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International Business Machines

International Business Machines

$IBM
NYSETechnology

153 stories mentioning International Business MachinesUpdated 13d ago

Trading with the broader tech sector, which swung from a Nasdaq pullback to a five-week low to gains amid US-Iran peace-deal optimism.

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IBM's Quantum Investment May Take Years to Gain Traction, Wedbush Says
Wire

IBM's Quantum Investment May Take Years to Gain Traction, Wedbush Says

IBM's (IBM) move to boost its quantum computing investment will likely take years before it starts yielding benefits, but the strategy is a "net positive" amid a rapidly evolving software landscape, Wedbush Securities said.IBM will invest an additional $10 billion over the next five years to accelerate its quantum roadmap beyond delivering its fault-tolerant quantum computer in 2029, the computer and software firm said Tuesday.The investment will fund research and development, capital expenditure, manufacturing scaling, ecosystem partnerships and strategic acquisitions, IBM said Tuesday in a blog."We believe this ($10 billion commitment) will take multiple years to gain traction as the company's aim of reaching the first fault-tolerant quantum computer by 2029 remains a long-term project, but we view this as a net positive as IBM looks to future-proof its business around the rapidly evolving software landscape," Wedbush analysts including Dan Ives wrote in a note.Having deployed more than 90 systems worldwide, IBM operates the largest global fleet of quantum computers."IBM's quantum strategy is to maintain its position as a leader in providing quantum computing infrastructure by delivering the runtime environment for quantum capabilities, and we believe IBM's positioning at the forefront of (artificial intelligence) and quantum remains under-appreciated," Ives said.Wedbush raised its price target on IBM to $350 from $320 and maintained its outperform rating, highlighting confidence in the company's ability to continue driving profitable growth across new and existing business verticals.The computer and software firm maintained its full-year revenue growth outlook in April and reported first-quarter results above Wall Street's estimates."IBM continues to see solid momentum across its portfolio of products for AI, hybrid cloud, automation, and cybersecurity with customers looking for trusted, scalable and compliant solutions that can be deployed across complex environments," Ives said. "IBM's ability to combine software, consulting, and infrastructure into one integrated stack remains an important advantage to the company's business flywheel as more organizations launch production-scale AI use cases."Price: $318.50, Change: $-1.93, Percent Change: -0.60%

$IBM
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
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
Sectors

Sector Update: Tech Stocks Mixed Late Afternoon

Tech stocks were mixed late Friday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.3% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 2.7%.The Philadelphia Semiconductor index gained 0.1%.In corporate news, Dell Technologies (DELL) shares surged 32% a day after the company reported fiscal Q1 results that topped estimates and issued higher-than-expected guidance for fiscal Q2 and the full year.SentinelOne (S) shares fell 9%. The cybersecurity company delivered a solid Q1 performance that appears to be sustainable amid strong underlying trends, BofA Securities said, with the sell-off tied to "conservative" guidance that has raised questions around growth durability.IBM (IBM) shares jumped 14% a day after the company said it plans to invest more than $10 billion over the next five years to support quantum computing development.NetApp (NTAP) shares soared 25% a day after the company reported fiscal Q4 results that topped estimates.

$DELL$IBM$NTAP$S
Equity Markets Rise Intraday as Trump Sets Out Conditions For Iran Deal
US Markets

Equity Markets Rise Intraday as Trump Sets Out Conditions For Iran Deal

Equities on Wall Street rose intraday as President Donald Trump laid out conditions that Iran must agree to as part of a peace agreement.The Dow Jones Industrial Average was up 0.6% at 50,979.9 after midday Friday, while the Nasdaq Composite rose 0.3% to 26,988.6. The S&P 500 added 0.3% to 7,584.8. All three indexes logged closing highs in the previous session.Barring technology and financials, all sectors were in the red, led by consumer staples.In a social media post Friday, 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.West Texas Intermediate crude oil was down 2.5% at $86.70 a barrel intraday, while Brent fell 2% to $91.81."While significant hurdles remain, the market is reacting to the prospect of a supply surge once hundreds of tankers loaded with crude oil and refined fuels are released from the Persian Gulf," Saxo Bank said in report Friday. "In the months ahead, however, demand to replenish depleted global inventories is likely to provide support, potentially lifting the price floor compared with pre-war levels."US Treasury yields were mixed intraday, with the 10-year rate little changed at 4.44% and the two-year rate falling 2.7 basis points to 4%.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.In company news, Dell Technologies (DELL) shares were up nearly 29% intraday, 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.NetApp (NTAP) surged 26% after announcing its quarterly results, the second-biggest gainer on the S&P 500.Other tech names were also notable gainers intraday, including Salesforce (CRM), which advanced 9%, IBM (IBM) and Microsoft (MSFT).Sentinelone (S) shares were down 6.3% intraday. 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.Gold was up 1.6% at $4,602.50 per troy ounce, while silver edged up 0.1% to $76 per ounce.

