Trump-Xi call focuses on trade, PVH reports Q2 beat: Morning Buzz

The major averages were higher near noon as investors await the May U.S. jobs report, which is set for release on Friday. Traders are also weighing news from President Trump, who said a call with China president Xi Jinping “resulted in a very positive conclusion,” though he declined to provide any details.

Looking to commodities, gold prices are down fractionally, while oil prices are trading more than 1% higher. 

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• President Trump had a phone call with China’s Xi Jinping, with Trump saying the call “resulted in a very positive conclusion” on trade, though he did not explain what exactly the two sides concluded
• Boeing (BA) entered into a Non-Prosecution Agreement with the DOJ related to the 737 MAX crashes
• PVH Corp. (PVH) reported better-than-expected Q2 results but lowered its FY25 earnings guidance
• Planet Labs (PL) reported upbeat Q1 results but narrowed its FY26 revenue outlook
• Five Below (FIVE) reported better-than-expected Q1 earnings and revenue

2. WALL STREET CALLS:

• JPMorgan (AVGO) upgraded to Buy from Hold at Erste Group
• Meanwhile, Erste downgraded Salesforce (CRM) to Hold, here’s why
• Jefferies downgraded Chewy (CHWY) to Hold from Buy
• Parker-Hannifin (PH) initiated with an Equal Weight rating at Morgan Stanley

3. AROUND THE WEB:

• The Bear Cave issued a cautious report on KinderCare Learning (KLC), saying its previous concerns are entering the mainstream, allegations against the company are growing
• Citigroup (C) plans to cut the number of employees at two of its technology centers in China by about 3,500 as the bank pushes to simplify and shrink global tech operations to improve risk and data management, Reuters says
• Apollo Global Management (APO) could invest as much as $100B in Germany over the next decade, in a boost to chancellor Friedrich Merz’s efforts to stimulate growth in the country’s economy, FT reports
• Advertisers are shifting millions of dollars in ad budgets, particularly in connected TV, from Trade Desk’s (TTD) demand-side platform to Amazon.com’s (AMZN), Adweek says
• Microsoft’s (MSFT) LinkedIn CEO Ryan Roslansky is taking charge of teams that build email and productivity apps as the company consolidates more of its workplace software to speed up deployment of AI tools, Bloomberg reports

4. MOVERS:

• Nebius (NBIS) gains in New York after Arete initiated coverage of the stock and named its preference of the stock over CoreWeave (CRWV)
• MongoDB (MDB) higher after reporting Q1 results and increasing its share repurchase program by $800M to $1B
• Owens & Minor (OMI) increases after announcing it will pay $80M to Rotech Healthcare following the termination of its previously announced acquisition
• Brown-Forman (BF.B) falls after reporting Q4 results and providing guidance for FY26
• Telus International (TIXT) lower in New York after announcing a 3.3M share offering

5. EARNINGS/GUIDANCE:

• Ciena (CIEN) reported Q2 results, with EPS missing consensus
• AstroNova (ALOT) reported Q1 results and backed its guidance for FY26
• Cracker Barrel (CBRL) reported Q3 results, with CEO Julie Masino commenting, “Our Q3 performance exceeded our expectations”
• Toro Company (TTC) reported Q2 results, with EPS beating consensus
• Land’s End (LE) reported Q1 results and reaffirmed its guidance for FY25

INDEXES:

Near midday, the Dow was up 121.99, or 0.29%, to 42,549.73, the Nasdaq was up 129.22, or 0.66%, to 19,589.71, and the S&P 500 was up 22.00, or 0.37%, to 5,992.81.