Markets
Nia Warfield, Luke Kawa

US stocks dip as Trump’s tariff letters dent optimism

Suddenly it sounds a lot more like early April, with high tariffs being bandied about and stocks moving lower. But as President Trump sent letters to different countries informing them what rate their imported goods will be levied at in August if they don’t make a deal, the damage was much less severe than the drubbing that followed Liberation Day, as traders seem to keep hope that the sequel to the Rose Garden Rout and Rebound will have a similar happy ending.

The S&P 500 and Nasdaq 100 closed down 0.8%, while the Russell 2000 slumped 1.5%. Every S&P 500 sector ETF fell except for utilities, with consumer discretionary faring the worst.

The day’s gains were led by Tractor Supply and Palantir, which were up 3.9% and 3.4%, respectively. Meanwhile Tesla led declines, falling 6.8% after CEO Elon Musk’s plan to start an “America Party” fostered another war of words on social media with Trump and analysts said the EV maker stands to lose about $255 million in regulatory credit revenue each quarter going forward. Meanwhile...

Japanese car companies Toyota, Nissan, and Honda all traded lower after Trump’s proposed 25% tariff on goods from Japan and South Korea.

Shares of recently IPO’d retail darling CoreWeave fell 3% after the company announced plans to buy crypto miner (and business partner) Core Scientific in an all-stock deal worth about $9 billion when it was announced — and 3% less now. Shares of the acquired company tumbled nearly 18%.

Stellantis shares fell 5% after the Jeep maker faced a trifecta of bad headlines including an analyst downgrade, reports of lower production numbers in Italy, and a new NHTSA probe.

Semiconductor stocks including Marvell, On Semiconductor, and Taiwan Semiconductor all dipped on the heels of a report that the Trump administration is cracking down on China’s ability to access AI chips via Malaysia and Thailand.

Uber shares jumped 3%, hitting an intraday all-time high of $97. The move extends a recent rally fueled by steady profits and optimism around the ride-hailing giant’s new tech investments.

Bit Digital soared 18% after the publicly traded digital asset platform announced that it had completed its digital asset treasury transition to ethereum from bitcoin.

GEO Group, which derives over 40% of its revenue from contracts with ICE, rose 4.5% after the GOP’s latest budget bill pushed more federal dollars on the growing network of deportation detention centers.

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markets
Max Knoblauch

Beta Technologies climbs after Transportation Sec. Duffy posts a “Love Island” meme about his flight in electric aircraft

Air taxi maker Beta Technologies climbed by 5% in premarket trading on Wednesday after Transportation Secretary Sean Duffy posted a video about his recent flight in the company’s electric aircraft.

The Department of Transportation announced Duffy’s Beta flight on Monday, writing that he’d become “the first Transportation Secretary in American history to fly in an electric vertical take-off and landing aircraft.”

Late Tuesday, Duffy posted another video referencing the flight, writing, “🔥A HOT NEW AIRCRAFT ENTERS THE VILLA👀”

Air taxi rivals Joby Aviation and Archer Aviation were each down about 1.4% in premarket trading. All three companies are participating in the FAA’s eVTOL Integration Pilot Program. All three are also down at least 10% year to date heading into market open on Wednesday.

Tom Jones
hedge of glory
38m
A New York bar is using Kalshi to offer patrons free drinks during the first Knicks Finals game

Sentences are being written that have never been written before.

NBA: MAY 31 NBA Finals Preview - New York Knicks
markets
Helena Cheng

Macy’s rises on Q1 earnings, revenue beat, and raised full-year outlook

Macy’s shares are rising Wednesday morning after the department store giant exceeded Wall Street expectations for Q1 and management lifted the company’s full-year guidance.

Key numbers:

  • Adjusted earnings per share of $0.13 (compared to analyst estimates of $0.04).

  • Revenue of $4.7 billion (estimate: $4.6 billion).

Macy’s raised its guidance for the full fiscal year and now projects full-year net sales between $21.5 billion and $21.75 billion, up from the previous range of $21.4 billion to $21.65 billion. Adjusted earnings per share also got an upgrade to between $2.00 and $2.20, compared to the prior view of $1.90 to $2.10.

Macy’s Q1 comparable sales increased 3%, exceeding the company’s guidance. The standout performer was Bloomingdale’s, where comparable sales surged 10.2%, capturing its seventh straight quarter of growth. Meanwhile, beauty and skin care retailer Bluemercury also posted a robust 6.4% comparable sales gain.

The company ended the first quarter of 2026 with cash and cash equivalents of $1.3 billion and had $2.0 billion of available borrowing capacity under its asset-based credit facility. Through its quarterly dividend, Macy’s returned $50 million in cash to shareholders in the first quarter of 2026.

“We’re off to a strong start to the year, exceeding expectations for the fifth consecutive quarter as our Bold New Chapter strategy continues to build momentum,” Tony Spring, chairman and CEO of Macy’s, said in a statement. “Customers are responding — driving comparable sales growth at Macy’s and another standout quarter at Bloomingdale’s, underscoring its leadership in modern luxury.” Spring’s “A Bold New Chapter” turnaround strategy, which was announced back in 2024, relies heavily on luxury expansion and store optimization to attract affluent consumers.

markets
Nate Becker

GameStop pops as Q1 revenue, profit rise and retailer authorizes $2 billion of stock buybacks

GameStop shares popped after-hours, as the company authorized a $2 billion stock buyback and posted a blockbuster fiscal first-quarter profit aided by unrealized gains on its options exposure to eBay stock. 

Here are the numbers from the retail trader favorite: 

  • Adjusted earnings per share of $0.30, up from $0.17 a year earlier and above the $0.16 estimate of… precisely one analyst.

  • Revenue of $835.3 million, up 14% from a year earlier.

  • A $2 billion stock buyback authorization, which is equivalent to about one-fifth of the company’s market cap.

  • A whopping $268 million unrealized gain because of its options exposure to eBay stock that it bought as it attempted to buy the online retailer. That led to a record quarterly net income of $389.6 million.

  • The highest first-quarter operating income ever, at $143.3 million — a number not aided by the gain in eBay stock, but rather by higher revenue and improved margins. 

Shares rose 7.1% after-hours.

The buyback authorization is a particularly interesting development for GameStop, which less than two years ago issued billions of dollars’ worth of shares as it took advantage of surging stock prices. 

Of course, it’s worth noting that the buyback authorization can be used in piecemeal fashion for the next three years, so any potential buybacks don’t have to happen any time soon — or at all.

markets
Jon Keegan

GitLab shares soar on earnings and revenue beat

Shares of GitLab soared over 8% in after-hours trading after the company’s quarterly results beat analyst expectations for earnings and revenue.

For FY2027 Q1, the code development and security platform posted:

  • Revenues of $264.2 million (estimate: $254 million).

  • Adjusted earnings per share of $0.23 (estimate: $0.21).

In a press release, GitLab CEO Bill Staples wrote, “The agentic era is creating structural tailwinds for GitLab, and Q1 showed it clearly with accelerating platform activity and promising traction from GitLab Duo Agent Platform.”

As AI eats the software development world, platforms for human coders like GitLab are facing some existential threats. Last month, GitLab shares dropped after it announced a restructuring plan, slashing its country footprint by 30%, and today it confirmed that 350 team members would be cut. The company said it expects the restructing to be complete by the end of FY 2027.

Shares of GitLab were down about 15% year to date heading into the report.

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