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

0830 - GDP growth rate for Q2 (second estimate): Expected 2%; Prior 2%
0830 - Initial jobless claims: Expected 211.5k; Prior 209k
0830 - PCE price index m/m for April: Expected 0.5%; Prior 0.7%
0830 - PCE price index y/y for April: Expected 3.8%; Prior 3.5%
0830 - Core PCE price index m/m for April: Expected 0.3%; Prior 0.3%
0830 - Core PCE price index y/y for April: Expected 3.3%; Prior 3.2%
0830 - Consumer spending for April: Expected 0.5%; Prior 0.9%

Snowflake Inc (SNOW)

+36.65%

Gapping up after its Q1 2027 earnings report, with revenue of $1.39 billion and adjusted EPS of $0.39 beating estimates of $1.32 billion and $0.32, respectively. Product revenue grew by 34% year-over-year to $1.33 billion, with remaining performance obligations growing by 38% to $9.21 billion. The company projected product revenue between $1.415 billion and $1.42 billion for Q2 2027, implying 30% year-over-year growth, and hiked its product revenue outlook for the fiscal year to $5.84 billion.

Marvell Technology Inc (MRVL)

-2.21%

On watch after its Q1 2027 earnings report. The company posted revenue of $2.42 billion and adjusted earnings of $0.80 per share, narrowly beating estimates of $2.4 billion and $0.79, respectively. Operating cash flow reached a record $638.8 million. Marvell projected $2.7 billion in revenue for Q2 2027, implying 37% year-over-year growth.

Nebius Group NV (NBIS)

+11.15%

Gapping up after Situational Awareness LP disclosed a 5.6% beneficial ownership stake in the company. The fund now holds 12.41 million Class A shares of Nebius. The AI-focused hedge fund is run by former OpenAI researcher Leopold Aschenbrenner.

Dell Technologies Inc (DELL)

+4.32%

The Pentagon has awarded a five-year, $9.69 billion contract to Dell Federal Systems. The agreement involves the consolidation of enterprise software licensing across the military, intelligence community, and Coast Guard under Microsoft into a single contract vehicle called the Core Enterprise Technology Agreement. The deal does not represent new spending, but instead centralizes existing budgets for Microsoft 365, cloud, and on-premises software to streamline procurement and leverage bulk purchasing to reduce costs. Dell is also on watch ahead of its earnings report, to be released after the bell on Thursday.

Oil and Energy Stocks

+2.24%

Trading higher as a group after renewed strikes in Iran raised concerns about potential disruptions to shipping through the Strait of Hormuz. Brent crude climbed about 2.14% to $96.31 per barrel and WTI rose 2.2% to $90.63 early on Thursday morning as tensions escalated following reported Iranian retaliation and continued military activity in the region.

USO, OXY, XOM, CVX

Drone Stocks

+9.29%

Trading sharply higher after the Wall Street Journal reported that the Trump administration is discussing funding support for drone companies including Unusual Machines (UMAC) and Sequoia-backed Neros. Funding proposals could involve a mix of debt and equity financing. The plan, tied to a broader push to prioritize US drone dominance in defense strategy, could also result in the government taking ownership stakes in these companies. Donald Trump Jr. is a member of Unusual Machines’ advisory board.

UMAC, AVAV, LTRX, ONDS

Salesforce Inc (CRM)

-0.86%

On watch after its Q1 2027 earnings report. Revenue of $11.13 billion beat estimates of $11.05 billion and represented 13% year-over-year growth, while adjusted EPS of $3.88 beat estimates of $3.12. The company projected Q2 2027 EPS of $3.25-$3.27 and revenue of $11.27 billion-$11.35 billion, compared to estimates of $3.25 and $11.36 billion, respectively. For FY 2027, Salesforce hiked its adjusted EPS outlook to $14.06-$14.12 and expects revenue between $45.9 billion and $46.2 billion.

Photronics Inc (PLAB)

-27.02%

Gapping down after its Q1 2026 earnings report. The company warned that factors like fab utilization elevation and memory supply constraints could lead to delays in design releases. Quarterly revenue grew by 6.1% year-over-year to $225.1 million; GAAP net income of $42.9 million was flat on a year-over-year basis. Photronics projected revenue between $212 million and $220 million for Q2 2026.

Meta Platforms Inc (META)

-0.11%

The stock rallied on Wednesday afternoon after introducing paid subscriptions for its AI products for the first time. Meta One Plus is priced at $7.99/month, with a premium tier at $19.99/month offering higher computing capacity and more advanced features. The move marks a shift toward monetizing its AI ecosystem beyond advertising as it competes with OpenAI, Anthropic, and Google. Initial testing planned in select countries next month. TechCrunch additionally reported that the company is rolling out subscription plans for its Instagram, Facebook, and WhatsApp platforms.

Best Buy Co Inc (BBY)

+9.70%

Gapping up after its Q1 2027 earnings report, with revenue of $8.94 billion and earnings of $1.28 per share beating estimates of $8.82 billion and $1.22, respectively. The company projected $41.2 billion to $42.1 billion in revenue for FY 2027, compared to estimates of $41.75 billion; the midpoint of its EPS outlook for the fiscal year was similarly in-line with analyst estimates.

Dollar Tree Inc (DLTR)

+11.61%

Gapping up after its Q1 2027 earnings report. Revenue of $4.97 billion was in-line with analyst estimates, while earnings of $1.74 per share beat estimates of $1.55. The company projected Q2 2027 revenue of $4.8 billion-$4.9 billion and EPS of $1.00-$1.15, compared to estimates of $4.84 billion and $0.99, respectively. Dollar Tree’s FY 2027 revenue outlook met analyst estimates, though its EPS outlook for the year exceeded expectations.

The Trade Desk Inc (TTD)

-2.02%

Trading marginally lower premarket after Rothschild Redburn initiated coverage on the stock with a Sell rating and an $11 price target, implying roughly 50% downside. The analyst argued that the company’s role as an intermediary in the digital ad supply chain is increasingly under pressure. The firm believes AI-driven ad tools from walled gardens, discounted programmatic offerings from Amazon, and agencies developing direct, agentic media-buying platforms could lead to market share losses and lower take rates that consensus estimates have not yet priced in.

Xpeng and Li Auto

+0.21%

Both of these Chinese EV companies reported Q1 2026 earnings before the bell on Thursday. Xpeng’s quarterly revenue came in at $1.89 billion, above estimates of $1.8 billion, with adjusted losses reported at $0.26 per share. The company projected deliveries of 100,000 to 160,000 vehicles in FY 2026, implying year-over-year growth of -3% to +2.7%. Li, meanwhile, posted $3.1 billion in vehicle sales for the quarter; this number represents a 12.7% annual decline. Vehicle margin similarly declined from 19.8% to 6.1% on a year-over-year basis. Xpeng is trading sharply higher premarket, while Li Auto is trading sharply lower.

XPEV, LI

International Business Machine Corp (IBM)

+1.66%

The company plans to invest more than $10 billion in quantum computing over the next five years, according to a regulatory filing. IBM also reaffirmed its goal of delivering its first large-scale fault-tolerant quantum computer by 2029.

Kohl’s Corp (KSS)

+9.98%

Gapping up after its Q1 2026 earnings report. Net sales were reported at $3 billion, representing a 1.7% year-over-year decline, while comparable sales dropped by 1.1%. Gross margin grew by four basis year-over-year to 39.9%. The company expects FY 2026 net sales and comparable sales to decline by 0% to 2% on a year-over-year basis.