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Nasdaq Composite Falls to 5-Week Low Amid Tech Pullback
US Markets

Nasdaq Composite Falls to 5-Week Low Amid Tech Pullback

US equities fell Tuesday, with technology stocks pulling back following a jump in the previous session, sending the Nasdaq Composite to its lowest close in five weeks.The tech-heavy index shed 1% to 25,678.8, its lowest finish since May 5. The S&P 500 fell 0.3% to 7,386.7, while the Dow Jones Industrial Average rose 0.2% to 50,872.1 after a two-day decline.Barring tech and energy, all sectors were in the green, led by real estate.Salesforce (CRM) shares fell 3.9%, the worst performer on the Dow. The cloud-based customer relationship management platform provider implemented a fresh round of job cuts, Business Insider reported Tuesday.Apple (AAPL) dropped 3.6% and followed Salesforce on the Dow, while Cisco Systems (CSCO) declined 3.1%, the third worst performer on the index.Super Micro Computer (SMCI) slumped 7.6%, among the steepest declines on the S&P 500. Also under pressure were major tech names such as Microsoft (MSFT), IBM (IBM), Qualcomm (QCOM) and Dell Technologies (DELL).Outside tech, J.M. Smucker (SJM) reported better-than-expected fiscal fourth-quarter results, while the food producer's full-year earnings outlook came in above Wall Street's estimates at the midpoint. The stock jumped 10%, the best performer on the S&P 500.Boeing (BA) fell behind European rival Airbus in both aircraft deliveries and orders for May, even as the US planemaker's deliveries rose sequentially and annually. The stock fell 0.7%.US President Donald Trump said Tuesday that Iran shot down an American military helicopter over the Strait of Hormuz on Monday night. He said the two pilots were unharmed, but the US must "respond to this attack."Trump told reporters in New York on Monday that a diplomatic resolution to the Middle East conflict could be reached in "two or three days," CNBC reported. The crucial Strait of Hormuz, which remains effective shut, would reopen "immediately" after the deal, Trump reportedly said.Trump has made similar claims on a number of occasions in the past.West Texas Intermediate crude oil was down 3.1% at $88.46 a barrel in Tuesday late-afternoon trade, while Brent fell 2.7% to $91.72.The global crude market has already lost 1 billion barrels of supply since the Iran war began at the end of February, Rystad Energy said in a note."Cumulative losses have now reached 1 billion barrels and are on track to nearly double by year-end under our base case, which still assumes a narrow US-Iran deal in June and a phased reopening of the Strait of Hormuz from mid-July," Aditya Saraswat, Middle East and North Africa research director at Rystad, said in a note.US Treasury yields were lower, with the 10-year rate last down four basis points at 4.53%, and the two-year rate falling 3.1 basis points to 4.14%.In economic news, US existing home sales increased to the highest level since December in May, a move that is expected to bode well for the economy, the National Association of Realtors said Tuesday.The US trade deficit narrowed in April as export growth outpaced an increase in imports, government data showed Tuesday.Gold was down 1.9% at $4,282.40 per troy ounce, while silver shed 4.7% to $65.39 per ounce.

Nasdaq CompositeS&P 500$AAPL$CRM$CSCO$DELL$DJI$IBM$MSFT$QCOM$SJM$SMCI
International

US Equity Markets End Lower Amid Tech Stock Sell-Off

US equity indexes were lower on Tuesday amid a technology stocks sell-off and despite progress in US-Iran peace negotiations.* Technology and energy were standout decliners, down 1.8% and 1.6%, respectively. Marvell Technology (MRVL), Arm (ARM), Dell (DELL), and Qualcomm (QCOM) declined by at least 7% each, according to data compiled by Finviz.* A deal to end the war in the Middle East could be reached in "two to three days," with the Strait of Hormuz reopening "immediately" after the agreement is signed, President Donald Trump was cited as saying in a CNBC news report.* US existing home sales rose 3.2% sequentially to a seasonally adjusted annual rate of 4.17 million units last month.* July West Texas Intermediate crude oil fell $2.73 to settle at $88.57 per barrel, while August Brent crude, the global benchmark, was last seen down $2.41 at $91.87.* J.M. Smucker (SJM) shares rose roughly 10%, the top gainer on the S&P 500, after the company reported better-than-expected fiscal Q4 results on Tuesday, while the food producer's full-year earnings outlook came in above Wall Street's estimates at the midpoint.* Salesforce (CRM) shares were down 3.9%, the worst performer on the Dow. The cloud-based customer relationship management platform provider implemented a fresh round of job cuts, Business Insider reported Tuesday.

