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Equities

S&P 500 Posts First Weekly Loss Since March as Rate Worries Climb Amid May Jobs Beat

The Standard & Poor's 500 index fell 2.6% this week, its first weekly loss since March, as stronger-than-anticipated May payrolls boosted bets that the Federal Reserve will raise rates this year.The S&P 500 ended Friday's session at 7,383.74, breaking a winning streak that had gone on for nine weeks, the market benchmark's longest such run since 2023. The S&P 500 is now up 7.9% this year.The S&P 500 on Tuesday set new intraday and closing highs over 7,600. The gains were erased later in the week after the Labor Department released its May employment data on Friday.The jobs report showed nonfarm payrolls rose by 172,000, well above the 88,000 increase expected in a survey compiled by Bloomberg. April and March payrolls also received upward revisions for a net upward revision of 93,000 jobs. However, the May unemployment rate remained at 4.3%, as expected.The probability of a 25-basis-point increase in interest rates in December rose to 43%, from 36% a week ago, according to the CME FedWatch tool. The comparisons for September were 33% versus 20%. For October, the data showed an increase to 39% from 25%.The consumer discretionary sector had the largest percentage drop of the week, falling 6.2%, followed by a 5.4% loss in technology and a 3.9% slide in communication services. Materials shed 1.2% while utilities edged lower.Ford Motor (F) was hit hardest in consumer discretionary, losing 15%. The automaker reported its total US vehicle sales fell 13.6% year over year in May to 190,828 vehicles. Internal combustion vehicle sales fell 12.3% while hybrid and electric vehicle sales were down 15.7% and 43.9%, respectively, the company said.Also weighing on consumer discretionary, Lululemon Athletica (LULU) shares fell 13%. The athletic apparel retailer forecast fiscal Q2 earnings per share and revenue below analysts' expectations despite its fiscal Q1 results slightly topped Street views. Lululemon Athletica also trimmed its 2026 guidance.In the technology sector, Ciena (CIEN) had the largest percentage drop of the week, falling 16%. The drop came even as the networking systems and software company provided an upbeat fiscal third-quarter revenue outlook and its results topped market estimates.Broadcom (AVGO) also weighed on the technology sector as its stock declined 14%. The chip designer reported fiscal second-quarter results above Wall Street's estimates as its artificial intelligence revenue more than doubled on the back of increased demand for custom accelerators and networking solutions. However, analysts at RBC Capital Markets and UBS said investors were disappointed that the company only reiterated its its 2027 artificial intelligence guidance rather than raising it.On the upside, the energy sector rose 2.5%, followed by a 2.3% gain in health care, a 1.5% rise in real estate and a 1.3% increase in financials. Consumer staples and industrials also edged higher.Marathon Petroleum (MPC) had the largest weekly percentage increase in the energy sector, climbing 5.3%. The company reported it swung to a larger-than-expected Q1 adjusted net profit from a year-earlier loss while revenue also topped expectations.Next week, earnings are expected from companies including Oracle (ORCL) and Adobe (ADBE).Economic data will include the May consumer price index as well as the May producer price index.

Dow JonesNasdaq CompositeS&P 500$AVGO$CIEN$F$LULU$MPC
Asia Markets

US Equity Indexes Plummet as Dwindling Expectations for Monetary Policy Easing Decimate Mega-Cap Technology

