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

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NVDA

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>

Politics

Economics

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>

Earnings

Analyst Ratings

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

ETFs

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

COST

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

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

Opinion

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

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:



<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>



Photo: Gabriel Pahontu/Shutterstock.

Guidance

Tech

DELL

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: 



<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: jamesonwu1972 / Shutterstock.com

Analyst Color

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

Government

Macro Economic Events

Regulations

Econ #s

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

Equities

Large Cap

Bonds

Treasuries

Federal Reserve

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?

The Court of International Trade blocked a large portion of President Donald Trump&#8216;s latest tariff policies, but according to Goldman Sachs economist Alec Phillips, the White House has a clear and swift path to restoring most of them—<a href="https://www.benzinga.com/markets/25/05/45666535/hardly-the-end-of-this-story-trump-has-several-legal-options-to-maintain-tariffs-despite-federal-court-ruling-experts-say">potentially within days.</a>



In a note shared Thursday, Phillips wrote that the Court&#8217;s ruling represents a legal setback for the administration, but not necessarily a policy one. 



The court struck down 6.7 percentage points of tariffs imposed this year under the International Emergency Economic Powers Act (IEEPA), declaring the legal foundation unconstitutional.



The blocked tariffs include the 10% across-the-board duty, a 20% tariff on Chinese imports, and a 25% tariff on non-USMCA-compliant goods from Canada and Mexico. Together, they were projected to generate close to $200 billion annually.



Stocks positively reacted to the news. The S&amp;P 500 – as tracked by the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) – rose 0.6% on Thursday, and is on track to notch its strongest month of gains since November 2023. 



<h3 class="wp-block-heading">White House Has Tools To Move Quickly</h3>



The Court of International Trade has given the administration 10 days to stop collecting the duties, but Phillips anticipates the Trump administration responding quickly.



"We would expect the White House to announce a similar across-the-board tariff using Sec. 122," Phillips said.



That part of the trade law lets the president impose up to 15% tariffs for 150 days without needing Congress. It's designed to address currency issues or trade imbalances and is much easier to activate than other options.



&#8220;The administration could theoretically replace the current 10% tariff with a Sec. 122-based tariff within days if deemed necessary,&#8221; Phillips added. 



Phillips also said the White House could start new investigations under another trade tool—Section 301—which would allow even steeper and longer-lasting tariffs. That path takes longer, but it could open the door to targeting major trade partners like China again.



<h3 class="wp-block-heading">Legal Uncertainty To Shift Focus On Sectoral Tariffs?</h3>



Goldman also believes the ruling could pivot the administration toward sector-specific tariffs, which remain on firm legal ground under Section 232, the authority Trump previously used to target steel, aluminum and autos.



"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," Phillips said.



That means more duties could soon be imposed on goods like semiconductors, electronics, and pharmaceuticals—sectors in which Trump's trade team has already shown interest.



Those actions fall under Section 232, which remains untouched by the court's ruling and could add another 4.9 percentage points to U.S. tariff rates.



<h3 class="wp-block-heading">No Refunds Coming, But Fiscal Plans Stay Intact</h3>



While importers may be spared future tariffs, duties already paid will not be refunded. Despite the magnitude of potential lost revenue, Goldman Sachs doesn't expect a material impact on the fiscal debate in Congress.



"Tariff revenue was never counted toward offsetting the cost of the package," he said.



Still, the blocked tariffs were set to generate nearly as much revenue as the new fiscal package will add to the deficit in its first year—roughly $200 billion.



&#8220;We expect the Trump administration will find other ways to impose tariffs, so we still expect most of this revenue to materialize.&#8221;



Read Next:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45664572/us-stocks-likely-to-open-higher-after-federal-court-invalidates-trumps-tariffs-without-tariff-revenues-there-is-a-big-beautiful-hole-in-the-big-beautiful-budget-bill-says-expert">US Stocks Likely To Open Higher After Federal Court Blocks Trump&#8217;s Tariffs: &#8216;Without Tariff Revenues, There Is A Big Beautiful Hole In The Big Beautiful Budget Bill,&#8217; Says Expert </a></li>
</ul>



Photo: Shutterstock

Tariffs Blocked By Court, But Goldman Sachs Says Trump Could Reimpose Them 'Within Days'

Kohl&#8217;s Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KSS#NYSE">KSS</a>) shares are trading higher, up over 21.5% at the start of the trading <a href="https://www.benzinga.com/movers" target="_blank" rel="noreferrer noopener">session on Thursday.</a>



The retailer reported first-quarter earnings per share loss of 13 cents, beating the <a href="https://www.benzinga.com/pressreleases/25/05/b45665497/kohls-reports-first-quarter-fiscal-2025-financial-results" target="_blank" rel="noreferrer noopener">analyst consensus estimate of 37 cents loss</a>. Quarterly sales of $3.23 billion outpaced the Street view of $3.02 billion.



