It’s Friday! Wall Street is reshuffling its deck after President Trump’s “Big, Beautiful Bill” cleared the House, triggering ripple effects across the world. Read on to see which industries are poised to soar, and which are bracing for impact.

Also, a sharp rebound in U.S. business activity has sparked optimism on Wall Street, even though it raises concerns among consumers and policymakers. Discover what’s driving the unexpected surge.

Plus, if you're interested in a biotech company working to reshape how we treat neurodegenerative disorders, check out today’s sponsor!

In Today's Edition

• COGNITION THERAPEUTICS

• MARKET RECAP

• FIVE ZINGERS

• GLUCOTRACK

• MARKET HISTORY

• ONE FOR THE ROAD

Big Tax Cuts, Big Deficits: Wall Street Winners And Losers Emerge

The U.S. House of Representatives passed one of the most expansive tax-and-spending bills in modern history, setting the stage for a multi-trillion-dollar shift in federal deficits and sector dynamics over the next decade.

While the legislation promises tax relief and increased funding in areas like defense and homeland security, it comes at the cost of what experts are saying will be a $3 trillion surge in the federal deficit. That massive fiscal injection is already sparking waves across Wall Street, where investors are recalibrating their strategies. Defense and cybersecurity sectors are on the upswing, buoyed by expectations of new federal contracts. However, clean energy, agriculture and infrastructure are taking a direct hit — with solar stocks in particular plummeting on fears of vanishing subsidies and policy reversals.

For investors, this bill is more than a budget — it’s a blueprint for who gains and who gets left behind in the next phase of U.S. economic policy. Check out the winners and losers from President Trump’s “Big, Beautiful Bill.”

Cognition Therapeutics Inc. (NASDAQ: CGTX), a clinical-stage company developing drugs that treat neurodegenerative disorders, just reported positive topline results of its phase 2 MAGNIFY trial for zervimesine (CT1812), this time in treating geographic atrophy (GA) secondary to dry age-related Macular Degeneration.

GA is an advanced form of dry AMD that eventually leads to blindness. The company’s oral pill administered daily could be a game changer. After all, the current treatments require injections directly into the eye on a monthly or bi-monthly basis.

The topline results also mark the third indication for zervimesine (CT1812) that holds promise. The company has already reported positive data for the drug in treating Alzheimer's and dementia with Lewy bodies. To learn more about zervimesine and Cognition Therapeutics, click here. 

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Yesterday: U.S. stocks ended lower Thursday as the House passed a sweeping tax and spending bill, raising concerns over rising deficits and pressuring bond markets. Both the S&P 500 and Dow posted their third consecutive losing day, while the Nasdaq was the outlier, rising about 0.3%. The 10-year Treasury yield fell to 4.54%, reversing recent gains amid worries that the bill’s estimated $3 trillion long-term cost could widen the deficit. The legislation aims to extend 2017 tax cuts, raise the SALT deduction cap and eliminate taxes on Social Security and tips, while cutting spending on aid programs to partially offset revenue losses. Weekly jobless claims fell slightly to 227,000, though continued claims ticked up to 1.9 million. Meanwhile, U.S. services and manufacturing PMIs both beat expectations, signaling continued expansion.

On Our Radar: Analysts will be watching for policy signals as several Federal Reserve officials (Jeff Schmid, Alberto Musalem and Lisa Cook) speak, and also analysing the new home sales report, which will provide a snapshot of the housing market. On the earnings front, Joyy (JOYY) and EHang (EH) will headline a slate of companies that will be releasing earnings on Monday.

Automatic Gains: Shares of Autodesk climbed after hours after the software company once again beat analyst estimates on the top and bottom lines, and raised guidance too. Read on for all the details and why Autodesk should be on your radar if it isn’t already.

Full Throttle: As one of the biggest gainers of the day, Advance Auto Parts saw shares surge by more than 50% after a surprise earnings beat and a bullish full-year outlook. With a turnaround plan in motion and tariff headwinds in check, this could be one of the comeback stories of the year.

Turbocharged: Intuit — the QuickBooks and TurboTax parent company — crushed analyst expectations with double-digit revenue growth, a big earnings beat and raised full-year guidance. Here are all the numbers and why Wall Street remains bullish on this software company.

Clocked Out: It was a long “work day” at the office as software company Workday saw its shares fall after hours despite easily beating analyst estimates. Discover why shares are falling and if this is a buying opportunity or a red flag.

Quantum Surge: Shares of IonQ rocketed nearly 40% after its CEO boldly compared the company's future in quantum computing to Nvidia's dominance in GPUs. With rising partnerships, strategic acquisitions, and a defiant stance against skeptics, could IonQ be the next tech titan in the making?

Don’t miss this exclusive opportunity to explore a potentially groundbreaking innovation that could reshape how diabetes is managed. Join us for an inside look at Glucotrack (NASDAQ: GCTK), a cutting-edge medical technology company pushing the boundaries of continuous glucose monitoring (CGM).

🔍 What You’ll Learn:

• How CBGM technology works—and how it could transform life for people with diabetes

• The critical role of real-time, continuous blood glucose tracking

• Why the current CGM landscape needs a bold new solution

• Highlights from Glucotrack’s first-in-human clinical trial

• What’s next: details on the newly announced long-term clinical study

When: Thursday, 5/29 at 11:00 a.m. EST

Join leading experts and company insiders to get a first-hand look at a technology that could change the game for millions living with diabetes. Register now!

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On This Day In 2024…

Bowhead Specialty Holdings Inc., a niche player in the specialty insurance space, made its highly anticipated debut on the New York Stock Exchange, pricing its IPO at $17 per share. The stock surged more than 40% on its first day of trading, closing at $23.80, making it one of the most successful IPOs last year. Now, one year later, Bowhead has steadily climbed to over $37 per share, translating into a 120% return for investors.

QUOTE OF THE DAY

“The goal of the non-professional investor should not be to pick winners — neither he nor his ‘helpers’ can do that — but should rather be to own a cross-section of businesses that in aggregate are bound to do well.”

— Warren Buffett

US Business Activity Rebounds In May, But Tariff-Fueled Inflation Surges At Fastest Pace In 3 Years

In a surprising twist, U.S. business activity snapped back to life in May, with both the manufacturing and services sectors outperforming expectations. Fresh data reveals a rebound that not only suggests renewed momentum in the private sector, but also stokes inflation fears.

With continued trade tensions and lack of agreements between most countries, business have rushed to accumulate inventory and avoid tariffs as much as they can. This surge is driving prices higher, with many businesses already planning to pass these increased costs on to consumers.

This is one reason why the Fed may to keep interest rates higher for longer.

Read on for the full breakdown.

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