Markets
markets
Luke Kawa

Number of unemployed Americans rises for fourth straight month, the longest streak since 2009

A May jobs report that ticked all the boxes at the surface level — better-than-expected job growth with the unemployment rate holding steady — is propelling stocks higher this morning, but really wasn’t as strong as the headlines make it out to be.

Bloomberg US economy editor Matt Boesler flagged this disturbing tidbit that clashes with the ho-hum nature of the report:

The number of unemployed Americans has been climbing for four straight months, the longest such streak since 2009 during the deep recession that accompanied the global financial crisis.

This persistent climb in the ranks of unemployed Americans occurred amid a record shift from those who had jobs in April but are now completely out of the labor force in May, per Inflation Insights founder Omair Sharif, which may be a statistical anomaly or a function of changes to immigration policy.

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Luke Kawa
43m
Federal Reserve keeps policy rates unchanged with a whopping four dissents

A somewhat eventful end to Jay Powell’s tumultuous tenure atop the Fed.

US-ECONOMY-FEDERAL RESERVE-POWELL
markets
Luke Kawa

Bloom Energy’s big day propels fellow fuel cell companies skyward

Bloom Energy’s blockbuster quarter — a massive top- and bottom-line beat with guidance that crushed estimates — is a testament to the AI boom’s demand for energy, including via largely untapped hydrogen sources.

That dynamic seems to be powering peers Plug Power, Ballard Power Systems, and FuelCell Energy higher on Wednesday, as well.

With today’s massive gain, Bloom is extending its lead as the largest Russell 2000 constituent by market cap.

Bloom Energy surges after reporting huge Q1 revenue beat, big guidance hike

Bloom Energy surges after reporting huge Q1 revenue beat, big guidance hike

That dynamic seems to be powering peers Plug Power, Ballard Power Systems, and FuelCell Energy higher on Wednesday, as well.

With today’s massive gain, Bloom is extending its lead as the largest Russell 2000 constituent by market cap.

Jon Keegan
4h
What to look for in Microsoft’s Q3 earnings report today

Like its peers, the company’s cloud business and capital expenditure will be scrutinized.

Microsoft CEO Satya Nadella Delivers AI Tour Keynote
markets
Matt Phillips

Disk drive duopoly darts higher after Seagate earnings

The hard disk drive was invented back in 1956, but it’s arguably one of the sexiest technologies today — at least judging by the price increases.

Seagate Technology Holdings and Western Digital soared Wednesday after Seagate reported better-than-expected numbers for last quarter and ratcheted up its guidance for the current one, citing demand and price hikes for the once humble hard disk drive.

Bernstein Research analysts wrote of Seagate’s numbers:

“Seagate sees structurally stronger AI-driven HDD demand, with capacity largely allocated through CY27 via LTAs (long term agreements). As AI accelerates data creation, extends retention, and increases reliance on historical datasets for advanced reasoning and training, management sees significant, structural growth in HDD demand. Seagate is seeing stronger demand today than it did 6-12 months ago.”

Bernstein’s Seagate analyst, Mark Newman, also called out the “biggest demand driven QoQ price increase in a decade plus.”

Western Digital, the chief rival of Seagate in the hard disk drive market, ripped on the report as well. (It reports earnings tomorrow after the close.)

Over the last three months alone, Seagate has more than doubled and Western Digital is up more than 90%. Yowza.

Seagate soars on strong quarterly numbers, guidance far above expectations

Seagate soars on strong quarterly numbers, guidance far above expectations

Bernstein Research analysts wrote of Seagate’s numbers:

“Seagate sees structurally stronger AI-driven HDD demand, with capacity largely allocated through CY27 via LTAs (long term agreements). As AI accelerates data creation, extends retention, and increases reliance on historical datasets for advanced reasoning and training, management sees significant, structural growth in HDD demand. Seagate is seeing stronger demand today than it did 6-12 months ago.”

Bernstein’s Seagate analyst, Mark Newman, also called out the “biggest demand driven QoQ price increase in a decade plus.”

Western Digital, the chief rival of Seagate in the hard disk drive market, ripped on the report as well. (It reports earnings tomorrow after the close.)

Over the last three months alone, Seagate has more than doubled and Western Digital is up more than 90%. Yowza.

markets
Max Knoblauch

There can only be one: Chili’s owner Brinker surges, Wingstop crashes following earnings

It’s a tale of two chickens. Brinker (which owns Chili’s) and Wingstop each reported earnings on Wednesday, and the two restaurant chains are moving in drastically different directions. Brinker surged more than 13%, while Wingstop fell 10%.

Chili’s logged its 20th consecutive quarter of same-store sales growth for Brinker, driving overall growth for the company. Brinker slightly boosted the lower end of its full-year 2026 guidance for both sales and adjusted earnings.

Meanwhile, Q1 domestic same-store sales at Wingstop fell by 8.7%, deeper than analysts had expected. Wingstop lowered its same-store sales forecast to the low single digits.

Both chains sell a lot of chicken, but Chili’s is generally seen as providing a better value with options like its “3 for me” value deals. According to Circana, 29% of all food service traffic in 2025 was driven by deals — a 50-year high.

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