US equity indexes plunged amid a slide in mega-cap chip names and government bonds, as a strong jobs report slashed the odds for monetary policy easing this year.The Nasdaq Composite nosedived 4.2% to 25,709.43, with the S&P 500 down 2.6% to 7,383.74, and the Dow Jones Industrial Average lower by 1.4% to 50,866.78 on Friday.Technology sank with consumer discretionary, materials, and communication services. Consumer staples led the gainers.In a third straight month of growth, nonfarm payrolls surged by 172,000 in May, above the 88,000 jobs increase expected in a Bloomberg-compiled survey. April was revised upwards to a 179,000 increase, and March payrolls were revised upwards to a 214,000 increase, the Bureau of Labor Statistics said Friday. The net upward revision came in at 93,000 jobs, bringing the 3-month average of payroll increases to 188,000, the strongest pace since March 2024, according to notes from Morgan Stanley and Stifel."We read this employment report as indicating the Fed can and will remove its easing bias in June," a Morgan Stanley research note said. "Perhaps exaggerated by a surge in state gov't payrolls and in leisure, but unquestionably strong labor demand."The unemployment rate remained at 4.3% in May, per the BLS data, as expected. Hourly earnings rose by 0.3%, as expected, and faster than a 0.2% increase in April."We see the next move as a hike with our baseline timing being in 1Q27," said David Doyle, head of economics at Macquarie. "Risks to this have become skewed to an earlier hiking with markets now discounting a hike in 4Q26."The probability of a 25 basis-point increase in interest rates in December surged to 43%, from 36% a week ago, according to the CME FedWatch tool. The comparisons for September were 34% versus 20%, and, for October, the data showed an increase to 40% from 25%.US Treasury yields soared, with the 10-year up 6.1 basis points to 4.54% and the two-year higher by 10.6 basis points to 4.16%.In precious metals, gold futures dropped 3.3% to $4,356.8, and silver futures slumped 7% to $68.84.A potential peace deal between the US and Iran hinges on US President Donald Trump's administration agreeing to release $24 billion in frozen Iranian assets, Mohsen Rezaei, military adviser to Supreme Leader Ayatollah Mojtaba Khamenei, told CNN from Tehran, warning that the US would "enter into a dark corridor" should it resume fighting."The negotiations are at a deadlock and Trump must break this deadlock," Rezaei was cited as saying. "The ball is in Trump's court."West Texas Intermediate crude oil futures declined 2.4% to $90.62, and Brent crude futures fell 1.9% to $93.18.In company news, Lululemon Athletica (LULU) shares slumped 9.2%, among the worst performers on the S&P 500, after the company reported a decline in fiscal Q1 earnings and cut its 2026 guidance.Among the top gainers on the index was Cooper Companies (COO), up 7.1%, after the firm reported stronger-than-expected growth in fiscal Q2 adjusted earnings and sales, and lifted its fiscal 2026 outlook for non-GAAP diluted earnings per share.

Dow JonesNasdaq CompositeS&P 500$COO$LULU
Sectors

Sector Update: Consumer Stocks Mixed Late Afternoon

Consumer stocks were mixed late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 1.9% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 2.1%.In corporate news, Chipotle Mexican Grill (CMG) shares were up 4.1% in Friday trading after JPMorgan upgraded the stock to overweight from neutral.Lululemon Athletica's (LULU) weak product assortment and soft traffic trends won't be resolved anytime soon, making any pullback following its disappointing Q1 results a poor buying opportunity, UBS Securities said Friday. Lululemon shares fell 7.5%.J.M. Smucker's (SJM) fiscal Q4 results and fiscal 2027 guidance are expected to be generally in line with expectations, RBC Capital Markets said in a Friday note. J.M. Smucker shares rose 2.7%.Six Flags Entertainment (FUN) expanded its membership program at six more parks beginning June 8, the company said Friday. Shares of Six Flags were down 1.9%.

$CMG$FUN$LULU$SJM
Wire

Lululemon's Earnings Pressure to Persist Into 2027, UBS Says

Lululemon athletica's (LULU) weak product assortment and soft traffic trends won't be resolved anytime soon, making any stock pullback following its disappointing Q1 results a poor buying opportunity, UBS Securities said Friday in a report.With new CEO Heidi O'Neill not starting until September, UBS said it sees no meaningful recovery before H2 2027, adding that higher marketing spending is unlikely to help this year given the company lacks compelling product to promote.Lululemon's growth trajectory may deteriorate further as the company pulls back on promotions in the back half of fiscal 2026, even as management's guidance assumes sales growth rates hold steady, the report said.UBS cuts its price target on lululemon stock to $124 from $153 and maintained its neutral rating.Price: $114.50, Change: $-10.42, Percent Change: -8.34%

