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Equities

Social Buzz: Wallstreetbets Stocks Mostly Lower Premarket Wednesday; Micron Technology, Marvell Technology to Decline

The most-talked-about stocks in the Reddit subforum Wallstreetbets were mostly lower hours before Wednesday's opening bell.Apple (AAPL) was up 0.3% in premarket activity, swinging from a 3.6% fall at Tuesday's close.DTE Energy (DTE) was marginally advancing pre-bell, after a nearly 2% increase from Tuesday's session.Micron Technology (MU) fell by 3% hours before market open, after a 1.4% decline from the previous session.Marvell Technology (MRVL) declined by 3% premarket, after closing Tuesday with a 7.6% fall.Reddit (RDDT) was down 3% in pre-bell hours, following a 4.1% increase from Tuesday's session.Broadcom (AVGO) fell by 2% premarket, after a 1.1% decline from the previous session.Nvidia (NVDA) was 2% lower in pre-bell activity, following a 0.2% decline at Tuesday's close.Microsoft (MSFT) was down 1.3% pre-bell, following a 2% fall from Tuesday's session.

$AAPL$AVGO$DTE$MRVL$MSFT$MU$NVDA$RDDT
Wire

Top Midday Stories: GSK to Acquire Nuvalent for $10.6 Billion in Cash; Apple Introduces Siri AI, But EU Launch to be Delayed

The Dow Jones Industrial Average was up, while the S&P 500 and Nasdaq Composite were down in late-morning trading Tuesday, as a recent surge in chip stocks lost momentum.In company news, GSK (GSK) said it signed a definitive agreement Tuesday to acquire Nuvalent (NUVL) for $10.6 billion in cash. The transaction includes a tender offer of $124 per share for all outstanding common stock, as GSK looks to expand its pipeline of lung cancer therapies, the company said. GSK shares were up 0.7% around midday, while those of Nuvalent were up 38.9%.Apple (AAPL) on Monday unveiled major software updates at its Worldwide Developers Conference, including Siri AI and the next generation of Apple Intelligence. Siri AI is deeply integrated across iPhone, iPad, Mac, Apple Watch and Vision Pro, the company said. The tech giant also introduced new parental controls and redesigned Screen Time, allowing parents to set age-appropriate protections, daily app time limits and communication safety features. Apple users in the European Union will not have Siri AI access on iOS 27 and iPadOS 27 when it launches due to requirements under the Digital Markets Act, the company said. Apple remains unable to reach an agreement with EU regulators on a framework that would let Siri AI launch on iPhone and iPad while adhering to privacy and security standards, it said. Apple shares were down 3.3%.Broadcom (AVGO) said Tuesday it is launching the AI XPV Platform alongside Apollo Global Management (APO) and Blackstone's (BX) Credit & Insurance Business to facilitate over 20 gigawatts in compute capacity for leading AI labs, including Anthropic and OpenAI, through 2028. The platform, which will use Broadcom's XPUs and networking solutions, launches Tuesday with an initial $35 billion tranche led by Apollo in partnership with Blackstone. Broadcom shares were down 4.0%, while Apollo and Blackstone shares were up 1.7% and 2.8%, respectively.CoreWeave (CRWV) will hold calls Tuesday with high-yield investors in Europe about potential dollar and euro bond sales, Bloomberg reported, citing a person familiar with the matter. The AI infrastructure provider has appointed JPMorgan Chase (JPM) to arrange the calls, the report said, citing the person. CoreWeave shares were down 4.7%.JPMorgan Chase plans to launch AI agents later this year that are capable of working autonomously for far longer than current versions, CNBC reported Tuesday, citing an interview with Chief Analytics Officer Derek Waldron. JPMorgan shares were down 0.6%.Price: $51.01, Change: $+0.37, Percent Change: +0.73%

$AAPL$APO$AVGO$BX$CRWV$GSK$JPM
Asia Markets

US Equity Futures Rise Pre-Bell as Oil Prices Drop Amid Optimism on US-Iran Peace Deal

