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Equities Fall Intraday Amid Tech Sell-Off
US Markets

Equities Fall Intraday Amid Tech Sell-Off

US benchmark equity indexes were mostly lower intraday, weighed down by a technology sell-off, as investors assessed the latest consumer inflation report.The Nasdaq Composite was down 1.5% at 25,886.7 after midday Tuesday, while the S&P 500 fell 0.6% to 7,368.1. Both indexes hit new peaks in the previous session. The Dow Jones Industrial Average was little changed at 49,708.5.Among sectors, tech saw the steepest decline, shedding 2%, while healthcare paced the gainers.Shares of several big tech names were down intraday Tuesday, with Qualcomm (QCOM) sliding 13%, the worst performer on the S&P 500. Intel (INTC) followed Qualcomm on the index, down 9.3%. Salesforce (CRM) declined 2.9%, the steepest decline on the Dow.Oracle (ORCL), Advanced Micro Devices (AMD) and Dell Technologies (DELL) fell about 5% each. Amazon.com (AMZN) and IBM (IBM) also logged declines, with Microsoft (MSFT) and Nvidia (NVDA) marginally lower.In economic news, US annual consumer inflation accelerated in April to the fastest pace in almost three years as energy prices surged amid the near-complete closure of the Strait of Hormuz. Core inflation, which excludes the volatile food and energy components, accelerated to the fastest since September, official data showed."A hotter-than-expected CPI report underscores the ongoing impact of higher energy prices seeping further into the economy with the core jumping to a seven-month high," Stifel Chief Economist Lindsey Piegza said in a note emailed to.Energy prices surged nearly 18% annually last month, marking the biggest jump since September 2022, official data showed."This morning's numbers reinforce why the (Federal Reserve) needs to remain patient," Thomas Feltmate, senior economist at TD Economics, said in a report. "With secondary price effects from higher energy prices likely to intensify in the months ahead, we're likely to see core measures of inflation drift a bit higher and hover around 3% through year-end."The Fed, which late last month kept its policy rate steady for a third consecutive meeting, is widely expected to stay put again next month, according to the CME FedWatch tool.US Treasury yields were higher intraday Tuesday, with the 10-year rate up 4.9 basis points at 4.46% and the two-year rate rising 4.4 basis points to 4.01%.West Texas Intermediate crude was up 3.7% at $101.67 per barrel intraday Tuesday, while Brent rose 3.3% to $107.66.US President Donald Trump recently rejected Iran's counteroffer to end the war, extending uncertainty around oil flows through the crucial Strait of Hormuz.Trump is now more seriously considering restarting military operations against Iran than he has in recent weeks, CNN reported, citing his aides."The global oil market continued to tighten amid limited prospects for a reopening of the Strait of Hormuz." Saxo Bank said in a report.In company news, EBay (EBAY) rejected video game retailer GameStop's (GME) proposal to acquire the e-commerce company in what would have been a $55.5 billion deal. EBAY shares were up 0.8% intraday, while GameStop fell 0.7%.Gold was down 0.9% at $4,688.10 per troy ounce, while silver lost 0.4% to $85.60 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMD$AMZN$CRM$DELL$EBAY$GME$IBM$INTC$MSFT$NVDA$ORCL$QCOM
Wire

Update: Deutsche Bank Raises Intel Price Target to $100 From $63, Maintains Hold Rating

(Updated to include Deutsche Bank's email)Deutsche Bank raised its price target on Intel (INTC) to $100 from $63, citing growing traction in Intel Foundry partnerships, including reported talks with Apple (AAPL) and SK Hynix.Apple foundry deals will endorse the viability of Intel's production technology, analysts Ross Seymore and DJ Sebastian wrote in a Tuesday note, adding that even the production of a part of Apple's M-series chips can add around $2 billion in annual foundry revenue and accelerate the company's path to profitability.Intel has an average rating of Hold and mean price target of $92.60, 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: $116.83, Change: $-12.61, Percent Change: -9.74%

$INTC
Asia Markets

US Equity Indexes Advance, Treasury Yields Rise With Crude Oil as Trump Explores Options to Tame Iran

US equity indexes rose on Monday, alongside crude oil futures and Treasury yields, as President Donald Trump reportedly planned to meet national security officials after rejecting Iran's response to a proposal to restart the peace process.The S&P 500 climbed 0.2% to 7,412.84, the Dow Jones Industrial Average rose 0.2% to 49,706.47, and the Nasdaq Composite advanced 0.1% to 26,274.13. The S&P 500 and the Nasdaq scaled new all-time peaks intraday.Energy was the top gainer at the close, ahead of materials, technology, and industrials. Communication services and consumer staples led the decliners.Heavyweights Qualcomm (QCOM), Micro Technology (MU), Tesla (TSLA), and Intel (INTC) were among the top five gainers intraday in a category of stocks with a market capitalization of more than $200 billion, according to data compiled by Finviz.President Trump said the US-Iran ceasefire is on "massive life support," after he rejected Tehran's response to his peace proposal as unserious, according to a report from The Wall Street Journal. Iran had demanded a lifting of the US naval blockade and sanctions relief, while maintaining a degree of control over traffic through Hormuz, a person familiar with the matter told Bloomberg.Trump, who has endorsed suspending the federal gasoline tax "for a period of time" in an interview with CBS News on Monday, is meeting his national security team to discuss the way forward, including possibly resuming military action against Iran, three US officials told Axios.The US officials said Trump wants a deal to end the war, Axios reported. But Iran's rejection of many of Trump's demands and refusal to make meaningful concessions on its nuclear program puts the military option back on the table, the news report added.West Texas Intermediate crude oil futures rose 3% to $98.26, and Brent crude futures increased 3% to $104.27.US Treasury yields rose, with the 10-year up 4.8 basis points to 4.41% and the two-year rate higher by 6.1 basis points to 3.95%.In economic news, the pace of US existing home sales rose 0.2% to a 4.02 million seasonally adjusted annual rate in April from 4.01 million in March, below expectations for a 4.05 million rate in a survey compiled by Bloomberg, data from the National Association of Realtors released Monday showed. Total sales were unchanged from a year earlier.In company news, Lumentum (LITE) said Monday that its stock will be included in the Nasdaq-100 Index, effective May 18. Shares surged 17%, the top gainer on the S&P 500.HSBC downgraded Trade Desk (TTD) to reduce from hold while adjusting its price target to $20 from $31. Shares slumped 7.4%, among the worst performers on the S&P 500.In precious metals, gold futures rose 0.4% to $4,747.2, and silver futures surged 7.5% to $86.91.

