文章提及标的 燃油 -- 苯乙烯 -- 纯苯 -- 甲醇 -- 双胶纸 -- 聚丙烯 -- 期市夜盘收盘，国内期货主力合约多数下跌。跌幅方面，燃油、苯乙烯、纯苯跌超2%，丙烯、甲醇、双胶纸、聚丙烯、烧碱等跌超1%。涨幅方面，焦煤涨超9%，焦炭涨超5%。

I was primed to sweat my way through a high-stakes procedure. But once the patient was sedated, a welcome warmth entered the room Read more in this series here I’ve had quite a few surgical procedures over the years but one always sticks in my mind. The 7am arrival to hospital, the injustice of being deprived a morning coffee in the name of “fasting”, the apprehension as I lay on the operating table waiting for it to begin. It was my second spinal operation in a few months, because the surgical team had operated on the wrong part of my spine the first time around. As you can imagine, my nerves were frayed. Even under normal circumstances there’s a gravity to surgery for patients. It can be one of the most serious and important things to happen in your lifetime. It’s also the most vulnerable you can get as a patient, trusting a group of strangers to sedate you and alter or remove parts of your body, hoping you’ll end up better off than you were before. I spent the next couple of years healing from that first surgical error through rest, rehabilitation and a lot of engagement with medical and allied health services. In my downtime, I decided to apply for medical school to see what I might contribute as a doctor. Continue reading...

Here comes the prospect of redemption, a second chance for Labour to start over. A victory for Andy Burnham in the Makerfield byelection not only opens the door to No 10; a leadership contest also allows him and Wes Streeting to finally stretch their wings. Ideas currently firmly chained up in a Downing Street dungeon could be freed. Land value tax? Wealth tax? No more children in temporary accommodation? A national care service? Why not? Not to be outdone, the government itself has unleashed a burst of activity, with Rachel Reeves’s summer of fun, as well as speeding up a deal with the EU and online protection for children. Expect renewed effort on nearly a million Neets (young people not in education, employment or training) with radical plans from Alan Milburn this week. Some world-weary scepticism may greet offers from leadership contenders. Among 10 pledges Keir Starmer made on the hustings, the following were broken: the abolition of tuition fees; common ownership of mail, energy and water; an increase in income tax for the top 5%; and defending “free movement as we leave the EU”. (Key promises have been kept, such as workers’ rights and “no more illegal wars”.) Once inside that black front door, policies can prove hard to implement. Times change, Treasury coffers become empty, borrowing costs rise, Donald Trump starts an economy-killing war and heavyweight financial bullies put on the frighteners: stuff happens or nerves fail. But this time something is very different. The single greatest pledge Burnham makes – and he has said it for years – will change British politics for ever, if he can win this byelection: early polling is very close. Far more hangs on this result than (yet another) change of prime minister, or even the prospect of rescuing Labour from the threat of extinction. What could transform the future is Burnham’s strong commitment to electoral reform. Replacing the derelict first past the post system with proportional representation (PR) would ac...

The travel company Tui is under scrutiny over its safety protocols after a British baby girl died from a gastric illness following a stay at an Egyptian hotel – the same resort where two other children were left critically ill from the same condition months earlier. Ariella Mann, one, died in January from a kidney condition linked to E coli after falling ill at the five‑star Jaz Makadi Aquaviva hotel in Hurghada on an all‑inclusive two‑week package holiday booked through Tui. Her death occurred four months after a six-year-old boy was admitted to intensive care, and 18 months after a two-year-old girl was airlifted to hospital in London and placed in an induced coma, both after travelling to the same hotel on a Tui holiday. All three children were diagnosed with haemolytic uraemic syndrome (HUS), a rare kidney condition linked to E coli that can cause kidney failure, brain damage and death. Jade Oakes, 34, Ariella’s mother, said she was “disgusted” they had not been informed about previous E coli cases linked to the hotel before booking. “If we’d known about the other cases, there’s no way I would have taken my child there,” she said. “From her passing, we were in a right mess because we thought it was our fault, we took her on holiday. But if something had been done earlier, Ariella would still be alive.” Her father, Lee Mann, 37, added: “You’re going through one of the top travel agents, booking a five-star hotel, and paying £6,000. It’s a lot of money, so you expect it to be top of the game.” He added that the family spent £2,500 on medical treatment for Ariella in Egypt, and called 111, and then 999, on their return to the UK. “You’re still hating yourself, thinking I shouldn’t have done this. But it’s not as if we just sat back and let it happen. I still blame myself. But it’s them who should be accountable, not us,” he said. Tui continues to advertise holidays to the Jaz Makadi Aquaviva hotel on its website, as do other tour operators including Thomas Cook and...

