Markets
Nia Warfield, Luke Kawa

Stocks go nowhere

The S&P 500 and Nasdaq 100 were little changed in a listless session ahead of the Juneteenth holiday. The Russell 2000 rose 0.5%.

Markets gyrated following a Federal Reserve decision that left rates unchanged and a press conference that provided little illumination on the forward outlook.

S&P 500 sector ETFs were roughly split between small advances and declines; energy was the worst performer as oil prices slumped amid conflicting but positively received commentary from President Trump regarding the ongoing kinetic actions in the Middle East.

TKO shares were up nearly 5%, helping lead the the S&P 500, after the WWE and UFC parent got a bullish nod from Bernstein thanks to its popular live events. Mastercard and Visa led declines on the day, falling about 5% apiece after a new stablecoin bill passed in the Senate. Elsewhere…

Shares of major banks including JP Morgan and Wells Fargo leapt after Bloomberg reported that the US is planning to reduce capital requirements for the nation’s biggest financial institutions.

Google was flat after Waymo applied for permits to test its self-driving cars in New York City, while Uber and Lyft slumped on the news. On the other hand, Tesla shares were up.

Nintendo ADRs jumped 6% to an all-time high after Wall Street forecast the Switch 2, its fastest-selling console, would sell millions of handled units and games by the end of its fiscal year in March.

Roblox shares ticked up 1.6% after the platform got price target hikes from multiple analysts thanks to its wildly popular “Grow a Garden” game.

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Tasha Matsumoto
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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.

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