Dow JonesNasdaq CompositeS&P 500$INTC$LITE$MU$QCOM$TSLA$TTD
Sectors

Sector Update: Tech Stocks Rise Late Afternoon

Tech stocks were higher late Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.3% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing 3.5%.The Philadelphia Semiconductor index added 2.5%.In corporate news, Meta Platforms (META) is being sued by Santa Clara County, California, over allegations that it "knowingly facilitates and profits from billions of scam advertisements" on Facebook and Instagram, Bloomberg reported. Meta shares were down 1.7%.Intel (INTC) shares rose 3.4% after the company and Apple (AAPL) reached a preliminary agreement under which the chipmaker will make some of the chips powering Apple devices, according to a Wall Street Journal report on Friday.Monday.com (MNDY) lifted its full-year revenue outlook after the project management software company posted a surprise Q1 earnings gain. Its shares jumped 6.7%.Palantir Technologies (PLTR) stock was down 1.1% after the company's external staff and other consultants were provided unrestricted entry to identifiable medical records by the UK's National Health Service, according to a Financial Times report citing an internal briefing note.

$INTC$META$MNDY$PLTR
Asia Markets

US Equity Futures Slightly Lower Pre-Bell as Trump Rejects Iran's Response to Peace Proposal, Oil Prices Rise

US equity futures were marginally lower pre-bell Monday as President Donald Trump rejected Iran's response to the US peace proposal, sending oil prices higher amid concerns that the closure of the Strait of Hormuz would be prolonged.Dow Jones Industrial Average futures were flat, S&P 500 futures were down 0.2%, and Nasdaq futures were 0.1% lower.Trump said in a post on Truth Social that he found Iran's response "totally unacceptable." Iran's response had included a demand for war reparations, an end to sanctions, full sovereignty over the Strait of Hormuz, and the release of frozen Iranian assets, the country's state media had said.Energy firm Constellation Energy (CEG) was one of the first companies to kick off earnings this week, posting higher Q1 adjusted earnings and revenue. Among the companies reporting financial results this week are Petrobras (PBR), Cisco Systems (CSCO), Alibaba Group (BABA), Applied Materials (AMAT), and Brookfield (BN).Oil prices were higher, with front-month global benchmark North Sea Brent crude up 2.8% at $104.11 per barrel and US West Texas Intermediate crude 2.9% higher at $98.16 per barrel.Existing home sales report, scheduled for release at 10 am ET, is expected to show an increase of 2% for April after a decline of 3.6% in the prior month, according to estimates compiled by Bloomberg.In other world markets, Japan's Nikkei closed 0.5% lower, Hong Kong's Hang Seng ended 0.1% higher, and China's Shanghai Composite finished 1.1% higher. Meanwhile, the UK's FTSE 100 was up 0.1%, and Germany's DAX index was 0.5% lower in Europe's early afternoon session.In equities, Palantir Technologies (PLTR) stock was down 2.2% after the company's external staff and other consultants were provided unrestricted entry to identifiable medical records by the UK's National Health Service, according to a Financial Times report citing an internal briefing note.On the winning side, Intel (INTC) shares rose 5.2% after the company and Apple (AAPL) reached a preliminary agreement under which the chipmaker will make some of the chips powering Apple devices, according to a Wall Street Journal report on Friday. Barrick Mining (B) shares were up 3% after the company reported higher Q1 adjusted earnings and revenue. The mining firm also reduced its quarterly dividend and authorized a $3 billion share repurchase program. Constellation Energy (CEG) stock was up 1.3% after the company reported its Q1 financial results.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMAT$B$BABA$BN$CEG$CSCO$INTC$PBR$PLTR
Stocks Down Pre-Bell as US Rejects Iran's Response to Peace Plan; Investors Await Key Inflation Data
US Markets

Stocks Down Pre-Bell as US Rejects Iran's Response to Peace Plan; Investors Await Key Inflation Data

