Happy Thursday! After months of soaring gains, gold just hit an unexpected roadblock as this major gold ETF just saw its biggest monthly outflow in nearly three years. Is this the end of gold’s safe-haven appeal, or the calm before another surge?

Also, Nvidia just posted staggering revenue growth, but it’s what investors aren’t focused on that could matter most. Behind the China export drama, a lesser-known part of the business is quietly taking off. Could this be Nvidia’s real growth engine?

Plus, if you’re looking for a company shaking up the ticketing and live entertainment space, check out today’s sponsor.

In Today's Edition

• MARKET RECAP

• FIVE ZINGERS

• MARKET HISTORY

• ONE FOR THE ROAD

Gold ETF Bleeds Money At Fastest Pace In 3 Years — Is The Safe-Haven Trade Over?

In a surprising twist for precious metals investors, one of the largest gold ETFs just recorded its biggest monthly outflow in nearly three years.

After a blistering rally during the first four months of the year, gold prices stalled in May as global trade tensions eased and a resurgent appetite for stocks and crypto reshaped capital flows.

Yet, beneath the surface, the case for gold may be stronger than ever. Continued central bank buying and structural shifts in the global economy suggest the recent slowdown could be just a temporary pause with experts warning not to count gold out just yet.

To say it's been a busy month for Lottery.com (NASDAQ: LTRY) would be an understatement. The company inked a $10 million deal to buy a majority stake in DotCom Ventures Inc., giving it ownership of Concerts.com and TicketStub.com. Now it has venues to sell not only lottery tickets, but also tickets for concerts and niche events, including festivals and esports.

On top of that, LTRY was a sponsor at the Indy 500, with its brand emblazoned on Louis Foster, an upcoming race car driver’s helmet. During the month, LTRY was also a title sponsor at Soccerex Europe 2025, a globally recognized football business summit and named Dennis Wise, a well-known English footballer, as a brand ambassador. Pretty busy, right? To learn more about LTRY, click here. 

This is a paid ad. Please see 17b disclosure here for more information.

Yesterday: U.S. indexes closed lower Wednesday with the Dow and the S&P 500 dropping 0.6%, with the Nasdaq right behind at 0.5%. All 11 S&P 500 sectors ended the day in negative territory, although growth sectors like technology and communication services outperformed value sectors such as utilities and energy. The Federal Reserve’s May meeting minutes revealed few surprises, noting heightened risks to both inflation and employment amid ongoing policy uncertainty. Treasury yields rose, with the 10-year yield climbing to 4.48%. Despite Wednesday’s decline, major indexes remain on track to close the week higher, with the Nasdaq up 2%, and the S&P 500 and Dow up 1.5%, and 1.2% respectively.

On Our Radar: Analysts will be monitoring a plethora of Federal Reserve speakers throughout the day on Thursday — Tom Barkin, Austan Goolsbee, Adriana Kugler, Mary Daly and Lorie Logan — alongside pending home sales data, for insights into economic trends and potential policy shifts. On the earnings front, Costco (COST), Dell (DELL) and Zscaler (ZS) headline a slate of companies that will report after the bell today.

Next Wave: Shares of Nvidia climbed after hours after the company beat analyst expectations, despite a $4.5B hit from China export restrictions. But the real surprise? A lesser-known business segment that's growing even faster.

Cloud Nine: Salesforce smashed Q1 expectations on the top and bottom lines and raised eyebrows on Wall Street with its AI momentum and bullish guidance. Click here for the full earnings breakdown, and why shares look like they have room to keep running.

Tuned Up: AutoZone posted its strongest comparable sales growth in two years, shifting investor sentiment into high gear despite margin pressure. With analysts pumping up price targets, see why this stock might be cruising toward new highs.

Sew Far, So Good: Shares of Abercrombie & Fitch soared after smashing Q1 estimates, thanks to strong sales, however, rising tariffs have hemmed in the full-year outlook. Discover why Wall Street is still buttoning up gains despite tightening margins and a weaker outlook.

Forging Ahead: Japan’s Nippon Steel is finalizing a $14 billion takeover of U.S. Steel at $55 per share. The deal comes with Trump-backed assurances of American leadership and local job protection. Dive into the details of this historic merger reshaping global steel power and what it means for the industry.

Don’t miss Benzinga’s must-attend virtual forum on the rapidly evolving ETF market! Join us on June 5th at 10 am ET to explore the latest trends in crypto ETFs, thematic ETFs and innovative structures. Gain valuable insights into strategies reshaping how financial advisors guide clients and how retail investors adjust their portfolios.

On This Day In 2008…

JPMorgan Chase completed its acquisition of Bear Stearns, a pivotal moment during the global financial crisis. The deal, valued at $9.32 per share, was a significant consolidation in the financial sector, reflecting the challenges faced by major institutions amid the crisis. The acquisition was backed by a rare intervention from the Federal Reserve, which provided a nearly $30 billion loan to facilitate the deal and prevent a broader market collapse. This event marked a turning point in the unraveling of Wall Street’s investment banking giants. Seven years after the acquisition, JPMorgan CEO Jamie Dimon wrote in a shareholder letter, “No, we would not do something like Bear Stearns again.”

QUOTE OF THE DAY

“The stock market is made up of only 10% rational and 90% psychological factors.”

— André Kostolany

Nvidia Q1 Highlights: China Export Ban Hits Results But Jensen Huang Says Demand 'Incredibly Strong'

Nvidia just posted another monster quarter, with revenue soaring 69% year-over-year to $44.1 billion. On the surface, it’s a story of unstoppable demand for AI chips, despite the $4.5 billion hit the company took in Q1 due to U.S. export restrictions to China. Q2 guidance came roughly in-line, however, the company noted that this included a projected $8.0 billion loss in revenue due to export restrictions.

While investors and headlines focused on the $4.5 billion hit tied to export restrictions on China this past quarter, Nvidia’s lesser-known businesses (SpectrumX, NVLink, InfiniBand and BlueField) surged as they combined for $5 billion in sales — up 64% in a single quarter.

On the conference call, CEO Jensen Huang didn’t mince words: Nvidia isn’t just building AI chips, it’s rearchitecting the entire AI datastack. And with adoption from cloud titans like Microsoft, Google, Meta, and Oracle, the scale of this move is just beginning to show.

This is one of the reasons why analysts remain so bullish on the company as some of its best growth days are still ahead of itself. Huang called Nvidia’s lesser-known businesses the “start of a powerful new wave,” and if he's right, Wall Street could be dramatically underestimating what comes next.

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