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

Sector Update: Tech Stocks Mixed Friday Afternoon

Tech stocks were mixed Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.9% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 2.6%.The Philadelphia Semiconductor index was decreasing 0.1%.In corporate news, Dell Technologies (DELL) shares surged past 28% after it reported overnight fiscal Q1 financial results that topped analyst estimates and issued higher-than-expected guidance for fiscal Q2 and the full year.SentinelOne (S) shares fell 5.5%. The cybersecurity company delivered a solid Q1 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.IBM (IBM) shares jumped 10% after the company said it plans to invest more than $10 billion over the next five years to support quantum computing development.

$DELL$IBM$S
Asia Markets

US Equity Indexes Scale New Peaks Amid Tech Gains as Trump Close to Making Decision on Iran Peace Deal

US equity indexes rose amid a surge in technology names and as President Donald Trump appeared close to announcing his decision on a preliminary Iran peace agreement.The Nasdaq Composite climbed 0.4% to 27,031.2, with the S&P 500 up 0.4% to 7,593.9, and the Dow Jones Industrial Average higher by 0.8% to 51,077.9 after midday on Friday.Materials and financials were the only other sectors in positive territory intraday. Consumer staples, communication services, and energy led the decliners.Dell Technologies (DELL) shares catapulted 28%, 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 is making a "final determination" on a preliminary deal to extend a ceasefire with Iran after mixed messages from both sides over when an agreement might be struck, he said on Friday, according to a report from Bloomberg."I will be meeting now, in the Situation Room, to make a final determination," Trump said in a social media post.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.In precious metals, gold futures jumped 1.3% to $4,592.8, while silver futures slipped by less than 0.1% to $75.85.Most US Treasury yields fell, with the 10-year down 2.1 basis points to 4.43%. The two-year declined 3.5 basis points to 3.99%.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.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.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 4.7%, among the worst performers on the Nasdaq.The Dow's leader was IBM (IBM), with shares soaring 9.5%, 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.

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

Tentative US-Iran Ceasefire Extension Agreement Nudges US Equity Futures Higher Pre-Bell

US equity futures edged higher pre-bell Friday as traders monitored developments on the peace negotiations between US and Iran, with the two countries reportedly agreeing on a memorandum of understanding to extend the ceasefire by 60 days.Dow Jones Industrial Average futures were 0.3% higher, S&P 500 futures were up 0.1%, and Nasdaq futures were flat.The memorandum still has to be approved by President Donald Trump, and Iran has not yet given a response to the latest version. Vice President JD Vance said the talks are making progress but still ongoing, while Treasury Secretary Scott Bessent confirmed that the negotiation teams have been "going back and forth."Iran reportedly fired missiles at unidentified targets on Thursday while the Pentagon said Iran had launched a ballistic missile towards Kuwait and deployed attack drones in the Strait of Hormuz.Traders also digested the latest round of earnings, with Costco Wholesale (COST) posting higher fiscal Q3 earnings and revenue late Thursday.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 1.7% at $91.14 per barrel and US West Texas Intermediate crude 1.5% lower at $87.58 per barrel.The US advance international trade in goods deficit narrowed to $82.40 billion in April from $85.27 billion in March, according to data released by the US Census Bureau.The Chicago purchasing managers index for May, due at 9:45 am ET, is seen coming in at 50.3, up from its prior value of 49.2.Federal Reserve Vice Chair Michelle Bowman, Philadelphia Fed President Anna Paulson, and San Francisco Fed President Mary Daly are slated to speak on Friday.In other world markets, Japan's Nikkei closed 2.5% higher, Hong Kong's Hang Seng ended 0.7% higher, and China's Shanghai Composite finished 0.7% lower. Meanwhile, the UK's FTSE 100 was up 0.2%, and Germany's DAX index was flat in Europe's early afternoon session.In equities, Dell Technologies (DELL) shares were up 33% after the company reported higher fiscal Q1 non-GAAP net income and revenue that surpassed analysts' consensus. IBM (IBM) stock was 4.4% higher 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. CoreWeave (CRWV) shares rose 1.4% after the company said it launched new agentic artificial intelligence capabilities designed to connect AI model training and inference in a continuous feedback loop to improve performance over time.On the losing side, Autodesk (ADSK) shares were down 6.6% after multiple analyst price target cuts, including those by RBC and BMO Capital. JD.com (JD) stock was 1.1% lower after the European Commission said it launched an in-depth investigation over the company's proposed acquisition of Ceconomy due to concerns that foreign subsidies may have distorted the deal process.