Dow JonesNasdaq CompositeS&P 500$ARM$CRM$DELL$MRVL$QCOM$SJM
Equities Markets Fall Intraday Amid Tech Sell-Off
US Markets

Equities Markets Fall Intraday Amid Tech Sell-Off

Wall Street's benchmark equity indexes fell intraday amid a sharp sell-off in technology stocks, as President Donald Trump vowed to "respond" to an Iranian attack on a US military helicopter over the Strait of Hormuz.The Nasdaq was down 2% at 25,425.1 after midday Tuesday, while the S&P 500 lost 1.1% to 7,328.9. The Dow Jones Industrial Average declined 0.2% to 50,678.7. Among sectors, tech saw the steepest drop, shedding 3.5%, while real estate paced the gainers.Salesforce (CRM) shares were down 4.7% intraday, the worst performer on the Dow. The cloud-based customer relationship management platform provider implemented a fresh round of job cuts, Business Insider reported Tuesday, citing people familiar with the matter and a regulatory notice.Cisco Systems (CSCO) dropped 4.3% and followed Salesforce on the Dow. Nvidia (NVDA) fell 2.1%. Super Micro Computer (SMCI) slid 10%, among the steepest declines on the S&P 500.Also under pressure were other major tech names such as Apple (AAPL), Microsoft (MSFT), IBM (IBM), Qualcomm (QCOM), Dell Technologies (DELL), and Advanced Micro Devices (AMD).Outside tech, J.M. Smucker (SJM) reported better-than-expected fiscal fourth-quarter results, while the food producer's full-year earnings outlook came in above Wall Street's estimates at the midpoint. The stock was up 9.7% intraday, the best performer on the S&P 500.Trump said Tuesday that Iran shot down a US Apache helicopter over the Strait of Hormuz on Monday night. He said the two pilots were unharmed.The US must "respond to this attack," he said in a social media post.Trump told reporters in New York on Monday that a diplomatic resolution to the Middle East conflict could be reached in "two or three days," CNBC reported. The crucial Strait of Hormuz, which remains effective shut, would reopen "immediately" after the deal, Trump reportedly said.Trump has made similar claims on a number of occasions in the past.West Texas Intermediate crude oil was down 3.7% at $87.94 a barrel intraday, while Brent fell 3% to $91.43."The continued lack of progress towards restoring normal energy flows from the Middle East reinforces expectations of a prolonged period of elevated oil prices," Saxo Bank said in a report on Tuesday.US Treasury yields were lower intraday, with the 10-year rate down 3.4 basis points at 4.53%, and the two-year rate falling 3.3 basis points to 4.13%.In economic news, US existing home sales increased to the highest level since December in May, a move that is expected to bode well for the economy, the National Association of Realtors said Tuesday.The US trade deficit narrowed in April as export growth outpaced an increase in imports, government data showed Tuesday.Gold was down 1.7% at $4,290.10 per troy ounce, while silver shed 4.6% to $65.38 per ounce.

Nasdaq CompositeS&P 500$AAPL$CRM$CSCO$DELL$DJI$IBM$MSFT$NVDA$QCOM$SJM$SMCI
Asia Markets

US Equity Indexes Slump as Semiconductors Lead Big-Tech Slide

US equity indexes dived following a sharp sell-off in technology, led by semiconductors, in midday trading on Tuesday.The Nasdaq Composite dropped 1.8% to 25,468.1, with the S&P 500 down 0.9% to 7,340.8, and the Dow Jones Industrial Average lower by 0.2% to 50,710.5.Technology and energy were standout decliners, down 3.1% and 1.9%, respectively. Marvell Technology (MRVL), Arm (ARM), Dell (DELL), and Qualcomm (QCOM) declined by at least 8% each, the worst-performing stocks among companies with market capitalizations exceeding $200 billion, according to data compiled by Finviz.The real estate, healthcare, and materials sectors led the gainers.West Texas Intermediate crude oil futures fell 3.4% to $88.22, and Brent crude futures dropped 2.8% to $91.60.A deal to end the war in the Middle East could be reached in "two to three days," with the Strait of Hormuz reopening "immediately" after the agreement is signed, President Donald Trump was cited as saying in a CNBC news report. The two countries are nearing a deal "that will not in any way allow nuclear weapons," Trump was cited as saying."Oil gave back most of Monday's gains after Israel and Iran halted hostilities that had threatened to derail already fragile efforts to secure a broader peace agreement in the Middle East," Saxo Bank wrote in a note. "US President Donald Trump, meanwhile, maintained his typically optimistic tone, saying negotiations are in the 'final throes' of what he expects will be a successful deal."Most US Treasury yields fell, with the 10-year down one basis point to 4.54%. The two-year rate fell 2.3 basis points to 4.14%.In precious metals, gold futures dropped 2% to $4,277.5, and silver futures slumped 5.2% to $65.04.US existing home sales increased to the highest level since December in May, the National Association of Realtors said. Sales rose 3.2% sequentially to a seasonally adjusted annual rate of 4.17 million units last month."More Americans are on the move, with home sales rising to the highest level since December. This is great news for the housing market and the economy," NAR Chief Economist Lawrence Yun said. "Improving affordability is helping drive this momentum."The goods and services deficit narrowed $700 million to $55.9 billion in April from March on a seasonally adjusted basis, the US Census Bureau and the Bureau of Economic Analysis said. The consensus was for a $56.1 billion shortfall in a Bloomberg survey."Soaring oil exports are helping to narrow the US trade gap, with tariffs playing a more minor role in slowing imports," Sal Guatieri, BMO Capital Markets senior economist, said in a note. The export gain was driven by "surging crude sales" while computer hardware and microchips continued to fuel import growth, he said.Wholesale inventories rose by 0.6% in April, revised up from a 0.5% increase in the advance reading and following a 1.5% rise in March. Analysts in a Bloomberg-compiled survey expected April inventories to be revised upward to a 0.6% increase.

