Good morning investors! The market went up yesterday despite concerns in the Middle East.
Today we cover:
US job openings
Ulta Beauty reports
Palo Alto Networks reports
📊 Economy and News
US Job Openings Surge in April, But Hiring Weakens Amid Iran War Uncertainty
U.S. job openings jumped by 731,000 to 7.618 million in April — the largest increase in five years — according to the latest JOLTS report. However, the surge appears overstated, as actual hiring declined sharply and resignations hit their lowest level in nearly six years.
The professional and business services sector drove most of the rise in openings, while hiring fell across multiple industries. Economists warn that ongoing uncertainty from the U.S.-backed war with Iran, which has pushed up energy and commodity prices, is weighing on business confidence and hiring plans.
Despite the softer hiring, layoffs remain low, keeping the labor market relatively stable for now. The data suggests a "slow-hire, slow-fire" environment as higher oil prices and economic uncertainty dampen demand.
Global hits:
Britain sets 87% emissions cut target for 2038-2042.
Japan considering sales tax cut in April 2027.
Inflation hits 3.2% in the euro zone.
South Africa posts third straight primary budget surplus.
Check this: Watch this CNBC video on market’s second biggest bull highlighting expiration date for the current market rally.
Reminder: US investment-grade bond sales hit $1 trillion mark. In other news, Trump signs AI executive order asking companies to give government early access to models.
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📈 Stocks
S&P 500 7 609,78 (+0.13%)
DJIA 51 307,79 (+0.45%)
NASDAQ 27 093,90 (+0.026%)
BRENT CRUDE 96.04 (+1.24%)
* Prices as of Jun 4th, 12:20 AM UTC
Ulta Beauty and Palo Alto Network Report
Some major retailed announced earnings yesterday:
Ulta Beauty beat on the top and bottom lines for its fiscal first quarter. Shares of the company rose as much as 7% in extended trading. CEO Kecia Steelman praised the company’s ability to navigate the macroeconomic landscape with its strategy. Steelman said the launch of Ulta’s TikTok Shop, with a focus on Ulta-specific products, during the quarter contributed to its success. The company also launched more than 20 new brands during the quarter, including Selena Gomez’s popular makeup brand, Rare Beauty. Ulta also reaffirmed its full-year revenue guidance and raised its full-year projection for earnings per share.
Palo Alto Networks topped Wall Street’s third-quarter estimates, citing AI advancements. The beat comes on lowered expectations, after the company gave disappointing guidance in February that fell short of analyst estimates. The rise of advanced AI models like Mythos has drawn attention to cyber companies and the need for better defenses. Revenue grew 31% from a year ago, including $388 million from its recent CyberArk and Chronosphere acquisitions. CEO Nikesh Arora said Palo Alto has held 800 meetings with customers over the last six weeks to prepare for rising AI cyber threats.
Interesting: Microsoft unveils new AI models to lessen reliance on OpenAI and lower costs for developers.
Marvell stock soars 32% as Nvidia’s Huang says it could be the next trillion-dollar company.
Alphabet plans to raise $80 billion from stock sales to fund AI build-out.
Surprising: Bitcoin is once again under $70,000 with exchanges having recorded over $1 billion in liquidations over the past 24 hour. Elsewhere, Blackstone has raised $13.1 billion for its latest Asia private equity vehicle. Lastly, Anthropic expands Mythos to 150 additional organizations in more than 15 countries.
💵 Personal Finance
Homeownership Still Builds Wealth — But the Easy Gains Are Over
For much of the 2020s, buying a home felt like a guaranteed wealth machine, with double-digit annual price gains during the pandemic boom. However, that era is ending.
Moody’s Analytics projects national home prices will rise just 2.1% per year on average from 2026 to 2035 — far below the ~5% annual gains of the past decade. Other forecasts are similarly modest.
Higher home prices combined with 6–7% mortgage rates have made affordability much tighter, slowing equity growth. Buyers can no longer count on rapid appreciation to generate outsized returns.
Homeownership remains a solid wealth-building tool, experts say, because:
You can control a large asset with a small down payment (leverage).
Part of your mortgage payment builds equity instead of just paying rent.
It forces savings and provides long-term stability.
However, with slower appreciation, homeowners will likely need to stay in their homes longer (ideally 7–10 years) to see meaningful gains after accounting for interest, taxes, insurance, and transaction costs.
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"Time is the friend of the wonderful business, the enemy of the mediocre."
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