{"id":62453,"date":"2026-05-28T09:38:30","date_gmt":"2026-05-28T13:38:30","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/us-economy-faces-mixed-data-as-economic-fury-campaign-intensifies-against-iran-snowflake-and-best-buy-surge\/62453\/"},"modified":"2026-05-28T09:38:30","modified_gmt":"2026-05-28T13:38:30","slug":"us-economy-faces-mixed-data-as-economic-fury-campaign-intensifies-against-iran-snowflake-and-best-buy-surge","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/us-economy-faces-mixed-data-as-economic-fury-campaign-intensifies-against-iran-snowflake-and-best-buy-surge\/62453\/","title":{"rendered":"US Economy Faces Mixed Data as &#8220;Economic Fury&#8221; Campaign Intensifies Against Iran; Snowflake and Best Buy Surge"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>US GDP for Q1 was revised downward to 1.6%<\/strong>, missing the 2.0% estimate, while the <strong>Core PCE Price Index rose 3.3% Y\/Y<\/strong>, signaling persistent inflationary pressure.<\/li>\n<li><strong>Treasury Secretary Scott Bessent<\/strong> announced an escalation of the <strong>&quot;Economic Fury&quot;<\/strong> campaign, implementing a <strong>U.S. Naval blockade<\/strong> and shutting down Iranian airlines&#39; access to global landing spots.<\/li>\n<li><strong>Snowflake (<a href=\"\/stock\/SNOW\">SNOW<\/a>)<\/strong> shares skyrocketed <strong>36.7%<\/strong> in <a href=\"https:\/\/stockmarketwatch.com\/movers\/premarket\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Premarket Movers\">pre-market trading<\/a> following a massive Q1 earnings beat and a major expansion of its <strong>AWS<\/strong> commitment.<\/li>\n<li><strong>Pakistan<\/strong> has formally offered to mediate the transfer of <strong>Iranian uranium to Beijing<\/strong> under international control to break the current diplomatic deadlock.<\/li>\n<li><strong>German Finance Minister Lars Klingbeil<\/strong> is pushing the &quot;E6&quot; nations to finalize a <strong>Capital Markets Union<\/strong> package this year to mobilize private investment across Europe.<\/li>\n<\/ul>\n<h2>US Economic Outlook and Federal Reserve Commentary<\/h2>\n<p>The U.S. economy presented a complex picture on Thursday as new data revealed a cooling in growth alongside stubborn inflation. <strong>Real GDP increased at an annual rate of 1.6%<\/strong> in the first quarter of 2026, a significant downward revision from the previous 2.0% estimate. Despite the slowdown, <strong>Federal Reserve Bank of New York President John Williams<\/strong> maintained that the economy remains &quot;strong&quot; and the labor market is &quot;performing well,&quot; though he noted that <strong>inflation remains the single biggest risk element<\/strong>.<\/p>\n<p>Market participants are closely watching the <strong>Core PCE Price Index<\/strong>, the Fed&#39;s preferred inflation gauge, which hit <strong>3.3% Y\/Y in April<\/strong>. This figure, paired with a <strong>7.9% surge in Durable Goods Orders<\/strong>, suggests that demand remains resilient despite higher interest rates. <strong>Goldman Sachs (<a href=\"\/stock\/GS\">GS<\/a>) President John Waldron<\/strong>, speaking at the Bernstein Strategic Decisions Conference, echoed this sentiment, stating the world is in a period of <strong>&quot;very strong nominal growth&quot;<\/strong> driven by an &quot;extraordinarily resilient&quot; consumer.<\/p>\n<h2>Geopolitical Escalation: The &quot;Economic Fury&quot; Against Iran<\/h2>\n<p>Geopolitical tensions reached a new peak as <strong>Treasury Secretary Scott Bessent<\/strong> detailed the success of the U.S. &quot;Economic Fury&quot; campaign. Bessent confirmed that a <strong>U.S. Naval blockade<\/strong> has successfully reduced Iranian crude on the water to record lows, while the <strong>Persian Gulf Strait Authority (PGSA)<\/strong> has been hit with fresh sanctions. The Treasury is now moving to <strong>sever all global access for Iranian airlines<\/strong>, including landing rights, refueling services, and ticket sales, to further isolate the regime.