Trending Market News

Replimune has reached an agreement with the FDA to resubmit its marketing application for vusolimogene oderparepvec, an experimental skin cancer drug, after two previous rejections. The company plans to resubmit in the coming days, and the FDA has indicated it will prioritize the review as an urgent matter.

• The FDA previously declined to approve the melanoma therapy twice before this agreement
• Replimune will resubmit the application for vusolimogene oderparepvec within days
• The FDA has committed to treating the resubmission as urgent and will prioritize its review upon receipt

Stellantis is recalling 419,035 vehicles in the United States due to a software error that could delay side air bag deployment during crashes, making the vehicles non-compliant with federal safety standards. The recall primarily affects 2022-2026 Jeep Grand Cherokee and 2023-2025 Jeep Grand Cherokee L models. Dealers will update the occupant restraint controller module software at no cost to owners.

• The recall covers 419,035 vehicles, including popular Jeep Grand Cherokee models from 2022-2026 and Grand Cherokee L models from 2023-2025
• A software error could delay side air bag deployment during crashes, violating U.S. Federal Motor Vehicle Safety Standards
• Stellantis will provide free software updates for the occupant restraint controller module through authorized dealers

Ocado Group announced a partnership with British supermarket chain Asda to deploy its automation technology platform across Asda's stores and dark stores beginning in 2027. This deal expands Ocado's technology licensing business in the UK grocery sector.

• Ocado will provide its automation platform to Asda stores and dark stores (fulfillment centers) starting in 2027
• The partnership represents a significant win for Ocado's technology services division in the competitive UK grocery market
• This marks another major UK supermarket adopting Ocado's warehouse automation and online grocery technology

Huawei unveiled a new chip design principle called Tau Scaling Law that focuses on boosting transmission speed through stacked circuits rather than shrinking semiconductors, offering a potential workaround to U.S. sanctions that have blocked China's access to advanced chipmaking equipment since 2019. Experts are divided on whether this represents a genuine breakthrough or an incremental improvement on existing 3D stacking technologies already used by companies like TSMC, Samsung, and SK Hynix.

• Huawei claims its new Kirin smartphone chip launching later this year will improve power efficiency by 41% and raise peak operating speed by nearly 13% compared to single-layer designs, though production yields and cost comparisons were not disclosed
• The approach requires new electronic design automation (EDA) tools and better heat management solutions, presenting significant technical barriers alongside concerns about overheating and production costs
• Nvidia CEO Jensen Huang downplayed the threat to TSMC, noting that advanced die stacking and 3D packaging technologies have been used by the industry leader for nearly a decade

LG Electronics shares surged 24% after announcing a new automotive technology partnership with Google built on Android Automotive operating systems. The solution enables multi-display in-cabin systems using a single chip, significantly reducing deployment costs for automakers. This positions LG to capitalize on the growing Android automotive OS market, expected to expand from $895.6 million in 2025 to $2.14 billion by 2035.

• LG's system can control multiple displays with different aspect ratios simultaneously using a single-on-chip, unlike conventional in-vehicle display systems
• The global Android automotive OS market is projected to grow 139% from $895.6 million in 2025 to $2.14 billion by 2035
• Android automotive operating systems enable drivers to access apps directly in vehicles without needing smartphones, driving automaker demand

Blue Origin's New Glenn rocket exploded during a hot-fire test on Thursday, creating a fireball at the test site. The company confirmed all personnel are safe following the incident. This setback affects the rocket that Blue Origin has spent billions of dollars and roughly a decade developing to compete with SpaceX.

• New Glenn is a 29-story tall rocket with a reusable first stage designed to compete with SpaceX's Falcon fleet and Starship
• Blue Origin has invested billions of dollars and approximately 10 years developing the New Glenn rocket
• All personnel were accounted for and safe following the explosion during the ground-based engine test

Oil futures fell slightly on May 29 amid optimism about a potential U.S.-Iran ceasefire deal that could reopen the Strait of Hormuz, though uncertainty persists. Brent crude dropped 0.37% to $93.36 per barrel while U.S. crude fell 0.71% to $88.27, with both benchmarks down more than 8% for the week. The outcome hinges on unresolved issues regarding Iran's enriched uranium stockpile and enrichment activities.

• Brent crude prices swung from a weekly high of $109.47 to a low of $87.11, reflecting volatility over the three-month Iran conflict and closure of the Strait of Hormuz, which handles roughly one-fifth of global oil and LNG supplies
• Vice President JD Vance stated the U.S. is 'close' but 'not there yet' on a deal with Iran, with sticking points remaining on Tehran's enriched uranium stockpile and enrichment questions
• Traffic through the Strait of Hormuz remains a fraction of pre-war levels, and any final agreement requires approval from President Trump and has not been finalized by Iranian state media

Chinese biopharmaceutical company Innovent Biologics and U.S. pharmaceutical giant Pfizer have entered into a global licensing and collaboration agreement valued at up to $10.5 billion. The deal focuses on researching and developing 12 early-stage cancer medicines through a collaborative partnership between the two firms.

