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International

US Equity Indexes Rise Amid Broad-Based Rally in Final Leg of Trading

US equity indexes rose ahead of Thursday's close as technology partially clawed back intraday declines, helping widen a broad-based rally.The Dow Jones Industrial Average jumped 1.9% to 51,634.6, and the S&P 500 climbed 0.5% to 7,593.2. The Nasdaq Composite edged up 0.1% to 26,896.7, after trading lower earlier in the session.All sectors but technology and consumer staples rose. Healthcare and financials were standout gainers, followed by communication services.Broadcom's (AVGO) decision not to upgrade its 2027 artificial intelligence guidance apparently disappointed investors, especially as the chip designer reported strong semiconductor demand, UBS Securities said in a client note sent Thursday.Broadcom shares fell more than 13%, among the worst performers in the S&P 500 and the Nasdaq, weighing on the so-called artificial intelligence trade. Shares of Micron Technology (MU), Arm (ARM), and Advanced Micro Devices (AMD) were among the worst performers in a group of companies with a market capitalization of more than $200 billion, according to data compiled by Finviz.In geopolitical news, Hezbollah on Thursday rejected the latest ceasefire agreement between Israel and the Lebanese government, demanding a complete Israeli withdrawal from Lebanon as more fighting there hampered efforts to end the Iran war, the Associated Press reported.This comes as the House on Wednesday approved a war powers resolution that would halt US military action against Iran, according to a separate Associated Press report. If the resolution were to pass in the Senate, where 50 of 100 senators have appeared to support it, US President Donald Trump would be required to either withdraw troops from Iran or gain approval from Congress for the war, according to an analysis from CNN.The White House, which has signaled it believes the underlying law is unconstitutional, could try to ignore the resolution, per CNN.West Texas Intermediate crude oil futures slumped 3% to $93.14, and Brent crude futures dropped 2.7% to $95.18.

Dow JonesNasdaq CompositeS&P 500$AMD$ARM$AVGO$MU
Asia Markets

US Equity Futures Mixed Pre-Bell as Broadcom Falls, Clashes Continue in Middle East

US equity futures were mixed pre-bell Thursday as traders watched tech giant Broadcom's (AVGO) stock drop after the company posted its fiscal Q2 financial results and attacks continued in the Middle East.Dow Jones Industrial Average futures were 0.9% higher, S&P 500 futures were down 0.4%, and Nasdaq futures were 1.2% lower.Broadcom shares were down 15% in premarket activity as the company issued below-consensus guidance for fiscal Q3 AI-chip revenue.Kuwait reported that an Iranian missile and drone strike hit the country's international airport, killing one person and injuring dozens more. Iran claimed that it launched a retaliatory attack on US military bases in Kuwait after an earlier set of airstrikes by US forces.Traders also digested the latest round of earnings, with CrowdStrike (CRWD) posting higher fiscal Q1 adjusted earnings and revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 3% at $94.89 per barrel and US West Texas Intermediate crude 3.2% lower at $92.97 per barrel.The weekly jobless claims bulletin, released at 8:30 am ET, showed 225,000 new unemployment claims for the week ended May 2, compared with the downwardly revised figure of 212,000 in the prior week, and it came in above the 215,000 expected, according to estimates compiled by Bloomberg. Q1 nonfarm productivity increased at a 0.3% annual rate, below forecasts for 0.4%, while unit labor costs increased 1.8%, compared with the 2.4% expected.Federal Reserve Richmond President Thomas Barkin and San Francisco President Mary Daly are slated to speak on Thursday.In other world markets, Japan's Nikkei closed 1.4% lower, Hong Kong's Hang Seng ended 1.5% lower, and China's Shanghai Composite finished 0.6% lower. Meanwhile, the UK's FTSE 100 was down 0.2%, and Germany's DAX index was 0.6% higher in Europe's early afternoon session.In equities, CrowdStrike stock was down 10% after the company reported its fiscal Q1 financial results. ARM (ARM), Micron Technology (MU), and Marvell Technology (MRVL) shares were all down as part of a broader stock sell-off in the semiconductor industry. ARM shares fell 6%, Micron stock was down 6.4%, and Marvell shares dropped 5.9%.On the winning side, Eli Lilly (LLY) was up 1.3% after Ascidian Therapeutics said the company will receive exclusive, target-specific rights to Ascidian's RNA exon editing technology for undisclosed kidney disease targets in exchange for up to $1.9 billion under a new research partnership and licensing agreement. Costco Wholesale (COST) shares rose 2.3% after the company reported net sales of $24.01 billion for May, up from $20.97 billion a year earlier. RTX (RTX) stock was up 2.2% after the company said that its Raytheon unit was awarded a $515 million contract from the US Navy for the SPY-6 family of radars.