Dow JonesNasdaq CompositeS&P 500$ARM$DELL$MRVL$QCOM
Wall Street Extends Record Run as Nvidia Rally Boosts Tech Sector
US Markets

Wall Street Extends Record Run as Nvidia Rally Boosts Tech Sector

Wall Street's equity benchmarks hit fresh peaks on Monday, buoyed by gains in the technology sector as Nvidia's (NVDA) shares rallied, while traders monitored mixed US-Iran peace talks signals.The Nasdaq Composite rose 0.4% to 27,086.8, while the S&P 500 added 0.3% to 7,600. The Dow Jones Industrial Average edged up 0.1% to settle at 51,078.9. All three indexes logged new closing highs on the first trading day of June.Barring tech and energy, all sectors were in the red, led by utilities.In company news, Nvidia shares jumped 6.3%, 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 rose 2.3%, also one of the Dow's best performers.Dell (DELL) shares advanced nearly 11%, extending its rally into the eight day in a row. 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.Salesforce (CRM) climbed 9.7% after the company said it will invest $2 billion in France through 2030. Separately, Salesforce said it agreed to buy Contentful, a "composable" content platform.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.West Texas Intermediate crude oil was up 5.7% at $92.35 a barrel in Monday late-afternoon trade, while Brent rose 4.5% to $95.25.Iran suspended talks with the US in retaliation to Israel's military action in Lebanon, CNBC reported Monday, citing Iranian state-affiliated outlet Tasnim. However, US President Donald Trump said talks with Iran were continuing at "a rapid pace."In a separate social media post, Trump said he spoke to Israeli Prime Minister Benjamin Netanyahu and Iran-backed Hezbollah, with both agreeing to stop the fighting."It unfortunately feels like we have moved further away from a conclusion, with Iran commenting mid-Friday that no agreement has been reached, and reports over the weekend indicating that (Trump) has asked to amend the prior framework," Tudor Pickering Holt said in a note. "These shifting conditions alongside continued kinetic skirmishes between the parties are likely to further erode Iranian trust as officials have already cited the fluidity of priorities as a point of friction with Iran making clear that nuclear dialogue is contingent on successful negotiations to end the war and reopen the Strait of Hormuz."US Treasury yields were higher, with the 10-year rate up two basis points at 4.46%, and the two-year rate rising 3.3 basis points to 4.04%.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 last down 1.8% at $4,512.30 per troy ounce, while silver fell 1% to $75.13 per ounce.

Dow JonesNasdaq CompositeS&P 500$CRM$DELL$MSFT$NVDA$SPGI
Wire

Sector Update: Tech Stocks Mixed Late Afternoon

Tech stocks were mixed late Monday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.5% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 1.7%.The Philadelphia Semiconductor index rose 1.2%.In corporate news, Dell (DELL) shares jumped past 10%. Morgan Stanley upgraded its rating on the company's stock to equalweight from underweight and raised its price target to $448 from $170. Dell is outperforming peers in navigating semiconductor supply shortages, the brokerage said.Amazon-backed (AMZN) Anthropic has confidentially submitted a draft registration statement for a proposed initial public offering to the US Securities and Exchange Commission, the company said Monday. The number of shares to be offered and the price have not yet been set, Anthropic said. Amazon shares were down 3.1%.Nvidia (NVDA) has launched RTX Spark, a new AI chip that will be used in Microsoft (MSFT) Windows laptops and desktops. Nvidia's shares climbed 6%, and Microsoft added 2.9%.Apple (AAPL) is planning a new service that will let iPhone users split joint bills, expanding its push into everyday financial tools, Bloomberg reported. Apple shares fell 1.4%.

$AAPL$AMZN$DELL$MSFT$NVDA
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
Nvidia Discloses New AI Chip to Power Windows PCs
US Markets

Nvidia Discloses New AI Chip to Power Windows PCs

Nvidia (NVDA) has announced a new artificial intelligence chip to power Microsoft (MSFT) Windows personal computers, called RTX Spark, entering the consumer PC processor market.RTX Spark delivers the full Nvidia AI and graphics technology stack to creators, AI developers and gamers, according to a joint statement on Sunday.RTX Spark will be available this fall from manufacturers including ASUS, Dell (DELL), HP (HPQ), Lenovo, Microsoft Surface and MSI, to be followed by models from Acer and GIGABYTE."The PC is being reinvented," Nvidia Chief Executive Jensen Huang said. "For forty years, you launched apps. Click. Type. With RTX Spark and Microsoft Windows, you ask -- and the PC does the work."These new PCs are designed for the era of personal AI agents, Nvidia said."This marks a key milestone in the rich, full-stack collaboration between Microsoft and Nvidia spanning gaming, AI and cloud -- from DirectX and RTX to Nvidia-accelerated AI workloads on Azure -- driving end-to-end innovation for our shared customers," Pavan Davuluri, executive vice president, Windows + Devices, said in a blogpost on Sunday. "These next-generation Windows PCs represent the next step on that journey."RTX Spark marks Nvidia's formal entry into the consumer PC processor market, Wedbush Securities said in a report on Monday."We believe (Nvidia's) previous work around using (graphics processing units) to enable AI workloads in PCs should benefit (its) push to define the agentic PC," Wedbush analyst Matt Bryson wrote. "But we also wonder how much even a successful implementation might mean for (Nvidia), given the ultimately small size of the PC market (vs. NVDA's accelerator business)."Nvidia's foray into the AI-enhanced consumer PC business could hurt Intel (INTC) in particular, Bryson said.Bryson sees "limited near-term competitive implications" from the Nvidia-Microsoft collaboration.Nvidia said it is collaborating with Adobe (ADBE) to "rearchitect" Adobe Premiere and Photoshop for RTX Spark.Shares of Nvidia were up 5% in Monday trading and Microsoft rose 2.6%. Adobe jumped 5.9%, while Intel fell 3.2%. Dell and HP gained 8.3% each.Price: $221.79, Change: $+10.65, Percent Change: +5.04%

