Markets
Nia Warfield, Luke Kawa

S&P 500 goes nowhere in listless trading day

A relatively calm day of trading saw the S&P 500 up no more than 0.3% and down not even as much as 0.1% over the course of the session, with the benchmark index giving up modest gains in the last couple hours of trading to finish flat. The 40-basis-point difference between the day’s high and low was its slimmest range since Valentine’s Day, and total volumes across US exchanges were the lowest in roughly a month.

The Nasdaq 100 managed a 0.3% gain while the Russell 2000 dipped 0.2%.

Most S&P 500 sector ETFs declined, with energy and utilities faring the worst. Communication services was the best-performing pocket of the market on the day.

Dollar Tree was at the bottom of the S&P 500 leaderboard after the discount retailer beat Q1 estimates but warned that tariffs could slash its profit in half this quarter. The day’s gains were led by On Semiconductor and NXP Semiconductors, up 6.1% and 5.6%, respectively, as the chip sector’s broader rally rolls on. Meanwhile…

CrowdStrike fell 5.8% after the cybersecurity company issued weaker-than-expected revenue guidance for the current quarter, as it continues to deal with fallout from its July IT outage. 

Tesla shares dipped nearly 3.6% after its EV sales dipped in Europe, including in Italy, Germany, and the United Kingdom — Tesla’s biggest market on the continent.

Reddit shares popped 6.6% after the social media platform filed a lawsuit against AI startup Anthropic, alleging it stole personal user data to train its language learning models.

Meta shares jumped 3.2% amid reports that the company is in talks with Hollywood giants, including Disney and film studio A24, to make content for its newest VR headset.

Airbus ADRs climbed 2.1% on reports that China is narrowing in on a massive deal with the European plane maker that could result in 200 to 500 new aircraft orders.

Chinese firm Webus, which specializes in “customizable chauffeur services worldwide,” soared nearly 15% after a filing showed the company is planning to raise $300 million for its XRP treasury.

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markets
Helena Cheng

Lululemon’s stretch getting tested: Stock plunges after after outlook is cut

Lululemon shares are down double digits in premarket trading after the company cut its full-year sales and profit outlook, overshadowing a Q1 beat and raising fresh concerns about the brand’s turnaround efforts.

The company now expects fiscal 2026 revenue to be flat to down 1%, compared with its prior forecast for 2% to 4% growth. Guidance for full-year diluted earnings per share was dragged down to a range of $10.95 to $11.15, below the company’s previous guidance of $12.10 to $12.30 and well below Wall Street’s estimate of $13.26.

Key numbers for Q1:

  • EPS of $1.69 vs. the $1.68 expected.

  • Revenue of $2.47 billion vs. the $2.43 billion expected.

The modest top-line beat masked a widening divergence between Lululemon’s geographic markets. While international revenue rose 22% overall with a 30% increase in Mainland China, the bigger problem remains North America, where revenue fell 5%.

Interim co-CEO and CFO Meghan Frank acknowledged during the earnings call that recent product rollouts underperformed. A highly anticipated yoga campaign failed to generate its expected “halo effect” across broader product lines.

Profitability metrics took a major hit, with gross margins contracting by 410 basis points to 54.2% due to mounting tariff costs and promotional markdowns. Operating income consequently fell 37% year over year to $276.9 million.

“We experienced spikes of negative commentary in the media and on social channels with regard to our brand, which had an impact on traffic and overall top-line performance,” Frank said during the earnings call. “And second, not all of our product launches have met our expectations. While we have had several successful launches so far this year, we have seen others as we start Q2 not generate the anticipated guest response.”

Lululemon’s valuation has already been steadily compressing for years. While it was once one of retail’s richly valued stocks, investors have been questioning whether the company can return to the double-digit growth era.

The results also arrive during a leadership transition. Lululemon announced back in April that former Nike executive Heidi O’Neill is set to take over as CEO in September, with investors looking to her to revive growth in North America and restore the brand’s growth.

As Lululemon faces both macroeconomic pressure and brand-specific challenges, its stock has dropped around 40% year to date.

markets
Paige Oamek

US job growth skyrocketed in May, blasting past expectations

The US economy added 172,000 jobs in the month of May, the Bureau of Labor Statistics reported Friday, sending 10-year Treasury yields higher.

The strong May job market surprised economists. Experts had predicted only 85,000 new jobs — just half the reported number. The unemployment rate held steady at 4.3%, as expected.

The job growth story is a hopeful spot for the economy as consumers continue to feel inflationary pressure from the Iran war.

Job gains were buoyed by the leisure and hospitality sector, which added 70,000 jobs, as well as local government, healthcare, and education.

Both the March and April jobs reports were revised upward, making them collectively 93,000 higher than previously reported.

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