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Walmart (WMT) reported Q1 2025 earnings of $0.61 per share, edging past the expected $0.58. Revenue also slightly exceeded forecasts at $165.61 billion versus the anticipated $165.6 billion. With total assets reaching $770.89 billion, Walmart continues to benefit from resilient consumer demand and its expanding e-commerce footprint.

On May 15, 2025, the Federal Reserve’s G.17 report showed that industrial production rose 1.34% year-on-year in April. Month-on-month, total output was unchanged at 0.0%, missing the 0.2% gain economists expected and following a 0.3% decline in March. Manufacturing production fell 0.4% MoM—worse than the –0.2% forecast and reversing a 0.4% rise in the prior month. Capacity utilization dipped slightly to 77.7% from 77.8%, just below the 77.8% consensus, underscoring continued slack in factory activity.

On May 15, 2025, the Federal Reserve Bank of New York reported that the Empire State Manufacturing Index fell to –9.2 in May, below forecasts of –8.2 and down from April’s –8.1, pointing to ongoing contraction in regional factory activity. In contrast, the Philadelphia Fed’s May survey showed the manufacturing index climbing to –4.0, far above the –11.3 expected and a sharp rebound from April’s –26.4. The Philly Fed Business Conditions Index surged to 47.2 from 6.9, while the CAPEX Index jumped to 27.00 from 2.00. Meanwhile, the Employment Index rose to 16.5 (from 0.2) and the New Orders Index improved to 7.5 (from –34.2). The Prices Paid Index accelerated to 59.80, beating forecasts of 51.00 and highlighting rising input-cost pressures.

On May 15, 2025, the U.S. Bureau of Labor Statistics reported that the Producer Price Index (PPI) for April fell by 0.5% month-on-month, defying forecasts of a 0.2% gain and reversing March’s flat reading. Year-on-year, PPI rose 2.4%, below the 2.5% expected and down from April 2024’s 3.4%. Core PPI (excluding food and energy) dropped 0.4% MoM, against a 0.3% forecast and after a 0.4% rise in March, while annual core PPI eased to 3.1%, in line with expectations but down from 4.0% a year earlier, highlighting cooling wholesale inflation pressures.

On May 15, 2025, the US Department of Labor reported that initial jobless claims for the week ending May 10 remained unchanged at 229,000, matching the previous week. Continuing claims fell to 1,881,000, slightly below forecasts of 1,890,000 and down from 1,872,000. The four-week moving average of initial claims rose to 230,500 from 227,250, indicating a modest uptick in underlying layoffs.

Sony ADR (SONY) reported Q1 2025 earnings of $0.2247 per share, exceeding the expected $0.1464. However, revenue came in below expectations at $17.98 billion compared to the forecasted $19.69 billion. With total assets at $150.40 billion, Sony faces revenue headwinds despite solid earnings, as its gaming and electronics segments experience slower-than-expected growth.

Cisco (CSCO) reported Q1 2025 earnings of $0.96 per share, topping the expected $0.92. Revenue also slightly exceeded forecasts at $14.1 billion versus $14.04 billion expected. With total assets standing at $243.83 billion, Cisco continues to benefit from demand in networking, cybersecurity, and AI-integrated infrastructure solutions.

Tencent ADR (TCEHY) reported Q1 2025 earnings of $0.9133 per share, slightly above the expected $0.8794. Revenue also beat estimates, coming in at $24.97 billion compared to the forecasted $24.24 billion. With total assets reaching $604.92 billion, Tencent continues to see strong performance in gaming, cloud services, and digital advertising across domestic and international markets.

On May 14, 2025, the Mortgage Bankers Association reported that the average rate on a 30-year fixed mortgage climbed to 6.86% from 6.84% the prior week. Mortgage applications rose modestly by 1.1% week-over-week, a sharp slowdown from the previous week’s 11.0% surge. The MBA Purchase Index ticked up to 166.5 from 162.8, while the overall Mortgage Market Index increased to 251.2 from 248.4. Meanwhile, the MBA Refinance Index edged down to 718.1 from 721.0, indicating a slight pullback in refinancing activity.

In a landmark agreement reached in Geneva, the U.S. and China have decided to lower tariffs significantly for a 90-day period. The U.S. will reduce tariffs on Chinese imports from 145% to 30%, while China will cut tariffs on U.S. goods from 125% to 10%. This move aims to ease the prolonged trade war that has impacted global markets.

President Donald Trump described the agreement as a "total reset" in U.S.-China relations, emphasizing the mutual desire to avoid economic decoupling. However, he cautioned that if a comprehensive deal isn't reached within the 90-day window, tariffs may be reinstated or increased.

Shopify Inc. (SHOP) reported Q1 2025 earnings of $0.26 per share, nearly in line with the expected $0.266. Revenue came in slightly higher at $2.36 billion versus the forecasted $2.33 billion. With total assets at $119.06 billion, Shopify continues to benefit from sustained e-commerce adoption and growing demand for its enterprise solutions.

Toyota Motor (TM) reported Q1 2025 earnings of $3.60 per share, beating expectations of $3.32. Revenue came in well above forecast at $86.28 billion versus $76.99 billion projected. With total assets at $243.83 billion, Toyota continues to outperform on the back of robust global demand, strong hybrid and EV sales, and a weakening yen.