$LULU
Wire

Top Midday Decliners

Lululemon Athletica's (LULU) shares slumped 8.1% amid heavy trading after the company overnight reported a decline in fiscal Q1 earnings and cut its full-year 2026 guidance.Intraday trading volume soared to over 11.6 million shares from a daily average of about 3.1 million.Nyxoah (NYXH) priced an underwritten public offering in the US, including a private placement to certain qualified and institutional investors outside the US, of about 55.2 million ordinary shares at $1.72 per share, targeting gross proceeds of about $95 million.Shares sank 49% following an increase in intraday trading volume to over 1.2 million from a daily average of about 44,000.Zumiez (ZUMZ) reported a wider fiscal Q1 loss from a year earlier despite a revenue beat late Thursday.Shares slumped 25% as intraday trading volume soared to more than 830,000 from a daily average of about 145,000.Price: $17.63, Change: $-5.85, Percent Change: -24.92%

$LULU$NYXH$ZUMZ
Asia Markets

US Equity Indexes Dive as Blockbuster Jobs Report Set to Eliminate Easing Bias in Fed Policy Statement

US equity indexes sank amid a slide in mega-cap chip names and government bonds, as strong jobs slashed the odds for monetary policy easing this year.The Nasdaq Composite slumped 3% to 26,024.3, with the S&P 500 down 1.8% to 7,448.9, and the Dow Jones Industrial Average lower by 0.8% to 51,148.2 after midday Friday. Technology was the standout decliner, while healthcare and consumer staples topped the gainers.In a third straight month of growth, nonfarm payrolls surged by 172,000 in May, above the 88,000 jobs increase expected in a Bloomberg-compiled survey. April was revised upwards to a 179,000 increase, and March payrolls were revised upwards to a 214,000 increase, the Bureau of Labor Statistics said Friday. The net upward revision came in at 93,000 jobs, bringing the 3-month average of payroll increases to 188,000, the strongest pace since March 2024, according to notes from Morgan Stanley and Stifel."We read this employment report as indicating the Fed can and will remove its easing bias in June," a Morgan Stanley research note said. "Perhaps exaggerated by a surge in state gov't payrolls and in leisure, but unquestionably strong labor demand."The unemployment rate remained at 4.3% in May, per the BLS data, as expected. Hourly earnings rose by 0.3%, as expected, and faster than a 0.2% increase in April.The probability of a 25 basis-point increase in interest rates in December surged to 43%, from 36% a week ago, according to the CME FedWatch tool. The comparisons for September were 33% versus 20%, and, for October, the data showed an increase to 39% from 25%.US Treasury yields soared, with the 10-year up 5.1 basis points to 4.53% and the two-year higher by 10.6 basis points to 4.16%.In precious metals, gold futures dropped 3.3% to $4,356.8, and silver futures slumped 7% to $68.84.Skirmishes continued overnight between Hezbollah and Israel in southern Lebanon after the Iran-backed militant group rejected a US-brokered proposal aimed at securing a broader truce, Bloomberg reported. Even so, Hezbollah's attacks on northern Israel have eased, while Israel has held off striking Beirut after threatening to do so earlier this week, it added.Tehran has made a ceasefire between Israel and Hezbollah a condition for any peace deal with Washington to resolve the regional war and restart shipping through the Strait of Hormuz, Reuters reported.West Texas Intermediate crude oil futures declined 3.4% to $89.92, and Brent crude futures dropped 2.3% to $92.84.In company news, Lululemon Athletica (LULU) shares slumped 9.2%, among the worst performers on the S&P 500, after the company reported a decline in fiscal Q1 earnings and cut its 2026 guidance.Among the top gainers on the index was Cooper (COO), up 7.1%, after the firm reported stronger-than-expected growth in fiscal Q2 adjusted earnings and sales.

Dow JonesNasdaq CompositeS&P 500$COO$LULU
Sectors

Sector Update: Consumer

Consumer stocks were mixed Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 1.9% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1%.In corporate news, Lululemon Athletica (LULU) stock was down 8.7% after the company lowered its full-year outlook amid weak sales trends, even though it recorded better-than-expected results in the fiscal first quarter.

