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Japan

US Equity Indexes Mixed in Midday Trading as Tech Takes Beating

US equity indexes were mixed in midday trading on Thursday amid a decline in technology shares, government bond yields, and crude oil futures.The Nasdaq Composite fell 0.3% to 26,778.1 in Thursday's midday trading. The Dow Jones Industrial Average jumped 1.7% to 51,530.2, and the S&P 500 rose 0.2% to 7,569.5.All sectors but technology and utilities rose, with healthcare, financials, and communications services topping the gainers.Broadcom (AVGO) shares sank 14%, among the worst performers on the S&P 500 and the Nasdaq.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.

Dow JonesNasdaq CompositeS&P 500$AVGO
Research

Macquarie Downgrades Broadcom to Neutral From Outperform, Adjusts PT to $437 From $513

Macquarie Downgrades Broadcom to Neutral From Outperform, Adjusts PT to $437 From $513

$AVGO
Wire

Broadcom's AI Revenue Outlook Falls Short of High Bar, RBC Says

Broadcom's (AVGO) Q3 AI revenue outlook likely fell short of investor expectations, while its Q2 results were slightly ahead of consensus, RBC Capital Markets said in a Thursday note.The report said the company's decision to reiterate and not to raise fiscal 2027 AI outlook was also a surprise, especially given the robust demand backdrop."We do not see any structural issues and surmise that power/data center constraints and conservatism are playing a role," the report said."Whatever the case, we expect the stock to remain range bound given limited near-term upside potential, premium valuation to NVDA, and lack of incremental catalysts," it added.RBC raised its price target to $400 from $360, while reiterating its sector perform rating.Price: $414.54, Change: $-64.70, Percent Change: -13.50%

$AVGO
Wire

Broadcom's Fiscal Q2 Shows Continued AI Strength, Guidance Appears Conservative, Morgan Stanley Says

Broadcom (AVGO) delivered "very strong" fiscal Q2 results, and its outlook is likely to remain "conservative" despite continued strength in artificial intelligence-driven growth, Morgan Stanley said in a note Thursday.The bank said the company's AI business grew 30% in April and accelerated to 200% year-over-year growth in July, representing roughly 40% sequential growth. Guidance for about $56 billion of AI revenue this year and "well above" $100 billion next year is impressive and broadly in line with consensus expectations."Further, we think there is upside - the doubling half-over-half implies upside to H2, and the current 'growth trajectory continues' points to higher growth," the firm said, adding that, during the group callback, Broadcom indicated that its outlook for 2027 has improved. However, management declined to provide more specific guidance. The company also suggested that strong growth could extend well into 2028.The bank said that for Broadcom's fiscal 2026, it now forecasts revenue of $106 billion, non-GAAP gross margin of 74.8%, and earnings per share of $11.59, compared with its prior estimates of $105 billion, 74.9%, and $11.42. For fiscal 2027, it projects revenue of $167 billion, non-GAAP gross margin of 70.8%, and EPS of $18.28, versus its prior estimates of $168 billion, 71%, and $17.97.Morgan Stanley raised its price target on Broadcom from $485 to $502 while keeping its overweight rating.Shares of the company fell nearly 15% in the session.Price: $408.52, Change: $-70.71, Percent Change: -14.75%

$AVGO
Wire

Broadcom's AI Growth on Track, New Customers Likely to Ramp Deals, BofA Securities Says

Broadcom's (AVGO) fiscal Q2 results and Q3 guidance only modestly exceeded Street expectations, but its AI growth remains on track for about 180% year-over-year in fiscal 2026 and almost 100% in fiscal 2027, BofA Securities said in a note Thursday.Broadcom's visibility in its AI compute program now extends into 2028, with multiple new customers, including Amazon-backed (AMZN) Anthropic, Meta (META), and Open AI expected to ramp purchase agreements over the next few years, according to the note.The company's Software growth outlook of over 30% in fiscal Q3 suggests there are multiple growth vectors within the AI theme, the brokerage said, adding it expects earnings per share to exceed $30 by calendar year 2030, implying a compound annual EPS growth rate of about 40% between 2025 and 2030.However, BofA flagged gross margin pressure as the custom chip mix continues to increase, noting that Broadcom is facing higher competition as clients diversify their suppliers and move away from exclusivity.BofA Securities kept a buy rating on Broadcom and raised the price target to $530 from $450.Shares of Broadcom were down 15% in Thursday trading.Price: $407.18, Change: $-72.05, Percent Change: -15.03%

