Bespoke’s Weekly Sector Snapshot — 6/5/25
Chart of the Day – Big Ticket Stocks
Bespoke’s Morning Lineup – 6/5/25 – Taking the Wheel
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“The difficulty lies not so much in developing new ideas as in escaping from old ones.” – John Maynard Keynes
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It’s been another quiet overnight session in the futures market, but that’s not for a lack of events. In Japan, JGBs managed to rally despite a weak 30-year bond auction. In the EU, the ECB just cut rates by 25 bps, and that will result in more ire from President Trump towards Fed Chair Powell. Concerning trade, markets are eagerly waiting for ‘the call’ between President Trump and President Xi as both countries look to make progress on trade talks. Yesterday was also the deadline for countries to make their ‘best and final’ offers, so be on the lookout for any of those details to emerge. Domestically, the status of the GOP’s big, beautiful bill remains up in the air as the Senate is unlikely to pass the bill without major changes, and Elon Musk continues to rail against it.
With all the concerns over deficits and the inability of Congress to rein in spending, it’s easy to understand why precious metals like gold have performed so well. After pulling back to the 50-day moving average in early May, gold prices found support and have seen a good bounce as the yellow metal makes a run for its recent highs. The last year has seen a monster run for gold as prices are up well over 40%, and besides the last few weeks where prices have been rangebound, the only other time in the last year that prices went this long without making a new high were leading up to the election and through year end of 2024.
As gold prices have been digesting big gains from earlier in the year, other precious metals have been playing catch up and moving into the driver’s seat. Let’s start with silver. Prices have been in a much more sideways range over the last year. Both last fall and earlier in the spring, silver traded around $35 an ounce but then quickly pulled back. This week, it made another run for $35 and broke right through to the upside this morning. If at first you don’t succeed, try, try, and try again!
Platinum prices have followed a similar path. Here, the resistance was just below $1,075- a level it approached last summer, last fall, and then again, this winter. It finally broke out from that level in mid-March, and while it briefly pulled back later in the month, this morning’s rally of nearly 4% looks like a convincing breakout.
Within the commodities space, gold, platinum, and silver have all now seen big rallies this year with gains of around 20% or more, and all three are well above their 50-day moving averages as well. Elsewhere in the commodity space, so-called ‘soft’ commodities have lagged. The DB Agriculture ETF (DBA) is barely up YTD with a gain of just 1%, while the DB Oil ETF (DBO) is down by double-digit percentages. Not all commodities are created equal.
The Closer – BOC, Services, Beige Book – 6/4/25
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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we kick off with a recap of today’s rate decision North of the border (page 1) followed by a dive into the latest service PMIs (page 2). We then provide some quantitative evaluations of the Beige Book (page 3) before closing out with an update on investor sentiment (page 4).
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Daily Sector Snapshot — 6/4/25
Chart of the Day – Apple’s (AAPL) Technicals Develop
Bespoke’s Consumer Pulse Report – June 2025
Bespoke’s Consumer Pulse Report is an analysis of a huge consumer survey that we run each month. Our goal with this survey is to track trends across the economic and financial landscape in the US. Using the results from our proprietary monthly survey, we dissect and analyze all of the data and publish the Consumer Pulse Report, which we sell access to on a subscription basis. Sign up for a 30-day free trial to our Bespoke Consumer Pulse subscription service. With a trial, you’ll get coverage of consumer electronics, social media, streaming media, retail, autos, and much more. The report also has numerous proprietary US economic data points that are extremely timely and useful for investors.
We’ve just released our most recent monthly report to Pulse subscribers, and it’s definitely worth the read if you’re curious about the health of the consumer in the current market environment. Start a 30-day free trial for a full breakdown of all of our proprietary Pulse economic indicators.
May 2025 Headlines
Q1 2025 Earnings Conference Call Recaps: CrowdStrike (CRWD)
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 CrowdStrike’s (CRWD) Q1 2026 earnings call.
CrowdStrike (CRWD) is a leading cybersecurity company best known for its Falcon platform, a cloud-native solution that protects endpoints, cloud workloads, identities, and data through AI-powered threat detection and response. Its customers range from Fortune 100 enterprises to government agencies. Its agentic AI, Charlotte AI, and Flex-based subscription model provide unique insights into modern enterprise security operations, platform economics, and the emerging need to secure autonomous AI agents across global digital infrastructure. CRWD posted $194M in net new ARR and 22% ARR growth, fueled by the expanding Falcon Flex model, which now accounts for over $3.2B in deal value across 820 customers. Re-Flex deals (when a customer uses up initial Flex subscription allocation faster than expected and returns to CrowdStrike mid-contract to extend commitment) surged, with one customer increasing their commitment 20x. Charlotte AI and Next-Gen SIEM (Security Information and Event Management) drove notable wins by automating SOC (Security Operations Center) workflows and displacing legacy tools like Splunk. Cloud and identity protection businesses also accelerated. On mixed results and a weaker outlook, CRWD shares fell as much as 7.4% on 6/4…
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Q1 2025 Earnings Conference Call Recaps: Signet Jewelers (SIG)
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 Signet Jewelers’ (SIG) Q1 2026 earnings call.
Signet Jewelers (SIG) is the largest retailer of diamond jewelry in the US, operating under well-known banners like Kay, Zales, Jared, James Allen, and Blue Nile. The company designs, sources, and sells a broad assortment of bridal, fashion, and custom jewelry, with a growing business in lab-grown diamonds and digital channels. SIG beat expectations in Q1, with 2.5% same-store sales supported by strong fashion jewelry performance. The company highlighted a 60% increase in lab-grown fashion sales and AUR (Average Unit Retail) growth of ~8%. Fashion jewelry under $500 saw improved demand, and new campaigns at Zales and Jared were successful. Executives also discussed tariff mitigation efforts, including shifting sourcing out of China, and outlined real estate optimization plans, with about 100 store closures and 200 repositionings over time. Digital performance was mixed, with Blue Nile rebounding and James Allen underperforming. The stock opened 15.5% higher on 6/3 on the strong results, but remains close to 30% below 2024 highs…
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