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

0945 - S&P manufacturing PMI for May: Expected 52.3; Prior 52.3
1000 - ISM manufacturing PMI for May: Expected 49.5; Prior 48.7
1000 - ISM manufacturing prices paid for May: Expected 69; Prior 69.8
1000 - Construction spending m/m for April: Expected 0.2%; Prior -0.5%
1015 - Fed’s Logan speaks
1245 - Fed’s Bowman speaks
1300 - Fed’s Powell speaks

Big Tech and Semiconductors

-1.03%

Trading marginally lower as a group as trade tensions between the US and China appear to heat up once again. China pushed back against U.S. accusations of violating the Geneva trade agreement, instead blaming Washington for breaching the deal and warning of countermeasures if U.S. actions continue to harm its interests. This re-escalation between the countries follows renewed U.S. export restrictions and visa revocations, with China signaling a hardened stance in trade negotiations.

MSFT, NVDA, AMD, SMCI, INTC, MU, MRVL

Tesla Inc (TSLA)

-1.67%

On watch as traders react to the company’s May 2025 sales data in a variety of regions. According to Reuters, Tesla sales in Sweden and Spain dropped by 53.7% and 29%, respectively, on a year-over-year basis last month. The company’s sales in Norway for the month of May, however, increased by 213% year-over-year thanks to an influx of demand for the Model Y. Barron’s reported that Tesla’s China sales throughout April and May 2025 (combined) are down 23% year-over-year.

Apple Inc (AAPL)

-0.53%

Citigroup reiterated its Buy rating and $240 price target for the stock ahead of Apple’s WWDC on June 9. The analyst attributed its optimism to the company's strong position in the personal AI era due to its custom silicon, integrated ecosystem, and 2.35 billion user base. Despite delays in AI-powered Siri features until 2026, Citi anticipates upside from upcoming Apple Intelligence updates and broader platform improvements.

Alphabet Inc (GOOGL)

-2.11%

On Saturday, the company announced plans to appeal a federal judge’s antitrust ruling that proposed less stringent measures to address its online search monopoly than the 10-year plan sought by enforcers. While the court weighs its final decision, Google argues the original ruling was incorrect and highlights its recent actions, such as ending exclusive deals with wireless carriers and phone makers, to address AI competition concerns.

Cleveland-Cliffs Inc (CLF)

+25.39%

Gapping up after US President Donald Trump announced via a Truth Social post that he plans to increase steel tariffs from 25% to 50%. The tariffs are slated to go into effect this week. The announcement came hours after Trump spoke at the U.S. Steel base in Pennsylvania and praised Nippon Steel’s $14 billion investment in U.S. Steel; Trump, however, did not explicitly approve or endorse Nippon’s attempts to merge with the company.

Moderna Inc (MRNA)

+4.10%

Trading sharply higher premarket after the company’s new COVID-19 vaccine, mNEXSPIKE (mRNA-1283), received FDA approval. A Phase 3 trial showed that the new vaccine demonstrated 9.3% higher efficacy than the original Spikevax (mRNA-1273) in individuals aged 12 and older. In adults 65 and older, mNEXSPIKE showed a 13.5% higher relative vaccine efficacy, supporting its potential as a more effective booster option.

The Boeing Company (BA)

+1.48%

Trading higher premarket after BofA upgraded the stock to Buy from Neutral and raised its price target from $185 to a Street high of $260. The upgrade was attributed to the company’s progress in stabilizing production, improved free cash flow outlook, and strategic carve-outs. Analysts also highlighted Boeing's emerging role as a favored trade tool in recent international deals, including major aircraft orders from the UK, Qatar, and UAE, as well as China's lifting of its aircraft ban.

DraftKings Inc (DKNG)

-4.68%

Trading sharply lower premarket after Illinois lawmakers passed a $55.2 billion budget that includes a new per-bet fee on online sports wagers—$0.25 for the first 20 million bets and $0.50 thereafter—expected to generate $36 million annually. Despite pushback from operators and users, Governor Pritzker of Illinois is said to support the measure and plans to sign it. In response to the decision, BofA analysts noted that they believe DraftKings will likely “explore various mitigation strategies” to navigate the fees.

Meta Platforms Inc (META)

-0.72%

On watch after the Wall Street Journal reported that the company is accelerating its push into AI-powered advertising. The goal of this shift is to let brands fully generate and target ads using artificial intelligence by the end of 2025—covering everything from ad creation to audience targeting and budget optimization. While the move could greatly benefit small and midsize businesses, some major brands remain cautious about ceding creative control to Meta and AI tools as a whole.

EV Stocks

-0.23%

Several stocks in the group are on watch heading into Monday’s session. Rivian is trading lower premarket after announcing a $1.25 billion private offering of senior secured green notes due 2031, with plans to use the proceeds and existing cash to fully redeem its outstanding 2026 floating rate notes and cover related costs. Meanwhile, Nio is trading higher premarket after recording a 13.1% year-over-year increase in May 2025 deliveries; fellow Chinese EV brands Li and Xpeng posted increases of 16.7% and 230%, respectively.

RIVN, NIO, LI, XPEV

Amazon.com Inc (AMZN)

-0.72%

BofA Securities raised its price target for the stock from $230 to $248 while maintaining a Buy rating. Factors leading to the price target boost included strong advancements in robotics and AI, solid financial health, and revenue growth of more than 10% over the past year. The analyst believes that increased automation, including over 750,000 robots and new fulfillment technologies, will drive long-term retail margin expansion to 11% by improving efficiency, cutting costs, and enhancing delivery speed.

UnitedHealth Group Inc (UNH)

+1.01%

Attempting to rebound premarket after recording an almost-27% drop in May 2025, its worst monthly performance since 2009. The decline was driven by a variety of factors and catalysts, including regulatory fears, a DOJ criminal probe into alleged Medicare fraud, and a sudden leadership change following CEO Andrew Witty’s resignation. As of the close on May 30, 2025, UnitedHealth has declined by 40.57% on a year-over-year basis, making its the third-weakest stock in the S&P 500 this year.

Basel Medical Group Ltd (BMGL)

+50.66%

Gapping up following a strong showing on Friday, attributed to a press release from the company touting its “strong financial position” amid the current economic climate. Basel has a float of 5.23 million shares.