Dow JonesNasdaq CompositeS&P 500$ARM$AVGO$COST$CRWD$LLY$MRVL$MU$RTX
Insider Trading

Arm Holdings Insider Sold Shares Worth $1,913,055, According to a Recent SEC Filing

Charlotte Claire Eaton, Chief People Officer, on May 20, 2026, sold 7,100 shares in Arm Holdings (ARM) for $1,913,055. Following the Form 4 filing with the SEC, Eaton has control over a total of 7,805 ordinary shares of the company, with 7,805 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1973239/000197323926000082/xslF345X05/wk-form4_1779394330.xml

$ARM
Insider Trading

Arm Holdings Insider Sold Shares Worth $7,231,157, According to a Recent SEC Filing

Jason Child, Chief Financial Officer, on May 20, 2026, sold 31,920 shares in Arm Holdings (ARM) for $7,231,157. Following the Form 4 filing with the SEC, Child has control over a total of 174,232 ordinary shares of the company, with 174,232 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1973239/000153391326000009/xslF345X05/wk-form4_1779394413.xml

$ARM
Insider Trading

Arm Holdings Insider Sold Shares Worth $2,151,751, According to a Recent SEC Filing

William Abbey, Chief Commercial Officer, on April 23, 2026, sold 10,154 shares in Arm Holdings (ARM) for $2,151,751. Following the Form 4 filing with the SEC, Abbey has control over a total of 54,240 ordinary shares of the company, with 54,240 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1973239/000197323926000078/xslF345X05/wk-form4_1779225799.xml

$ARM
Insider Trading

Arm Holdings Insider Sold Shares Worth $11,001,747, According to a Recent SEC Filing

Spencer Collins, Chief Legal Officer, on May 11, 2026, sold 51,961 shares in Arm Holdings (ARM) for $11,001,747.SEC Filing:https://www.sec.gov/Archives/edgar/data/1973239/000197323926000064/xslF345X05/wk-form4_1778705761.xml

$ARM
Asia Markets

US Equity Indexes Mixed as Communication Services, Tech Help Outweigh Impact of Hot Producer Prices

US equity indexes closed mixed on Wednesday, as communication services and technology led sectors amid the fastest annual pace of growth in producer prices in four years, signaling the strength of the so-called AI trade.The Dow Jones Industrial Average fell 0.1% to 49,693.20. The Nasdaq jumped 1.2% to 26,402.34, and the S&P 500 climbed 0.6% to 7,444.25.In a broadly positive tape, communication services, technology, and consumer discretionary were among the top gainers. Utilities, financials, real estate, and industrials declined.Of the top 10 companies with a market capitalization of more than $200 billion, implying a significant sway over indexes, seven were from technology and communication services, according to data compiled by Finviz. Nasdaq's leaders included Marvell Technology (MRVL), Arm (ARM), and Micron Technology (MU). In the S&P 500, ON Semiconductor (ON) and Hewlett-Packard Enterprise (HPE) were among the biggest outperformers. Nvidia (NVDA) and Cisco (CSCO) were in the top five gainers on the Dow.In economic news, the Producer Price Index soared 1.4% month-over-month in April from a 0.7% gain in March, according to the Bureau of Labor Statistics. The print beat the 0.5% increase expected in a Bloomberg-compiled survey. After excluding food and energy prices, core PPI surged 1.0% from 0.2%, above the 0.3% advance anticipated.Year-over-year, PPI soared 6.0% in April while core PPI catapulted 5.2%, both above their respective March rates and the strongest readings since December 2022.A hotter-than-expected PPI, coupled with Tuesday's larger-than-expected rise in the consumer price index, underscores not only the price impact already realized but the "additional inflationary pressures still coming down the pipeline," according to a Stifel note.With energy cost passthrough likely to keep year-over-year core personal consumption expenditures, or PCE, inflation closer to 3% than 2% all year, Goldman Sachs said in a note that lower monthly inflation prints after the oil shock fades and further labor market softening will likely be needed for Fed rate cuts this year."We now expect it to take a bit longer to meet that bar," the investment bank said while pushing back the final two rate cuts in its forecast to December 2026 and March 2027.US Treasury yields were mostly down, with the 10-year steady to slightly lower at 4.47%.The two-year slipped 1.5 basis points to 3.98%.Meanwhile, in its closely watched Oil Market Report, the International Energy Agency said the loss of Persian Gulf supply is depleting global inventories at a record pace. Inventories fell by 129 million barrels per day in March and by 117 million bpd in April, though rising output from producers outside of the Gulf is helping to ease the supply shock."With Hormuz tanker traffic still restricted, cumulative supply losses from Gulf producers already exceed 1 billion barrels with more than 14 mb/d of oil now shut in, an unprecedented supply shock," the agency said.Nevertheless, West Texas Intermediate crude oil futures fell 0.9% to $101.29, and Brent crude futures declined 1.8% to $105.81.In precious metals, gold futures rose 0.3% to $4,696.2, and silver futures jumped 3.1% to $88.27.