$LULU
Wire

Top Midday Stories: Lululemon Down After Fiscal Q1 Results; Amazon Engineers Criticize AI Spending; Hoffman to Exit Microsoft Board

All three major US stock indexes were down late Friday morning following a better-than-expected May jobs report.The May employment report showed nonfarm payrolls rose by 172,000, well above the 88,000 jobs increase expected in a survey compiled by Bloomberg. The unemployment rate remained at 4.3% in May, as expected. The labor force participation rate was also unchanged from 61.8% in April.In company news, Amazon (AMZN) software engineers supported data center restrictions in Seattle while criticizing the technology giant for investing heavily in infrastructure during massive layoffs, CNBC reported, citing public hearings. An Amazon spokesperson toldthat the company does not have any plans to build data centers within the Seattle city limits. Shares were down 0.4% in the recent session.Lululemon Athletica (LULU) shares fell 9.6% after the company reported fiscal Q1 earnings of $1.69 per diluted share, down from $2.60 a year earlier. Analysts polled by FactSet expected $1.68. The company also trimmed guidance for 2026 and now expects EPS of $10.95 to $11.15 on revenue of $11 billion to $11.15 billion.Microsoft (MSFT) said in a regulatory filing that LinkedIn co-founder Reid Hoffman will not stand for re-election to the board of directors at the annual shareholder meeting. Hoffman, a Microsoft board member since 2017, notified the company of his decision on Tuesday. Microsoft's shares were pointing 1.8% lower.Nvidia (NVDA) cleared Samsung Electronics, SK Hynix, and Micron Technology to supply advanced high-bandwidth memory for its HBM4 artificial intelligence accelerators, multiple outlets reported, citing Chief Executive Officer Jensen Huang. Nvidia's shares were down 4.5% in the recent session.Meta Platforms (META) is facing an investigation and a potential fine in Turkey for possible violation of competition rules, the country's Competition Board said. The investigation will determine whether the company violated the country's competition law by integrating its Meta AI service into WhatsApp and preventing third-party general-purpose generative AI chatbots from offering services on WhatsApp. Shares of the company eased 2.3%.Edesa Biotech (EDSA) dropped nearly 24% after the company said that new data showed that paridiprubart combined with standard-of-care treatments was associated with a 32% relative reduction in mortality in patients with acute kidney injury and respiratory distress at 28 days.Price: $252.83, Change: $-0.97, Percent Change: -0.38%

$AMZN$EDSA$LULU$META$MSFT$NVDA
Sectors

Sector Update: Consumer Stocks Edge Higher Premarket Friday

Consumer stocks were edging higher premarket Friday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) advancing by 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.1%.Lululemon Athletica (LULU) stock was down more than 12% after the company posted a decline in fiscal Q1 earnings and cut its 2026 guidance.G-III Apparel Group (GIII) shares were up more than 5% after the company raised its fiscal 2027 adjusted EPS outlook.Target (TGT) has issued a voluntary recall of its Up & Up Fragrance Free and Up & Up Fresh Cucumber Scented wipes due to bacterial contamination, the retailer said. Shares of Target were 0.5% higher pre-bell.

$GIII$LULU$TGT$XLP$XLY
Commodities

Exchange-Traded Funds Lower, Equity Futures Mixed Pre-Bell Friday After May Jobs Report