US equity futures were higher pre-bell Tuesday as oil prices receded on optimism that a US-Iran peace agreement could happen soon.Dow Jones Industrial Average futures were 0.3% higher, S&P 500 futures were up 0.4%, and Nasdaq futures were 0.8% higher.West Texas Intermediate crude oil dropped to below $90 a barrel as President Donald Trump said in a CNBC report that a deal to end the Middle East war could be reached in "two to three days," with the Strait of Hormuz reopening "immediately" after the agreement is signed. The two countries are nearing a deal "that will not in any way allow nuclear weapons," Trump said, according to the report.Front-month global benchmark North Sea Brent crude was down 1.5% to $92.85 per barrel and US West Texas Intermediate crude 2.1% lower at $89.39 per barrel.The US international trade deficit narrowed to $55.88 billion in April from the downwardly revised $56.59 billion gap in March, compared with a $56.1 billion gap expected in a survey compiled by Bloomberg.The existing home sales report, scheduled for release at 10 am ET, is expected to show an increase of 1.1% for May after a gain of 0.2% in the prior month.In other world markets, Japan's Nikkei closed 2.2% higher, Hong Kong's Hang Seng ended 0.4% lower, and China's Shanghai Composite finished 1.3% higher. Meanwhile, the UK's FTSE 100 was down 0.3%, and Germany's DAX index was 0.5% higher in Europe's early afternoon session.In equities, Meta Platforms (META) stock was up 1% after a Reuters report that a probe on the use of AI tools on its messaging service WhatsApp was stopped by Italy's competition authority due to jurisdictional overlap with European Union regulators. Broadcom (AVGO) and Micron Technology (MU) shares rose 1.2% and 4.5%, respectively, as part of a broader rally in the tech sector. J.M. Smucker was up 4.7% after the company posted higher fiscal Q4 adjusted earnings and net sales.On the losing side, SailPoint (SAIL) shares fell more than 12% despite posting higher fiscal Q1 adjusted earnings and revenue. Sony (SONY) stock was down 2.6% after Nikkei Asia reported that the company will release a new flagship version of its Xperia smartphone with AI-enabled camera functions on Thursday.

Dow JonesNasdaq CompositeS&P 500$AVGO$META$MU$SAIL$SJM$SONY
Equities

S&P 500 Posts First Weekly Loss Since March as Rate Worries Climb Amid May Jobs Beat

The Standard & Poor's 500 index fell 2.6% this week, its first weekly loss since March, as stronger-than-anticipated May payrolls boosted bets that the Federal Reserve will raise rates this year.The S&P 500 ended Friday's session at 7,383.74, breaking a winning streak that had gone on for nine weeks, the market benchmark's longest such run since 2023. The S&P 500 is now up 7.9% this year.The S&P 500 on Tuesday set new intraday and closing highs over 7,600. The gains were erased later in the week after the Labor Department released its May employment data on Friday.The jobs report showed nonfarm payrolls rose by 172,000, well above the 88,000 increase expected in a survey compiled by Bloomberg. April and March payrolls also received upward revisions for a net upward revision of 93,000 jobs. However, the May unemployment rate remained at 4.3%, as expected.The probability of a 25-basis-point increase in interest rates in December rose to 43%, from 36% a week ago, according to the CME FedWatch tool. The comparisons for September were 33% versus 20%. For October, the data showed an increase to 39% from 25%.The consumer discretionary sector had the largest percentage drop of the week, falling 6.2%, followed by a 5.4% loss in technology and a 3.9% slide in communication services. Materials shed 1.2% while utilities edged lower.Ford Motor (F) was hit hardest in consumer discretionary, losing 15%. The automaker reported its total US vehicle sales fell 13.6% year over year in May to 190,828 vehicles. Internal combustion vehicle sales fell 12.3% while hybrid and electric vehicle sales were down 15.7% and 43.9%, respectively, the company said.Also weighing on consumer discretionary, Lululemon Athletica (LULU) shares fell 13%. The athletic apparel retailer forecast fiscal Q2 earnings per share and revenue below analysts' expectations despite its fiscal Q1 results slightly topped Street views. Lululemon Athletica also trimmed its 2026 guidance.In the technology sector, Ciena (CIEN) had the largest percentage drop of the week, falling 16%. The drop came even as the networking systems and software company provided an upbeat fiscal third-quarter revenue outlook and its results topped market estimates.Broadcom (AVGO) also weighed on the technology sector as its stock declined 14%. The chip designer reported fiscal second-quarter results above Wall Street's estimates as its artificial intelligence revenue more than doubled on the back of increased demand for custom accelerators and networking solutions. However, analysts at RBC Capital Markets and UBS said investors were disappointed that the company only reiterated its its 2027 artificial intelligence guidance rather than raising it.On the upside, the energy sector rose 2.5%, followed by a 2.3% gain in health care, a 1.5% rise in real estate and a 1.3% increase in financials. Consumer staples and industrials also edged higher.Marathon Petroleum (MPC) had the largest weekly percentage increase in the energy sector, climbing 5.3%. The company reported it swung to a larger-than-expected Q1 adjusted net profit from a year-earlier loss while revenue also topped expectations.Next week, earnings are expected from companies including Oracle (ORCL) and Adobe (ADBE).Economic data will include the May consumer price index as well as the May producer price index.

