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US Equity Markets End Higher Led by Gains in Tech Stocks

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US equity indexes ended higher on Thursday as technology stocks led major gains in the Nasdaq and the S&P 500, pushing them toward new all-time highs.

* Among the top 10 companies with a market capitalization of more than $200 billion, implying a significant sway over indexes, eight were from the technology sector. In the S&P 500 and Nasdaq, Cisco Systems (CSCO) was the top outperformer.

* Retail sales in April rose for the third straight month, up 0.5% following a revised 1.6% gain in March, the Census Bureau reported Thursday, matching the consensus in a survey compiled by Bloomberg.

* June West Texas Intermediate crude oil rose $0.81 to settle at $101.83 per barrel, while July Brent crude, the global benchmark, was last seen up $0.74 at $106.37.

* Cisco (CSCO) shares were up roughly 13% after the company reported a year-over-year rise in fiscal Q3 earnings and revenue, beating market expectations, and raised its fiscal 2026 guidance. The firm also announced restructuring plans that included lay-offs of nearly 4,000 employees.

* Biogen (BIIB) shares were down 6.4% after the company said a phase 2 trial of diranersen in people with early Alzheimer's disease did not meet its primary endpoint.

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International

TSX Closer: The Index Closes Higher As Canada's Federal Govt Makes Moves To Stimulate Across the Economy

The Toronto Stock Exchange closed higher on Thursday, with most sectors up as the Canadian federal government moves to stimulate a range of industries in the economy.The S&P/TSX Composite Index closed up 226.84, or 0.7%, to 34,268.27, with each of Info Tech, the Battery Metals Index, Financial and Telecom sub indices all gaining more than 1%.Energy was also up by more than 1% as West Texas Intermediate crude oil edged higher despite reports Iran is allowing Chinese ships to transit the Strait of Hormuz. WTI crude oil for June delivery closed up $0.15 to settle at US$101.17 per barrel, while July Brent oil was up US$0.10 to US$105.73.But Base Metals was down 2.1% as gold had moved lower by midafternoon Thursday while the dollar rose after a report showed U.S. retail-sales growth slowed in April. Gold for June delivery was down $22.20 to US$4,684.50.After securing a majority in Parliament, the governing Liberal Party is now moving quickly to implement its plans for stimulating the economy in the face of pressures stemming from the Iran war and tariffs introduced by the Trump administration.Prime Minister Mark Carney unveiled Canada's long-awaited new electricity strategy Thursday, placing a heavy emphasis on expanding the role of natural gas in powering the grid as he seemed to distance the government from its 2030 Paris climate commitments, The Canadian Press reported. The new strategy looks to double Canada's electricity grid by 2050 and would adjust the clean electricity regulations to provide more flexibility to allow natural gas to play a larger role in building the grid, it noted.In another report from The Canadian Press, PM Carney is cited saying on Thursday his government is open to selling public assets if the proceeds could help fund new infrastructure. The November federal budget and April spring economic statement both mentioned exploring new ownership options for the country's federally owned airports, it noted.Meanwhile, Canada and Alberta will meet on Friday and advance a potential pipeline to transport at least one million barrels of Alberta oil a day to new markets, PM Carney said on Thursday, Reuters reported. Carney, speaking to reporters, also confirmed an earlier Reuters report which said he would also unveil details of a new deal with Alberta on industrial carbon pricing.

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International

Federal Reserve Governor Miran to Resign Upon Warsh Swearing-In

Federal Reserve Governor Stephen Miran said Thursday that he will resign from the Fed before or shortly before Kevin Warsh is sworn in as a governor and Fed Chair.Miran was filling a term that expired on Jan. 31, 2026, when he said that he would remain in the position until a successor was appointed.Miran wrote in his resignation letter to US President Donald Trump: "I hereby tender my resignation from my seat on the Board of Governors of the Federal Reserve System, effective upon or shortly before the swearing in of Kevin Warsh." He added that serving on the board, together with previously serving as chairman of the Council of Economic Advisers, "has been the highest honor of my life."Miran's announcement follows the confirmation of Warsh this week to replace Jerome Powell as Fed Chair and as a Fed Governor.Powell has said he will remain on the board as a governor for an uncertain period of time, so Warsh and Miran could not both remain on the board without exceeding the maximum size.

International

Daily Roundup of Key US Economic Data for May 14

Retail sales rose by 0.5% in April and were up 0.7% excluding a 0.4% decline in motor vehicle and parts sales.A 2.8% jump in gasoline station sales and a 0.8% increase in grocery store sales were the key factors.Control group retail sales, which exclude motor vehicles, gas, building materials, and food services, rose by 0.5% after a 0.9% gain in March.Import prices rose by 1.9% in April and were up 0.7% excluding a 19% jump in petroleum prices, an indication that imported inflation is present even without the energy effects from the conflict in the Middle East. At the same time, export prices rose by 3.3% in April and were still up 3.4% excluding a 1.6% gain in agricultural prices.Business inventories rose by 0.9% in March after a 0.4% gain in February. Business sales rose by 2.1% after a 1.8% gain, with increases at the factory, retail and wholesale levels.Initial jobless claims increased by 12,000 to 211,000 in the week ended May 9, lifting the four-week moving average by 750 to 203,750 after two straight declines. Insured claims rose by 24,000 to 1.782 million in the week ended May 2.Natural gas stocks rose by 85 billion cubic feet to 2.290 trillion cubic feet in the week ended May 8, up 2.3% from a year earlier and 6.5% higher than the seasonal average for the current week over the previous five years.The Q2 GDP nowcast estimate from the Atlanta Fed is for a 4.0% gain, up from the previous estimate of a 3.7% gain.