All posts by PARKERYL

Shares of Insmed (INSM) jumped nearly 30% Tuesday after the biopharmaceutical company reported positive results from a Phase 2 trial for its treatment of pulmonary arterial hypertension.

The Bridgewater, N.J.-based company said the study was “evaluating the efficacy and safety of treprostinil palmitil inhalation powder” in patients with pulmonary arterial hypertension, or PAH, and that the trial “met its primary endpoint and all secondary efficacy endpoints.”

Pulmonary hypertension, which develops when the blood pressure in your lungs is higher than normal, affects about 1% of people globally, per the National Heart, Lung, and Blood Institute.

Insmed said it would “immediately engage with the U.S. Food and Drug Administration (FDA) regarding the Phase 3 trial design for PAH. Insmed plans to initiate a Phase 3 trial in patients with pulmonary hypertension associated with interstitial lung disease before the end of 2025 and a Phase 3 trial in patients with PAH in early 2026.”

The news caused Insmed shares to soar nearly 28% Tuesday afternoon to around $90, their highest level in nearly a quarter century.

Shares of United Therapeutics (UTHR), which makes rival PAH treatments, recently sank almost 14% to about $283, their lowest level since April.

Written by the Market Insights Team

Can the dollar hold its ground?

Kevin Ford – FX & Macro Strategist

Maybe you recall back in March, when markets were rattled by the Atlanta Fed’s GDPNow model, which predicted a sharp 2.8% contraction in Q1 GDP. We know now that the actual contraction was far more modest at -0.2%. So, what was wrong with the model? One key reason for the discrepancy is how the GDPNow model processes import data; it includes gold inflows linked to arbitrage, which the U.S. Bureau of Economic Analysis (BEA) excludes in its own calculations. But perhaps more importantly, the GDPNow model didn’t fully account for how swings in imports are often offset by inventory investment. When imports fluctuate dramatically, businesses typically adjust their inventories in response. The GDPNow model underestimated inventory contributions, skewing its overall forecast. For the same reasons, given how businesses and governments have adjusted to U.S. trade policy, the current Q2 forecast may not be the most reliable indicator.

Between March and April, recession fears surged. Based on Polymarket odds, the probability of a U.S. recession jumped from 30% to 65% following the news of reciprocal tariffs. However, as of today, that probability has dropped to 24%. The base case for the U.S. economy still favors a soft landing. Tariffs may cause inflation to rise temporarily, but markets are hopeful that the broader economic slowdown will counterbalance those effects, keeping inflation in check. Today’s May CPI report should offer insights into how recent tariffs are affecting goods prices.

As recession fears fade and market volatility settles, U.S. equities are nearing all-time highs. However, one of the most surprising trends this year has been the underperformance of U.S. stocks compared to global equities. While the S&P 500 Index is up around 2% year-to-date, the MSCI ACWI ex USA Index, which tracks large and mid-cap stocks across developed and emerging markets and covers approximately 85% of the global equity opportunity set outside the U.S., has surged to a new all-time high, surpassing previous peaks from 2007 and 2022. Year-to-date, the index is up 14%. A similar trend in FX majors has unfolded, where the DXY US dollar Index has lagged, down 8.5% year-to-date.

Could the shift from U.S. assets to international markets accelerate and drive the dollar into another leg down? What’s worrying is that despite U.S. interest rates remaining well above those in other developed economies, the dollar is still hovering near recent lows. Also, the rally in U.S. equities has been largely fueled by retail investors, with only 52% of S&P 500 members trading above their 200-day moving average.

If the dollar is to weaken further, the catalyst would likely come from rising trade tensions, weak demand in Treasury auctions, or the long-awaited downturn in the U.S. economy that investors have been expecting for the past three years. But with no clear signs of economic deterioration, bearish sentiment remains the dominant force in USD trading among G10 currencies. And with nothing on the June calendar pointing to a major macro shift, in calm waters, this trend looks set to continue.

