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Walmart (WMT) saw strong e-commerce sales in its first quarter, with delivery business volume surpassing in-store pickups. TD Cowen Senior Research Analyst Oliver Chen joins The Morning Brief to break down the retail giant's performance as consumer wallets tighten amid sticky inflation. Chen calls Walmart a "top pick," saying it offers "both needs and wants" of the consumer. He says the grocery business remains critical to Walmart, accounting for over 50% of its revenue. However, the company also offers great value for bigger ticket items. He points to the Walmart+ membership program as an area gaining momentum, offering customers free shipping and savings on gas, among other perks. While Target (TGT) has been pushing higher-end apparel, like its collaboration with Diane von Furstenberg, Chen says that Walmart "does a great job" with staples like underwear and basic apparel. "The opportunity is for Walmart to be more like a lifestyle brand and apparel, and expand into dresses, amplify their presence in denim, and trade the customer up," he explains. He adds that the company has already started to remodel stores and add more private-label brands to appeal to higher-end consumers. "We also see what we say is 'customized moderation,' meaning customers are both scrambling and splurging, trading up and trading down...Everybody wants to look good and fashionable, and you can do that at a very good price," he says. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Melanie Riehl

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The University of Michigan's Consumer Sentiment Index reported that preliminary data for the month of May fell below estimates, a six-month low of 67.4, which could complicate the Federal Reserve's mission to drive inflation down to 2%. Artificial intelligence developer OpenAI is reportedly developing an AI-powered search engine that could rival Alphabet's Google (GOOGL, GOOG), and it could drop as early as Monday, May 13 according to Reuters. Path Trading Partners Co-Founder and Chief Market Strategist Bob Iaccino joins Catalysts to detail how Fed interest rate cuts and asset inflation could fuel a jump in gold futures (GC=F). Gartner Vice President and Team Manager of Automotives, Transportation, and Cross Manufacturing Mike Ramsey also sits down to explain the future of Tesla's (TSLA) Supercharger network and the EV maker's plans for its full self-driving autonomous vehicles down the line. Other notable guests this hour include Santander US CEO Tim Wennes (SAN) and Gen Digital CEO Vincent Pilette (GEN). This post was written by Luke Carberry Mogan.

Target is dialing back on Pride merchandise after right-wing backlash