Dow Jones Today: Stock Futures Fall After S&P 500 Winning Streak Snapped; Treasury Yields

May 21, 2025

Alphabet Jumps on Optimism About Google AI Search45 minutes ago Shares of Google parent Alphabet (GOOGL) surged Wednesday amid growing optimism about the tech giant’s AI search capabilities in the wake of Google’s I/O conference keynote and rollout of its “AI mode” offering in the U.S.
“We come away more confident that Google can successfully navigate the shift to AI Search,” JPMorgan analysts said following the event. The analysts reiterated an “overweight” rating and $195 price target, just above the analyst consensus of $194 compiled by Visible Alpha.
Shares of the Google parent were up close to 4% near $170 in recent trading. Alphabet shares have lost about 10% so far in 2025.
Google I/O underscored the capabilities of the tech giant’s Gemini large language model, Bank of America said. “With an improved LLM and growing AI integration benefits across products, we see [Google’s] AI assets as underappreciated,” the bank said in a note to clients.
I/O also saw the unveiling of Google AI Ultra, a new $249.99 subscription service that offers access to Google’s most advanced AI tools, including Gemini 2.5 Pro Deep Think mode for research and the AI filmmaking tool Flow. Google AI Ultra “should be competitive” with OpenAI’s $200 per month ChatGPT Pro offering, BofA analysts said. The bank maintained a price target of $200.
Meanwhile, Morgan Stanley and Citi analysts reiterated targets of $185 and $200, respectively
–Andrew Kessel

Bitcoin Surges to Record High Above $109,0002 hr 1 min ago The price of bitcoin (BTCUSD) surged to a new record high Wednesday as the digital currency extended a rally fueled by renewed investor risk appetite and optimism about a favorable regulatory backdrop.
Bitcoin jumped to nearly $109,500 this morning, surpassing its previous high of around $109,300 set in January and up from an overnight low of just under $106,000.

The price of bitcoin has risen more than 40% from its early-April low.
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The digital currency had slumped in April to around $76,000 as investors fled risky assets such as cryptocurrencies and stocks amid concerns about tariffs and their potential impact on the economic outlook. Concerns about global trade tensions have subsided, at least for now, while investors remain hopeful that the Trump administration and crypto-supportive lawmakers will implement policies that benefit the asset class.

Shares of crypto-related firms—including major bitcoin buyer Strategy (MSTR), crypto exchange Coinbase Global (COIN), and bitcoin miners MARA Holdings (MARA) and Riot Platforms (RIOT)—all were higher around midday.

Vans, North Face Parent VF Sinks on Weak Sales Forecast2 hr 40 min ago Shares of VF Corp. (VFC) plunged Wednesday morning after the company’s current-quarter sales outlook came in well worse than estimates.
The North Face, Vans, and Timberland parent said it expects fiscal 2026 first-quarter revenue to be down 3% to 5% year-over-year, while analysts surveyed by Visible Alpha had expected it to rise 0.1%. VF Corp. also sees an adjusted operating loss of $110 million to $125 million, far wide than projections of $50.3 million.
VF Corp.’s fiscal 2025 fourth-quarter revenue came in at $2.14 billion, narrowly below estimates, while its adjusted loss per share of $0.13 was in line with forecasts.
CEO Bracken Darrell said the company is “well-positioned to navigate increased volatility in the macro environment,” and said its brands are expected to return to growth. The company said it is “accelerating production and shipments into the U.S.” while many tariffs are temporarily paused, and is also working to optimize its supply chain and “exploring strategic price actions.”
The company said less than 2% of its products come from China, with its four largest import countries being Vietnam, Bangladesh, Indonesia, and Cambodia. Some 85% of its imports come from southeast Asia, Central America, and South America.
VF shares were down 10% in recent trading, pushing the stock’s year-to-date decline to about 40%.
–Aaron McDade

UnitedHealth Leads Dow Lower Again3 hr 29 min ago UnitedHealth Group (UNH) shares fell Wednesday after an investigation from The Guardian found that the insurer paid nursing homes to reduce hospital transfers.
The company allegedly paid under-the-table bonuses to nursing homes in order to reduce hospital transfers for residents, helping UnitedHealth lower costs,The Guardian reported.
In a statement Wednesday, UnitedHealth said the U.S. Department of Justice has “investigated these allegations, interviewed witnesses, and obtained thousands of documents that demonstrated the significant factual inaccuracies in the allegations. After reviewing all the evidence during its multi-year investigation, the Department of Justice declined to pursue the matter.”
Shares of the Dow component were down close to 5% in recent trading, after hitting a five-year low last week amid reports the Justice Department is investigating the health-care giant for possible Medicare fraud. Also last week, the company announced CEO Andrew Witty was stepping down after four years in the role and the company withdrew its full-year guidance.

