Shares of tariff-sensitive retailers rallied on the court’s ruling. Nike and Deckers gained 2%, while Lululemon and Dollar Tree added 1%. E.l.f. Beauty surged 9% after an earnings beat and plans to acquire Rhode in a $1 billion deal. Though the company held off on issuing full-year guidance due to tariff concerns, sentiment in the beauty segment improved broadly. Estée Lauder, Coty, and Ulta each advanced between 1% and 2%.
Retail wasn’t the only sector catching a bid. Veeva Systems jumped 14% on strong earnings, while Burlington Stores and Kohl’s rose 7% and 6% respectively following better-than-expected quarterly results. Salesforce also edged higher on solid guidance.
What Do Jobless Claims and GDP Revisions Say About the Economy?
Initial jobless claims rose to 240,000 last week, above expectations of 230,000, driven by a spike in Michigan filings. Continuing claims also rose, reaching their highest level since November 2021. Meanwhile, Q1 GDP was revised to a smaller contraction of 0.2%, helped by a 24.4% surge in private investment, though consumer spending was revised lower to 1.2%.
What’s the Market Outlook Heading Into June?
Traders are weighing the cooling consumer data against strong corporate results and easing trade tensions. The tech sector, lifted by AI optimism, continues to lead market sentiment. However, ongoing legal and policy uncertainty around tariffs, combined with mixed economic signals, could temper gains. Eyes now turn to upcoming inflation readings and Fed commentary for clues on the policy path ahead.