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.5%, and the actively traded Invesco QQQ Trust (QQQ) retreated by 1.3% in Friday's premarket activity, after the May jobs report.US stock futures were mixed, with S&P 500 Index futures down 0.5%, Dow Jones Industrial Average futures gaining 0.1%, and Nasdaq futures retreating 1% before the start of regular trading.US nonfarm payrolls increased by 172,000 in May, exceeding expectations for an 88,000 gain, while the unemployment rate held at 4.3% and average hourly earnings rose 0.3%, in line with forecasts.The weekly Baker Hughes oil-and-gas rig count posts at 1 pm.April's consumer credit data is scheduled for a 3:00 pm ET release.In premarket action, bitcoin was down by 1.8%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2% lower, Ether ETF (EETH) retreated by 5.8%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) gained by 0.2%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 0.3%. The iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.2%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) advanced by 0.1%.Lululemon Athletica (LULU) shares were down more than 11% pre-bell after multiple analysts cut their price targets following the athletic apparel retailer's lowering of its full-year outlook amid weak sales trends.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.8%, the Vanguard Health Care Index Fund (VHT) retreated by 0.3%, while the iShares US Healthcare ETF (IYH) slipped 0.7%. The iShares Biotechnology ETF (IBB) was flat.Cooper (COO) was up by nearly 8% premarket after the company reported higher fiscal Q2 adjusted earnings and revenue late Thursday.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.1%, while the Vanguard Industrials Index Fund (VIS) gained 0.5% and the iShares US Industrials ETF (IYJ) was inactive.CAE (CAE) gained by nearly 3% before the opening bell. The company said it has received regulatory approval for the renewal of its normal course issuer bid to purchase, for cancellation, up to about 16.1 million common shares, or about 5% of its outstanding share capital as of May 29.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.4%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.4% lower.Affirm (AFRM) shares were down more than 2% pre-bell after closing the prior session with a 3.7% gain. Affirm and Canada Pension Plan Investment Board said Thursday that they renewed and expanded their forward-flow agreement for consumer installment loans.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 1.8%, and the iShares US Technology ETF (IYW) was 1.1% lower, while the iShares Expanded Tech Sector ETF (IGM) was up 0.7%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was down 1.7%, while the iShares Semiconductor ETF (SOXX) fell by 3%.Nvidia (NVDA) shares were down 1.8% in premarket activity after ending Thursday's session with a 1.8% increase. Multiple media outlets reported Chief Executive Officer Jensen Huang as saying that the company cleared Samsung Electronics, SK Hynix, and Micron Technology to supply advanced high-bandwidth memory for its HBM4 artificial intelligence accelerators.EnergyThe iShares US Energy ETF (IYE) was up 0.3%, while the State Street Energy Select Sector SPDR ETF (XLE) was 0.2% higher.X-Energy (XE) stock was up more than 1% before the opening bell a day after the company reported total Q1 revenues and grant income of $43.4 million, representing a 109% increase compared to the prior-year period.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 0.2% to $92.87 per barrel on the New York Mercantile Exchange. Natural gas was down 0.9% to $3.31 per 1 million British Thermal Units. The United States Oil Fund (USO) fell by 0.3%, while the United States Natural Gas Fund (UNG) was 1.7% lower.Gold futures for July retreated by 0.3% to $4,492.60 an ounce on the Comex. Silver futures declined by 1.4% to $72.91 an ounce. SPDR Gold Shares (GLD) was down by 0.2%, and the iShares Silver Trust (SLV) decreased by 1.5%.

Dow JonesNasdaq CompositeS&P 500$AFRM$BETH$BITO$CAE$COO$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$LULU$NVDA$PMR$QQQ$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XE$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Sectors

Sector Update: Consumer

Consumer stocks were edging higher premarket Friday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) and State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advancing by 0.2%.Lululemon Athletica (LULU) stock was down more than 11% after the company posted a decline in fiscal Q1 earnings and cut its 2026 guidance.

$LULU
Asia Markets

US Equity Futures Mostly Lower Pre-Bell Amid Continued Tech Stock Sell-Off, US-Iran War Entering Fourth Month

US equity futures were mostly lower pre-bell Friday as a sell-off in tech stocks continued and the US-Iran conflict entered its fourth month.Dow Jones Industrial Average futures were 0.1% higher, S&P 500 futures were down 0.5%, and Nasdaq futures were 1.2% lower.Broadcom (AVGO) shares were down 2% in premarket activity after plunging 12.6% on Thursday, joining a broader stock sell-off in the semiconductor industry.US President Donald Trump said he would meet with Iranian Supreme Leader Ayatollah Mojtaba Khamenei if a deal is finalized to end the US-Iran war. The ceasefire between the two nations continues to be fragile, with attacks exchanged earlier in the week.Traders took note of the latest round of earnings, with Ciena (CIEN) reporting higher fiscal Q2 adjusted net income and revenue.Oil prices were marginally lower, with front-month global benchmark North Sea Brent crude down 0.1% at $94.93 per barrel and US West Texas Intermediate crude 0.1% lower at $92.95 per barrel.The May national unemployment rate was reported at 4.3%, unchanged from the prior month and meeting estimates compiled by Bloomberg.In other world markets, Japan's Nikkei closed 1.3% lower, Hong Kong's Hang Seng ended 1.2% lower, and China's Shanghai Composite finished 0.7% lower. Meanwhile, the UK's FTSE 100 was up 0.3%, and Germany's DAX index was steady in Europe's early afternoon session.In equities, ARM (ARM), Micron Technology (MU), and Marvell Technology (MRVL) shares were all down as traders continued unloading stocks in the semiconductor sector. ARM shares fell 5.5%, Micron stock was down 4.1%, and Marvell shares dropped 3.5%. Lululemon Athletica (LULU) stock was down 11% after the company reported a decline in fiscal Q1 earnings and trimmed its 2026 outlook.On the winning side, ServiceTitan (TTAN) stock was up 13% after the company posted fiscal Q1 results that surpassed analysts' expectations and raised its fiscal 2027 revenue guidance.