<\/p>\n<p>In a potential diplomatic breakthrough, <strong>Islamabad<\/strong> has proposed transferring <strong>Iranian uranium to Beijing<\/strong> under international supervision. This move, aimed at de-escalating the &quot;downward spiral&quot; mentioned by Bessent, comes as <strong>Pakistan&#39;s Foreign Minister Dar<\/strong> prepares to meet <strong>U.S. Secretary of State Marco Rubio<\/strong> in Washington. <strong>CENTCOM<\/strong> reported that over <strong>20 U.S. warships<\/strong> are currently enforcing the blockade, having already redirected <strong>111 commercial vessels<\/strong> to ensure compliance.<\/p>\n<h2>Corporate Movers: SNOW, BBY, and Tech Resilience<\/h2>\n<p>In equity markets, <strong>Snowflake (<a href=\"\/stock\/SNOW\">SNOW<\/a>)<\/strong> led gainers with a <strong>36.7% jump<\/strong> after reporting accelerating product revenue growth of <strong>34%<\/strong> and raising its full-year guidance. The data-cloud company also highlighted a new <strong>$6 billion commitment with AWS<\/strong>, reinforcing its position in the AI infrastructure race. <strong>Best Buy (<a href=\"\/stock\/BBY\">BBY<\/a>)<\/strong> followed suit, gaining <strong>10.3%<\/strong> after beating comparable sales estimates, while <strong>Dollar Tree (<a href=\"\/stock\/DLTR\">DLTR<\/a>)<\/strong> rose <strong>16.7%<\/strong> on an adjusted EPS beat and raised guidance.<\/p>\n<p>Other notable movers included <strong>Dell Technologies (<a href=\"\/stock\/DELL\">DELL<\/a>)<\/strong>, which climbed <strong>4.5%<\/strong> after securing a <strong>$9.69 billion contract<\/strong> with the U.S. Navy. Conversely, <strong>Salesforce (<a href=\"\/stock\/CRM\">CRM<\/a>)<\/strong> slipped <strong>1.8%<\/strong> due to light revenue guidance for the fiscal year. In the automotive sector, <strong>Xpeng (<a href=\"\/stock\/XPEV\">XPEV<\/a>)<\/strong> rose <strong>3.1%<\/strong> on gross margin growth, while <strong>Li Auto (<a href=\"\/stock\/LI\">LI<\/a>)<\/strong> fell <strong>3.1%<\/strong> as hybrid sales slowed, pressuring overall margins.<\/p>\n<h2>European Integration and Global Commodities<\/h2>\n<p>In Europe, <strong>German Finance Minister Lars Klingbeil<\/strong> convened the <strong>&quot;E6&quot;<\/strong> group\u2014comprising Germany, France, Italy, Spain, Poland, and the Netherlands\u2014to deepen the <strong>Capital Markets Union (CMU)<\/strong>. Klingbeil emphasized that a unified EU market is a <strong>&quot;game-changer&quot;<\/strong> for mobilizing private investment and achieving economic independence. France also stressed the necessity of being included in all mediation negotiations regarding Russia to protect European interests and leverage its <strong>sanctions power<\/strong>.<\/p>\n<p>The commodity markets reacted sharply to the morning&#39;s economic data, with <strong>Spot <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold<\/a> dropping 1.5% to $4,392.57\/oz<\/strong>. The decline reflects a market adjusting to the possibility of &quot;higher-for-longer&quot; interest rates as the Fed grapples with sticky PCE data. Meanwhile, <strong>Jeff Bezos<\/strong> offered a long-term perspective on technology, stating that workers should view <strong>A.I. as a tool for enhancement<\/strong> rather than a threat to job security, a sentiment echoed by Williams&#39; comments on A.I.&#39;s future impact on productivity.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways US GDP for Q1 was revised downward to 1.6%, missing the 2.0% estimate, while the Core PCE Price 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