A strong May for U.S. equities is closing on a sour note, after President Donald Trump accused China of "totally" breaching a tariff agreement, raising new <a href="https://www.benzinga.com/cannabis/25/05/45693219/feds-favorite-inflation-gauge-slows-but-trumps-china-accusation-flips-market-mood">fears over trade disputes.</a>



The White House is reportedly planning broader tech sanctions against China, with a proposed rule targeting companies majority-owned by already-sanctioned firms. According to people familiar with the matter, these firms would face new licensing conditions from the U.S. government, heightening pressure on Beijing. 



Friday&#8217;s economic reports offered mixed signals. Although inflation showed signs of cooling, consumers pulled back on monthly spending, signaling weakening demand. Personal spending growth slowed to 0.2% in April, a sharp deceleration from 0.7% in March.



Meanwhile, Main Street is sending warning signals, as consumer sentiment remained deeply depressed, holding at a three-year low, according to the<a href="https://www.benzinga.com/markets/economic-data/25/05/45697983/consumer-sentiment-stuck-at-3-year-lows-as-inflation-fears-hit-44-year-high"> University of Michigan's final May reading.</a> Moreover, year-ahead inflation expectations jumped to 4.5%, the highest since 1981.



Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) was the worst performer among the mega-cap names, sliding 4% and fully erasing the gains it had notched following Wednesday&#8217;s stronger-than-expected earnings release.



The broader market mirrored the decline. The S&amp;P 500 fell 1% to 5,858 points, while the tech-heavy Nasdaq 100 tumbled 1.3% to 21,100—both marking their lowest levels of the week.



Only defensive sectors such as consumer staples and utilities managed to stay above water, as investors rotated into perceived safe havens amid geopolitical and economic unease.



Crude oil prices declined 1.5% to $60 a barrel amid speculation that OPEC+ could consider a production hike larger than the 410,000 barrels-per-day increase already planned. The group is set to meet Saturday.



Gold, often seen as a haven during market stress, failed to gain traction and dropped 0.9% to trade below $3,300 per ounce.



Cryptocurrency markets also faced headwinds. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) sank below $105,000, hitting its lowest level since May 20.



<h3 class="wp-block-heading">Friday&#8217;s Performance In Major US Indices, ETFs</h3>



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Major Indices </td><td>Price</td><td>1-day %chg</td></tr><tr><td>Dow Jones</td><td>42,015.10</td><td>-0.5%</td></tr><tr><td>S&amp;P 500</td><td>5,858.41</td><td>-1.0%</td></tr><tr><td>Russell 2000</td><td>2,054.65</td><td>-1.0%</td></tr><tr><td>Nasdaq 100</td><td>21,105.32</td><td>-1.3%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 12:45 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul class="wp-block-list">
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) fell 1% to $584.56.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) eased 0.5% to $420.37.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)&nbsp;fell 1.3% to $513.31.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) slipped 1% to $204.09.</li>



<li>The&nbsp;Consumer Staples&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) outperformed, up 0.7%; the&nbsp;Technology&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) lagged, down 1.6%.</li>
</ul>



<h3 class="wp-block-heading">Friday&#8217;s Stock Movers</h3>



Stocks reacting to earnings reports included: 



<ul class="wp-block-list">
<li>Costco Wholesale Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>) up 3.60%</li>



<li>Dell Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) down 3.33%</li>



<li>Zscaler, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZS#NASDAQ">ZS</a>) up 8.24%</li>



<li>Ulta Beauty, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULTA#NASDAQ">ULTA</a>) up 11.13%</li>



<li>NetApp, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTAP#NASDAQ">NTAP</a>) down 0.57%</li>



<li>The Cooper Companies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COO#NASDAQ">COO</a>) down 14.60%</li>



<li>The Gap, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GPS#NYSE">GPS</a>) down 19.18%</li>
</ul>



Read now:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst-color/25/05/45696827/bitcoin-banks-brokers-will-decide-next-big-market-move-says-bofas-hartnett">Bitcoin, Banks, Brokers Will Decide Next Big Market Move, Says BofA&#8217;s Hartnett </a></li>
</ul>



Photo: Shutterstock

Equities

$BTC

COST

DELL

NTAP

NVDA

ULTA

Wall Street Slumps As Trump Reignites China Trade Tensions, Nvidia Wipes Out Earnings Rally: What's Driving Markets Friday?

U.S. consumer sentiment stayed at 3-year lows in May 2025, while short-term inflation expectations surged to their highest level since 1981, according to the final report released <a href="https://www.benzinga.com/news/econ-s">by the University of Michigan. </a>



The Consumer Sentiment Index for May 2025 came in at 52.2 points, upwardly revised from a preliminary 50.8 but unchanged from April, the survey showed. 



This ends four months of continuous declines, though the index remains at its lowest since November 2022 and 24.5% lower than it was a year ago.



The Current Economic Conditions Index dropped 1.5% month-on-month to 58.9, again the lowest since November 2022, while the Index of Consumer Expectations improved slightly to 47.9, up 1.3% from April.



Joanne Hsu, director of the Surveys of Consumers, said that while sentiment had initially dropped in early May, it &#8220;turned a corner&#8221; later in the month. 



Hsu attributed this to the temporary suspension of some tariffs on Chinese imports, which may have improved business expectations. 



Yet, the expert said these improvements were &#8220;offset by declines in current personal finances stemming from stagnating incomes throughout May.&#8221;



<h3 class="wp-block-heading">Inflation Fears Surge To 44-Year High</h3>



Short-term inflation expectations jumped to 6.6%, up from 6.5% in April, reaching the highest level since November 1981. This reflects mounting anxiety among consumers despite relatively tame recent inflation data.



Notably, the gap between one-year inflation expectations and April's Personal Consumption Expenditures index—up just 2.1% year-over-year—stands at a historic 4.5 percentage points.



This marks the widest spread ever recorded, highlighting a severe disconnect between how Americans feel and what official data shows.



Meanwhile, long-run inflation expectations slipped to 4.2% in May from 4.4% in April, ending a rare four-month streak of increases.



<h3 class="wp-block-heading">Chart: Are US Consumers Disconnected From Inflation Reality?</h3>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="535" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/30104144/image-416-1024x535.png" alt="" class="wp-image-933293" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/30104144/image-416-1024x535.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/30104144/image-416-300x157.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/30104144/image-416-768x401.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/30104144/image-416-1536x803.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/30104144/image-416-2048x1070.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3 class="wp-block-heading">Markets Shake Off Weak Data</h3>



Despite weak sentiment and inflation worries, markets rebound during New York morning trading. 



The S&amp;P 500 – tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) –&nbsp;regained the 5,900-point level, while the Nasdaq 100 held flat near record highs at 21,360.



Shares of Palantir Technology Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PLTR#NASDAQ">PLTR</a>) jumped 4.6%, leading tech gains. 



Meanwhile, bond markets reacted by pricing in slower economic momentum. The 30-year U.S. Treasury yield dropped to 4.91%, down sharply from last week's peak of 5.15%. The U.S. dollar also slipped. 



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/cannabis/25/05/45693219/feds-favorite-inflation-gauge-slows-but-trumps-china-accusation-flips-market-mood">Fed&#8217;s Favorite Inflation Gauge Slows, But Trump&#8217;s China Accusation Flips Market Mood </a></li>
</ul>



Image created using artificial intelligence via Midjourney.

Econ #s

PLTR

Consumer Sentiment Stuck At 3-Year Lows As Inflation Fears Hit 44-Year High

With earnings behind us for Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>), the stock&#8217;s resistance now sits near $700 while support is down near $560.



The chart is telling me that a rotation into that support before the next move up could be ahead.&nbsp;



Here&#8217;s how I&#8217;d use options to trade that move. The best way to do this is with a put butterfly on META into the end of the summer. 



The long put butterfly is a combination of a long put spread and a short put spread. The overall position is ‘technically neutral.' But if we trade into support and remove the trade near the middle strike, we are essentially taking a stance that the chart should fade to support before its next rally. 



With META&#8217;s relative resistance zone sitting at around $700 and support near $560, the option chains are pricing in a move that is $111 from the current price. With this trade, we are well inside that range to collect profit:



<ul class="wp-block-list">
<li>Buy to open 1 META 19 Sept 590 puts </li>



<li>Sell to open 2 META 19 Sept 560 puts </li>



<li>Buy to open 1 META 19 Sept 530 puts </li>
</ul>



The cost of the trade as of this writing is $2.15, which represents the total risk for the position. 



The breakeven price of the stock at expiration on this trade is calculated by subtracting the debit paid less the $590 strike. $590 + $2.15 = $592.15. The maximum return is the distance between the $590 and $560 strikes less the cost of the debit = $30 &#8211; $2.15 = $27.85 (or $2,785).



There are two possible ways to leave this trade:



<ol class="wp-block-list">
<li>Hold the option until the strike tests $560 and leave the trade with whatever profits sit in the position. </li>



<li>Set an alert for your max loss – if the option erodes to less than 50% of its price. Sell the position if your risk thresholds are breached.</li>
</ol>



<h2 class="wp-block-heading">Wall Street Veteran Posts Every Trade Live</h2>



No after-the-fact claims. Matt Maley's Inner Circle members see every entry, exit, and adjustment in real time with exact prices. Last week, they watched multiple big winners unfold from start to finish. Join Matt's Inner Circle <a href="https://www.benzinga.com/premium/ideas/7-day-free-trial-matt-maley-inner-circle/?el=ResearchDaily&amp;utm_campaign=7daytrial&amp;utm_adType=sponsorad&amp;utm_ad=RD053125&amp;he={{email}}&amp;adt_ei={{email}}&amp;utm_medium=newsletter">HERE</a> &#8211; 7 Days Free



Editorial content from our expert contributors is intended to be information for the general public and not individualized investment advice. Editors/contributors are presenting their individual opinions and strategies, which are neither expressly nor impliedly approved or endorsed by Benzinga.



Photo: Shutterstock

Opinion

My Top META Trade After Earnings

Global markets are on the verge of a decisive move and Bank of America's chief strategist Michael Hartnett says the next big wave will be revealed through the "three B's": brokers, banks and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>).



