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 The market fell for the second straight day after the Bond Market surprised with the second-highest yield 20-year auction in history. Earnings and tech development is going fine, but the Moody’s Downgrade illustrated a problem: the U.S. has enough debt to worry creditors, and if no one wants to buy our debt, the price drops, yeilds rise, and holding treasuries becomes better than investing in other ways— aka the stock market suffers.

The 10-year is over the peak that scared Trump into pausing tariffs in April, while Fed speakers this week have repeated the idea that they to first do rate homework over the summer before cutting anything. 👀

Today’s issue covers how OpenAI’s acquisition means we might start wearing AI soon, the smell of retail earnings, and more.  📰

With the final numbers for indexes and the ETFs that track them, no sectors closed green, with communications $XLC ( ▼ 0.01% ) leading and tech $XLK ( ▲ 0.24% ) lagging.

S&P 500 Map

S&P 500 $SPY ( ▲ 0.21% ) 5,845

Nasdaq 100 $QQQ ( ▲ 0.46% ) 21,080

Russell 2000 $IWM ( ▼ 0.12% ) 2,047

Dow Jones $DIA ( ▲ 0.09% ) 41,860

STOCKS
We Might Actually Have To Wear AI Soon 🤖 

Google did its best to keep the AI train rolling at its I/O conference this week. Chief Sundar Pichai gave a keynote on Tuesday that showed off new features from the tech giant. Wednesday, other AI players revealed their cards to compete with Google’s wearable and search updates.

Warby Parker surged 15% Tuesday after Google committed up to $150M to co-develop AI-powered smart glasses for a launch next year. Google also announced video conferencing tech and a new Gemini AI search chatbot for Chrome users, desperately trying to keep users using their search products over other AI tools.

OpenAI spared no time announcing their own wearable AI plan— the startup said Wednesday it would buy Apple designer Jony Ive’s AI device startup called io. Ive’s design work brought the world the Apple Watch, iMac, iPod, and iPhone, and his addition for a $5B lump sum is a clear declaration of hardware war against other players in the space, like Apple, Meta, and Google. 📵 

OpenAI bought a 23% stake in io for $1.5B in 2024. The deal brings the LLM firm 55 hardware engineers, developers, and experts, according to Bloomberg.

$AAPL ( ▼ 0.04% ) fell on the news, long having taken the wearable and handheld tech crown.

OpenAI’s blog post about the purchase looks more like an invitation to a wedding, including a filmed scene where the two meet in a bar. 💐 

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COMPANY NEWS
Love The Smell Of Retail In The Morning 🔥 

Target $TGT ( ▲ 2.83% ) reported Q1 adjusted EPS of $1.30, missing the estimate of $1.61, and revenue declined by 2.8%; the company expects a low single-digit sales decline for the year and adjusted EPS of $7 to $9. Revenue of $30.52B missed Wall Street’s estimated $30.82B.

The Wall Street Journal attributed the firm’s nearly 4% drop in comparable sales to it’s January decision to cut back on DEI practices. Customers have also complained about locking products like deodorant behind anti-theft cases. Who likes buying imprisoned soap? ⛓️ 

Q1 net sales were down 2.8%, reflecting a decline in traffic and a lower average basket, indicating weakening consumer demand.

$TJX ( ▼ 1.1% ) meanwhile reported Q1 revenue of $13.11B, up 5% YoY, beating estimates of $13.01B. EPS came in at $0.92, exceeding forecasts of $0.90. Comparable store sales rose 3%, as if absorbing Target’s customers into a lower consumer spending bracket.

The company maintained its FY26 guidance, projecting EPS of $4.34–$4.43 and comparable sales growth of 2%–3%, despite ongoing tariff pressures.

Canada Goose shares flew after the firm posted revenue that grew 7.4% from the previous year, and said the majority of their Canadian-made jackets fit well within current U.S. tariff deals without any price hikes to worry about.

Finally, Lowe’s stock fell despite beating Q1 earnings expectations and reaffirming its full-year guidance. The company reported EPS of $2.92, exceeding estimates of $2.88, with revenue of $20.93B. Comparable sales fell 1.7%, and in a classic move, the firm blamed it on the weather. Lowe’s maintained its 2025 outlook, projecting revenue between $83.5B and $84.5B, with flat to 1% comparable sales growth.