UnitedHealth shares have lost about 40% of their value so far in 2025, while the Dow Jones Industrial Average is flat over that period.

Shares of UnitedHealth, which were trading near $600 in mid-April, have lost about half their value since then.

–Andrew Kessel

D-Wave Quantum Levels to Watch After Yesterday’s Surge3 hr 55 min ago D-Wave Quantum (QBTS) shares were down slightly this morning after soaring Tuesday following the release of a quantum computing system the company says can solve problems beyond the capabilities of classical computers.
The company said its Advantage2 system increases energy scale by 40% and reduces noise by 75%, which results in higher-quality outputs for solving complex calculations. The company added that the technology marks a significant milestone not just for D-Wave, but for the quantum computing industry as a whole.
D-Wave shares, which jumped 26% yesterday, have doubled since the start of the year and gained more than 1,200% over the past 12 months. The stock has been boosted by a 500% surge in the company’s first quarter revenue and expectations that quantum computing will transform a wide range of industries.
Source: TradingView.com.

D-Wave shares have staged a decisive breakout above the top trendline of an ascending triangle this week, signaling a continuation of the stock’s strong uptrend that preceded the pattern. It’s also worth pointing out that the 50-day moving average sits on the verge of crossing above the 200-day MA to form a golden cross – a bullish chart indicator predicting higher prices.
Moreover, above-average trading volume has accompanied the recent rally, indicating buying conviction by larger market participants, such as institutional investors and hedge funds. Meanwhile, the relative strength index confirms bullish price momentum, though the indicator also flashes overbought conditions, which could lead to short-term profit taking.
Chart-based upside targets using the measured move technique and bars pattern analysis sit at $40 and $90, respectively. Investors should monitor a major support level on D-Wave’s chart around $12.
The stock was down 1.3% at $16.35 in recent trading.
Read the full technical analysis piece here.
–Timothy Smith

Target Shares Slide on Lowered Full-Year Sales Forecast4 hr 26 min ago Target (TGT) shares fell in premarket trading Wednesday after the retail giant lowered its full-year sales projection following mixed first-quarter results.
The Minneapolis-based retailer reported quarterly adjusted earnings per share (EPS) of $1.30 on revenue that decreased nearly 3% year-over-year to $23.85 billion. Analysts had expected $1.64 and $24.34 billion, respectively, per Visible Alpha. However, Target’s GAAP EPS of $2.27, which includes the gains from litigation settlements, topped the $1.64 estimate.
Comparable sales declined by 3.8%, as a larger drop in in-store shopping offset an increase in digital sales. Analysts had projected a 1.68% drop.
“While our sales fell short of our expectations, we saw several bright spots in the quarter, including healthy digital growth,” CEO Brian Cornell said, adding that the retailer is “not satisfied with current performance and know we have opportunities to deliver faster progress on our roadmap for growth.”
The company cut its fiscal 2025 sales forecast and widened its projected profit range. The retailer now expects a low-single-digit sales decrease and EPS of $8.00 to $10.00, with adjusted EPS—excluding the Q1 gains from litigation settlements—projected from $7.00 to $9.00. Last quarter, Target said it expected roughly 1% net sales growth and EPS, both GAAP and adjusted, of $8.80 to $9.80.
Separately Wednesday, Target announced the creation of a “Enterprise Acceleration Office,” led by COO Michael Fiddelke. The retailer said the effort is designed to “improve how functions work together to advance key priorities, ranging from simplifying cross-company processes to using technology and data in new ways to power the team.”

Target shares have fallen about 32% since the start of the year, significantly trailing the performance of shares of rival retailer Walmart.
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Target shares were down 6% in recent trading. The stock has lost about a third of its value since the start of the year.

–Aaron McDade