WS #7192
The dominant macro narrative remains the escalating oil supply crisis and US PPI surge, with no counter-signals or de-escalation observed. The situation is stable with no new data points to report. Key developments include the EIA crude inventory draw of 4.306M barrels (vs -2.10M est), gasoline draw of 4.084M barrels (vs -2.85M est), and US wholesale inflation rising 6% YoY in April, the highest since December 2022. Nvidia reached a $5.5 trillion market cap, becoming the first company in history to do so. LinkedIn (MSFT) plans to lay off 5% of staff. Trump and Xi are set to meet in Beijing, with potential tariff cuts for $30B of goods. The US Energy Secretary warned Iran is close to weapons-grade uranium. VNET shares jumped 28% on new strategic investors. Personalis rose ~11% on expanded Medicare coverage. Akamai climbed after BofA upgrade. SoFi stock is falling post-earnings. XRP topped Bitcoin and Ethereum in Korean trading volumes.
Key developments
- US wholesale inflation surges 6% YoY in April, highest since Dec 2022
- EIA crude inventory draws 4.306M barrels vs -2.10M est; gasoline draws 4.084M vs -2.85M est
- Nvidia becomes first company to reach $5.5 trillion market cap
- Trump and Xi to meet in Beijing; potential tariff cuts for $30B of goods
- US Energy Secretary warns Iran is weeks away from weapons-grade uranium
- LinkedIn (MSFT) plans to lay off 5% of staff
- VNET shares jump 28% on new strategic investors
- Personalis rises ~11% as Medicare expands coverage for NeXT Personal test