Dow JonesNasdaq CompositeS&P 500$ARM$CSCO$HPE$MRVL$MU$NVDA$ON
Japan

US Equity Indexes Mixed as Communication Services, Tech Gains Offset Impact of Hot Producer Prices

US equity indexes were mixed ahead of Wednesday's close as communication services and technology topped sector charts, while producer prices grew at the fastest annual pace in four years.The Dow Jones Industrial Average fell 0.1% to 49,707.1, trading off session lows. The Nasdaq jumped 1.3% to 26,435.3, and the S&P 500 climbed 0.7% to 7,452.8 in the final leg of trading. Utilities, financials, real estate, and industrials declined. In a broadly positive tape, communication services, technology, and consumer discretionary were among the top gainers.Of the top 10 companies with a market capitalization of more than $200 billion, implying a significant sway over indexes, seven were from technology and communication services. Nasdaq's leaders included Marvell Technology (MRVL), Arm (ARM), and Micron Technology (MU). In the S&P 500, ON Semiconductor (ON) and Hewlett-Packard Enterprise (HPE) were among the biggest outperformers. Nvidia (NVDA) and Cisco (CSCO) were in the top five gainers on the Dow.In economic news, the US Producer Price Index soared 1.4% month-over-month in April from a 0.7% gain in March, according to the Bureau of Labor Statistics. The print beat the 0.5% increase expected in a Bloomberg-compiled survey. After excluding food and energy prices, core PPI surged 1.0% from 0.2%, above the 0.3% advance anticipated.Year-over-year, PPI soared 6.0% in April while core PPI catapulted 5.2%, both above their respective March rates and the strongest readings since December 2022.A hotter-than-expected PPI, coupled with Tuesday's larger-than-expected rise in the consumer price index, underscores not only the price impact already realized but the "additional inflationary pressures still coming down the pipeline," according to a Stifel note.US Treasury yields were mostly lower, with the 10-year steady at 4.47% while the two-year slipped 1.5 basis points to 3.98%.

Dow JonesNasdaq CompositeS&P 500$ARM$CSCO$HPE$MRVL$MU$NVDA$ON
Wire

Update: Market Chatter: Arm, SoftBank Said to Have Tried to Buy Cerebras Weeks Before IPO

(Updates with Arm Holdings' response to a request for comment in the final paragraph.)Arm Holdings (ARM) and its parent SoftBank Group expressed preliminary interest in acquiring Cerebras Systems weeks before its expected initial public offering but were rebuffed, Bloomberg reported Wednesday, citing people familiar with the matter.Cerebras is scheduled to price its shares Wednesday in an IPO that could value it at around $34 billion, the report said.Arm declined to comment, while SoftBank and Cerebras didn't immediately reply to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $218.04, Change: $+10.12, Percent Change: +4.87%

$ARM
Wire

Market Chatter: Arm, SoftBank Said to Have Tried to Buy Cerebras Weeks Before IPO