Net sales decreased by 4.1%, and comparable sales decreased by 3.9% in the quarter under review.



Gross margin&nbsp;as a percentage of net sales was 39.9%, an increase of 37 basis points.



Also Read: <a target="_blank" href="https://www.benzinga.com/news/25/05/45335453/kohls-dismisses-ceo-over-undisclosed-conflicts-of-interest" rel="noreferrer noopener">Kohl&#8217;s Dismisses CEO Over&#8217; Undisclosed Conflicts Of Interest&#8217;</a>



Operating income&nbsp;was $60 million, higher than $43 million in the prior year. Operating margin was 1.9%, an increase of 58 basis points year-over-year.



Kohl&#8217;s exited the first quarter with cash and equivalents worth $153 million, lower than $228 million in the year-ago period.



Inventory&nbsp;was $3.1 billion, an increase of 2% year-over-year.



The company&#8217;s long-term debt at the end of the quarter stood at $1.174 billion. That&#8217;s lower than $1.638 billion in the year-ago period. 



Outlook: Kohl&#8217;s reaffirmed its FY2025 GAAP EPS outlook of 10 cents to 60 cents vs. the 44 cents estimate and expects a 4%–6% drop in comparable sales.



The company also maintained its sales forecast of $14.31 billion–$14.62 billion.



Kohl&#8217;s expects capital expenditures between $400 million and $425 million for FY2025. It will pay a $0.125 dividend on June 25.



&#8220;Capex of $400 million to $425 million will include investments to complete the Sephora rollout, expand impulse queuing fixtures, and enhance omnichannel experience,&#8221; Kohl&#8217;s Corporation said.



Price Action: KSS shares are trading higher by 6.79% to $8.650&nbsp;premarket at last check Thursday.



Read Next:



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<li><a href="https://www.benzinga.com/25/05/45667324/wall-streets-most-accurate-analysts-spotlight-on-3-real-estate-stocks-delivering-high-dividend-yields-5" target="_blank" rel="noreferrer noopener">Wall Street&#8217;s Most Accurate Analysts Spotlight On 3 Real Estate Stocks Delivering High-Dividend Yields</a></li>
</ul>



Image: Shutterstock

Beauty And The Boost: Kohl's Beats Q1 Estimates With Strong Margins; Reiterates Sephora Expansion Plans

Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) CEO Jensen Huang said that he believes Tesla Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) Optimus <a href="https://www.benzinga.com/markets/equities/25/05/45536080/elon-musk-says-teslas-optimus-can-learn-tasks-by-watching-youtube-videos-just-like-a-human">humanoid robot</a> could be the first to reach mass adoption and trigger a multi-trillion-dollar industry.



What Happened: Speaking with Bloomberg News on Wednesday, Huang was asked about Tesla's expanding relationship with Nvidia and its potential in robotics, artificial intelligence and autonomous systems.



In response, Huang praised Elon Musk and called him "an extraordinary engineer."



"I love working with him," he said, adding, "We&#8217;ve built some amazing computers together. We&#8217;re going to build many more computers together."



See Also:&nbsp;<a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/05/45548615/alphabet-well-positioned-for-google-search-dominance-analyst-says-can-navigate-the-shift-to-ai-search" target="_blank" rel="noreferrer noopener">Alphabet ‘Well Positioned&#8217; For Google Search Dominance: Analyst Says Can ‘Navigate The Shift To AI Search&#8217;</a>



What Musk is doing across his ventures, including Grok, his self-driving car initiatives and the Optimus robot, Huang described as world-class, revolutionary, and full of massive potential.



He then underscored Optimus, saying, "This is the first robot that really has a chance to achieve the high volume and technology scale necessary to advance technology," adding, "I think this is likely to be the next multi-trillion dollar industry."



Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.