Dow JonesNasdaq CompositeS&P 500$ADSK$COST$CRWV$DELL$IBM$JD
Wire

IBM Plans $10 Billion Investment in Quantum Computing

International Business Machines (IBM) said Thursday in a filing that it plans to invest more than $10 billion over the next five years to support quantum computing development, including through research and development, capital expenditures, ecosystem partnerships, manufacturing scaling, and mergers and acquisitions.The company said the investment further strengthens its confidence in delivering the first large-scale fault-tolerant quantum computer by 2029.This investment announcement follows last week's letter of intent between IBM and the Department of Commerce to build Anderon, an American quantum chip foundry, to accelerate quantum innovation, according to the filing.Shares of IBM rose more than 3% in Thursday trading.Price: $263.65, Change: $+8.45, Percent Change: +3.31%

$IBM
Wire

IBM's Positioning at Forefront of AI, Quantum Computing Remains Underappreciated, Wedbush Says

International Business Machines (IBM) is future-proofing its business by investing further to advance its leadership in quantum computing infrastructure, and its role at the forefront of artificial intelligence and quantum technology remains "underappreciated" by investors, Wedbush said in a report Thursday.IBM and Red Hat announced "Project Lightwell," a $5 billion initiative aimed at securing "open-source software" using AI-driven vulnerability detection, patch development and release engineering capabilities. The company plans to dedicate 20,000 engineers to the effort and launch a "security clearinghouse" to help enterprises identify and resolve vulnerabilities at scale, the report noted.The initiative "was a smart move" that could help enterprises using Red Hat's open-source software defend against rising threats from advanced AI models and critical vulnerabilities, according to the note.IBM also announced plans to invest $10 billion over the next five years to expand its quantum computing leadership through research and development, manufacturing expansion, partnerships and acquisitions, with the goal of delivering the "first fault-tolerant" quantum computer by 2029, the report highlighted.Wedbush maintained an outperform rating on IBM with a price target of $320.Price: $265.36, Change: $+10.16, Percent Change: +3.98%

$IBM
Sectors

Sector Update: Tech Stocks Mixed Premarket Thursday

Technology stocks were mixed premarket Thursday, with the State Street Technology Select Sector SPDR Fund (XLK) 0.1% higher and the State Street SPDR S&P Semiconductor ETF (XSD) declining by 0.4%.Snowflake (SNOW) stock was up more than 36% after the company reported higher fiscal Q1 adjusted net income and revenue, and raised its fiscal 2027 product revenue outlook.IBM (IBM) and Red Hat have committed $5 billion toward a software protection program named Project Lightwell, the companies said. IBM stock was up more than 2% pre-bell.Synopsys (SNPS) shares were down more than 1% after the company posted a decline in fiscal Q2 non-GAAP earnings.

