Markets
Nia Warfield, Luke Kawa

US stocks set more records on trade progress

A quarter that started with US stocks falling out of bed ended with the S&P 500 booking a double-digit gain amid more signs of progress on agreements that may help avoid trade wars flaring up again.

The benchmark US stock index booked another record close with a 0.5% gain, as did the Nasdaq 100 with a 0.6% advance. The Russell 2000 inched 0.1% higher.

Every S&P 500 sector ETF gained outside of consumer discretionary, energy, and materials, with tech and financials leading the way higher.

Hewlett Packard Enterprise paced the S&P 500’s gains, closing up 11% after the Department of Justice officially cleared its $14 billion Juniper Networks acquisition.

Apple popped 2% on reports that the iPhone maker is considering using OpenAI or Anthropic to power its Siri AI assistant.

Palantir shares were up 4% after the retail favorite announced a partnership with Accenture Federal Services centering on the company’s growing AI software business.

Robinhood Markets jumped nearly 13% after the company announced plans to extend its crypto offerings, including launching tokenized versions of US stocks and ETFs for EU customers.

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions.)

Moderna rose as much as 5% before closing at a 1.6% gain after the pharma giant announced positive results for its experimental flu vaccine.

Oracle rose 4% after the tech giant disclosed a new $30 billion contract and backed its 2026 guidance in a morning regulatory filing.

AppLovin popped almost 5% after UBS hiked its price target for the ad tech company to $540 from $475 — well above the average analyst price target of $467.

Plug Power soared 28% after new provisions to the Senate’s tax bill proposed extending green hydrogen production credit an additional two years.

Cava shares were up 8.2% after the popular Mediterranean food chain saw a wave of afternoon bullish options activity.

Shares of wholesale supplier GMS jumped nearly 12% after Home Depot announced a $4.3 billion takeover, sharpening its pivot toward professional contractors.

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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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