Dow JonesNasdaq CompositeS&P 500$AVGO$CIEN$F$LULU$MPC
Asia Markets

US Equity Futures Mostly Lower Pre-Bell Amid Continued Tech Stock Sell-Off, US-Iran War Entering Fourth Month

US equity futures were mostly lower pre-bell Friday as a sell-off in tech stocks continued and the US-Iran conflict entered its fourth month.Dow Jones Industrial Average futures were 0.1% higher, S&P 500 futures were down 0.5%, and Nasdaq futures were 1.2% lower.Broadcom (AVGO) shares were down 2% in premarket activity after plunging 12.6% on Thursday, joining a broader stock sell-off in the semiconductor industry.US President Donald Trump said he would meet with Iranian Supreme Leader Ayatollah Mojtaba Khamenei if a deal is finalized to end the US-Iran war. The ceasefire between the two nations continues to be fragile, with attacks exchanged earlier in the week.Traders took note of the latest round of earnings, with Ciena (CIEN) reporting higher fiscal Q2 adjusted net income and revenue.Oil prices were marginally lower, with front-month global benchmark North Sea Brent crude down 0.1% at $94.93 per barrel and US West Texas Intermediate crude 0.1% lower at $92.95 per barrel.The May national unemployment rate was reported at 4.3%, unchanged from the prior month and meeting estimates compiled by Bloomberg.In other world markets, Japan's Nikkei closed 1.3% lower, Hong Kong's Hang Seng ended 1.2% lower, and China's Shanghai Composite finished 0.7% lower. Meanwhile, the UK's FTSE 100 was up 0.3%, and Germany's DAX index was steady in Europe's early afternoon session.In equities, ARM (ARM), Micron Technology (MU), and Marvell Technology (MRVL) shares were all down as traders continued unloading stocks in the semiconductor sector. ARM shares fell 5.5%, Micron stock was down 4.1%, and Marvell shares dropped 3.5%. Lululemon Athletica (LULU) stock was down 11% after the company reported a decline in fiscal Q1 earnings and trimmed its 2026 outlook.On the winning side, ServiceTitan (TTAN) stock was up 13% after the company posted fiscal Q1 results that surpassed analysts' expectations and raised its fiscal 2027 revenue guidance.

Dow JonesNasdaq CompositeS&P 500$ARM$AVGO$CIEN$LULU$MRVL$MU$TTAN
Japan

US Equity Futures Mostly Lower Pre-Bell Amid Continued Tech Stock Sell-Off, US-Iran War Entering Fourth Month

US equity futures were mostly lower pre-bell Friday as a sell-off in tech stocks continued and the US-Iran conflict entered its fourth month.Dow Jones Industrial Average futures were 0.2% higher, S&P 500 futures were down 0.4%, and Nasdaq futures were 1% lower.Broadcom (AVGO) shares were down 1.7% in premarket activity after plunging 12.6% on Thursday, joining a broader stock sell-off in the semiconductor industry.President Donald Trump said he would meet with Iranian Supreme Leader Ayatollah Mojtaba Khamenei if a deal is finalized to end the US-Iran war. The ceasefire between the two nations continues to be fragile, with attacks exchanged earlier in the week.Traders took note of the latest round of earnings, with Ciena (CIEN) reporting higher fiscal Q2 adjusted net income and revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.5% at $94.57 per barrel and US West Texas Intermediate crude 0.4% lower at $92.67 per barrel.The unemployment rate for May, scheduled for release at 8:30 am ET, is expected to remain unchanged at 4.3%, according to estimates compiled by Bloomberg.

