Markets
Nia Warfield, Luke Kawa

S&P 500 gives up early gains to finish flat

The S&P 500 opened higher but couldn’t maintain its gains through the trading day, finishing flat. The Nasdaq 100 eked out another record close with a 0.2% gain and set a fresh all-time high early in the session. The Russell 2000 slid 1.2%.

Under the hood, the benchmark US stock index was soft, with decliners outnumbering stocks that gained by 229 on the day.

Only two S&P 500 sector ETFs finished in the green, tech and healthcare, with the former a large standout. Real estate, consumer staples, utilities, and consumer discretionary were all down more than 1%.

AI server company Super Micro Computer led gains among S&P 500 companies, up nearly 9%. Meanwhile, Nvidia jumped 4%, hitting a fresh all-time high after Loop Capital hiked its price target on the stock to $250 from $175. Elsewhere…

Paychex led declines, sinking 9% after the HR software provider missed Q2 sales forecasts and gave a lukewarm full-year outlook. 

Top NYC office landlords SL Green and Vornado fell 5.7% and 6.7%, respectively, as investors reacted negatively to the recent surprise win of Zohran Mamdani in New York City’s mayoral primary.

BP shares shot up briefly after a Wall Street Journal report said the oil giant was in talks to be bought by rival Shell. Shell later denied the report, and BP finished roughly 1% down.

Bumble soared 25% after the women-focused dating app said it would lay off nearly a third of its staff, a cost-cutting measure that sparked some investor confidence.

BlackBerry shares jumped over 12% a day after the now software and security company topped Q2 estimates and surprised investors by swinging to a profit.

General Mills shares slipped 5% after the Cheerios and Pillsbury parent posted mixed Q4 earnings and slashed its full-year forecast as consumers pull back on name-brand groceries.

FedEx shares were down over 3% after the legacy courier company topped Q4 earnings estimates but gave less-than-optimistic guidance for the current quarter.

More Markets

See all Markets
Tasha Matsumoto
20h
Stocks tumble amid AI sell-off as a blowout jobs report dampens hope of a rate cut this year

The S&P 500 broke its streak of nine consecutive weekly gains, while the Nasdaq 100 had its worst day since April 2025.

Yellowstone: America's First National Park
Dickens, Great Expectations, He said, Aha! would you?

Tech tumbles as momentum stocks run into a blowout jobs report and a wave of profit-taking

The AI trade is under some pressure, taking prices back like... a few days. President Donald Trump is not a fan of the price action.

David Crowther6/5/26
Trump Administration Considers Reclassifying Marijuana As A Less Dangerous Drug

Trulieve to list on NYSE, a first for US cannabis sector

More may be on the way: several other US cannabis companies have announced reverse stock splits with the intention of listing on a major exchange.

J. Edward Moreno6/5/26
markets
Helena Cheng

Lululemon’s stretch getting tested: Stock plunges after after outlook is cut

Lululemon shares are down double digits in premarket trading after the company cut its full-year sales and profit outlook, overshadowing a Q1 beat and raising fresh concerns about the brand’s turnaround efforts.

The company now expects fiscal 2026 revenue to be flat to down 1%, compared with its prior forecast for 2% to 4% growth. Guidance for full-year diluted earnings per share was dragged down to a range of $10.95 to $11.15, below the company’s previous guidance of $12.10 to $12.30 and well below Wall Street’s estimate of $13.26.

Key numbers for Q1:

  • EPS of $1.69 vs. the $1.68 expected.

  • Revenue of $2.47 billion vs. the $2.43 billion expected.

The modest top-line beat masked a widening divergence between Lululemon’s geographic markets. While international revenue rose 22% overall with a 30% increase in Mainland China, the bigger problem remains North America, where revenue fell 5%.

Interim co-CEO and CFO Meghan Frank acknowledged during the earnings call that recent product rollouts underperformed. A highly anticipated yoga campaign failed to generate its expected “halo effect” across broader product lines.

Profitability metrics took a major hit, with gross margins contracting by 410 basis points to 54.2% due to mounting tariff costs and promotional markdowns. Operating income consequently fell 37% year over year to $276.9 million.

“We experienced spikes of negative commentary in the media and on social channels with regard to our brand, which had an impact on traffic and overall top-line performance,” Frank said during the earnings call. “And second, not all of our product launches have met our expectations. While we have had several successful launches so far this year, we have seen others as we start Q2 not generate the anticipated guest response.”

Lululemon’s valuation has already been steadily compressing for years. While it was once one of retail’s richly valued stocks, investors have been questioning whether the company can return to the double-digit growth era.

The results also arrive during a leadership transition. Lululemon announced back in April that former Nike executive Heidi O’Neill is set to take over as CEO in September, with investors looking to her to revive growth in North America and restore the brand’s growth.

As Lululemon faces both macroeconomic pressure and brand-specific challenges, its stock has dropped around 40% year to date.

markets
Paige Oamek

US job growth skyrocketed in May, blasting past expectations

The US economy added 172,000 jobs in the month of May, the Bureau of Labor Statistics reported Friday, sending 10-year Treasury yields higher.

The strong May job market surprised economists. Experts had predicted only 85,000 new jobs — just half the reported number. The unemployment rate held steady at 4.3%, as expected.

The job growth story is a hopeful spot for the economy as consumers continue to feel inflationary pressure from the Iran war.

Job gains were buoyed by the leisure and hospitality sector, which added 70,000 jobs, as well as local government, healthcare, and education.

Both the March and April jobs reports were revised upward, making them collectively 93,000 higher than previously reported.

Latest Stories

Sherwood Media, LLC and Chartr Limited produce fresh and unique perspectives on topical financial news and are fully owned subsidiaries of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, Robinhood Money, LLC, Robinhood U.K. Ltd, Robinhood Derivatives, LLC, Robinhood Gold, LLC, Robinhood Asset Management, LLC, Robinhood Credit, Inc., Robinhood Ventures DE, LLC and, where applicable, its managed investment vehicles.
©2026 Sherwood Media, LLC