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Friday, May 30

Noteworthy macro moves today: Oil (WTI) -1.3%.

Recent market movements are significantly influenced by ongoing trade policy uncertainties and key economic data releases. A federal appeals court has temporarily reinstated President Trump's tariffs, which were previously blocked by a lower court ruling that deemed them illegal. This development adds to the volatility in financial markets as investors grapple with potential implications for U.S.-China relations and broader global trade dynamics.

Recent reports indicate mixed signals from macroeconomic data: while personal income rose more than expected in April, initial jobless claims increased beyond forecasts—suggesting underlying weaknesses within the labor market.

Additionally, European stock indices have shown resilience despite disappointing retail sales figures from Germany—a decline of 1.1% month-over-month—which missed growth expectations but was offset somewhat by positive year-on-year comparisons. The anticipation surrounding upcoming monetary policy decisions at both the ECB meeting next week and further developments on tariff negotiations continues to shape investor sentiment across major equity markets globally.

Oil (WTI) (XTI/USD) [-1.5%]
Crude oil prices have shown volatility today, with WTI experiencing an increase of 1.2% since Thursday. This movement coincides with the U.S. Court of Appeals reinstating tariffs imposed by former President Trump, which adds uncertainty to global oil demand. Additionally, a notable decline in U.S. crude inventories was reported, with stocks dropping significantly by 2.8 million barrels last week, contrary to expectations for an increase. This inventory reduction is providing support to WTI prices amid broader market uncertainties. Strong gasoline demand leading into the Memorial Day weekend celebrations further complements this dynamic, as expectations for the upcoming OPEC+ meeting suggest production levels will be maintained.

iShares Biotechnology ETF (IBB) [-1.0%]
The iShares Biotechnology ETF (IBB) has seen a decline of 1.1% in pre-market trading, reflecting broader market sentiment as the Russell 2000 Index also dropped. This movement coincides with President Trump's recent trade accusations against China, which are intensifying tariff disputes and creating uncertainties for the biotechnology sector. Notably, Regeneron Pharmaceuticals has experienced a significant stock drop due to mixed results from phase 3 trials of its COPD treatment, Itepekimab. The company’s shares are down nearly 12% in pre-market trading. Meanwhile, discussions on social media highlighted GeoVax Labs' advancements in domestic vaccine manufacturing, aligning with bipartisan Senate efforts to enhance production capabilities.

MRVL | -4.1% | -32.4B
Marvell Technology Inc | Semiconductors
Marvell Technology Inc. reported its first-quarter financial results, revealing a net income of $177.9 million, a significant turnaround from a loss of $215.6 million the previous year. The company achieved a non-GAAP EPS of $0.62, slightly exceeding the consensus estimate of $0.61, and revenue of $1.895 billion, surpassing expectations of $1.88 billion. For the second quarter, Marvell forecasts revenue of approximately $2.0 billion, above the consensus of $1.98 billion, with non-GAAP EPS guidance between $0.62 and $0.72. Despite these positive results, shares fell over 3% in after-hours trading following the earnings announcement. Social media discussions highlighted concerns about contract losses and future revenue targets, while Deutsche Bank lowered its price target from $100 to $85, adding to downward pressure on the stock.

REGN | -11.1% | -6.6B
Regeneron Pharmaceuticals Inc | Biotechnology
Regeneron Pharmaceuticals Inc's shares have dropped significantly following mixed results from two Phase 3 trials for its investigational COPD treatment, Itepekimab. The AERIFY-1 study successfully met its primary endpoint, achieving a 27% reduction in moderate or severe exacerbations compared to placebo. In contrast, the AERIFY-2 trial failed to meet its primary goal. These results have led to discussions between Regeneron and regulatory authorities regarding potential next steps. As a result, shares were reportedly down nearly 12% in premarket trading, with social media discussions noting a price of 605.39, down 65 points. The sentiment surrounding the trial outcomes is contributing to volatility in Regeneron's stock price.

ABNB | -3.1% | -2.4B
Airbnb Inc | Hotels, Resorts & Cruise Lines
Airbnb Inc. has been downgraded from Hold to Sell by Truist Securities, with the price target reduced from 112.00 to 106.00. This downgrade was published approximately 16 minutes ago, leading to a premarket decline of 2.4%. Social media discussions this morning highlighted concerns regarding "soft" summer leisure trends, which were cited as factors influencing the downgrade. The price target set by Truist is 106.00, and sentiments on social media reiterated these concerns. Additionally, the S&P 500 Index has experienced a slight decrease, which may reflect broader market dynamics that could be affecting Airbnb's stock performance.

ULTA | +8.5% | +1.9B
Ulta Beauty Inc | Other Specialty Retail
Ulta Beauty Inc reported strong first-quarter results, with earnings per share (EPS) of 6.70, surpassing the consensus estimate of 5.81. Revenues reached 2.85 billion, exceeding expectations of 2.79 billion. The company raised its fiscal year 2025 EPS guidance to a range of 22.65 to 23.20, up from 22.50 to 22.90, and adjusted its revenue outlook to between 11.5 billion and 11.7 billion, compared to the previous range of 11.5 billion to 11.6 billion. Comparable sales increased by 2.9% year-over-year, driven by a rise in average ticket size and transaction volume. Following the announcement, Ulta's shares experienced a notable increase in after-hours trading, rising significantly shortly after the earnings report was released.

ZS | +4.8% | +1.9B
Zscaler Inc | Systems Software
Zscaler Inc has experienced a notable rise in price targets from various analysts following its third-quarter fiscal 2025 financial results. BTIG raised its target from 252 to 298, Needham elevated its target from 240 to 310, Oppenheimer increased its target to 290, and Baird set a new target at 315. The company reported revenue of 678.03 million, exceeding estimates, and an adjusted EPS of 0.84, surpassing the consensus of 0.75. Zscaler also raised its fiscal 2025 revenue guidance to between 2.659 billion and 2.661 billion. Social media discussions highlighted a 23% year-over-year revenue growth and significant increases in calculated billings and deferred revenue. Following the earnings announcement, Zscaler shares rose approximately 5% in after-hours trading, with additional mentions of a new CFO appointment. Concurrently, UiPath Inc saw a significant rise of over 12%, which may correlate with Zscaler's movement.

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