Euro Resilience Tested as Macro Forces Shift

Antonio Ruggiero – FX & Macro Strategist

That bullish push on the euro from last week’s press conference was reinvigorated this week, as ECB’s Olli Rehn and Francoise de Villeroy reinforced the bank’s recent hawkish stance, helping EUR/USD reach intraday high of $1.1446. The Sentix Investors’ Confidence Index for the eurozone, which jumped to positive levels for the first time in one year, also supported the euro’s rise.

Euro, however, continues to struggle to break decisively above $1.14, with the pair gently dipping in the $1.13 area so far this week. The euro is likely to remain range-bound until a trade or macroeconomic catalyst emerges.

For the remainder of the week, we believe that the net impact of macro forces on price action could remain slightly more bearish than bullish, with the pair likely to finish below $1.14 by week-end. The key potential bullish driver for the euro remains the uncertainty surrounding the US-China trade deal, which could revive the Sell America trade. While the two parties have agreed on a preliminary plan, no further meetings are scheduled, and approval is still pending from both Trump and Xi, leaving markets in wait-and-see mode.

On the data front, had NFP disappointed last week, a hotter-than-expected US inflation print today would have been more constructive for the euro. However, a stronger print may now be viewed as a sign of economic resilience, rather than triggering stagflation fears. Meanwhile, inflation data for Spain, France, and Germany—set to be released on Friday—could come in softer than expected, reinforcing deflationary concerns, ECB rate cut expectations, and broader sluggish economic activity.

Overall, EUR/USD is up just over 2% month-over-month, compared to a year-to-date gain of over 10%. The fading momentum suggests that US sentiment remains the primary driver of euro strength, rather than organic euro demand. Meanwhile, US economic data remains mixed, failing to paint a unified picture of weakness, and continued trade tensions have kept bearish dollar sentiment in check.

Paring positive punts on pound

George Vessey – Lead FX & Macro Strategist

After falling in the wake of the dovish UK jobs data yesterday, GBP/USD bounced modestly off its 21-day moving average in a sign that uptrend in the short term still holds for now, but FX options traders are turning less optimistic on the pound’s outlook. Having hit a 3-year high of $1.3616 last week, the currency pair has been in retreat, but the mid-$1.34 region, which has offered decent support of late, could be a key pivot point.

The pound was on track for its steepest selloff against the dollar in nearly a month, as UK employment figures showed their biggest drop in five years and wage growth slowed more than expected. The data cements the probability of an August rate reduction and increased traders’ conviction a further second quarter-point cut is on the cards for Q4. UK gilt yields fell, dragging sterling lower across the board.

The prospect of lower interest rates and falling gilt yields has dampened sterling’s appeal, pushing GBP to its lowest level against the euro in nearly four weeks, with eyes on the 50-day moving average support just under €1.18. However, downside may be limited given sterling remains one of the highest-yielding G-10 currencies, as demand for carry trades increases, bolstered by rising risk appetite and particularly as market volatility eases amid improving trade conditions.

Nevertheless, the pound’s outlook has turned more uncertain according to options markets One-week risk reversals, which measure the imbalance between bullish and bearish bets, are hovering near parity, reflecting indecision. But as traders continue to pare their bullish sterling outlook, they now expect almost no gains in the British currency over the next 1 to 3 months and a depreciating pound over a longer horizon.

Today’s focus will on US inflation data mainly, but it’s worth keeping one eye on UK Chancellor Rachel Reeves’ Spending Review. While this is not a budget, and tax changes are off the table, it remains an important test of government credibility. Any policy missteps or signs of weakened fiscal discipline could be punished swiftly, leaving sterling vulnerable to an extended pullback.

Euro gains against safe-haven currencies

Table: 7-day currency trends and trading ranges

Key global risk events

Calendar: June 9-13

All times are in BST

Have a question? [email protected]

*The FX rates published are provided by Convera’s Market Insights team for research purposes only. The rates have a unique source and may not align to any live exchange rates quoted on other sites. They are not an indication of actual buy/sell rates, or a financial offer.

While one in four Americans say they’ve ended a relationship over money problems, America’s youngest adults appear to be charting a different course for managing finances in a committed relationship. Almost half of married Gen Zers (48%) say they created a formal financial plan before saying “I do,” double the average for all generations.