$ADBE$DELL$HPQ$INTC$MSFT$NVDA
Research

Update: Morgan Stanley Upgrades Dell to Equalweight From Underweight on Better Execution Amid Supply Scarcity, Raise Price Target to $448 From $170

(Updates with the analyst's commentary.)Morgan Stanley upgraded Dell Technologies (DELL) to equalweight from underweight, as the the company is ''managing supply and executing better than peers'' during the ongoing semiconductor supply chain shortfall."Dell is executing across nearly all business lines, taking share of a growing AI spend pie, gaining share in traditional enterprise markets, and leveraging pricing power in ways that peers aren't, including, we believe, winning general purpose server orders from Tier 2 CSP's," Morgan Stanley wrote in a Monday note.Morgan Stanley also increased Dell's price target to $440 from $170.The technology company has an average rating of overweight and mean price target of $464.47, 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: $452.00, Change: $+31.09, Percent Change: +7.39%

$DELL
Wire

Top Midday Stories: Oil Rises After Iran Reportedly Says It's Halting Messages With US; Nvidia Launches New AI Chip for Laptops

The Dow Jones Industrial Average was down, while the S&P 500 Index and Nasdaq Composite were roughly flat in late-morning trading Monday, as oil prices rose after Iranian state media disclosed that Iran would halt messages with the US over Israel's military operations in Lebanon.In company news, Nvidia (NVDA) said Monday it has launched RTX Spark, a new AI chip that will feature in Microsoft (MSFT) Windows laptops and desktop personal computers. The chip features an Nvidia Blackwell RTX graphics processing unit, 1 petaflop of AI compute and 128gb of unified memory, Nvidia said. RTX Spark will power its Windows laptops, including Microsoft Surface, and those of its PC partners ASUS, Dell (DELL), HP (HPQ), Lenovo and MSI, Microsoft said in a blogpost. Nvidia shares were up 3.9%, while those of Microsoft, Dell and HP were up 2.0%, 8.5% and 7.2%, respectively.People Inc. said Monday it has submitted a non-binding proposal to acquire all outstanding MGM Resorts International (MGM) shares it doesn't already own for $48.30 per share in cash. The proposal represents a 24.1% premium to the volume-weighted average price of MGM common stock for the 30 trading days ending on May 29, People said. MGM shares were up 16.5%.Taylor Morrison Home (TMHC) has agreed to be acquired by Berkshire Hathaway (BRK.A, BRK.B) for $6.8 billion in cash and a total enterprise value of about $8.5 billion, the companies said Sunday. Berkshire will pay $72.50 per share, a 24% premium to Taylor Morrison's latest closing price of $58.50 on May 29, the companies said. The deal is expected to close in H2, at which point Taylor Morrison will continue to be managed by its existing management team, the companies said. Taylor Morrison shares were up 22.6%, while Berkshire's Class A and Class B shares were down 0.7% and 0.8%, respectively.Constellation Energy (CEG) has priced an underwritten secondary offering of 11 million shares at $281 apiece, the company said Monday. Underwriters have a 30-day option to buy an extra 1.35 million shares, and Constellation said it will repurchase 2 million shares from the underwriters at the offering price under its existing buyback program. Constellation shares were down 5.8%.Salesforce (CRM) said Monday it will invest $2 billion in France through 2030, including the launch of an AI Innovation Hub in Paris for developing, testing and deploying AI applications. Salesforce shares were up 10.2%.Price: $219.23, Change: $+8.09, Percent Change: +3.83%

$BRK.A$BRK.B$CEG$CRM$DELL$HPQ$MGM$MSFT$NVDA$TMHC
Wire

Dell Technologies' Relatively Better Management of Supply Scarcity Driving Share Gains, Earnings Growth, Morgan Stanley Says

Dell Technologies (DELL) is managing the semiconductor supply chain shortage better than peers, which is helping capture mission critical demand and drive share gains, pricing power, and "unprecedented" earnings growth, Morgan Stanley said in a Monday research report.These factors are more than offsetting input cost inflation and margin headwinds, but the duration of the ongoing growth momentum remains uncertain as channel checks indicate mixed core growth, analysts wrote.The brokerage said its renewed view of the company is also attributable to the company's expectations of exiting fiscal 2027 with demand outpacing supply amid clear pull-forward from large enterprises, according to the note.The brokerage said it upgraded the stock to equalweight from underweight and boosted its price target to $448 per share from $170.Price: $460.88, Change: $+39.97, Percent Change: +9.50%

$DELL
Dell Outperforms Peers Amid Chip Shortages, Morgan Stanley Says in Upgrade
US Markets