Nebius Group (NBIS) is no longer flying under-the-radar, behaving like one of the market’s newest AI gold rush stories. With Nvidia (NVDA) backing the company, Meta Platforms (META) signing a $27 billion contract, and revenue exploding, Nebius shares recently touched a new high of $233.73. NBIS stock has climbed 157% so far this year — and has surged 468% over the past 12 months. Investors are beginning to see the company as a serious AI infrastructure contender. Here are three main reasons why Nebius stock is racing to new highs. Reason #1: Staggering Revenue Growth of 684% The biggest catalyst behind Nebius’ recent rally is the extraordinary growth the company has been delivering. Nebius' first-quarter revenue grew a massive 684% year-over-year (YOY) to $399 million, while also increasing 75% sequentially. Even in the previous quarter, revenue growth remained exceptionally strong at 547% YOY. Meanwhile, its core AI business performed even better in Q1 2026, with revenue surging 841% YOY to $390 million, accounting for 98% of total group revenue. By the end of March, annualized run-rate revenue reached $1.9 billion. Management stated that customer demand continues to exceed available supply, with several clients often competing for newly deployed capacity. While the company’s growth rate is staggering, my concern is whether Nebius can sustain this triple-digit momentum in the long run. Moreover, the company is still not profitable. However, adjusted EBITDA improved sharply to $130 million compared to $15 million in the previous quarter and a loss of $54 million a year ago. Currently, analysts predict the company will report a profit of $0.36 per share in fiscal 2027. Reason #2: Nebius Is Building an AI Empire at Full Speed Even though profitability still remains a question mark, Nebius isn’t slowing down its infrastructure ambitions. In the quarter, it increased its contracted power capacity from more than 2 gigawatts to over 3.5 gigawatts and now aims to exceed 4 ...

Earlier this year, Lucra Sports founder and CEO Dylan Robbins did something that no one else has ever done. He landed famed public investor Cathie Wood and her ARK Invest Venture Fund as a lead in a startup fundraising round. Lucra announced last month that it raised a $20 million Series B, led by the ARK fund, with participation from several other VCs. Robbins attracted ARK even though the fund had previously gotten badly burned on a similar eSports company: Skillz, a skill-based gaming platform in which the fund invested heavily before divesting at a loss. On top of that, Dylan landed this big fish as an investor even though his company is not in the one area that all VCs are currently chasing: AI. Lucra offers white-label interactive gaming competitions as a novel kind of loyalty program for businesses that serve consumers. Rather than, say, earning points toward a coupon, Lucra’s clients offer online tournaments for prizes, or supports friendly wagers between their customers on who will win games. Its customers include Five Iron Golf, Dave & Buster’s, and Chess King. Robbins told us there were two secrets in how he landed a big-name investor against such odds: 1. Be friendly to everyone, anywhere because you never know when a casual conversation will turn into your major investor. 2. Lead your pitch with AI even if you aren’t a famed AI scientist and aren’t building models, agents, or anything AI. To the first point, the seeds to Lucra’s fundraising journey began when Robbins was playing darts in a New York bar. He met another guy at the dartboard, and they enjoyed a few games together. “Six months later, we ran into each other at the bar again. The same darts bar. It’s like, ‘Good to see you. How’s it going?’ And we got to talking and I asked him what he did for work. And he told me he worked at ARK,” Robbins recalled. Robbins told him about Lucra and the contact introduced him to the investment team at ARK, which wound up writing a small check in his Series A ...

The data center and artificial intelligence (AI) boom has profoundly shifted the growth trajectory for midstream energy companies. AI data centers require immense, uninterrupted power, and tech hyperscalers are increasingly turning to natural gas to guarantee 24/7 reliability where the electrical grid is constrained. Enterprise Products Partners (EPD +0.41%), Enbridge (ENB +0.47%), and Energy Transfer (ET +0.30%) are benefiting from this trend and all three of these energy stocks are up at least 19% so far this year. Great dividend yields All three have high-yield dividends that yield more than four times that of the average S&P 500 dividend. Enterprise Products Partners has increased its dividend for 28 consecutive years, including a 2.8% raise this year to $0.55 per quarterly share. The yield, at its current share price, is around 5.58%. It is covered 1.8x by its distributable cash flow (DCF), leaving room for continued increases. In December, Enbridge raised its quarterly dividend by 3% to 0.97 Canadian dollars per share, the 31st consecutive year of increases. The yield, at its current share price, is 4.87%. The company is forecasting yearly DCF of $5.30 to $6.10, meaning that the DCF payout ratio will be between 60% and 70%. Energy Transfer has the highest-yielding dividend of the trio, at around 6.6% at its current share price. It has raised its dividend for 18 consecutive quarters since a difficult 50% distribution cut in late 2020. In April, it raised its quarterly distribution by more than 3% to $0.3375. Expand NYSE : EPD Enterprise Products Partners Today's Change ( 0.41 %) $ 0.16 Current Price $ 39.63 Key Data Points Market Cap $86B Day's Range $ 39.22 - $ 39.73 52wk Range $ 30.01 - $ 40.16 Volume 3.6M Avg Vol 4.5M Gross Margin 13.45 % Dividend Yield 5.53 % Steady growth in DCF and volumes Over the past decade, all three stocks have seen triple-digit increases in revenue and earnings per share (EPS). While that growth wasn't consistent across all three co...