Why It's Important: Earlier this year, Musk said Tesla plans to produce several <a href="https://www.benzinga.com/25/01/43325888/tesla-likely-to-sell-optimus-to-rival-companies-in-2026-price-point-of-humanoid-robot-to-be-detemined-by-demand-says-ceo-elon-musk">thousand units of its Optimus humanoid</a> robot in 2025 for using it internally. Feedback gained from these deployments will help shape the next version, expected to launch in 2026.



Meanwhile, on Wednesday, <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">Nvidia also reported first-quarter revenue</a> of $44.1 billion, marking a 69% increase year-over-year and a 12% rise from the previous quarter. The results surpassed Wall Street's consensus estimate of $43.2 billion.



Nvidia has issued guidance for second-quarter revenue at $45.0 billion, plus or minus 2%. This outlook factors in an $8.0 billion loss in H20 revenue resulting from export restrictions.



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Nvidia CEO Jensen Huang &#x7C; Bloomberg Technology Special" width="500" height="281" src="https://www.youtube.com/embed/GjXag-NB1HM?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



Price Action: Nvidia shares climbed 5.14% in the pre-market session on Thursday, according to <a href="http://pro.benzinga.com/">Benzinga Pro</a>.



Meanwhile, Benzinga Edge Stock Rankings awarded NVDA an impressive growth score of 98.75%. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Click here to see how it compares to other top-performing stocks</a> like Tesla.



<figure class="wp-block-image aligncenter size-full"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img decoding="async" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/29050734/Screenshot-2025-05-29-at-7.06.23%E2%80%AFAM-3.png" alt="" class="wp-image-931138"/></a></figure>



Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.



Read Next:



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<li><a href="https://www.benzinga.com/25/05/45599346/why-googles-demis-hassabis-disagrees-with-co-founder-sergey-brin-on-when-agi-will-arrive-and-sets-a-much-higher-bar" target="_blank" rel="noreferrer noopener">Why Google&#8217;s Demis Hassabis Disagrees With Co-Founder Sergey Brin On When AGI Will Arrive: ‘I Have Quite A High Bar&#8217;</a></li>
</ul>



Photo courtesy: Shutterstock

Media

TSLA

Tesla's 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'

The Trump administration announced plans to aggressively revoke visas for Chinese students studying in the United States, specifically targeting those with Chinese Communist Party connections or studying in critical fields.



What Happened: Secretary of State Marco Rubio said in a Wednesday statement that the administration will &#8220;aggressively revoke visas for Chinese students, including those with connections to the Chinese Communist Party or studying in critical fields.&#8221; Rubio added that visa criteria will be revised to &#8220;enhance scrutiny of all future visa applications from the People&#8217;s Republic of China and Hong Kong.&#8221;



The State Department ordered U.S. embassies worldwide to stop scheduling new student visa appointments as it prepares to expand social media vetting procedures, according to an internal <a href="https://www.cbsnews.com/news/trump-administration-halting-student-visa-appointments-ahead-of-expanded-social-media-vetting/?utm_source=chatgpt.com">memo</a> reviewed by CBS News. 



According to U.S. State Department <a href="https://opendoorsdata.org/data/international-students/all-places-of-origin/">data</a> compiled by the Institute of International Education, approximately 280,000 Chinese students were studying in the U.S. last year, a number that has declined in recent years.



The administration has already terminated Harvard University&#8217;s ability <a href="https://www.benzinga.com/media/25/05/45601769/trumps-tax-bill-harvards-international-student-ban-and-musks-ai-in-government-this-week-in-politics">to enroll international students,</a> with Homeland Security Secretary Kristi Noem alleging the university fostered &#8220;violence, antisemitism, and coordinating with the Chinese Communist Party.&#8221; Harvard enrolled nearly 6,800 international students in 2024-2025.



See Also: <a href="https://www.benzinga.com/markets/equities/25/05/45663478/tesla-institutional-investors-demand-elon-musks-40-hours-a-week-commitment-amid-company-crisis-urge-succession-plan-for-top-execs">Tesla Institutional Investors Demand Elon Musk&#8217;s 40 Hours A Week Commitment Amid Company&#8217;s Crisis,&#8217; Urge Succession Plan For Top Execs</a>



Why It Matters: International students contributed nearly<a href="https://www.benzinga.com/personal-finance/25/04/44988134/44-billion-at-risk-trumps-crackdown-on-international-students-threatens-u-s-higher-ed-and-economy"> $44 billion to the U.S. economy </a>last year and supported 378,000 jobs, according to NAFSA data. Universities rely heavily on international student tuition revenue, with many institutions using these funds to subsidize domestic student costs.