$IBM$SNOW$SNPS$XLK$XSD
Stocks Rise Pre-Bell as Investors Monitor US-Iran Negotiations
US Markets

Stocks Rise Pre-Bell as Investors Monitor US-Iran Negotiations

The benchmark US stock measures were tracking in the green before the open Friday as investors continue to monitor negotiations between the US and Iran to end the Middle East conflict.The S&P 500 edged up 0.1%, the Dow Jones Industrial Average added 0.2% and the Nasdaq was slightly up in premarket activity. The indexes finished the previous trading session higher, with the Dow reaching an all-time peak.US Secretary of State Marco Rubio reportedly said Thursday that there were "good signs" that a peace deal between the two countries is in sight, but warned that any agreement would be "unfeasible" if Iran insists on controlling shipping through the crucial Strait of Hormuz. Iran is discussing setting up a permanent toll system with Oman to formalize its control of the strait, Bloomberg News reported."No one in the world is in favor of a tolling system," Rubio told reporters, according to CNBC. "It can't happen [and] it would be unacceptable."The semi-official Iranian Students' News Agency reportedly said that the latest US proposal to Iran has "narrowed the gaps to some extent" between the two sides, although "further reductions require an end to the temptation for war from Washington."West Texas Intermediate crude oil rose 1.9% to $98.19 a barrel before the open, while Brent increased 2.5% to $105.18."The oil market remains overly sensitive to Iran-related headlines, with participants continuing to pin considerable hope on reports that talks between the US and Iran are progressing," ING Bank said in a report on Thursday.Treasury yields were down in premarket action, with the two-year rate retreating 0.7 basis points to 4.08% and the 10-year rate off 2.4 basis points to 4.56%.Shares of IBM (IBM), GlobalFoundries (GFS) and D-Wave Quantum (QBTS) were up pre-bell after being selected for US government funding under the Trump administration's plan to strengthen the country's position in quantum computing.Ross Stores (ROST) rose 5.3% after the discount retailer lifted its full-year outlook and reported better-than-expected fiscal first-quarter results. Take-Two Interactive Software (TTWO) gained 5.8% as the video game publisher reported a smaller-than-expected fiscal fourth-quarter loss and said it was on track to launch the highly anticipated "Grand Theft Auto VI" on Nov. 19.BJ's Wholesale Club (BJ) and Booz Allen Hamilton (BAH) report their latest financial results before the bell.Friday's economic calendar has the final University of Michigan consumer sentiment report for May at 10 am ET, while the weekly Baker Hughes oil-and-gas rig count posts at 1 pm. Federal Reserve Governor Christopher Waller is scheduled to speak at 10 am.Richmond Fed President Tom Barkin said Thursday that lifting interest rates may not be an appropriate response to curb price pressures."Raising rates to weaken demand doesn't address the root cause behind supply shock-driven inflation. It doesn't free up trade routes, reopen factories or melt ice," he said in prepared remarks for an event in North Carolina. "That said, I've been asking myself whether we've entered an era where supply shocks will become more frequent."Gold decreased 0.7% to $4,513 per troy ounce, while bitcoin slipped 0.4% to $77,221.

Dow JonesNasdaq CompositeS&P 500$BAH$BJ$GFS$IBM$QBTS$ROST$TTWO
Japan

US Equity Markets Close Higher as Trump Signals Openness to Give Iran More Time on Peace Plan

US equity indexes ended higher Thursday after President Donald Trump appeared willing to wait for Iran to review Washington's latest proposal to agree on a framework for a peace deal.* Iran said it is reviewing the Trump administration's latest proposal to end the war after the US president said he was prepared to wait a few more days to "get the right answers" from Tehran, CNBC reported.* US initial jobless claims last week fell to 209,000 from an upwardly revised 212,000 in the previous week, compared with expectations for 210,000 in a Bloomberg survey.* April housing starts fell 2.8% to a 1.465 million annual rate from March, compared with a 1.41 million rate expected in a Bloomberg survey.* July West Texas Intermediate crude oil fell $0.76 to settle at $97.50 per barrel, while July Brent crude, the global benchmark, was last seen down $0.81 at $104.21.* IBM (IBM), GlobalFoundries (GFS), and D-Wave Quantum (QBTS) said they are set to receive billions of dollars in US government backing as part of the Trump administration's move to solidify the nation's lead in quantum computing. IBM shares rose 12%, the top gainer on the Dow Jones Industrial Average.* Intuit (INTU) shares fell 20%, the biggest drop on the S&P 500, after the company said it expects to incur $300 million to $340 million in restructuring charges from a plan to cut its workforce by 17%, primarily in fiscal Q4.