In his latest Flow Show note shared Friday, Hartnett warned that financial markets are "coiled" for a major breakout or breakdown, with investor sentiment split between soft-landing optimism and <a href="https://www.benzinga.com/gov-trades">policy-induced blow-off risk. </a>



<h3 class="wp-block-heading">BofA's Hartnett Sees Markets At Tipping Points</h3>



According to Hartnett, the key to interpreting the next move will be watching three main markets: brokers – as tracked by the iShares U.S. Broker-Dealers &amp; Securities Exchanges ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAI#NYSE">IAI</a>) –, global financial stocks – as tracked by the iShares Global Financial ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IXG#NYSE">IXG</a>), and Bitcoin. 



If they break higher from current resistance levels, the bulls win; if not, expect a sharp reversal.



"Double tops in risk leaders = very bearish, clean upside breaks = very bullish," Hartnett said, describing the technical setup as one of the most pivotal in 2025.



<h3 class="wp-block-heading">Peak Tariffs, Bear Dollar, Bull Gold</h3>



Hartnett believes the U.S. has hit "peak tariffs" and sees the weaker U.S. dollar as an intentional policy tool to support domestic manufacturing, which now accounts for just 8% of total payrolls.



The DXY index failing to break above 100 reflects this bearish dollar view, which in turn favors gold, emerging markets and international equities.



Gold is up 25.4% year to date, while the U.S. dollar is down 8.5%, and government bonds have returned 5.4%. Equities are up 5.6%, but recent outflows signal growing caution.



<h3 class="wp-block-heading">Bubble Building? Watch Bond Yields And The Magnificent 7</h3>



Hartnett still favors buying Treasuries at 5% yields, gold as a hedge for a weaker dollar, and international stocks over U.S. large caps.



Yet, he sees a rising risk that U.S. policymakers may pivot toward what he dubs a "bigger bubble" effect: cutting tariffs, taxes and interest rates to mask fiscal instability.



He warns that if the U.S. embraces full-blown stimulus to stabilize debt-to-GDP, global asset allocators may rotate back into narrow equity bubbles, especially AI and crypto.



The Magnificent 7 are already trading at 42x trailing earnings, up from the March lows. Historical equity bubbles have peaked around 58x trailing P/E and 244% total gains, suggesting another 30% upside is technically possible.



Yet, history also shows that bond yields rose in 12 of the past 14 major bubbles, undermining the typical stock-bond relationship. U.S. 30-year real yields – which are the result of nominal yields minus inflation expectations – are now near 3%, the highest since 2008 — a level Hartnett says could eventually burst the bubble.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/general/education/25/05/45675595/apple-eyes-worst-month-vs-sp-500-since-2018-but-history-says-buy-the-dip-now">Apple Eyes Worst Month Vs. S&amp;P 500 Since 2018 — But History Says Buy The Dip Now</a></li>
</ul>



Image created using artificial intelligence via Midjourney.

Analyst Color

Bitcoin, Banks, Brokers Will Decide Next Big Market Move, Says BofA's Hartnett

The Federal Reserve's preferred inflation gauge showed further cooling in April, strengthening the case for a<a href="https://www.benzinga.com/topic/federal-reserve"> patient monetary policy stance. </a>



While the data should have supported risk sentiment into the week's final session, Wall Street turned lower after President Donald Trump accused China of breaching a trade deal, raising fears of renewed tariffs.



<h3 class="wp-block-heading">PCE Inflation Shows Broad-Based Cooling</h3>



The Personal Consumption Expenditures price index, released Friday by the Bureau of Economic Analysis, rose 2.1% year-over-year in April, a deceleration from March's 2.3% and lower than consensus estimates of 2.2%. 



On a monthly basis, prices increased by just 0.1%, rebounding slightly from a flat March reading but still reflecting muted inflationary pressure.



The Fed&#8217;s closely watched core PCE index—which strips out volatile food and energy prices—eased to 2.5% annually, down from 2.7% in March and aligned with expectations. On the month, core prices ticked up just 0.1%, consistent with both the prior reading and forecasts.



These figures underscore the continued disinflationary trend in the U.S. economy and suggest that the latest tariff adjustments have not yet impacted consumer price dynamics.



<h3 class="wp-block-heading">Income Rises Strongly, Spending Slows</h3>



In contrast to the subdued inflation data, U.S. consumers saw their incomes grow at a robust pace. Personal income surged 0.8% in April from the prior month, a stronger acceleration from March's 0.7% and well above forecasts of 0.3%.



Yet, spending growth cooled to 0.2% from 0.7% in March, matching economist estimates. 



<h3 class="wp-block-heading">Markets Spooked By Renewed Trade War Fears</h3>



Despite the positive inflation backdrop, U.S. stock futures turned negative during Friday premarket trading after Trump posted on Truth Social that China had &#8220;totally violated&#8221; its trade agreement with the U.S., reigniting fears of escalating tariffs.



Trump claimed the previous deal was made to avoid economic collapse in China and asserted that the new breach would not go unanswered. 



"We went, in effect, COLD TURKEY with China," Trump wrote. "Many factories closed and there was, to put it mildly, ‘civil unrest.'"



Futures on the S&amp;P 500 dropped 0.4% to 5,890, while Nasdaq 100 futures fell 0.3% to 21,300. 



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) is up 1.9% for the week. 



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/tech/25/05/45689336/dell-nvidia-to-build-next-gen-supercomputer-for-us-energy-department">Dell, Nvidia To Build Next-Gen Supercomputer For US Energy Department </a></li>
</ul>



Photo: Shutterstock

Macro Economic Events

Economics

Federal Reserve

Analyst Ratings

ETFs

Fed's Favorite Inflation Gauge Slows, But Trump's China Accusation Flips Market Mood

Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) posted earnings after Wednesday's close, beating sales but missing earnings per share. Forward guidance was positive, and the stock gained about $7 from $134.88, close to $141.35 as of this writing.



But after lots of movement overnight and on Thursday morning, NVDA stock has been stuck in place.



This won't last.



My PFP system, which stands for Positioning, Flows, and Price Action, uses options market data to predict where stocks will go next. Let's start our look into NVDA by looking at where options traders are positioned.



<h2 class="wp-block-heading">Positioning In NVDA</h2>



Looking at the positioning chart below, where blue bars mean call gamma and pink bars mean put gamma, we can see that there is much more call gamma than put gamma. This is natural for a stock like NVDA, which has had a lot of momentum for a long time. After all, NVDA is up almost 22% over the last year, and a whopping 1,477% over the last five years.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="541" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29135801/NVDA-positioning-1024x541.png" alt="" class="wp-image-932034" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29135801/NVDA-positioning-1024x541.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29135801/NVDA-positioning-300x159.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29135801/NVDA-positioning-768x406.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29135801/NVDA-positioning.png 1266w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



The bulk of the option positions are between $150 and $130, with $140 being our TGS (top gamma strike). We have both $145 and $150 acting as the TCS (top call strikes), so those are the main targets institutions are gunning for to the upside, while $135 and $130 are the TPS (top put strikes), which are the bear targets.



With the TGS at $140, I would not be surprised to see NVDA oscillate around here and try to use this as a base to launch higher. A close above $140 would bolster the upside case as we'd be in a strong positive gamma condition. Meanwhile, closing below $140 would weaken the upside case.



From a positional standpoint in the PFP system, I see $145 and $150 as natural upside targets should NVDA hold $140. If there&#8217;s a positive close, I will look for bullish trades targeting that.



<h2 class="wp-block-heading">Matt Maley Closed Multiple Winners Before Memorial Day</h2>



Last week, Matt Maley locked in big gains on WOLF puts, GDX calls, and SOXS calls &#8211; all before the long weekend. Every trade was posted live in his Inner Circle chatroom as it happened. Join Matt's <a href="https://www.benzinga.com/premium/ideas/7-day-free-trial-matt-maley-inner-circle/?el=ResearchDaily&amp;utm_campaign=7daytrial&amp;utm_adType=sponsorad&amp;utm_ad=RD053025&amp;he={{email}}&amp;adt_ei={{email}}&amp;utm_medium=newsletter">Inner Circle</a> &#8211; 7 Days Free



<h2 class="wp-block-heading">Flows In NVDA</h2>



Flows were strong after earnings with institutions heavily trading shares in the after-hours market. In the cash session on Thursday, traders are buying calls (~281M in notional deltas) and selling puts (~100M in notional deltas) so the options market is bullish on this ticker.



57% of those option flows expire on Friday, so there are lots of short-term trades, but 43% are further out in time. The removal of the short-term flows on Friday should hamper upside gains, but next week looks favorable for more upside. Two-thirds of the puts sold on Thursday expire after Friday, so longer-dated short puts are entering the market (or closing of long puts).



In other words, the overall options flow is bullish, not just for tomorrow, so I like the bullish prospects—again if NVDA closes above $140.



<h2 class="wp-block-heading">Price Action On NVDA</h2>



Looking at the 5-minute chart below, you can see NVDA pushing higher after its earnings release. It ended up just shy of the implied move ($9 up/down) to $143, and as I'm writing this, it is sitting around $141.37.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="490" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29140101/nvda-price-action-1024x490.jpg" alt="" class="wp-image-932037" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29140101/nvda-price-action-1024x490.jpg 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29140101/nvda-price-action-300x144.jpg 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29140101/nvda-price-action-768x368.jpg 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29140101/nvda-price-action-1536x735.jpg 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29140101/nvda-price-action.jpg 1822w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



The price action on Thursday was mostly corrective after an impulsive move higher. This price action suggests more upside and the $140 TGS has held the first attempt. If we close below $140, I lean towards the next leg being higher.



<h2 class="wp-block-heading">How I'm Trading It</h2>



On Wednesday, for my <a href="https://www.benzinga.com/premium/ideas/benzinga-options-school-webinar/?el=ResearchDaily&amp;he=%7B%7Bemail%7D%7D&amp;adt_ei=%7B%7Bemail%7D%7D&amp;utm_adType=ArticleAd&amp;utm_ad=RD0530&amp;utm_campaign=BZOptionsSchool">Benzinga Options School</a> and <a href="https://www.benzinga.com/premium/ideas/trading-waves-30-day-trial-49/?el=ResearchDaily&amp;he=%7B%7Bemail%7D%7D&amp;adt_ei=%7B%7Bemail%7D%7D&amp;utm_adType=ArticleAd&amp;utm_ad=RD0530&amp;utm_campaign=TradingWaves">Trading Waves </a>members, we traded NVDA using a long iron condor (a long bull call spread and a long bear put spread) as we anticipated a strong response after earnings. Thus far, that prediction has proved correct and we anticipate more directional flows over the next 2-3 weeks up to the June op-ex.