The administration has already <a href="https://www.benzinga.com/personal-finance/25/04/44988134/44-billion-at-risk-trumps-crackdown-on-international-students-threatens-u-s-higher-ed-and-economy">revoked over 1,500 student visas</a> across 222 schools, creating uncertainty for institutions from elite universities to public colleges. Legal challenges are pending, with students claiming the Department of Homeland Security acted without proper justification or due process procedures. Read Also:



<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/05/45663361/kevin-oleary-wants-to-teach-every-ceo-how-to-use-aiand-hes-hiring-people-to-do-it-calling-it-a-lifetime-career-opportunity">Kevin O&#8217;Leary Wants To Teach Every CEO How To Use AI And He&#8217;s Hiring People To Do It: &#8216;You&#8217;ll Have Job Security For Life&#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: Drazen Zigic/Shutterstock

Education

Global

Trump Administration To Revoke Visas Of Chinese Students Tied To CCP Or Critical Fields, Tightens Screening

U.S. stock futures jumped on Thursday after ending lower on Wednesday. Futures of major benchmark indices rose over 1% in premarket.



A federal court has<a href="https://www.benzinga.com/news/25/05/45660322/trump-tariffs-struck-down-by-federal-court-major-blow-to-white-houses-trade-strategy-report"> invalidated global tariffs</a> enacted by President Donald Trump under the International Emergency Economic Powers Act, a move that could reshape future U.S. trade policy. 



The U.S. Court of International Trade&#8217;s decision challenged the extensive tariff authority previously wielded by the Trump administration and may impact ongoing trade strategies.



A three-judge panel, with appointees from the Reagan, Obama, and Trump eras, ruled that the IEEPA doesn&#8217;t give the president unlimited power to impose tariffs.



The Trump administration filed an appeal against the ruling in minutes, according to a Reuters report.



Meanwhile, the 10-year Treasury bond yielded 4.52% and the two-year bond was at 4.03%. 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 97.7% 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>1.12%</td></tr><tr><td>S&amp;P 500</td><td>1.54%</td></tr><tr><td>Nasdaq 100</td><td>1.95%</td></tr><tr><td>Russell 2000</td><td>1.92%</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, jumped in premarket on Thursday. The SPY was up 1.51% to $596.62, while the QQQ advanced 1.96% to $529.09, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a> data.



Cues From Last Session:



U.S. stocks closed lower on Wednesday, with the Dow Jones dropping over 200 points, as rising Treasury yields countered Tuesday&#8217;s trade optimism.



All S&amp;P 500 sectors ended in the red, with utilities, materials, and energy stocks experiencing the most significant declines.



In retail, Macy&#8217;s Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/M#NYSE">M</a>) adjusted its annual forecast downward, citing impacts from tariffs, a slight dip in consumer discretionary spending, and an intensified promotional environment.



Conversely, Abercrombie &amp; Fitch Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANF#NYSE">ANF</a>) delivered stronger-than-expected first-quarter earnings. Economic data showed the composite manufacturing index in the U.S. Fifth District improving to -9 in May from -13 in April.



<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>-0.51%</td><td>19,100.94</td></tr><tr><td>S&amp;P 500</td><td>-0.56%</td><td>5,888.55</td></tr><tr><td>Dow Jones</td><td>-0.58%</td><td>42,098.70</td></tr><tr><td>Russell 2000</td><td>-1.08%</td><td>2,067.80</td></tr></tbody></table></figure>



Insights From Analysts:



After the Federal Court struck down Trump&#8217;s tariffs, Craig Shapiro, a macro strategist at the Bear Traps Report, said that &#8220;Without tariff revenues, there is a big beautiful hole in the big beautiful budget bill.&#8221;



This implied the administration&#8217;s promise to fund the deficit created by the tax bill through tariff revenue and the Department of Government Efficiency savings.



Shapiro&#8217;s post highlights a budget crisis that could be triggered by the removal of tariff revenue.



