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Thursday, June 5

Noteworthy macro moves today: Copper +2.1%. Platinum +3.5%. Silver +4.0%. Noteworthy US mega-cap moves today: Tesla Inc (TSLA) -3.0%. Alphabet Inc (GOOGL) +1.5%. Alphabet Inc (GOOG) +1.5%.

The European Central Bank (ECB) has announced a 25 basis point cut to its key interest rates, responding to updated inflation and economic forecasts. This decision comes as the ECB projects inflation near its target of 2% for this year but anticipates slower growth in subsequent years due to trade policy uncertainties affecting exports and business investment.

In the United States, initial jobless claims have risen unexpectedly by 8,000 to reach their highest level since October 2023 at 247,000. Additionally, nonfarm productivity fell more than previously estimated in Q1 2025 by declining by 1.5%, indicating potential weaknesses within the labor market amid ongoing economic uncertainty.

Market reactions include significant movements across various asset classes; precious metals like silver are experiencing notable gains with prices rising sharply following soft U.S. data that bolstered expectations for Federal Reserve rate cuts later this year. The broader sentiment reflects concerns over slowing growth prospects tied closely to recent employment figures and tariff-related tensions impacting both domestic markets and international relations.

iShares Silver Trust (SLV) [+3.8%, +496.5M]
Spot silver is currently trading at a 36 handle, the highest level since February 2012, reflecting a notable increase in prices. iShares Silver Trust (SLV) has risen by approximately 3.8%. This surge coincides with a significant weakening of the US Dollar, driven by disappointing economic data, including a contraction in the ISM Services PMI and lower-than-expected ADP payroll figures for May. The decline in dollar strength has heightened safe-haven demand for silver amid recession fears linked to weak labor market indicators and ongoing trade tensions with China. Additionally, the ratio of gold to silver, represented by GLD to SLV, has reached a two-month low, suggesting potential upward movement for silver. Platinum prices have also increased, reflecting broader market dynamics correlated with SLV.

iShares MSCI South Korea ETF (EWY) [+1.9%, +105.0M]
The iShares MSCI South Korea ETF (EWY) has seen a price increase of 2.0% in the pre-market session. This movement coincides with a notable rise in the South Korean KOSPI index, which surged sharply following Lee Jae-myung's election victory, viewed positively for economic policies. This sentiment may enhance outlooks for large- and mid-cap firms that EWY tracks. Concurrently, the US services sector unexpectedly contracted, with the ISM Services PMI falling below the neutral mark, raising concerns about overall economic growth. These dynamics are particularly relevant amidst global uncertainties related to trade tensions and shifts in monetary policy, which could influence market behavior for assets like EWY focused on Korean equities.

MDB | +17.2% | +2.9B
MongoDB Inc | Internet Services & Infrastructure
MongoDB Inc. reported first-quarter fiscal 2026 results that exceeded analyst expectations. Revenue reached $549 million, reflecting a 22% year-over-year increase, while adjusted earnings per share (EPS) were $1.00, surpassing estimates of $0.66. Adjusted net income was reported at $86.3 million, significantly above the anticipated $56.5 million. The company raised its fiscal 2026 guidance, projecting revenue between $2.25 billion and $2.29 billion, with adjusted EPS expected to range from $2.94 to $3.12. Additionally, MongoDB announced an increase in its share repurchase authorization to $1 billion. Following these announcements, shares experienced a notable surge in after-hours trading, reflecting strong market reception to the financial results and guidance updates. The company also added 2,600 customers, bringing its total to over 57,100, with MongoDB Atlas revenue increasing by 26% year-over-year, constituting 72% of total Q1 revenue.

FIVE | +11.9% | +892.7M
Five Below Inc | Other Specialty Retail
Five Below Inc has announced a partnership with Uber Eats for nationwide delivery, allowing customers to order from over 1,500 stores via the app. The company reported first-quarter sales of $970.5 million, exceeding estimates of $966.49 million, alongside an adjusted EPS of 86 cents, surpassing the forecast of 82 cents. Five Below has raised its full-year revenue guidance to between $4.33 billion and $4.42 billion, up from previous estimates. For the second quarter, it anticipates sales between $975 million and $995 million, also above analyst expectations. The company noted a 7.1% increase in comparable sales during Q1. However, there are expectations of margin pressures in the second half of the year due to tariff mitigation and shifts in strategic sourcing, with a projected second-quarter EPS between 45 cents and 57 cents, below the estimate of 58 cents. Approximately 9% of its float is currently short, amounting to nearly 5 million shares.

CIEN | -5.2% | -596.4M
Ciena Corp | Communications Equipment
Ciena Corporation reported its fiscal Q2 2025 results, revealing an adjusted EPS of 0.42, falling short of the analyst estimate of 0.52 by 0.09. The company achieved revenue of 1.13 billion, surpassing the consensus estimate of 1.09 billion. However, Ciena's adjusted net income was reported at 60.7 million, below the expected 76.1 million. The net income for the quarter was noted at 9 million, with a GAAP EPS of 0.06. Following the earnings report, the stock experienced a significant decline, dropping sharply shortly after the announcement. The financial results were released during trading hours, prompting discussions on social media platforms regarding the unaudited figures and their implications for the company.

CHWY | -3.1% | -617.5M
Chewy Inc | Other Specialty Retail
Chewy Inc. has been downgraded to "Hold" from "Buy" by JEFF, with the price target adjusted to 43 from 41. This downgrade was reported approximately 50 minutes ago and coincided with a premarket decline of 3%. Analysts cited valuation concerns as a factor in the negative sentiment surrounding the stock. Additionally, Chewy is set to announce its Q1 FY2025 earnings on June 11, 2025, with an EPS estimate of 0.34, up from a previous estimate of 0.31, and a revenue estimate of 3.1 billion, revised from 2.9 billion. The earnings conference call is scheduled for 8:00 AM on the same day.

PL | 21.3% | +301.7M
Planet Labs PBC | Research & Consulting Services
Planet Labs PBC reported its fiscal Q1 results, achieving revenue of 66.27 million, exceeding the consensus estimate of 62.3 million. The adjusted EPS was flat at 0.00, in line with expectations. Notably, the net loss narrowed to 12.6 million from 29.3 million year-over-year. The non-GAAP gross margin improved to 59%, up from 55% the previous year. Remaining Performance Obligations surged by 262% year-over-year to 451.9 million, while the backlog grew by 140% to 527.0 million. The company generated 17.3 million in net cash from operating activities and recorded its first quarter of positive free cash flow. Additionally, Planet Labs narrowed its FY26 revenue guidance to a range of 265 million to 280 million, compared to a consensus of 271.04 million. Following these announcements, shares saw a significant increase during premarket trading.

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