The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

1629 ET - Lululemon Athletica shares fell more than 17% in after hours trading after the company cut its earnings guidance for the year. Sales growth in the Americas falls into negative territory, a sign that new competitors such as Alo Yoga and Vuori may be eating into Lulu's business. (suzanne.kapner@wsj.com)

1623 ET - Large, publicly traded private-equity fund managers such as Apollo, Ares, Blackstone, Carlyle and KKR invested a total of $75.4 billion during the 12-month period through March, 37.6% more than a year earlier, according to PitchBook. Blackstone alone invested $24.8 billion in the latest period, followed by KKR with $20.2 and Apollo, which deployed $15.2 billion, the private-market research provider says. The three firms have a lot of firepower left, having ended March with a combined $357.2 billion in unspent fund capital, or dry powder. "Amid a turbulent macroeconomic backdrop characterized by trade policy uncertainty and mounting volatility in public markets, [large firms] leaned into their contrarian instincts, seizing opportunities where others saw headwinds and risks," PitchBook says. (luis.garcia@wsj.com; @lhvgarcia)

1604 ET - U.S. stocks end lower as Tesla shares sink 14% with the relationship between Elon Musk and President Trump unravelling in a series of social media posts. Earlier stocks had risen after a phone call between Trump and President Xi increased hope that their trade standoff could be resolved. The U.S. trade deficit fell to $61.6 billion in April, though initial jobless claims hit the highest level since October last week, ahead of Friday's release of May labor data. DJIA falls 108 points, or 0.3%, to 42319, the S&P 500 loses 0.5% to 5939 and the Nasdaq slips 0.8% to 19298. (patrick.sullivan@wsj.com)

1541 ET - Destiny Tech100, one of the few ways investors can get exposure to Elon Musk's SpaceX, is taking a beating as the tech mogul trades barbs with President Trump. SpaceX makes up nearly half of the shares in the closed-end fund, according to an SEC filing. President Trump posted online Thursday that the easiest way for the U.S. to save money would be to terminate contracts with Musk. That post came after the SpaceX CEO critiqued Trump's megabill. SpaceX has billions of dollars worth of contracts with the federal government, primarily with the Pentagon and NASA. The federal government has also eyed deals with SpaceX's Starlink satellite service. Destiny shares slid 12%. (katherine.hamilton@wsj.com)

1434 ET - CIBC says the International Air Transport Association is forecasting 2025 global airline passenger revenue of $693 billion, down from the previous forecast of $705 billion. Analyst Kevin Chiang says this is due to weaker passenger yields and lower traffic due to tempered economic factors. On the cargo front, IATA is forecasting revenue $142 billion versus the previous forecast of $157 billion. Chiang says the revision is due to tariffs that dampened trade volumes and air cargo's lower comparative advantage against ocean cargo as ocean cargo rates decreased. (adriano.marchese@wsj.com)

1416 ET - Tough retail trends that started in the winter have worsened as macroeconomic pressures and tariffs weigh on consumers, particularly in the US, PVH Finance Chief Zac Coughlin says on a call with analysts. The company is already seeing more promotions across the market as a result, and has had to increase its discounts across both Calvin Klein and Tommy Hilfiger, he says. PVH expects such an environment to continue for the remainder of the year, and drag on the company's margins. The company lowered its gross margin outlook by 250 basis points, from 100 bp with most of the difference related to the cost of higher promotions. (kelly.cloonan@wsj.com)

1406 ET - Boxship freight rates jumped to their highest since the start of the year with U.S. importers bringing in more cargo from China on the back of the three-month tariff truce deal between Washington and Beijing. The cost to send a 40-foot container from Shanghai to Los Angeles jumped last week to $5,172 per, up 58% from the week earlier. Transpacific spot rates stood at around $2,000 at the start of the year. "A period of robust trade volumes now looks likely over the summer, particularly on the transpacific," Clarksons said in a research note. (costas.paris@wsj.com)

1317 ET - UBS sees "slightly more downside than upside risk to RH's guidance," ahead of the furniture retailer's quarterly results, as international investments and tariff costs drag on profits. After opening more design galleries abroad in recent years, the company's margins have become strained, and plans to open further locations in Montreal and Paris this year will only add more pressure, the analysts say in a research note. Tariffs, meanwhile, pose an estimated 3% to 10% hit to the analysts' forecast for earnings before interest and taxes, even if the company can mitigate much of the added costs via supplier negotiation and price increases, they add. (kelly.cloonan@wsj.com)

1258 ET - London Stock Exchange Group's diversified business model is likely to deliver sustained growth, RBC Capital Markets analysts Ben Bathurst and Jude Neanor write in a note. This is supported by the company's recent investments and enhanced by bolt-on acquisitions, they say. Additionally, Tradeweb--the U.S.-listed electronic trading platform in which LSEG holds a majority stake--is showing strong volume growth on year and is expected to deliver another robust quarter, they add. Tradeweb makes up around 15% of the stock-exchange and financial-information company ex-recoveries revenue, on a fully consolidated basis. Shares closed at 112.90 pounds. (najat.kantouar@wsj.com)

1236 ET - Winter wheat shipped by rail costs less than it did last month, the USDA says. In its weekly Grain Transportation Report the rail tariff rate sank for hard red winter wheat sent to ports in Texas. BNSF Railway and Union Pacific both brought their rates down, BNSF by $500 per railcar and UP by $400 per car. The USDA says that the cost to transport winter wheat on these railways is down by as much as 16% from the previous year. CBOT wheat futures are up 0.6% in afternoon trading. (kirk.maltais@wsj.com)

1225 ET - Airbus is nearing 30% of its target to deliver roughly 820 commercial aircraft to customers this year. The European plane maker dispatched 51 aircraft in May, lifting total deliveries so far this year to 243 units. The company logged no new orders in May. The announcement comes weeks after Airbus said tariffs were bringing complexity and uncertainty while the group navigates supply-chain hurdles. Chief Executive Guillaume Faury said in April that Airbus's guidance excluded any effects from tariffs because it was too early to quantify them. (mauro.orru@wsj.com)

1212 ET - Base metal prices are mixed, with LME three-month copper up 0.95% at $9,740.50 a metric ton and LME three-month aluminum down 0.4% at $2,478.0 a ton. Copper climbed as high as $9,809.50 a ton earlier in the session after President Trump said he called China's President Xi Jinping. The tone on his social media post was vague but positive enough to inject some optimism into markets, AJ Bell's Dan Coatsworth says in a note. Avoiding punishing tariffs is crucial if China wants to keep its economic growth plan on track. Anything that relieves pressure on China will read-across positively for the commodities market, given its enormous appetite for metals and minerals, Coatsworth says. Copper miner Antofagasta and iron ore producer Anglo American are among the top risers on the U.K. stock market, he adds. (joseph.hoppe@wsj.com)

(END) Dow Jones Newswires

June 05, 2025 16:29 ET (20:29 GMT)

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