^{_{Welcome to the TraderTV Live Morning Research Note. Here's what's making major moves in the market today.}}

0830 - CPI y/y for May: Expected 2.4%; Prior 2.3%
0830 - CPI m/m for May: Expected 0.2%; Prior 0.2%
0830 - Core CPI y/y for May: Expected 2.9%; Prior 2.8%
0830 - Core CPI m/m for May: Expected 0.3%; Prior 0.2%
1400 - Federal budget balance for May: Expected -$314B; Prior -$258B

Chinese ADRs

-0.24%

On watch as a group after authorities announced that the U.S. and China have reached a framework agreement on trade. This announcement follows two days of high-level talks in London, with the countries aiming to implement the Geneva consensus reached in May. The deal, which includes a 90-day suspension of recent tariffs and rollback of other measures, now awaits approval from Presidents Trump and Xi. Separately, Bilibili is gapping up on no apparent news catalyst.

BABA, BILI, BIDU, PDD, JD, LI, XPEV, NIO, FXI, KWEB

Big Tech and Semiconductors

+0.15%

A federal appeals court ruled that US President Donald Trump's sweeping tariffs can remain in effect while legal challenges proceed, granting a temporary stay despite earlier findings that he may have overstepped his authority. The court fast-tracked the case for a full panel review this summer, citing its exceptional importance and the strength of arguments on both sides. Trump called the decision a “great and important win” for the country in a Truth Social post on Wednesday morning.

MSFT, AAPL, SMCI, INTC, MRVL, MU, AVGO, ARM

NVIDIA Corp (NVDA)

+0.10%

The company announced multiple partnerships across Europe to support AI infrastructure development, with CEO Jensen Huang emphasizing the company’s role in building “AI factories”—large data centers powered by its GPUs. During his keynote in Paris, Huang projected that Europe’s AI computing capacity will grow tenfold in the next two years. The efforts align with Nvidia’s broader global push, including recent deals in the Middle East.

GameStop Corp (GME)

-3.98%

Gapping down after reporting Q1 2025 earnings. Revenue dropped by 17% on a year-over-year basis to $732.4 million, below estimates of $750 million, but adjusted earnings of $0.17 per share beat expectations of $0.04. GameStop held $6.4 billion in cash, cash equivalents, and marketable securities at the end of the quarter, up significantly from $1 billion in Q1 2024. The company announced that it holds 4,710 Bitcoin, which were purchased over the last month using cash.

Tesla Inc (TSLA)

+1.74%

Poised for another strong session following notable rallies on both Monday and Tuesday. The rebound has been attributed to a number of factors, chief among them the anticipation for the company’s Robotaxi launch. Footage of Tesla’s Model Y driving unmanned through Austin, Texas circulated online on Tuesday afternoon, fuelling the excitement. The company has said that it plans to begin offering rides to the public by June 22. CEO Elon Musk also commented that he regrets some of his scathing posts about US President Donald Trump, another sign that their sudden feud may be ending.

GitLab Inc (GTLB)

-11.96%

Gapping down after its Q1 2026 earnings report. Adjusted earnings of $0.17 per share and sales of $214.51 million beat estimates of $0.15 and $213.16 million, respectively. The company guided Q2 sales between $226 million and $227 million, narrowly missing estimates of $227.16 million, and its adjusted EPS guide for the quarter met analyst estimates. GitLab raised its FY26 adjusted EPS guide and affirmed its guide for the fiscal year.

Alphabet Inc (GOOGL)

-0.28%

The stock dropped on Tuesday afternoon after CNBC reported that the company has offered voluntary buyouts to employees across multiple divisions, including search, ads, and engineering. The program targets U.S.-based workers and encourages those not aligned with company goals or underperforming to exit, while reinforcing hybrid work requirements for remote staff near offices. Alphabet rallied on Tuesday morning after Reuters reported that OpenAI approached the company for a cloud computing deal.

Chewy Inc (CHWY)

-8.04%

Gapping down after its Q1 2025 earnings report. Adjusted earnings of $0.35 per share narrowly exceeded estimates of $0.34, and sales of $3.12 billion beat estimates of $3.08 billion. The company’s gross margin decreased by 10 basis points on a year-over-year basis, and its net margin declined by 30 basis points.

Quantum Stocks

+6.34%

Gapping up as a group after Nvidia CEO Jensen Huang declared that quantum computing is at an “inflection point” during the GTC Paris event. He highlighted Nvidia’s Cuda Q platform and said the world is nearing the ability to use quantum computers to tackle meaningful problems in the near future. Many of the stocks in this group have short floats of greater than 15%.

RGTI, QUBT, QBTS, IONQ

Meta Platforms Inc (META)

-0.26%

A series of AI-related headlines have circulated about the company over the past few days many of which involve Scale AI. Reports on Tuesday suggested that CEO Mark Zuckerberg is finalizing a $14–15 billion investment in Scale AI to bring its CEO, Alexandr Wang, into Meta and help lead a new AI research lab. Meta reportedly plans to take a 49% stake in Wang’s company, mirroring strategies used by Google and Microsoft to gain AI talent without triggering regulatory backlash.

Cleveland-Cliffs Inc (CLF)

-5.36%

Gapping down after Bloomberg reported that the US and Mexico are in talks for a new deal on steel imports. The deal would reportedly eliminate the Trump administration’s new 50% steel tariffs on imports up to a certain volume.

Helius Medical Technologies Inc (HSDT)

+98.52%

Gapping up after announcing that Aetna has authorized a claim for its PoNS device at an out-of-network negotiated price of $18,350, joining Anthem and United in offering reimbursement. The company noted this as an initial step toward broader third-party insurance coverage for the device.