Dow Jones Today: Stock Futures Fall After Trump Says China Violated Tariff Agreement; S&P 500, Nasdaq on Track for Best Month Since 2023

Some Analysts More Bullish on Dell Despite Mixed Results

59 minutes ago

Dell (DELL) delivered fiscal first-quarter profits that missed analysts’ estimates, but better-than-expected sales driven by growth in its AI server division prompted several analysts to lift their price targets.

JPMorgan analysts raised their price target to $125 from $111, pointing to Dell’s $14.4 billion AI server backlog, driven by record orders in the quarter. The bank cited the “combination of readiness from multiple customers as well as better supply visibility” as reasons for optimism, which Dell partner Nvidia’s (NVDA) quarterly results helped illustrate earlier this week.

Shares of Dell were down more than 3% at around $110 in recent trading, giving JPMorgan’s target about 15% upside. The stock has slid roughly 5% in 2025 so far.

Citi lifted its target to $135, similarly citing Dell’s “robust momentum [and] competitive positioning of [Dell’s] AI portfolio.” Dell expects to deploy $7 billion worth of AI servers in the current quarter and more than $15 billion in 2025, the bank noted.

Morgan Stanley also moved its target to $135, from $126 previously. Meanwhile, Bank of America raised its target to an even more bullish $155, up from $150.4

UBS, which trimmed its target, still expects the shares to rise, adjusting to $145 from $150. The bank cautioned clients that despite strong order numbers, the inconsistent timing of orders and when revenue from them is recognized could worry investors. 

–Andrew Kessel

Regeneron Leads S&P 500 Decliners After Failed Drug Test

2 hr 22 min ago

Shares of Regeneron Pharmaceuticals (REGN) and Sanofi (SNY) sank Friday when a late-stage study of the drugmakers’ experimental treatment for chronic obstructive pulmonary disease in former smokers failed to meet a key endpoint.

Regenron was down nearly 20% recently, trading at a four-year low and leading S&P 500 decliners, while Sanofi fell about 6%.

The companies reported that one of the Phase 3 trials of their itepekimab inhaler did meet its primary endpoint in “significantly reducing moderate or severe acute exacerbations by 27% compared to placebo at week 52, a clinically meaningful benefit.” However, a second test did not, even though that benefit was seen in an earlier phase of the research. 

Regeneron and Sanofi said that they are reviewing the data, “and will discuss with regulatory authorities to evaluate next steps.” Dr. George Yancopoulos, Chief Scientific Officer at Regeneron, said the companies were encouraged by the one successful trial, and that they “remain committed to our broader itepekimab development program.”

Regeneron and Sanofi have also collaborated on another COPD medicine, Dupixent, which received Food and Drug Administration (FDA) approval last September.

–Bill McColl

Ulta Stock Jumps as Beauty Spending Continues

2 hr 58 min ago

Ulta Beauty (ULTA) shares soared Friday, a day after the beauty products retailer reported better-than-expected results and raised its guidance as consumers continued to spend on personal care merchandise.

The company posted first-quarter earnings per share (EPS) of $6.70 on net sales that increased 4.5% year-over-year to $2.85 billion. Both exceeded Visible Alpha forecasts. Comparable store sales were up 2.9%, well above the 0.37% consensus estimate.

According to a transcript of the earnings call provided by AlphaSense, CEO Kecia Steelman said that the performance was driven by sales of fragrance products, which were higher by a double-digit percentage, along with new and exclusive brands. Steelman explained that many consumers said that they were “leaning into beauty as a comfort and escape from the stress of macro uncertainty.”

Steelman called the operating environment “fluid,” and said that Ulta Beauty’s “outlook reflects uncertainty around how consumer demand could evolve.” Still, the company boosted its full-year EPS guidance to $22.65 to $23.20, up from the previous $22.50 to $22.90. It also increased the top end of its sales guidance to $11.7 billion from $11.6 billion.

Ulta shares were up 12% recently, leading gainers in the S&P 500. With this morning’s surge, the stock is back into positive territory for 2025.

–Bill McColl

Boeing Levels to Watch After Stock Hits 15-Month High

3 hr 45 min ago

Boeing (BA) shares were down slightly Friday morning after hitting their highest level since February 2025 yesterday on news that the company will resume delivering planes to China next month.

CEO Kelly Ortberg said that the country’s airlines had indicated they would begin taking first deliveries in June, with the development coming after China earlier this month reportedly reversed a ruling barring its airlines from taking deliveries of Boeing planes. Sentiment likely received an added boost after Ortberg said Boeing plans to increase production of its top selling 737 Max jets to 42 per month in the near-term and 47 per month by the end of the year.

Boeing shares have rebounded more than 60% from their early-April low and trade 17% higher since the start of the year, lifted by growing optimism that the jet maker could become a beneficiary of a broader U.S-China trade deal.

The stock was down 0.6% at $207 in early trading Friday.

Boeing shares broke out above the neckline of a double bottom earlier this month before consolidating in a flag, a chart pattern that signals a continuation of the stock’s strong uptrend that has been in play since early April.

The shares broke out from the flag in Thursday’s trading session, setting the stage for another move higher. However, it’s worth pointing out that, while the relative strength index confirms bullish price momentum, the indicator also cautions overbought condition with a reading above the 70 threshold.

Investors should watch key support levels on Boeing’s chart around $199 and $187, while also monitoring resistance levels near $234 and $265.

Read the full technical analysis piece here.

–Timothy Smith

Gap Stock Plunges 20% As Company Warns on Tariffs

4 hr 43 min ago

Shares of Gap Inc. (GAP) tumbled Friday morning after the apparel retailer warned of the negative impact of tariffs on its full-year earnings.

The retailer topped first-quarter estimates with earnings per share of $0.51 on $3.46 billion in revenue, but the outlook regarding tariffs outweighed the solid results. The operator of its namesake Gap stores along with Banana Republic, Old Navy, and Athleta kept its full-year outlook the same as what it laid out last quarter with sales rising 1% to 2%, but noted that it does not include the impact of tariffs.

If the tariffs stay in place, which has been called into question by a pair of recent court rulings, Gap estimates the cost at $250 million to $300 million. The company said it has “strategies to mitigate” at least half of the impact, meaning Gap’s operating income could take a hit of $100 million to $150 million, largely in the back half of the year.

CEO Richard Dickson said during Thursday’s earnings call that the company does “not expect there to be meaningful price impacts to our consumer,” and said it is still approaching pricing like normal— evaluating competition, the consumer, and Gap’s desire to provide value, per an AlphaSense transcript of the call.

Gap said net sales for the second quarter are expected to be roughly flat year-over-year, compared to 2% growth in the first quarter. Comparable sales rose 2% in the quarter, as Gap’s retail revenue was flat while online sales grew 6% in the quarter and made up nearly 40% of its total sales.

Comparable sales rose 3% and 5% at its Old Navy and Gap brands, respectively, while Banana Republic’s comp sales were flat and Athleta’s fell by 8% year-over-year as the company works to “reset the brand.”

Gap shares were down 20% in in the opening minutes of trading. They entered the day up 18% in 2025.

–Aaron McDade

Futures Point to Lower Open for Major Indexes

5 hr 23 min ago

Futures tied to the Dow Jones Industrial Average were down 0.4%.

S&P 500 futures were also off 0.4%.

Nasdaq 100 futures slipped 0.3%.