Markets
Nia Warfield, Luke Kawa
5/22/25

S&P 500 slumps into the close for first three-day losing streak since reciprocal tariff announcement

US stocks stumbled into the close, unable to hold onto solid daily gains and ending virtually unchanged.

The S&P 500 and Russell 2000 finished the session marginally in the red, while the Nasdaq 100 mustered a 0.2% advance. It’s the first three-day losing streak for the benchmark US stock index since the S&P 500 fell four days in a row following the unveiling of reciprocal tariffs on April 2.

Utilities were far and away the worst-performing S&P 500 sector ETF; consumer discretionary and tech were the only ones that advanced.

Key S&P 500 gainers included Coinbase, United Airlines, and Moderna. Renewable stocks Enphase and NextEra led the day’s losses after President Trump’s tax-and-spending bill cleared the House, putting clean energy tax benefits at risk. Elsewhere…

Advance Auto Parts surged 58%, erasing its year-to-date losses after the retailer reaffirmed its full-year guidance, despite the 25% auto parts tariff that went into effect earlier this month.

Urban Outfitters shares popped nearly 23%, hitting a fresh all-time high after the trendy retailer posted record Q1 earnings results and strong sales across all its banner brands.

Peloton shares jumped nearly 12% Thursday after the fitness tech company saw more bullish options activity than a full-day total for 90% of sessions this year.

Nike shares jumped over 2% after news broke that the sneaker and apparel retailer plans to push price hikes into effect by June 1.

Palantir also rose after its Department of Defense contract was upsized by $800 million.

Hims & Hers sank nearly 8% after rival pharmacy benefit manager Cigna said it would cap copays for its popular GLP-1 weight-loss drugs at $200.

Quantum stocks had a massive session, with IonQ, D-Wave, and Rigetti Computing all up more than 20% and Quantum Computing up double digits as the cohort fully erased losses suffered in early January when Nvidia CEO Jensen Huang said it would likely be decades before the technology would be “very useful.”

Navitas Semiconductor more than doubled on the day after announcing a collaboration with Nvidia on data center infrastructure.

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markets
Max Knoblauch
28m

Rivian turns red on the year, squeezed by a recall and the looming end of the EV tax credit

Shares of EV maker Rivian are down more than 5% on Friday following the company’s recall of 24,214 vehicles due to a software issue. The stock move erases Rivian’s year-to-date gain and turns the company negative on the year.

Rivian’s 2025 model year R1S and R1T are affected by the defect, which was identified after a vehicle’s hands-free highway assist software failed to identify another vehicle on the road, causing a low-speed collision. Rivian said it’s released an over-the-air update to fix the issue.

The recall marks Rivian’s fifth this year, affecting nearly 70,000 of its vehicles.

Rivian’s shares are down more than 20% from their 2025 high, which came prior to the passage of President Trump’s “big, beautiful bill.” Through the legislation, the $7,500 EV tax credit is set to expire at the end of the month.

markets
J. Edward Moreno
36m

Moderna, Pfizer dip after WaPo reports Trump officials’ plan to link Covid vaccines to child deaths

Vaccine makers are falling after The Washington Post reported that the Trump administration plans to link the coronavirus vaccine to 25 child deaths.

Moderna and Pfizer, the two companies who sell the vaccine in the US, fell by more than 5% and 2%, respectively. The coronavirus vaccine is virtually the only revenue driver for Moderna, while Pfizer has a larger and more diverse portfolio.

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Trump officials to link child deaths to covid shots, alarming career scientists

Hyunsoo Rim
DEVELOPING PROBLEMS
2h
Concerns about rising government debt are not strictly an American problem

Global government debt piles are swelling to record levels. That’s an issue for many nations, but developing countries may be most at risk.

Closeup rolled of variety banknote and multi currency around the world. Exchange rate and Forex investment concept.-Image.
markets
Nia Warfield
3h

RH slips after missing Q2 estimates and trimming its outlook amid cost pressure

Restoration Hardware shares dropped Friday morning after the luxury furniture brand missed Q2 estimates and tightened its full-year outlook.

Adjusted earnings per share came in at $2.93, below the Street’s estimate of $3.21. Revenue was $899.2 million, also missing analysts’ forecast of $905 million.

RH now expects full-year revenue growth of 9% to 11%, down from prior guidance of 10% to 13%, as margins get squeezed by tariffs and weakness in the housing market. Wall Street had been looking for about 10% growth this year.

The retailer is taking steps to blunt cost pressures, including shifting sourcing away from China. RH expects receipts to fall from 16% in Q1 to 2% in Q4, with vendors absorbing a meaningful portion of the tariff impact. RH is also boosting US manufacturing capacity in North Carolina and pushing back a new concept launch to next spring.

RH shares are down about 43% year to date.

markets
Hyunsoo Rim
5h

Super Micro rises as the company begins shipments of Nvidia Blackwell chips

Super Micro Computer jumped over 6% in premarket trading on Friday after the company announced it has started shipping “Plug-and-Play (PnP)-ready” racks powered by Nvidia’s new Blackwell Ultra chips, giving data center customers a ready-made option to scale up their AI infrastructure.

The rollout enables what SMCI calls “turn-key day-one” operations, with the entire racks preassembled and tested to work out of the box.

“Data center customers face many AI infrastructure challenges: complex network topology and cabling, power delivery, and thermal management,” CEO Charles Liang said. “Through Supermicro Data Center Building Block Solutions with our expertise in on-site deployment, we enable turn-key delivery of the highest-performance AI platform — critical for customers seeking to invest in cutting-edge technology.”

The company says the new system’s performance jumps up to 7.5x over Nvidia’s previous-generation chips. It’s also designed to run more efficiently, using less power and water while taking up less floor space, cutting the overall operating costs by 20%, according to the statement.

The launch comes after a rocky August, when SMCI’s shares plunged on weaker-than-expected quarterly results and management trimmed its annual revenue target.

Investors in Super Micro have endured much volatility this year, as the company has failed to deliver on multiple occasions. Even so, the shares are up nearly 50% year to date.

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