The benchmark US stock measures were pointing lower before the opening bell Monday as the US rejected Iran's response to its proposal to end their war in the Middle East, while traders await key inflation data later in the week.The S&P 500 and the Nasdaq edged down 0.1% each in premarket activity, while the Dow Jones Industrial Average was slightly in the red. The indexes finished Friday trading in the green, with the S&P 500 and the Nasdaq logging new closing highs.Iran formally sent a response to the latest US peace proposal, outlining its own demands and leaving key gaps between the two sides, The Wall Street Journal reported Sunday. Tehran's response didn't resolve Washington's demand for commitments on its nuclear program and stockpile of highly enriched uranium, according to the report."I have just read the response from Iran's so-called 'representatives,'" President Donald Trump said in a social media post on Sunday. "I don't like it - totally unacceptable!"Iran has reportedly insisted on compensation for war damages, control over the crucial Strait of Hormuz, lifting all sanctions on it and the release of frozen assets.Israeli Prime Minister Benjamin Netanyahu reportedly said in a recent interview with CBS that the war with Iran is not over. "There is still enrichment sites that have to be dismantled, there's still proxies that Iran supports, there are ballistic missiles that they still want to produce ... there's work to be done," Netanyahu said.West Texas Intermediate crude oil increased 2.5% to $97.79 a barrel before the open, while Brent advanced 2.4% to $103.72.Treasury yields were trending upwards in premarket action, with the two-year rate rising 2.9 basis points to 3.92% and the 10-year rate gaining 2.6 basis points to 4.39%.The consumer price index for April is scheduled to be released on Tuesday, followed by data on wholesale prices for the same month on Wednesday. Last month's retail sales report is due on Thursday.Last week, government data showed that the US economy added more jobs than expected in April, while the unemployment rate remained unchanged.For the Federal Reserve, the hiring momentum further shifts the focus to inflation, keeping it on the sidelines for now, "and raising the possibility of future rate hikes," Stifel Chief Economist Lindsey Piegza said in a report e-mailed toon Friday.Consumer sentiment continued to fall in May as cost pressures tied to the Middle East conflict sent the measure tumbling to fresh lows, a survey by the University of Michigan showed Friday.Monday's thin economic calendar has the existing home sales report for April at 10 am ET.Constellation Energy (CEG), Circle Internet (CRCL), Fox (FOX, FOXA), Mosaic (MOS) and Monday.com (MNDY) are slated to report their latest financial results before the bell, among others.Shares of Micron Technology (MU) rose 2.6% pre-bell after closing Friday's trading session up 16%. Hims & Hers Health (HIMS) added 4.5% after the stock closed 10% higher in the previous session. Intel (INTC) climbed 5.5%.Gold declined 1.3% to $4,671 per troy ounce, while bitcoin slipped 0.5% to $81,015.

Dow JonesNasdaq CompositeS&P 500$CEG$CRCL$FOX$FOXA$HIMS$INTC$MNDY$MOS$MU
Nasdaq, S&P 500 Hit New Highs, Log Sixth Consecutive Weekly Gains
US Markets

Nasdaq, S&P 500 Hit New Highs, Log Sixth Consecutive Weekly Gains

The Nasdaq Composite and the S&P 500 reached new peaks on Friday, boosting their weekly gains, following a stronger-than-expected jobs report.The Nasdaq climbed 1.7% to 26,247.1, while the S&P 500 added 0.8% to 7,398.9. The Dow Jones Industrial Average ended just above the flatline at 49,606.5.Among sectors, technology paced the gainers with a 2.7% jump, while utilities and healthcare saw the steepest drop.Micron Technology (MU) jumped 15% and Intel (INTC) soared nearly 14%, among the top gainers on the S&P 500. Apple (AAPL) gained 2.1% and Nvidia (NVDA) rose 1.8%, two of the five best performers on the Dow.This week, the Nasdaq logged a weekly gain of 4.5%, while the S&P 500 rose 2.3%. Both indexes marked their sixth consecutive weekly advance, which CNBC said is the longest win streak since 2024. The Dow posted a weekly gain of 0.2%.Total nonfarm payrolls rose by 115,000 last month, the Bureau of Labor Statistics said Friday, well above the 65,000 increase expected in a Bloomberg-compiled survey."Earlier signs hinted that the job market had actually been gathering strength in recent weeks, and the April nonfarm payroll report pounded home that reality with full force," Douglas Porter, chief economist at BMO Financial Group, said in a report.The unemployment rate was unchanged at 4.3% in April, in line with Wall Street's estimates.For the Federal Reserve, the hiring momentum further shifts the focus to inflation, keeping it on the sidelines for now, "and raising the possibility of future rate hikes," Stifel Chief Economist Lindsey Piegza said in a report e-mailed to.Brent advanced 0.6% to $100.68 per barrel in Friday late-afternoon trade, while West Texas Intermediate crude was little changed at $94.84. Both benchmarks were on track for weekly declines following two consecutive weekly advances.The US Central Command said Friday it fired on two Iranian-flagged empty oil tankers trying to bypass an ongoing blockade in the Strait of Hormuz. Washington expects Iran to respond to its peace proposal Friday, CNN reported, citing US Secretary of State Marco Rubio.The US and Iran traded fire Thursday in the narrow waterway, though a fragile ceasefire between the two appeared to still be holding.The United Arab Emirates intercepted two ballistic missiles and engaged three drones fires by Iran, the UAE's Ministry of Defense said on Friday.The oil market was "relatively calm" despite the flare-up of tensions between the US and Iran, Macquarie said in a report."We suspect that the market's calm reflects the unwillingness of the US to broaden the conflict beyond what's needed to protect US navy ships that are trying to secure safe passage through the strait for third-party commercial vessels," Macquarie said.US Treasury yields were lower, with the 10-year rate down 2.6 basis points at 4.37% and the two-year rate easing 1.2 basis points to 3.90%.US consumer sentiment continued to fall in May as cost pressures tied to the Middle East conflict sent the measure tumbling to fresh lows, a survey by the University of Michigan showed.In company news, Akamai Technologies (AKAM) shares surged nearly 27%, the best performer on the S&P 500. The company late Thursday disclosed a new $1.8 billion cloud infrastructure services contract with an unnamed company. The seven-year contract should help accelerate revenue growth, UBS Securities said, even though the brokerage is skeptical about the deal's impact on margins and profitability.Fluor (FLR) reported weaker-than-expected first-quarter results, while the engineering and construction company lowered the top end of its full-year earnings outlook. The company's shares tumbled 15%.Gold was up 0.5% at $4,732.90 per troy ounce, while silver gained 1.2% to $81.15 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$AKAM$FLR$INTC$MU$NVDA
Sectors

