🥊 Tariffs are back (for now)

as more earnings

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Good morning investors! Yesterday was big with major happenings, including the realization that the US economy shrank slightly less in the beginning of the year than previously reported, new data shows, but it was still the first quarterly decline since 2022.

We also know that President Trump met Fed Chair Jerome Powell Thursday, urging rate cuts. Powell stood firm, saying policy decisions remain independent.

Today we cover:

  • Jobless claims jump

  • Trump administration appeals court decision to stop tariffs

  • Boeing shines

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📊 Economy and News 

Rising Jobless Claims and Dwindling Corporate Profits Signal Economic Strain

U.S. jobless claims rose unexpectedly to 240,000 for the week ending May 24, up 14,000 from the prior week, with notable increases in Michigan, Nebraska, and California.

The unemployment rate likely ticked up in May, with continuing claims hitting a 3-1/2-year high of 1.919 million.

Elsewhere, corporate profits dropped sharply in Q1, and economic uncertainty, driven by tariffs turmoil, is clouding the outlook.

Despite employer reluctance to cut jobs due to prior labor shortages, layoffs are rising, and prolonged unemployment spells are increasing. The Federal Reserve notes risks of a weakening labor market, with GDP contracting at a 0.2% rate in Q1.

Global hits:

Good to know: OPEC+ members could hike July oil production by 411,000 barrels per day. Also, some expect Fed’s first cut to come only at the December meeting. Lastly, non-alcoholic beer is projected to overtake ale as the second-largest beer category worldwide this year.

Look here: SEC drops Binance lawsuit, ending one of last remaining crypto enforcement actions.

Real estate 🛑: Fitch expects Dubai real estate market to see double-digit price drops. Elsewhere, British home prices to rise 3.5% this year as the government is expected to miss 5-year building target. Also, the gap seems to be widening in the US as sellers outnumber buyers by 34% in US housing market, highest since 2013.

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Gold hitting record highs

The price of gold keeps heating up. If the record-breaking year of 2024 wasn't enough, gold hit a major historic 2025 milestone by crossing the $3,000/ounce threshold!

Here are 3 Key Reasons:

  1. Looming economic & political uncertainty

  2. Increasing central bank demand

  3. Rising National Debt - over $36 Trillion

So, could gold surge even higher?

According to a recent statement from Jeffrey Gundlach, famed American business man and investor… “Gold continues its bull market that we’ve been talking about for a couple of years, ever since it was down to $1,800.” He expects gold to reach $4,000/oz.

Is it time you learn more about precious metals?

Get all the answers in your free 2025 Gold & Silver Kit. Plus, if you request your free kit today, you could qualify for up to 10% Instant Match in Bonus Silver*.

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📈 Stocks

S&P 500 5,912.17 (+0.40%)
DJIA 42,215.73 (+0.28%)
NASDAQ 19,175.87 (+0.39%)
BRENT CRUDE 64.15 (-1.16%)
* Prices as of May 30th, 12:20 AM UTC

Nvidia Boosts S&P 500 Amid Tariff Uncertainty

The S&P 500 rose Thursday, led by a 3.3% surge in Nvidia after the chipmaker posted strong quarterly results.

However, broader market gains were limited as investors reacted cautiously to legal back-and-forth over “reciprocal” tariffs. A federal court ruled Wednesday that Trump exceeded his authority, but an appeals court quickly reinstated the tariffs, and the administration may escalate the case to the Supreme Court.

“Markets don’t like uncertainty,” said analyst Larry Tentarelli, warning of short-term volatility ahead.

Despite the turbulence, all major indexes are on track for weekly and monthly gains. The S&P 500 is up 1.9% this week and 6.2% this month; the Dow has added 1.5% weekly and 3.8% monthly; and the Nasdaq leads with gains of over 2% for the week and nearly 10% for the month.

What law says: Trump’s tariffs may not be fully illegal. The White House has multiple tools to impose trade taxes despite a court ruling against using a 1977 emergency act. Goldman Sachs analysts note options like Section 122 tariffs from 1974, allowing up to 15% tariffs for 150 days, as mentioned by Trump Trade Advisor Peter Navarro. Section 301 tariffs could also target unfair foreign trade practices.

Boeing flies: Boeing may boost Max jet production to 47 per month by year-end, CEO Kelly Ortberg said. The company also plans to resume deliveries to Chinese airlines next month after a trade-related pause. Ortberg downplayed tariff concerns, saying he doesn’t expect the duties to be permanent. The stock closed +3.32% higher after the news.

Exciting: Omada Health aims to go public with market cap of up to $1.1 billion. In another news, Jeep reveals new Cherokee SUV, confirms hybrid model. Lastly, Meta and Anduril defense startup partner on VR, AR project intended for U.S. Army.

More earnings:

  • Gap posted strong earnings, but Trump-era tariffs are pressuring its turnaround causing the stock to fall -16% after the bell. The company expects up to $300 million in tariff costs, though CEO Richard Dickson said efforts to shift the supply chain away from China could cut that to $100–$150 million.

  • Costco posted quarterly earnings and revenue that topped estimates as the warehouse club’s sales climbed 8%.

  • Ulta Beauty lifted its full-year guidance after a better-than-expected first quarter sending the stock up +9% after the bell. Comparable sales increased 2.9 percent compared to the first quarter of fiscal 2024. Ulta adjusted the top end of its full-year forecast for net sales to come in between $11.5 billion to $11.7 billion, compared with the previous forecast of $11.5 billion to $11.6 billion.

  • American Eagle Outfitters reported quarterly earnings that missed expectations, reflecting a $75 million write-down in spring and summer merchandise. The retailer pulled its full-year guidance earlier this month, citing “macroeconomic uncertainty.” The stock fell -8% after the bell.

  • Dell Technologies reported fiscal first-quarter earnings that missed Wall Street expectations, but the company beat on revenue and offered a stronger-than-expected forecast for the current quarter. The company expects $2.25 in adjusted earnings per share for the current quarter, with between $28.5 billion and $29.5 billion in revenue. That was significantly higher than LSEG expectations.

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💵 Personal Finance

Kindness Boosts Global Happiness, Study Finds

The 2025 World Happiness Report highlights a global rise in kindness, with benevolent acts up 10% and helping strangers up 18% compared to 2017–2019.

Researchers found that volunteering, donating, and helping others not only benefit recipients but also significantly improve the giver’s wellbeing—even toddlers show joy when giving.

Kindness creates a positive cycle, boosting happiness for all involved. Even witnessing acts of generosity can enhance life satisfaction. The report suggests incorporating kindness regularly, including team volunteering at work, to maximize its benefits.

Do you agree that kindness makes you happy?

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💰 Be a Better Investor

Kindness, it turns out, helps everyone thrive.

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Nothing in this newsletter is financial advice. Always do your own research and think for yourself.