• The agreement is valued at up to $10.5 billion, representing a major cross-border pharmaceutical partnership
• The collaboration will focus on 12 early-stage cancer drug candidates in research and development
• This deal marks a significant global expansion for Chinese biotech firm Innovent Biologics alongside one of the world's largest pharmaceutical companies

Costco Wholesale exceeded third-quarter U.S. same-store sales expectations, driven by strong demand for food and essentials at its membership warehouses. The retailer's comparable sales growth of 6.8% (excluding gas) surpassed analyst forecasts of 6.13%, demonstrating resilience in consumer spending on necessities.

• U.S. comparable sales (excluding gas) rose 6.8%, beating the analyst estimate of 6.13% increase
• Strong performance was attributed to increased demand for food and other essential items
• Results suggest consumers continue prioritizing value-oriented membership warehouse shopping despite broader economic uncertainties

Gap cut its full-year sales guidance after its largest brand, Old Navy, underperformed in the fiscal first quarter due to weak spring and summer product assortment. The company now expects companywide sales to grow 1-2%, down from a prior forecast of 2-3%, though it raised its earnings guidance due to tax benefits and interest income.

• Old Navy's comparable sales grew only 1% versus the expected 3%, with CEO Richard Dickson attributing weakness to product missteps in seasonal categories like dresses and swim rather than consumer spending issues
• Gap's namesake brand surged 10% in comparable sales, far exceeding the 5.5% expectation, while Athleta continued struggling with an 11% decline in comparable sales
• The company raised its profitability outlook and expects an $80 million benefit from reduced tariff rates, half of which is reserved for potential promotions and half for higher fuel costs

Okta exceeded fiscal first-quarter expectations, reporting revenue of $765 million (up 11% year-over-year) and net income of $74 million, driven by increased demand for identity security tools amid the rise of agentic AI. CEO Todd McKinnon emphasized that while AI is boosting demand, it doesn't yet represent the majority of revenues, and the company is positioning for long-term growth as customers plan AI deployments at scale.

• Revenue reached $765 million versus $752 million expected, with net income of $74 million or 42 cents per share, as companies seek security tools to verify AI agents and protect against cyber threats
• Okta is allocating more resources to products like 'Okta for AI agents' and 'Net-zero for AI agents' to address growing security concerns, including those raised by Anthropic's Mythos model vulnerabilities
• Current-quarter guidance of $790-$794 million aligns with the $791 million estimate, while subscription backlog metrics exceeded expectations

American Eagle Outfitters reported mixed first-quarter results, with its Aerie intimates brand driving growth while its namesake American Eagle banner declined despite celebrity marketing campaigns. Comparable sales at American Eagle fell 2% versus expectations of 3.1% growth, while Aerie surged 25%, beating the 19.1% forecast. The company maintained full-year guidance amid efforts to revitalize its women's business.

• American Eagle brand comparable sales dropped 2% despite renewed Sydney Sweeney advertising campaign, far missing analyst expectations of 3.1% growth
• Aerie intimates brand posted 25% comparable sales growth and 34% revenue jump to $480.83 million, significantly outperforming expectations and carrying overall company results
• Company expects mid-to-high single digit comparable sales growth in Q2 but anticipates gross margin compression, while reiterating full-year guidance for mid-single digit comp growth

Anthropic released Opus 4.8, its most advanced publicly available AI model, just 41 days after the previous version, alongside a new Dynamic Workflow tool for managing complex tasks. The accelerated release cycle appears to be a response to disappointing user reception of Opus 4.7 and increased competition from OpenAI and Google. The model emphasizes improved handling of uncertain data and proactive issue flagging.

• The rapid 41-day upgrade cycle contrasts sharply with Anthropic's typical release schedule (previous Sonnet and Haiku models are 3 and 7 months old respectively)
• Opus 4.8 focuses on uncertainty management, with testers noting it is 'more likely to flag uncertainties' and 'less likely to make unsupported claims' compared to previous versions
• The new Dynamic Workflow tool enables the model to manage complex tasks across hundreds of parallel subagents, including codebase-scale migrations across hundreds of thousands of lines of code

Meta Platforms has committed additional funding to extend its Oversight Board's operations through 2028, though the exact amount was not disclosed. The board, which makes binding content moderation decisions across Meta's platforms, continues to operate as the company faces pressure to balance free speech, misinformation control, and AI integration. This extension follows Meta's shift in early 2025 toward less content moderation and a 'community notes' system.

