Bespoke Market Calendar — June 2025
Please click the image below to view our June 2025 market calendar. This calendar includes the S&P 500’s historical average percentage change and average intraday chart pattern for each trading day during the upcoming month. It also includes market holidays and options expiration dates plus the dates of key economic indicator releases. Click here to view Bespoke’s premium membership options.
Q1 2025 Earnings Conference Call Recaps: Ulta Beauty (ULTA)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Ulta Beauty’s (ULTA) Q1 2025 earnings call.
Ulta Beauty (ULTA) is the largest beauty retailer in the US, offering mass and prestige cosmetics, skincare, fragrance, and haircare products alongside in-store salon services. With over 1,300 stores and a fast-growing e-commerce platform, Ulta serves a wide range of consumers seeking affordable indulgence and self-care. The company’s scale, curated assortment, and insight into beauty consumers make it a valuable lens into US discretionary spending and cultural trends, particularly among Gen Z and millennial shoppers. Ulta delivered better-than-expected Q1 results with 4.5% revenue growth, citing strong execution of its Ulta Beauty Unleashed strategy. Despite macro uncertainty and wallet pressures, beauty remains a consumer priority, with fragrance leading growth and prestige outperforming mass in several categories. Beyoncé’s Cécred launch and other exclusives drove excitement, while marketing activations like the Super Bowl campaign and Cowboy Carter tour boosted cultural relevance. E-commerce rose 10%, fueled by app engagement and Adobe-powered personalization. Management maintained a cautious full-year outlook due to global trade volatility, inflation, and uncertain consumer behavior despite strong momentum exiting Q1. In reaction to the report, ULTA stock rallied 11.8% on 5/30…
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Bespoke’s Morning Lineup – 6/2/25 – New Month, Same Concerns
See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium. CLICK HERE to learn more and start your trial.
“Every strike brings me closer to the next home run.” – Babe Ruth
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
Another month has come and gone, and we’re now at the two-month anniversary of the “Liberation Day” ceremony at the White House Rose Garden. The event set off a massive roller coaster in global financial markets, even though markets are little changed from a point-to-point basis. With earnings season largely behind us, economic data and the President’s Truth Social account will be the most closely watched items of the week. While the scheduled start will be at 10 AM with the release of May’s ISM Manufacturing report and the April report on Construction Spending, the timing of headlines related to trade is as predictable as a thunderstorm in the summer. You never know when one will pop up, but you know they always will.
It’s hard to believe that even as the S&P 500 was on the cusp of a bear market in early April, the index’s total return over the last 12 months has been better than average. With a total return of 13.5%, the S&P 500’s gain over the last year outpaced the long-term average by 1.5 percentage points. Over the last two and five years, annualized returns have been even stronger at 20.6% and 15.9%, respectively. Both of those returns are also well above the historical average of about 10.5% for all periods since 1928. Even over the last 10 years, the 12.9% annualized gain is still more than two full percentage points better than average. You have to go out to the 20-year window to find a timeframe where returns are below average, and even there, the 10.5% annualized gain is only slightly less than the long-term average of 10.8%.
The chart below shows how the current one, two, five, ten, and twenty-year returns stack up relative to the long-term average. While the one-year gain is only slightly above the 50th percentile, the S&P 500’s two- and five-year performance is above the 75th percentile.
Brunch Reads – 6/1/25
Welcome to Bespoke Brunch Reads — a linkfest of some of our favorite articles over the past week. The links are mostly market-related, but there are some other interesting subjects covered as well. We hope you enjoy the food for thought as a supplement to the research we provide you during the week.
The filing was the fourth-largest in US history and the largest ever for an industrial company. The company’s stock, once a fixture of blue-chip portfolios, was delisted from the NYSE that same day. Its value had dropped so low that GM was nicknamed “Government Motors” in the days ahead. What followed was a government-led restructuring. The Obama administration orchestrated a $49.5 billion bailout for a 60% stake in the new GM. Factories were shuttered, brands like Pontiac and Saturn were killed off, and more than 20,000 jobs were eliminated. But the move gave GM a second life, eventually reborn with a new IPO in 2010.
AI & Technology
Behind the Curtain: Top AI CEO foresees white-collar bloodbath (Axios)
Anthropic CEO Dario Amodei says we’re on the verge of something huge, and not in a good way. He’s warning that AI could wipe out tens of millions of entry-level white-collar jobs in just a few years, pushing unemployment as high as 20%, and no one in power seems ready to deal with it. The tech is moving fast, companies are already testing human-replacing agents, and Amodei, who’s helping build it all, says if we don’t wake up soon, the fallout could reshape democracy, deepen inequality, and leave most people with no economic role. [Link]
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The Bespoke Report – 5/30/25 – Lawyering Up
To read our weekly Bespoke Report newsletter and access everything else Bespoke’s research platform offers, start a two-week trial to Bespoke Premium. In this week’s report, we take a look at why it’s not a good sign when traders have to rely on lawyers. We also recap the strong market performance in May despite weak showings for bonds and health care, review the improved sentiment signals from a number of economic data releases this week, and where global markets sit after a huge rebound from April lows. Give it a read!