Dow JonesNasdaq CompositeS&P 500$AVGO$CIEN
International

Tech Retreat, Persian Gulf Outlook Blunt Asian Stock Markets

Asian stock markets staged a retreat Friday, as traders warily eyed rich tech-sector valuations, overnight declines on Wall Street, and ongoing Middle East hostilities.Hong Kong, Shanghai and Tokyo finished in the red, as did other regional exchanges.Seoul's tech-centric KOSPI Index closed down 5.54%, tracking Thursday's decline in US semiconductor stocks, after US chipmaker Broadcom (AVGO) projected Q3 AI-related revenue would miss market expectations.In Japan, the Nikkei 225 opened lower and could not recover, finishing off 1.3% as traders also edged away from high-flying tech issues.The benchmark Nikkei 225 fell 882.57 to 66,588.12, although gaining issues outnumbered losers 129 to 95, as declines were concentrated in tech- and AI-related issues.Leading the upside was Japan Steel Works, up 9%, while silicon wafer-maker Sumco declined 7.4%.In economic news, average nominal wages in Japan rose 3.5% year over year in April, and gained 1.9% in real terms, reported the Ministry of Health, Labor and Welfare.In Hong Kong, the Hang Seng Index opened lower and declined thereafter, closing down 1.2%.The broad gauge Hang Seng fell 291.45 to 24,961.95, as losing issues outnumbered gainers 57 to 26. The Hang Seng TECH Index lost 1.8% on the day, while the Mainland Properties Index fell 0.9%.Leading the upside was shipping line Orient Overseas, gaining 6%, while Semiconductor Manufacturing International declined 7.2%.On the mainland, the Shanghai Composite fell 0.7% to 4,027.74.On the other regional exchanges, the Taiwan TWSE declined 1.3%; the Australian ASX 200 declined 0.7%; the Singapore Straits Times Index fell 0.4%, and the Thai Set declined 0.8%. In late trading in Mumbai, the Sensex was down 0.1%The MSCI All Country Asia Pacific Index fell 1.6% on the day.

Hang SengNikkei 225Shanghai Composite$AVGO
International

US Equity Indexes Mixed as Sliding Technology Pulls Nasdaq Composite Lower, Crude Oil Sinks

US equity indexes were mixed as technology declined amid a broad-based rally, while slumping crude oil futures helped push government bond yields lower.The Dow Jones Industrial Average jumped 1.7% to 51,561.93, and the S&P 500 climbed 0.4% to 7,584.31. The Nasdaq Composite slipped less than 0.1% to 26,830.96.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 almost 13%, among the worst performers in the S&P 500 and the Nasdaq, weighing on the so-called artificial intelligence trade in the tech sector. 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, 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.Meanwhile, Tehran and Washington have issued contradictory messages over the status of ceasefire discussions, CNN reported. Trump said Thursday that a deal could be reached "this weekend," while Iran's foreign minister said there's been no "significant process," the news report said.West Texas Intermediate crude oil futures slumped 3.2% to $92.99, and Brent crude futures dropped 2.7% to $95.17.US Treasury yields fell, with the 10-year down 1.6 basis points to 4.48% and the two-year lower by 3.9 basis points to 4.05%.In precious metals, gold futures climbed 0.9% to $4,505.70, and silver futures advanced 0.7% to $74.20.In US economic news, employers announced 97,006 layoffs in May, the highest for the month since 2020, up 16% from April and 3% from a year earlier, with the shift toward artificial intelligence still the leading reason for cuts, Challenger, Gray & Christmas said Thursday."On top of the headline AI story, we're seeing a sharp rise in cuts tied to acquisitions and mergers and a jump in bankruptcy-related losses, which tells me companies are restructuring aggressively as they reposition for an AI-driven economy," Andy Challenger, the firm's chief revenue officer, said in a statement. "The labor market is being reshaped by technology in real time."US initial jobless claims rose to 225,000 in the week ended May 30 from a downwardly revised 212,000 in the previous week, compared with expectations for 215,000 in a survey of analysts compiled by Bloomberg. The four-week moving average jumped by 6,500 to 214,750.

