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Breaking news! A U.S. court has halted President Trump's "Liberation Day" trade policy.
A federal court in the United States (the U.S. International Trade Court) on Wednesday blocked the 'Day of Liberation' tariffs from taking effect, ruling that President Trump's imposition of broad tariffs under the International Economic Emergency Powers Act, citing trade deficits, constituted an overreach of authority. Notably, following the federal court's blocking of the tariff increase, the Trump administration filed a notice of appeal.
Stimulated by this news, the three major U.S. stock index futures surged. $E-mini NASDAQ 100 Futures (JUN5) (NQmain.US)$ Increased by 1.72%.$S&P 500 Index (.SPX.US)$Futures.$Dow Jones Industrial Average (.DJI.US)$Futures rose by over 1%.
Musk officially announced that he will soon leave the Trump administration.
Musk: As my time as a special government employee of (Trump) is about to end, I want to thank President Trump for giving me this opportunity to cut wasteful spending. The mission of DOGE will only strengthen over time, as it will become a way of life for the entire government.
Federal Reserve meeting minutes: Higher uncertainty is suitable for cautious interest rate cuts, nearly all members mentioned inflation risks, reiterating that there may be "difficult trade-offs".
The Federal Reserve meeting minutes stated that Fed policymakers believe that the uncertainty surrounding the economic outlook is "exceptionally high," reiterating that they are fully capable of waiting for clearer economic and inflation prospects before acting; "almost all" mentioned the risk that inflation may be more persistent; some pointed out that the correlation pattern of asset prices changed in April, with U.S. stocks, bonds, and currencies all declining, and if this pattern persists, it could have a long-term impact on the economy. "New Federal Reserve News Agency": The Fed hinted at concerns that tariffs could raise inflation, and given the increasing uncertainty around tariff policy, they reiterated the need to adopt a "cautious approach."
Trump has revoked the Biden-era guidelines to boost investments in Cryptos within American pension plans.
On Wednesday, the Trump administration is moving to rescind the guidance issued by the U.S. Department of Labor in 2022, which opposed including cryptocurrencies as an investment option in corporate 401(k) retirement plans. Analysts suggest that this latest rescission by the Trump administration may reignite market interest, although enthusiasm on Wall Street for introducing alternative investments in 401(k) plans has waned.
The DeepSeek R1 model has completed a "minor version upgrade", reaching a new level in programming and logical understanding!
The DeepSeek R1 model has completed a "minor version trial upgrade". This update has strengthened semantic understanding accuracy, complex logical reasoning, and long text processing. After the update, the model's comprehension and programming capabilities have significantly improved. This is the first model update for DeepSeek in two months, and currently, the market is most focused on the R2 that has been rumored to be released in recent months.
Post-Market Trading
All three major indexes closed down, with most Technology stocks falling.
On Wednesday Eastern Time, the three major U.S. stock indexes weakened in the late trading session and closed lower as investors digested the Federal Reserve's meeting minutes. At the close, the Dow Jones Industrial Average fell 244.95 points, down 0.58%, to 42098.70 points; the Nasdaq fell 98.23 points, down 0.51%, to 19100.94 points; the S&P 500 Index fell 32.99 points, down 0.56%, to 5888.55 points.
Most large tech stocks closed lower, with Tesla down 1.65%, Microsoft down 0.72%, Amazon down 0.63%, NVIDIA down 0.51%, Google A down 0.31%, Apple up 0.1%, and Meta up 0.23%.
Most popular Chinese stocks closed lower, with the Nasdaq Golden Dragon China Index down 0.71%. Niu Technologies rose over 3%, while Alibaba and JD.com fell over 2%, and iQIYI dropped more than 4%.
NVIDIA rose nearly 5% in Post-Market Trading! The company withstands the pressure of export restrictions, estimating an 8 billion revenue decrease in Q2, with overall Q1 performance exceeding expectations.
$NVIDIA (NVDA.US)$ After trading rose nearly 5%, the overall revenue for the first fiscal quarter grew by 69% year-on-year, reaching 44.1 billion USD, surpassing market expectations of 43.1 billion USD; net income was 18.775 billion USD, while market expectations were 20.767 billion USD; adjusted EPS was 0.96 USD, above the market expectation of 0.93 USD. The company projects second-quarter revenue of 45 billion USD, taking H20 export restrictions into account, and expects H20 revenue to decrease by 8 billion USD for the quarter. Jensen Huang stated that global demand for NVIDIA's AI infrastructure is strong.
After trading rose nearly 6%! Software giant Salesforce reported first-quarter revenue of 9.8 billion USD, an 8% year-on-year increase, raising its full-year revenue guidance.
$Salesforce (CRM.US)$ First-quarter revenue was 9.8 billion USD, an 8% increase year-on-year. The full-year revenue is expected to be between 41 billion and -41.3 billion USD, with the company originally forecasting 40.5 billion to -40.9 billion USD. After the earnings report was released, Salesforce shares rose nearly 6% in Post-Market Trading, but the increase has narrowed to 1%.
HP Inc saw a sharp drop in Post-Market Trading! Full-year profit expectations were cut, with tariff costs and economic weakness serving as double burdens.
$HP Inc (HPQ.US)$ After trading, shares plummeted nearly 15%, as the company lowered its profit expectations due to tariffs raising costs. For the second fiscal quarter, net revenue is projected at 13.22 billion USD, while Analysts expect 13.14 billion USD; full-year adjusted EPS is expected to be between 3 and 3.30 USD, while Analysts expect 3.50 USD, with the company originally forecasting 3.45 to 3.75 USD.