Dow JonesNasdaq CompositeS&P 500$ARM$AVGO$CIEN$LULU$MRVL$MU$TTAN
Research

BNP Paribas Downgrades Lululemon Athletica to Underperform From Neutral, Adjusts PT to $88 From $170

Lululemon Athletica (LULU) has an average rating of Hold and mean price target of $143.89, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

$LULU
Stocks Mostly Down Pre-Bell as Investors Await Key Jobs Report
US Markets

Stocks Mostly Down Pre-Bell as Investors Await Key Jobs Report

The benchmark US stock measures were mostly tracking in the red before the open Friday as traders await a key employment report for May.The S&P 500 decreased 0.5% and the Nasdaq was off 1% in premarket activity, while the Dow Jones Industrial Average edged up 0.1%. The indexes finished the previous trading session mostly up, with the Dow recording a fresh closing high.The nonfarm payrolls report for last month is scheduled to be released at 8:30 am ET. Government data is expected to show that the US economy added 85,000 jobs in May, compared with a 115,000 gain reported for the month prior, according to a Bloomberg poll.Job cut announcements in May hit the highest for the month since 2020, Challenger, Gray & Christmas said Thursday, while US weekly applications for unemployment insurance rose unexpectedly. Earlier in the week, ADP (ADP) reported stronger-than-expected private-sector hiring for May.Treasury yields were down in premarket action, with the two-year rate retreating 0.4 basis points to 4.05% and the 10-year rate declining 0.2 basis points to 4.48%.Friday's economic calendar also has the weekly Baker Hughes oil-and-gas rig count at 1 pm.President Donald Trump reportedly said Thursday he'd be "honored" to meet Iran's new Supreme Leader Mojtaba Khamenei if a peace deal is agreed between Washington and Tehran. Mojtaba Khamenei was named the supreme leader in Iran after his father, Ali Khamenei, was killed in strikes by the US and Israel in late February.West Texas Intermediate crude oil slipped 0.2% to $92.87 a barrel before the opening bell, while Brent nudged 0.1% lower to $94.90.Hezbollah leader Naim Qassem on Thursday rejected a US-brokered ceasefire agreement between Israel and Lebanon. The two countries agreed to the truce, subject to Iran-backed Hezbollah ending all fire and evacuating its operatives from the South Litani Sector, according to a joint statement from the US, Israel and Lebanon released Wednesday.But just hours after the deal, Israeli forces and Hezbollah fighters launched strikes, CNN reported Thursday.Shares of Lululemon Athletica (LULU) dropped 13% pre-bell after the athletic apparel retailer lowered its full-year outlook amid certain headwinds and deteriorating sales trends. Micron Technology (MU) declined 3.3% after closing the previous session down 7.7%.ABM Industries (ABM) and G-III Apparel (GIII) report their latest financial results before the bell, among others.Gold decreased 0.3% to $4,491 per troy ounce, while bitcoin slid 1.6% to $62,671.

Dow JonesNasdaq CompositeS&P 500$ABM$GIII$LULU$MU
International

Tech, Persian Gulf Views Pressure Wall Street Pre-Bell; Asia Off, Europe Up

Wall Street futures largely pointed moderately lower pre-bell Friday, as traders locked into a risk-off mood on rich tech-sector valuations and on lengthening Persian Gulf uncertainties.In the futures, the S&P 500 fell 0.4% and the Nasdaq declined 1%, although the Dow Jones was up 0.1%.Investors also await the May national jobs report from Washington at 8:30 am ET, sure to be plumbed for clues to the strength of the US employment market in the face of higher energy bills.Asian exchanges traded lower overnight, led by a 5.5% divot on Seoul's KOSPI index, as tech shares weakened.European bourses edged higher midday on the continent.Lululemon Athletica (LULU) traded down 13% pre-bell after the apparel maker reported fiscal Q1 results and trimmed guidance late Thursday.On the economic calendar, in addition to the jobs report, is the weekly Baker Hughes domestic oil-and-gas rig count at 1 pm ET, followed by the Federal Reserve's consumer credit report for April at 3 pm.In premarket action, Bitcoin traded at $62,550, West Texas Intermediate crude oil traded off 0.4% at $92.64, and 10-year US Treasuries offered 4.47%. Spot gold commanded $4,464 an ounce.