Dow JonesNasdaq CompositeS&P 500$GFS$IBM$INTU$QBTS
Wire

Top Midday Gainers

Ralph Lauren (RL) reported better-than-expected fiscal Q4 adjusted earnings and revenue on Thursday.Shares jumped 15%, with intraday trading volume rising to over 1.18 million from a daily average of roughly 622,000.IBM (IBM), GlobalFoundries (GFS), and D-Wave Quantum (QBTS) said they are set to receive billions of dollars in US government backing as part of the Trump administration's move to solidify the nation's lead in quantum computing.IBM shares advanced 10% as intraday trading volume grew to over 15.8 million from a daily average of about 6.33 million.D-Wave shares soared 28% as intraday trading volume rose to over 80.2 million from a daily average of about 26.8 million.GlobalFoundries shares rose 13% amid a rise in trading volume to over 7.86 million from a daily average of roughly 4.1 million.Price: $378.21, Change: $+48.97, Percent Change: +14.87%

$GFS$IBM$QBTS$RL
Sectors

Sector Update: Tech Stocks Advance Thursday Afternoon

Tech stocks were higher Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) increasing 0.3% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 1.9%.The Philadelphia Semiconductor index was up 0.4%.In corporate news, IBM (IBM), GlobalFoundries (GFS) and D-Wave Quantum (QBTS) said they are set to receive billions of dollars in US government backing as part of an effort by the Trump administration to solidify the nation's lead in quantum computing. IBM shares jumped past 8%, GlobalFoundries surged 13%, and D-Wave soared 28%.Nvidia (NVDA) reported fiscal Q1 revenue above Wall Street's estimates as data center sales outperformed expectations amid an AI boom. Its shares still declined 1.6%.SpaceX (SPCX) filed an S-1 registration statement with the Securities and Exchange Commission late Wednesday for an initial public offering. Separately, SpaceX entered into cloud-computing agreements to provide Amazon-backed (AMZN) Anthropic access to its server infrastructure, SpaceX said in a regulatory filing. Amazon shares rose 1.6%.

$AMZN$GFS$IBM$NVDA$QBTS
Wire

IBM Seen Benefiting From $2 Billion US Quantum Push, Wedbush Says

IBM (IBM) could see a boost from a planned $2 billion US investment in quantum computing companies, including up to $1 billion for IBM, as the government looks to accelerate innovation and strengthen domestic quantum supply chains, Wedbush said in a note Thursday.Wedbush said CEO Arvind Krishna has stated IBM's quantum business "could generate billions of dollars of annual sales with high profit margins" by the mid-2030s, with the company making progress toward introducing an error-correcting decoder in 2028 and its first fault-tolerant quantum computer in 2029.The brokerage said IBM is "in the early innings of unlocking benefits at the crossroads of AI and quantum," adding that government funding would provide "a more stable pathway to advance quantum computing developments." Wedbush also said IBM's positioning "at the forefront of AI and quantum remains underappreciated."Wedbush maintained its outperform rating and $320 price target on IBM.Price: $242.42, Change: $+17.42, Percent Change: +7.74%

$IBM
Wire

Top Midday Stories: Supreme Leader Says Enriched Uranium Must Stay in Iran; Nvidia Q1 Earnings, Q2 Guidance Top Estimates, But Shares Fall