Arm Holdings (ARM) and its parent SoftBank Group expressed preliminary interest in acquiring Cerebras Systems weeks before its expected initial public offering but were rebuffed, Bloomberg reported Wednesday, citing people familiar with the matter.Cerebras is scheduled to price its shares Wednesday in an IPO that could value it at around $34 billion, the report said.SoftBank, Arm and Cerebras didn't immediately reply to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $218.63, Change: $+10.71, Percent Change: +5.15%

$ARM
Wire

Arm, SoftBank Said to Have Tried to Buy Cerebras Weeks Before IPO, Bloomberg Reports

Arm, SoftBank Said to Have Tried to Buy Cerebras Weeks Before IPO, Bloomberg Reports

$ARM
Wire

Top Midday Decliners

Planet Fitness (PLNT) shares tumbled 32% after the company Thursday tempered its full-year outlook amid fewer-than-expected member additions in Q1.More than 12.7 million shares of the company traded intraday compared with a daily average of about 1.8 million.Zoetis (ZTS) reported Q1 adjusted earnings and revenue Thursday below market expectations, while scaling back its full-year 2026 guidance.Shares sank 20% following a surge in intraday trading volume to over 22.4 million from a daily average of about 4 million.ARM (ARM) Chief Executive Rene Haas said, in an earnings call with investors, that while demand for ARM's new AGI CPU doubled to $2 billion within six weeks of its launch, the company has only secured enough manufacturing capacity to fulfill half of those orders.Shares dropped 10%, with intraday trading volume at over 18.9 million versus a daily average of about 7.4 million.Price: $43.38, Change: $-20.59, Percent Change: -32.18%

$ARM$PLNT$ZTS
Asia Markets

US Equity Indexes Give Up Gains as Iran Reportedly Unveils Plan to Charge Fee for Safe Hormuz Transit

US equity indexes fell midday Thursday, with the S&P 500 and the Nasdaq Composite giving up intraday gains after Iran reportedly created an agency to control shipping in the Strait of Hormuz before sending its response to Washington's proposal to restart peace talks.The Nasdaq slid 0.3% to 25,760.7 after touching a record 26,036.38 intraday. The S&P 500 retreated 0.5% to 7,326.7 after hitting an all-time high of 7,385.02 earlier in the session. The Dow Jones Industrial Average fell 0.7% to 49,545.5, extending declines.All sectors except technology fell, with energy, industrials, and utilities leading the decliners.Iran has created a government agency to vet and tax vessels seeking passage through the crucial Strait of Hormuz, an Associated Press report cited a shipping data company Thursday. Tehran has laid out a new set of rules for vessels seeking to transit through the Hormuz, a chokepoint to about 20% of global crude oil flows, according to a document seen by CNN.Entitled "Vessel Information Declaration," the document is an application form issued by Iran's newly created Persian Gulf Strait Authority, and it must be completed by all transiting vessels to ensure safe passage, CNN reported. The document was shared with CNN by the Lloyds List and another shipping industry source who wished to remain anonymous, according to the news report.The Trump administration is looking to restart an operation to guide commercial ships through Hormuz with naval and air support as early as this week, after Saudi Arabia and Kuwait lifted restrictions on US access to their bases and airspaces, The Wall Street Journal reported Thursday, citing Pentagon officials.Meanwhile, the Islamic Republic is reviewing messages from Pakistan, which is mediating peace negotiations with Washington, but Tehran "has not yet reached a conclusion, and no response has been given to the U.S. side," the Associated Press cited Iranian Foreign Ministry spokesperson Esmail Baghaei on state TV.West Texas Intermediate crude oil futures rose 1.8% to $96.81, while Brent crude futures slipped 0.4% to $100.83, off session lows when declines hit more than 3% each.US Treasury yields turned the corner, leaning higher after midday, compared with a move down across most of the maturities earlier in the session. The 10-year rose four basis points to 4.39%, and the two-year rate climbed 4.7 basis points to 3.92%.In precious metals, gold futures edged up 0.6% to $4,727.2, off session highs. Silver futures were up 4.1% to $80.49 but off highs of more than 5% earlier in the session.In economic news, employers in the US announced 83,387 job cuts in April, up 38% from March, Challenger, Gray & Christmas said Thursday. The two previous highs were 105,441 job cuts recorded in April 2025 and 671,129 in April 2020, the global outplacement firm added."Technology companies continue to announce large-scale cuts and are leading all industries in layoff announcements. They are also often citing AI spend and innovation. Regardless of whether individual jobs are being replaced by AI, the money for those roles is," said Andy Challenger, workplace expert and chief revenue officer for Challenger, Gray & Christmas.US initial jobless claims rose to 200,000 in the week ended May 2 from an upwardly revised 190,000 in the previous week, compared with expectations for 205,000 in a survey of analysts compiled by Bloomberg. The four-week moving average fell by 4,500 to 203,250.In company news, Datadog (DDOG) raised its full-year outlook after the software maker posted Q1 results above analysts' estimates. Shares surged 28%, the top gainer on the S&P 500 and the Nasdaq.ARM (ARM) Chief Executive Rene Haas said, in an earnings call with investors, that while demand for ARM's new AGI CPU doubled to $2 billion within six weeks of its launch, the company has only secured enough manufacturing capacity to fulfill half of those orders. Shares sank 10%, among the worst performers on the Nasdaq.

