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Market Wrap
Global Growth Dims but Jobs Stay Strong
OECD Cuts Global Growth Forecasts: The Organisation for Economic Co‐operation and Development lowered its U.S. GDP growth estimate from 2.8% in 2024 to 1.6% in 2025 and trimmed global growth projections to 2.9% for 2025, citing the drag from rising trade tariffs and political uncertainty, putting additional pressure on market sentiment.
Job Openings Rise: The Bureau of Labor Statistics’ JOLTS report showed job openings increased to 7.391 million in April, up from 7.192 million in March, signaling that labor demand remains resilient despite tariff‐related uncertainty. At the same time, layoffs rose by 196,000 (the largest gain in nine months) and quits declined by 150,000, reflecting firms’ caution amid mixed economic signals.
Chicago Fed President Austan Goolsbee Warns of Price Pressures: Goolsbee cautioned that higher consumer prices driven by tariffs may soon appear in official inflation reports, signaling that the Fed must remain vigilant and cautious in its policy outlook.
Trump-Xi Phone Call Possible: President Trump announced a planned phone call with Chinese President Xi Jinping (potentially including German Chancellor Friedrich Merz) aimed at easing trade tensions ahead of a reciprocal‐tariffs deadline, boosting hopes for de-escalation and lifting market sentiment.
CrowdStrike Holdings Inc. shares fell over 6% in after-hours trading following a quarterly revenue forecast that missed analyst expectations, despite beating top-line estimates, as investors grew wary of a deceleration in subscription growth.
Ferguson Plc shares jumped 17% after the industrial distributor raised its fiscal outlook, citing stronger-than-expected end-market demand and favorable supply-chain dynamics that bolstered margin projections.
Hewlett Packard Enterprise Co. shares rose over 4% in after-hours trading after the company reported stronger-than-expected fiscal Q2 revenue, raised its full-year earnings outlook, and highlighted a robust pipeline for cloud and high-performance computing solutions.
Dollar General Corp. shares surged 15.8% after reporting stronger-than-expected Q1 earnings and raising its full-year guidance, driven by resilient consumer demand and pricing power in a rising-cost environment.
Guidewire Software Inc. shares rose 11% in after-hours trading after reporting record Q3 sales, raising full-year guidance, and highlighting strong subscription and cloud revenue growth in its property-and-casualty insurance platform.
Credo Technology Group Inc. shares surged 15% after the chipmaker posted better-than-expected quarterly earnings and issued upbeat guidance, driven by robust demand for its high-speed optical interconnect solutions in data centers.
MoonLake Immunotherapeutics Inc. shares soared after reports emerged that Merck & Co. held talks to acquire the biotech for more than $3 billion, fueling speculation of a near-term deal ahead of pivotal Phase III trial readouts.
Navitas Semiconductor Corp. shares gained following the announcement of a partnership with BrightLoop to power next-generation hydrogen fuel-cell chargers using advanced SiC MOSFETs, underscoring the company’s growing role in high-efficiency power solutions.
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