Super Micro Computer SMCI and Alphabet Inc. GOOGL are two crucial players in the AI data center market. While Super Micro Computer provides server and storage infrastructure to set up AI data centers, Alphabet develops custom-designed, application-specific integrated circuits and owns AI factories to run its large language models. SMCI has strengthened its AI servers, GPU racks, liquid cooling, modular data-center systems and partnership with NVIDIA, while GOOGL controls its entire ecosystem with cloud platform, networking, AI models and physical data centers containing its own tensor processing units. Considering the unprecedented growth forecast of the AI market, both companies are likely to capitalize on the emerging trends. Given this scenario, let's closely examine the fundamentals of the two companies, so investors can make an informed bet. The Case for SMCI Stock Super Micro Computer is benefiting from a rapid surge in global AI infrastructure spending, driven by hyperscalers, NeoCloud providers, sovereign AI initiatives, AI factories and enterprise customers as they deploy next-generation AI workloads. SMCI has rapidly transformed from a traditional server manufacturer into a full-stack AI infrastructure and end-to-end data center solutions provider through its expanding Data Center Building Block Solutions (DCBBS) portfolio. Management highlighted that SMCI is now evolving into a “total data center solution provider,” offering not only AI servers and storage but also liquid cooling infrastructure, networking, power shelves, battery backup systems, deployment services and software management tools. DCBBS is increasingly helping the company improve customer stickiness, enhance margins and generate recurring software and service revenues. As DCBBS continues to gain traction with both existing and new customers, management expects the segment to contribute at least 20% of net income within the next two years and more than 25% over the longer term. SMCI’s AI GPU...

Super Micro Computer SMCI and Alphabet Inc. GOOGL are two crucial players in the AI data center market. While Super Micro Computer provides server and storage infrastructure to set up AI data centers, Alphabet develops custom-designed, application-specific integrated circuits and owns AI factories to run its large language models. SMCI has strengthened its AI servers, GPU racks, liquid cooling, modular data-center systems and partnership with NVIDIA, while GOOGL controls its entire ecosystem with cloud platform, networking, AI models and physical data centers containing its own tensor processing units. Considering the unprecedented growth forecast of the AI market, both companies are likely to capitalize on the emerging trends. Given this scenario, let's closely examine the fundamentals of the two companies, so investors can make an informed bet. The Case for SMCI Stock Super Micro Computer is benefiting from a rapid surge in global AI infrastructure spending, driven by hyperscalers, NeoCloud providers, sovereign AI initiatives, AI factories and enterprise customers as they deploy next-generation AI workloads. SMCI has rapidly transformed from a traditional server manufacturer into a full-stack AI infrastructure and end-to-end data center solutions provider through its expanding Data Center Building Block Solutions (DCBBS) portfolio. Management highlighted that SMCI is now evolving into a “total data center solution provider,” offering not only AI servers and storage but also liquid cooling infrastructure, networking, power shelves, battery backup systems, deployment services and software management tools. DCBBS is increasingly helping the company improve customer stickiness, enhance margins and generate recurring software and service revenues. As DCBBS continues to gain traction with both existing and new customers, management expects the segment to contribute at least 20% of net income within the next two years and more than 25% over the longer term. SMCI’s AI GPU...

美元兑主要货币周一下跌，市场对就重开霍尔木兹海峡达成协议的期望推动油价跌破每桶100美元，尽管美国和伊朗均淡化了近期达成协议的可能性。 与此同时，包括美国、香港、英国及欧洲大部分地区在内的许多全球市场周一因节假日休市，导致市场流动性减少。 美元兑日元下跌0.2%，报158.91日元。 日本首相高市早苗周一表示，日本将额外增加190亿美元储备，用于补贴燃料成本并缓解生活成本压力。与此同时，为缓解债市担忧，她承诺不会新增举债。这一补充预算案本月早些时候首次被报道。 欧元兑美元上涨0.33%，报1.1641美元。英镑兑美元上涨0.55%，报1.3499美元。澳元兑美元上涨0.58%，报0.717美元，新西兰元兑美元上涨0.5%，报0.5874美元。 美元指数下跌约0.3%，报98.969。 责任编辑：李桐