Dow JonesNasdaq CompositeS&P 500$ARM$DDOG
Wire

Morgan Stanley Adjusts ARM Holdings Price Target to $202 From $191

ARM (ARM) has an average rating of overweight and mean price target of $220.01, according to analysts polled by FactSet.Price: $214.10, Change: $-23.20, Percent Change: -9.78%

$ARM
Wire

ARM to Benefit From Agentic AI-Driven CPU Growth, RBC Says

ARM (ARM) is positioned to benefit from agentic artificial intelligence-driven CPU growth and there is room for upside potential as supply constraints ease, RBC Capital Markets said in a Thursday research note.The company has line of sight to more than $2 billion in AGI CPU revenue across fiscal 2027 and 2028, but it maintained its prior outlook because of wafer and memory supply constraints, according to the brokerage.In fiscal Q4, data center and cloud AI royalty revenue more than doubled from a year earlier on the ramp of ARM-based server chips across major hyperscalers. The data center segment is on track to become the company's largest business segment, analysts wrote.For fiscal 2027 and 2028, RBC said it now expects EPS of $2.18 and $3.12, respectively, from prior estimates of $2.01 and $3.03, according to the note.Growth in AI cluster sizes is also driving demand for networking, where ARM remains the dominant architecture. The company's 20% long-term growth rate for royalties is likely conservative, according to the note.RBC reiterated its outperform rating on the stock and boosted its price target to $260 per share from $175.Shares of ARM were down more than 9% in Thursday trading.Price: $215.08, Change: $-22.23, Percent Change: -9.37%

$ARM
Wire

Top Midday Stories: Citi CEO Fraser Gives New ROTCE Targets; Datadog Shares Soar After Strong Earnings, Bullish Guidance

