The Weekend Rip
Happy Weekend!

Man what a week. The days get longer further along into the year, and boy can you feel it. This week was packed with drama, intrigue, and a lot of tweeting. Let’s hope things settle down a bit going into the second week in June.

Let’s recap and prep you for the week ahead. 📝

◀️ On Monday, the market climbed as investors looked ahead to trade negotiations and Federal Reserve policy updates following a strong May. Steel stocks surged after President Trump announced a tariff hike to 50%, sparking concerns from automakers and construction firms, while tensions with China escalated. Federal Reserve Chair Jerome Powell avoided monetary policy discussion at a major conference, while Fed officials showed signs of division over rate cuts, with Christopher Waller signaling openness to adjustments later this year. Applied Digital shares soared on a $7 billion AI infrastructure deal with CoreWeave, while Meta announced plans for fully AI-generated ads.

🌏️ On Tuesday, the market climbed as U.S. jobs data came in strong, earnings beat expectations, and Federal Reserve officials reiterated a cautious “wait and see” approach on rate cuts. Meta signed a 20-year agreement to purchase nuclear power from Constellation Energy, while Fed Governor Lisa Cook warned that tariffs could push inflation higher, complicating monetary policy. Elon Musk criticized Trump’s tax bill, calling it a “disgusting abomination” over deficit concerns, as Senate Republicans debated its impact.

⚡️ On Wednesday, the market saw minimal movement as ADP employment data showed a hiring slowdown, with private-sector job additions falling short of expectations. Reddit sued Anthropic, alleging unauthorized scraping of user data for AI training, with Claude AI confirming some training on Reddit data. Apple and Alibaba faced delays in their AI rollout in China due to regulatory hurdles amid trade tensions, while Amazon announced a $10 billion investment in North Carolina to expand its cloud computing and AI infrastructure.

🐂 On Thursday, the market pulled back as Tesla fell 14% amid Elon Musk’s social media feud with Trump over the GOP spending bill, while Broadcom barely beat earnings estimates, leading to a stock decline. Circle surged nearly 40% after its IPO, marking a strong debut for the stablecoin issuer amid renewed crypto optimism, while U.S. trade deficit narrowed in April due to tariff impacts. Boeing settled a $1.1 billion case with the DOJ over the 737 Max crashes.

💚 On Friday, the S&P 500 surged past 6,000 after a stronger-than-expected May jobs report lifted investor sentiment, while President Trump urged the Federal Reserve to cut rates by a full percentage point. Space stocks climbed as investors priced in potential shifts in government contracts following Trump’s remarks about limiting SpaceX deals amid his public feud with Elon Musk. S&P Global’s site crashed as traders rushed to check new index inclusions, with Robinhood among the stocks speculated for addition, while Ford, GM, and Stellantis secured temporary rare-earth export licenses from China after a Trump-Xi call, easing supply chain concerns.

🤩 This week’s Stocktwits Top 25 showed outperformance vs. the indexes.

Here are the closing prices: 

THE BRIEF

Need a concise summary of what’s going on this week? Look no further. Here’s a rundown of this week’s earnings and economic data.

Economic Calendar

It’s a busy week of economic data, with investors focused on inflation data, even though last month’s PCE already hit close to 2.1%.

In addition to the above, check out this week’s complete list of economic releases.

Earnings This Week

Earnings season is really on its last gasp, with just 53 stocks reporting this week.

Above is a quick summary. Check out the full Stocktwits earnings calendar for the other names reporting this week.

Links That Don’t Suck 🌐

🚗 Trump and Musk aides have spoken amid pause in hostilities

🤖 Meta in Talks for Scale AI Investment That Could Top $10 Billion

🧑‍🚀 A Japanese lander crashed on the Moon after losing track of its location

⚠️ Lawyers could face ‘severe’ penalties for fake AI-generated citations, UK court warns

🆘 At WWDC 25, Apple should make amends with developers after AI shortfalls and lawsuits

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