格隆汇5月25日｜中国银行董事长葛海蛟与山东黄金集团有限公司（以下简称“山东黄金”）董事长张晓海在中国银行总行大厦举行工作会谈，共同见证双方签署合作协议。葛海蛟表示，中国银行将继续发挥跨境金融优势，强化科技金融赋能，优化绿色金融服务，支持山东黄金优化全球布局、培育新质生产力和绿色转型发展，同时在资源并购、资金管理、金融市场等领域实现相互赋能。

syahrir maulana/iStock via Getty Images Investment Approach Fidelity® Intermediate Municipal Income Fund is a diversified national municipal bond strategy investing primarily in intermediate-maturity general obligation and revenue-backed securities. Our investment approach focuses on fundamental credit analysis, yield-curve positioning and an analysis of the structural characteristics of each security. The fund's interest rate sensitivity is targeted closely to that of its benchmark to prevent interest rate speculation from overwhelming research-based strategies that we deem to have a higher likelihood of long-term success. We emphasize a total-return approach that seeks to generate a high level of tax-exempt income, consistent with the preservation of capital. Performance Summary Cumulative Annualized 3 Month YTD 1 Year 3 Year 5 Year 10 Year/ LOF 1 Fidelity Intermediate Municipal Income Fund Gross Expense Ratio: 0.39%2 -0.47% -0.47% 4.46% 2.97% 1.22% 2.12% Bloomberg Municipal Bond Index -0.18% -0.18% 4.29% 2.87% 0.84% 2.16% Bloomberg 3-15 Year Blend (2-17) Muni Bond Index -0.34% -0.34% 4.60% 2.86% 1.11% 2.14% Lipper Intermediate Municipal Debt Funds Classification -0.07% -0.07% 4.24% 3.13% 1.05% 1.87% Morningstar Muni National Interm -0.12% -0.12% 4.30% 3.12% 0.94% 1.88% Click to enlarge 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 04/15/1977. 2 This expense ratio is from the most recent prospectus and generally is based on amounts incurred during the most recent fiscal year, or estimated amounts for the current fiscal year in the case of a newly launched fund. It does not include any fee waivers or reimbursements, which would be reflected in the fund's net expense ratio. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Pe...

Aon plc AON is a leading global provider of risk, retirement and health solutions, serving clients across more than 120 countries. The company has been benefiting from steady organic growth, strong client retention and strategic acquisitions. Its shares have lost 8% year to date compared with the industry’s average decline of 18% over the same period. Valuation of AON AON has a market capitalization of nearly $69.4 billion. The stock appears somewhat expensive relative to the industry. Shares are currently trading at a forward 12-month P/E of around 16.3X, above the industry average of 14.5X, reflecting a premium valuation. The stock currently carries a Value Score of C. Where Do Estimates for AON Stand? Aon is expected to deliver year-over-year earnings growth of 11.7% in 2026 to $19.07 per share, followed by an additional 11.1% increase in 2027. Over the past month, analysts have raised 2026 earnings estimates eight times versus three downward revisions. The consensus estimate for 2026 revenues is pegged at $17.99 billion, implying year-over-year growth of 4.7%. AON beat on earnings in each of the trailing four quarters, delivering an average surprise of 3.1%. This is depicted in the figure below. Aon plc Price, Consensus and EPS Surprise Aon plc price-consensus-eps-surprise-chart | Aon plc Quote What’s Favoring AON Stock? Aon’s Accelerating Aon United (“AAU”) initiative is improving efficiency through technology streamlining, operational consolidation and better integration of its Risk Capital and Human Capital businesses. Lower AAU Program expenses and rising savings in first-quarter 2026 reflect solid execution. Management expects annual run-rate savings of $450 million by 2027, supporting margins and earnings growth. Aon’s 3x3 Plan is strengthening its business model through AI-driven tools, analytics and operational simplification. Solutions like Broker Copilot and Aon Claims Copilot are improving client servicing and productivity. The company plans to invest...