Sector Update: Tech Stocks Gain Late Afternoon

Tech stocks were higher late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 3.2% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing 5.3%.The Philadelphia Semiconductor index rose 5.2%.In corporate news, Amazon-backed (AMZN) Anthropic has signed a $1.8 billion computing deal with Akamai Technologies (AKAM), a cloud services provider, to help meet surging demand for its AI software, Bloomberg reported. Akamai shares surged 26%, and Amazon added 0.8%.Apple (AAPL) and Intel (INTC) have reached a preliminary agreement under which Intel will make some of the chips powering Apple devices, The Wall Street Journal reported Friday. Apple shares rose 2.2%, and Intel jumped past 13%.Apple and Meta Platforms (META) have publicly opposed a Canadian bill that could require them to break the encryption of their devices and services, Reuters reported. Canada's ruling Liberal Party proposed Bill C-22, which law enforcement officials claim would help them probe security threats earlier and take immediate action, the report said. Meta was down 1.1%.Hedge fund TCI cut its stake in Microsoft (MSFT) to 1% of its portfolio at the end of March from 10% at the end of last year, the Financial Times reported. Microsoft shares shed 1.5%.

$AAPL$AKAM$AMZN$INTC$META$MSFT
Equities Rise Intraday as Markets Parse Jobs Report; Middle East Tensions Send Oil Higher
US Markets

Equities Rise Intraday as Markets Parse Jobs Report; Middle East Tensions Send Oil Higher

US benchmark equity indexes were higher intraday as traders parsed the latest jobs report, while oil prices climbed amid renewed tensions in the Strait of Hormuz.The Nasdaq Composite was up 1.6% at 26,214.4 after midday Friday, while the S&P 500 rose 0.8% to 7,399.1. The Dow Jones Industrial Average was up 0.1% at 49,621.5. Among sectors, technology paced the gainers with a 2.7% jump, while healthcare saw the steepest drop.Total nonfarm payrolls rose by 115,000 last month, the Bureau of Labor Statistics said, well above the 65,000 increase expected in a Bloomberg-compiled survey."There is nothing in this (nonfarm payrolls) report to move the Federal Reserve off the sidelines on future rate cuts," BMO said in a note. "On balance, the solid jobs report makes the case for a near-term rate cut to stabilize a deteriorating labor market a more remote possibility."Separately, TD Economics said the pace of job growth appears to have improved since the end of last year, though "it's too soon to say whether the labor market is regaining momentum."West Texas Intermediate crude was up 1.2% at $95.95 per barrel, while Brent advanced 1.3% to $101.35.The US Central Command said Friday it fired on two Iranian-flagged oil tankers trying to bypass an ongoing blockade.Washington expects Iran to respond Friday on a proposal to end the war, CNN reported, citing US Secretary of State Marco Rubio, who added that he hopes "it's a serious offer."A ceasefire is still in effect, the news outlet reported, citing US President Donald Trump. US forces earlier said they targeted military facilities in Iran responsible for attacking its warships in the strait, according to the report."Brent crude trades firmer, holding above $100 after another volatile week that saw an almost $20 trading range as Middle East headlines swung sentiment between optimism and frustration," Saxo Bank said in a report Friday. "The key point remains unchanged: the Strait of Hormuz remains effectively closed, with renewed clashes between US and Iranian forces lowering the prospect of a near-term reopening."US Treasury yields were lower intraday, with the 10-year rate down 2.8 basis points at 4.37% and the two-year rate easing 2.4 basis points to 3.90%.In other economic news, US consumer sentiment continued to fall in May as cost pressures tied to the Middle East conflict sent the measure tumbling to all-time lows, a survey by the University of Michigan showed."Consumers continue to feel buffeted by cost pressures, led by soaring prices at the pump," Surveys of Consumers Director Joanne Hsu said. "Middle East developments are unlikely to meaningfully boost sentiment until supply disruptions have been fully resolved and energy prices fall."In company news, Fluor (FLR) reported weaker-than-expected first-quarter results, while the engineering and construction company lowered the top end of its full-year earnings outlook. The company's shares were down 15% intraday.Among big tech names, Intel (INTC) was up nearly 14%, among the top gainers on the S&P 500, while Nvidia (NVDA) rose 2%, the third-best performer on the Dow. Apple (AAPL), Amazon.com (AMZN), Micron Technology (MU) and Dell Technologies (DELL) were also advancing.Gold was up 0.3% at $4,724 per troy ounce, while silver advanced 0.6% to $80.65 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMZN$DELL$FLR$INTC$MU$NVDA
Sectors