If we get a strong close to the week, we'll look at adding a bull call spread for the June op-ex and reducing our bear put spread exposure. However, volatility was underpriced 2-3 weeks out for NVDA, so being long, volatility is my preferred method going forward.



Editorial content from our expert contributors is intended to be information for the general public and not individualized investment advice. Editors/contributors are presenting their individual opinions and strategies, which are neither expressly nor impliedly approved or endorsed by Benzinga.



Photo: Shutterstock

Trading Ideas

How I'm Trading Nvidia's Earnings Using My PFP System

In a move to curb federal spending, the&nbsp;Department of Government Efficiency (DOGE)&nbsp;has deactivated over 523,000 government credit cards.



What Happened:&nbsp;DOGE announced the deactivation of the credit cards on X, and indicated plans to expand the program to more agencies. &#8220;We&nbsp;are now expanding the program&nbsp;to more agencies, as there&nbsp;is much more work to&nbsp;do,&#8221; DOGE stated.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Credit Card Update! After 13 weeks, the program to audit unused/unneeded credit cards across 32 agencies has resulted in ~523k de-activated cards. As a reminder, at the start of the audit, there were ~4.6M active cards/accounts &#8211; we are now expanding the program to more… <a href="https://t.co/pawuksvRgP">pic.twitter.com/pawuksvRgP</a>&mdash; Department of Government Efficiency (@DOGE) <a href="https://twitter.com/DOGE/status/1928299906688765999?ref_src=twsrc%5Etfw">May 30, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



DOGE&#8217;s action is part of a wider crackdown on government expenditure. The decision, a result of a 13-week audit, led to the cancellation of credit cards across multiple federal agencies, including NASA, the General Services Administration, the Office of Personnel Management, as well as the departments of the Treasury, Education, Interior, Commerce, Agriculture and State.



DOGE stated that it is extending the program to more agencies.



Michael Ryan, the founder of MichaelRyanMoney.com had previously told Newsweek, &#8220;These aren&#8217;t your typical consumer credit cards. We&#8217;re looking at lifelines for federal agencies—cards that keep the lights on, quite literally.&#8221;



SEE ALSO:&nbsp;<a href="https://benzinga.com/cannabis/25/05/45691518/110m-wiped-out-bitcoin-whale-trader-gets-burned-as-btc-tags-104150" target="_blank" rel="noreferrer noopener">$110M Wiped Out: Bitcoin Whale Trader Gets Burned As BTC Tags $104,150 &#8211; Benzinga</a>



Why It Matters: The initiative began on February 18 when DOGE announced plans to collaborate with federal agencies to streamline credit card accounts and cut administrative costs.



According to DOGE estimates, the federal government held around 4.6 million credit cards and processed 90 million unique transactions in the 2024 fiscal year. Shortly after, President Donald Trump issued an executive order imposing a 30-day freeze on agency employee credit cards.



In March, Elon Musk's push for government cost-cutting focused on federal workers' credit cards, disrupting their ability to purchase basic supplies, according to multiple media reports.



The Department of Government Efficiency touted the cancellation of thousands of cards and slashing spending limits on others to just $1—a move that has reportedly hindered many employees from making routine purchases needed to perform their jobs.



Earlier this week, Elon Musk formally <a href="https://www.benzinga.com/25/05/45687331/elon-musks-right-hand-man-steve-davis-exits-doge-after-tesla-ceo-steps-back-from-government-work">exited </a>from DOGE, followed by his close associate Steve Davis. The White House maintains that the activities of DOGE will continue despite Musk&#8217;s exit. 



READ MORE:



<ul class="wp-block-list">
<li><a href="https://benzinga.com/25/05/45659590/bernie-sanders-says-trump-just-announced-hes-reduced-drug-prices-by-85-dares-you-to-go-to-the-pharmacy-and-tell-t" target="_blank" rel="noreferrer noopener">Bernie Sanders Says, &#8216;Trump Just Announced He&#8217;s Reduced Drug Prices By 85%,&#8217; Dares You To Go To The Pharmacy And &#8216;Tell Them Trump Sent You&#8217;</a></li>
</ul>



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.



Photo courtesy: Tada Images / Shutterstock.com

News

Politics

DOGE Deactivates Over Half A Million Government Credit Cards In Federal Spending Clampdown

U.S. stock futures were flat on Friday after ending higher on Thursday. Futures of major benchmark indices fell in premarket.



A federal appeals court on Thursday <a href="https://www.benzinga.com/news/legal/25/05/45683326/trump-tariffs-temporarily-preserved-as-appeals-court-pauses-lower-ruling">temporarily reinstated most of the tariffs</a> imposed by President Donald Trump. 



This decision by the U.S. Court of Appeals for the Federal Circuit pauses a lower court&#8217;s ruling that had invalidated a significant portion of these tariffs.



The stay will remain in effect, allowing the Trump administration to pursue its appeal of the trade court&#8217;s decision.



Meanwhile, the 10-year Treasury bond yielded 4.42% and the two-year bond was at 3.94%. The CME Group's FedWatch <a href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">tool</a>&#8216;s projections show markets pricing a 97.9% likelihood of the Federal Reserve keeping the current interest rates unchanged in its June meeting.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Futures</td><td>Change (+/-)</td></tr><tr><td>Dow Jones</td><td>-0.04%</td></tr><tr><td>S&amp;P 500</td><td>-0.10%</td></tr><tr><td>Nasdaq 100</td><td>-0.09%</td></tr><tr><td>Russell 2000</td><td>-0.33%</td></tr></tbody></table></figure>



The SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) and Invesco QQQ Trust ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), which track the S&amp;P 500 index and Nasdaq 100 index, respectively, were below the flatline in premarket on Friday. The SPY was down 0.088% at $589.53, while the QQQ declined 0.046% to $519.69, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From Last Session:



Across the S&amp;P 500, most sectors closed positively, with utilities, real estate, and health care stocks recording the most significant gains on Thursday. Conversely, communication services stocks went against the broader market trend, ending the session lower.



Nvidia Corp.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) better-than-expected earnings pushed the technology stocks higher. Meanwhile, Best Buy Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>) shares fell around 7% after the electronics retailer posted downbeat first-quarter results.



Similarly, Caleres Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAL#NYSE">CAL</a>), a footwear company, saw its shares dip 18% after reporting first-quarter financial results that missed adjusted EPS and sales estimates, leading the company to suspend its guidance.



On the economic front, U.S. initial jobless claims rose by 14,000 to 240,000 in the week ending May 24th, exceeding market estimates of 230,000.



Despite this, the U.S. economy showed a slight improvement in its first-quarter contraction, shrinking at an annualized rate of 0.2% compared to the initial estimate of a 0.3% decline.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Index</td><td>Performance (+/-)</td><td>Value</td></tr><tr><td>Nasdaq Composite</td><td>0.39%</td><td>19,175.87</td></tr><tr><td>S&amp;P 500</td><td>0.40%</td><td>5,912.17</td></tr><tr><td>Dow Jones</td><td>0.28%</td><td>42,215.73</td></tr><tr><td>Russell 2000</td><td>0.34%</td><td>2,074.78</td></tr></tbody></table></figure>



Insights From Analysts:



According to Adam Turnquist, the chief technical strategist for LPL Financial, &#8220;the added wrinkle&#8221; to trade policy introduces more uncertainty about where the effective U.S. tariff rate will ultimately land and likely &#8220;delays the timeline for clarity.&#8221;



However, he added that &#8220;the market hates uncertainty,&#8221; and cited that the trade uncertainty index peaked as the market bottomed last month. &#8220;Importantly, high levels of trade policy uncertainty tend to correlate with high implied volatility, suggesting investors should expect a bumpier path for stocks until there is more clarity on trade,&#8221; he said.



Turnquist believes that &#8220;Higher trade policy uncertainty also tends to coincide with increased implied volatility, so investors should expect elevated turbulence until there is greater clarity on trade.&#8221;



According to Ed Yardeni, the U.S. operates as a federal republic, distinct from a pure democracy where majority rule is absolute. Yardeni explains that the nation&#8217;s constitutional framework, largely conceived by lawyerly Founding Fathers, was deliberately crafted with checks and balances.



This system aims to prevent the concentration of political power and to safeguard the rights of minority parties from potential &#8220;abuses by the majority as well as by those in power.&#8221; He highlights that the design of the three branches of government inherently serves to &#8220;frustrate the ambitions of the powerful on a regular basis.&#8221;



Thus, according to him, a &#8220;gridlock&#8221; situation with Trump&#8217;s tariffs will likely be good for the markets.



&#8220;In other words, gridlock is a feature, rather than a bug, of the American constitutional system. Gridlock has generally been viewed as bullish by stock and bond investors. The companies they invest in tend to do best when the government is the least meddlesome in their businesses,&#8221; he said.