$AVGO
Wire

BofA Securities Raises Broadcom Price Target to $530 From $450 as 'AI Growth on Track', Maintains Buy Rating

Broadcom (AVGO) has an average rating of Buy and mean price target of $505.74, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $406.19, Change: $-73.04, Percent Change: -15.24%

$AVGO
Wire

New Street Adjusts Price Target on Broadcom to $600 From $420, Maintains Buy Rating

Broadcom (AVGO) has an average rating of buy and mean price target of $505.74, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $410.39, Change: $-68.85, Percent Change: -14.37%

$AVGO
Sectors

Sector Update: Tech Stocks Fall Pre-Bell Thursday

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 revenue that missed analysts' expectations.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.

$AVGO$PLTR$TSM$XLK$XSD
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
Sectors

Sector Update: Tech

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 revenue that missed analysts' expectations.

$AVGO
Japan

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

US equity futures were mixed pre-bell Thursday as traders watched tech giant Broadcom (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 0.6% higher, S&P 500 futures were down 0.5%, and Nasdaq futures were 1.4% 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 2.7% at $95.16 per barrel and US West Texas Intermediate crude 2.7% lower at $93.43 per barrel.The weekly jobless claims bulletin, scheduled for release at 8:30 am ET, is expected to show 215,000 new unemployment claims for the week ended May 30, unchanged from the prior week, according to estimates compiled by Bloomberg. The Q1 nonfarm productivity report is expected to show an annual gain of 0.4% after a 0.8% increase in the prior quarter. Unit labor costs are projected to rise 2.4%, compared with 2.3% previously.Federal Reserve Richmond President Thomas Barkin and San Francisco President Mary Daly are slated to speak on Thursday.

Dow JonesNasdaq CompositeS&P 500$AVGO$CRWD
Stocks Mostly Down Pre-Bell as Middle East Concerns Persist
US Markets

Stocks Mostly Down Pre-Bell as Middle East Concerns Persist

US equity markets were mostly pointing lower before the opening bell Thursday as Middle East uncertainty continued to weigh on sentiment.The S&P 500 declined 0.5% and the Nasdaq fell 1.2% in premarket activity, while the Dow Jones Industrial Average rose 0.5%. The indexes finished the previous trading session in the red, with the S&P 500 snapping a nine-day winning streak.Iran reportedly launched strikes targeting US bases in Kuwait and Bahrain, as well as a vessel near the Strait of Hormuz, in a significant escalation since a ceasefire took effect in April, several media outlets reported Wednesday. Earlier in the week, the US Central Command said it conducted self-defense strikes on Qeshm Island in response to attempted attacks by Iran across the Middle East.The Republican-led House voted 215-208 Wednesday to limit President Donald Trump's war powers in Iran, CNN reported.Trump suggested on Wednesday that there could be progress in negotiations with Iran as soon as this weekend, CNBC reported. Iranian Foreign Minister Abbas Araghchi said contacts with Washington have not been cut off, but there has been no progress in discussions, according to the report.Israel and Lebanon agreed on Wednesday to implement a ceasefire, subject to Iran-backed Hezbollah ending all fire and evacuating its operatives from the South Litani Sector, the US State Department said in a statement.West Texas Intermediate crude oil decreased 1% to $95.06 a barrel before the open, while Brent moved down 1.3% to $96.60.Treasury yields were down in premarket action, with the two-year rate retreating 3.1 basis points to 4.05% and the 10-year rate off 1.4 basis points to 4.48%.Employers in the US announced 97,006 layoffs in May, up 16% from the month prior and 3% year over year, according to Challenger, Gray & Christmas' latest report. Thursday's economic calendar also has the weekly jobless claims bulletin.On Wednesday, data from payroll processing firm ADP (ADP) showed that employment in the US private sector increased more than expected in May. The government's nonfarm payrolls report for May is scheduled to be released on Friday.Federal Reserve Bank of Richmond President Thomas Barkin is slated to speak at 8:30 am ET, while San Francisco Fed President Mary Daly speaks at 1:10 pm.Most Federal Reserve districts saw slight to moderate growth in economic activity since mid-April, while consumer spending remained mixed, the US central bank said in its latest Beige Book released Wednesday.Space Exploration Technologies, widely known as SpaceX, is aiming to raise about $75 billion in what could be the biggest initial public offering of all time.Broadcom (AVGO) and CrowdStrike (CRWD) dropped 11% each pre-bell after reporting their latest financial results.Ciena (CIEN), Brown Forman (BF.A, BF.B) and Toro (TTC) report their quarterly earnings before the bell, among others. Lululemon Athletica (LULU), Guidewire Software (GWRE) and DocuSign (DOCU) post results after the markets close.Gold gained 0.7% to $4,497 per troy ounce, while bitcoin dropped 4.9% to $62,329.