Sector Update: Tech Stocks Gain Friday Afternoon

Tech stocks were higher Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 3.1% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing 4.7%.The Philadelphia Semiconductor index gained 5.1%.In corporate news, Apple (AAPL) and Intel (INTC) have reached a preliminary agreement under which Intel will make some of the chips powering Apple devices, The Wall Street Journal reported Friday. Apple shares rose 1.8%, and Intel jumped past 15%.Akamai Technologies (AKAM) shares surged 20% after the company reported Q1 results and Chief Executive Tom Leighton said a US-based frontier model provider has committed $1.8 billion over seven years for the company's cloud infrastructure services.Hedge fund TCI cut its stake in Microsoft (MSFT) to 1% of its portfolio at the end of March from 10% at the end of last year, the Financial Times reported. Microsoft shares shed 1.1%.

$AAPL$AKAM$INTC$MSFT
Wire

Market Chatter: Apple, Intel Reach Preliminary Chip-Making Deal

Apple (AAPL) and Intel (INTC) have reached a preliminary agreement under which Intel will make some of the chips powering Apple devices, The Wall Street Journal reported Friday, citing people familiar with the matter.Apple and Intel didn't immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $292.05, Change: $+4.63, Percent Change: +1.61%

$AAPL$INTC
Wire

Apple, Intel Reach Preliminary Chip-Making Deal, The Wall Street Journal Reports

Apple, Intel Reach Preliminary Chip-Making Deal, The Wall Street Journal Reports

$AAPL$INTC
Wire

Advanced Micro Devices Set to Command Half of Growing Server CPU Market, BofA Says

Advanced Micro Devices (AMD) is expected to capture about half of the total addressable market for server central processing units, which the company expects will exceed $120 billion by 2030, BofA Securities said in a note emailed Wednesday.The chip maker's updated forecast for server CPU TAM is double its previous estimate amid rising agentic artificial intelligence demand, according to the brokerage.The server CPU market is now expected to grow more than 35% annually, reaching over $120 billion by 2030, AMD Chief Executive Lisa Su said late Tuesday during an earnings call, according to a FactSet transcript.The company previously expected market growth of 18% annually over the next three to five years.BofA expects AMD to capture a roughly 50% share of the server CPU market, with the remaining half split between rivals Intel (INTC) and Arm (ARM)."Rising CPU TAM is good for all CPU vendors, but we expect AMD to maintain/expand share on (the) back of broad portfolio, rising enterprise focus, continued cloud leadership and consistent roadmap execution," BofA analyst Vivek Arya wrote. "Separately, we expect AMD to potentially announce other large customers for GPUs for (2027) and beyond."Shares of AMD surged 18% in Wednesday afternoon trade.The company reported stronger-than-expected first-quarter results late Tuesday, as demand for AI infrastructure pushed data center revenue higher year over year."Inferencing and agentic AI are increasing the need for server CPU compute as these workloads require additional CPU processing for orchestration, data movement, and parallel execution in addition to serving as the head nodes for GPUs and accelerators," Su told analysts during the earnings call. "As a result, we are seeing both stronger near-term demand and deeper engagement with customers on long-term capacity planning."AMD currently represents about 6% of the AI TAM, and that figure is expected to grow toward double digits by 2030, Arya said.Still, AMD remains "exposed to uncertain share allocation between numerous OpenAI suppliers" including Nvidia (NVDA), Broadcom (AVGO) and Cerebras Systems, he said.Following AMD's first-quarter results, BofA raised the company's 2026 and 2027 pro-forma earnings per share estimate by 9% each to $7.28 and $11.80. The brokerage is projecting AMD's 2030 EPS potential at more than $27, above management's $20-plus target.BofA reiterated AMD's buy rating and lifted the price target to $450 from $310.Price: $417.82, Change: $+62.56, Percent Change: +17.61%

$AMD$ARM$AVGO$INTC$NVDA
Asia Markets

US Equity Indexes Advance, Crude Oil Drops as Rubio Says Combat Operation Against Iran 'Over'