“It is important to talk about expectations for major milestones,” Johanna Peetz, a professor of psychology at Carleton University whose research focuses on money and relationships, told Investopedia. “It might also be helpful to talk about past experiences or how each partner’s family has arranged and handled such milestones.”

For many Gen Z couples, that isn’t just abstract advice—it’s something they’re putting into practice.

Why Gen Z Is Planning Ahead

David Tenerelli, a certified financial planner at Values Added Financial Planning, says the financial pragmatism of today’s young adults didn’t develop in a vacuum—it’s a direct response to the economic chaos that has defined their formative years.

“Some systemic headwinds include the recent spike in housing prices, the higher relative cost of college, and the destabilizing shocks to the global economy resulting from the 2008 financial crisis and COVID-19,” he said. “Some of the personal headwinds include the proliferation of social media and the resulting widespread status orientation, overconsumption, and mental health challenges, or the desire to, in their young adult years, emulate their parents’ affluent lifestyles, which may have taken decades to achieve.”

Peetz noted that what we grow up seeing forms our relationship to money. “Family background informs how we think about money even if we’re not necessarily aware of how our beliefs are shaped by family socialization,” she said.

Interestingly, two thirds of Gen Zers surveyed say they’re more financially dependent on their spouses in some way (66%), compared with just about half of millennials (53%), Gen Xers (51%), and Baby Boomers (49%). That more of them want to have a formal plan in place when tying the knot makes sense, since they’re going to need each other even more than previous cohorts.

The survey data shows Gen Z’s financial conversations are covering crucial territory. They’re addressing debt discussions, spending habits, and long-term goals before marriage becomes legally and financially binding.

“Any behavior practiced over time becomes a habit,” Peetz said. By establishing financial communication patterns early, Gen Z couples may be setting themselves up for continued openness about money throughout their marriages.

Of course, not every financial discussion is easy, and “talking about money might create conflict when two partners disagree,” Peetz said. “But making communication a habit might ensure that these conflicts are likely to be about small solvable issues rather than turn into long-standing entrenched disagreements.”

Peetz can point to her colleagues’ and her own research as evidence for this. One of her recent studies shows that couples who fully combine their finances communicate significantly more about money decisions than those who keep accounts separate. This increased communication pays dividends: “Talking more about small financial issues might prevent those from turning into larger issues,” she said.

The reverse was also true: When people hide more financial information, this tends to create a “mutuality of secretive financial behaviors,” a 2025 study by Peetz and Morgan Joseph found.

The Bottom Line

While Gen Z faces specific financial challenges—from student loans to a competitive housing market—they’re approaching marriage with a level of financial preparation that previous generations largely lacked. Their willingness to have difficult money conversations before walking down the aisle suggests they understand something many couples learn too late: love can’t conquer financial incompatibility, but honest planning might.

Cross-border payments are a critical part of today’s global economy, enabling businesses to expand, suppliers to operate across borders and digital marketplaces to thrive. Despite their importance, international transactions remain fraught with friction, cost, and risk.

Whether you’re a multinational corporation or a small exporter, navigating the complexities of global payments can hinder business growth, delay operations, and create compliance headaches. Fortunately, companies like Convera, a global leader in commercial payments are helping businesses overcome these obstacles and unlock the full potential of seamless international commerce.

Below, we break down five of the most common pain points in cross-border payments and the modern tools helping to solve them.

Cross-border payments challenge #1: FX markups and hidden fees

Foreign exchange (FX) costs remain one of the biggest pain points in international transactions. Traditional banks often embed large markups in the exchange rate while layering on transaction fees, making it hard for businesses to predict or control costs. The lack of transparency in FX pricing also leads to mistrust and budgeting issues, particularly for companies dealing with high volumes or volatile currencies.

Commercial payments providers like Convera offer real-time FX rate visibility and pricing transparency, giving businesses more control over their international payment flows. And, with tools like forwards and options contracts, companies can manage currency risk and provide certainty of future cash flows*.

Cross-border payments challenge #2: Choosing the most suitable payment method

For many businesses, sending cross-border payments or receiving funds across markets remains a logistical nightmare. Traditional correspondent banking systems can be slow, expensive or simply unavailable in certain regions. In addition, every business is faced with the overwhelming challenge of choosing the most suitable payment method for its needs.