Gilead Sciences, Inc. GILD announced that the FDA has granted accelerated approval to Hepcludex (bulevirtide-gmod) for adults with chronic hepatitis delta virus (HDV) infection. The approval makes Hepcludex the first FDA-approved therapy for HDV in the United States. Shares of GILD inched up 3% on May 22, following the news. Year to date, shares have gained 9.5% against the industry's decline of 0.3%. Image Source: Zacks Investment Research More on FDA Approval of GILD’s HDV Treatment The approval was supported by data from the phase III MYR301 study, where Hepcludex achieved statistically significant improvements in combined virologic and biochemical response at week 48 compared with delayed treatment. The therapy demonstrated reductions in HDV RNA levels and normalization of alanine aminotransferase, with sustained efficacy and generally favorable tolerability through up to 144 weeks of treatment. Chronic HDV is considered the most severe form of viral hepatitis due to its rapid progression to liver failure and liver-related death, highlighting the significant unmet need for effective treatments. HDV affects an estimated 40,000 to 80,000 people in the United States among individuals living with chronic hepatitis B virus. Hepcludex (bulevirtide-gmod) 8.5 mg is approved for adults with chronic HDV infection without cirrhosis or with compensated cirrhosis under the FDA’s accelerated approval pathway. Continued approval may depend on confirmation of clinical benefit in ongoing studies. GILD’s Update on Trodelvy GILD also announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency has issued a positive opinion recommending approval of Trodelvy as a monotherapy for adults with unresectable locally advanced or metastatic triple-negative breast cancer (TNBC) who have not received prior systemic treatment for metastatic disease and are not eligible for PD-1 or PD-L1 inhibitor therapy. A final decision from the European Commissi...

GE HealthCare Technologies Inc. GEHC recently entered into a research collaboration with the University of Washington Department of Radiology (UW Medicine Radiology), focused on advancing computed tomography (“CT”) and molecular imaging (“MI”) technologies. The initiative aims to automate workflows across cardiology, oncology and theranostics while supporting faster clinical translation of next-generation imaging technologies. Per management, molecular imaging and CT are converging more than ever to improve disease detection and characterization throughout the patient journey. The collaboration with UW Medicine Radiology will help to advance imaging technologies that provide more precise, actionable insights and support greater precision in diagnostic imaging innovation. Likely Trend of GEHC Stock Following the News Shares of GEHC have lost 0.2% since the announcement on Thursday. In the year-to-date period, shares of the company have fallen 21.7% compared with the industry’s 22.2% decline. However, the S&P 500 has risen 9.6% in the same timeframe. In the long run, the collaboration strengthens GEHC’s position in advanced diagnostic imaging and precision medicine by deepening its 30-year relationship with UW Medicine Radiology. The partnership provides GEHC with a platform to refine and validate next-generation CT and molecular imaging technologies in real-world clinical settings, supporting broader adoption across global healthcare systems. The initiative also supports GEHC’s strategy of combining AI, automation and imaging hardware to improve workflow efficiency and deliver personalized patient care. GEHC currently has a market capitalization of $29.22 billion. Image Source: Zacks Investment Research More on the Strategic Collaboration The research collaboration between UW Medicine Radiology and GE HealthCare is focused on advancing CT, MI and theranostics to improve diagnosis, treatment and patient care. The partnership is built around two core programs aimed at ...

Amazon.com, Inc. (AMZN) Announces Results of Annual Shareholder Meeting GuruFocus

格隆汇5月25日｜据多家外媒消息，美国试图与伊朗达成协议的努力，遭到多名共和党“强硬派”的激烈反弹。面对党内质疑，美国总统特朗普与国务卿鲁比奥公开回怼辩护。舆论分析指出，受中期选举临近、伊朗战事推高通胀、拖累民生经济等影响，美国政府急于从伊朗战事中脱身，也由此引爆共和党内部激烈分歧。

RUTW260518P02865000 互動股市圖表 | I:RUT May 2026 Weekly 2865.000 股市 Yahoo 財經

Slip-ups are brutally punished in English football’s top flight, but enlightened management can still transform a team’s fortunes Sign up for the World Behind The Cup newsletter The final day of the season, to a modern audience, can seem almost overwhelming: 10 games going on at once, each with their own rhythm and dynamic and storyline. It can be hard to imagine that at one time, before the advent of regular live television coverage, this is how it was every weekend. But from the mass of narratives, one key theme, one that has lurked in the background all season, emerged: that this is a brutally hard, extremely competitive, league in which any slip-up is punished. There have been complaints this season about the style of many games, but then there comes a point towards the end of most seasons when a number of fans pronounce themselves bored and declare it a bad season; that tends to correlate quite strongly with how well their team has done. This is an extract from Soccer with Jonathan Wilson, a weekly look from the Guardian US at the game in Europe and beyond. Subscribe for free here. Have a question for Jonathan? Email soccerwithjw@theguardian.com , and he’ll answer the best in a future edition Continue reading...