See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How to Trade Futures</a>



Upcoming Economic Data



Here&#8217;s what investors will keep an eye on Friday:



<ul class="wp-block-list">
<li>April&#8217;s headline and core PCE, personal income, and consumer spending will be out by 8:30 a.m. ET.</li>



<li>April&#8217;s advanced U.S. trade balance in goods, advanced retail inventories, and advanced wholesale inventories data will be announced by 8:30 a.m. ET, as well.</li>



<li>May&#8217;s Chicago Business Barometer (PMI) will be released at 9:45 a.m., final consumer sentiment data for May will be out by 10:00 a.m., and San Francisco Fed President Mary Daly will speak at 4:45 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul class="wp-block-list">
<li>Shoe Carnival Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCVL#NASDAQ">SCVL</a>) jumped 3.04% in premarket on Friday as analysts expect it to report quarterly earnings of 30 cents per share on revenue of $281.93 million, before the opening bell.</li>



<li>Canopy Growth Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) was 2.34% higher ahead of its earnings, which are supposed to be released before the opening bell. Analysts expect earnings of 20 cents per share on revenue of $71.83 million.</li>



<li>Dell Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) advanced 1.65% after it reported $12.1 billion in AI server orders in the first quarter of the fiscal year 2026, surpassing the entirety of shipments for all of fiscal year 2025, and pushing its backlog to a record $14.4 billion.</li>



<li>Costco Wholesale Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>) slipped 0.37% despite beating its revenue and EPS estimates as the company's leaders spoke on an earnings call about the challenges and higher tariffs have meant for its business.</li>



<li>American Eagle Outfitters Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEO#NYSE">AEO</a>) dropped 7.16% after posting a wider-than-expected loss for the first quarter. It provided second-quarter guidance projecting $40 to $45 million in operating income, with comparable sales expected to decline 3%.</li>



<li>Gap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GAP#NYSE">GAP</a>) plunged 14.49% after it reaffirmed its fiscal 2025 revenue guidance of $15.25 billion to $15.4 billion, but cautioned that if current tariff rates remain, they could result in a gross estimated incremental cost of approximately $250 million to $300 million.</li>



<li>UP Fintech Holding Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TIGR#NASDAQ">TIGR</a>) jumped 6.17% after its earnings crushed estimates as the net income soared 146% in the first quarter.</li>



<li>GATX Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GATX#NYSE">GATX</a>) rose 0.70% as it formed a joint venture with Brookfield Infrastructure to acquire Wells Fargo &amp; Co.&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFC#NYSE">WFC</a>) rail operating lease portfolio, composed of approximately 105,000 railcars.</li>



<li>Faraday Future Intelligent Electric Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FFAI#NASDAQ">FFAI</a>) gained 1.61% after announcing a binding deposit agreement for 600 FX Super One MPVs with New PBB Auto.</li>
</ul>



Commodities, Gold, And Global Equity Markets:



Crude oil futures were trading higher in the early New York session by 0.77% to hover around $61.37 per barrel.



Gold Spot US Dollar fell 0.59% to hover around $3,298.18 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was higher by 0.30% at the 99.5760 level.



Asian markets closed lower on Friday except Australia's ASX 200 index. South Korea's Kospi, China&#8217;s CSI 300, India's S&amp;P BSE Sensex, Japan's Nikkei 225, and Hong Kong's Hang Seng indices declined. European markets were higher in early trade.



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/25/05/45683632/stock-market-is-pricing-a-never-before-seen-divergence-as-equities-and-bonds-run-it-hot-amid-gloomy">Stock Market Is Pricing A Never-Before-Seen &#8216;Divergence&#8217; As Equities And Bonds &#8216;Run It Hot&#8217; Amid Gloomy Outlook By Bottom-Up Analysts</a></li>
</ul>



Photo courtesy: Shutterstock

Market Summary

Futures

Pre-Market Outlook

Markets

FFAI

GATX

SCVL

TIGR

US Stocks Likely To Open Lower As Appeals Court Temporarily Reinstates Tariffs: 'The Market Hate Uncertainty,' Says Expert

During a visit to Lawrence Berkeley National Laboratory (Berkeley Lab), U.S. Secretary of Energy Chris Wright on Thursday announced&nbsp;a <a href="https://www.benzinga.com/tech" rel="noreferrer noopener" target="_blank">new deal with</a> Dell Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) to develop NERSC-10, the next flagship supercomputer at the National Energy Research Scientific Computing Center (NERSC), a U.S. Department of Energy (DOE) user facility at Berkeley Lab.

The new supercomputer, a Dell Technologies system powered by Nvidia Corp.&#39;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) next-generation Vera Rubin platform, will be engineered to&nbsp;support large-scale high-performance computing (HPC) workloads like those in molecular&nbsp;dynamics, high-energy physics, and <a href="https://www.energy.gov/articles/doe-announces-new-supercomputer-powered-dell-and-nvidia-speed-scientific-discovery" rel="noreferrer noopener" target="_blank">AI training and inference</a>.&nbsp;

Due in 2026, the new system will be named after Jennifer Doudna, the Berkeley Lab-based biochemist who won the 2020 Nobel Prize for Chemistry in recognition of her work on the gene-editing technology CRISPR.

Also Read: <a href="https://www.benzinga.com/25/05/45295634/cadence-teams-with-nvidia-on-supercomputer-aimed-at-faster-ai-and-engineering-simulations" rel="noreferrer noopener" target="_blank">Cadence Teams With Nvidia On Supercomputer Aimed At Faster AI And Engineering Simulations</a>

NERSC Director Sudip Dosanjh said Doudna will be connected to DOE experimental and observational facilities through the Energy Sciences Network (ESnet), allowing scientists to stream data seamlessly into the system from all parts of the country and analyze it in near real time.

Supercomputers gained prominence for&nbsp;their ability to tackle complex, computationally intensive tasks beyond conventional computers. They hold huge potential as tools for scientific research, artificial intelligence, and various industries.

In January 2025, President Donald Trump announced&nbsp;<a href="https://www.benzinga.com/25/01/43139410/softbanks-role-in-500-billion-stargate-ai-venture-seen-as-major-growth-driver-analyst-says" rel="noreferrer noopener" target="_blank">the $500 billion</a> OpenAI,&nbsp;SoftBank Group Corp (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBF#OTC">SFTBF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SFTBY#OTC">SFTBY</a>), and Oracle Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) initiative when OpenAI said Stargate will expand to as many as ten sites. Oracle controls the supercomputer being built in the Abilene data center.

In January, Nvidia launched Digits, a desktop-sized&nbsp;personal AI supercomputer&nbsp;likely to be available in May 2025.

Price Actions: Nvidia stock is trading lower by 0.96% to $137.86 premarket at last check Friday. DELL is up 1.90%.

Read Next:

<ul class="wp-block-list">
	<li><a href="https://www.benzinga.com//node/45688655">Trump Administration Mulls Global Tariffs Of About 15% For 150 Days Under Existing Trade Laws: Report</a></li>
</ul>

Image by mrinalpal via Shutterstock

Movers

Tech

ORCL

SFTBF

SFTBY

Dell, Nvidia To Build Next-Gen Supercomputer For US Energy Department

In a move that could escalate trade tensions with the U.S., Germany is reportedly contemplating imposing a 10% tax on major online platforms, including&nbsp;Alphabet Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) and&nbsp;Meta Platforms Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>).



What Happened: Wolfram Weimer, the new German Minister of State for Culture, disclosed this proposal in an interview with Stern magazine. This revelation comes before Chancellor Friedrich Merz&#8216;s anticipated visit to Washington, although no official confirmation has been provided yet, reported Reuters.



President Donald Trump has previously expressed his disapproval of foreign governments taxing American companies, pledging not to let them &#8220;appropriate America&#8217;s&nbsp;tax base for their own&nbsp;benefit.&#8221;



Weimer accused big online platforms like Alphabet Inc. and Meta Platforms Inc. of &#8220;cunning tax evasion.&#8221; He suggested that these companies, which generate billions in profits in Germany, contribute minimally to the country&#8217;s tax base and society.



Weimer also criticized the monopolistic tendencies of these digital platforms, arguing that they pose a threat to freedom of expression.



SEE ALSO:&nbsp;<a href="https://benzinga.com/tech/25/05/45685893/trump-says-he-is-having-elon-musk-over-at-the-white-house-tomorrow-for-a-press-conference-as-billionaire-exi" target="_blank" rel="noreferrer noopener">Trump Says He Is Having Elon Musk Over At The White House Tomorrow For A Press Conference As Billionaire Exits Government: &#8216;This Will Be His Last Day, But Not Really&#8230;&#8217;</a>



Why It Matters:&nbsp;This proposal comes amid growing international scrutiny of tech giants. The Trump administration has been <a href="https://www.benzinga.com/25/05/45466937/us-targets-european-digital-rules-in-free-speech-campaign-defending-american-big-tech">critical </a>of Europe&#8217;s digital regulations, asserting that they pose a risk to free speech and American commercial interests.



Furthermore, in April, European Commission President Ursula von der Leyen warned that the EU is preparing retaliatory measures that could include levies on digital advertising revenues from U.S. tech companies like Meta and Alphabet Inc. This was followed by Meta CEO Mark Zuckerberg urging President Trump to respond aggressively to these threats.



If the German government proceeds with this tax, it would join Britain, Italy, France, Spain, Turkey, India, Austria, and Canada, which have imposed similar taxes on digital service providers.



The shares of Alphabet fell 0.24% to close at $172.96 on Thursday, meanwhile Meta rose 0.23% to $645.05.



READ MORE:



<ul class="wp-block-list">
<li><a href="https://benzinga.com/25/05/45671848/kevin-oleary-says-international-students-are-extraordinary-individuals-he-adds-they-dont-hate-america-and-i-want-" target="_blank" rel="noreferrer noopener">Kevin O&#8217;Leary Says International Students Are &#8216;Extraordinary Individuals.&#8217; He Adds, &#8216;They Don&#8217;t Hate America, And I Want To Invest In Them&#8217;</a></li>
</ul>



Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.



Photo courtesy: JHVEPhoto / Shutterstock.com

Government

Global

GOOG

GOOGL

Germany Considers 10% Digital Tax On Tech Giants Alphabet, Meta: Report

The CNN Money Fear and Greed index showed some improvement in the overall market sentiment, while the index remained in the &#8220;Greed&#8221; zone on Thursday.



U.S. stocks settled higher on Thursday, with the S&amp;P 500 recording gains during the session driven by better-than-expected earnings from Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>).



A federal court has invalidated global tariffs enacted by President Donald Trump under the International Emergency Economic Powers Act, a move that could reshape future U.S. trade policy.



Best Buy Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>) shares fell around 7% on Thursday after the company posted downbeat results for the first quarter. Shares of Caleres Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAL#NYSE">CAL</a>) dipped 18% after the company reported first-quarter financial results and missed its adjusted EPS and sales estimates. Additionally, the company announced it will suspend its guidance.