All three major US stock indexes were down and oil prices were up after Iran's supreme leader issued a directive ordering that Iran's near-weapons-grade uranium must stay in the country, Reuters reported, citing two senior Iranian sources.In company news, Nvidia (NVDA) reported fiscal Q1 adjusted earnings late Wednesday of $1.87 per diluted share, up from $0.78 a year earlier and above the FactSet consensus analyst estimate of $1.75. Fiscal Q1 revenue was $81.6 billion, up from $44.1 billion a year ago and above the FactSet consensus of $78.9 billion. For fiscal Q2, the company said it expects revenue of $91 billion, plus or minus 2%, above the FactSet consensus of $87.23 billion. The company also said it authorized an additional $80 billion share repurchase plan, and it raised its quarterly dividend to $0.25 per share from $0.01. Nvidia shares were down 1.8% around midday.Walmart (WMT) reported fiscal Q1 adjusted earnings Thursday of $0.66 per diluted share, up from $0.61 a year earlier and equal to the FactSet consensus. Fiscal Q1 revenue was $177.75 billion, up from $165.61 billion a year ago and above the FactSet consensus of $174.84 billion. For fiscal Q2, the company said it expects adjusted EPS of $0.72 to $0.74, below the FactSet consensus of $0.75. Fiscal Q2 net sales are expected to increase by 4% to 5%, the company said. Walmart shares were down 7.4%.IBM (IBM), GlobalFoundries (GFS) and D-Wave Quantum (QBTS) said they are set to receive billions of dollars in US government backing as part of an effort by the Trump administration to solidify the nation's lead in quantum computing. IBM said it signed an LOI with the Commerce Department to launch Anderon, the US' first pure-play quantum chip foundry backed by $1 billion in CHIPS and Science Act funding. GlobalFoundries said it plans to build a domestic quantum manufacturing ecosystem with $375 million in proposed funding, while D-Wave said it secured a proposed $100 million award under the CHIPS and Science Act. Shares of IBM, GlobalFoundries and D-Wave were up 7.3%, 11.0% and 25.2%, respectively.SpaceX (SPCX) filed an S-1 registration statement with the Securities and Exchange Commission late Wednesday for an initial public offering. Separately, SpaceX entered into cloud-computing agreements to provide Amazon-backed (AMZN) Anthropic access to its server infrastructure, SpaceX said in a regulatory filing. Amazon shares were down 0.1%.Stellantis (STLA) said Thursday it's launching a 60-billion-euro ($69.7 billion), five-year plan to accelerate growth and increase profits. The plan, called FaSTLAne 2030, seeks to debut more than 60 new vehicles and 50 "significant refreshes" by 2030, the company said. Stellantis shares were down 2.3%.Intuit (INTU) reported fiscal Q3 adjusted earnings late Wednesday of $12.80 per diluted share, up from $11.65 a year earlier and above the FactSet consensus of $12.57. Fiscal Q3 revenue was $8.56 billion, up from $7.75 billion a year ago and above the FactSet consensus of $8.54 billion. For fiscal Q4, the company said it expects adjusted EPS of $3.56 to $3.62 on revenue growth of 11% to 12%. Analysts polled by FactSet expect adjusted EPS of $3.14. For fiscal 2026, Intuit said it expects adjusted EPS of $23.80 to $23.85, up from its previous guidance of $22.98 to $23.18 and above the FactSet consensus of $23.22. Fiscal 2026 revenue is expected to be between $21.34 billion and $21.37 billion, above the FactSet consensus of $21.24 billion. The company said it expects to incur $300 million to 340 million in restructuring charges from its plan to cut its full-time workforce by 17%, primarily in fiscal Q4. Intuit shares were down 19.7%.Anthropic is in talks to rent servers powered by artificial intelligence server chips designed by Microsoft (MSFT), The Information reported Thursday, citing two people who spoke to executives involved in the discussion. Microsoft shares were down 0.3%.Price: $218.96, Change: $-4.51, Percent Change: -2.02%

$AMZN$GFS$IBM$INTU$MSFT$NVDA$QBTS$SPCX$STLA$WMT
Sectors

Sector Update: Tech Stocks Decline Premarket Thursday

Technology stocks were declining premarket Thursday, with the State Street Technology Select Sector SPDR Fund (XLK) down 0.6% and the State Street SPDR S&P Semiconductor ETF (XSD) 0.6% lower.IBM (IBM), GlobalFoundries (GFS) and D-Wave Quantum (QBTS) are among the major quantum companies set to receive billions in proposed US government backing as the Trump administration ramps up efforts to cement America's lead in quantum computing. IBM shares were up more than 4%, GlobalFoundries stock was advancing past 12%, and D-Wave Quantum shares were up nearly 13% pre-bell.NetEase (NTES) shares were down more than 3% after the company posted a decline in Q1 non-GAAP earnings.Cognizant Technology Solutions (CTSH) has signed accelerated share repurchase agreements with Truist Bank and BNP Paribas covering $500 million of the company's class A common stock, the company said. Shares of Cognizant Technology Solutions were up more than 1% premarket.