Dow JonesNasdaq CompositeS&P 500$LULU
Research

BTIG Downgrades lululemon athletica to Neutral From Buy

lululemon athletica (LULU) has an average rating of hold and mean price target of $149.75, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

$LULU
Lululemon Athletica Lowers Full-Year Outlook Despite First-Quarter Beat
US Markets

Lululemon Athletica Lowers Full-Year Outlook Despite First-Quarter Beat

Lululemon Athletica (LULU) shares fell early Friday after the athletic apparel retailer lowered its full-year outlook amid weak sales trends, even though it recorded better-than-expected results in the fiscal first quarter.The company now anticipates per-share earnings to be in a range of $10.95 to $11.15 for fiscal 2026, it said late Thursday, down from prior projections of $12.10 to $12.30. Revenue is pegged at $11 billion to $11.15 billion, compared with the previous guidance of $11.35 billion and $11.5 billion.The current consensus on FactSet is for EPS of $11.69 and sales of $11.28 billion for the ongoing fiscal year. The stock dropped 12% in the most recent premarket activity.Lululemon faced "a few headwinds and a moderating sales trend" as it closed the first quarter and entered the subsequent period, interim co-Chief Executive Meghan Frank said during an earnings call, according to a FactSet transcript.The company experienced "spikes of negative commentary" in mainstream and social media regarding its brand, impacting traffic and overall topline performance, according to Frank. Additionally, not all of the retailer's product launches met its expectations, Frank said on the call."Taken together, these factors impacted performance and are reflected in our updated guidance," Frank added.Last month, Lululemon said it reached a cooperation agreement with founder Chip Wilson, ending a proxy fight that had centered on the company's strategy and board composition.For the ongoing quarter, Lululemon expects EPS to come in between $1.76 and $1.81. Revenue is set to be in a range of $2.45 billion to $2.48 billion, representing an annual decline of 2% to 3%. The Street is looking for EPS of $2.24 and sales of $2.53 billion."We recognize that we have more work to do, and our teams remain focused on our priorities as we continue our efforts to reignite growth and realize Lululemon's full potential," interim co-CEO Andre Maestrini said in the earnings release.The company's net income slipped to $1.69 per share for the quarter ended May 3 from $2.60 the year before, but came in ahead of the average analyst estimate of $1.68. Revenue increased 4% to $2.47 billion, ahead of the Street's view for $2.43 billion. Sales in the Americas declined 3%, while international revenue advanced 22%.Comparable sales ticked up 1% year over year, better than the market's forecast for a decrease of 0.2%. The metric moved down 5% in the Americas, but rose 13% internationally.