There are numerous methods of transferring funds across borders, each with its own unique characteristics, benefits and drawbacks. Choosing between automated clearing house (ACH), single Euro payments area (SEPA), real-time gross settlement (RTGS), wire transfers, and crypto payments is a balancing game between speed, cost, accessibility, currency requirements, and security.

Modern cross-border payment providers simplify this choice by helping you find the most suitable payment method for your needs, and offering localized payout options to help ease costs. For example, Convera’s global footprint supports transactions in over 200 countries and territories, and access to more than 140 currencies including markets where traditional banks struggle to operate efficiently

Cross-border payments challenge #3: Lack of transparency

A major complaint from chief financial officers (CFOs) and treasury teams is the lack of visibility into payment status and settlement timelines. Funds can go missing for days in the correspondent banking chain, with no way to track their movement in real time. This uncertainty complicates cash flow forecasting and supplier relationships.

Global commercial payments providers, such as Convera, are tackling transparency issues by building end-to-end tracking tools to monitor the exact status of a payment across its entire journey. Real-time dashboards, transaction alerts and automated reconciliation are becoming the new standard, reducing the black box of cross-border transfers.

Cross-border payments challenge #4: Regulatory complexity, fraud, and compliance risk

Cross-border payments must comply with an intricate web of local and international regulations, ranging from Know Your Customer (KYC) and Anti-Money Laundering (AML) laws to sanctions screening and tax reporting. Managing this compliance burden internally is costly and risky (especially for smaller businesses, as mentioned before). At the same time, fraud attempts are growing more sophisticated, targeting B2B transactions through phishing, account takeovers, and business email compromise (BEC) scams.

Platforms like Convera use real-time sanctions screening, credit fraud screening systems, and secure user authentication to help businesses meet global standards without slowing down operations. These built-in protections allow companies to scale internationally with peace of mind.

Cross-border payments challenge #5: Slow delivery times

Despite advances in domestic payments, many international transactions still take a few business days to settle, especially when multiple banks and currencies are involved. These delays can disrupt supply chains, hobble financial forecasting, and leave accounts receivable teams chasing down confirmations.

Fintech innovations are significantly cutting delivery times. Through direct partnerships with local banks and the use of real-time payment networks, commercial payments providers like Convera can deliver funds in hours or even minutes. Their payment infrastructure is optimized for speed without compromising accuracy or compliance, helping businesses move money globally at the pace of modern commerce.

Solving commercial payments challenges, together

Cross-border payments will always involve a degree of complexity, but they don’t have to slow down business growth. With the right payment partner, organizations can reduce costs, streamline operations and improve financial control across borders.

Whether you’re a mid-sized manufacturer looking to pay overseas suppliers or a digital platform collecting funds from global users, now’s the time to evaluate your cross-border payment strategy. As the digital economy accelerates, solving cross-border payment challenges isn’t just a financial upgrade — it’s a competitive advantage.

The Department of Education said in April it would create a new application process for student loan repayment plans, which have changed multiple times due to various court cases. However, little progress has been made.

When the department announced that it would resume collections on defaulted student loans, it also said it would launch an “enhanced Income-Driven Repayment process” to support struggling borrowers. This new process would simplify enrolling in income-driven repayment plans and eliminate the requirement for borrowers to recertify their income every year.

At the time, the department said it would post more information about the new IDR enrollment process on StudentAid.gov the week of April 28, but Investopedia could not locate that information. The Department of Education would not confirm to Investopedia that it has, in fact, eliminated the recertification process.

However, the department did tell Investopedia that Federal Student Aid now allows borrowers to transfer their tax information from the IRS automatically to their income-driven repayment application, “thus simplifying the application for borrowers.”

The IRS retrieval tool makes it easier for borrowers to apply for income-driven repayment plans and recertify their income, but it is not an entirely new tool. The tool was introduced to income-driven repayment applications in 2023, but was paused in February to conform to a decision from a U.S. appeals court.