Dow JonesNasdaq CompositeS&P 500$AVGO$BF.A$BF.B$CIEN$CRWD$DOCU$GWRE$LULU$TTC
Broadcom Beats Second-Quarter Views as AI Revenue More Than Doubles
US Markets

Broadcom Beats Second-Quarter Views as AI Revenue More Than Doubles

Broadcom (AVGO) late Wednesday reported fiscal second-quarter results above Wall Street's estimates as the chip designer's artificial intelligence revenue more than doubled on the back of increased demand for custom accelerators and networking solutions.Adjusted earnings rose to $2.44 a share during the quarter through May 3 from $1.58 a year earlier, coming in ahead of the FactSet-polled consensus indicating $2.40. Revenue advanced 48% to $22.19 billion, above the Street's $22.13 billion view.AI semiconductor revenue soared 143% year-on-year to $10.8 billion, driven by custom accelerators and networking, Broadcom Chief Executive Hock Tan said in a statement."Broadcom achieved record revenue, operating profit and free cash flow in (the second quarter), driven by accelerating growth in AI semiconductor revenue and strong operating leverage," Tan said.The semiconductor solutions division's sales climbed 79% to $15.01 billion, while the infrastructure software segment increased 9% to $7.18 billion.For the third quarter, Broadcom anticipates total revenue growth of 84%, to about $29.4 billion, compared with the consensus estimate of $28.25 billion.AI semiconductor revenue is seen climbing more than 200% year-over-year to $16 billion in the third quarter, Tan said.Broadcom's stock fell 6.7% in after-hours trading, and had gained 38.5% this year through Wednesday close.Advanced Micro Devices (AMD), Marvell Technology (MRVL) and Nvidia (NVDA) all beat revenue estimates in the most recent quarter, fueled by an ongoing AI boom that is driving unprecedented demand for data centers.

$AMD$AVGO$MRVL$NVDA
Equities Fall Intraday, Oil Jumps Amid Renewed Middle East Tensions
US Markets

