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What We're Watching Today

Econ Calendar Th 5/21/26Housing Starts and Permits Jobless Claims Philadelphia Fed Manufacturing Index 8:30 AM ETPMI Composite Flash 9:45 AM ETEIA Natural Gas Report 10:30 AM ETTreasury Buyback & Bill Announcements Kansas City Fed Manufacturing Index 11:00 AM ET4 & 8 -Week Bill Auction 11:30 AM ETThomas Barkin Speaks 12:20 PM ET10-Yr TIPS Auction 1:00 PM ETTreasury Buyback Results 2:00 PM ETFed Balance Sheet 4:30 PM ET
US stock futures muted after Nvidia results; retail earnings, data in focus - Reuters
War Weighs on Global Growth With Inflation Worries Intensifying - BBG
Iran Says the US’s Latest Proposal Has ‘Narrowed the Gaps’ - BBG
Pakistan steps up diplomatic bid to get US-Iran peace talks on track - Reuters
Exclusive: Supreme Leader says enriched uranium must stay in Iran, Iranian sources say
Iran is consolidating control of Hormuz with island checkpoints, diplomatic deals – and sometimes ‘fees’ - Reuters
Inside the unraveling of U.S. diplomacy under Trump
Inside Israel’s High-Tech Campaign to Kill or Capture Every Oct. 7 Attacker - WSJ
Global outrage mounts after Israeli minister taunts Gaza flotilla activists - Reuters
How Trump's revenge tour against Republicans could cost the party in November - Reuters
Trump's $1.776 billion 'weaponization' fund sparks outrage, but court challenges will be tough - Reuters
'I'm not greedy': January 6 rioters and Trump allies eye $1.8 billion 'weaponization' fund - Reuters
Police officers who guarded Capitol sue to block Trump's $1.8 billion 'slush fund' - Reuters
US charges Raúl Castro with murder as Trump escalates pressure on Cuba - Reuters
With Castro Indictment, Trump Bets His Venezuela Playbook Will Work in Cuba - WSJ
The Dangerous Brew That’s Rattling Bond Markets - WSJ
Exclusive: Oil refining at a standstill in central Russia after Ukrainian drone strikes, sources say
Russia flexes nuclear muscles as tensions rise with NATO
EU to Seek Carve-Out for Banned China Chips to Shield Auto Firms - BBG
Europe's economy hit hard as energy price shock stifles demand - Reuters
Euro zone current account surplus narrows in March on trade surplus drop - Reuters
Germany faces Q2 stagnation, rising prices due to Iran war, Bundesbank says
UK firms report slide in activity due to Iran war and political turmoil - Reuters
Queen pushed for Andrew Mountbatten-Windsor's appointment as trade envoy, documents show - Reuters
Xi and Putin unite to criticise US, but fail to clinch big gas deal - Reuters
Xi Plans Reported North Korea Summit After Hosting Trump, Putin - BBG
Pentagon official's Beijing visit in doubt over $14 billion US arms package for Taiwan, FT reports
Iran reviews U.S. peace proposal as Trump says he’s willing to wait ‘a few days’ - CNBC
Oil market could hit 'red zone' in July-August, IEA chief says
Russia says it will support Cuba as U.S. tightens the 'noose' - Reuters
$AVB (+0.1% pre) $EQR (-0.2% pre) AvalonBay and Equity Residential announce $52 billion merger of equals
U.S. to Award Quantum-Computing Firms $2 Billion and Take Equity Stakes - WSJ$IBM $GFS $RGTI $QBTS $INFQ
$IBM (+7.3% pre) The Commerce department has agreed to give $1 billion of the package to IBM - WSJ
