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The New York Times $NYT and Amazon $AMZN just announced an AI licensing deal. The Times has agreed to license its content to Amazon for use in AI platforms https://t.co/86dd3FBv4t
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McKinsey has cut more than 10% of its workforce over the past 18 months—the biggest reduction in its 100-year history—bringing headcount down to around 40,000, according to the Financial Times https://t.co/6Oqb4U8hfm
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SOUTH AFRICA CUTS BENCHMARK RATE TO 7.25%; EST. 7.25%
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S&P 500 Opening Bell Heatmap (May 29, 2025)

$SPY +0.89% 🟩
$QQQ +1.36% 🟩
$DJI +0.15% 🟩
$IWM +0.64% 🟩
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CITI: 'THE PRESIDENT STILL HAS SEVERAL OPTIONS UNDER US TRADE LAW TO REIMPOSE TARIFFS'

"Last night a federal trade court struck down President Trump’s Reciprocal Tariffs ruling that he had overstepped his authority by invoking the International Emergency Economics Powers Act (IEEPA) to impose tariffs. The court ordered a permanent stop to the tariffs and also barred any future modifications to them giving the Trump administration 10 days to make the changes. Notably, tariffs on products like aluminium and steel were not impacted by the court ruling as the President did not utilize IEEPA powers. The Trump administration immediately appealed the ruling to the US Court of Appeals."

"While this ruling is favorable for our companies (for which we have outlined the tariff headwind incorporated in guidance in Figure 1 below and in a detailed note published last week), we are wary about how the situation will continue to develop from here for which it seems there are options for Trump reimpose tariffs. Where Do We Go From Here: With the Trump administration appealing the Court of International Trade’s decision, it is possible that the Supreme Court may end up reviewing the case."

"However, as we understand it the President still has several options under US trade law to reimpose tariffs including: (1) Section 122 of the Trade Act of 1974, which would allow temporary tariffs for up to 150 days, but which would subsequently require Congressional action, (2) Section 232 tariffs could be expanded to other sectors allows tariffs in response to threats to national security, and (3) the President could start Section 301 investigations on US trading partners or utilize Section 338 which allows the president to impose levies of up to 50% on imports from countries that discriminate against the U.S."
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Per Reuters, Business Insider is laying off 21% of its workforce. In a memo, CEO Barbara Peng said the company is moving away from “traffic-sensitive businesses” amid ongoing volatility in content distribution.

Insider will exit most of its commerce division and invest in a new live journalism events business, BI Live. Peng noted 70% of the business is still tied to traffic, so the company is resizing to better absorb external shocks.
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NVIDIA $NVDA CEO HUANG ADOPTS TRADING PLAN TO SELL UP TO 6M SHARES WORTH $850M
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U.S PENDING HOME SALES (MOM) (APR) ACTUAL: -6.3% VS 6.1% PREVIOUS; EST -1.0%

U.S PENDING HOME SALES INDEX (APR) ACTUAL: 71.3 VS 76.5 PREVIOUS
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At the Bernstein Conference, Boeing $BA CEO Kelly Ortberg said Chinese airlines will begin taking new aircraft deliveries starting in June. He also noted they're getting very close to hitting a 38-per-month production rate on the 737 MAX.
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BOEING $BA CEO SAYS THE COMPANY WANTS TO HIT 47/MONTH MAX PRODUCTION RATE BY YEAR END.
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$NVDA's data center revenue went from $0.3B in 2015 to $131B today.

The stock is up +28,500% over that same period. https://t.co/umA7jgpH3W
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JUST IN: Marjorie Taylor Greene has said that the House will vote on a bill which would defund NPR and PBS
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FED'S GOOLSBEE AT POLICY CONFERENCE: IF TARIFFS ARE AVOIDED BY A DEAL OR OTHERWISE, COULD RETURN TO A SITUATION WHERE RATES CAN COME DOWN
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FED GOOLSBEE: SOMETIMES CENTRAL BANK HAS TO DO WHAT POLITICAL APPARATUS DOESN'T ENJOY
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Fed's Goolsbee: This is a stagflationary direction, but it's not stagflation; Stagflation is the toughest scenario for a central bank. That's not what we are facing now.
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Southwest Airlines $LUV CEO Robert Jordan: Seeing Stability In Demand In Last Few Weeks; Business bookings are holding up well.
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