Equities Fall Intraday, Oil Jumps Amid Renewed Middle East Tensions

US benchmark equity indexes were lower intraday, while oil prices rose amid renewed hostilities in the Middle East.The Nasdaq Composite was down 1% at 26,816.5 after midday Wednesday, while the Dow Jones Industrial Average fell 0.9% to 50,858.1. The S&P 500 shed 0.6% to 7,562.9. The indexes logged fresh closing highs in the previous session.Among sectors, technology and consumer discretionary saw the biggest decline intraday Wednesday, while energy paced the gainers.Several major tech names were falling sharply, with IBM (IBM) down 6.1%, the steepest decline on the Dow. Salesforce (CRM), Microsoft (MSFT), and Nvidia (NVDA) followed IBM on the index.West Texas Intermediate crude oil was up 2.6% at $96.17 a barrel, while Brent rose 2.1% to $98.04."Crude oil is trading higher for a third consecutive session, with Brent pushing above $97 as market pessimism once again grows over the prospects of a US-Iran deal that could pave the way for a reopening of the Strait of Hormuz," Saxo Bank said in a report.Iran launched strikes targeting US bases in Kuwait and Bahrain, as well as a vessel near the Strait of Hormuz, CNN reported. On Tuesday, the US Central Command said it conducted self-defense strikes on Qeshm Island in response to attempted attacks by Iran across the Middle East.A barrage of ballistic missiles and drones hit Kuwait Wednesday, shutting its international airport, killing one person and injuring dozens, The Wall Street Journal reported.US President Donald Trump reportedly said in a podcast with the New York Post that Iran has agreed not to have nuclear weapons, but Tehran could still change its mind. Previously, Trump said that negotiations with Iran were continuing, despite Iranian state-affiliated outlet Tasnim reporting that the country had suspended talks with Washington."For now, the risk premium continues to be partly offset by President Trump's repeated insistence that an interim agreement remains within reach," Saxo said.In economic news, the Organization for Economic Co-operation and Development lowered its global economic growth projection for 2026, cautioning that the fallout from the Middle East conflict may linger for some time even after its resolution.In the US, employment in the private sector increased more than expected in May, ADP (ADP) data showed."The breadth of gains was encouraging, with almost all sectors increasing payrolls during the month," Oxford Economics said in a note. "Coupled with weak labor supply growth, the strong gains in payrolls would reduce the upside risk to the unemployment rate."Data from the Bureau of Labor Statistics are expected to show Friday that the US economy added 85,000 nonfarm jobs last month, which would represent a fall from a 115,000 increase reported for April, according to a Bloomberg-compiled survey. The unemployment rate is seen unchanged at 4.3%.The US services sector saw continued expansion in May, with Institute for Supply Management data showing a faster growth rate sequentially, but S&P Global (SPGI) pointing to a deceleration. Both surveys indicated elevated cost pressures and signs of weakness in the labor market."The combination of resilient demand and intensifying cost pressures reinforces the risk of ongoing price pass-through, suggesting that the (Federal Reserve) is likely to remain patient on policy easing given limited progress on services disinflation and increasing the likelihood of rate hikes this year," TD Economics said in a note.US Treasury yields were higher intraday, with the 10-year rate up 3.8 basis points at 4.49%, and the two-year rate rising 3.3 basis points to 4.08%.In company news, Medtronic (MDT) reported better-than-expected fiscal fourth-quarter results, while the medical-device maker projected earnings and organic revenue growth for the current year. The company's shares were up 5.1%, among the best performers on the S&P 500.Broadcom (AVGO), CrowdStrike (CRWD), Veeva Systems (VEEV) and Five Below (FIVE) are expected to report after the closing bell Wednesday, along with others.Gold was down 1.2% at $4,465.10 per troy ounce, while silver fell 2.6% to $73.58 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADP$AVGO$CRM$CRWD$FIVE$IBM$MDT$MSFT$NVDA$SPGI$VEEV
Stocks Mostly Down Pre-Bell as Traders Assess Latest Middle East Developments
US Markets