Novo Nordisk NVO announced that the Committee for Medicinal Products for Human Use (CHMP) under the European Medicines Agency (EMA) has issued a positive opinion recommending marketing authorization for Wegovy pill (once-daily oral semaglutide 25 mg) to reduce excess body weight and support long-term weight management. The opinion also includes the SELECT study data in the label, showing that Wegovy reduces the risk of major adverse cardiovascular events. Per NVO, Wegovy pill is the first oral GLP-1 RA therapy to receive a positive CHMP recommendation for weight management in the EU. Data from the OASIS study program and the SELECT study support the positive opinion. In the OASIS 4 study, treatment with the Wegovy pill led to a mean weight loss of 16.6% among adults with obesity or overweight and at least one comorbidity when treatment was adhered to. The result was broadly comparable to injectable Wegovy 2.4 mg, with about one-third of patients achieving weight loss of 20% or more. Per Novo Nordisk, the safety and tolerability profile of the Wegovy pill was consistent with prior semaglutide studies in weight management. The company also highlighted more than 50 million patient-years of real-world safety data for semaglutide and noted that the proposed label includes no drug–drug restrictions with concomitant medications. Year to date, Novo Nordisk shares have lost 11.6% against the industry’s 2.3% growth. Image Source: Zacks Investment Research The positive opinion moves the Wegovy pill closer to becoming the first oral GLP-1 treatment approved for weight management in the EU. Novo Nordisk expects to launch the medicine in the first markets outside the United States in the second half of 2026. NVO’s blockbuster weight-loss injection, Wegovy, is already approved worldwide to reduce major cardiovascular events, ease HFpEF symptoms and relieve osteoarthritis-related knee pain in obesity. Its label has also been expanded to treat metabolic dysfunction-associated steato...

primeimages/E+ via Getty Images After three decades of watching market cycles play out from both sides of the trade, I’ve come to a simple conclusion: Wall Street’s love of simple rules is one of the most dangerous aspects of investing. When stocks fall 10%, it’s just a “correction.” However, if they decline 20%, it’s a “bear market.” Simple, clean, repeatable, and printed on every financial media graphic from here to Tokyo. The problem is that the definitions of a correction and bear market have not been updated since Alan Shaw developed them at Smith Barney in the 1960s. Moreover, the market those definitions were designed to describe no longer exists. Currently, the S&P 500 index is roughly 83% above its long-term trend line, with the Shiller CAPE (cyclically adjusted price-to-earnings ratio) hovering near 40. That valuation level was only exceeded once in the history of American financial markets. The Fed’s balance sheet, still at $6.7 trillion, is more than eight times its pre-2008 level. Under these conditions, the old bear market definition no longer measures what it was built to measure. A 20% decline from here doesn’t signal either a regime or price trend change. In other words, it would be only a “correction” within an ongoing bullish trend. That understanding is key to today’s discussion. The Current Bear Market Definition Is Arbitrary As noted, the “20% rule” traces to Alan Shaw, a technical analyst at Smith Barney in the mid-20th century. His framework was simple. Anything up to 10% was noise. A decline of 10% to 20% was a correction. Anything beyond 20% was a bear market. Shaw’s colleague Louise Yamada, who took over Smith Barney’s technical analysis practice in 2000, later described its staying power with characteristic directness: “It’s just so easy and simple to remember.” Shaw’s framework made sense in its time. Markets in those decades lived much closer to a gravitational center of fair value. When prices fell by 20%, they often broke the market’s...

McDonald's Corporation MCD is navigating a difficult cost environment as inflationary pressure continues to weigh on franchisee margins across major markets. Higher beef prices, rising energy expenses and supply-chain disruptions are increasing restaurant-level costs at a time when the company is also trying to maintain its value positioning. The pressure appears more pronounced in Europe, where beef inflation has remained elevated. At the same time, McDonald’s expects food and paper inflation to stay in the low to mid-single-digit range in the United States and in the mid-single digits across international operated markets during 2026. These cost pressures are limiting margin flexibility for franchisees, especially as consumer spending remains uneven. McDonald’s strategy currently relies on balancing affordability with restaurant economics. Aggressive pricing actions may hurt traffic, particularly among lower-income consumers already affected by inflation and higher gas prices. As a result, the company continues leaning on meal deals, value platforms and promotional offerings to protect guest counts and market share. However, maintaining value while input costs rise creates additional strain on franchisees. Beef-heavy menu categories are becoming more expensive to operate, making product mix increasingly important. This partly explains why McDonald’s continues to focus on chicken innovation, as the category is growing faster globally and carries a relatively better cost structure compared with beef. The company is also using scale advantages, supplier relationships and hedging strategies to manage near-term inflation. These measures may help reduce volatility, but management expects broader cost pressures and supply-chain uncertainty to remain a risk into late 2026 and 2027. For McDonald’s, sustaining franchisee margins may depend less on pricing and more on traffic growth, menu mix optimization and operational efficiency. With inflation still elevated, protecting ...