Dow JonesNasdaq CompositeS&P 500$AMD$ARM$AVGO$MU
Dow Logs New High Even as Tech Underperforms
US Markets

Dow Logs New High Even as Tech Underperforms

The Dow Jones Industrial Average resumed its record-setting advance on Thursday, even as the technology sector underperformed amid a sell-off in Broadcom (AVGO) and CrowdStrike (CRWD) shares.The Dow rose 1.7% to 51,561.9, notching a fresh closing high after falling on Wednesday for the first time in six sessions. The S&P 500 gained 0.4% to 7,584.3, while the Nasdaq Composite fell 0.1% to 26,831.Barring tech and consumer staples, all sectors ended in the green, led by healthcare.In company news, Broadcom shares tumbled nearly 13%, the second-worst performer on the S&P 500 as the company's artificial intelligence revenue outlook fell short of the market's bullish expectations.The company's decision not to upgrade its 2027 guidance for AI sales apparently disappointed investors, especially as the chip designer reported strong semiconductor demand for its fiscal second quarter, UBS Securities analysts said.CrowdStrike reported strong fiscal first-quarter results amid accelerating demand for AI, but questions around performance sustainability remain, BofA Securities said. The stock fell 3.8%.Ciena (CIEN) plunged nearly 14%, the steepest decline on the S&P 500, despite providing an upbeat fiscal third-quarter revenue outlook. The networking systems and software company's results topped market estimates in the prior three-month period."AI and cybersecurity remain important long-term themes, but popular themes can carry heavy expectations," Ruben Dalfovo, investment strategist at Saxo Bank, said in a report. "In a hot market, even excellent earnings may need to bring their own fire extinguisher."UnitedHealth (UNH) climbed 5.2%, the top gainer on the Dow, after BofA Securities upgraded its rating on the stock to buy from neutral.West Texas Intermediate crude oil was down 3% at $93.19 a barrel in Thursday late-afternoon trade, while Brent fell 2.6% to $95.30.Israel and Lebanon agreed to implement a ceasefire, subject to Iran-backed Hezbollah ending all fire and evacuating its operatives from the South Litani Sector, according to a joint statement from the US, Israel and Lebanon released Wednesday.But just hours after the deal, Israeli forces and Hezbollah fighters launched strikes, CNN reported."News that Israel and Lebanon agreed on a ceasefire could potentially open the door for talks to advance," ING Bank said in a report on Thursday. "Every day that passes without a resumption of oil flows (through the Strait of Hormuz) leaves the market increasingly vulnerable. This increases the pressure to strike a deal."In economic news, job cut announcements in May hit the highest for the month since 2020, Challenger, Gray & Christmas said Thursday, while US weekly applications for unemployment insurance rose unexpectedly."On top of the headline AI story, we're seeing a sharp rise in cuts tied to acquisitions and mergers and a jump in bankruptcy-related losses, which tells me companies are restructuring aggressively as they reposition for an AI-driven economy," Andy Challenger, the firm's chief revenue officer, said in a statement. "The labor market is being reshaped by technology in real time."The Challenger report arrives a day before the May nonfarm payrolls release. Economists surveyed by Bloomberg expect 85,000 new jobs, down from 115,000 in April, with the unemployment rate seen holding at 4.3%.US Treasury yields were lower, with the 10-year rate down 2.4 basis points at 4.48%, and the two-year rate falling three basis points to 4.06%.Gold was last up 0.9% at $4,507 per troy ounce, while silver rose 0.8% to $74.31 per ounce.

Dow JonesNasdaq CompositeS&P 500$AVGO$CIEN$CRWD$UNH
International

US Equity Markets Mixed Amid Technology Stock Sell-Off, Decline in Crude Oil Prices

US equity indexes were mixed on Thursday amid a sell-off in tech stocks and a decline in crude oil futures, along with lower government bond yields.* Challenger, Gray & Christmas said Thursday employers announced 97,006 layoffs in May, the highest for the month since 2020, up 16% from April and 3% from a year earlier.* US initial jobless claims rose to 225,000 in the week ended May 30 from a downwardly revised 212,000 in the previous week, compared with expectations for 215,000 in a survey of analysts compiled by Bloomberg.* The Associated Press reported on Thursday that Hezbollah rejected the latest ceasefire agreement between Israel and the Lebanese government, while the media outlet separately reported that the US House on Wednesday approved a war powers resolution that would halt US military action against Iran.* July West Texas Intermediate crude oil fell $2.86 to settle at $93.16 per barrel, while August Brent crude, the global benchmark, was last seen down $2.53 at $95.28.* Blackstone's (BX) shares were up about 8.3%, the top gainer on the S&P 500, after its Blackstone Private Credit Fund unit reportedly said repurchase requests equaled about 10% of shares outstanding in Q2, but it will fulfill requests representing just 5% of its value.* Broadcom (AVGO) shares fell roughly 12%, the steepest decline on the Nasdaq, after it reported fiscal Q2 results late Wednesday. The company's fiscal Q3 and 2027 AI revenue outlook fell short of investor expectations, while Q2 results were slightly ahead of consensus, RBC and UBS said in separate notes.