Stocks Mostly Down Pre-Bell as Traders Assess Latest Middle East Developments

The main US stock measures were mostly trending lower in Wednesday's premarket activity as traders assess the latest developments in the Middle East.The S&P 500 edged down 0.1% and the Dow Jones Industrial Average declined 0.4%, while the Nasdaq gained 0.2% before the opening bell. All three indexes recorded new closing highs on Tuesday.President Donald Trump said in a podcast interview that Iran has agreed not to have nuclear weapons, several media outlets reported Wednesday. In a social media post on Tuesday, Trump said negotiations between the US and Iran were "going on continuously."Earlier in the week, Iranian state-affiliated outlet Tasnim reported that the country suspended talks with the US in retaliation to Israel's military action in Lebanon.The US Central Command said Tuesday that its forces "successfully defeated" multiple Iranian ballistic missiles and drones and launched defensive strikes following "attempted attacks" by Tehran across the Middle East.Iran reportedly launched a wave of missile and drone attacks toward Kuwait and Bahrain in a major escalation of regional tensions. Kuwait said a number of "hostile drones" targeted its airport, causing significant material damage and injuring several people.West Texas Intermediate crude oil increased 2.6% to $96.17 a barrel in premarket action, while Brent advanced 2.5% to $98.42."Crude oil continues to trade from one headline to the next, making it increasingly difficult for traders to maintain conviction beyond a few hours," Saxo Bank said in a Tuesday report. "Global energy markets continue to tighten, with the main focus remaining on the Strait of Hormuz, a vital shipping artery that remains effectively shut, sustaining concerns about supply disruptions and elevated energy prices."Treasury yields were up before the open, with the two-year rate rising 2.9 basis points to 4.08% and the 10-year rate adding 3 basis points to 4.49%.The Organization for Economic Cooperation and Development on Wednesday cut its global growth outlook for 2026, warning that a prolonged war between the US and Iran could have "longer-lasting negative consequences."The ADP Employment report for May is out at 8:15 am ET. On Tuesday, official data showed that US job openings hit their highest level in almost two years in April, while hiring and layoffs fell.Wednesday's economic calendar also has the weekly mortgage applications bulletin at 7 am. The purchasing managers' index composite final report from S&P Global (SPGI) for May posts at 9:45 am, followed by the Institute for Supply Management's services index for the same month at 10 am.The weekly EIA domestic petroleum inventories report is due at 10:30 am. The Federal Reserve's Beige Book, a compilation of economic and business reports from the 12 regional Fed branches, is out at 2 pm.Fed Governor Michael Barr is scheduled to speak at 9 am, while Dallas Fed President Lorie Logan speaks at 4 pm.The Fed may need to raise interest rates should inflationary pressures persist, Cleveland Fed President Beth Hammack said Tuesday. "If we wait for definitive evidence that high inflation has become embedded in the economy, it may require larger policy adjustments, at greater cost," Hammack said in prepared remarks for an event in Ohio.Shares of Palo Alto Networks (PANW) declined 3.7% pre-bell following the company's latest quarterly results. Marvell Technology (MRVL) climbed 14% after Nvidia (NVDA) Chief Executive Jensen Huang reportedly said the company could be the next chip manufacturer to join the trillion-dollar club.Broadcom (AVGO), CrowdStrike (CRWD), Veeva Systems (VEEV) and Five Below (FIVE) are expected to release their latest earnings after the markets close. Medtronic (MDT), Macy's (M), Ollie's Bargain Outlet (OLLI) and Thor Industries (THO) post their financial results before the bell, among others.Gold slipped 0.7% to $4,488 per troy ounce, while bitcoin inched 0.3% higher to $67,127.

Dow JonesNasdaq CompositeS&P 500$AVGO$CRWD$FIVE$M$MDT$MRVL$OLLI$PANW$THO$VEEV
International

Rising Crude Prices Cap Wall Street Pre-Bell; Asia Up, Europe Off

Wall Street futures pointed mixed and muted pre-bell Wednesday, as crude prices ascended again following reports of renewed Iranian and US military strikes in the Persian Gulf.In the futures, the S&P 500 fell 0.1%, the Nasdaq inclined 0.1% and the Dow Jones was off 0.4%.West Texas Intermediate crude oil traded up 2.4% at $96.01 a barrel in morning hours.Asian exchanges traded mostly higher overnight, with fresh all-time highs struck in Taiwan and Tokyo on AI sector optimism. European bourses tracked moderately lower midday on the continent.Tech giants Broadcom (AVGO) and CrowdStrike (CRWD) plan to report earnings after-bell, among others.On the economic calendar is the ADP Employment Report for May at 8:15 am ET, followed by the S&P Global US final composite purchasing managers index for May at 9:45 am.The factory orders bulletin for April and the ISM Services Index for May log at 10 am.The weekly EIA petroleum status report posts at 10:30 am.The Beige Book, the Federal Reserve's compendium of business and economic reports from the 12 branches, is released at 2 pm.Federal Reserve Governor Michael Barr and Dallas Fed President Lorie Logan are slated to speak on Wednesday.In premarket action, Bitcoin traded at $67,186, and 10-year US Treasuries offered 4.49%. Spot gold commanded $4,460 an ounce.

