HAPPY TUESDAY TO THE STREET.

Breaking news: Nvidia $NVDA ( ▼ 1.36% ) is back to being the most valuable company in the world by market cap! The chipmaking dethroned Microsoft $MSFT ( ▲ 0.82% ) for the first time since… January.

Whoop-de-do. These power shifts are becoming harder to keep track of than late-season Game of Thrones. (And equally boring.)

• 🟩 | US stocks climbed, buoyed by Nvidia’s gain, and untethered from trade concerns on a quiet day of tariff news.

• 📈 | One Notable Gainer: Dollar, Dollar General $DG ( ▲ 1.85% ), y’all! Shares of the dollar store giant soared after raising its outlook, citing surging traffic from middle- and high-income customers.

• 📉 | One Notable Decliner: Bumble $BMBL ( ▲ 1.13% ) felt the sting today after JPMorgan $JPM ( ▼ 0.86% ) downgraded the stock, citing doubts about the product's alignment with Gen Z values.

— Brooks & Cas

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STOCK HEATMAPS

Market Movers

SIGNET, KENVUE, SITIO

$SIG ( ▲ 0.54% ) Signet Shares Jump After It Boosts Outlook on Stronger Consumer (Bloomberg)

$KVUE ( ▼ 0.14% ) Kenvue Leads S&P 500 Decliners as CEO Points to Seasonal Demand Challenges (Investopedia)

$VNOM ( ▲ 0.13% ) / $STR ( ▲ 0.47% ) Viper Energy fortifies Permian presence with $4.1 billion Sitio deal (Reuters)

$SATS ( ▲ 17.47% ) EchoStar Misses Second Interest Payment Amid FCC Review (WSJ)

$FERG ( ▼ 0.68% ) Ferguson Enterprises Q3 Earnings: Margin Outperformance Justifies The Stock Rally (SeekingAlpha)

OVERHEARD ON THE STREET

BI: Elon Musk slammed the GOP budget bill as a “disgusting abomination” that he warned would balloon the federal deficit.

CNN: Job openings rose by 191,000 to nearly 7.4M in April, exceeding expectations. Both hiring and layoffs also increased.

FOX: Meta $META ( ▼ 0.48% ) signed a 20-year agreement to buy nuclear power from Constellation $CEG ( ▼ 3.23% ).

AP: The OECD projects US economic growth to slow to 1.6% this year, down from 2.8% in 2024, weighed down by tariffs and trade wars.

CNBC: Donald Trump Jr. denied any involvement in the $TRUMP meme coin, but defended the family’s crypto push as a response to banking exclusion.

Tomorrow's Trade Idea, Today

FIT FOR A TAX BREAK

Bulking Season

Is it bulking season for gym stocks? CNBC thinks so, thanks to some underreported fine print in the new GOP budget bill.

The tax and spending bill currently advancing through Congress could soon allow Americans to use health savings accounts (HSAs) for fitness-related purposes. The House-passed version includes a provision allowing up to $500 annually for individuals, or $1,000 for families, to cover “qualified sports and fitness expenses.”

Since HSAs use pre-tax dollars and grow tax-free, this could reduce the effective cost of gym memberships, offering a health benefit for users — and potentially a financial win for fitness industry players.

PLNT Leads the Pack

While many gym chains stand to gain, Planet Fitness $PLNT ( ▼ 0.15% ) could be the biggest potential winner, per CNBC. Its lower membership costs mean the tax-free HSA allowance could cover nearly all of a customer’s fees.

Analysts from Raymond James $RJF ( ▼ 1.37% ) and Stifel $SF ( ▲ 1.58% ) highlighted the stock as particularly well-positioned due to its affordability and strong brand. Potential consumer behavior shifts, like upgrading to premium memberships, could further boost revenue.

As a result, both firms recently upgraded Planet Fitness to a Buy.

Senate Approval Pending

The bill’s future now rests in the Senate’s hands, where it is facing pushback from several Republicans.

Still, experts like Raymond James’ Ed Mills believe the fitness provision has a high chance of survival, given its non-controversial nature. If passed, the policy could be enacted by August.

Market optimism is already reflecting the expected benefits. Planet Fitness’ stock is up more than 6% over the last month. Its stock is getting toned, but if these analysts are to be believed, it may not be long before it’s fully yoked.

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ON OUR RADAR

AP: The Education Department will no longer garnish Social Security benefits from borrowers in default on federal student loans.

Reuters: Automakers are warning that China's new export ban on rare earth minerals could lead to production delays and disruptions.

WSJ: ICE is detaining the family of the alleged perpetrator of the Boulder fire attack.

Bloomberg: BlackRock $BLK ( ▲ 0.17% ) scaled back ESG efforts to dodge Texas’s statewide oil-boycott blacklist.

BI: The US economy is surprisingly adding new jobs — but there is only one way to land them.

MONDAY’S POLL RESULTS

Are you bullish or bearish on Xylem $XYL ( ▼ 0.06% ) over the next 12 months?

▇▇▇▇▇▇ 🐂 Bullish

▇▇▇▇▇▇ 🐻 Bearish

And, in response, you said:

• 🐂 Bullish — “Like real estate, water’s something that almost always makes a good return on investment.”