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Thursday, May 29

Noteworthy macro moves today: EUR/USD +0.9%. Noteworthy US mega-cap moves today: NVIDIA Corp (NVDA) +5.3%. Broadcom Inc (AVGO) +2.8%. Apple Inc (AAPL) +1.8%. 

A significant market event today is the ruling by a U.S. federal court that blocked President Trump's "Liberation Day" tariffs, which were deemed unconstitutional under emergency powers. This decision has led to an increase in global risk sentiment and boosted U.S. equity futures, with major indices like the Dow rising over 400 points as investors react positively to reduced trade uncertainty.

In economic data releases, initial jobless claims in the United States rose unexpectedly by 14,000 to reach 240,000 for the week ending May 10th—marking its highest level in one month—and corporate profits fell by 3.6% during Q1 of this year compared to previous quarters. Additionally, GDP figures indicate a contraction at an annualized rate of -0.2%, highlighting ongoing concerns about economic growth amidst fluctuating consumer spending and government expenditures.

The Federal Reserve's recent meeting minutes revealed officials' cautious stance on interest rates due to heightened uncertainties regarding inflation and overall economic outlooks influenced heavily by evolving fiscal policies related to tariffs and potential recession risks ahead; these factors are contributing significantly toward shaping investor expectations around monetary policy moving forward.

Invesco QQQ Trust Series I (QQQ) [+1.4%]
U.S. stock futures rose significantly following a federal court's decision to invalidate tariffs imposed by the Trump administration, which has generated optimism in the markets. The Invesco QQQ Trust ETF experienced a premarket increase of nearly 2%. Concurrently, economic data revealed an improving manufacturing index in the U.S., further enhancing market sentiment. Social media discussions highlighted the substantial price movements attributed to the court ruling, with QQQ now less than 3% from its all-time highs. Additionally, notable contributors to QQQ's performance included NVIDIA, Apple, and Amazon, with each experiencing increased stock prices due to positive developments. The Russell 2000 Index also increased, reflecting broader market sentiment that may influence QQQ's recent rise. This morning, QQQ was trading at 527.60, reflecting a notable increase since Wednesday.

VanEck Semiconductor ETF (SMH) [+2.6%]
The VanEck Semiconductor ETF (SMH) has experienced a notable increase of 2.6% since Wednesday. A U.S. federal court ruling has blocked former President Trump's proposed tariffs, which is expected to reduce trade tensions and uncertainty surrounding export controls, positively impacting companies within SMH's portfolio. Nvidia reported a significant year-over-year revenue increase despite facing new U.S. export restrictions on its H20 AI chips bound for China. This strong performance may enhance the outlook for technology stocks in the ETF. Among the top contributors to SMH's performance, Nvidia saw a substantial return, while Broadcom, Micron Technology, Synopsys, and Lam Research also contributed positively. Piper Sandler raised Nvidia's price target due to its robust performance in the April quarter, despite challenges from the China ban. Additionally, the Russell 2000 Index has increased, reflecting broader market sentiment that may be influencing SMH's rise.

VEEV | +14.9% | +6.5B
Veeva Systems Inc | Health Care Technology
Veeva Systems Inc has experienced a significant uptick in its stock price, rising notably since Wednesday. Analysts have recently adjusted their price targets upward, with Needham raising its target to 300 from 270 while maintaining a Buy rating. RBC increased its target to 330 from 285, and Scotiabank and Truist Securities raised their targets to 270 and 230, respectively. The company provided guidance for fiscal year 2026, projecting non-GAAP EPS of 7.63 against a consensus of 7.30, with revenue expectations between 3.09 billion and 3.1 billion, surpassing analyst estimates. Veeva reported Q1 earnings with an EPS of 1.97, exceeding expectations, and total revenues of 759 million, reflecting a 17% year-over-year increase. The CEO described this quarter as the company's best first quarter ever, further enhancing positive sentiment surrounding the stock.

HPQ | -9.8% | -2.4B
HP Inc | Technology Hardware, Storage & Peripherals
HP Inc. reported its second-quarter results, revealing revenue of $13.22 billion, slightly exceeding analyst expectations of $13.15 billion. However, adjusted earnings per share (EPS) were 71 cents, missing forecasts by 9 cents. The company has lowered its third-quarter adjusted EPS guidance to a range of 68 to 80 cents, compared to an earlier estimate of 90 cents. Additionally, HP revised its full-year adjusted EPS outlook down from $3.45 to $3.75 to a new range of $3.00 to $3.30, with analysts previously expecting $3.49. The outlook reflects increased costs due to U.S. tariffs. Following these announcements, HP shares experienced a significant decline in after-hours trading, dropping approximately 12.54%. Social media discussions highlighted concerns over the impact of higher tariff costs on margins and noted that UBS lowered its price target for HPQ from $37 to $26 while maintaining a neutral rating.

NVDA | +5.4% | +190.1B
NVIDIA Corp | Semiconductors
NVIDIA Corp is experiencing a significant price increase, moving in tandem with the broader market. A U.S. federal court ruling that blocked President Trump's "Liberation Day" tariffs has contributed to heightened optimism in equity markets. In its recent earnings report, NVIDIA announced Q1 revenue of $44.1 billion, reflecting a 69% year-over-year increase, and adjusted earnings per share of $0.96, surpassing expectations. The company expects Q2 revenue guidance between $44.1 billion and $45.9 billion, despite anticipating a decline due to export control limitations affecting sales to China. Piper Sandler raised NVIDIA's price target to $180 from $150, maintaining an Overweight rating, while KEYB analysts echoed this sentiment, citing strong non-China AI demand. Additionally, NVIDIA's CFO revealed substantial deployment of GPUs by Microsoft, emphasizing the company's robust position in AI and robotics sectors.

BURL | +8.2% | +1.4B
Burlington Stores Inc | Apparel Retail
Burlington Stores, Inc. reported its first quarter 2025 earnings, with an adjusted EPS of 1.67, exceeding the consensus estimate of 1.43. Revenue reached 2.5 billion, slightly below the expected 2.53 billion. Comparable store sales remained flat, consistent with guidance, while total sales increased by 6%. The CEO indicated that approximately half of the EPS beat was attributed to favorable expense timing, which could negatively affect the second quarter. For Q2, the company expects an adjusted EPS range of 1.20-1.30, against an estimate of 1.34. Burlington reaffirmed its fiscal year 2025 adjusted EPS guidance of 8.70-9.30 and maintained a revenue growth outlook of 6%-8%. Following the earnings announcement at 6:45 AM NY, Burlington's stock increased by 10%.

FUTU | +7.3% | +9.3B
Futu Holdings Ltd | Investment Banking & Brokerage
Futu Holdings Ltd. reported robust Q1 2025 results, revealing a significant increase in total trading volume, which surged year-over-year. The company achieved a net income of HK$15.28 per American Depositary Share, up from HK$7.46 in the previous year. Total funded accounts reached 2.7 million, reflecting a substantial year-over-year increase. Client assets also saw considerable growth, rising to HK$829.8 billion. Revenue for the quarter was reported at HK$603.4 million, exceeding analyst expectations and marking an impressive increase from the prior year. Social media discussions highlighted that Futu's GAAP earnings per share surpassed expectations, further emphasizing the positive sentiment surrounding the company's financial performance.

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