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- 👉 Long, Hot... Tariff-Filled Summer?
Welcome to your new week.
The summer months have officially arrived and it looks like this vacation season will be a hectic one in the markets.
Bitcoin is range-bound beneath all-time highs, the stock market is anxious about tariffs, the bond market is painting an ugly picture, and the Russia / Ukraine war hasn’t slowed down.
Throughout the summer — I’ll be sharing weekly portfolio updates, breaking down all of the most important earnings reports, and much more. We’d love to have you as a premium subscriber to receive all the analysis + portfolio access!
Key Earnings Announcements:
Broadcom, Campbell’s, Crowdstrike, DocuSign, MongoDB, and NIO highlight this week’s earnings reports.
Monday (6/2): Campbell’s, SAIC
Tuesday (6/3): Asana, CrowdStrike, Dollar General, Ferguson, Guidewire, Hewlett Packard Enterprise, NIO, Signet Jewelers
Wednesday (6/4): Five Below, MongoDB, PVH, Planet Labs, TechTarget, Thor Industries, Verint
Thursday (6/5): Broadcom, Cracker Barrel, DocuSign, Lands’ End, Lululemon, Rubrik, Samsara, ServiceTitan, Toro, Victoria’s Secret
Friday (6/6): ABM, FuelCell Energy, G-III Apparel
What We’re Watching:
Crowdstrike (CRWD)
Source: CrowdStrike Earnings Deck
CrowdStrike reports earnings Tuesday after the bell. Shares are up +37.8% YTD as investors continue to reward its consistent execution and leadership in endpoint security. Last quarter, subscription revenue rose +33% YoY and net new ARR added came in strong, but operating margins narrowed slightly due to heavier AI R&D investment.
EPS expectations have been revised modestly upward, but attention will center on sustained ARR growth, federal contract momentum, and traction from its Falcon Cloud Security and LogScale platforms. Management has emphasized growing its platform strategy beyond endpoint protection, and investors will want to see that diversification reflected in results. I’ll also be watching commentary on enterprise cybersecurity budgets and pipeline visibility into 2H 2025.
I’m still a happy holder of CRWD — up +121% on my position.
“We are building the cybersecurity AI-native platform of the future – unifying threat detection, response, and data at scale.”
Crowdstrike Holdings, Inc. (CRWD) Stock Performance, 5-Year Chart, Seeking Alpha
Lululemon (LULU)
Source: Lululemon Earnings Infographic
Lululemon reports earnings Tuesday after the bell. Shares have fallen -17% YTD as the company grapples with macroeconomic headwinds, including new U.S. tariffs on Asian imports that impact nearly 86% of its product line. Analysts estimate these tariffs could reduce gross margins by up to 720 basis points, with a blended tariff rate around 39%.
While Lululemon has historically avoided broad price hikes, the current environment may test that strategy. Investors will be closely watching for updates on margin pressures, consumer demand trends, and any strategic adjustments to mitigate the impact of tariffs.
“Consumers are spending less due to increased concerns about inflation and the economy. This is manifesting itself into slower traffic across the industry in the U.S. in quarter one, which we are experiencing in our business as well.”
Lululemon Athletica Inc. (LULU) Stock Performance, 5-Year Chart, Seeking Alpha
Investor Events / Global Affairs:
Circle eyes $6B valuation, Snowflake hosts its annual 4-day summit, and more Trump tariff updates.
Circle Eyes $6B Valuation
Jeremy Allaire, Co-Founder, Chairman and CEO of Circle. Source: Getty Images
Stablecoin issuer Circle (who manages USDC) is set to price its IPO this week, aiming to raise $624M at a ~$6B valuation on the NYSE. With early backing from BlackRock and ARK Invest, the deal will be closely watched as a major test of investor appetite for crypto infrastructure amid broader market volatility.
All of this comes as the stablecoin market surpassed the $250B milestone for the very first time. According to The Block — Tether's USDT is dominating with a market cap exceeding $153 billion, ahead of runner-up Circle’s USDC with a market cap of $60.9 billion.
“The Trump Administration is going big on digital assets. Why? Because the previous administration nearly destroyed the industry with its anti-innovation agenda and regulation-by-enforcement approach. No more. Digital asset companies deserve regulatory clarity—and that’s exactly what we are working toward. Passing the stablecoin bill is just the start.”
Snowflake (SNOW) Summit 2025
Snowflake’s flagship Summit kicks off this week in San Francisco, bringing together the global data, AI, and application development community. Over four days, the company will showcase new product innovations like Cortex and Snowpipe Streaming — with more than 500 sessions and nearly 200 partners in attendance.