A Simpler Application Process Could Help Borrowers Amidst Changing Policies

While the Department of Education hasn’t delivered on most of its promises for a simpler application, constant policy changes have made the repayment process difficult for borrowers.

For example, the department has not eliminated recertification, which borrowers are asked to do yearly. If borrowers miss their recertification date, their payment could increase to the amount they would pay under a standard repayment plan, which would likely be significantly higher.

Additionally, loan servicers have struggled with changing income-driven repayment policies as lawsuits challenge the plans. The back-and-forth policies resulted in servicers having a backlog of over 2 million income-driven repayment applications at the end of April.

It’s also been difficult for many borrowers to resume repayments as changing policies create confusion. Still, the department has already started collecting millions in defaulted loans, and millions of borrowers are at risk of having their tax refunds and wages garnished.

The temptation to plug acronyms in this business—whether you’re an investor, analyst or someone who writes about such things—is powerful. 

How powerful? Sufficiently so that just after we all learned what the “TACO Trade” was, some would have us already moving on to the next multi-letter term. (Meanwhile, some of us are old enough to remember when there was only one “A” in “FANG,” rather than however many there are now.)  

If you’re sure you won’t chicken out, UBS suggests you have a “COW”—short for “Costco (COST), O’Reilly (ORLY) and Walmart (WMT),” referring to shares of the warehouse standout, the auto parts chain, and the retail giant, respectively. That’s its term, to be clear, not ours: Its research note title asks whether it’s “Best to Own the COW.”  

“We think it makes sense to stick with these retail stocks for the foreseeable future,” the analysts wrote Tuesday. “This is because we believe Costco, O’Reilly, and Walmart will lead to steady outperformance over the long-term.”

Their argument boils down to this: That “best-in-class” retailers can provide investors some safety in uncertain times; these companies can benefit from “periods of disruption,” taking share and growing sustainable sales; the businesses have invested in personnel, supply chains and e-commerce; and they have strong moats around their businesses. 

“We see the biggest risk to the performance of these stocks being a significant reduction in interest rates,” they wrote. “In this case, the market might shift  some capital to laggards or the stocks of retailers that might stand to outperform during a period of more robust economic activity.”

UBS has “buy” ratings on all three companies’ shares.  “At  the  end  of  the  day,  we  believe  [the companies]  offer  steady,  solid  performance  regardless  of  the  surrounding  and  are  poised  to  continue  to  grow  and  outperform the broader industry in the long term,” its analysts wrote.

A new survey found that consumers have limits on tariff-related price increases, and these limits could vary by generation.

Six in ten consumers said they wouldn’t pay more than an additional 10% on products impacted by tariffs, according to a survey from e-commerce firm ESW. An even greater majority (70%) said they plan to reduce overall spending once tariffs begin to have an effect. However, the generations are expected to react to tariffs differently.

The report comes as President Donald Trump has placed tariffs on several U.S. trading partners and products, even as some have been adjusted or paused while negotiations take place. Trump has said the move will help reinvigorate U.S. manufacturing and bring in needed tax revenue. However, economists have said that the tariffs could lead to price increases as businesses pass some of the cost of the tariffs onto consumers.

“Rather than alienating customers and risking market share, firms are hoping tariffs are dropped and costs go down,” wrote Moody’s Economist Matt Colyar on Monday. “This is a short-term salve for consumers who have not yet seen broad-based price hikes in response to U.S. trade policy, but firms indicate it will not be sustained long term.”

Older Consumers More Prepared for Tariffs

Younger shoppers were particularly inclined to slow their spending if tariffs push up prices. The survey found that more than three-in-four Millennials, aged 30 to 44, and Gen Zers, aged 18 to 29, said they planned to tighten their belts to combat higher costs from tariffs. 

Gen Z shoppers were the most likely to stock up on goods now before tariffs hit, with electronics and grocery purchases being their highest priorities. Over a quarter of Millennials said they would seek Buy Now, Pay Later services to contend with tariff-induced price increases.

Meanwhile, more than half of Baby Boomers, defined as over the age of 60, are looking to purchase fewer imported goods as a result of tariffs. 