Daily Sector Snapshot — 5/30/25
Q1 2025 Earnings Conference Call Recaps: Costco (COST)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Costco’s (COST) Q3 2025 earnings call.
Costco (COST) operates a global chain of membership-based warehouse clubs offering everything from groceries and fresh food to electronics, apparel, and home furnishings. A standout aspect of its business is the Kirkland Signature private label. With nearly 914 warehouses worldwide, Costco provides insights into consumer behavior, discretionary spending, and value-seeking trends, especially during economic uncertainty. Its membership model generates steady recurring revenue, with US and Canada renewal rates at 92.7%. COST posted strong Q3 results with net income of $1.9B ($4.28 per share), up 13%, and total comp sales rising 5.7% (8% ex-gas/FX). US traffic rose 5.5%, and e-commerce comps jumped 14.8%. Management highlighted tariff mitigation efforts through regional sourcing, continued price investments, and digital expansion, including an Affirm Buy Now Pay Later (BNPL) program and scan-and-go pilots. While inflation in non-foods triggered a $130M LIFO charge, margins benefited from commodity deflation. The stock climbed 4% on 5/30 in response to better-than-expected results…
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Q1 2025 Earnings Conference Call Recaps: Dell (DELL)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Dell’s (DELL) Q1 2026 earnings call.
Dell (DELL) Technologies is a global leader in IT infrastructure, enterprise solutions, and personal computing. Best known for its servers, storage systems, and commercial PCs, Dell also plays a growing role in AI infrastructure, edge computing, and hybrid cloud environments. The company serves a wide range of customers, from governments and Fortune 500 companies to small businesses and consumers, through hardware, software, and integrated solutions. Dell’s deep relationships with partners like NVIDIA, AMD, and Microsoft, along with its end-to-end engineering and deployment capabilities, offer valuable insight into global tech demand trends, enterprise AI adoption, and data center modernization. Dell posted Q1 revenues of $23.4B (+5% YoY) and $1.55 EPS (+17%), fueled by surging AI server demand. The company booked $12.1B in AI server orders, more than the total for all of FY2025, and expects to ship $7B in AI servers in Q2 alone. Its AI pipeline grew across enterprises and sovereigns, now including over 3,000 customers. Despite strong commercial PC demand, the consumer segment remains soft. Tariffs were managed without price hikes, and Dell sees deflationary input costs near term. In response to the report, shares of DELL traded down over 3% in midday trading on 5/30…
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Bespoke’s Matrix of Economic Indicators – 5/30/25
Our Matrix of Economic Indicators provides a concise summary analysis of the US economy’s momentum. We combine trends across the dozens and dozens of economic indicators in various categories like manufacturing, employment, housing, the consumer, and inflation to provide a directional overview of the economy.
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Q1 2025 Earnings Conference Call Recaps: e.l.f. Beauty (ELF)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers e.l.f. Beauty’s (ELF) Q4 2025 earnings call.
e.l.f. Beauty (ELF) is a digitally native cosmetics and skincare company known for its affordable, cruelty-free products targeted primarily at Gen Z and Millennial consumers. Its brand portfolio includes e.l.f. Cosmetics, e.l.f. SKIN, Naturium, Well People, and Keys Soulcare. ELF has grown into a top player in mass cosmetics while expanding rapidly internationally. The company just wrapped its 25th straight quarter of net sales and share growth, driven by a 28% sales increase in FY25 and 60% international growth. The company addressed the impact of newly raised 55% US tariffs on China-sourced goods, exposing $50M in annualized COGS, and discussed mitigation plans via a $1 global price hike, supply chain diversification, and non-US sales mix expansion. A $1B acquisition of Hailey Bieber’s Rhode brand dominated the call, with plans for a Sephora rollout and deeper international presence. Despite macro headwinds, ELF was optimistic, citing standout product launches like Glow Reviver Lip Balm and strong consumer engagement. Historically, ELF has been a triple play machine, with seven straight during a golden age from August 2022 through February 2024. After pulling back almost 20% after last quarter’s weaker results, ELF beat estimates on the top and bottom lines this quarter, helping the stock climb as much as 27.6% on 5/29, on top of the news of the Rhode acquisition…
Continue reading our Conference Call Recap for ELF by becoming a Bespoke Institutional subscriber. You can sign up for Bespoke Institutional now and receive a 14-day trial to read our newest Conference Call Recap. To sign up, choose either the monthly or annual checkout link below: