Track the evolution of major financial and economic events
On May 29, Bristol Myers Squibb announced that its experimental drug mezigdomide delayed disease progression in a late-stage trial for multiple myeloma patients. The results showed that the drug reduces the risk of disease by 52%. These findings represent a significant advancement in the treatment of this type of cancer.
On May 29, the Indian central bank intervened in the foreign exchange market to support the rupee. The rupee is under downward pressure due to the maturities of Non-Deliverable Forward (NDF) contracts.
The CEO of MPS denied any merger talks with Banco BPM, stating that the current focus is on the integration of Mediobanca. This comes as the company aims to strengthen its position in the market.
Bitcoin reclaimed the $73,000 level after hitting a multi-month low. Meanwhile, Bitcoin ETFs experienced a record outflow streak, with investors withdrawing $2.8 billion over a nine-day period.
The independence of the Federal Reserve is under pressure due to Trump’s influence and the conflict with Iran. US Treasury yields have surged as Kevin Warsh takes the helm at the Federal Reserve. Modest cuts to the Fed's balance sheet are expected despite Warsh's ambitious reform agenda.
Dell shares jumped 30% to a record high following historic AI-driven earnings results. The company raised its FY27 AI revenue guidance after a 757% surge in server sales. Dell shares surged 30% on record AI server sales of $16.1 billion.
Dell shares surged nearly 40% after hours on May 29, following a blowout earnings report driven by AI demand. The company's revenue grew by 88% in Q1, beating expectations by 22%. Additionally, the AI server backlog soared 256% to $51.3 billion. Despite gross margins contracting to 17.7% due to product mix and supply-side pressures, valuation multiples expanded sharply after a 36-37% overnight share price jump.
On May 29, NATO officials warned of Russian escalation targeting Europe's energy infrastructure, including gas pipelines and subsea electricity interconnectors. On June 4, Russia banned jet fuel exports until November 30, 2026. Ukrainian drone attacks on Russian refining infrastructure have pushed Russia's crude-processing rate to the lowest in over 16 years.
On May 28, Iranian state media reported that a US aircraft was destroyed in the Bushehr region, but there was no confirmation from the United States. On May 30, Iranian missiles targeted Kuwait's Ali Al Salem Air Base, injuring five Americans and destroying a drone. On June 1, the US acknowledged that one of its F-15E aircraft was shot down, marking a significant escalation in tensions between the two countries. Additionally, there are reports that Iran may block shipping in the Strait of Hormuz.
NetApp's stock surged following the announcement of strong financial results and AI-driven sales forecasts. The company beat Q4 estimates with a revenue growth of 12.47%. This positive performance reflects NetApp's success in leveraging artificial intelligence technologies.
Autodesk reported Q1 revenue of $1.93 billion, exceeding the FactSet estimate of $1.89 billion. The company issued fiscal 2027 guidance with adjusted EPS projected between $12.40 and $12.65. Autodesk plans to acquire MaintainX for $3.6 billion to advance its unified platform in operations. Despite the positive performance, Autodesk's stock price declined after the earnings announcement, and the price target has been adjusted to $305, indicating a potential 26.6% upside. CEO Andrew Anagnost plans to leverage data, context, and expertise to create AI that produces accurate outputs.
On May 28, The Clorox Company announced that Chair and CEO Linda Rendle has decided to step down for health reasons. The Board of Directors has initiated a comprehensive search process to appoint a new CEO.
American Eagle beats revenue estimates thanks to the strength of the Aerie brand, offsetting a decline in its core brand. However, American Eagle's stock plummeted 10% due to weak outlook and a slowdown in the retail sector. In Q1, American Eagle surpassed estimates as revenue climbed 9.7%.
Costco's same-store sales surged 9.8% in Q3, boosted by gasoline sales. Despite missing earnings per share targets, Costco's revenue topped $70 billion in Q3, reflecting consumer spending resilience.
Amazon announced plans to bolster its AWS cloud services by integrating xAI's Grok models. The company also intends to invest $20 billion in the UK in 2025 to expand its infrastructure. Additionally, Amazon launched Prime in South Africa to fuel its expansion in the African continent.
On May 28, Snowflake shares experienced a record surge following a $6 billion deal with Amazon. The software maker also provided a strong financial outlook for its future performance. On May 29, Snowflake's shares jumped 36% after reporting strong earnings and upbeat AI-driven guidance.
Coinbase announced its partnership with Standard Chartered to expand its global fiat services for institutions. Coinbase also opened crypto derivatives trading to US institutional clients via Deribit. Additionally, Coinbase partnered with Checkout.com to enable stablecoin payments for over 1,000 brands. Finally, Coinbase will list Ethena's USDe stablecoin, resulting in a 28% surge in the price of the ENA token.
Innio Group is targeting a valuation of up to $20.3 billion for its upcoming U.S. IPO. The company plans to offer 75 million shares priced between $24 and $27 each. It is backed by Advent International and the Abu Dhabi Investment Authority and was formerly a carve-out from General Electric.
US stocks experienced a post-earnings drift, with Seagate shares surging 35%. In contrast, Starbucks and Visa stocks lagged behind, failing to achieve similar performance.
On May 28, xAI signed a major deal with Anthropic for the exclusive use of its Colossus compute cluster. The deal is worth billions of dollars per month.
NVIDIA has pledged a $150 billion investment in Taiwan to strengthen the AI supply chain. The company also unveiled the Vera CPU optimized for AI agents. Additionally, IREN secured a $3.65 billion loan for NVIDIA GPUs to power Microsoft's AI infrastructure. ASUS has adopted NVIDIA's DSX AI Factory to scale AI infrastructure solutions.
The U.S. economy slowed to an annual growth rate of 1.6% during the first three months of 2026, reflecting the impact of high interest rates. This decline in growth comes at a time when the economy faces multiple challenges, raising concerns about future economic sustainability.
Regulators have paused the review of the $85 billion merger between Union Pacific and Norfolk Southern. Trump has floated the idea of a 15% government stake in the merger. The Surface Transportation Board is reviewing the merger and seeking competitive impact data.
VanEck has launched the first U.S. Spot BNB ETF on Nasdaq. In a related development, Binance announced it will end NFT support on its exchange, shifting to a self-custody wallet.