Dow JonesNasdaq CompositeS&P 500$AVGO$BX
Sectors

Sector Update: Tech Stocks Fall Late Afternoon

Tech stocks were lower late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.1% and the State Street SPDR S&P Semiconductor ETF (XSD) easing 0.2%. The Philadelphia Semiconductor index fell 1.7%.In sector news, Tesla (TSLA) Chief Executive Elon Musk is set to become the world's first trillionaire following the IPO of SpaceX (SPCX), CNBC reported. Musk's stake in the rocket and satellite communications firm is worth $866.5 billion on paper, CNBC reported, citing the company's prospectus.In corporate news, CrowdStrike (CRWD) reported strong fiscal Q1 results amid accelerating demand for AI, but questions around the company's performance sustainability remain, BofA Securities said. CrowdStrike shares were down 4%.Broadcom (AVGO) shares fell past 11% after it reported fiscal Q2 results late Wednesday. The company's fiscal Q3 AI revenue outlook likely fell short of investor expectations, while Q2 results were slightly ahead of consensus, RBC said in a note.Alphabet (GOOGL) said Thursday Google and Intersect plan to build the Meitner Energy Center, which includes a new data center co-located with more than a gigawatt of wind, solar, and battery storage systems in Gray and Roberts Counties, Texas. Alphabet shares rose 3.7%.Meta Platforms' (META) Instagram is rolling out Instagram Plus globally, a new optional subscription tier offering exclusive features for users who want more control and customization. Separately, Meta is considering charging as much as $200 a month for a premium tier of its planned AI agent product, currently known as Hatch, The Information reported. Meta shares increased 0.2%.

$AVGO$CRWD$GOOGL$META
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
Equities Higher Intraday as Broadcom Sell-Off Weighs on Tech Sector
US Markets

Equities Higher Intraday as Broadcom Sell-Off Weighs on Tech Sector

US benchmark equity indexes were higher intraday, even as a sell-off in Broadcom (AVGO) shares weighed on the technology sector.The Dow Jones Industrial Average was up 1.6% at 51,517.2 after midday Thursday, while the S&P 500 rose 0.4% to 7,586.8. The Nasdaq Composite edged up 0.1% to 26,872. Barring technology and materials, all sectors were in the green, led by healthcare.In company news, Broadcom shares were down nearly 12% intraday, the second-worst performer on the S&P 500 as the company's artificial intelligence revenue outlook fell short of the market's bullish expectations.The company's decision not to upgrade its 2027 guidance for AI sales apparently disappointed investors, especially as the chip designer reported strong semiconductor demand for its fiscal second quarter, UBS Securities analysts said.CrowdStrike (CRWD) reported strong fiscal first-quarter results amid accelerating demand for artificial intelligence, but questions around the company's performance sustainability remain, BofA Securities said. The stock was down 4.6%.Ciena (CIEN) plunged 15% despite providing an upbeat fiscal third-quarter revenue outlook on Thursday. The networking systems and software company's results topped market estimates in the prior three-month period.UnitedHealth (UNH) was up 5% intraday, the top gainer on the Dow, after BofA Securities upgraded its rating on the stock to buy from neutral.West Texas Intermediate crude oil was down 3.9% at $92.27 a barrel intraday Thursday, while Brent fell 3.2% to $94.67.Israel and Lebanon agreed to implement a ceasefire, subject to Iran-backed Hezbollah ending all fire and evacuating its operatives from the South Litani Sector, according to a joint statement from the US, Israel and Lebanon released Wednesday.But just hours after the deal, Israeli forces and Hezbollah fighters launched strikes, CNN reported."News that Israel and Lebanon agreed on a ceasefire could potentially open the door for talks to advance," ING Bank said in a report on Thursday. "Every day that passes without a resumption of oil flows (through the Strait of Hormuz) leaves the market increasingly vulnerable. This increases the pressure to strike a deal."In economic news, job cut announcements in May hit the highest for the month since 2020, Challenger, Gray & Christmas said Thursday, while US weekly applications for unemployment insurance rose unexpectedly."On top of the headline AI story, we're seeing a sharp rise in cuts tied to acquisitions and mergers and a jump in bankruptcy-related losses, which tells me companies are restructuring aggressively as they reposition for an AI-driven economy," Andy Challenger, the firm's chief revenue officer, said in a statement. "The labor market is being reshaped by technology in real time."The Challenger report arrives a day before the May nonfarm payrolls release. Economists surveyed by Bloomberg expect 85,000 new jobs, down from 115,000 in April, with the unemployment rate seen holding at 4.3%.US Treasury yields were lower intraday, with the 10-year rate down 2.8 basis points at 4.47%, and the two-year rate falling 3.3 basis points to 4.05%.Gold was up 0.9% at $4,508.50 per troy ounce, while silver rose 0.8% to $74.28 per ounce.

