🔄 How The Turntables

Plus, why companies should want a four-day workweek...

AuthorAuthor

Brooks Dyroff & Casimir Stone
May 29, 2025

HAPPY THURSDAY TO THE STREET.

Love him or hate him, Elon Musk has proven to be a pretty successful businessman. But a top-notch city manager, he is not.

Starbase, Texas — SpaceX’s company town — has warned some residents they may “lose the right to continue using” their property as the municipality weighs a new zoning ordinance.

The “fork in the road” email was kinda funny circa 2022. Third time? Not the charm.

— Brooks & Cas

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STOCK HEATMAPS

S&P 500 Heatmap. Credit: Finviz

All Stock Heatmap. Credit: Finviz

Global ADR snapshot. Credit: Finviz

Market Movers

BOEING, SALESFORCE, NVIDIA

$BA ( ▼ 1.4% ) Boeing to resume airplane deliveries to China next month, ramp up Max production, CEO says (CNBC)

$CRM ( ▲ 1.51% ) Salesforce earnings were ‘not bad.’ So why is the stock having its worst day in a year? (MarketWatch)

$NVDA ( ▼ 1.36% ) Nvidia earnings topped forecasts by 10% over past 2 years, double the S&P 500 beat (YF)

$HPQ ( ▼ 1.91% ) HP crashes as weak Q2 results, guidance worry investors (SeekingAlpha)

$AI ( ▼ 3.5% ) AI Stock C3.ai Is Rising on Earnings Beat (Barron’s)

OVERHEARD ON THE STREET

CNBC: Here are four ways President Trump might counteract the judicial block on his sweeping tariffs.

WSJ: Elon Musk officially left the Trump administration. What will it mean for the White House’s agenda?

Reuters: Jobless claims ticked up last week, while corporate profits posted their steepest drop since 2020.

AP: Revised GDP figures show the US economy only contracted 0.2% in Q1, higher than previous estimates.

USA Today: JetBlue $JBLU ( ▼ 2.98% ) and United Airlines $UAL ( ▼ 1.56% ) will partner to bring the latter back to JFK.

Tomorrow's Trade Idea, Today

INTERNATIONAL STOCKS STEAL THE SPOTLIGHT

How the Turntables

2023 and 2024 were banner years for US stocks. My, how the turntables…

So far in 2025, international equities have dramatically outpaced their US counterparts. The iShares MSCI All Country World Index ETF $ACWX ( ▲ 0.12% ) has surged nearly 15% YTD, hitting a new record high in the process. Meanwhile, the S&P 500 is barely in the green on the year.

According to DataTrek’s Nicholas Colas, this global outperformance is exceptionally rare. This is only the third time international stocks have outpaced the S&P by more than three standard deviations over 100 days since 2010.

But that doesn’t necessarily mean it can’t continue…

Dollar Decline

A weakening US dollar, down around 8% this year, has significantly catalyzed international stock gains. The decline stems largely from shifting trade policies, particularly President Trump’s ever-changing tariffs.

A softer dollar makes US goods cheaper abroad and inflated returns when converting foreign gains back into dollars.

Consequently, ETFs like MSCI Emerging Markets, Japan, and China have risen sharply. These funds are all up double-digit percentages in the new year.

Just Getting Started?

Technical indicators seem to support an ongoing bullish outlook for international stocks. Bank of America’s $BAC ( ▲ 0.05% ) Paul Ciana highlighted rising trends in ACWX’s 50-day moving average and a strong 14-week relative strength index.

Colas advised investors to consider maintaining a 36% allocation to global equities, citing the possibility of a lasting shift in capital flows away from US markets.

While remaining optimistic about US equities long-term, both analysts agree that global exposure could be a wise move in the coming months.

Which do you think will outperform in FY 2025?

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ON OUR RADAR

CNBC: Trump and Fed Chair Jerome Powell met today, and the latter maintained rate decisions would be based on “non-political analysis”.

The Verge: The New York Times $NYT ( ▼ 0.14% ) signed a multi-year AI licensing deal with Amazon $AMZN ( ▲ 0.33% ), following copyright lawsuits against other tech firms.

AP: CEO pay soared last year. Most workers would have to work 2 to 3 lifetimes to earn the average salary of an S&P 500 CEO in the past year alone.

Bloomberg: Hyundai $HYMTF ( ▼ 0.28% ) is considering hiking US prices across the board to offset tariffs.

WSJ: Most workers want a four-day workweek. Should most companies too?

WEDNESDAY’S POLL RESULTS

Are you bullish or bearish on LifeStance Health $LFST ( ▼ 0.34% ) over the next 12 months?

▇▇▇▇▇▇ 🐂 Bullish

▇▇▇▇▇▇ 🐻 Bearish

Reply

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