QPI Morning Note For 06/05/25: Stock Futures Mixed

Overnight Summary & Early Morning Trading:

• The S&P 500 finished Wednesday higher by 0.01% at 5970.81 from Tuesday higher by 0.58% at 5970.37.

• Futures are higher this morning by +7 (0.12%) at 5988 around 6:25 a.m. EDT.

• The cash range is now 200 points on the S&P 500 cash for the year, 5900 to 6100. Year to date the S&P 500 is up by 1.52% from1.51% on Monday's close.

Quote of the Day: None of note.

Chart of the Day:

• Five Below (FIVE) is higher in the pre-market. To the moon it goes. Amazing, the stock is trading above its acceleration bands.

Breaking News:

• ECB to be out shortly with latest rate announcement, cut expected.

Key Events of Note Today:

• Weekly Jobless Claims are out this morning at 8:30 a.m. EDT with the Trade Balance at the same time and Natural Gas Inventories out at 10:30 a.m. EDT.

• Fed Speak several of today of note at 12:00 and 1:30 p.m. EDT.

• President Trump meets with the Chancellor of Germany and then later the Fraternal Order of the Police.

Notable Earnings Out After The Close:

• Beats: AGX+0.51, MDB +0.34, VRNT +0.16, GEF +0.06, PVH +0.05, FIVE +0.03, YEXT +0.02 of note.

• Misses: DSGX -0.03 of note.

• Flat: None of note.

Capital Raises:

• IPOs For The Week: CRCL FMFC OMDA

• New IPOs/SPACs launched/News: None of note.

• IPOs Filed/Priced: Circle Internet Group (CRCL) prices upsized IPO of 34 million shares at $31 per share.

• Secondaries Filed or Priced:

  • CBUS - Proposed Public Offering.

  • AQMS: FORM S-1 - 2,000,000 Shares of Common Stock.

  • SNDK - Launch of Secondary Offering of Common Stock.

• Notes Priced:

  • TRGP - Prices $1.5 Billion Offering of Senior Notes.

  • RIVN - Prices $1.25 Billion Senior Secured Green Notes Offering to Refinance Outstanding Senior Secured.
    Notes due 2026

• Notes Files: None of note.

• Convertibles Filed: None of note.

• Direct Offering: None of note.

• Exchangeable Subordinate Voting Shares: None of note.

• Private Placements:

  • CYBR announces proposed private offering of $750 million of 0.00% convertible senior notes due 2030.

• Selling Shareholders of note:

  • BV also files for 33,133,123 share common stock offering by selling shareholders.

  • NMAX files for 25,633,636 Class B share common stock offering by selling shareholder.

• Mixed Shelf Offerings:

  • BV files mixed securities shelf offering.

  • TRV files mixed securities shelf offering.

News After The Close:

• Cipher Mining (CIFR) mines 179 Bitcoin in May.

• Franklin Resources (BEN) reports preliminary month-end assets under management of $1.57 trillion at May 31, 2025, compared to $1.53 trillion at April 30, 2025.

• Costco (COST) reports May comparable sales of +6.0%, e-Commerce adjusted comps of +12.0%.

• CBOE reports trading volume for May 2025; Multiply-listed options increased 27.6% yr/yr.

• Boeing (BA) discloses in SEC filing that it entered into a Non-Prosecution Agreement with the U.S. Department of Justice; Company is subject to a $487.2 million overall criminal monetary penalty.

• Descartes (DSGX) announces cost reduction initiatives, including 7% global workforce reduction.

• AAPL lower after the close as US appeals court decides not to pause key parts of lower court order requiring AAPL to immediately open its App Store to more competition. (Reuters)

• IPX awarded a $99 million US Army contract for R&D of low-cost domestic titanium for defense applications

Exchange/Listing/Company Reorg and Personnel News:

• SBUX names Mike Grams as COO.

• BBSI appoints Joseph Clabby as Chairman, he succeeds Tony Meeker, who will continue to serve as a member of the board.

• UBER appoints PANW CEO Nikesh Arora to its board.

• BYD COO Theodore Bogich to retire, effective December 31, 2025.

Buybacks:

• MDB authorizes additional share repurchase authorization of $800 million.

Dividends Announcements or News:

• Stocks Ex Div Today: HD QCOM BLK MOS ONB SLM LB VNT LEA HWC FLO GOGL ARIS AAT

• Stocks Ex Div Friday of note: None of note.

Stocks Moving Up & Down Yesterday:

• Gap Up: VRNT +18.6%, MDB +13.6%, FIVE +3.8% of note.

• Gap Down: BARK -15.1%, PVH -6.3%, DSGX -3.7% of note.

What’s Happening This Morning: (as of 7:45 a.m. EDT) Futures S&P 500 +, NASDAQ +, Dow Jones +. Europe is higher while Asia is lower ex China. Bonds are at 4.35% from 4.46% on the 10-Year. Crude Oil and Brent Crude are higher with Natural Gas lower. Gold, Silver and Copper are higher. The U.S. Dollar is lower versus the Euro, lower against the Pound and higher against the Yen. Bitcoin is at $104,626 from $105,308 lower by $-387 (-0.37%).

