Weekly Market Recap | May 26 – June 01

IPO’s in the week

• ChampionsGate Acquisition Corporation (CHPGU, Nasdaq), a blank check company focused on mergers and acquisitions across sectors and geographies, priced its IPO on May 28, 2025. It sold 7,475,000 units at $10.00 per unit, raising $74.75 million. The offering included the full exercise of the underwriter’s over-allotment option.
• Kochav Defense Acquisition Corp. (KCHVU, Nasdaq), a blank check company targeting the defense and aerospace sectors, priced its IPO on May 28, 2025. It offered 22,000,000 shares at $10.00 each, raising $220 million. Incorporated in the Cayman Islands, Kochav plans to pursue mid-stage or mature businesses with strong cash flow, including corporate carve-outs and private divestitures.
• Jena Acquisition Corporation II (JENA.U, NYSE), a blank check company formed to pursue mergers and acquisitions, priced its IPO on May 29, 2025. It offered 23 million units at $10.00 each, including the full exercise of the underwriters’ over-allotment option, raising $230 million. Each unit consists of one Class A ordinary share and a right to receive a fraction of a share upon completion of a business combination.
• Wintergreen Acquisition Corp. (WTGUU, Nasdaq), a blank check company targeting the technology, media, and telecommunications sectors in the Asia Pacific region, priced its IPO on May 29, 2025. It offered 5,595,000 units at $10.00 each — including 595,000 units from the over-allotment — raising $55.95 million. Each unit includes one ordinary share and a right to receive an additional share upon completion of a business combination.
• Pitanium Limited (PTNM, Nasdaq), a Hong Kong-based beauty and personal care retailer, priced its IPO on May 30, 2025. The company offered 1,750,000 Class A ordinary shares at $4.00 each, raising $7 million. The underwriter, Cathay Securities, holds a 45-day option to purchase up to 262,500 additional shares. Pitanium plans to use the proceeds to enhance its mobile app, expand its product line, improve marketing efforts, and fund general corporate operations.

Markets this week

1. 1. S&P 500 closed at 5,659.91, up 3.59 points and 0.06%.
   2.  Russell 1000 ETF closed at 324.08, up 2.08 points and 0.65%.
   3. Russell 2000 closed at 2,066.29, up 7.11 points and 0.35%.
   4. Russell 3000 closed at 3,360.01, up 38.65 points and 1.16%.
   5. CBOE Volatility Index (VIX) closed at 18.57, down 2.06 points and 9.99%.
   6. Dow Jones Industrial Average closed at 42,270.07, up 421.03 points and 1.01%.
   7. NASDAQ Composite closed at 19,113.77, up 99.33 points and 0.52%.
   8. Bitcoin (USD) closed at $103,998.57, down $5,025.21 and 4.61% during 5 trading days.
   9. Ethereum (USD) closed at $2,529.94, down $21.44 and 0.84% during 5 trading days.
   10. XRP (USD) closed at $2.1386, down $0.2044 and 8.72%.
   11. Gold closed at $3289.40, down $43.10 and 1.29%.
   12. Silver closed at $33.075, down $0.155 and 0.47%. 
   13. WTI (West Texas Intermediate) closed at $60.79, down $0.91 and 1.47%.
   14. Brent Crude Oil closed at $62.69, down $2.33 and 3.58%.

• JP Morgan CEO Jamie Dimon warned of an imminent crack in the bond market, citing America’s $36T debt load, weak Treasury demand, and fiscal policy overreach.
• U.S. stocks surged in May, with the S&P 500 gaining over 6% and the Nasdaq up 9.6%, marking their best month since 2023.
• UK hedge fund Marshall Wace outperformed rivals with a secret algorithm blending trade ideas and alt-data, delivering 7.1% YTD returns through April.
• Gap shares plunged 20% as tariff uncertainty overshadowed strong earnings; the company warned of up to $300M in annual tariff-related costs.
• Nvidia rose 3.2% after reporting $44B in revenue, up 69%, but forecasted an $8B loss next quarter due to U.S. export bans on AI chips to China.
• PDD Holdings dropped 14% after profits fell nearly 50% amid new U.S. tariffs and the loss of duty-free status on low-cost Chinese imports.
• E.l.f. Beauty soared 24% on strong earnings and its $1B acquisition of Hailey Bieber’s Rhode brand, expanding its portfolio and supplier base.
• Apollo Global committed $2B+ across four deals in six weeks, defying PE market caution as tariff uncertainty chills exits and slows broader buyouts.
• Euro credit default swaps held steady Monday after jumping Friday on Trump’s delayed 50% EU tariff threat, now pushed to July 9.
• Luxury giants Dior and Chanel posted weak sales after pandemic-era price hikes of 51–59%, with Chanel’s profit plunging nearly 30% in 2024.
• Investors poured $437B into U.S. ETFs so far in 2025, setting a record pace despite trade-driven market volatility.
• Chinese tech stocks tumbled Friday as U.S. Treasury Secretary Bessent said U.S.-China trade talks are “a bit stalled,” dashing hopes of near-term progress.
• Asian stocks rallied after a U.S. trade court struck down Trump’s global tariffs, boosting chip and auto shares across Japan, Korea, and Taiwan.
• Trump Media shares fell 10% after announcing plans to raise $2.5B to build a bitcoin treasury, with custody by Crypto.com and Anchorage Digital.
• The SEC dropped its lawsuit against Binance and founder Changpeng Zhao, clearing one of the largest regulatory overhangs in crypto markets.
• The U.K. government sold its final stake in NatWest, closing a £45.5B bailout from the 2008 crisis at a £10.5B loss.
• Treasury yields rose in May as tariff relief clashed with renewed fiscal concerns; the 10-year ended at 4.418%, up 25 bps, and the 2-year at 3.914%.
• Roughly $200B in recent European equity inflows could be at risk, as analysts warn the proposed ‘revenge tax’ may dampen foreign appetite for U.S. assets and pressure the dollar.
• Builder.ai is nearing bankruptcy after allegedly inflating revenue through fake transactions with India’s VerSe Innovation between 2021–2024.