Markets
markets
Max Knoblauch

GM soars after Q1 earnings impress, with automaker boosting full-year guidance

Detroit automaker GM reported its first-quarter earnings before markets opened on Tuesday. Its shares climbed more than 5% in premarket trading.

For Q1, General Motors reported:

  • Adjusted earnings of $3.70 per share, compared to Wall Street estimates of $2.60 per share by analysts polled by FactSet.

  • Revenue of $43.62 billion, compared to the $43.51 billion consensus estimate.

Looking ahead, GM raised its full-year earnings guidance to between $11.50 and $13.50. It previously forecast between $11 and $13. In its earnings deck, the automaker said the change was due in part to “lower gross tariff costs from the $0.5B IEEPA tariff adjustment.”

Earlier this month, GM reported that its Q1 sales were down 9.7% from last year, though it called year-over-year comparisons “significantly skewed” due to last year’s tariff-induced panic buying.

GM has been steadily retreating from its once lofty EV ambitions in recent months, recording $7.6 billion in EV-related write-downs last year. (The figure was far lower than Ford’s $19.5 billion.)

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markets
Claire Yubin Oh

Astera Labs, CoreWeave, Nebius, Rocket Lab, Teradyne rise on Nasdaq-100 index inclusion announcement

Tech stocks Astera Labs, CoreWeave, Nebius, Rocket Lab, and Teradyne have risen as much as 8.9% in premarket trading on Friday, thanks in part to Nasdaq’s announcement that the five companies will join its flagship Nasdaq-100 index starting June 22.

As part of the index operator’s quarterly rebalance, which affects some $1.4 trillion in assets within the Nasdaq 100 ecosystem, the companies will replace Charter, Zscaler, Cognizant, Insmed, and Verisk — relatively slow-growth legacy businesses that have lingered around the bottom of the index in market cap terms of late. Most of those stocks slipped slightly on the news.

With CoreWeave and Nebius as two of the major players in the neocloud space, and Astera Labs and Teradyne specializing in making AI hardware and semiconductors, the latest additions reflect how the index is upping its exposure to the AI infrastructure stack. Back in December, Nasdaq also added AI data storage names Seagate Technology Holdings and Western Digital, as well as AI server manager Monolithic Power Systems as part of its quarterly rebalance.

markets
Jon Keegan

Adobe beats on Q2 earnings, revenue; CFO to step down

Adobe reported fiscal Q2 results Thursday, beating analysts’ estimates for revenue and earnings, as its stock plumbed its lowest levels since 2019.

For Q2 2026, the creative software company posted:

  • Revenues of $6.62 billion (estimate: $6.45 billion).

  • Adjusted earnings per share of $5.96 (estimate: $5.82).

  • Annual recurring revenue of $27.1 billion (estimate: $26.6 billion).

  • Subscription revenue of $6.42 billion (estimate: $6.27 billion).

  • Remaining performance obligations of $22.27 billion (estimate: $21.86 billion).

The company also said its CFO, Dan Durn, would step down next week “to pursue a new professional opportunity.” And it boosted its full-year guidance for earnings and revenue.

Shares fell 5.5% in after-hours trading.

Adobe is feeling the pressure from AI, as the April release of Anthropic’s Claude Design threatens the company’s core design software business. Shares have tanked lately, with the stock down by nearly half over the past 12 months, putting it at levels not seen in years.

Last quarter, Adobe announced that CEO Shantanu Narayen, who had been at the company for 18 years, would be leaving after his successor was appointed. Today, Adobe announced that CFO Dan Durn would also be leaving the company — this month.

Adobe announced a $25 billion stock buyback in April, which gave the stock a boost. The company said it repurchased about 8.5 million shares during the quarter.

In a press release, Narayen said:

“Adobe delivered record revenue of $6.62 billion in Q2 reflecting strong AI-driven demand across our customer groups and we are raising our full-year fiscal 2026 revenue and non-GAAP EPS targets on the strength of that performance.”

Tasha Matsumoto
14h
Stocks climb, oil drops as Trump calls off strikes on Iran

President Trump posted on Truth Social that he was calling off impending air strikes against Iran and told reporters in the Oval Office that the US and Iran will sign a peace deal soon. Oil plunged on the news.

Portrait of bull
markets
Max Knoblauch

Trump says he’s called off impending strikes on Iran, sending stocks higher and oil plunging

President Trump on Thursday afternoon said he is calling off upcoming planned strikes on Iran. In a Truth Social post, Trump said “discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved.”

Stocks broadly popped, with the S&P 500 moving from roughly flat to up 1.4% on the day, and oil plunged on the news.

“Discussions and final points have been, in both concept and great detail, approved by all parties involved, including the United States, Israel, Saudi Arabia, UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, Egypt, and others. The Naval Blockade will remain in full force and effect until this Transaction is finalized — Time and place of the signing to be announced shortly,” the president added.

West Texas Intermediate crude futures are down 3% on Thursday afternoon, dropping sharply following the post.

Oil-sensitive stocks reacted accordingly, with airlines including Delta Air Lines, American Airlines, United Airlines, Southwest Airlines, JetBlue, Alaska Air, and Frontier all climbing significantly. Carnival, Norwegian, and Royal Caribbean similarly jumped.

Freight companies including UPS, FedEx, XPO, and Old Dominion Freight were also up on oil’s movement.

Oil-adjacent companies including Exxon, ConocoPhillips, and Occidental Petroleum dipped.

markets
Saleah Blancaflor

US gas prices drop for the third week in a row to an average of $4.12

As we approach mid-June, the national average of US gas prices has been dropping for three weeks in a row, giving some relief to drivers traveling during a busy summer season. Since May 21, prices have fallen from $4.56 a gallon and are currently at $4.12 due to crude oil prices staying below $100 per barrel, according to the American Automobile Association.

US gas prices have a tendency to peak during this time of the year, and the uncertainty associated with the Strait of Hormuz has made them more volatile and unpredictable. While gas prices have remained around four-year highs, they’re still far from when they reached their highest, at $5 per gallon in June 2022.

GasBuddy’s Patrick De Haan posted on Wednesday that motorists today will be spending approximately $137 million less on gas than they did a month ago, but $385 million more than a year ago.

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(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

Prediction markets show traders currently pricing in an 81% chance that US gas prices will drop below $3.80 this year.

Pump Prices Fall for Third Straight Week

AAA Fuel Prices

US gas prices have a tendency to peak during this time of the year, and the uncertainty associated with the Strait of Hormuz has made them more volatile and unpredictable. While gas prices have remained around four-year highs, they’re still far from when they reached their highest, at $5 per gallon in June 2022.

GasBuddy’s Patrick De Haan posted on Wednesday that motorists today will be spending approximately $137 million less on gas than they did a month ago, but $385 million more than a year ago.

Loading...
 

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

Prediction markets show traders currently pricing in an 81% chance that US gas prices will drop below $3.80 this year.

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