On the economic data front, U.S. initial jobless claims rose by 14,000 from the previous week to 240,000 in the week ending May 24th, compared to market estimates of 230,000. The U.S. economy shrank at an annualized rate of 0.2% in the first quarter, compared to the initial estimate of a 0.3% decline.



Most sectors on the S&amp;P 500 closed on a positive note, with utilities, real estate and health care stocks recording the biggest gains on Thursday. However, communication services stocks bucked the overall market trend, closing the session lower.



The Dow Jones closed higher by around 117 points to 42,215.73 on Thursday. The S&amp;P 500 rose 0.40% to 5,912.17, while the Nasdaq Composite gained 0.39% to 19,175.87 during Thursday's session.



Investors are awaiting earnings results from Shoe Carnival Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCVL#NASDAQ">SCVL</a>) and Canopy Growth Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) today.



What is CNN Business Fear &amp; Greed Index?



At a current reading of 64.1, the index remained in the &#8220;Greed&#8221; zone on Wednesday, versus a prior reading of 63.9.



The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.



Read Next: 



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45667868/top-2-materials-stocks-that-are-ticking-portfolio-bombs">Top 2 Materials Stocks That Are Ticking Portfolio Bombs</a> </li>
</ul>



Photo courtesy: Shutterstock

Earnings

S&P 500 Settles Higher Amid Gains In Nvidia Shares: Investor Sentiment Improves, Fear Index Remains In 'Greed' Zone

Leading cryptocurrencies slid on Thursday, even as the Securities and Exchange Commission dropped its lawsuit against cryptocurrency behemoth Binance.



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. ET)</td></tr><tr><td>Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>)</td><td>-1.81%</td><td>$105,900.54</td></tr><tr><td>Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-2.71%</td><td>$2,626.22</td></tr><tr><td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</td><td>-3.80%</td><td>$0.2138</td></tr></tbody></table></figure>



What Happened: Bitcoin plunged below $105,000 overnight while its trading volume rose over 15% from the previous day.



Bitcoin&#8217;s slump pushed the entire market lower, with Ethereum falling below $2,600 and Dogecoin down more than 7%.



That said, blue-chip currencies looked set to end May on a high note, with Bitcoin up 12.12% and Ethereum up almost 45% since the month began.



Meanwhile, the SEC ended its nearly two-year-long enforcement action against Binance, which alleged that the cryptocurrency exchange had violated securities law and misled customers.



Binance celebrated the legal win, thanking SEC Chair Paul Atkins and President Donald Trump.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Huge win for crypto today. The SEC's case against us is dismissed. Thank you to Chairman Atkins &amp; the Trump team for pushing back against regulation by enforcement. U.S. innovation is back on track &#8211; and it's just the beginning.&mdash; Binance (@binance) <a href="https://twitter.com/binance/status/1928202875773034556?ref_src=twsrc%5Etfw">May 29, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Over $734 million was liquidated from the cryptocurrency market in the last 24 hours, with $628 million in long liquidations wiped out.



Bitcoin&#8217;s Open Interest tumbled 3.34% in the last 24 hours, while Ethereum recorded a 4.15% decline. Interestingly, the majority of Binance traders with open BTC positions were positioned long as of this writing.



The market correction lowered the &#8220;Greed&#8221; sentiment from 74 to 60 in the last 24 hours, as indicated by the Crypto Fear and Greed Index, implying a degree of panic.



Top Gainers (24-Hours)



<figure class="wp-block-table"><table class="has-fixed-layout"><tbody><tr><td>Cryptocurrency</td><td>Gains +/-</td><td>Price (Recorded at 8:30 p.m. ET)</td></tr><tr><td>DeXe (DEXE)</td><td>+13.11%</td><td>$14.08</td></tr><tr><td>SPX6900 (SPX)</td><td>+9.18%</td><td>$1.13</td></tr><tr><td>Walrus (WAL)</td><td>+3.59%</td><td>$0.5616</td></tr></tbody></table></figure>



The global cryptocurrency market capitalization stood at $3.36 trillion, following a decrease of 1.71% in the last 24 hours.



Stocks edged higher Thursday. The Dow Jones Industrial Average rose 117 points, or 0.28%, to end at 42,215.73. The S&amp;P 500 gained 0.40% to close at 5,912.17, while the tech-heavy Nasdaq Composite rallied 0.39% to end at 19,175.87.



The market reacted to developments around Trump's tariffs. The U.S. Court of Appeals for the Federal Circuit issued a temporary stay on the judgment of the U.S. Court of International Trade, which had <a href="https://www.benzinga.com/news/legal/25/05/45683326/trump-tariffs-temporarily-preserved-as-appeals-court-pauses-lower-ruling">previously struck down</a> a significant portion of Trump's tariffs.



Additionally, Nvidia Corp.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) first-quarter revenue and earnings beat <a href="https://www.benzinga.com/analyst-ratings/price-target/25/05/45668727/nvidia-stock-is-surging-thursday-whats-fueling-the-move">helped drive the market</a>. The stock rose 3.24% during the regular session.



See More: <a href="https://www.benzinga.com/money/best-crypto-scanners">Best Cryptocurrency Scanners</a>



Analyst Notes: Blockchain analytics firm CryptoQuant noted that, despite the market being less noisy, the Bitcoin Combined Market Index, which includes key indicators like the Fear &amp; Greed Index, signaled an "early recovery" in market sentiment.



"With on-chain sentiment rising and profit-taking easing, the Bitcoin Combined Market Index suggests the market may be entering an early accumulation phase," CryptoQuant added.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Market Still Quiet, But BCMI Says Otherwise "With on-chain sentiment rising and profit-taking easing, BCMI suggests the market may be entering an early accumulation phase." – By <a href="https://twitter.com/Woo_Minkyu?ref_src=twsrc%5Etfw">@Woo_Minkyu</a> <a href="https://t.co/TeX3LhH8JL">pic.twitter.com/TeX3LhH8JL</a>&mdash; CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1928136618960961840?ref_src=twsrc%5Etfw">May 29, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Widely followed cryptocurrency analyst Rafaela Rigo said Bitcoin's correction was expected, and further downsides to $102,000 could be likely.



"Play safe," Rigo stated.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">.<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> Drop from $110k to $104k completed as expected. REVERSAL is not confirmed and we could still see some more downside towards $102k &#8211; play safe Will explore charts tomorrow for spot positions, and will long when reversal is confirmed . <a href="https://t.co/9Q9bJjk8PR">https://t.co/9Q9bJjk8PR</a> <a href="https://t.co/xcfcxmdXaY">pic.twitter.com/xcfcxmdXaY</a>&mdash; &#x2b50;RᗩᖴᗩEᒪᗩ

Cryptocurrency

$DOGE

$ETH

Bitcoin, Ethereum, Dogecoin Fall Even As SEC Ends Lawsuit Against Binance: Analyst Says 'Play Safe' As Downside To $102,000 A Possibility

Trade negotiations between the United States and China have reached an impasse, with both sides awaiting potential involvement from their respective leaders to break the deadlock, according to a report on Thursday.



What Happened: Trade discussions between the United States and China have encountered a slowdown. U.S. Treasury Secretary Scott Bessent indicated. He described the negotiations as &#8220;a bit stalled.&#8221;



Bessent said that achieving a final agreement might require direct input from President Donald Trump and China&#8217;s President Xi Jinping, reported Reuters.



Two weeks have passed since&nbsp;breakthrough negotiations led by Bessent&nbsp;resulted in a temporary truce&nbsp;in the ongoing trade conflict between the two largest global economies. However, Bessent mentioned to Fox News that progress has been sluggish since then.



See Also: <a href="https://benzinga.com/markets/equities/25/05/45536595/big-beautiful-bill-will-explode-the-deficit-and-make-the-rich-richer-congressional-budget-office-estimates-4-income-fall-for-lowest-decile-of-americans-by-2033" target="_blank" rel="noreferrer noopener">Big Beautiful Bill Will &#8216;Explode The Deficit,&#8217; And Make The Rich Richer: Congressional Budget Office Estimates 4% Income Fall For Lowest Decile Of Americans By 2033</a>



Despite the current stall, Bessent remains optimistic, stating that he anticipates further discussions in the upcoming weeks. The involvement of both nations&#8217; leaders is deemed crucial to push the&nbsp;deal over the finish line.



Why It Matters: The recent slowdown in trade talks comes after a series of significant developments in U.S.-China relations. Earlier this month, <a href="https://www.benzinga.com/news/global/25/05/45337811/trump-announces-total-reset-as-us-china-trade-talks-aim-to-end-tariff-war">high-level trade discussions</a> resumed in Geneva, marking the first face-to-face negotiations since the imposition of heavy tariffs by both countries. 



Trump described these talks as a &#8220;very good&#8221; meeting, expressing hope for improved Chinese receptiveness to American businesses.



However, Trump dealt a double blow to US-China relations by cutting off China&#8217;s access to key semiconductor design software and announcing plans to aggressively <a href="https://www.benzinga.com/general/education/25/05/45664141/trump-administration-to-revoke-visas-of-chinese-students-tied-to-ccp-or-critical-fields-tightens-screening">revoke visas for Chinese students</a>, particularly those in sensitive fields or linked to the Communist Party, <a href="https://edition.cnn.com/2025/05/29/china/china-us-truce-chips-student-visa-intl-hnk">reported</a> CNN.



China recently urged the U.S. to <a href="https://www.benzinga.com/markets/25/05/45664337/china-tells-us-to-entirely-revoke-wrongful-unilateral-tariffs-after-court-blocks-trumps-liberation-day-levies">revoke unilateral tariffs</a> after a U.S. federal court blocked most of Trump&#8217;s extensive tariffs. He Yongqian, a spokeswoman for China&#8217;s Ministry of Commerce, called for the U.S. to heed international and domestic voices and withdraw these measures.



Adding to the complexity, a federal appeals court <a href="https://www.benzinga.com/news/legal/25/05/45683326/trump-tariffs-temporarily-preserved-as-appeals-court-pauses-lower-ruling">temporarily preserved</a> Trump&#8217;s tariffs, granting a stay on a lower-court ruling that had invalidated a significant portion of them.