格隆汇5月25日｜嘉兴市市场监督管理局发布声明称，近日，嘉兴海广兴市场经营管理有限公司发布《关于严禁在滁州水果市场从事经营活动的通知》，引发媒体和网民广泛关注。我局对此高度重视，第一时间开展调查，现就有关情况说明如下：5月22日，滁州水果市场正式开业运营，由于两地相距较近，同业竞争引发现有海广兴公司经营户强烈反映。海广兴公司向商户发布内部管理通知，后流传至网络，引发广泛关注。针对该通知中相关表述用词不当及不够严谨之处，我局于5月24日约谈海广兴公司，并已督促整改。下一步，我局将加强核查，规范企业竞争行为，切实维护市场公平有序发展环境。

广东省战略性新兴产业投资引导基金启动仪式在广州举行，基金计划总规模1000亿元，首期注册规模500亿元，主要投资战略性新兴产业、未来产业以及升级改造的传统产业等广东省重点扶持的产业领域。广东战新引导基金是广东省首支永续经营的公司制省级政府投资基金，将作为广东省政府投资基金统一出资与管理平台，负责统筹全省基金布局，坚持投长期、投硬科技，资金牵引产业、创新、人才深度融合。（新华社）

美国司法部在一份文件中称，23日发生在白宫附近的枪击事件是又一次针对美国总统特朗普的暗杀图谋。司法部文件显示，袭击者23日当天接近特勤局检查站时，“试图谋杀总统、他的家人和工作人员”，他“熟练地从包里掏出一把大口径手枪，并朝着白宫方向开火”。（新华社）

Sandisk (SNDK 3.79%) stock has been one of the top performers on the stock market in 2026, with shares of the memory specialist rising more than 5x so far this year. However, what's worth noting is that analysts expect Sandisk's red-hot rally to continue even after its remarkable rally. Last month, equity research firm Bernstein noted that this semiconductor stock could soar to $3,000. Analyst Mark Newman of the investment research firm believes that the booming demand for NAND flash chips and the sustained increase in pricing will be a tailwind for Sandisk. Bernstein's $3,000 estimate is based on a significant increase in the company's earnings over the next three years, suggesting the stock will double from current levels. But can Sandisk indeed live up to Bernstein's expectations and deliver such terrific gains? Let's find out. Sandisk's valuation suggests that the market hasn't completely priced its growth potential Sandisk is trading at 50 times earnings, a slight premium to the tech-focused Nasdaq Composite index's price-to-earnings ratio of 43. However, this premium is justified by the exponential earnings growth that Sandisk has been clocking. Expand NASDAQ : SNDK Sandisk Today's Change ( -3.79 %) $ -58.49 Current Price $ 1483.75 Key Data Points Market Cap $219B Day's Range $ 1474.30 - $ 1527.78 52wk Range $ 36.21 - $ 1600.00 Volume 306.2K Avg Vol 17.1M Gross Margin 56.04 % The company's adjusted earnings in the first nine months of fiscal 2026 (which ended on April 3) jumped by 11.5x year over year to $31.32 per share. Even better, Sandisk's guidance of $31.50 in earnings per share for the current quarter points toward a massive acceleration in growth. Sandisk is therefore on track to end fiscal 2026 with $62.82 in earnings per share (based on the midpoint of its earnings guidance for the current quarter). That would be a huge improvement over the earnings per share of $2.99 it reported in fiscal 2025. Analysts have also become bullish about Sandisk's earni...

SpaceX will be one of the most sought-after initial public offerings (IPOs) in Wall Street's history. However, with a valuation expected at close to $2 trillion, retail investors may struggle to buy in early enough to capture meaningful upside. That makes EchoStar (SATS 3.30%) an unusual way to get exposure to SpaceX before the rocket and satellite company starts selling stock. EchoStar agreed to sell 65 megahertz of wireless spectrum to SpaceX, providing support for SpaceX's Starlink to offer direct-to-device service (connecting regular phones directly to satellites). The deal was first valued at about $17 billion, but amended terms could lift the total to about $20 billion, including up to $11 billion in SpaceX stock valued at $212 per share. In May 2026, the FCC approved EchoStar's broader $40 billion spectrum sale to SpaceX and AT&T. These regulatory approvals have brought EchoStar closer to receiving cash and SpaceX stock. EchoStar's SpaceX stake is changing the story EchoStar is not a clean alternative to SpaceX. The company's legacy satellite TV business remains under pressure, with pay-TV subscribers declining by about 366,000 in the first quarter of fiscal 2026 (ending March 31, 2026). However, EchoStar has also reduced its net loss and improved its operating income before depreciation and amortization year over year. These improvements are giving investors a reason to look beyond the shrinking pay-TV business toward its spectrum proceeds and the SpaceX equity stake. Expand NASDAQ : SATS EchoStar Today's Change ( -3.30 %) $ -4.24 Current Price $ 124.20 Key Data Points Market Cap $36B Day's Range $ 122.73 - $ 130.46 52wk Range $ 14.90 - $ 147.25 Volume 11M Avg Vol 6.3M Gross Margin 18.99 % The upside now depends not only on its core business, but also on the value of its SpaceX stock, the cash it receives from spectrum sales, how much debt it can repay, and how much money is left after taxes and costs associated with shutting down parts of its own wireless n...

