Happy Thursday! After a huge rally over the past month, some of Wall Street’s most influential players are making some aggressive and surprising pivots. Hedge funds are placing record-breaking bearish bets, raising questions about what they see ahead. Read on to see which sectors and stocks are being targeted and why.

Also, Bitcoin has rocketed to a new all-time high, but this rally looks different. Is this the beginning of a new era for digital assets, or another peak before the fall? Dive into what’s driving the surge and what could come next.

Plus, if you're interested in a cutting-edge investment in spacetech and next-gen solar innovation, check out today’s sponsor.

In Today's Edition

• ASCENT SOLAR

• MARKET RECAP

• FIVE ZINGERS

• YOUR INVESTING COMMAND CENTER

• MARKET HISTORY

• ONE FOR THE ROAD

Hedge Funds Are Building A Towering Wall Of Bets Against Stocks

After a sharp 23% rebound in the S&P 500 since April, hedge funds are now stacking record levels of bearish bets against stocks as investors question the staying power of the tariff-relief rally.

Hedge funds, typically regarded as savvy market movers, are rapidly ramping up their bearish bets, placing record-setting short positions ($25 billion) against a swath of stocks and sectors. This shift suggests a growing belief among institutional players that the recent rally may be built on shaky ground, and is likely running out of steam.

A wave of short-selling has washed over everything from ETFs to individual names, with certain sectors — particularly traditionally “safe” ones like utilities and healthcare — finding themselves under pressure. What's even more striking is the scope and pace of these bets, which hasn’t been seen in more than a decade.

Which companies are in the crosshairs? Why are defensive sectors suddenly looking vulnerable? And what do hedge funds know — or believe — they see coming next? Read on to find out.

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Yesterday: U.S. indexes finished sharply lower Wednesday, as surging Treasury yields and fiscal concerns weighed heavily on equities. The Dow slid more than 800 points (1.9%), while the S&P 500 fell 1.6%, with the Nasdaq right behind at 1.4%. Stocks were pressured by a spike in yields following a weak 20-year bond auction and worries that a new U.S. budget bill could worsen the already large federal deficit. The 10-year Treasury yield climbed to 4.59%, and the 30-year hit 5.08%. Retail earnings were mixed, with Target missing estimates and cutting guidance, while Lowe’s and TJX slightly beat expectations and maintained outlooks. Despite market volatility, first-quarter S&P 500 earnings are on pace to grow 13%, with 2025 earnings expected to rise 9%.

On Our Radar: Analysts will be watching the S&P flash U.S. manufacturing PMI and existing home sales data — due later this morning — for signals on industrial momentum and clues on housing demand amid shifting interest rates. On the earnings front, Autodesk (ADSK), Workday (WDAY) and Intuit (INTU) headline a slate of companies that will report after the bell today.

Shoe-percharge: Nike is making a surprise return to Amazon after a six-year break, sending its stock soaring after hours. With new price hikes on the way, discover how this move could change the game and what’s next for the company.

Search Party: Google just pulled back the curtain on its bold AI-powered future at its I/O conference, signaling a bold shift toward reimagined search experiences and deep integration of Gemini AI. Read the full story to find out why analysts believe the company is positioned to dominate the next era of digital intelligence.

Revenue Surge: Urban Outfitters posted a stellar Q1 performance, exceeding revenue and earnings expectations. Click to uncover the details behind this major financial jump and what’s stitching the company’s growth across multiple segments together.

Sky High: Shares of Snowflake surged in after-hours trading, climbing near 52-week highs following the company's robust Q1 earnings report. With a strong outlook, check out the details to see why this AI-driven cloud company looks poised to keep climbing.

Put and Run: Wolfspeed shares took a nosedive, falling nearly 60% on bankruptcy fears, just after a wave of suspiciously timed options trades. Coincidence, or did some traders hear the howl before the rest of Wall Street? Click to follow the money — and the whispers.

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On This Day In 2018…

The New York Stock Exchange made history by naming Stacey Cunningham its first female president in its 226-year existence. A former NYSE floor trader, Cunningham rose through the ranks to lead one of the most iconic financial institutions in the world. Her appointment was hailed as a milestone for gender representation in finance, especially on Wall Street.

QUOTE OF THE DAY

“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.”

— Ayn Rand

Bitcoin Hits All-Time High: What's Next?

Bitcoin soared to a new all-time high on Wednesday, climbing just shy of $110,000 amid rising investor confidence and regulatory clarity. The new high surpassed the previous record set on Jan. 20 — President Trump’s inauguration day — when it topped $106,000.

Since bottoming out at $76,320 in early April during a broad market selloff driven by tariff concerns and trade tensions, Bitcoin has staged an impressive comeback. In just over a month, it’s up more than 40%, powered by a combination of institutional inflows, long-term holder accumulation and a more supportive macro backdrop, suggesting this rally may have more staying power than those of the past.

What’s notable this time around is Bitcoin’s growing independence from traditional risk assets. As tech stocks face pressure, Bitcoin appears to be charting its own course, drawing attention as a potential alternative store of value — one that could rival gold in the portfolios of global investors.

Here’s a look at what experts are saying about Bitcoin’s latest move and what it means going forward.

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