$GFS (+13.7% pre) GlobalFoundries launches quantum manufacturing unit with $375M government backing
$QBTS (+16.1% pre) D-Wave Quantum signs $100 million CHIPS Act funding agreement - SI
$RGTI (+14.1% pre) Rigetti Signs Letter of Intent with U.S. Government for Quantum Computing Research - SI
$INFQ (+21.6% pre) Infleqtion secures $100 million letter of intent from Commerce Department - SI
$XNDU (+9.7% pre) Xanadu develops algorithm to reduce quantum computing costs by half - SI
$QUCY (+21.0% pre) Quantum Cyber files provisional patent for drone defense system - SI
$APLD (+9.8% pre) Applied Digital Reaches Significant Milestone, Surpassing 1 GW of Contracted Capacity with U.S. Based High Investment-Grade Hyperscaler Lease at Fourth Campus, Polaris Forge 3 - SI
$AMD (-2.4% pre) AMD to invest $10B in Taiwan to boost AI chip partnerships - SA
$SMCI (-1.3% pre) Taiwan investigates three for alleged illegal export of high-end AI servers $NVDA - Reuters
SpaceX, Anthropic and OpenAI’s Sprint to Go Public Defines the AI Boom’s Big Day - WSJ
$SPCX SpaceX Fires Starting Gun on Its Blockbuster IPO - WSJ
$SPCX The Secrets Revealed in SpaceX’s IPO Filing - WSJ
OpenAI to confidentially file for IPO as soon as Friday: Source - CNBC
Anthropic set to hit $10.9 billion in revenue during second quarter, source says - CNBC
Exclusive: Grok falls flat in Washington, undercutting SpaceX's AI growth story - Reuters
$MSFT (-0.6% pre) Microsoft’s Sliding Stock, AI Woes Make It Market’s Biggest Drag - BBG
$META (-0.4% pre) Zuckerberg’s Meta layoffs memo: ‘Success isn’t a given’ in the AI era - CNBC
Samsung's deal with union hailed as a victory as bonuses less generous than SK Hynix's - Reuters
$GOOG $GOOGL $META Google, Meta, TikTok face EU consumer complaints about handling of financial scams
Trump administration seeks to supercharge US AI exports with billions in financing, document shows - Reuters
$WBD $PSKY Democratic senators raise alarm over foreign investment in Paramount, Warner Bros merger - Reuters
$USAR (+3.6% pre) USA Rare Earth receives up to $19.3 million DOE funding for rare earth separation - SI
$ALOY (+3.6% pre) $CRML signs 15-year rare earth supply deal with REalloys
$KR (-4.5% pre) Kroger Plans Biggest Price Cuts In Years to Take On $WMT Walmart, $COST Costco
$STLA (-5.7% pre) Stellantis unveils $70 billion turnaround plan, targets positive cash flow by 2028
$AUUD (+16.4% pre) Auddia reports early metrics for AI music discovery platform
$BIRK (+1.9% pre) Birkenstock (NYSE: BIRK) starts $250M accelerated share repurchase program
$NBIS (+7.9% pre) Nebius partners with $BE Bloom Energy for AI infrastructure power needs
$BE (+1.2% pre) BE Stock Alert: Bloom Energy, $NBIS Nebius Enter Into $2.6 Billion Agreement
$CHH (-2.1% pre) Choice Hotels CEO Patrick Pacious steps down after 21 years with the company
INITIAL JOBLESS CLAIMS: 209K V 210KE; CONTINUING CLAIMS: 1.782M V 1.79ME
MAY PHILADELPHIA FED BUSINESS OUTLOOK: -0.4 V 17.8E; New Orders: -1.7 v +33.0 prior
APR HOUSING STARTS: 1.47M V 1.410ME; BUILDING PERMITS: 1.44M V 1.384ME
$EDBL (+7.1% pre) Fresh herbs from Edible Garden now rolling into $TGT Target stores
$BMRN (+0.1% pre) BioMarin positive hypochondroplasia trial data