US equity indexes rose on Tuesday as crude oil futures fell after the United Arab Emirates reported fresh Iranian attacks and Secretary of State Marco Rubio reportedly said combat against Tehran is "over."The Nasdaq Composite was 1% higher at 25,326.13, after touching a record 25,361.05 intraday. The S&P 500 climbed 0.8% to 7,259.22, and the Dow Jones Industrial Average advanced 0.7% to 49,298.25. All sectors rose, with materials and technology leading the gainers.The UAE said it was under attack from Iranian missiles and drones for a second day on Tuesday, according to a report from Reuters. However, US Secretary of State Marco Rubio said Tuesday the combat operation launched in February against Iran has ended, CNN reported. US military action during the ceasefire is a "defensive operation," he was cited as saying.At a Pentagon briefing Tuesday, Gen. Dan Caine, chairman of the Joint Chiefs of Staff, said Iran's military actions on Monday didn't rise to the level of restarting the war, according to The Wall Street Journal. Defense Secretary Pete Hegseth, speaking at the same press conference, said the Iran ceasefire deal remains in force and promised to press ahead with opening the Strait of Hormuz, the chokepoint for about a fifth of global crude oil flows.The statements follow Tehran's strikes in the Strait of Hormuz and at Fujairah in the UAE on Monday, fueling concern that the ceasefire agreement between Washington and Tehran was at risk. Earlier this month, President Donald Trump told congressional leaders that "hostilities" with Iran have "terminated," addressing a critical 60-day deadline under a decades-old law meant to limit the use of military force without authorization from Congress, CBS News reported.West Texas Intermediate crude oil futures dropped 3.9% to $102.27, and Brent crude futures slumped 3.1% to $110.83.US Treasury yields fell, with the 10-year down two basis points to 4.43%, retreating from its highest level in about a month. Two-year yield slid 1.8 basis points to 3.94%.In economic news, US job openings fell to 6.866 million in March from 6.922 million in February, according to the Bureau of Labor Statistics, versus the 6.850 million expected in a Bloomberg-compiled poll. The March level represents 4.1% of total employment, down from 4.2% in February and a year ago.Meanwhile, the Institute for Supply Management's US services index declined to 53.6 in April from 54.0 in March, versus expectations for 53.7 in a Bloomberg-compiled survey.In company news, Intel (INTC) shares soared 13%, the second-biggest gainer on the S&P 500 and the Nasdaq, after Bloomberg reported that Apple (AAPL) has held early discussions with the company and Samsung Electronics on producing key device processors in the US.Huntington Ingalls Industries (HII) reported flat Q1 earnings. Its share fell 10%, the steepest decline on the S&P 500.Shopify (SHOP) reported a Q2 revenue outlook that implied a sequential slowdown in annual growth. Its shares tumbled 16%, the worst performer on the Nasdaq.Precious metals were mixed, with gold futures up 0.8% to $4,569.6. Silver futures added 0.1% to $73.58, after trading higher earlier in the session.

Dow JonesNasdaq CompositeS&P 500$AAPL$HII$INTC$SHOP
US Markets

Nasdaq, S&P 500 Hit Fresh Peaks as Oil Retreats

The Nasdaq Composite and the S&P 500 advanced to new highs on Tuesday as oil prices pulled back, while traders digested a fresh batch of corporate earnings reports.The Nasdaq rose 1% to 25,326.1, while the S&P 500 climbed 0.8% to 7,259.2, both marking their highest finish ever. The Dow Jones Industrial Average advanced 0.7% to 49,298.3.All sectors ended in the green, led by materials followed by technology. Intel (INTC), Micron Technology (MU), Apple (AAPL), and Cisco Systems (CSCO) were among the tech names that logged gains on Tuesday.West Texas Intermediate crude fell 3.4% to $102.81 per barrel in afternoon trading, while Brent shed 3.6% to $110.31.US Defense Secretary Pete Hegseth reportedly said that the ceasefire agreement with Iran remained intact despite renewed tensions in the Gulf region.The comment came a day after Tehran fired missiles and drones at the United Arab Emirates, reigniting concerns about the fragile ceasefire between the US and Iran.The US military destroyed six Iranian boats in the Strait of Hormuz on Monday after Tehran attacked US Navy ships and commercial vessels, CNN reported, citing Admiral Brad Cooper, the head of the US Central Command. A senior Iranian military official reportedly disputed that claim.US Treasury yields were lower, with the 10-year rate down 2.1 basis points at 4.42% and the two-year rate falling 1.6 basis points to 3.95%.In company news, Pinterest (PINS) shares jumped 6.8%. The image-sharing platform company posted better-than-expected first-quarter results late Monday and forecast up to 16% revenue growth year over year for the ongoing three-month period.Shopify (SHOP) on Tuesday issued a second-quarter revenue outlook that implied a sequential slowdown in annual growth. The stock slid nearly 16%.PayPal (PYPL) shares slumped 7.8% after the payments company said it was targeting at least $1.5 billion in cost cuts over the next few years, while it maintained its full-year earnings outlook.Palantir Technologies (PLTR) shares dropped 6.9%, despite the software maker raising its 2026 revenue outlook and first-quarter results topping Wall Street's expectations.In economic news, two surveys released Tuesday painted a mixed picture of the US services sector in April, with Institute for Supply Management data showing a deceleration in growth and an S&P Global (SPGI) report indicating a return to expansion."The services sector continues to expand, but the sharp cooling in new orders alongside still-subdued employment momentum suggests growth may be becoming less durable," TD Economics Senior Economist Vikram Rai said in a note.On Friday, ISM and S&P surveys showed that the US manufacturing sector saw continued growth in April, though inflationary pressures intensified amid disruptions caused by the Middle East conflict.New-home sales in the US grew past Wall Street's estimates for March, driven by a demand surge in the Northeast region, government data showed.Gold rose 0.8% to $4,568.70 per troy ounce, while silver lost 0.3 % to $73.30 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$CSCO$INTC$MU$PINS$PLTR$PLYPL$SHOP$SPGI
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Top Midday Stories: PayPal Q2 EPS Guide Undershoots Expectations, Plans 20% Workforce Cut; Palantir Shares Fall Despite Strong Earnings, Guidance

