Markets
Luke Kawa
5/29/25

US stocks hang on to some gains on a topsy-turvy day for tariffs

The day was a microcosm of the year, with everyone’s heads spinning thanks to extremely volatile changes to US trade policy. This time, though, it was the judicial branch rather than the executive branch that created the whipsaw.

US stocks opened well in the green after a court order Wednesday evening saw many of President Trump’s tariffs blocked. But that wouldn’t stop the president from potentially pursuing other avenues to tax imports, and, by the way, that court order was overruled by another court before the day was out. Whew. 

Stocks closed well off their highs, with the S&P 500 up 0.4%, the Nasdaq 100 rising 0.2%, and the Russell 2000 gaining 0.3%.

Communications services was the lone S&P 500 sector ETF to close negative, while real estate, energy, utilities, and healthcare were prominent gainers.

Nvidia’s strong earnings and solid outlook released after the close on Wednesday were key to the index’s gains, with Wall Street excited about improving rack supply and its ability to generate revenues even without being able to access the Chinese market. The chip designer’s impressive results initially buoyed a lot of its peers, but that didn’t last. Most notably, CoreWeave, which was up double digits, completely fell out of bed to close down 9%.

Even though the blocked tariffs that didn’t stay blocked for a full day did not affect auto stocks, carmakers like Stellantis, Nissan, and Toyota put in big gains anyway.

Plane maker Boeing hit a 52-week high after CEO Kelly Ortberg said China would once again accept deliveries.

Meanwhile, Build-A-Bear rewarded bulls, hitting an all-time high after surging more than 20% on blowout earnings.

Best Buy’s earnings had the opposite effect, sending shares sharply lower as sales were lower than anticipated and management trimmed its full-year revenue forecast.

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Nia Warfield, Luke Kawa
2h
US stocks in holding pattern ahead of Wednesday’s Fed decision

Major indexes closed down 0.1%.

Horse Ranch In Zhangye
markets
Luke Kawa
5h

GameStop can’t stop winning, on track for longest streak of gains since 2022

Unless we jinx it, GameStop is poised for its longest winning streak since 2022, with shares up 3% as of 2:04 p.m. ET.

The video game and collectibles retailer hasn’t posted a down day since September 4 and is poised for its eighth consecutive day of gains. Shares are up nearly 18% over this period, versus a 1.6% advance for the S&P 500.

The bulk of these gains came in the wake of the company’s stellar second-quarter earnings report, which exceeded expectations on the top and bottom lines as well as marking the fifth consecutive quarter of positive operating cash flow generation for the first time in its history.

Including this one, the company has posted eight or more consecutive days of gains on 25 occasions during its history as a publicly traded company.

Its last seven-session winning streak came in mid-July of last year, about a month after Keith Gill (aka Roaring Kitty) disappeared from the scene after his brief reappearance, as part of a relatively violent market rotation into small-cap stocks.

markets
Max Knoblauch
6h

Nio surges to an 11-month high following an upgrade from UBS ahead of its new SUV launch

Chinese EV maker Nio is climbing for the fourth straight trading day, following an upgrade from UBS to “buy” from “neutral.” Nio’s nearly 7% jump propelled the stock to its highest level since last October.

UBS also bumped its price target for Nio up to $8.50, a 37% hike.

Nio will begin deliveries of its new ES8 SUV this weekend, priced to compete with Tesla’s Model Y. Last week, the EV maker said it planned to raise up to $1 billion on a share offering.

According to UBS analyst Paul Gong, Nio’s latest products “could further attract consumers after the US $1 billion equity offerings strengthened visibility on its healthy operations.”

markets
J. Edward Moreno
6h

Moderna is up on the release of positive results for reformulated Covid vaccine

Moderna rose on Tuesday after it announced encouraging trial results for its next COVID-19 vaccine.

The data from its phase 4 clinical trial showed the 2025-26 formula of its COVID-19 vaccine, which targets a new variant and was recently approved by the FDA with some limitations, produced a strong immune response among people ages 12 through 64. Covid vaccine sales account for virtually all of Moderna’s revenue.

The company has had a tumultuous year as the Trump administration makes moves to limit who is able to access the vaccine. Last month, the FDA limited approval for the coronavirus vaccine to higher-risk populations; previously, anyone older than 6 months was eligible for it.

markets
Max Knoblauch
6h

Rivian climbs as it breaks ground on a $5 billion EV plant that could produce 200,000 vehicles a year by 2028

EV tax credits may be ending this month, but Rivian’s still optimistic about future demand.

The electric vehicle maker on Tuesday broke ground on its delayed $5 billion Georgia plant that it says will be able to produce 200,000 vehicles per year by 2028. (For comparison, Rivian expects to deliver up to 46,000 EVs this year.) Its shares climbed more than 6% on the news.

The plant will create 7,500 permanent jobs once complete, according to Rivian, with the first phase of production beginning next year.

2026 also marks the planned launch year for Rivian’s R2 electric SUV, expected to start around $45,000 and compete with Tesla’s Model Y. Earlier this month, Lucid confirmed that it too would be creating a roughly $50,000 electric SUV.

If it seems like an odd time to build an EV plant, it probably is. But unlike larger rivals GM and Honda, Rivian doesn’t have the ability to scale back its EV ambitions — they’re the only vehicles the automaker produces. Last month, the company posted a steeper loss than analysts expected, losing $1.12 billion over its second quarter.

It's 'do or die' for electric vehicle maker Rivian as it breaks ground on a $5 billion plant

It's 'do or die' for electric vehicle maker Rivian as it breaks ground on a $5 billion plant

The plant will create 7,500 permanent jobs once complete, according to Rivian, with the first phase of production beginning next year.

2026 also marks the planned launch year for Rivian’s R2 electric SUV, expected to start around $45,000 and compete with Tesla’s Model Y. Earlier this month, Lucid confirmed that it too would be creating a roughly $50,000 electric SUV.

If it seems like an odd time to build an EV plant, it probably is. But unlike larger rivals GM and Honda, Rivian doesn’t have the ability to scale back its EV ambitions — they’re the only vehicles the automaker produces. Last month, the company posted a steeper loss than analysts expected, losing $1.12 billion over its second quarter.

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