• Meta previously committed at least $30 million annually over three years in 2024; the new funding amount for the extension through 2028 was not disclosed
• The Oversight Board is an independent body of experts that makes binding decisions on content moderation issues across Meta's social media platforms
• The funding extension comes after Meta CEO Mark Zuckerberg initiated policy changes in early 2025 shifting toward less moderation and a crowdsourced 'community notes' system, viewed as alignment with conservative criticism and the Trump administration

AI chip startup Groq is raising up to $650 million from existing investors following a $17 billion deal with Nvidia signed in December. The company is shifting its focus from hardware to AI inferencing, which enables trained AI models to respond to user requests. Existing investors have already received payouts from the Nvidia deal, with a final distribution expected soon.

• The $650 million fundraising round for 'Groq 2.0' is being backstopped by existing backers Disruptive and Infinitum if not fully subscribed
• Groq's $17 billion Nvidia deal has already generated investor payouts, with a final cash distribution expected in the near term
• Nvidia is preparing a version of Groq AI chips for sale to undisclosed parties, according to sources who spoke to Reuters in March

Alphabet's Waymo is deploying its new Ojai robotaxis to select riders in multiple U.S. cities, marking a strategic shift toward lower-cost fleet expansion. The Ojai vehicles feature Waymo's sixth-generation autonomous driving system, require fewer cameras and sensors than previous models, and are manufactured by China's Geely at significantly lower costs than earlier Jaguar-made vehicles. This expansion comes as Waymo aims to reach 1 million weekly trips by year-end while managing recent safety recalls and service halts.

• Waymo currently has 100 Ojai vehicles in its nearly 4,000-car fleet and plans to deploy thousands more by year's end, with rides expanding to San Diego, Las Vegas, and Denver this summer
• The new vehicles cost significantly less to manufacture due to fewer required sensors and cameras, use custom Waymo chips, and feature improved lidar for heavy rain and snow conditions
• The company recently recalled approximately 3,800 robotaxis for software issues allowing driving into flooded roads and paused freeway service due to construction zone performance problems

Anthropic opened its first Italian office in Milan on May 28, announcing plans to significantly expand its European presence as demand grows for its Claude AI models. The U.S. AI startup plans to triple its international workforce, with its London office alone scaling from 200 to 800 employees, and expects substantial growth in Milan, Paris, and Munich.

• Anthropic currently operates European offices in Dublin, Zurich, Munich, Paris, and London (200 staff), with London set to expand to 800 employees
• The Milan office will initially focus on sales, marketing, technical support, and policy discussions, serving Italian clients including Generali, Unipol, Pirelli, Bending Spoons, and Satispay
• Anthropic's co-founder was the only Big Tech representative invited to present at recent discussions on AI challenges, reflecting the company's reputation for emphasizing AI safety and ethics

Core inflation rose 3.3% year-over-year in April, matching expectations, according to the Federal Reserve's preferred PCE gauge. The monthly core inflation increase of 0.2% came in below the 0.3% forecast, suggesting some easing in price pressures. The data likely keeps the Fed on hold as officials weigh inflation risks against slower economic growth.

• Core PCE prices rose 0.2% monthly (below 0.3% estimate) and 3.3% annually (matching forecast), with headline PCE at 3.8% year-over-year, the highest since May 2023
• GDP growth was revised down to 1.6% annualized in Q1 from initial 2% estimate due to lower consumer spending and investment
• Markets expect Fed to remain on hold until late 2026, with traders pricing a potential rate increase in early next year rather than cuts

Kohl's stock surged over 8% in premarket trading after reporting its best comparable sales growth in four years, despite a 1.7% decline in net sales. The struggling retailer beat Wall Street expectations on both revenue and earnings while reaffirming its full-year outlook, signaling potential progress in its turnaround efforts.

• Kohl's posted a net loss of $14 million (13 cents per share) for Q1 but beat expectations with $3 billion in revenue versus $2.99 billion expected
• Comparable sales declined only 1.1%, marking the company's best performance in over four years and showing improvement in business trends
• The company reaffirmed full-year guidance of net sales ranging from down 2% to flat, despite the stock having fallen over 35% year-to-date through Wednesday's close

Ferrari CEO Benedetto Vigna defended the $640,000 price tag for the company's first fully electric vehicle, the Luce, following negative market reaction that saw Ferrari's stock drop 8% after its unveiling in Rome. The CEO emphasized the car's innovation and distinctiveness from other EVs, particularly Chinese competitors, as justification for the premium pricing.

• Ferrari's stock fell 8% following the Luce's Monday unveiling, with investors concerned about the shift to electric vehicles and the car's unconventional design criticized by Ferrari's former boss and Italy's transport minister
• CEO Vigna stressed that Ferrari is not replacing traditional engines entirely with electric versions, stating buyers 'have to see Luce to understand that it has nothing to do with Chinese EVs or those by other brands'
• The 550,000-euro ($640,000) Luce represents Ferrari's entry into the EV market, with the CEO defending the price as appropriate for the new technology and innovative design required