The Dow Jones Industrial Average was down, while the S&P 500 Index and the Nasdaq Composite were up in late-morning trading Thursday, as oil prices fell below $100 on hopes that the US and Iran are nearing an agreement to end their war.In company news, Citigroup (C) Chief Executive Jane Fraser said Thursday at the bank's Investor Day that Citi expects its return on tangible common equity to hit a range of 11% to 13% in 2027 and 2028, up from 10% to 11% currently, before rising further to 14% to 15% from 2029 to 2031, according to a slide deck the company published. Citigroup shares were up 2.1% around midday.Datadog (DDOG) reported Q1 non-GAAP net income Thursday of $0.60 per diluted share, up from $0.46 a year earlier and above the FactSet consensus of $0.51. First-quarter revenue was $1.01 billion, up from $761.6 million a year ago and above the FactSet consensus of $960.1 million. For Q2, the company said it expects non-GAAP EPS of $0.57 to $0.59 on revenue of $1.07 billion to $1.08 billion. Analysts polled by FactSet expect $0.50 and $994 million, respectively. For full-year 2026, Datadog said it expects non-GAAP EPS of $2.36 to $2.44 on revenue of $4.30 billion to $4.34 billion, up from the previous guidance ranges of $2.08 to $2.16, and $4.06 billion to $4.12 billion, respectively. Analysts polled by FactSet expect earnings of $2.16. Datadog shares were up 29.6%.McDonald's (MCD) reported Q1 adjusted earnings Thursday of $2.83 per diluted share, up from $2.67 a year earlier and above the FactSet consensus of $2.74. First-quarter revenue was $6.52 billion, up from $5.96 billion a year ago and above the FactSet consensus of $6.47 billion. McDonald's shares were down 0.4%.Zoetis (ZTS) reported Q1 adjusted earnings Thursday of $1.53 per diluted share, up from $1.41 a year earlier but below the FactSet consensus of $1.60. First-quarter revenue was $2.26 billion, up from $2.20 billion a year ago but below the FactSet consensus of $2.30 billion. For full-year 2026, the company said it expects adjusted EPS of $6.85 to $7.00, down from its previous guidance of $7.00 to $7.10 and below the FactSet consensus of $7.03. The company also lowered its full-year 2026 revenue guidance to $9.68 billion to $9.96 billion from $9.83 billion to $10.03 billion previously. Analysts polled by FactSet expect $9.89 billion. Zoetis shares were down 22%.Arm (ARM) reported fiscal Q4 adjusted earnings late Wednesday of $0.60 per diluted share, up from $0.55 a year earlier and above the FactSet consensus of $0.58. Fiscal Q4 revenue was $1.49 billion, up from $1.24 billion a year ago and above the FactSet consensus of $1.47 billion. For fiscal Q1, the company said it expects adjusted EPS of $0.40, plus or minus $0.04, on revenue of $1.26 billion, plus or minus $50 million. Analysts polled by FactSet expect $0.37 and $1.25 billion, respectively. Arm shares were down 8.4%.Whirlpool (WHR) reported a Q1 adjusted loss late Wednesday of $0.56 per diluted share, swinging from adjusted earnings of $1.70 a year earlier and compared with the FactSet consensus of earnings of $0.38. First-quarter revenue was $3.27 billion, down from $3.62 billion a year ago and below the FactSet consensus of $3.44 billion. For fiscal 2026, the company said it expects adjusted EPS of $3 to $3.50, down from its previous guidance of $7 and below the FactSet consensus of $4.83. Full-year revenue is expected to be about $15 billion, down from its prior guidance of $15.30 billion to $15.60 billion and below the FactSet consensus of $15.26 billion. The company said the war in Iran has triggered a "recession-level industry decline in the US." Whirlpool shares were down 12.3%.Shake Shack (SHAK) reported breakeven fiscal Q1 adjusted earnings Thursday, compared with $0.14 per diluted share a year earlier and below the FactSet consensus of $0.12. Fiscal Q1 revenue was $366.7 million, up from $320.9 million a year ago but below the FactSet consensus of $372.4 million. Shake Shack also said it has appointed Michelle Hook as chief financial officer, effective May 11. Shares of the company were down 28.6%.Price: $130.33, Change: $+2.72, Percent Change: +2.14%

$ARM$C$DDOG$MCD$SHAK$WHR$ZTS
Sectors

Sector Update: Tech Stocks Gain Pre-Bell Thursday

Technology stocks were higher pre-bell Thursday, with the State Street Technology Select Sector SPDR ETF (XLK) advancing 0.1% and the State Street SPDR S&P Semiconductor ETF (XSD) 0.5% higher.Alphabet (GOOG, GOOGL) shares gained by 1.2% before the opening bell after closing the prior session with a 2.8% increase. Bloomberg reported Thursday that Google has proposed changes to how it shows news results in its search engine to avoid further EU competition fines.Advanced Micro Devices (AMD) stock was down 1.8% pre-bell after closing the prior session with a 18.6% rise. The company overnight posted stronger-than-expected fiscal Q1 results and issued an upbeat Q2 revenue outlook.ARM (ARM) shares fell over 7% in premarket activity after CEO Rene Haas said, in an earnings call with investors, that while demand for ARM's new AGI CPU doubled to $2 billion within six weeks of its launch, the company has only secured enough manufacturing capacity to fulfill half of those orders.

