Luke Kawa5/29/25

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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Helena Cheng22h

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.

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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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