一创固收：央行加码呵护提振信心，中短端表现优于长端 5月25日，临近月末叠加税期走款，资金面早盘均衡偏紧，午后随央行呵护逐步转松。央行当日以固定利率、数量招标方式开展2580亿元7天期逆回购操作，中标利率1.40%，同时开展6000亿元1年期MLF操作，对冲5000亿元MLF到期及10亿元逆回购到期后，公开市场合计实现净投放3570亿元，单日逆回购净投放2570亿元。资金面早盘隔夜融出在1.40%附近，午后隔夜价格逐步下行至1.35%附近。 债市方面，随着资金面由紧转松，现券收益率多数小幅下行，基金、证券买方力量较强，中短端修复力度优于长端，曲线呈现陡峭化趋势。截至收盘，10年期国债活跃券260010收益率下行0.5bp报1.746%，30年期国债活跃券2600002收益率下行0.9bp报2.2255%，10年期国开活跃券250220收益率下行0.85bp报1.8115%。国债期货收盘多数上涨，30年期主力合约涨0.23%报113.22元，10年期主力合约涨0.04%报108.97元，5年期主力合约涨0.02%报106.465元，2年期主力合约持平于102.642元。 江海证券：短期震荡偏多，关注政府债发行节奏及政策落地情况 今天受到税期和跨月影响，资金面略紧，但市场对于央行维持适度宽松的信心较足，中短端表现强于中长端。上周央行在临近税期开始加量OMO操作，并且加量续作MLF，相当于给市场吃了颗"定心丸"。不过，在目前市场降息预期较低的情况下，中短端债券利率进一步下行的空间有限，后续还应该在收益率曲线上找空间。 长端方面，地缘冲突缓解、油价回落后，市场对通胀的担忧下降。后续债市潜在利空在于政府债发行是否提速，以及增量政策情况，如果政府债发行节奏没有加快、增量政策不及预期，那么预计债市资金宽松格局不变，债市仍呈震荡偏多格局。 东方金诚：债市将延续偏强震荡格局，偏利多 预计本周债市将延续偏强震荡格局。上周（5.18-5.22）周一央行加码短期流动性投放并超额续作MLF，加之税期扰动逐步减退，本周资金面压力料可控；同时， 本周虽为宏观数据真空期，基本面将缺少增量利多，但5月18日公布的4月宏观数据印证经济复苏动能不足，仍将为债市提供支撑。另外，美伊和谈取得实质性进展，霍尔木兹海峡或将重新开放，市场风险偏好有所抬升，可能压制债市情绪，但考虑到国际油价随之回落并推动通胀预期降...

Arm Holdings ARM is accelerating its ambitions in AI infrastructure with Arm AGI CPU, a processor designed specifically for emerging agentic AI workloads. The company believes the transition from traditional AI queries to always-active AI agents will dramatically increase computing requirements inside data centers, creating a major long-term growth opportunity. The new Arm AGI CPU is positioned as a high-efficiency alternative to conventional x86 systems, with Arm Holdings claiming significantly stronger rack-level performance and improved infrastructure economics. ARM also highlighted that its architecture can help customers lower capital spending while scaling AI workloads more efficiently across cloud and enterprise environments. This signifies Arm Holdings’ intention to move beyond its traditional licensing model and deepen its role in the AI hardware ecosystem. The company is now positioning its architecture not only as a foundational technology layer but also as a scalable platform for next-generation AI infrastructure. Cloud Giants Expand Arm Adoption Momentum behind the ARM platform appears to be strengthening among hyperscale and AI infrastructure providers. NVIDIA NVDA emphasized deeper integration of Arm-based CPUs into next-generation AI systems, and also introduced its Vera CPU platform to improve utilization and performance in AI environments. NVIDIA’s growing alignment with Arm underscores the rising importance of Arm-based computing in AI clusters. Alphabet’s GOOGL Google is also expanding its Arm strategy by integrating custom Axion CPUs into upcoming TPU systems. Google stated that its next-generation TPU infrastructure will replace legacy x86 host processors with Arm-based designs to improve efficiency and training economics. The continued commitment from Google reflects increasing confidence in Arm Holdings’ role in future cloud AI deployments. Demand Pipeline Continues Building ARM stated that customer demand for the AGI CPU has already surpasse...