AMJ (Alerian MLP Index tracking fund)

General Motors (GM).  Their market share in the US has come under fire, too, threatened by global players.  The Big 3 US. automakers — GM, Ford (F) & Chrysler, now owned by Stellantis (STLA) — have watched their US market share deteriorate from 75% in 1984 to about 40% in 2023, according to industry data.

Biden’s EV tariffs may not be enough to stave off the threat of Chinese vehicles in the U.S.

Dell (DELL) shares rose to an all-time high after it predicted the company would rake in sales from the insatiable demand for artificial intelligence servers.  DELL is seeing accelerating momentum, especially in winning business to build AI servers, unlocking a new bull case for the stock.  Most AI servers are built around Nvidia's (NVDA) chips which have become prized in the technology industry because they are used to build & deploy advanced AI models from companies.  DELL sells servers using the newest NVDA AI chips, including its H100 GPU & the latest Blackwell-generation chips.  At NVDA's annual conference in Mar, CEO Jensen Huang appeared to send customers who want the latest AI chips to DELL for orders.  “You’re going to need an AI factory,” Huang said.  “And nobody is better at building end-to-end systems of very larges scale for the enterprise than Dell.”  “Michael [Dell] is here and he’s happy to take your order,” Huang continued.  DELL's other business, building PCs for consumers & businesses running Microsoft (MSFT), a Dow stock, Windows, could get a boost next week when it reveals new capabilities at its conference, including long-awaited AI features that many analysts expect to drive demand for new PCs.  DELL stock jumped 15.06 (11%) & NVDA stock advanced 32.74 (3.6%). 

Walmart (WMT), a Dow stock & Dividend Aristocrat, is laying off hundreds of corp workers across the country as it relocates many employees to its Arkansas headquarters.  The big-box retailer confirmed the layoffs & relocations in a memo sent to employees yesterday.  Chief People Officer Donna Morris said the move is meant to bring more of its employees back to the office after the Covid-19 pandemic.  The company brought corp employees back to its Bentonville, Arkansas, headquarters in Feb 2022.  Now, she said, WMT is taking that a step further.  The majority of employees working remotely & in offices in Dallas, Atlanta & Toronto have been asked to relocate.  Most will be moved to the company's Arkansas headquarters, but some will also relocate to offices in the San Francisco Bay Area or Hoboken, New Jersey, she added.  “In addition, some parts of our business have made changes that will result in a reduction of several hundred campus roles,” she continued.  “While the overall numbers are small in percentage, we are focused on supporting each of our associates affected by these changes.”  WMT did not say how many people were affected by the cuts.  The stock fell 2¢.

Walmart is laying off, relocating hundreds of corporate workers

Gold prices traded higher as a report showed US inflation rose less than expected last month, reviving hopes the Federal Reserve will be able to begin lowering interest rates this year & pushing down the $ & yields.  Gold for Jun was last seen up $35 to $2395 per ounce.  The Bureau of Labor Statistics reported the Apr consumer-price index rose by 0.3% from Mar, down from a rise of 0.4% a month earlier & under the estimate for a 0.4% rise.  The core index, which excludes volatile food & energy prices, rose 3.6% annualized, matching expectations & down from a 3.8% pace in Mar.  Retail sales in the US were unchanged in Apr from Mar, well under the consensus estimate for a 0.4% rise, adding evidence of a slowing economy & raising hopes interest rates could be lowered this year, despite a day-prior report that showed producer prices rose more than expected last month.  The $ fell following the reports, making gold more affordable for intl buyers.  The ICE dollar index was last seen down 0.68 points to 104.32, the lowest since Apr 9.  Treasury yields also fell on expectations lower interest rates are on the horizon, bullish for the metal since it offers no interest.  The 2-year note was last seen paying 4.741%, down 7.6-basis points, while the yield on the 10-year note was down 9.4 basis points to 4.348%.

Gold Trading Higher as the Dollar and Yields Drop as US Inflation Rose Less Than Expected Last Month

WTI Rises as US Inflation Rose Less than Expected and Inventories Fell Last Week; IEA Lowers its Demand Forecast

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