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May 29, 2025
Dow: 42,108
S&P: 5909
Nasdaq: 19,211
10-YR T-Note: 4.46%
Bitcoin: 107,358
VIX: 19.20
Gold: $3,300
Crude Oil: 62.09
Don Selkin, the creator and innovator of the "Fair Value" numbers, as its Chief Market Strategist on the Newbridge platform has given CNBC and its Predecessor, these numbers every day for the over 40 years - never missing a single day, as well as given the fair value for the Nasdaq 100 futures since their introduction in 1996 and the Dow Jones stock index futures since 1997. Mr. Selkin has also been quoted in several publications including but not limited to Bloomberg News, New York Post, Reuters, and The New York Times. Mr. Selkin's Fair Value numbers are included in the U.S.
Futures Report broadcast on CNBC every day before the market
opens attributing "Newbridge Securities" as the source. In addition, NSC provides to its professionals, their clients and the public access to Don Selkin's more in depth financial market views.
After a huge higher day on Tuesday to start the week, things cooled off yesterday on some profit-taking after the rally.
The Dow fell by 245 down to 42,098 on selling in the financials, SHW, IBM and MSFT. The S&P was down by 33 to 5888 on weakness in most technology stocks plus the financials as well.
The Nasdaq dropped by 98 to 1910 on selling in most technologies with TSLA coming down and the Russell 2000 Index was off by 22 to 2067. The VIX rose to 20.67.
The S&P is still within 4.2% of its record after charging higher amid hopes that the worst of the turmoil caused by the President’s trade war may have passed. It had been roughly 20% below the mark last month.
Things did slip late in the day on a report that the U.S. government is going to prevent chip designers to stop selling to China, and stocks like CDNS and SNPS got sold off as a result. And the market got a better view for today when the various stock index futures went higher on a court ruling preventing some of Trump’s tariffs going into effect and also the better results from NVDA.
Several retailers delivered better-than-expected results for the latest quarter. ANF soared by 15% after its profit and revenue topped analysts’ expectations. Its CEO credited broad-based growth across its business around the world, and strength for its Hollister brand offset weakness for its Abercrombie brand.
DKS rose after topping analysts’ expectations for the latest quarter, and it stood by its financial forecasts it earlier gave for the full year.
On the losing end was OKTA, which fell 16%, even though the identity and access management company reported better results for the latest quarter than expected. Analysts called it a solid performance, but investors may have been looking for even more after its stock came into the day up nearly 60% for the year so far.
Video-game retailer GME fell 11% after saying it had bought 4,710 bitcoin, which is worth more than $500 million at its current price. The company said in late March that it could begin buying bitcoin to store some of the cash in its treasury.
In the bond market, the yield on the 10-year Treasury rose to 4.47% from 4.43% late Tuesday.
The bond market showed relatively little reaction after the Federal Reserve released the minutes from its latest meeting earlier this month, when it left its benchmark lending rate alone for the third straight time. The central bank has been holding off on cuts to interest rates, which would give the economy a boost, amid worries about inflation staying higher than hoped because of Trump’s sweeping tariffs.
Sharp swings in Treasury yields last week rattled markets worldwide, as they rose in part on worries about the U.S. government’s rapidly rising debt levels. Such swings have also hit Japan, where an auction of 40-year Japanese government bonds on Wednesday drew less interest from potential buyers than it has seen since July.
After years of pumping money into the economy by buying loads of Japanese government bonds, Japan’s central bank has been gradually cutting back, undermining demand at a time when other institutional investors also have been buying fewer Japanese government bonds.
South Korea was an exception, where the Kospi jumped 1.3% thanks in part to gains for Samsung Electronics and other tech companies.
Earnings this week include: yesterday – BOX, DKS, ANF higher and OKTA, M lower; today – NVDA, AI higher and HPQ, ELF, BBY, Dow component CRM lower; tonight - COST, DELL, GPS, NTAP, ULTA, ZS.
Economic reports will have: yesterday – minutes of last Federal Reserve meeting showed that there is still concern about a slowing economy and potentially rising prices; today – weekly jobless claims rose to 240K, second reading of Q1 G.D.P. improved a bit to negative 0.2%, April pending home sales fell by 6.3%; Friday – April personal income and spending, May U. of Michigan Consumer Sentiment Survey, April P.C.E. inflation report.