Sector Action:

• Daily Positive Sectors: Communication Services, Technology, Materials and Healthcare were higher of note.

• Daily Negative Sectors: Energy, Utilities, Financials and Consumer Defensive of note.

• One Month Winners: Industrials, Financials, Technology, Materials and Utilities of note.

• Three-Month Winners: Consumer Defensive and Utilities of note.

• Six-Month Winners: Financials, Consumer Defensive, Communication Services and Utilities of note.

• Twelve-Month Winners: Financials, Communication Services, Utilities, Technology, Consumer Defensive and Consumer Cyclical of note.

• Year to Date Winners: Utilities, Materials, Consumer Defensive and Financials of note.

Bolded means the Sector is new to the period in which it falls.

Upcoming Earnings Of Note: (From Chartroom Software – sorted by market cap, highest to lowest with most visible names)

• Thursday After the Close:

• Friday Before The Open:

Notable Earnings of Note This Morning:

• Flat: None of note MOMO +0.68 of note.

• Misses: CIEN -0.10 of note.

• Still to Report: BFB CBRL TTC of note.

Company Earnings Guidance:

• Positive Guidance: LITE of note.

• Negative or Mixed Guidance: DLTR GCO of note.

Advance/Decline Daily Update: The A/D Line was mixed yesterday.

Gap Ups & Down In Early Pre-Market: (+2% or down more than -2%):

• Gap Up: PL +24.1%, IPX +22.9%, VRNT +19.9%, MDB +16.3%, MOMO +8.6%, FIVE +5.2%, APLD +5.1%, CBOE +2.8%, FFAI +2.7%, RDY +2.4%, GEF +2.3% of note.

• Gap Down: BARK -11.9%, PVH -8.2%, DSGX -6.6%, CGEM -5.7%, LTH -3.3%, CYBR -2.7%, BV -2.4% of note.

Insider Action: No stock sees Insider Buying with dumb short selling. None sees Insider Buying with smart short sellers.

Rags & Mags: Repeated stories from prior days never listed, i.e. “rehashed news”. Sorted by Global, U.S. and stock specific.

• Bloomberg Lead Story: Trump Signs Travel Bans For 12 Countries. (Bloomberg)

• Markets Wrap: Stock Futures waver ahead of Friday Jobs data. (Bloomberg).

• Foreign students barred from Harvard. (Bloomberg)

• NATO hitting a 5% spending target thanks to Trump. (CNBC)

Bolded on story link means behind a Pay Wall.

Economic & Geopolitical:

• Economic Releases:

• April Trade Balance is due out at 8:30 a.m. EDT and is expected to come in at $-117.2 Billion from $-140.56 billion in March.

  • Weekly Jobless Claims are due out at 8:30 a.m. EDT.

  • Weekly Crude Oil Inventories are due out at 10:30 a.m. EDT.

• President Trump's Daily Schedule.

  • President Trump meets with the Chancellor of Germany at 11:30 a.m. EDT through lunch.

  • President Trump participates in a roundtable with the Fraternal Order of Police at 4:00 p.m. EDT.

• Federal Reserve Speakers of note today.

  • Federal Reserve Governor Adriana Kugler speaks at 12:00 p.m. EDT.

  • Federal Reserve Philadelphia President Patrick Harker speaks at 1:30 p.m. EDT.

  • Federal Reserve Kansas City President Jeffrey Schmid speaks at 1:30 p.m. EDT as well.

M&A Activity: None of note.

Moving Average Table: Remains at 94% on Equity Indexes and Bonds improved nicely.

Meeting & Conferences of Note:

• Sellside Conferences:

  • Baird Consumer Tech & Services Conf

  • BAC Global Technology Conference

  • BAC Energy and Power Credit Conf

  • Benchmark FinTech Conference

  • DB dbAccess Global Consumer Conference

  • Gabelli Media & Sports Symposium

  • Maxim Group Tech Conference

  • Piper Global Exchange and Trading Conference

  • UBS Women in Tech Conference

  • William Blair Growth Stock Conference

• Shareholder Meetings: AMBA, DVN, GDDY, OCS, SMCI, URBN

• Top Analyst, Investor Meetings: AJG, ALV, PHVS

• Fireside Chat: None of note.

• FDA Presentation: None of note.

• R&D Day: None of note.

• Meetings:

  • American Society of Clinical Oncology Annual Meeting

  • Nareit REITweek Investor Conference

  • THE Mining Investment Event

Upgrades & Downgrades:

The recommendations listed below in this “Upgrade/Downgrade” section are compiled from what we believe are Tier I, II and III firms. Recommendations posted are taken from a variety of sources each day and we only post upgrades or significant initiations as well as downgrades to underweight or sell. The purpose of this posting is to make the reader aware of market-moving recommendations.

Upgrades: AVGO SO ISRG of note.

Downgrades: CHWY LLY CRM of note (all are holds).