“Our data finds that younger, Gen Z consumers are far more likely than older Boomers to feel unprepared for price hikes, and have already curtailed their spending in anticipation,”  said Eric Eichmann, ESW chief executive officer, in a statement.

Discretionary items are the most likely to be cut from consumers’ budgets if tariffs raise their prices, with 68% saying electronic purchases were the most likely to be skipped, followed by clothing and home goods. Groceries and pet supplies were the items that consumers were most likely to keep buying, regardless of how tariffs impact the prices.

“Price-sensitive consumers, especially Millennials and Gen Z, are quick to reassess purchases that can be delayed or substituted,” the report found.

IBM (IBM) shares hit an all-time high Tuesday as company showcased what it called a “viable path” to building the world’s first large-scale, “fault-tolerant” quantum computer by the end of the decade.

IBM shares edged 1.5% higher Tuesday to close at $276.24, topping a record set just a day earlier. The company’s shares have climbed for eight consecutive sessions, adding roughly one-quarter of their value since the start of the year.

The computer, dubbed IBM Starling, is expected to be capable of performing 20,000 times the operations of quantum computers that exist today, according to IBM. Such a computer could “accelerate time and cost efficiencies in fields such as drug development, materials discovery, chemistry, and optimization,” the company said.

A fault-tolerant computer is able to suppress the errors that can occur as a result of running quantum computing operations, IBM said. Historically, correcting those errors at a large scale has presented engineering challenges. 

IBM laid out milestones along the way to Starling in 2029, including the launch of IBM Quantum Loon later this year, which the company said is meant to test certain architectural components. 

Intel (INTC) shares soared on Tuesday, pacing gains on the S&P 500, as chip stocks rallied amid hopes that curbs on exports to China could be eased.

The gains for chip stocks—the PHLX Semiconductor Index has risen 2% in each of the past two sessions—come as the U.S. and China hold trade talks this week in London, where officials are reportedly discussing restrictions on exports of various products, including rare earth minerals and chips.

Intel shares gained nearly 8% on Tuesday, closing at just above $22. The stock is up about 10% so far in 2025, outpacing the gains of the S&P 500, but has lost nearly 30% of its value over the past 12 months amid uncertainty over the chipmaker’s strategic direction and inability to capitalize on the booming AI chip market. CEO Lip-Bu Tan, who took over the top spot in mid-March, has launched a major restructuring effort.

Below, we take a closer look at Intel’s price and use technical analysis to identify crucial price levels that investors will likely be watching.

Close Above Key Moving Averages

Intel shares have remained rangebound since gapping sharply lower last August. More recently, the stock found buying interest around the lower levels of the trading range, with the price closing above both the 50- and 200-day moving averages on Tuesday.

Importantly, the move higher occurred on the highest daily volume since early April, indicating buying conviction from larger market participants. Moreover, the rally thrust the relative strength index back above its neutral threshold to signal accelerating price momentum.

Let’s identify three crucial overhead areas to watch if the stock continues to trend higher and also locate a major support level worth monitoring during pullbacks.

Crucial Overhead Areas to Watch

It’s initially worth watching the $23 level. This area on the chart may attract selling interest near last month’s swing high during an attempt to reclaim the 200-day MA.

Buying above this level could see the shares rally toward $26. Tactical traders who employ rangebound strategies may seek exit points in this area near three prominent peaks that formed on the chart between November and March, a location that also marks the top of the stock’s multi-month trading range.

A convincing breakout above the trading range could trigger a rapid move to the $33 level. We projected this target by using the measuring principle, a technique that analyzes chart patterns to forecast future price movements. When applying the analysis to Intel’s chart, we calculate the distance of the trading range in points and add that amount to its top trendline. For example, we add $7 to $26, which projects a target of $33, nearly 50% above Tuesday’s closing price.

Major Support Level Worth Monitoring

During pullbacks in the stock, investors should closely monitor the $19 level. Intel shares would likely attract significant support in this location near the trading range’s lower trendline.

The comments, opinions, and analyses expressed on Investopedia are for informational purposes only. Read our warranty and liability disclaimer for more info.

As of the date this article was written, the author does not own any of the above securities.