Photo Courtesy: Maxim Elramsisy On Shutterstock.com



Check This Out:



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<li>Lawmakers Made Huge Investments This Year. <a href="https://www.benzinga.com/gov-trades">Get Tips On What They Bought And Sold Ahead Of The 2024 Election With Our Easy-to-Use Tool</a></li>
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/shivdeep-dhaliwal" target="_blank" rel="noreferrer noopener">Shivdeep Dhaliwal</a>

General

Scott Bessent Says US-China Trade Talks At Stalemate, Need Trump And Xi Jinping Touch To Break The Deadlock

Chipmaker Nvidia Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) better-than-expected <a href="https://www.benzinga.com/news/earnings/25/05/45657660/nvidia-q1-highlights-china-export-ban-hits-results-but-jensen-huang-says-demand-incredibly-strong">first-quarter earnings</a> resulted in a spike in the stock, but leading analysts and fund managers believe the market&#8217;s reaction didn&#8217;t go far enough.



What Happened: On Thursday, Gene Munster, Managing Partner of Deepwater Asset Management, posted on X expressing his disappointment in the market&#8217;s reaction to Nvidia&#8217;s strong first-quarter performance, amid substantial macroeconomic turmoil and uncertainties.



Munster believes just the company&#8217;s guidance alone should have sparked an 8% to 10% rally in the stock, referring to its $45 billion revenue forecast for the second quarter, despite losing $8 billion in potential sales due to export restrictions.



&#8220;Just based on the guid[ance] (excluding what could be said on the call and the shelf), the stock should be up 8-10%,&#8221; Munster said.



See Also: <a href="https://www.benzinga.com/25/05/45685544/scott-bessent-says-us-china-trade-talks-at-stalemate-need-trump-and-xi-jinping-touch-to-break-the-deadlock">Scott Bessent Says US-China Trade Talks At Stalemate, Need Trump And Xi Jinping Touch To Break The Deadlock</a>



He argues that Wall Street is underestimating Nvidia's forward momentum and failing to properly adjust estimates based on the company's underlying growth, excluding the impact of U.S. export restrictions, which he says &#8220;will only last a year at most.&#8221;



Nvidia posted a 69% year-over-year growth in revenue during its first quarter, but Munster believes it would have been 79%, had it not been for the chip export restrictions to China. Similarly, he says, guidance for second-quarter sales growth would have been 76%, as opposed to 50%, due to the same reason.



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Just based on the guide (excluding what could be said on the call and the shelf), the stock should be up 8-10%. Thats based on the size of the forward estimate revisions ex curbs and a belief the impact of the curbs to growth rates will only last a year at most. <a href="https://t.co/JYvmtJC0GD">https://t.co/JYvmtJC0GD</a>&mdash; Gene Munster (@munster_gene) <a href="https://twitter.com/munster_gene/status/1927830766093828355?ref_src=twsrc%5Etfw">May 28, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Munster points out that the company&#8217;s revenue growth slowed slightly from the prior quarter, but he notes that it did so while operating off a much larger revenue base, which he finds &#8220;impressive.&#8221;



&#8220;That fractional decline of revenue growth quarter over quarter off of a much bigger base is impressive,&#8221; he said, framing it as &#8220;the latest evidence that the company's growth will be higher for longer.&#8221;



Despite these robust figures and fundamentals, the stock rallied a mere 3.25% on Thursday, which Munster finds too muted.



Why It Matters: Munster&#8217;s opinions were echoed by leading Wall Street banks and analysts, with as many as 12 institutions raising their Price Targets for the stock, following its results, as compiled and reported by Walter Bloomberg on X.



<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">&#x1f538; <a href="https://twitter.com/search?q=%24NVDA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NVDA</a>: Summit Insights Upgrades to Buy from Hold &#x1f538; <a href="https://twitter.com/search?q=%24NVDA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NVDA</a>: BofA Securities Raises target price to $180 from $160 &#x1f538; <a href="https://twitter.com/search?q=%24NVDA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NVDA</a>: Melius Raises target price to $205 from $195 &#x1f538; <a href="https://twitter.com/search?q=%24NVDA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NVDA</a>: DA Davidson Raises target price to $135 from $120 &#x1f538; <a href="https://twitter.com/search?q=%24NVDA&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$NVDA</a>: Morgan Stanley Raises target price to…&mdash; &#x2A;Walter Bloomberg (@DeItaone) <a href="https://twitter.com/DeItaone/status/1928038733091152262?ref_src=twsrc%5Etfw">May 29, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The stock now has an average <a href="https://www.benzinga.com/quote/NVDA/analyst-ratings">consensus price target</a> of $175.62, and $220.00 on the high side, representing an upside of 26.17% and 58% from current levels, respectively.



Analysts at Rosenblatt Securities <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45675006/nvidia-stock-has-significant-upside-as-ai-godfather-jensen-huang-delivers-another-robust-quarter">referred to the company</a> as the &#8220;Godfather of AI,&#8221; while forecasting &#8220;significant upside&#8221; and raising their price target to $200, from $178 prior to the results. 



During its <a href="https://www.benzinga.com/news/earnings/25/05/45657660/nvidia-q1-highlights-china-export-ban-hits-results-but-jensen-huang-says-demand-incredibly-strong">first quarter results</a> on Wednesday, Nvidia reported $44.1 billion in revenue, up 69% year-over-year, and ahead of street estimates at $43.2 billion. It posted a profit of $0.81 per share, which, however, fell short of <a href="https://www.benzinga.com/25/05/45644145/nvidia-stock-is-bullish-ahead-of-q1-earnings-but-will-h20-chip-woes-dampen-the-party">consensus figures</a> at $0.88. 



Price Action: Nvidia shares were up 3.25% on Thursday, trading at $139.19, but are down 1% after hours.



<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="137" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29220555/Screenshot-2025-05-30-at-7.35.40-AM-1024x137.png" alt="" class="wp-image-932439" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29220555/Screenshot-2025-05-30-at-7.35.40-AM-1024x137.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29220555/Screenshot-2025-05-30-at-7.35.40-AM-300x40.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29220555/Screenshot-2025-05-30-at-7.35.40-AM-768x103.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29220555/Screenshot-2025-05-30-at-7.35.40-AM-1536x205.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29220555/Screenshot-2025-05-30-at-7.35.40-AM.png 1618w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



Nvidia scores high across the board in Benzinga&#8217;s Edge Stock Rankings, with a favorable price trend in the short, medium, and long term. Click <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">here</a> for deeper insights into the stock, its peers, and competitors.



Photo Courtesy: Hepha1st0s On Shutterstock.com



Read More:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45661825/from-chips-to-switches-nvidia-quietly-builds-8-billion-networking-business-to-dominate-the-ai-datacenter-stackand-wall-street-may-be-overlooking-it">Jensen Huang Points To &#8216;A Powerful New Wave Of Growth&#8217; For Nvidia And Wall Street May Be Overlooking It: Chipmaker Set To Dominate The AI Datastack?</a></li>
</ul>

Nvidia's Q1 Results Should Have Sparked A Bigger Rally, Says Gene Munster—Deserves An 8-10% Pop, Not Just 3%

A federal appeals court on Thursday granted the Trump administration a temporary stay on a lower-court ruling that invalidated most of the tariffs imposed by <a href="https://www.benzinga.com/markets/25/05/45663058/trump-wrong-to-claim-unlimited-power-to-impose-tariffs-says-legal-scholar-economists-also-breathe-sigh-of-relief-after-tariffs-blocked-by-court">President Donald Trump.</a>



What Happened: The&nbsp;U.S. Court of Appeals for&nbsp;the Federal Circuit issued a temporary stay on the judgment of&nbsp;the U.S. Court of International&nbsp;Trade, which had previously struck down a significant portion of Trump&#8217;s tariffs,&nbsp;<a href="https://www.cnbc.com/2025/05/29/blocked-trump-tariffs-trade-court-appeal.html">reported</a>&nbsp;CNBC. 



The stay will remain in effect until further notice, allowing the Trump administration to argue for the suspension of the trade court&#8217;s ruling throughout the appeals process.



The plaintiffs, which include state attorneys general and several domestic businesses, have been given a&nbsp;week to respond to the&nbsp;Trump administration&#8217;s request&nbsp;for a stay pending appeal.&nbsp;



The Trump administration must submit its legal brief defending the use of IEEPA to impose the tariffs by June 9. 



See Also:&nbsp;<a href="https://benzinga.com/25/05/45665026/trump-always-chickens-out-president-confronted-with-taco-trade-thesis-by-reporteras-markets-bet-hell-blink-again" target="_blank" rel="noreferrer noopener">Trump Responds To &#8216;TACO&#8217; Meme During A White House Press Briefing: &#8216;You Call That Chickening?&#8217;</a>



Why It Matters: Goldman Sachs economist Alec Phillips suggested earlier on Thursday that the Trump administration <a href="https://www.benzinga.com/government/regulations/25/05/45672421/tariffs-blocked-by-court-but-goldman-sachs-says-trump-could-reimpose-them-within-days">could shift its focus</a> to sector-specific tariffs, which are still firmly supported by Section 232 — the same legal basis Trump previously used for tariffs on steel, aluminum and automobiles.



&#8220;Uncertainty regarding the IEEPA-based tariffs could lead the White House to put more emphasis on sectoral tariffs, where there is much less legal uncertainty,&#8221; Phillips said.



As a result, new tariffs could soon target products such as semiconductors, electronics, and pharmaceuticals — areas that Trump's trade officials have already considered.



These measures would be implemented under Section 232, which the court's decision does not affect, and could raise overall U.S. tariff rates by an additional 4.9 percentage points.



Markets React: The S&amp;P 500, as tracked by the SPDR S&amp;P 500 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>), and the Nasdaq 100, as tracked by the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), dipped slightly after Thursday&#8217;s market close. 



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Photo: Shutterstock

Broad U.S. Equity ETFs

Legal

Trump Tariffs Temporarily Preserved As Appeals Court Pauses Lower Ruling

Costco Wholesale Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>) reported third-quarter financial results after the market close on Thursday. Here&#8217;s a look at the key details <a href="https://www.benzinga.com/pressreleases/25/05/g45681310/costco-wholesale-corporation-reports-third-quarter-and-year-to-date-operating-results-for-fiscal-2">from the report</a>.