All three major US stock indexes were up in late-morning trading Tuesday, as oil prices slid despite new attacks in the Strait of Hormuz.In company news, PayPal (PYPL) reported Q1 non-GAAP earnings Tuesday of $1.34 per diluted share, up from $1.33 a year earlier and above the FactSet consensus estimate of $1.27. Net Q1 revenue was $8.35 billion, up from $7.79 billion a year ago and above the FactSet consensus of $8.05 billion. For Q2, the company said it expects to post a roughly 9% decline in non-GAAP EPS from $1.40 a year earlier to about $1.27. Analysts polled by FactSet expect $1.34. Additionally, PayPal is planning to cut around 20% of its workforce over the next two to three years, Bloomberg reported Tuesday, citing a person familiar with the matter. PayPal shares were down 8.1% around midday.Palantir Technologies (PLTR) reported Q1 adjusted earnings late Monday of $0.33 per diluted share, up from $0.13 a year earlier and above the FactSet consensus of $0.28. First-quarter revenue was $1.63 billion, up from $883.9 million a year ago and above the FactSet consensus of $1.54 billion. For Q2, Palantir said it expects revenue of $1.797 billion to $1.801 billion, above the FactSet consensus of $1.68 billion. For full-year 2026, the company said it expects revenue of $7.65 billion to $7.66 billion, above the FactSet consensus of $7.24 billion. Palantir shares were down 6.3%.Alphabet (GOOG, GOOGL) will raise at least 9 billion euros ($10.5 billion) from its biggest ever euro-denominated bond sale, Bloomberg reported Tuesday, citing a person familiar with the matter. Separately, Alphabet's Google DeepMind, Microsoft (MSFT) and xAI signed new agreements with the Center for AI Standards and Innovation to assess AI security issues before they are released, CAISI said Tuesday. Alphabet's Class C shares were up 1.4%, while its Class A shares were up 1.5%. Microsoft shares were down 0.8%.Apple (AAPL) has held early talks with Intel (INTC) and Samsung Electronics on producing key device processors in the US, Bloomberg reported Tuesday, citing people familiar with the matter. Apple shares were up 1.1%, and Intel shares were up 13.8%.Shopify (SHOP) reported a Q1 loss Tuesday of $0.45 per diluted share, narrowing from a loss of $0.53 a year earlier. Analysts surveyed by FactSet expected earnings of $0.24. First-quarter revenue was $3.17 billion, up from $2.36 billion a year ago and above the FactSet consensus of $3.11 billion. Shopify shares were down 11%.Pfizer (PFE) reported Q1 adjusted earnings Tuesday of $0.75 per diluted share, down from $0.92 a year earlier but above the FactSet consensus of $0.72. First-quarter revenue was $14.45 billion, up from $13.72 billion a year ago and above the FactSet consensus of $13.84 billion. The company reaffirmed its full-year 2026 EPS and revenue guidance ranges of $2.80 to $3.00 and $59.5 billion to $62.5 billion, respectively. Analysts polled by FactSet expect $2.96 and $61.38 billion, respectively. Pfizer shares were down 0.7%.Price: $46.33, Change: $-4.06, Percent Change: -8.06%

$AAPL$GOOG$GOOGL$INTC$MSFT$PFE$PLTR$PYPL$SHOP
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Intel Capital Joins $178 Million QuantWare Funding Round; Shares Rise

QuantWare said Tuesday it raised $178 million in a series B funding round, with new investors including Intel (INTC) Capital, In-Q-Tel and ETF Partners.The company said the round is the largest private funding raised by a dedicated quantum processor company and will support scaling its quantum processor technology and expanding manufacturing capacity.Shares of Intel were up more than 13% in Tuesday trading.Price: $108.66, Change: $+12.88, Percent Change: +13.45%

$INTC
Asia Markets

US Equity Futures Gain Pre-Bell as Traders Keep Eye on Potential Re-Escalation of Middle East Hostilities

US equity futures were higher pre-bell Tuesday as traders kept a close watch on the potential re-escalation of hostilities in the Middle East.Dow Jones Industrial Average futures were 0.4% higher, S&P 500 futures were up 0.5%, and Nasdaq futures were 0.8% higher.The UAE said that it was attacked by Iranian drones and missiles, while the US said it sank Iranian boats in the Strait of Hormuz.President Donald Trump had said that the US would help guide vessels stranded in the Persian Gulf. In a post Monday on Truth Social, he said that a South Korean cargo ship had been damaged by Iran, but the US had shot down seven Iranian small boats."Other than the South Korean Ship, there has been, at this moment, no damage going through the Strait," Trump said.Traders digested the latest round of earnings, with Palantir Technologies (PLTR) and Vertex Pharmaceuticals (VRTX) reporting higher Q1 adjusted earnings and revenue. HSBC (HSBC) also posted an increase in Q1 earnings and revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 2.2% at $111.91 per barrel and US West Texas Intermediate crude 3.2% lower at $103.04 per barrel.The US international trade deficit widened to $60.31 billion in March from a $57.78 billion gap in February, compared with a $61.0 billion gap expected in a survey compiled by Bloomberg as of 7:40 am ET.The S&P Global purchasing managers' index composite final report for April, due at 9:45 am ET, is seen reporting 52.1 versus 52.0 previously.March new home sales report, due at 10 am ET, is expected to post a 652,000 annual rate. The April Institute for Supply Management's services index is projected at 53.7 versus 54.0 previously. March job openings from the US Department of Labor's Job Openings and Labor Turnover Survey are expected to come in at 6.850 million compared with 6.882 million in the prior month.Federal Reserve Vice Chair for Supervision Michelle Bowman and Fed Governor Michael Barr are due to speak today.In other world markets, Japan's Nikkei and China's Shanghai Composite were closed due to public holidays. Hong Kong's Hang Seng ended 0.8% lower. The UK's FTSE 100 was down 1.4%, and Germany's DAX index was 1.6% higher in Europe's early afternoon session.In equities, Intel (INTC) shares were up 3.8% after Bloomberg reported the Apple (AAPL) has held early discussions with the company and Samsung Electronics on producing key device processors in the US. Anheuser-Busch InBev (BUD) stock was up 6.6% after the company reported fiscal Q1 underlying earnings and revenue that beat analysts' estimates. Pinterest (PINS) shares were up 18% after the company posted higher Q1 non-GAAP earnings and revenue that beat analysts' consensus.On the losing side, Palantir and HSBC shares were down 1.3% and 3.9%, respectively, after they reported Q1 financial results. Shopify (SHOP) stock was 5.9% lower after the company reported a Q1 loss while analysts expected earnings.