Performance exceeded expectations! AI software provider C3.ai surged over 12% after hours.
$C3.ai (AI.US)$After-hours trading rose over 12%, with Q4 revenue for the 2025 fiscal year increasing by 26% year-on-year to $0.109 billion, compared to an expectation of $0.108 billion.
Tesla plans to launch its Robotaxi service in Austin, Texas on June 12.
According to Bloomberg, an informed source revealed that $Tesla (TSLA.US)$ the long-awaited autonomous taxi (Robotaxi) service will be launched on June 12 in Austin, Texas, marking a significant milestone for Musk in reshaping the company's business around autonomous vehicles and artificial intelligence. The previously undisclosed date has been discussed internally but may still change. Musk had previously stated that the service would be launched by the end of June. This source said that to prepare for the launch, Tesla drove a test vehicle autonomously on public roads in Austin for the first time this week. A Tesla engineer was seated in the passenger seat of the Model Y SUV, which drove automatically without remote control.
The U.S. Department of Commerce will implement new policies aimed at semiconductor software designers.
$Synopsys (SNPS.US)$ Dropped nearly 10%. $Cadence Design Systems (CDNS.US)$ Dropped 10.67% due to reports that the U.S. Department of Commerce will introduce new policies targeting semiconductor software designers.
Spruce Point released a short-selling report, and Tempus AI dropped over 19%.
On Wednesday, $Tempus AI (TEM.US)$ Dropped over 19%. On the news front, institutions Spruce Point released a short-selling report on the company. The report pointed out that Tempus AI management and board members have previously pushed for several disruptive technology companies, which frequently encountered financial restatements and shareholder losses.
American flying car stocks surged nearly 29%, with the company receiving a $0.25 billion investment from Toyota Motor.
An American electric air taxi company $Joby Aviation (JOBY.US)$ The stock price soared nearly 29% because it received$Toyota Motor (TM.US)$the company's first strategic investment, valued at $0.25 billion.
Apple plans to rename major software by year, upgrading iOS 18 software to iOS 26.
On May 28, according to media reports $Apple (AAPL.US)$ Starting this year, all Apple operating systems will adopt a unified year identifier instead of the previously chaotic version number system. This means that the current iOS 18 will leap directly to "iOS 26", while iPadOS 26, macOS 26, watchOS 26, tvOS 26, and visionOS 26 will be launched simultaneously. Reports indicate that Apple will officially announce this change at the Worldwide Developers Conference on June 9.
Top 20 trading volumes.
Hong Kong Market Outlook
The northbound funds increased their holdings in Hong Kong stocks by nearly 3.6 billion Hong Kong dollars, actively purchasing MEITUAN-W for nearly 1.1 billion Hong Kong dollars and selling XIAOMI-W for over 0.7 billion Hong Kong dollars.
On May 28 (Wednesday), southbound funds had a net purchase of Hong Kong stocks totaling 3.578 billion Hong Kong dollars today.
$MEITUAN-W (03690.HK)$、$CHINA MOBILE (00941.HK)$、$CNOOC (00883.HK)$Net purchases of 1.074 billion Hong Kong dollars, 0.597 billion Hong Kong dollars, and 0.564 billion Hong Kong dollars were recorded respectively.
$XIAOMI-W (01810.HK)$、$Hang Seng H-Share Index ETF (02828.HK)$、$KUAISHOU-W (01024.HK)$A net sell-off of 0.71 billion HKD, 0.43 billion HKD, and 0.399 billion HKD respectively.
KINGSOFT's Q1 revenue increased by 9% year-on-year, while net income remained flat compared to last year, with a significant increase in AI R&D investment.
$KINGSOFT (03888.HK)$ Q1 revenue reached 2.338 billion yuan, achieving a 9% year-on-year growth, but experiencing a 16% decline quarter-on-quarter, with net income basically flat year-on-year. The revenue from WPS software business declined quarter-on-quarter, mainly due to the impact of the new procurement process for the Xinchuang initiative in 2025. R&D costs surged by 16% year-on-year, mainly for AI-related expenditures.
Today's focus.
Keywords: Federal Reserve monetary policy meeting minutes, unemployment claims.
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On Thursday, in terms of economic data, investors can pay attention to the revised annualized quarterly rate of real GDP for the first quarter in the United States, the number of initial unemployment claims for the week ending May 24, and the month-on-month index of contract signings for existing homes in April.
In terms of financial events, the Federal Reserve will release the May monetary policy meeting minutes at 2 AM. 2027 FOMC voting member and Richmond Fed President Barkin will participate in a fireside chat. Meanwhile, 2025 FOMC voting member and Chicago Fed President Goolsbee will participate in a Q&A session.
In terms of earnings reports, the Hong Kong stock market. $CSPC PHARMA (01093.HK)$ Will announce performance. $Futu Holdings Ltd (FUTU.US)$、 $Li Auto (LI.US)$ Earnings Reports will be released during Pre-Market Trading; during the Post-Market Trading period. $Costco (COST.US)$、 $Dell Technologies (DELL.US)$、 $Marvell Technology (MRVL.US)$The latest Earnings Reports will be released.
Regarding new stocks, $SHOUHUI GROUP (02621.HK)$ The lottery results will be announced.
Futubull Morning Reading:
The more one understands, the more one feels one's own ignorance, which is one of the driving forces for self-improvement.
——Charlie Munger
Editor/Somer