Q3 Earnings: Costco reported third-quarter revenue of $63.2 billion, beating&nbsp;analyst <a href="http://benzinga.com/quote/COST/earnings" target="_blank" rel="noreferrer noopener">estimates</a>&nbsp;of $63.19 billion. The membership-based retailer reported third-quarter adjusted earnings of $4.28 per share, beating analyst estimates of $4.13 per share, according to&nbsp;<a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



Net sales for the third quarter were up 8% year-over-year.&nbsp;Total comparable sales were up 5.7% on a year-over-year basis. Here&#8217;s a breakdown of comparable sales growth by region:



<ul class="wp-block-list">
<li>U.S.: up 6.6%</li>
</ul>



<ul class="wp-block-list">
<li>Canada: up 2.9%</li>
</ul>



<ul class="wp-block-list">
<li>Other International: up 3.2%</li>
</ul>



Membership fees came in at $1.24 billion, up from $1.12 billion in the prior year's quarter. Costco raised the price of its annual store membership by five dollars in September 2024, marking the company's first membership price hike since 2017.



Costco said it operates 905 warehouses, including 624 in the U.S. The company ended the quarter with approximately $13.84 billion in cash and cash equivalents.



Costco executives will further discuss the quarter on a conference call with investors and analysts at 5 p.m. ET.



COST Price Action: <a href="http://benzinga.com/quote/cost" target="_blank" rel="noreferrer noopener">Costco shares</a> were up 0.32% in after-hours, trading at $1,008.74 at the time of publication on Thursday, according to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



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<li><a href="https://www.benzinga.com/personal-finance/25/05/45673001/tariff-confusion-creates-the-perfect-storm-for-cybercriminals-consumer-scams-on-the-rise">Tariff Confusion Creates The &#8216;Perfect Storm&#8217; For Cybercriminals, Consumer Scams On The Rise</a></li>
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Photo: Steve Travelguide/Shutterstock.

After-Hours Center

Costco Q3 Earnings: Revenue Beat, EPS Beat, Comps Up 5.7%, Membership Fee Growth And More

Dell Technologies Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) reported financial results for the first quarter on Thursday after the bell. Here&#8217;s a rundown <a href="https://www.benzinga.com/pressreleases/25/05/b45680867/dell-technologies-delivers-first-quarter-fiscal-2026-financial-results">of the report</a>.



Q1 Earnings: Dell reported first-quarter revenue of $23.38 billion,&nbsp;beating the&nbsp;<a href="http://benzinga.com/quote/rklb/earnings" target="_blank" rel="noreferrer noopener">consensus estimate</a>&nbsp;of $23.14 billion, according to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>. The company reported adjusted earnings of $1.55 per share, missing analyst estimates of $1.69 per share.



Total revenue was up 5% year-over-year. Infrastructure Solutions Group&nbsp;revenue totaled&nbsp;$10.3 billion in the first quarter, up&nbsp;12%&nbsp;year-over-year. Client Solutions Group&nbsp;revenue came in at&nbsp;$12.5 billion, up 5% year-over-year.



Cash flow from operations was $2.8 billion in the first quarter. Dell said it returned $2.4 billion to shareholders via share repurchases and dividends in the quarter. The company ended the period with&nbsp;$7.7 billion&nbsp;in cash and cash equivalents.



&#8220;We achieved&nbsp;first-quarter&nbsp;record servers and networking revenue of&nbsp;$6.3 billion, and we&#8217;re experiencing unprecedented demand for our AI-optimized servers,&#8221; said Jeff Clarke, vice chairman and chief operating officer of Dell. 



&#8220;We generated&nbsp;$12.1 billion&nbsp;in AI orders this quarter alone, surpassing the entirety of shipments in all of FY25 and leaving us with&nbsp;$14.4 billion&nbsp;in backlog.&#8221;



Guidance: Dell expects second-quarter revenue to be between $28.5 billion and $29.5 billion. The company anticipates second-quarter adjusted earnings of $2.25 per share. Dell expects fiscal 2026 revenue of $101 billion to $105 billion and full-year adjusted earnings of $9.40 per share.



Dell&#8217;s management team will hold a conference call at 4:30 p.m. ET to further discuss the quarter with investors and analysts.



DELL Price Action: <a href="http://benzinga.com/quote/DELL">Dell shares</a> were up 4.16% in Thursday&#8217;s after-hours session, trading at $113.63 at the time of publication, according to <a href="http://pro.benzinga.com/" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.



Read Next:



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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45675006/nvidia-stock-has-significant-upside-as-ai-godfather-jensen-huang-delivers-another-robust-quarter">Nvidia Stock Has &#8216;Significant Upside&#8217; As AI &#8216;Godfather&#8217; Jensen Huang Delivers Another &#8216;Robust Quarter&#8217;</a></li>
</ul>



Photo: Gabriel Pahontu/Shutterstock.

Guidance

Dell Q1 Earnings: Revenue Beat, EPS Miss, Company Highlights 'Unprecedented Demand' For AI-Optimized Servers

NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) analysts break down the impact of China export restrictions and what it means for the tech giant after the company reported <a href="https://www.benzinga.com/news/earnings/25/05/45657660/nvidia-q1-highlights-china-export-ban-hits-results-but-jensen-huang-says-demand-incredibly-strong">first-quarter financial results </a>and shared the lost revenue opportunity for China.



The NVDA Analysts: Rosenblatt analyst Kevin Cassidy maintained a Buy rating on Nvidia and raised the price target from $178 to $200.



<ul class="wp-block-list">
<li>Needham analyst Quinn Bolton maintained a Buy rating with a $160 price target.</li>



<li>Benchmark analyst Cody Acree reiterated a Buy rating with a $190 price target.</li>



<li>Wedbush analyst Dan Ives maintained an Outperform rating and $175 price target ahead of results.</li>



<li>JPMorgan analyst Harlan Sur reiterated an Overweight rating with a $170 price target.</li>
</ul>



Read Also: <a href="https://www.benzinga.com/analyst-ratings/price-target/25/05/45668727/nvidia-stock-is-surging-thursday-whats-fueling-the-move">Nvidia Stock Is Surging Thursday: What&#8217;s Fueling The Move?</a>



Rosenblatt on NVDA: The tech giant reported a "better than feared" quarter, Cassidy said in a new investor note.



The analyst said Blackwell demand shipments could offset the weakness from restricted shipments to China.



"We now see China as de-risked with a potential upside coming from a downgraded version of Blackwell, though management did not commit to this product," Cassidy said.



The analyst said Nvidia's key message is that AI Factories are a huge growth item equivalent to the past build out of electric power grids or the internet.



"Every company and every country are in the process of planning or deploying the use of AI."



Needham on NVDA: The lost revenue opportunity from China restrictions was larger than expected, Bolton said in a new investor note.



The analyst said Nvidia's guidance came in lower than expected, while gross margins were better than expected.



"Export restrictions largely exclude NVIDIA from the China AI market ($50BN TAM), and loss of access to this market could have a material adverse effect on the company's business and benefit foreign competitors," Bolton said.



Bolton highlighted that Blackwell is the fastest product ramp in Nvidia history, which helped the data center segment grow revenue by 73% year-over-year in the quarter.



"We view both Enterprise and Industrial AI in early stages."



Benchmark on NVDA: Acree said in a new investor note that Blackwell&#8217;s aggressive ramp could help offset investors&#8217; fears about China.



The analyst said Nvidia stock being up after earnings was likely the right reaction to the results and guidance.



"We agree with the market's initial reaction to its results, which once the China charge and associated revenue is netted out, equal a solid beat and raise report," Acree said.



Acree said Nvidia reported strength across the AI industry with company's investing in AI infrastructure despite tariff and global macroeconomic concerns.



"We believe Wednesday's report answers much of the market's concerns, as Nvidia appears to be growing despite its China issues."



Acree said the expectation is that Nvidia will come up with a solution to work around the China restrictions as the Chinese market "is too large and strategically important" for Nvidia to be absent from.



"Expect Jensen to do whatever is necessary to re-engage and reclaim its lost opportunity."



 Wedbush on NVDA: Nvidia and CEO Jensen Huang delivered a strong quarter with "robust numbers," Ives said in a new investor note.



"With all the world and markets watching…the Godfather of AI Jensen and Nvidia delivered another robust quarter after the bell handily beating the Street yet again," Ives said.



Ives said the company's commentary was positive despite the demand issues from China restrictions.



"That should be music to the ears of tech bulls listening to this conference call."



The analyst said Nvidia&#8217;s market capitalization could reach $4 trillion in the future and potentially reach $5 trillion in "the coming years."



Ives said the numbers without the China exclusions are "staggering" and show the "massive historic demand" for the AI Revolution.



The analyst calls Nvidia's AI chips "the new oil and gold in the world."



"This is a very important print and guide for the broader tech world and it shows the AI Revolution is heading into its next gear of growth despite the Trump tariff war playing out."



JPMorgan on NVDA: Nvidia's first quarter saw "solid results" despite the China restrictions, Sur said in a new investor note.



The analyst said Blackwell shipments will likely ramp higher through the year.



"Demand for Blackwell is very strong and will continue to outstrip supply for several quarters," Sur said. &nbsp;



Sur said Nvidia is one to two steps ahead of competitors with its platform and ecosystem and this gap could widen with more products over time.



"We believe NVIDIA continues to execute across all segments."



Sur said the automotive and enterprise segments showed strength in the quarter.



NVDA Price Action: Nvidia stock is up 4.8% to $141.28 on Thursday versus a 52-week trading range of $86.63 to $153.13. Nvidia stock is up 1.6% year-to-date in 2025.



