Nia Warfield6/11/25

Market rebound stalls as investors weigh trade talks and cooler inflation numbers

US stocks closed lower Wednesday, ending the S&P 500’s three-day win streak as Wall Street sifted through a number of headlines. On the trade front, US-China negotiations resulted in a preliminary agreement to revive last month’s Geneva tariff truce and ease rare-earth export limits.

Meanwhile, May inflation came in cooler than expected, with minimal impact so far from recent tariffs. The S&P 500 slipped 0.27%, the Nasdaq shed 0.50%, and the Russell 2000 dropped 0.38%.

Energy led the market for the second day, with utilities the only other sector in the green, while materials and consumer discretionary lagged. Starbucks led the day’s gains, up 4% after the coffee chain debuted new AI-powered tech and got a price target hike. American Airlines, Delta, and JetBlue were among the worst performers after the latest inflation numbers showed airfare was declining. Elsewhere...

Tesla rose as much as 2% before closing flat after CEO Elon Musk walked back his recent comments about President Trump and floated a new date for the company’s robotaxi rollout.

Dave & Buster’s climbed 17% after the adult arcade chain missed Q1 profit estimates but said traffic is starting to bounce back.

Lockheed Martin fell over 4% after reports that the Pentagon halved its order for the company’s popular F-35 fighter jets.

Victoria’s Secret fell 5% after the lingerie retailer topped Q1 revenue forecasts but lowered its full-year profit outlook, citing a $50 million tariff hit.

Snap ticked up about 1% after announcing its latest iteration of smart glasses, with new AI-powered Specs set to debut next year.

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WSJ reports GameStop is preparing an offer for eBay and has quietly been building a stake in the company

GameStop is preparing an offer for eBay and has been quietly building a stake in the company, according to a report from The Wall Street Journal, a move it calls “part of CEO Ryan Cohen’s audacious plan to turn the trailer into a $100 billion-plus juggernaut.”

From WSJ:

GameStop, which has a market value of around $12 billion, has been quietly building a stake in eBay’s shares ahead of a potential offer, the people said. EBay is several times GameStop’s size, with a market value of around $46 billion.
GameStop could submit an offer for eBay as soon as later this month, the people said.
If eBay isn’t receptive, Cohen could decide to take the offer directly to eBay’s shareholders, one of the people added. Details of the potential offer for eBay couldn’t be learned.

Shares of GameStop rose 7.4% after hours following the report, while eBay soared 12%.

GameStop Preparing Offer for eBay

GameStop Preparing Offer for eBay

GameStop, which has a market value of around $12 billion, has been quietly building a stake in eBay’s shares ahead of a potential offer, the people said. EBay is several times GameStop’s size, with a market value of around $46 billion.
GameStop could submit an offer for eBay as soon as later this month, the people said.
If eBay isn’t receptive, Cohen could decide to take the offer directly to eBay’s shareholders, one of the people added. Details of the potential offer for eBay couldn’t be learned.

Shares of GameStop rose 7.4% after hours following the report, while eBay soared 12%.

Tasha Matsumoto

Stocks set second consecutive closing highs

The S&P 500 posted its fifth weekly gain, its longest weekly winning streak since 2024.

Chicago Bulls Dennis Rodman (91), Scottie Pippen (33) and Michael Jordan (23) during game vs Miami Heat. Miami, FL 2/23/1996

Max Knoblauch18h

US airlines pop on report Spirit preparing to shut down as government rescue deal fails to gain support

US airlines are spiking on Friday following a Wall Street Journal report that low-budget carrier Spirit Airlines is preparing to shut down. According to CBS News, the airline could cease operations as early as Saturday, barring an intervention.

In late April, President Trump said he would “love somebody to buy Spirit.” The administration weighed a $500 million rescue package, though it received significant blowback from members of Congress and ultimately didn’t receive support from Spirit’s creditors.

On Friday, Trump told reporters that the administration has given Spirit a “final proposal.”

Shares of Spirit’s rivals surged on the report, with budget carriers like Frontier Airlines and JetBlue climbing by double digits. The big four — Delta Air Lines, United Airlines, American Airlines, and Southwest Airlines — rose by low single digits. Alaska Air and Allegiant also saw a bump.

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Helena Cheng19h

Estée Lauder gets a glow-up after earnings beat, guidance hike

Estée Lauder shares are soaring after the beauty giant released Q3 earnings results that topped expectations and raised its full-year outlook, while also expanding its restructuring plan.

The key numbers:

Revenue of $3.71 billion (compared to analysts’ estimate of $3.69 billion).
Adjusted earnings per share of $0.91 (estimate: $0.65).

Estée Lauder also lifted its full-year earnings outlook to a range of $2.35 to $2.45 per share, up from $2.05 to $2.25 previously.

The bottom line is getting flattered by job cuts, with management increasing that target to as many as 10,000 roles, up from a prior range of 5,800 to 7,000, as part of a broader effort to streamline operations and shift toward faster-growing sales channels.

The rally comes after a tough stretch for the stock, which is down more than 20% year to date, with the results inspiring hope that its turnaround efforts will bear fruit.

CEO Stéphane de La Faverie said fiscal 2026 is “promising to be the pivotal year we intended,” with the company expecting to restore organic sales growth and expand margins for the first time in four years.

Amid these positive signals, Estée Lauder flagged risks from tariffs, geopolitical tensions, and potential disruptions tied to the Middle East.

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