Dell Outperforms Peers Amid Chip Shortages, Morgan Stanley Says in Upgrade

Dell Technologies (DELL) is outperforming peers in navigating semiconductor supply shortages, Morgan Stanley said Monday in a report.Morgan Stanley said Dell's fiscal first-quarter results, together with takeaways from its trip last week to Taiwan to meet original design manufacturers, triggered a "significant" shift in its view of the company.On Thursday, Dell raised its fiscal 2027 outlook after posting record first-quarter results that topped Wall Street's estimates amid surging demand for AI-optimized servers. The company secured $24.4 billion in AI orders and reported $16.1 billion of AI server revenue."Most importantly, Dell is managing memory and CPU supply shortages better than peers," the report said. "If there was one clear takeaway from our trip to Taiwan that shifts our thinking, it's that Dell is getting better access to memory supply (and pricing) than many enterprise peers."Morgan Stanley upgraded its rating on Dell stock to equal-weight from underweight and raised its price target to $448 from $170. The shares rose 9.4% in Monday following the 33% surge in the previous session.Dell "is taking share from peers across PCs and traditional servers, and capturing pricing upside we aren't seeing from others," the report said. One Taiwanese ODM cited this dynamic as a key factor that may push Dell's general-purpose server units up 20% in 2026 from a year earlier, outpacing the enterprise server market's expected growth of up to 10%, Morgan Stanley said.Dell also appears to be capturing new demand from tier 2 cloud-service providers, leveraging stronger supply, Morgan Stanley said.At the same time, Dell is benefiting from a significant pull-forward in demand from large enterprises, though the duration remains uncertain, the report said."This is important because it suggests Dell should be able to grow revenue again next year despite unprecedented growth this year, which we now forecast," Morgan Stanley said.Price: $460.42, Change: $+39.51, Percent Change: +9.39%

$DELL
Commodities

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Monday as AI Optimism Overshadows Middle East Risks

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.2% and the actively traded Invesco QQQ Trust (QQQ) advanced 0.2% in Monday's premarket activity, as enthusiasm for new artificial intelligence initiatives from major technology companies outweighs concerns about ongoing U.S.-Iran tensions and elevated energy prices.US stock futures were also higher, with S&P 500 Index futures up 0.2%, Dow Jones Industrial Average futures advancing 0.3%, and Nasdaq futures gaining 0.2% before the start of regular trading.S&P Global manufacturing data for May will be released at 9:45 am ET, followed by the construction spending data for April, and the ISM's manufacturing reading for May at 10:00 am ET.In premarket action, bitcoin was down by 1.9%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2% lower, Ether ETF (EETH) retreated by 1.5%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 1.7%.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.3% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat. The iShares US Consumer Staples ETF (IYK) retreated by 0.9%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.6%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) advanced by 0.4%.Taylor Morrison Home (TMHC) shares were up more than 22% pre-bell after the company agreed to be acquired by Berkshire Hathaway (BRK.A, BRK.B) for $6.8 billion in cash and a total equity value of $8.5 billionWinners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.1%, the Vanguard Health Care Index Fund (VHT) was down 0.03%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) gained by 0.03%.Grail's (GRAL) stock was down more than 17% premarket after the company reported its NHS-Galleri trial missed its primary endpoint of reducing combined Stage III and IV cancer diagnoses.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated by 0.5%. Direxion Daily Financial Bull 3X Shares (FAS) was down 1.5%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.4% lower.Coinbase Global (COIN) stock was down more than 3% before market open. Chief Legal Officer Paul Grewal sold 1,960 company shares for $346,683 on May 27, a regulatory filing with the US Securities and Exchange Commission showed.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.4%, while the Vanguard Industrials Index Fund (VIS) was down 0.5% and the iShares US Industrials ETF (IYJ) lost by 0.6%Diana Shipping (DSX) stock was down more than 0.4% before the opening bell after the company said Sunday it has issued an open letter urging Genco Shipping & Trading (GNK) investors to elect its six independent board candidates at the upcoming June 18 annual meeting. Genco stock was 0.8% lower.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 1.1%, and the iShares US Technology ETF (IYW) was 1.1% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 0.8%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was 0.3% lower, while the iShares Semiconductor ETF (SOXX) declined by 0.7%.Dell Technologies (DELL) shares were up more than 1% in premarket activity a day after the company said it has launched its XPS 13 laptop.EnergyThe iShares US Energy ETF (IYE) was 0.1% higher, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.5%.Venture Global (VG) stock was up more than 1% before the opening bell after the company said its subsidiary Venture Global LNG plans to issue $2.25 billion in senior secured notes due 2034 and 2036.CommoditiesFront-month US West Texas Intermediate crude oil gained by 2.3% to $89.40 per barrel on the New York Mercantile Exchange. Natural gas was down 2.3% to $3.21 per 1 million British Thermal Units. The United States Oil Fund (USO) rose by 1.8%, while the United States Natural Gas Fund (UNG) was 2.4% lower.Gold futures for July retreated by 1.2% to $4,537.70 an ounce on the Comex. Silver futures increased by 0.3% to $76.10 an ounce. SPDR Gold Shares (GLD) was down by 1%, and the iShares Silver Trust (SLV) gained 0.4%.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$BRK.A$BRK.B$COIN$DELL$DSX$EEM$EETH$EXI$FAS$FAZ$GLD$GRAL$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$PMR$QQQ$RTH$SLV$SOXX$SPY$TMHC$UNG$USO$VDC$VG$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Asia Markets

US Equity Futures Rise Pre-Bell Despite Renewed US-Iran Clashes

US equity futures were edging higher pre-bell Monday despite the shaky Middle East ceasefire being tested once again by a new exchange of attacks, even as President Donald Trump stated that Iran wants to come to an agreement.Dow Jones Industrial Average futures were 0.21% higher, S&P 500 futures were up 0.2%, and Nasdaq futures were 0.2% higher.The US said that it struck radar and drone sites in Iran after an American drone was shot down over the weekend. Iran then said it launched its own strike, while Kuwait reported that it intercepted incoming drone and missile fire."Iran really wants to make a deal, and it will be a good one for the U.S.A. and those that are with us," Trump said in a post on Truth Social. He has not yet decided on whether to move forward on an agreement to extend the ceasefire and reopen the Strait of Hormuz.Among the companies reporting financial results this week are Palo Alto Networks (PANW), Broadcom (AVGO), and CrowdStrike (CRWD).Oil prices were higher, with front-month global benchmark North Sea Brent crude up 2.3% at $93.24 per barrel and US West Texas Intermediate crude 2.9% higher at $89.92 per barrel.The final S&P Global manufacturing purchasing managers index for May, due at 9:45 am ET, is seen coming in at 55.3, unchanged from its prior value, according to estimates compiled by Bloomberg.The May Institute for Supply Management's services index, due at 10 am ET, is projected at 53.0, versus 52.7 previously. The April construction spending report is also due at 10 am ET.In other world markets, Japan's Nikkei closed 0.9% higher, Hong Kong's Hang Seng ended 0.9% higher, and China's Shanghai Composite finished 0.3% lower. Meanwhile, the UK's FTSE 100 was down 0.3%, and Germany's DAX index was 0.6% higher in Europe's early afternoon session.In equities, Nvidia (NVDA) and Microsoft (MSFT) shares were up 2.4% and 3.6%, respectively, after Nvidia said it launched RTX Spark, a new chip for Microsoft Windows PC personal AI agents. Dell Technologies (DELL) stock was up 1.2% after the company said it launched its XPS 13 compact laptop. Salesforce (CRM) shares rose nearly 5% after the company said it plans to invest $2 billion in France through 2030 and expand its AI and cloud operations.On the losing side, Toyota Motor (TM) stock was down 3% after a Wall Street Journal report that the Trump administration is expected to propose a tweak to the US-Mexico-Canada Agreement that would require half of all automobile components and materials to come from sources in the US. Constellation Energy (CEG) stock was down 2.7% after the company said certain shareholders launched a public offering of 11 million of its common shares.

Dow JonesNasdaq CompositeS&P 500$AVGO$CEG$CRM$CRWD$DELL$MSFT$NVDA$PANW$TM
Research

Morgan Stanley Upgrades Dell Technologies to Equalweight From Underweight, Adjusts PT to $448 From $170

Dell Technologies (DELL) has an average rating of overweight and mean price target of $464.47, 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)

$DELL
Wall Street's Equity Benchmarks Close Out May at Record Highs
US Markets

Wall Street's Equity Benchmarks Close Out May at Record Highs

US equity benchmarks reached new peaks on Friday, buoyed by a rally in technology stocks, while Wall Street logged its second consecutive monthly gains.The Dow Jones Industrial Average rose 0.7% to 51,032.5, while the S&P 500 added 0.2% to 7,580.1. The Nasdaq Composite gained 0.2% to 26,972.6. All three indexes notched back-to-back closing highs.Barring technology and financials, all sectors were in the red, led by consumer staples.Dell Technologies (DELL) shares surged nearly 33%, the best performer on the S&P 500. Late Thursday, the company reported record fiscal first-quarter results that surpassed Wall Street's estimates amid a surge in demand for artificial intelligence-optimized servers. It raised its fiscal 2027 outlook.Dell is in a "strong" position to continue to outperform amid the ongoing AI infrastructure buildout, Wedbush Securities said in a note.NetApp (NTAP) jumped 22% after announcing its quarterly results, the second-biggest gainer on the S&P 500.Other tech names that showed notable gains included IBM (IBM), which advanced nearly 13%, Salesforce (CRM), and Microsoft (MSFT).SentinelOne (S) shares slumped 8.3%. The cybersecurity company delivered a solid first-quarter performance that appears to be sustainable amid strong underlying trends, BofA Securities said in a Friday client note.The brokerage attributed the sell-off to the company's "conservative" guidance that raises questions around growth durability. But BofA views the pullback as an attractive entry point for investors, citing underlying momentum.This month, the Nasdaq gained 8.4%, the S&P 500 climbed 5.1%, and the Dow advanced 2.8%."Markets have largely decided to move on from the conflict with Iran," said Douglas Porter, chief economist at BMO Financial Group.West Texas Intermediate crude oil was down 1% at $88.04 a barrel in Friday late-afternoon trade, while Brent fell 1.8% to $91.99. The benchmarks were on track for monthly declines following four consecutive monthly gains."The market has increasingly priced in a resolution (to the US-Iran conflict) this week," ING Bank said in a report Friday. "Therefore, any confirmation of a deal that reopens the strait means that significant further downside is likely limited, particularly during the early stages of a ceasefire."In a social media post Friday, US President Donald Trump said he was heading to the White House Situation Room "to make a final determination" regarding the Middle East conflict. He also announced an end to the naval blockade of Iranian ports.Trump said that Iran must permanently forgo capabilities that lead to nuclear weapon development and allow unrestricted shipping traffic through the Strait of Hormuz.Axios reported Thursday that the US and Iran had agreed to a memorandum of understanding to extend a ceasefire between the countries and begin talks on Tehran's nuclear program. However, Trump hadn't signed off on the deal, according to the report.US Treasury yields were mixed in Friday late-afternoon trade, with the 10-year rate little changed at 4.44% and the two-year rate falling 2.3 basis points to 4.01%.A sharp jump in Treasury yields following the Middle East conflict is unlikely to dampen investor appetite for equities, given corporate earnings growth and excitement surrounding artificial intelligence, Wells Fargo Investment Institute said in a note.Two Federal Reserve officials offered mixed views on whether the oil price shock could be considered transitory, with Michelle Bowman in favor of looking through such developments and Jeffrey Schmid saying inflation is too hot to ignore.Gold was last up 0.9% at $4,574.50 per troy ounce, while silver fell 0.1% to $75.81 per ounce.