$AMD$ARM$GOOG$GOOGL$XLK$XSD
Asia Markets

Peace Deal Hopes, Strong Earnings Nudge US Equity Futures Higher Pre-Bell

US equity futures were slightly higher pre-bell Thursday as hopes for a finalized peace deal between the US and Iran continue, on top of a strong earnings season to date.Dow Jones Industrial Average futures were 0.2% higher, S&P 500 futures were up 0.1%, and Nasdaq futures were 0.1% higher.A final peace agreement would end the conflict and reopen the Strait of Hormuz, President Donald Trump said in a Truth Social post on Wednesday. The White House had said it was nearing an agreement with Iran that would end the war and establish a framework for more detailed nuclear negotiations, according to an Axios report.However, Trump said Iran's acceptance of the US proposal would be "perhaps, a big assumption," and warned that bombing would resume "at a much higher level and intensity than it was before" if an agreement was not reached. An Iranian foreign ministry spokesperson told CNBC on Wednesday that Iran was evaluating the proposal.Traders absorbed the most recent round of earnings, with Shell (SHEL) and McDonald's (MCD) posting higher Q1 adjusted earnings and revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 4.3% at $96.96 per barrel and US West Texas Intermediate crude 4.9% lower at $90.45 per barrel.The weekly jobless claims bulletin, released at 8:30 am ET, showed 200,000 new unemployment claims for the week ended May 2, compared with the upwardly revised figure of 190,000 in the prior week, and it came in below the 205,000 expected, according to estimates compiled by Bloomberg. Q1 nonfarm productivity increased at a 0.8% annual rate, topping forecasts for 0.6%, while unit labor costs increased 2.3%, compared with the 2.5% expected.The February and March construction spending reports are due at 10 am ET.Federal Reserve Minneapolis President Neel Kashkari, Cleveland President Beth Hammack, and New York President John Williams are slated to speak today.In other world markets, Japan's Nikkei closed 5.6% higher, Hong Kong's Hang Seng ended 1.6% higher, and China's Shanghai Composite finished 0.5% higher. Meanwhile, the UK's FTSE 100 was down 0.6%, and Germany's DAX index was 0.1% lower in Europe's early afternoon session.In equities, Tesla (TSLA) stock was up 1.9% after the company's China-made electric vehicle sales rose for the sixth consecutive month on a year-over-year basis, according to a Reuters report. DoorDash (DASH) shares rose 8.7% after the company posted Q1 earnings that topped analysts' consensus. Fortinet (FTNT) stock was up 17% after the company posted a stronger-than-expected jump in Q1 earnings and sales, as well as boosted its full-year 2026 guidance.On the losing side, Shell stock was down 1.8% after the company reported its Q1 financial results. ARM (ARM) shares fell 7% despite the company posting higher fiscal Q4 adjusted earnings and revenue.

Dow JonesNasdaq CompositeS&P 500$ARM$DASH$FTNT$MCD$SHEL$TSLA
Research

Research Alert: CFRA Maintains Hold Recommendation On Shares Of Arm Holdings Plc

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our target to $250 from $180, on a higher revised P/E of about 90x our CY 27 EPS estimate of $2.79, above peers given growth prospects. After posting largely in-line Mar-Q results and Jun-Q guidance, we maintain our FY 27 (Mar.) EPS estimate at $2.18 and start FY 28 at $3.06. We believe that ARM's strategic expansion from a pure-play IP company into a silicon provider with the launch of the Arm AGI CPU in late March has the potential to significantly increase its market opportunity. This new product, aimed at the Agentic AI market, has seen explosive initial interest, with customer demand doubling to over $2 billion for fiscal years 2027 and 2028 since its announcement just weeks prior. Supply constraints could limit the trajectory of Arm AGI sales early on, but we think this initiative offers explosive growth potential in our out year estimates (CY 28 through CY 30). Despite $25B revenue and $9 EPS target by decade end, we think valuation (28x on a 2030 basis) already discounts much of this growth.

$ARM
Wire

Update: ARM Fiscal Q4 Adjusted Earnings, Revenue Rise; Q1 Guidance Set; Shares Decline Premarket

(Updates with the stock move in the last paragraph.)ARM (ARM) reported fiscal Q4 adjusted earnings late Wednesday of $0.60 per diluted share, up from $0.55 a year earlier.Analysts polled by FactSet expected $0.58.Revenue for the three months ended March 31 was $1.49 billion, up from $1.24 billion a year earlier.Analysts surveyed by FactSet expected $1.47 billion.For Q1, the company expects adjusted EPS of $0.40, plus or minus $0.04, on revenue of $1.26 billion, plus or minus $50 million. Analysts expect EPS of $0.37 on revenue of $1.25 billion.Shares of the company fell nearly 5% in Thursday's premarket activity.Price: $225.26, Change: $-11.80, Percent Change: -4.97%

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