$LULU
Stocks Mostly Down Pre-Bell as Middle East Concerns Persist
US Markets

Stocks Mostly Down Pre-Bell as Middle East Concerns Persist

US equity markets were mostly pointing lower before the opening bell Thursday as Middle East uncertainty continued to weigh on sentiment.The S&P 500 declined 0.5% and the Nasdaq fell 1.2% in premarket activity, while the Dow Jones Industrial Average rose 0.5%. The indexes finished the previous trading session in the red, with the S&P 500 snapping a nine-day winning streak.Iran reportedly launched strikes targeting US bases in Kuwait and Bahrain, as well as a vessel near the Strait of Hormuz, in a significant escalation since a ceasefire took effect in April, several media outlets reported Wednesday. Earlier in the week, the US Central Command said it conducted self-defense strikes on Qeshm Island in response to attempted attacks by Iran across the Middle East.The Republican-led House voted 215-208 Wednesday to limit President Donald Trump's war powers in Iran, CNN reported.Trump suggested on Wednesday that there could be progress in negotiations with Iran as soon as this weekend, CNBC reported. Iranian Foreign Minister Abbas Araghchi said contacts with Washington have not been cut off, but there has been no progress in discussions, according to the report.Israel and Lebanon agreed on Wednesday to implement a ceasefire, subject to Iran-backed Hezbollah ending all fire and evacuating its operatives from the South Litani Sector, the US State Department said in a statement.West Texas Intermediate crude oil decreased 1% to $95.06 a barrel before the open, while Brent moved down 1.3% to $96.60.Treasury yields were down in premarket action, with the two-year rate retreating 3.1 basis points to 4.05% and the 10-year rate off 1.4 basis points to 4.48%.Employers in the US announced 97,006 layoffs in May, up 16% from the month prior and 3% year over year, according to Challenger, Gray & Christmas' latest report. Thursday's economic calendar also has the weekly jobless claims bulletin.On Wednesday, data from payroll processing firm ADP (ADP) showed that employment in the US private sector increased more than expected in May. The government's nonfarm payrolls report for May is scheduled to be released on Friday.Federal Reserve Bank of Richmond President Thomas Barkin is slated to speak at 8:30 am ET, while San Francisco Fed President Mary Daly speaks at 1:10 pm.Most Federal Reserve districts saw slight to moderate growth in economic activity since mid-April, while consumer spending remained mixed, the US central bank said in its latest Beige Book released Wednesday.Space Exploration Technologies, widely known as SpaceX, is aiming to raise about $75 billion in what could be the biggest initial public offering of all time.Broadcom (AVGO) and CrowdStrike (CRWD) dropped 11% each pre-bell after reporting their latest financial results.Ciena (CIEN), Brown Forman (BF.A, BF.B) and Toro (TTC) report their quarterly earnings before the bell, among others. Lululemon Athletica (LULU), Guidewire Software (GWRE) and DocuSign (DOCU) post results after the markets close.Gold gained 0.7% to $4,497 per troy ounce, while bitcoin dropped 4.9% to $62,329.

Dow JonesNasdaq CompositeS&P 500$AVGO$BF.A$BF.B$CIEN$CRWD$DOCU$GWRE$LULU$TTC
Sectors

Sector Update: Consumer Stocks Rise Late Afternoon

Consumer stocks were higher late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 1.7%.Redbook US same-store sales rose by 9% from a year earlier in the week ended May 23 after an 8.1% year-over-year increase in the previous week. "Demand for a wide variety of summer, home and garden, and seasonal apparel products was the main focus for most consumers," Redbook said.In corporate news, Lululemon Athletica (LULU) said Wednesday that it has settled its dispute with company founder Chip Wilson. Wilson, who owns an 8.7% stake in the company, sent a letter in April to shareholders questioning the appointment of Heidi O'Neill as chief executive. Lululemon shares gained 3.9%.Tesla (TSLA) and SpaceX (SPCX) may eventually merge after SpaceX's initial public offering in a move that would consolidate Elon Musk's control across his companies, according to early SpaceX investor Peter Diamandis, Bloomberg reported, citing an interview. Tesla shares rose 1.1%.Abercrombie & Fitch's (ANF) fiscal Q1 earnings topped Wall Street's projections amid record sales for the apparel retailer. Its shares climbed past 13%.Bath & Body Works' (BBWI) fiscal Q1 results exceeded market estimates, while the personal care and home fragrance retailer said its chief financial officer plans to step down. Its shares jumped nearly 11%.Manchester United (MANU) on Wednesday raised its full-year top-line outlook as the UK soccer club posted double-digit growth in fiscal Q3 revenue year over year, helping it swing to earnings. Manchester United shares surged over 13%.

$ANF$BBWI$LULU$MANU$TSLA
Sectors

Sector Update: Consumer Stocks Mixed Pre-Bell Wednesday

Consumer stocks were mixed pre-bell Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) down 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advancing by 0.4%.Lululemon athletica (LULU) stock was up more than 3% after the company said it has settled its dispute with its founder, Chip Wilson.PDD Holdings (PDD) shares were down more than 7% after the company posted Q1 non-GAAP earnings and revenue that missed analysts' estimates, with non-GAAP EPS declining year over year.Dick's Sporting Goods (DKS) stock was down more than 2% after the company reported a decline in fiscal Q1 non-GAAP earnings.

$DKS$LULU$PDD$XLP$XLY

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