Dow JonesNasdaq CompositeS&P 500$CRM$DELL$IBM$MSFT$NTAP$S
Equities

S&P 500 Posts Monthly Gain to New High, Ninth Straight Weekly Rise

The Standard & Poor's 500 index rose 1.4% this week, marking its ninth consecutive weekly increase and ending the trading month with a 5.15% climb to a record closing high.The S&P 500 ended the week at 7,580.06, its highest close ever. The index also posted a record intraday high on Friday at 7,599.38.The last time the S&P 500 had a weekly winning streak this long was in late 2023. It is now up 11% this year.Friday marked the final trading day of May, a month of consistent weekly gains that followed a 10% jump in April as investors' worries about the war in Iran waned. On Friday, hopes for a peace deal increased as President Donald Trump said on Truth Social that he was meeting in the Situation Room to make a final determination on a memorandum of understanding between the US and Iran.Economic data this week showed the US economy expanded at a slower rate in the first quarter than previously estimated as consumer spending growth decelerated, according to the second estimate by the Bureau of Economic Analysis. Real gross domestic product increased at a 1.6% annualized rate in the March quarter, the report said, down from a 2% increase reported in the initial estimate.The advance this week wasn't broad; only four of the S&P 500's 11 sectors rose, led heavily by a 4.6% jump in the technology sector. The consumer discretionary rose 1.5%, materials added 1.2% and industrials edged up 0.8%.Dell Technologies (DELL) was the best performer in the technology sector, with its stock soaring 43% on the week as the company reported record fiscal first-quarter results that surpassed Wall Street's estimates amid a surge in demand for artificial intelligence-optimized servers. Dell also boosted its fiscal 2027 outlook.Super Micro Computer's (SMCI) stock also boosted the technology sector, with its stock surging 30% as the company said it is collaborating with Taiwanese authorities to prevent illicit diversion of its servers into the restricted Chinese market.AppLovin (APP) was also strong, with its stock jumping 27% as the company reported Q1 earnings per share and revenue above year-earlier results and analysts' mean estimates. AppLovin also forecast Q2 revenue above the Street view.In addition, NetApp (NTAP) shares climbed 25% as the company posted fiscal Q4 adjusted earnings per share and revenue above year-earlier results and analysts' expectations. NetApp also issued fiscal 2027 guidance above Street consensus views.Best Buy (BBY) led the week's gains in consumer discretionary, with its stock leaping 26%. The electronics retailer's fiscal first-quarter results came in stronger than expected and Chief Financial Officer Matt Bilunas said its comparable sales "have started strong in May, with month-to-date growth up high single digits." It has been years since Best Buy generated a high-single-digit increase in comparable sales even for a couple-week period, Truist Securities said in a note.On the downside, the energy sector fell 5.4% on the week, followed by a 3.2% drop in consumer staples, a 2.1% decline in utilities and a 1.4% slip in real estate. Financials, health care and communication services also edged lower.The energy sector's drop came as crude oil futures also fell on the week amid chatter about the US and Iran nearing a peace deal. Hardest-hit stocks included shares of ONEOK (OKE), down 11%, and Williams (WMB), down 9%.Next week, earnings reports are expected from companies including Palo Alto Networks (PANW), Broadcom (AVGO), CrowdStrike Holdings (CRWD) and Medtronic (MDT).In economic data, all eyes will be on the government's May employment report due Friday. Other reports expected next week include April construction spending and factory orders.