$CTSH$GFS$IBM$NTES$QBTS$XLK$XSD
Asia Markets

US Equity Futures Edge Lower Pre-Bell as Nvidia Stock Flat Despite Earnings Beat, Middle East Peace Talks Drag

US equity futures were edging lower pre-bell Thursday despite upbeat fiscal Q1 financial results posted by Nvidia (NVDA) and amid continued lack of solid progress in the Middle East peace talks.Dow Jones Industrial Average futures were 0.3% lower, S&P 500 futures were down 0.4%, and Nasdaq futures were 0.5% lower.In addition to surpassing analysts' expectations for fiscal Q1 adjusted earnings and revenue, Nvidia raised its quarterly dividend and announced an additional $80 billion share repurchase authorization. However, the company's stock was largely flat in premarket activity.President Donald Trump said the US was ready to resume attacks on Iran if its leadership did not agree to a peace deal, but that it could wait a few days. Iran's Supreme Leader has ordered the country's highly enriched uranium to not be sent abroad, which is one of the main US demands, according to a Reuters report citing two senior Iranian sources.Traders kept an eye on the latest round of earnings, with Walmart (WMT) posting higher fiscal Q1 adjusted earnings and revenue.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.7% at $106.80 per barrel and US West Texas Intermediate crude 2.4% higher at $100.62 per barrel.US initial jobless claims fell to a level of 209,000 in the employment survey week ended May 16 from an upwardly revised 212,000 level in the previous week, compared with expectations for a smaller decrease to 210,000 in survey of analysts compiled by Bloomberg as of 7:30 am ET.April housing starts fell by 2.8% from the previous month to a 1.465 million annual rate, compared with expectations compiled by Bloomberg as of 7:30 am ET for a 1.410 million rate after an increase to a 1.507 million pace in March.The Philadelphia Federal Reserve's monthly manufacturing index fell to minus 0.4 in May after rising to 26.7 in April, compared with expectations for a smaller decrease to a reading of 17.8 in a survey compiled by Bloomberg.The May S&P Global Composite Purchasing Managers' Index, due at 9:45 am ET, is seen coming in at 53.8.Richmond Federal Reserve President Thomas Barkin is scheduled to speak on Thursday.In other world markets, Japan's Nikkei closed 3.1% higher, Hong Kong's Hang Seng ended 1% lower, and China's Shanghai Composite finished 2% lower. Meanwhile, the UK's FTSE 100 was down 0.3%, and Germany's DAX index was 0.5% lower in Europe's early afternoon session.In equities, Shell (SHEL) stock was up 1.2% and BP (BP) shares rose 1% after the companies, along with Indonesia's PT Perusahaan Gas Negara, and PT PLN Energi Primer Indonesia, signed agreements with Japan's Inpex for liquified natural gas offtake from the Abadi LNG Project at the Masela Block in offshore Indonesia. Shares of IBM (IBM), GlobalFoundries (GFS), and D-Wave Quantum (QBTS) were up after the companies said they are included among the major quantum companies set to receive billions in proposed US government backing. IBM stock was up 5.8%, GlobalFoundries shares rose 13%, and D-Wave Quantum stock was 15% higher.On the losing side, Intuit (INTU) stock was 16% lower after RBC and Northcoast Research cut their price targets for the stock. Palantir Technologies (PLTR) shares were down 1.2% following an Axios report about the company challenging Pentagon's Defense Intelligence Agency over its ability to bid for a contract to modernize the agency's data analytics system.

Dow JonesNasdaq CompositeS&P 500$BP$GFS$IBM$INTU$NVDA$PLTR$QBTS$SHEL$WMT
Sectors

Sector Update: Tech

Technology stocks were declining premarket Thursday, with the State Street Technology Select Sector SPDR Fund (XLK) down 0.5% and the State Street SPDR S&P Semiconductor ETF (XSD) 0.6% lower.IBM (IBM), GlobalFoundries (GFS) and D-Wave Quantum (QBTS) are among the major quantum companies set to receive billions in proposed US government backing as the Trump administration ramps up efforts to cement America's lead in quantum computing. IBM shares were up more than 5%, GlobalFoundries stock was advancing past 13%, and D-Wave Quantum shares were up more than 14% pre-bell.

$GFS$IBM$QBTS

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