Dow JonesNasdaq CompositeS&P 500$AVGO$CRWD
Research

Research Alert: Earnings Preview: CFRA Maintains Buy Opinion On Shares Of Broadcom

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month target price to $525 from $428, on P/E of about 28x our CY 27 EPS view. We keep our FY 26 EPS at $11.46 but raise FY 27 to $18.66 from $16.20. AVGO is set to report Apr-Q results after the close on 6/3. We see revenue of $22.1B (+47.5%) and EPS of $2.40, on 76% growth in semiconductors (2/3 of revenue) and 9% in Software. All eyes will be on AI revenue, seen at $10.7B (+140% Y/Y; 72% of semi sales) and now nearly half of total revenue, as custom ASIC/XPU shipments to Alphabet, Meta, and others accelerate alongside networking solutions featuring Tomahawk 6 Ethernet switches. We believe AVGO is gaining share as customers increasingly select custom silicon for workload optimization. We see gross margin largely stable at 77% and a 68% adjusted EBITDA margin. Our focus will center on AVGO's outlook, as investors look for a big step up in sales for the Jul-Q (sales of $28.5B or +79% Y/Y), along with prior commentary that cited an ambitious $100B cumulative AI chip revenue target through 2027.

$AVGO
Wire

Broadcom Shares Rise After Showcasing Broadband Edge AI Portfolio

Broadcom (AVGO) shares were up 3% in Tuesday trading after the company showcased its broadband edge artificial intelligence portfolio, which includes 50G PON gateway SoC, a Wi-Fi 8 product family, and a joint 5G and Wi-Fi 8 fixed wireless access platform solution.Broadcom's offerings aim to deliver localized processing, low latency and reliability for next-generation connected AI applications, according to a late Monday statement.Price: $472.99, Change: $+13.02, Percent Change: +2.83%

$AVGO
Update: S&P 500 Companies' Earnings Grow 28% as Reporting Season Approaches End, Oppenheimer Says
US Markets

Update: S&P 500 Companies' Earnings Grow 28% as Reporting Season Approaches End, Oppenheimer Says

(Article updated to include consolidated revenue figures in the fourth paragraph, as confirmed by Oppenheimer.)S&P 500 companies' quarterly earnings growth held steady at nearly 28% compared with financials reported up until a week ago, putting the index on track to close out the most recent cycle well above estimates, Oppenheimer Asset Management said Monday.Some 97% of companies in the benchmark equity index have reported results this season, with earnings up 27.7% from a year earlier. Last week's report by the brokerage showed profit growth at 27.5%, based on figures reported by 95% of the index constituents.Heading into the cycle, FactSet put expected earnings growth at 12.6% year over year, Oppenheimer said.First-quarter revenue growth accelerated to 11.6% from last report's 11.1%."With May in the rearview mirror, two thirds of the second quarter is done," Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus said in a note to clients. "Traders and investors will now navigate the six-week road ahead to S&P 500 (second-quarter) earnings season which won't really get underway until the big banks report results on July 14."Among sectors, technology and communication services outperformed in terms of earnings growth, with profits up by 50% and nearly 47% from a year earlier, respectively. Healthcare was the sole decliner.All 11 S&P sectors saw sales growth on an annual basis, led by technology, utilities and communication services, according to Oppenheimer's report.Hewlett Packard (HPE), Palo Alto Networks (PANW), Broadcom (AVGO) and CrowdStrike (CRWD) are slated to report quarterly results this week.Markets continue to track the latest developments around the Middle East conflict. Iran suspended talks with the US in retaliation to Israel's military action in Lebanon, CNBC reported Monday, citing Iranian state-affiliated outlet Tasnim."We do expect some kind of resolution to be arrived at because of the economic and geopolitical pressures put on both sides of the negotiation table tied to the collateral damage caused to economies around the world as a result of the current conflict," Stoltzfus said.Price: $47.38, Change: $+4.34, Percent Change: +10.08%