Dow JonesNasdaq CompositeS&P 500$APP$BBY$DELL$NTAP$OKE$SMCI$WMB
Japan

US Equity Indexes Scale New Peaks Ahead of Trump's Decision on Iran Peace Agreement

US equity indexes touched all-time highs as technology soared ahead of President Donald Trump's decision on Friday on a preliminary Iran peace agreement.The Nasdaq Composite climbed 0.2% to 26,972.62, with the S&P 500 up 0.2% to 7,580.06, and the Dow Jones Industrial Average higher by 0.7% to 51,032.46 on Friday. All three gauges scaled new peaks earlier in the day.Dell Technologies (DELL) shares catapulted 33%, the top gainer on the S&P 500, after the company reported overnight fiscal Q1 financial results that topped analyst estimates and issued higher-than-expected guidance for fiscal Q2 and the full year.President Donald Trump said Friday on Truth Social that he is meeting now in the Situation Room to make a final determination on the memorandum of understanding between the US and Iran.The ceasefire would need to include reopening the Strait of Hormuz and dismantling Tehran's capacity to make a nuclear weapon, the president has said previously.Iranian officials have used the talks to project confidence that they retain significant military options should diplomacy fail, CNN reported Friday. Any renewed conflict would spread "far beyond the region," threatening "crushing blows" and "utter ruin" in places opponents "cannot even imagine," the Iranian Revolutionary Guards were cited as saying.Brent crude futures fell 1.7% to $92.05, and West Texas Intermediate crude oil futures declined 1.1% to $87.80.Federal Reserve Vice Chair for Supervision Michelle Bowman said Friday that she is seeking greater clarity on the Middle East conflict before determining the monetary policy path forward."Economic research suggests that, in response to temporary adverse energy supply shocks, policy should not be overly aggressive at stabilizing total inflation to keep employment close to our maximum-employment goal," Bowman said at the Reykjavik Economic Conference.Most US Treasury yields fell, with the 10-year down 1.8 basis points to 4.44%. The two-year declined 2.5 basis points to 4%.In economic news, the Institute for Supply Management's Chicago PMI reading jumped to 62.7 in May from 49.2 in April, larger than the expected 50.3 reading in a survey compiled by Bloomberg and the highest reading in over four years.Further in company news, Costco Wholesale (COST) posted higher fiscal Q3 earnings and revenue late Thursday. The company's net new warehouse openings in fiscal 2026 are, however, set to be below its previous guidance, according to an earnings conference call following the results. Its shares dropped 3.9%, among the worst performers on the Nasdaq.The Dow's leader was IBM (IBM), with shares soaring 13%, after the company said in a filing that it plans to invest more than $10 billion over the next five years to support quantum computing development.In precious metals, gold futures jumped 1% to $4,578.2, while silver futures slipped by less than 0.1% to $75.90.

Dow JonesNasdaq CompositeS&P 500$COST$DELL$IBM
Asia Markets

US Equity Indexes Break Records This Week as Mega-Cap Tech Soars, Trump Close to Announcing Decision on Iran

US equity indexes jumped this week as technology topped sector charts amid expectations that the imminent Iran peace deal will reopen the Strait of Hormuz, the chokepoint for about a fifth of global crude oil flows.* The S&P 500 closed at 7,580.06 on Friday versus 7,491.50 a week ago. The Nasdaq Composite stood at about 26,972.62, compared with 26,443.15 a week earlier. The Dow Jones Industrial Average ended at 51,032.46, versus 49,677.17 at the end of last week.* Technology was up 5.4% while energy slumped 5.1% this week.* Micron Technology's (MU) market capitalization crossed $1 trillion for the first time amid soaring demand for memory as artificial intelligence-related growth across the corporate landscape explodes. Its shares soared 27% this week.* Dell Technologies (DELL) reported fiscal Q1 financial results that topped analyst estimates and issued higher-than-expected guidance for fiscal Q2 and the full year. Shares surged 66% this week.* US President Donald Trump said he is holding a meeting in the White House Situation Room to make a "final determination" after Washington and Tehran reached a tentative agreement this week to open the Strait of Hormuz and start nuclear talks, CNN reported late Friday.* Core personal consumption expenditures, or PCE, price index, the Federal Reserve's preferred inflation gauge, grew by less than forecast in April, month over month. Annually, the Core PCE growth was in line with expectations.* The 30-year Treasury yield stood at around 4.98% late Friday, extending its declines this week from mid-May when it touched the highest level since 2007.* West Texas Intermediate crude oil futures dropped 1.1% to $87.97 a barrel late Friday, continuing its retreat from around $108 in mid-May.

Dow JonesNasdaq CompositeS&P 500$DELL$MU
International

US Equity Markets Hit All-Time Highs Ahead of President Trump's Decision on Iran Peace Proposal

US equity indexes hit record highs on Friday ahead of President Donald Trump's decision on Iran's preliminary peace proposal.* President Donald Trump said Friday on Truth Social that he is meeting now in the Situation Room to make a final determination on the memorandum of understanding between the US and Iran.* The Institute for Supply Management's Chicago PMI reading jumped to 62.7 in May from 49.2 in April, larger than the expected 50.3 reading in a survey compiled by Bloomberg.* July West Texas Intermediate crude oil fell $0.95 to settle at $87.95 per barrel, while July Brent crude, the global benchmark, was last seen down $1.72 at $91.99.* Dell Technologies (DELL) shares were up roughly 33%, the top gainer on the S&P 500, after the company reported fiscal Q1 results late Thursday that topped estimates and issued higher-than-expected guidance for fiscal Q2 and the full year. Multiple analysts also upgraded the stock and raised their price targets for Dell.* Clorox (CLX) shares were down about 6.4%, the steepest decline on the S&P 500, after the company said late Thursday that Chief Executive Officer Linda Rendle has asked the board to initiate a CEO search process as she has decided to step down for health reasons.

Dow JonesNasdaq CompositeS&P 500$CLX$DELL

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