Dow JonesNasdaq CompositeS&P 500$AVGO$CIEN$CRWD$UNH
Wire

Top Midday Decliners

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.Shares dropped 13%, with intraday trading volume rising to more than 62.1 million from the stock's daily average of about 24.4 million.ADC Therapeutics (ADCT) shares sank 55% amid heavy trading after RBC downgraded the company's stock rating and lowered its price target to $2 from $6, following new late-stage trial data for the company's lymphoma therapy Zynlonta.More than 9.1 million shares of the company traded intraday compared with a daily average of about 990,000.Xos (XOS) has announced a registered direct offering of about 1.09 million common shares at $5.50 per share, for gross proceeds of about $6 million, the company said Thursday.Shares sank 26% following an increase in intraday trading volume to over 10.8 million from a daily average of about 2.24 million.Price: $417.61, Change: $-61.62, Percent Change: -12.86%

$ADCT$AVGO$XOS
International

US Equity Indexes Rise as Treasury Yields Decline With Crude Oil

US equity indexes rose in midday trading Thursday amid a broad-based rally as a decline in crude oil futures helped push government bond yields lower.The Dow Jones Industrial Average jumped 1.6% to 51,516.9, the S&P 500 rose 0.5% to 7,591.9, and the Nasdaq Composite added 0.2% to 26,899.5 in Thursday's midday trading.All sectors but technology and materials rose, with healthcare, financials, and communication services topping the gainers.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 11%, among the worst performers on the S&P 500 and the Nasdaq.In economic news, employers announced 97,006 layoffs in May, the highest for the month since 2020, up 16% from April and 3% from a year earlier, with the shift toward artificial intelligence still the leading reason for cuts, Challenger, Gray & Christmas said Thursday."On top of the headline AI story, we're seeing a sharp rise in cuts tied to acquisitions and mergers and a jump in bankruptcy-related losses, which tells me companies are restructuring aggressively as they reposition for an AI-driven economy," Andy Challenger, the firm's chief revenue officer, said in a statement. "The labor market is being reshaped by technology in real time."US initial jobless claims rose to 225,000 in the week ended May 30 from a downwardly revised 212,000 in the previous week, compared with expectations for 215,000 in a survey of analysts compiled by Bloomberg. The four-week moving average jumped by 6,500 to 214,750.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.Brent crude futures dropped 3% to $94.81, and West Texas Intermediate crude oil futures fell 3.5% to $92.67.US Treasury yields fell, with the 10-year down 2.4 basis points to 4.47% and the two-year lower by 3.9 basis points to 4.05%.In precious metals, gold futures climbed 0.8% to $4,503.3, and silver futures advanced 0.4% to $73.96.