$AVGO$CRWD$HPE$PANW
Equities Mostly Rise Intraday Amid Nvidia Rally; Oil Jumps
US Markets

Equities Mostly Rise Intraday Amid Nvidia Rally; Oil Jumps

US benchmark equity indexes were mostly higher intraday as Nvidia (NVDA) helped lift the technology sector, while oil prices jumped as markets tracked the latest developments in the Middle East.The Nasdaq Composite was up 0.7% at 27,169.1 after midday Monday, while the S&P 500 rose 0.4% to 7,612.6. The Dow Jones Industrial Average was little changed at 51,017.1. All three benchmarks notched fresh closing highs in the previous session.Barring tech and energy, all sectors were in the red intraday Monday, led by utilities.In company news, Nvidia shares jumped 5.6%, among the top gainers on the Dow. On Sunday, the tech bellwether announced a new artificial intelligence chip to power Microsoft (MSFT) Windows personal computers, called RTX Spark, entering the consumer PC processor market.Microsoft shares were up 1.8% intraday Monday.Salesforce (CRM) was the best performer on the S&P 500, up 9.5%, after it said it will invest $2 billion in France through 2030. Separately, Salesforce said it agreed to buy Contentful, a "composable" content platform.Dell (DELL) shares were up 8.9% intraday, extending its rally. Morgan Stanley upgraded its rating on the computer maker's stock to equal-weight from underweight and raised its price target to $448 from $170. Dell is outperforming peers in navigating semiconductor supply shortages, the brokerage said.S&P 500 companies' quarterly earnings growth held steady at nearly 28%, compared with financials reported up until a week ago, putting the index on track to close out the most recent cycle well above estimates, Oppenheimer Asset Management said in a note.Hewlett Packard (HPE), Palo Alto Networks (PANW), Broadcom (AVGO) and CrowdStrike (CRWD) are scheduled to release quarterly results this week.West Texas Intermediate crude oil was up 4.8% at $91.54 a barrel, while Brent rose 3.9% to $94.70.Talks with Iran are continuing at "a rapid pace," US President Donald Trump said in a social media post Monday.Iran will suspend talks through intermediaries with the US and will move to completely shut the Strait of Hormuz in retaliation to alleged ceasefire violations, CNBC reported, citing Iran's state-affiliated news outlet Tasnim.In a separate social media post, Trump said he had a call with Israeli Prime Minister Benjamin Netanyahu, adding that no troops will be going to Beirut, while any troops that are on their way have already been turned back."Likewise, through highly placed representatives, I had a very good call with Hezbollah, and they agreed that all shooting will stop -- that Israel will not attack them, and they will not attack Israel," Trump said.US Treasury yields were higher intraday, with the 10-year rate up 1.6 basis points at 4.47%, and the two-year rate rising 3.5 basis points to 4.05%.In economic news, the US manufacturing sector expanded to its highest level in four years last month amid strength in demand and production, though price pressures remained elevated, two separate surveys by the Institute for Supply Management and S&P Global (SPGI) showed."Even with improving activity, the persistence of elevated cost pressures is likely to constrain the pace of expansion and keep policymakers cautious, limiting the scope for near-term monetary-policy easing," TD Economics said in a note.Gold was down 1.5% at $4,523.30 per troy ounce, while silver fell 0.4% to $75.59 per ounce.

Dow JonesNasdaq CompositeS&P 500$AVGO$CRM$CRWD$DELL$HPE$MSFT$NVDA$PANW$SPGI

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