Dow JonesNasdaq CompositeS&P 500$AAPL$BUD$HSBC$INTC$PINS$PLTR$SHOP$VRTX
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Intel Sees Broad-Based Demand in CPUs Continuing, RBC Says

Intel (INTC) is looking positive in its near-term prospects, with the company expecting broad-based demand in central processing units to persist through the year and product sales mix to drive average selling prices, RBC Capital Markets said in a Monday note.Overall CPU demand continues to exceed production capacity, with cloud companies showing the strongest growth and enterprise customers also faring well, RBC analysts said. The product mix has moved more to CPUs with larger dies, which has boosted average selling prices, and the company has raised prices to reflect cost inflation and the strong demand environment, the analysts said.Intel is seeing CPU density increase, with agentic AI boosting higher CPU-to-GPU ratios compared to traditional AI training workloads, according to the note. Physical AI and edge computing is also driving up demand for CPUs, on which it relies on for real-time inferencing, the note said.Intel seems to be confident in its H2 outlook, the analysts noted.RBC maintained the company's stock rating at sector-perform and price target at $80.Price: $98.23, Change: $-1.39, Percent Change: -1.39%

$INTC
US Markets

Nasdaq, S&P 500 Log Record Finish, Extend Streak of Weekly Gains

The Nasdaq Composite and the S&P 500 reached new peaks on Friday, scoring their fifth consecutive weekly gains.The Nasdaq Composite rose 0.9% to 25,114.4, while the S&P 500 advanced 0.3% to 7,230.1, both notching record closing highs. The Dow Jones Industrial Average lost 0.3% to 49,499.3. Barring technology and consumer discretionary, all sectors ended in the red, led by energy.This week, the Nasdaq gained 1.1%, while the S&P 500 added 0.9%, their fifth weekly rise in a row. The Dow is up 0.6% after last week's 0.4% loss.Apple (AAPL) shares jumped 3.2% on Friday, the second-biggest gainer on the Dow. Late Thursday, the tech giant logged fiscal second-quarter results above Wall Street's estimates as iPhone revenue came in stronger than expected.Apple's fiscal third-quarter revenue guidance was well above the Street's estimates despite supply constraints for Mac models that will likely continue for several months, Wedbush Securities said in a note.Several other tech names advanced, with Oracle (ORCL) up 6.5%, among the top gainers on the S&P 500, while Salesforce (CRM) climbed 4.1%, the best performer on the Dow. Shares of Intel (INTC), Microsoft (MSFT) and Amazon.com (AMZN) also rose.In other company news, Exxon Mobil (XOM) and Chevron (CVX) reported year-over-year declines in their first-quarter earnings amid supply disruptions due to the Middle East war, though the figures came in ahead of the Street's estimates. Exxon shares fell 1%, while Chevron lost 1.4%.West Texas Intermediate crude oil was down 2.7% at $102.20 per barrel in Friday late-afternoon trade, while Brent dropped 1.7% to $108.57. Both benchmarks, however, were on track for their second consecutive weekly advance."Brent crude remains elevated after touching a fresh wartime high late in April, supported by worsening physical tightness and rising concern about outright shortages in some regions," Saxo Bank Head of Commodity Strategy Ole Hansen said in a report. "The near closure of the Strait of Hormuz continues to prolong a disruption that is steadily tightening global energy markets, with flows through one of the world's most important oil arteries still severely restricted."US President Donald Trump said he is displeased with a new peace offer from Iran, CNBC reported Friday.Israel struck the Habbouch town in southern Lebanon, CNN reported, citing Lebanon's health ministry.US Treasury yields were mixed, with the 10-year rate up 1.3 basis points at 4.39% and the two-year rate little changed at 3.88%.In economic news, the US manufacturing sector saw continued growth in April, though inflationary pressures intensified amid disruptions caused by the Middle East conflict, separate surveys by the Institute for Supply Management and S&P Global (SPGI) showed.Three Federal Reserve officials who wanted language changes in the April monetary policy statement said Friday that risks to inflation and employment didn't warrant an inclusion of the so-called easing bias.On Wednesday, regional presidents Beth Hammack of Cleveland, Neel Kashkari of Minneapolis and Lorie Logan of Dallas supported the Fed's decision to keep its benchmark lending rate steady, but opposed including an easing bias in the Federal Open Market Committee statement.Gold was down 0.1% at $4,623.30 per troy ounce, while silver climbed 2.6% to $75.95 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMZN$CRM$CVX$INTC$MSFT$ORCL$SPGI$XOM

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