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Price: $10.76, Change: $+1.11, Percent Change: +11.50%
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US Markets
S&P 500, Nasdaq Snap 2-Day Record Run as Oil Prices Rise in Volatile Session
The S&P 500 and the Nasdaq Composite fell from record closing highs on Thursday as oil prices rose in what turned out to be a choppy trading session for crude.The S&P 500 closed 0.4% lower at 7,337.1, while the Nasdaq slipped 0.1% to 25,806.2. The Dow Jones Industrial Average dropped 0.6% to 49,597. All three indexes snapped a two-day advance that propelled the S&P 500 and the Nasdaq to all-time highs.Barring communication services and technology, all sectors were in the red, led by materials and energy.West Texas Intermediate crude was last up 0.7% at $95.73 a barrel, swinging between gains and losses during Thursday late-afternoon trade. Brent was up 0.1% at $101.36. Both benchmarks fell sharply Wednesday amid prospects of a diplomatic breakthrough between the US and Iran.Iran is still reviewing "messages" from the US via Pakistani mediation, CNN reported, citing Iranian media. Tehran has set out new rules for ships looking to transit ross the crucial Strait of Hormuz, the news outlet reported."Markets continue to be cautiously optimistic toward the prospect of a US-Iran deal to end the war despite the appearances of the US administration pumping the deal vastly more than the other side," Scotiabank said in a note.US Treasury yields were higher, with the 10-year rate up 4.5 basis points at 4.40% and the two-year rate rising 5.4 basis points to 3.92%.In company news, Tapestry (TPR) raised its fiscal 2026 outlook after delivering a third-quarter beat, but provided a subdued fourth-quarter sales guidance for its Kate Spade brand. The luxury fashion company's shares slumped 12%, the second-worst performer on the S&P 500.Planet Fitness (PLNT) shares slid 31% after the fitness center operator tempered its full-year expectations amid fewer-than-projected member additions in the first quarter.Shake Shack (SHAK) shares plummeted 28% after the fast food chain operator's first-quarter results fell short of Wall Street's estimates amid weather-related headwinds.Datadog (DDOG) shares surged 31%, the top gainer on the S&P 500. The software maker raised its full-year outlook after posting first-quarter results that topped the Street expectations.In economic news, US job cuts increased in April to the third-highest total for the month since 2009 as technology companies continued to announce layoffs amid a shift toward artificial intelligence, Challenger Gray & Christmas said Thursday.The report comes ahead of the official April nonfarm payrolls data to be released on Friday.Official data are expected to show that the US economy added 65,000 nonfarm jobs in April, compared with a 178,000 increase reported for the previous month, according to a Bloomberg-compiled consensus. On Wednesday, ADP (ADP) said that employment in the US private sector grew at its fastest pace in more than a year.Gold was up 0.3% at $4,709.90 per troy ounce in Thursday late-afternoon trade, while silver jumped 2.7% to $79.40 per ounce.
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Australia
JFrog Q1 Non-GAAP Earnings, Revenue Rise; Lifts 2026 Guidance
JFrog (FROG) reported Q1 non-GAAP earnings late Thursday of $0.27 per diluted share, up from $0.20 a year earlier.Analysts polled by FactSet expected $0.21.Revenue for the quarter ended March 31 was $154.0 million, up from $122.4 million a year earlier.Analysts surveyed by FactSet expected $147.4 million.For Q2, the company expects non-GAAP EPS of $0.23 to $0.25 on revenue of $154 million to $156 million. Analysts expect $0.21 and $151.7 million, respectively.For 2026, JFrog now expects non-GAAP EPS of $0.93 to $0.97 on revenue of $628 million to $632 million, up from the prior forecast of non-GAAP EPS of $0.88 to $0.92 on revenue of $623 million to $628 million.Analysts expect $0.90 and $627.7 million, respectively.Shares of JFrog rose 15% in after-hours activity.
$FROG
Research
Research Alert: Crwv: Rising Backlog Provides Top-line Visibility; Revenue Beats
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:CRWV posted Mar-Q revenue of $2,078M (+112% Y/Y), beating the $1,969M consensus, driven by robust AI compute demand and capacity expansion. Operating losses widened to $144M from $27M in the prior year, while net losses doubled to $740M from $315M, primarily due to interest expense surging 103% to $536M. The quarter marked record bookings with revenue backlog reaching $99.4B, including a new $21B Meta commitment and expanded relationships with Anthropic, Cohere, and others, validating CRWV's aggressive infrastructure strategy. No guidance was provided, with details expected on the earnings call. We believe the $2B NVIDIA Corporation (NVDA 212 *****) investment and $8.5B DDTL facility strengthen CRWV's financial position, while surpassing 1 GW of active power demonstrates execution capability. However, we expect continued profitability challenges as adjusted EBITDA margin compressed to 56% from 62% and operating expenses surged 120% to $2,222M, reflecting the capital-intensive nature of this hyper-growth phase.
$CRWV