<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">Without tariff revenues, there is a big beautiful hole in the big beautiful budget bill Are the bond vigilantes with us in the room?&mdash; Craig Shapiro (@ces921) <a href="https://twitter.com/ces921/status/1927891799596523725?ref_src=twsrc%5Etfw">May 29, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Bob Elliott, CIO at Unlimited Funds, highlighted an <a href="https://www.benzinga.com/general/market-summary/25/05/45641879/stock-market-is-pricing-a-never-before-seen-divergence-as-equities-and-bonds-run-it-hot-amid-gloomy-outlook-by-bottom-up-analysts">unprecedented "divergence"</a> which he has "never seen" in his professional career outside of typical cyclical bottoms. 



According to him, despite the seemingly extreme market optimism, the perspective from professionals analyzing data from the ground up painted a far more subdued picture.



He explained that aggressive market pricing stands in stark contrast to the pessimistic views held by bottom-up analysts, companies, and economists.



Elliott highlighted in an X thread that corporate earnings revisions for U.S. large-cap companies have notably collapsed, reaching their weakest point since the COVID-19 pandemic. Global earnings revisions also remain quite subdued, despite a marginal recent uptick in negativity.



Projections for 2025 earnings growth, which are typically skewed positively until just before the period, are currently penciled in at a mere 7%.



<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">Stock and bond markets are all in on the &quot;run it hot&quot; trade. But this market pricing is in sharp contrast to the bottoms up view of companies, analysts, and economists all of which remain quite pessimistic. Thread.&mdash; Bob Elliott (@BobEUnlimited) <a href="https://twitter.com/BobEUnlimited/status/1927666792022884672?ref_src=twsrc%5Etfw">May 28, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



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 Thursday:



<ul class="wp-block-list">
<li>The initial jobless claims for the week ending May 24 and the first quarter revised GDP data will be out by 8:30 a.m. ET.</li>



<li>Richmond Fed President Tom Barkin will speak at 8:30 a.m. ET.</li>



<li>Pending home sales data for April will be released by 10:00 a.m. ET.</li>



<li>Chicago Fed President Austan Goolsbee will speak at 10:40 a.m., Fed Governor Adriana Kugler will speak at 2:00 p.m., San Francisco Fed President Mary Daly will speak at 4:00 p.m., and Dallas Fed President Lorie Logan will speak at 8:45 p.m. ET.</li>
</ul>



Stocks In Focus:



<ul class="wp-block-list">
<li>Best Buy Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BBY#NYSE">BBY</a>) jumped 5.01% in premarket on Thursday as analysts expect it to report quarterly earnings of $1.31 per share on revenue of $9.22 billion, before the opening bell.</li>



<li>Hormel Foods Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HRL#NYSE">HRL</a>) was 0.30% lower ahead of its earnings, which are supposed to be released before the opening bell. Analysts expect earnings of 34 cents per share on revenue of $2.91 billion.</li>



<li>Dell Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>) was up 2.27% as analysts expect it to report quarterly earnings of 80 cents per share on revenue of $13.15 billion, after the closing bell.</li>



<li>Costco Wholesale Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COST#NASDAQ">COST</a>) was 0.48% higher ahead of its earnings, which are supposed to be released after the closing bell. Analysts expect earnings of $4.24 per share on revenue of $63.19 billion.</li>



<li>Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) surged 5.10% after reporting first-quarter revenue of $44.1 billion, up 69% year-over-year and up 12% from the fourth quarter. The revenue beat a Street consensus estimate of $43.2 billion. Nvidia reported adjusted earnings of 81 cents per share in the first quarter.</li>



<li>C3.ai Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AI#NYSE">AI</a>) surged 17.29% after reporting better-than-expected fourth quarter results on Wednesday.</li>



<li>Salesforce Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) was up 1.72% after delivering strong results and continuing to place its bets on the multitrillion-dollar opportunity arising from the digital labor revolution.</li>



<li>Abercrombie &amp; Fitch Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ANF#NYSE">ANF</a>) advanced 2.63% after a strong set of earnings and guidance. The company said that it would not hike prices despite a $50 million cost incurred because of tariffs.</li>
</ul>



Commodities, Gold, And Global Equity Markets:



Crude oil futures were trading higher in the early New York session by 1.34% to hover around $62.67 per barrel.



Gold Spot US Dollar fell 0.28% to hover around $3,279.89 per ounce. Its last record high stood at $3,500.33 per ounce. The U.S. Dollar Index spot was higher by 0.14% at the 100.0170 level.



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



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US Stocks Likely To Open Higher After Federal Court Blocks Trump's Tariffs: 'Without Tariff Revenues, There Is A Big Beautiful Hole In The Big Beautiful Budget Bill,' Says Expert

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