marketmoves

🇺🇸 US Markets Brief

🎯 Coinbase joins S&P 500; Fed cut seen in December; Trump tariffs hit Shein, Temu US sales.

🔸 Coinbase to join S&P 500 on May 19, replacing Discover; shares jumped ~9% after hours.

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🔸 NRG Energy acquires $12B natural gas portfolio, doubling capacity to meet AI/data center-driven electricity demand.
🔸 Amazon partners with FedEx for deliveries after UPS pullback; FedEx stock up 1%.

🔸 Fitch upgrades Argentina’s debt to CCC+ after $20B IMF deal and currency reforms; Buenos Aires equities rally.
🔸 Petrobras Q1 net profit up 48.6% y/y to R$35.2B; approves R$11.7B dividend, notes pressure from weaker oil prices.

🔸 House Republicans propose tax bill exempting tips, overtime, and car loan interest from income tax; raises debt ceiling by $4T.
🔸 McDonald’s announces plan to hire 375,000 US workers this summer, its largest hiring initiative in years.

🔸 US expands Iran nuclear sanctions, targeting five individuals and two entities amid ongoing indirect talks.
🔸 Walgreens expands prescription-filling robots ahead of going private, aiming for cost savings and efficiency.
🔸 NYC Mayor Adams to host Crypto Summit, seeks to position NYC as a global crypto hub.

...and that's the update for today. 🏁

🔸 Goldman Sachs delays expected Fed rate cut to December 2025, raises US growth forecast to 1% y/y for Q4.
🔸 Trump administration maintains 120% tariff on Chinese goods under $800, causing Shein and Temu US sales to drop 23% and 17%.