclear power from Constellation Energy. Beginning in 2027, the tech giant will purchase about 1.1 gigawatts of power from Constellation’s Clinton Clean Energy Center in Illinois.

• Data Centers $AMZN ( ▲ 0.02% ) 🏢 Amazon to invest $10B in North Carolina to fuel AI and cloud data center infrastructure – Geekwire: The company said the investment will help create 500 new high-skilled jobs and support thousands more in its Amazon Web Services data center supply chain.

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🛍 Discretionary & Real-Estate

• Apparel $LULU ( ▼ 2.08% ) 👟 Lululemon shares tumble as it cuts full-year earnings guidance, citing ‘dynamic macroenvironment’ – CNBC: Lululemon beat expectations for fiscal Q1 earnings, but cut its full-year earnings guidance. cfo Meghan Frank added on the call that the brand is planning to take “strategic price increases, looking item by item across our assortment,” to mitigate tariff impacts.

• Autos $F ( ▼ 1.22% ) 🚙 Ford reports 16% sales increase in May amid employee pricing, tariffs – CNBC: Ford reported a 16.3% YoY US sales increase for May, as the Detroit automaker continues an employee pricing program amid rising tariff costs. Ford sales were led by a 17.2% increase in purchases of its ICE vehicles, as well as a roughly 29% jump in hybrid models.

• Real Estate (Mortgages) $RKT ( ▲ 3.43% ) 🏡 US senators press antitrust enforcers over Rocket-Redfin deal – CNBC: A group of U.S. Senators have demanded that federal antitrust enforcers explain why they did not seek to block Rocket Companies' $1.75B acquisition of real estate listing platform Redfin, saying the deal could raise costs for homebuyers.

🩺 Staples & Healthcare

• Retailers (Discount) $DG ( ▲ 0.35% )  🛒 Dollar General is shaking off tariff fears and winning over higher-income consumers – CNBC: Dollar General raised its full-year forecast after beating first-quarter expectations for earnings and revenue. ceo Todd Vasos said the company is working to reduce its exposure to China and minimize price increases for customers, while adding the discount retailer is attracting more middle- and upper-income customers in search for value.

• Goods (Packaged Foods) $CPB ( ▼ 0.24% ) 🥫 Campbell Soup beats Q3 estimates, reaffirms guidance – Investing.com via Yahoo! Finance:  Campbell Soup Company reported better-than-expected third quarter results on Monday, as the food giant benefited from its recent Sovos Brands acquisition and saw improved consumption across income groups.

• Goods (Household) $PG ( ▲ 0.66% ) 🧼 Procter & Gamble to cut 7,000 jobs, exit brands as consumer uncertainty weighs – Rueters: The world's largest consumer goods company will cut 7,000 jobs as part of a broader two-year restructuring plan, as the Tide detergent maker contends with an uncertain spending environment, fueled in part by U.S. tariffs that have roiled numerous consumer companies. The company also plans to exit some product categories and brands in certain markets, including some potential divestitures.

• Healthcare (Telehealth) $HIMS ( ▼ 0.71% )  MS🩺 Hims & Hers to acquire European telehealth platform in global expansion – CNBC:  Hims & Hers Health announced Tuesday it will acquire European telehealth platform Zava, expanding Hims’ services to Ireland, France and Germany and will grow its active customer base by roughly 50%.

• Personal Wealth 💰 The US minted more than 560k new millionaires in 2024, far outpacing other countries – Fortune via Yahoo! Finance: 2024 was a banner year for the rich—at least for those based in the U.S. Thanks to a favorable interest rate environment and booming domestic stock market, the population of high-net-worth, or HNW, individuals grew significantly in North America in 2024, while the same population fell across Europe, Latin America, and the Middle East.

• Financial Planning 👪 Wealthy inheritors plan to fire their parents’ wealth advisors – CNBC:  According to a new survey from Capgemini, 81% of younger people who are set to inherit large wealth from their families, plan to replace their parents’ wealth management firms. Millennials and Gen Zers said they were unimpressed with poor digital offerings or a lack of services and products from those firms.

• Bitcoin ₿ More Americans Now Hold Bitcoin Than Gold, Report Says – Yahoo! Finance: Americans may be leaning towards Bitcoin over gold, according to a report by Bitcoin investment firm River. River boiled down the U.S.’s Bitcoin leanings to access and culture. The U.S. leads on several other key Bitcoin metrics.

• Software Tools 🛠️ We used AI for retirement planning advice and were surprised by what we found – MarketWatch: “If you’ve asked whether it’s a good idea to use AI for retirement planning, my answer would be yes — provided you can become proficient in what’s known as prompt engineering.”

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We’ll be back next Saturday morning to recap the week’s financial news.

Thanks to RocketMoney for sponsoring.

✨ Happy Unprompting,

Rawee
[email protected]

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