Read Next: 



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<li><a href="https://www.benzinga.com/media/25/05/45664231/teslas-optimus-may-be-the-first-humanoid-robot-to-achieve-high-volume-and-tech-scale-says-nvidia-ceo-jensen-huang-likely-to-be-the-next-multi-trillion-dollar-industry">Tesla&#8217;s Optimus May Be The First Humanoid Robot To Achieve High Volume And Tech Scale, Says Nvidia CEO Jensen Huang: &#8216;&#8230; Likely To Be The Next Multi-Trillion Dollar Industry&#8217;</a></li>
</ul>



Photo: jamesonwu1972 / Shutterstock.com

Price Target

Reiteration

Nvidia Stock Has 'Significant Upside' As AI 'Godfather' Jensen Huang Delivers Another 'Robust Quarter'

The U.S. economy confirmed signs of fragility in early 2025, as gross domestic product slipped into negative territory, while latest unemployment benefits surged to the highest levels since 2021, suggesting headwinds<a href="https://www.benzinga.com/news/econ-s"> for growth and hiring. </a>



<h3 class="wp-block-heading">GDP Contracts, Corporate Profits Slide</h3>



In the first quarter of 2025, the U.S. gross domestic product shrank at an annualized rate of 0.2%, according to the second estimate by the Bureau of Economic Analysis. While the figure marks a slight upward revision from the initial 0.3% drop reported in April, it remains a sharp slowdown from the 2.4% expansion recorded in the final quarter of 2024.



The downturn was largely driven by a spike in imports, as companies raced to secure goods ahead of Donald Trump&#8216;s trade tariffs—a factor that subtracts from GDP in its calculation. Meanwhile, federal spending declined following cost-cutting mandates by the Department of Government Efficiency, led by Elon Musk.



Consumer spending, the main engine of the U.S. economy, rose just 1.2% on an annualized basis—down from a previously estimated 1.8% and far below the 4% surge in the fourth quarter of 2024. It was the weakest growth in household outlays since the second quarter of 2023.



Corporate earnings also took a hit. Preliminary estimates showed that company profits declined 3.6% quarter-over-quarter to $3.192 trillion. This marked a reversal from a 5.9% gain in the prior quarter and represented the largest drop since the pandemic-era slump in late 2020.



The personal consumption expenditures (PCE) price index—a preferred inflation gauge for the Federal Reserve—rose 3.6% in the first quarter, unchanged from the advance estimate. Core PCE, which excludes volatile food and energy prices, was revised slightly lower to 3.4% from 3.5%, suggesting marginal easing in underlying price pressures.



<h3 class="wp-block-heading">Continuing Jobless Claims Hit Multi-Year High</h3>



Fresh labor market data released Thursday signaled growing strain. Initial jobless claims climbed to 240,000 for the week ending May 10, a 14,000 increase from the previous week and above market expectations of 230,000.



It was the highest weekly print in over a month and the third-largest jump year to date. 



More strikingly, continuing claims—those who remain unemployed and are receiving benefits—rose to 1.919 million in the week ending May 17, up from 1.893 million previously. That marked the highest reading since November 2021.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="535" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29084710/image-388-1024x535.png" alt="" class="wp-image-931539" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29084710/image-388-1024x535.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29084710/image-388-300x157.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29084710/image-388-768x401.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29084710/image-388-1536x803.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29084710/image-388-2048x1070.png 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3 class="wp-block-heading">Market Reactions</h3>



Markets responded with caution. The U.S. dollar index dropped 0.4% to 99.56, sliding from an overnight high of 100.54.



Futures tied to U.S. equity indices pared overnight gains.



 The S&amp;P 500 dipped 0.1% after the economic data to 5,935, though it remains set to open 0.4% higher thanks in part to Nvidia Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) strong earnings and a court decision to block new tariffs proposed by President Donald Trump.



The Nasdaq 100 slipped slightly from 21,630 to 21,590 but is still poised to open up 0.6%.



Investors will now look to Friday's inflation data and any Fed commentary for further clues on the policy outlook.



Read now:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/media/25/05/45664231/teslas-optimus-may-be-the-first-humanoid-robot-to-achieve-high-volume-and-tech-scale-says-nvidia-ceo-jensen-huang-likely-to-be-the-next-multi-trillion-dollar-industry">Tesla&#8217;s Optimus May Be The First Humanoid Robot To Achieve High Volume And Tech Scale, Says Nvidia CEO Jensen Huang: &#8216;&#8230; Likely To Be The Next Multi-Trillion Dollar Industry&#8217; </a></li>
</ul>



Photo: Shutterstock

Regulations

US Economy Contracts By 0.2% In Q1, Labor Market Shows Signs Of Cracks As Jobless Claims Surge

Wall Street hovered slightly higher by midday Thursday, giving up a chunk of strong overnight gains in futures markets that were triggered by a federal court ruling suspending a large portion <a href="https://www.benzinga.com/government/regulations/25/05/45672421/tariffs-blocked-by-court-but-goldman-sachs-says-trump-could-reimpose-them-within-days">of President Donald Trump&#8217;s tariffs.</a>



Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) led the market after reporting a better-than-feared quarter. The artificial intelligence leader showed resilience in the face of export restrictions. Shares rose 4.3%, ranking as the second-best performer on the S&amp;P 500 and climbing to their highest level in more than three months.



By midday: 



<ul class="wp-block-list">
<li>The S&amp;P 500 was up 0.3% at 5,900.</li>



<li>The Nasdaq 100 gained 0.5%.</li>



<li>The Dow Jones Industrial Average traded flat.</li>
</ul>



<h3 class="wp-block-heading">Fresh Economic Data Adds To Mixed Tone</h3>



First-quarter U.S. gross domestic product shrank 0.2%, slightly improving from the initial 0.3% estimate. Still, it marked a sharp slowdown compared to the 2.4% growth in the last quarter of 2024, reflecting slower consumer spending and higher imports ahead of the tariffs impact.



More concerning was the labor market. Initial jobless claims for the week ending May 24 jumped to 240,000, exceeding expectations and reaching their highest level in nearly four months. Continuing claims also rose to levels last seen in November 2021, indicating potential softening in employment trends.



The U.S. dollar pulled back, nearly wiping out gains from the prior two sessions as traders reassessed the outlook for interest rates. Meanwhile, Treasury yields dropped, with the 30-year note falling to 4.92% and the 10-year yield easing to 4.42%.



Federal Reserve Chair Jerome Powell met with Trump at the White House, the Fed confirmed.



The meeting focused on recent economic developments, including inflation, employment and growth. Powell reiterated that the Fed&#8217;s policy path would remain dependent on incoming data but refrained from commenting on future rate decisions.



Gold climbed 1.1% to $3,320 per ounce, buoyed by lower yields and dollar weakness. Meanwhile, Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell below $107,000, giving up recent gains as risk appetite moderated in crypto markets.



<figure class="wp-block-table is-style-stripes"><table class="has-fixed-layout"><tbody><tr><td>Major Indices </td><td>Price</td><td>1-day %Chg</td></tr><tr><td>Nasdaq 100</td><td>21,414.87</td><td>0.5%</td></tr><tr><td>S&amp;P 500</td><td>5,906.48</td><td>0.3%</td></tr><tr><td>Russell 2000</td><td>2,069.76</td><td>0.1%</td></tr><tr><td>Dow Jones</td><td>42,091.08</td><td>0.0%</td></tr></tbody></table><figcaption class="wp-element-caption">Updated by 12:55 p.m. ET</figcaption></figure>



According to&nbsp;<a href="https://www.benzinga.com/pro/?utm_source=BZprocontent&amp;t=be2bearmibe3na1">Benzinga Pro</a>&nbsp;data:



<ul class="wp-block-list">
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) inched 0.3% up to $589.37.</li>



<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>) eased 0.1% to $420.98.</li>



<li>The tech-heavy&nbsp;Invesco QQQ Trust Series&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>)&nbsp;rose 0.4% to $520.87.</li>



<li>The&nbsp;iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) flattened at $205.62.</li>



<li>The&nbsp;Technology&nbsp;Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up 0.4%; the&nbsp;Communication Services&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLC#NYSE">XLC</a>) lagged, down 1.1%.</li>
</ul>



<h3 class="wp-block-heading">Thursday&#8217;s Stock Movers</h3>



<ul class="wp-block-list">
<li>Shares of E.l.f. Beauty, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ELF#NYSE">ELF</a>) surged 26% Thursday afternoon, following the company&#8217;s announcement of its acquisition of lifestyle cosmetics brand Rhode.</li>



<li>Sentinel One Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/S#NYSE">S</a>) tumbled 11% after BofA Securities downgraded&nbsp;the stock from &#8216;Buy&#8217; to &#8216;Neutral&#8217; citing &#8220;weak trends and lackluster guidance&#8221; while lowering its price target from $24 to $21. </li>
</ul>



Stocks reacting to earnings included: 



<ul class="wp-block-list">
<li>Salesforce, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) down 5.42%</li>



<li>Synopsys, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNPS#NASDAQ">SNPS</a>) up 0.20%</li>



<li>Veeva Systems Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VEEV#NYSE">VEEV</a>) up 18.45%</li>



<li>Agilent Technologies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/A#NYSE">A</a>) up 3.17%</li>



<li>HP Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPQ#NYSE">HPQ</a>) down 8.23%</li>



<li>Hormel Foods Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) down 0.35%</li>



<li>Burlington Stores, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BURL#NYSE">BURL</a>) down 3.22%</li>



<li>Best Buy Co., Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>) down 7.90%</li>



<li>Nordson Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NDSN#NASDAQ">NDSN</a>) up 5.65%</li>



<li>Hamilton Lane Incorporated (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HLNE#NASDAQ">HLNE</a>) down 11.21%</li>



<li>Roivant Sciences Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROIV#NASDAQ">ROIV</a>) up 5.50%</li>



<li>Bath &amp; Body Works, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBWI#NYSE">BBWI</a>) down 6.24%</li>



<li>Foot Locker, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FL#NYSE">FL</a>) up 0.10%</li>
</ul>



Now Read:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45675006/nvidia-stock-has-significant-upside-as-ai-godfather-jensen-huang-delivers-another-robust-quarter">Nvidia Stock Has &#8216;Significant Upside&#8217; As AI &#8216;Godfather&#8217; Jensen Huang Delivers Another &#8216;Robust Quarter&#8217; </a></li>
</ul>



Image: Shutterstock

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Bonds

Treasuries

BBWI

BURL

HLNE

NDSN

ROIV

SNPS

VEEV

Stocks Edge Higher After Court Stifles Trump Tariffs, Nvidia Rallies To 3-Month Highs, Bitcoin Dips Below $107K: What's Driving Markets Thursday?

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