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Sectors

Sector Update: Tech Stocks Fall Thursday Afternoon

Tech stocks were lower Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.6% and the State Street SPDR S&P Semiconductor ETF (XSD) down 0.7%.The Philadelphia Semiconductor index dropped 2.1%.In sector news, Tesla (TSLA) Chief Executive Elon Musk is set to become the world's first trillionaire following the IPO of SpaceX (SPCX), CNBC reported. Musk's stake in the rocket and satellite communications firm is worth $866.5 billion on paper, CNBC reported, citing the company's prospectus.In corporate news, Broadcom (AVGO) shares fell past 11% after it reported fiscal Q2 results late Wednesday. The company's fiscal Q3 AI revenue outlook likely fell short of investor expectations, while Q2 results were slightly ahead of consensus, RBC said in a note.Meta Platforms' (META) Instagram is rolling out Instagram Plus globally, a new optional subscription tier offering exclusive features for users who want more control and customization. The subscription adds new audience controls, story-engagement insights, and profile-customization options, with the free version unchanged, Instagram said Thursday in a statement. Separately, Meta is considering charging as much as $200 a month for a premium tier of its planned AI agent product, currently known as Hatch, The Information reported. Meta shares rose 1.1%.Snap (SNAP) has acquired spatial augmented reality firm Illumix, a company spokesperson confirmed through email toThursday. Snap shares climbed 4.5%.

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Sectors

Correction: Sector Update: Tech Stocks Fall Pre-Bell Thursday

(Corrects to reflect that Broadcom shares fell after the company reported fiscal Q2 results.)Technology stocks were falling pre-bell Thursday, with the State Street Technology Select Sector SPDR Fund (XLK) down 2.2% and the State Street SPDR S&P Semiconductor ETF (XSD) 3.2% lower.Broadcom (AVGO) stock was down more than 14% after the company reported fiscal Q2 results.Taiwan Semiconductor Manufacturing (TSM) CEO C.C. Wei said AI-driven demand for advanced chips will continue to outpace the company's supply capacity for years, despite ongoing expansion efforts, multiple media outlets reported. Taiwan Semiconductor shares were down more than 1% premarket.Palantir Technologies (PLTR) entered into agreements with Kirkland & Ellis, McCarthy Building and GNP Seguros for the use of its Artificial Intelligence Platform, or AIP, the company said in separate statements. Palantir Technologies stock was up more than 2% pre-bell.

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Sectors

Correction: Sector Update: Tech

(Corrects to reflect that Broadcom shares fell after the company reported fiscal Q2 results.)Technology stocks were falling pre-bell Thursday, with the State Street Technology Select Sector SPDR Fund (XLK) down 2.1% and the State Street SPDR S&P Semiconductor ETF (XSD) 3.2% lower.Broadcom (AVGO) stock was down more than 14% after the company reported fiscal Q2 results.

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Sectors

Sector Update: Tech

Tech stocks were lower Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.6% and the State Street SPDR S&P Semiconductor ETF (XSD) down 0.7%.The Philadelphia Semiconductor index dropped 2.1%.In corporate news, Broadcom (AVGO) shares fell past 13% after it reported fiscal Q2 results late Wednesday. The company's fiscal Q3 AI revenue outlook likely fell short of investor expectations, while Q2 results were slightly ahead of consensus, RBC said in a note.

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Broadcom's Unchanged AI Outlook Likely Disappointed Investors, UBS Says
US Markets

Broadcom's Unchanged AI Outlook Likely Disappointed Investors, UBS Says

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 continues to expect AI semiconductor revenue in excess of $100 billion for fiscal 2027, Chief Executive Hock Tan's said during an earnings conference call late Wednesday. For fiscal 2026, Broadcom expects the metric to increase about 180% over the previous year to $56 billion.The company reported stronger-than-expected fiscal second-quarter results, with AI revenue more than doubling amid increased demand for custom accelerators and networking solutions. Broadcom saw bookings for its AI semiconductors exceeding $30 billion in the quarter, Tan told analysts, according to a FactSet transcript.But shares of Broadcom plunged nearly 15% intraday Thursday, trimming its year-to-date gain to about 19%."Orders were very strong, but (Broadcom) didn't raise AI revenue for either (fiscal) 2026 or 2027, (disappointing especially when compared to peers), with the issue being mostly one of supply," UBS analysts Timothy Arcuri and Natalia Winkler wrote.Broadcom's 2027 AI semiconductor revenue guidance is short of UBS' about $135 billion estimate, which the brokerage left unchanged."Ultimately, there is not a ton here to sway our view materially in either direction as new agreements continue to expand custom (application-specific integrated circuit) engagements," Arcuri and Winkler said.The brokerage lowered its calendar year 2027 earnings per share estimate to $23.19 from $23.84, though total revenue is now projected at about $213 billion, compared with its prior forecast of $205 billion.UBS reiterated its buy recommendation on the stock, while lowering the price target to $485 from $490.Price: $408.43, Change: $-70.80, Percent Change: -14.77%

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