Pumpin’ Powell is dead, long live Pumpin’ Powell.

After steering the US Federal Reserve through a pandemic, a 9.1% inflation peak, and a Justice Department investigation he survived partly thanks to a senator's dog, Chair Jerome Powell officially steps down today.

He told reporters he'll stay on the board until independence is "truly restored," which feels less like a retirement than a hostage note. May the money machine go brrr forevermore.

— Brooks & Cas

Drake is the musical artist equivalent of a Fortune 500 company, and he just made a major boardroom maneuver.

The hitmaker just dropped three albums in one night. Fans suspect it's a contract-fulfillment speedrun against parent label Universal Music Group (UMGNF).

Kalshi traders, meanwhile, are just here for the action. They give Drizzy a 65% shot at sweeping the Billboard 200's top three slots.

📈 | Microsoft (MSFT) rose after Bill Ackman disclosed he's been accumulating shares.

📉 | Cerebras Systems (CBRS) slipped after surging 68% in its Nasdaq debut.

📈 | Papa John's (PZZA) jumped on a report its largest franchisee wants to take it private.

📉 | Applied Materials (AMAT) fell despite beating fiscal Q2 estimates on the top and bottom lines.

📈 | DexCom (DXCM) climbed after agreeing with Elliott to add two new independent directors.

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Saddle up. Logan Reich at RBC Capital Markets has turned bullish on Texas Roadhouse, upgrading the steakhouse chain to Outperform on the back of two tailwinds: durable customer traffic and the prospect of cooler beef prices.

His thesis comes down to margins.

US policy and supply shifts could finally drag beef costs lower, which would lift out-year margin estimates that Wall Street has yet to mark up.

Combine that with continued share gains from both grocers and rival steakhouses, and Texas Roadhouse looks particularly well-positioned to the firm.

The call cuts against consensus. Of the 31 analysts covering the stock, 18 still have it at Hold, and only 13 sit at Buy or Strong Buy. Reich's view is essentially that the gap is the opportunity.

Shares are in the red over the past 12 months, even as the chain has kept comping above peers and pushing modest menu price hikes. RBC is betting the market eventually orders what the customers do.

📈 | The 10-year Treasury yield jumped above 4.57%, its highest intraday level since May 2025, as Brent crude topped $108 on Strait of Hormuz fears.

🇨🇳 | President Trump left Beijing without committing to a Taiwan arms package after China’s Xi pressed concerns.

🏭 | US manufacturing production rose 0.6% in April, its biggest monthly gain in 14 months, with motor vehicle output jumping 3.7%.

🏜️ | The Colorado River is on the brink of disaster, with Lakes Mead and Powell down roughly 75% from peak.

🚗 | Uber (UBER) executives have started publicly trashing robotaxi partner Waymo over scalability, equity, and a "scary" Muni-bus overtaking incident.

Do you own any shares of Starbucks (SBUX)?

▇▇▇▇▇▇ 🐂 Yup, I’m holding

▇▇▇▇▇▇ 🐻 Nope, not interested

▇▇▇▇▇▇ 👀 No, but I’m interested

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