TL;DR

Intuit, Autodesk, Analog Devices beat and guide up; Trump to boost nuclear; FTC drops Microsoft-Activision case.

Highlights

• Supreme Court allows Trump to remove NLRB and MSPB leaders, but explicitly excludes Federal Reserve officials 1.
• FTC drops its legal challenge to Microsoft ’s $68.7B Activision Blizzard acquisition, ending regulatory uncertainty 2.
• Trump to invoke Defense Production Act to accelerate domestic nuclear power and uranium independence; NuScale Power shares double after hours 3.
• Trump administration weighing withdrawal of 4,500 U.S. troops from South Korea to reposition in the Indo-Pacific 4.
• Intuit , Autodesk, and Analog Devices beat earnings and raise guidance; Intuit shares up 9% after hours 513.
• Workday beats on Q1 results but shares fall 6% after hours on guidance concerns 6.
• Ross Stores beats Q1 estimates but withdraws full-year guidance and lowers Q2 outlook; stock down 9% after hours 7.
• United Steelworkers urge Trump to block Nippon Steel’s $14B bid for U.S. Steel 8.
• Brazil freezes $5.5B in spending and raises IOF taxes to target 2025 zero-deficit; Ibovespa and BRL decline 9.
• Trump administration revokes Harvard’s visa certification, barring new foreign students and requiring thousands to transfer 14.
• Apple to launch AI-enhanced smart glasses by 2026, drops camera-equipped Apple Watch plans 12.
• Lucid Diagnostics director buys 350,000 shares ahead of Medicare decision on cancer screening coverage 15.

Commentary

After-hours action was dominated by sector-specific moves, with tech and nuclear-related stocks in focus. Intuit , Autodesk, and Analog Devices all posted strong quarters and raised guidance, signaling continued demand for software and semiconductors 13. Intuit’s 9% after-hours surge stood out 513, while Workday ’s cautious outlook led to a 6% drop despite a solid quarter 6. Ross Stores ’ withdrawal of full-year guidance and lowered Q2 outlook, citing tariffs and macro uncertainty, triggered a 9% decline, highlighting ongoing pressure in discretionary retail 7.

Policy headlines were active. The Supreme Court’s order allowing Trump to remove NLRB and MSPB leaders—while explicitly shielding the Fed—removes a legal overhang for labor and regulatory policy, but leaves central bank independence intact, limiting direct impact on rates and FX 1. The FTC’s decision to drop its challenge to Microsoft ’s Activision Blizzard deal removes a regulatory risk for large-cap tech, likely supporting sentiment in the sector 2.

Trump’s planned executive orders to accelerate domestic nuclear power and uranium supply, invoking the Defense Production Act, drove outsized gains in nuclear equities such as NuScale Power and Oklo 3. The administration’s consideration of shifting 4,500 U.S. troops from South Korea to other Indo-Pacific locations signals a strategic realignment with potential implications for defense and geopolitical risk, though market impact is likely limited for now 4.

Internationally, Brazil’s fiscal tightening and tax hikes were met with a negative market response, as both equities and the real slipped 9. The revocation of Harvard’s visa certification and the United Steelworkers’ opposition to Nippon Steel’s U.S. Steel bid add to the regulatory and policy noise, but are unlikely to drive broad market moves 814. Apple’s push into AI wearables and Lucid Diagnostics’ insider buying ahead of a Medicare decision are notable for sector-watchers 1215.

Traders should monitor momentum in tech and nuclear equities, watch for volatility in retail and enterprise software, and stay alert to further policy actions that could influence sector and macro risk premiums.