The most anticipated moment? A high-profile fireside chat between Snowflake CEO Sridhar Ramaswamy and OpenAI’s Sam Altman on Tuesday at 2PM — a spotlight on the future of enterprise AI.
Snowflake Inc. (SNOW) Stock Performance, All-Time Chart, Seeking Alpha
"Enterprises are at a turning point on their AI journeys, shifting from experimentation to full-scale deployment that drives real business impact. But AI is only as powerful as the data behind it. Snowflake Summit 2025 will demonstrate how we are making AI and data come alive with Snowflake’s trusted data platform, serving as the engine helping global enterprises unlock AI’s value.”
Trump Tariff Updates
President Trump has intensified his trade policy by doubling tariffs on steel and aluminum imports to 50%, effective June 4, aiming to bolster domestic production. This move has drawn criticism from international trade partners and economists, who warn of potential inflationary pressures and retaliatory measures.
The European Union, facing a similar 50% tariff threat, has been granted a reprieve until July 9 to negotiate a trade deal, highlighting the administration's strategic use of tariffs in diplomatic discussions. Meanwhile, a U.S. trade court ruling challenging the legality of these tariffs has been temporarily halted, allowing the measures to remain in effect during ongoing legal proceedings.
Like all investors — we’re eager to see if there will be more tariff updates this week. The clock is ticking here…
“Just when we thought the noise around tariffs was quietening down, recent events have shown that investors should take nothing for granted until it is signed and sealed.”
Major Economic Events:
Investors will learn a lot about the labor market this week.
Monday (6/2): Auto Sales, Chicago Fed President Austan Goolsbee Speech, Construction Spending, Dallas Fed President Lorie Logan Speech, Federal Reserve Chair Jerome Powell Opening Remarks, ISM Manufacturing, S&P Final U.S. Manufacturing PMI
Tuesday (6/3): Chicago Fed President Austan Goolsbee Speech, Dallas Fed President Lorie Logan Opening Remarks, Factory Orders, Federal Reserve Governor Lisa Cook Speech, Job Openings
Wednesday (6/4): ADP Employment, Atlanta Fed President Raphael Bostic and Federal Reserve Governor Lisa Cook at Fed Listens Event, Fed Beige Book, ISM Services, S&P Final U.S. Services PMI
Thursday (6/5): Federal Reserve Governor Adriana Kugler Speech, Initial Jobless Claims, Philadelphia Fed President Patrick Harker Speech, U.S. Productivity, U.S. Trade Deficit
Friday (6/6): Consumer Credit, Hourly Wages Year Over Year, U.S. Employment Report, U.S. Hourly Wages, U.S. Unemployment Rate
What We’re Watching:
Non-Farm Payrolls
The U.S. economy added +177K jobs in April — well above the +130K consensus and roughly in line with the 12-month average. Hiring was led by health care, transportation, and financial services, while federal government jobs declined. Despite slowing from March, the report shows labor market resilience in the face of rising uncertainty from Trump’s tariff policies. I’ll be watching the report Friday to see if May continued the major jobs growth.
The median forecast for this week’s May report is +125K jobs, very much below April’s results.
"May's employment report will offer the first real look at how the labor market is faring under a rapidly changing trade environment. We suspect it will show the cloudier outlook starting to weigh on hiring, with payroll growth moderating to +125K in May."
Unemployment Rate
The U.S. unemployment rate held steady at 4.2% in April, matching expectations. While joblessness ticked slightly higher, employment rose by +436K and labor force participation nudged up to 62.6%.
Encouragingly, the broader U-6 unemployment rate dipped to 7.8% — hinting at ongoing labor market resilience despite economic headwinds. The May Jobs report will come out this Friday with analysts expecting the unemployment rate to hold steady again at 4.2%.
“We can push recession concerns to another month. Job numbers remain very strong, suggesting there was an impressive degree of resilience in the economy in play before the tariff shock. The economy will weaken in the coming months but, with this underlying momentum, the U.S. has a decent chance of averting recession if it can step back from the tariff brink in time.”
The Father-Son Duo Revolutionizing Homebuilding
Paolo and Galiano Tiramani founded BOXABL with a disruptive idea: bring factory efficiency to homebuilding. Today, new homes can roll off their assembly lines in ~4 hours – already building 700+. Now, they’re prepping for Phase 2, combining modules into larger townhomes, single-family homes, and apartments. And until 6/24, you can share in their growth.
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Cover image source: Reuters / Brendan McDermid / File Photo
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