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In Pre-Market Trading on Friday, the three major Equity Index futures experienced a slight decline.
In April, U.S. personal consumption expenditures (PCE) increased by 0.2% month-on-month, with an expectation of 0.2% and a previous value of 0.7%. The U.S. core PCE price index in April rose by 2.5% year-on-year, meeting expectations of 2.5% and a previous value of 2.6%. The U.S. core PCE price index increased by 0.1% month-on-month in April, matching expectations of 0.1% and a previous value of 0%. U.S. commodity imports saw a month-on-month decline of 19.8%, marking the largest drop on record.
Short-term Interest Rates futures in the US retraced earlier gains after the PCE data was released, with traders still betting on a Fed rate cut in September.
The stock performance of AI application software in Pre-Market Trading shows divergence.$SAP SE (SAP.US)$Increased more than 1%.$Palantir (PLTR.US)$Up 0.46%,$Elastic (ESTC.US)$Fell over 9%,$Applovin (APP.US)$Slight increase.
Most quantum computing concept stocks fell in Pre-Market Trading,$IonQ Inc (IONQ.US)$down nearly 8%.$D-Wave Quantum (QBTS.US)$Fell nearly 4%, $Quantum Computing (QUBT.US)$ Fell nearly 4%, $MicroCloud Hologram (HOLO.US)$ Rose more than 11%.
Most nuclear power stocks fell in Pre-Market Trading, $Oklo Inc (OKLO.US)$Fell nearly 5%,$Uranium Energy (UEC.US)$down 1%, $NANO Nuclear Energy (NNE.US)$ Dropped more than 2%.
Cryptos concept stocks showed mixed gains and losses, $SharpLink Gaming (SBET.US)$ Increased by over 37%, $GameStop (GME.US)$ Dropped nearly 2%.
Most popular Chinese concept stocks are weak in Pre-Market Trading. $Alibaba (BABA.US)$down nearly 1%,$XPeng (XPEV.US)$Dropped over 2%, $Pony AI (PONY.US)$ down over 1%.
$Intel (INTC.US)$ In Pre-Market Trading, it once rose nearly 3%. The company will develop high-capacity storage for AI chips.
According to Nikkei, companies such as SoftBank and Intel will develop high-capacity storage for AI chips.
High-performing stocks are soaring, $UiPath (PATH.US)$ rising over 12%, $Ulta Beauty (ULTA.US)$ Increased by over 9%.
Marvell Technology fell over 3% in Pre-Market Trading, with Q1 Earnings Reports meeting expectations, but the market worries about the growth potential of its partnership with Amazon.
Chip manufacturers $Marvell Technology (MRVL.US)$Falling 3.66% in Pre-Market Trading, the latest Earnings Reports from Marvell Technology met market expectations, with revenues and profits showing no surprises. However, what truly concerns investors is whether its collaboration with Amazon can continue to be a growth engine. Earlier this month, an Analyst suggested that the relationship between Marvell and Amazon's Trainium 3 and Trainium 4 accelerator projects is making the growth outlook for 2026 to 2028 increasingly unclear.
Toyota Motor's shares rose more than 2% in Pre-Market Trading, with global sales in April increasing by 10% year-on-year.
$Toyota Motor (TM.US)$In Pre-Market Trading, shares rose by 2.2%. In terms of news, Toyota Motor's global sales in April increased by 10% year-on-year to 876,864 units, marking the fourth consecutive month of growth in both global sales and production, benefiting from strong demand for hybrid vehicles and a buying spree caused by U.S. import tariffs. Additionally, Toyota will sell seven electric vehicles in the U.S., with remaining production to be exported.
Dell Technologies' shares rose by more than 2% in Pre-Market Trading, with AI server orders reaching $12.1 billion in the first fiscal quarter, far exceeding expectations.
$Dell Technologies (DELL.US)$In Pre-Market Trading, shares rose nearly 1%. In terms of news, Dell Technologies announced its first fiscal quarter results, with revenue increasing by 5% year-on-year to $23.38 billion, slightly above market expectations; adjusted EPS was $1.55, while the expectation was $1.69. During the period, AI orders reached $12.1 billion, exceeding the entire shipment quantity for the fiscal year 2025, with backlogged AI orders at a historical high of $14.4 billion. Additionally, the company expects second fiscal quarter revenue of $29 billion and EPS of $2.25, both significantly exceeding expectations.