$IMMX (+8.7% pre) Immix Biopharma reports 95% response rate in AL amyloidosis trial (1/2)
$IMMX (+8.7% pre) Immix Biopharma prices $150 million stock offering at $8.94 per share (2/2)
$LIMN (+47.4% pre) Struggling Liminatus pays $320M in stock for CAR-T biotech InnocsAI
$NBTX (-6.0% pre) Nanobiotix Announces Temporary Trading Halt of Its Ordinary Shares on Euronext Paris
$SBFM (+45.9% pre) Sunshine Biopharma Receives Canadian Regulatory Approval for Generic Amoxicillin
$AAP (+7.3% pre) Auto parts chain posts best sales growth in 5 years, keeps 2026 outlook
$AVEX (+6.4% pre) AEVEX Beats Q1 Estimates In First Report As Public Company
$ELF (+8.0% pre) e.l.f. Beauty Announces Fourth Quarter Fiscal 2026 Results
$NIO (+6.8% pre) NIO Stock Rises on Strong Q1 Earnings and Another Profitable Quarter
$YMM (+5.0% pre) Full Truck Alliance Non-GAAP EPADS of $0.14, revenue of $412.9M
$BORR (-5.3% pre) Borr Drilling (NYSE:BORR) Misses Q1 CY2026 Sales Expectations, Stock Drops
$DAO (-10.2% pre) Youdao (NYSE: DAO) posts Q1 2026 profit but leans on NetEase loans
$DAVA (-22.8% pre) Endava (NYSE:DAVA) Plunges 23.75% Premarket on Disastrous Q3 Miss and Guidance Cut
$DE (-2.9% pre) Deere Sales Rise as Construction Growth Offsets Agriculture Weakness
$INTU (-15.9% pre) Intuit raises guidance, sees AI “as a clear net tailwind” but shares tumble
$NTES (-3.7% pre) NetEase shares slip despite first-quarter earnings and revenue beat
$NVDA (-0.8% pre) Nvidia beats expectations again as AI boom drives revenue surge, but shares slip
$URBN (-2.3% pre) Urban Outfitters GAAP EPS of $1.30 beats by $0.18, revenue of $1.48B beats by $20M
$WMT (-3.0% pre) Walmart Stock Falls As Dow Giant Guides Low Amid High Gas Prices
Ubisoft shares plunge 14% after Assassin’s Creed maker warns of annual profit loss - CNBC
Top Earnings Th 5/21 Aft: $BULL $CAE $CPRT $CVCO $DECK $LION $RAMP $ROST $SEED $TTWO $WDAY $ZM
Top Earnings Fri 5/22 Pre: $BAH $BJ $GSL $IMPP $SY
$CRWV (+5.6% pre) CoreWeave in focus as GF Securities starts with Buy rating
$MSFT (+0.9% pre) Anthropic Is in Talks to Use Microsoft’s AI Chips - The Information
$WSM (+1.9% pre) Williams-Sonoma (WSM) Tops Q1 EPS by 12c; offers outlook
Upgrades 5/21: $AEE $ETSY $FLYW $GEHC $OXY $PBR/A $RM
Downgrades 5/21: $GLNG GTM $KD $MBLY $NOG
+Initiations 5/21: $ALGS $BRO $CNTB $CRWV $DT $EPRX $FDX $IRD $JBTM $MPLT $MSLE $OCS $PTGX $PWR $SAIL $TBN
$RKLB (-7.2% pre) Rocket Lab stock falls after $3 billion share sale agreement
$RLAY (+9.4% pre) Relay Therapeutics prices $275 million public stock offering at $12 per share
$SHAZ (+3.5% pre) Sharon AI closes $350 million convertible notes offering
Top Shareholder Meetings: $DD $HD $HOG $SCHW $SNBR $VZ
Top Analyst/Investor Calls: $AMKR $BMI $CMI $DE $INAB $TENB $TWST
Top Conferences: o Alliance Global Healthcare Conference o Bernstein European Small & Mid-Cap Conference o Canaccord Global Metals & Mining Conference o Canaccord Quantum Symposium o CIBC Technology & Innovation Conference o Evercore Biotech Summit o GS Canada Oil & Gas Series o Jefferies Automotive Aftermarket Conference o RJ Chief Credit Officer Symposium o Sidoti Year Micro-Cap Conference o WFC Private Medtech Symposium o Blair Biotech Radiopharmaceutical Event