A Target store on February 21, 2025 in Peoria, Arizona. (Photo by Kevin Carter/Getty Images)

Pops & Drops
Top Stories From Stocktwits News 🗞️ 

Snowflake reported Q1 fiscal 2026 revenue of $1.0B, up 26% YoY, and an adjusted eps of 24C, both beating expectations. The stock fell Wednesday— $SNOW ( ▲ 10.22% ) before climbing in the post-market. The company maintained a net revenue retention rate of 124% and ended the quarter with $6.7B in remaining performance obligations, reflecting 34% growth. CEO Sridhar Ramaswamy emphasized the company’s focus on AI-driven data solutions and enterprise-grade performance.

UnitedHealth shares dropped after an investigation alleged the company secretly paid nursing homes to reduce hospital transfers for Medicare Advantage patients, cutting costs but potentially risking patient care. The report follows recent DOJ scrutiny over Medicare fraud and the abrupt resignation of CEO Andrew Witty. HSBC downgraded the stock.

Moderna withdrew its FDA application for its flu-COVID combination vaccine, opting to wait for efficacy data from a late-stage trial of its standalone flu shot. The company plans to resubmit later this year, following interim results expected this summer. The delay aligns with new FDA guidelines requiring placebo-controlled studies for COVID booster approvals in healthy adults under 65.

WeRide reported Q1 revenue of $10.03M, up 1.8% YoY, with robotaxi revenue surging to $2.2M, now accounting for 22.3% of total revenue. WeRide also expanded its fleet to over 1,200 autonomous vehicles.

Palo Alto Networks reported Q3 revenue of $2.29B, beating estimates of $2.28B, with adjusted EPS of $0.80 exceeding forecasts of $0.77. Despite the beat, the stock fell as analysts flagged concerns over slowing next-gen security ARR growth and muted billings expansion. Retail sentiment remained bullish, with Stocktwits watchers doubling down on the stock.

$BTC.X ( ▲ 4.44% ) surged to a record high Wednesday, reported on Stocktwits as $109,000+. Analysts noted that regulatory clarity could provide long-term stability, but macroeconomic uncertainty weighs on sentiment. The coin followed markets lower during the bond sale in the afternoon.

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4 Reasons The Dollar Could Collapse

If you’ve noticed that your dollars don’t seem to go as far as they used to, you’re not alone. Millions of Americans are in the same boat.

The recent inflation rate, the highest in over 40 years, was a wake up call that made many people realize that the financial stability they had taken for granted for decades no longer exists.

The US government has been tempted to use its reserve currency status to its financial advantage. This has resulted in massive devaluation of the dollar.

A way to help protect your dollars is to diversify your money with assets that don’t depend upon the strength and health of the dollar for their value. Precious metals like gold and silver, for instance, are in demand around the world 24/7 and aren’t dependent upon the value of the dollar.

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WHAT’S ON DECK
Tomorrow’s Top Things 📋

Economic data: Initial & Continuing Jobless Claims (8:30am), S&P PMI Flash (9:45am), Existing Home Sales (10:00am), Fed Williams Speech (2:00pm), Fed Balance Sheet (4:30pm). 📊

Pre-Market Earnings: Nano X Imaging ($NNOX), Toronto-Dominion Bank ($TD), Lightspeed Commerce ($LSPD), Advance Auto Parts ($AAP), Arqit Quantum ($ARQQ), BJ’s Wholesale Club ($BJ), Analog Devices ($ADI). 🛏️

After-Hour Earnings: Workday ($WDAY), Autodesk ($ADSK), Intuit ($INTU), Deckers Outdoor ($DECK), Ross Stores ($ROST). 🎧

P.S. You can listen to all of these earnings calls and more straight from the Stocktwits app or website. You’ll find them on the calendar page and individual symbol pages once they’re set to begin! We’ll see you there. 👍

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🍝 EU Sends New Trade Proposal to US in Step to Secure Deal

👀 JPMorgan CEO Jamie Dimon says the bank will let clients buy bitcoin

🍎 Former Apple Design Guru Jony Ive to Take Expansive Role at OpenAI

🍔 What Trump could do if he’s serious about trying to make companies ‘eat’ tariff price hikes

🐲 Delist The Dragon? GOP States Want SEC To Boot Out Chinese Stocks Over Audit, Fraud Risks

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