$Chagee Holdings (CHA.US)$ The first quarterly report after going public shows a GMV growth rate of 38% year-on-year.
As of March 31, 2025, the number of global stores for Wangcha Ji reached 6,681, with a total quarterly GMV of 8.23 billion yuan, a year-on-year increase of 38%. This quarter achieved a total net income of 3.39 billion yuan, a year-on-year increase of 35.4%; net income reached 0.677 billion yuan, a year-on-year increase of 13.8%; the number of registered members in its mini-program exceeded 0.19 billion, with 44.9 million active users this quarter.
Global Macro
What investment opportunities does the U.S. tax reduction bill bring? UBS Group provides a reference guide.
Reshoring and electrification in the United States are the themes that UBS Group is most optimistic about. UBS Group highlighted the beneficiaries of the reshoring theme in the U.S. and companies in Europe affected by the current major trend of 'electrification.' UBS Group stated that this theme also scores high in the REVS framework, with beneficiaries rated as 'Buy' including:$Eaton (ETN.US)$、$Trane Technologies (TT.US)$、$Steel Dynamics (STLD.US)$Wait for the company.
The Trump administration "takes a tough stance" against court rulings: pledging to implement tariff policies and to use other legal powers if necessary.
If Trump's appeal fails, he may be forced to turn to other means to restore the tariffs announced on 'Liberation Day.' Provision 122 will allow the president to impose a 15% tariff, higher than the 10% tariff temporarily imposed by Trump, but much lower than the initially announced rate of up to 50%, and can only last for 150 days. One of Trump's most hawkish trade advisers, Navarro, admitted on Thursday that he is considering using this provision, but interest seems limited.
'Sell in May' curse will come true? After a surge, the U.S. stock market may face a difficult June.
In May, the U.S. stock market rebounded strongly, with the S&P 500 Index rising 6.2%, marking the largest single-month increase since 1990, mainly due to the suspension of trade tariffs and the boost from technology stocks. However, analysts warn that June has traditionally performed poorly (with an average gain of only 0.2% over the past 30 years), compounded by trade war risks, uncertainty from Federal Reserve policies, and the quarterly 'Triple Witching Day' (option expiration, asset rebalancing), which could lead to market corrections. Historical data shows that June after an election year typically performs poorly, and the seasonal pattern of 'Sell in May' suggests weak summer performance.
Federal Reserve official Logan: The uncertainty of the economic outlook has increased, and policy decisions require patience in observation.
Logan pointed out that with the adjustments to tariff policies and fiscal regulatory changes, multiple variables are intertwining, leading policymakers to possibly need more time to observe the actual responses of the economy to these policies before cautiously deciding on the interest rate adjustment path. His analysis indicated that the impacts of tariff policies on prices have dual pathways: while the direct effects may only trigger temporary inflation, if inflation expectations become unanchored, it could result in persistent price pressures.
Goldman Sachs President warns: The risks of U.S. debt are becoming the market focus, surpassing tariffs.
John Waldron, President of Goldman Sachs Group, has issued a warning that the bond market is shifting its focus from tariff disputes to the increasing U.S. government debt. The greatest macroeconomic risk is not tariffs, but the budget debates and fiscal situation in the U.S. Waldron pointed out that the surge in U.S. Treasury issuance is driving up long-term interest rates, especially the 30-year U.S. Treasury yield, which has reached its highest level in nearly two decades. This trend not only increases the government's debt burden but also exacerbates the risks of expanding fiscal deficits and rising overall economic financing costs.
Top 20 transactions in Pre-Market Trading.
Macro calendar reminders for the USA stock market.
(The following is in Beijing time)
20:30 U.S. April Core PCE Price Index Year-on-Year, Personal Spending Month-on-Month, Core PCE Price Index Month-on-Month.
21:45 U.S. May Chicago PMI.
22:00 U.S. May Michigan University Consumer Confidence Index Final Value, One-Year Inflation Expectations Final Value.
Early next morning:
01:00 Total number of oil rigs in the United States for the week ending May 30 (units)
05:00 President Trump of the United States spoke about the United States Steel Trade.
Editor/danial
