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Asia Markets

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

US equity futures were mixed pre-bell Thursday as traders watched tech giant Broadcom's (AVGO) stock drop after the company posted its fiscal Q2 financial results and attacks continued in the Middle East.Dow Jones Industrial Average futures were 0.9% higher, S&P 500 futures were down 0.4%, and Nasdaq futures were 1.2% lower.Broadcom shares were down 15% in premarket activity as the company issued below-consensus guidance for fiscal Q3 AI-chip revenue.Kuwait reported that an Iranian missile and drone strike hit the country's international airport, killing one person and injuring dozens more. Iran claimed that it launched a retaliatory attack on US military bases in Kuwait after an earlier set of airstrikes by US forces.Traders also digested the latest round of earnings, with CrowdStrike (CRWD) posting higher fiscal Q1 adjusted earnings and revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 3% at $94.89 per barrel and US West Texas Intermediate crude 3.2% lower at $92.97 per barrel.The weekly jobless claims bulletin, released at 8:30 am ET, showed 225,000 new unemployment claims for the week ended May 2, compared with the downwardly revised figure of 212,000 in the prior week, and it came in above the 215,000 expected, according to estimates compiled by Bloomberg. Q1 nonfarm productivity increased at a 0.3% annual rate, below forecasts for 0.4%, while unit labor costs increased 1.8%, compared with the 2.4% expected.Federal Reserve Richmond President Thomas Barkin and San Francisco President Mary Daly are slated to speak on Thursday.In other world markets, Japan's Nikkei closed 1.4% lower, Hong Kong's Hang Seng ended 1.5% lower, and China's Shanghai Composite finished 0.6% lower. Meanwhile, the UK's FTSE 100 was down 0.2%, and Germany's DAX index was 0.6% higher in Europe's early afternoon session.In equities, CrowdStrike stock was down 10% after the company reported its fiscal Q1 financial results. ARM (ARM), Micron Technology (MU), and Marvell Technology (MRVL) shares were all down as part of a broader stock sell-off in the semiconductor industry. ARM shares fell 6%, Micron stock was down 6.4%, and Marvell shares dropped 5.9%.On the winning side, Eli Lilly (LLY) was up 1.3% after Ascidian Therapeutics said the company will receive exclusive, target-specific rights to Ascidian's RNA exon editing technology for undisclosed kidney disease targets in exchange for up to $1.9 billion under a new research partnership and licensing agreement. Costco Wholesale (COST) shares rose 2.3% after the company reported net sales of $24.01 billion for May, up from $20.97 billion a year earlier. RTX (RTX) stock was up 2.2% after the company said that its Raytheon unit was awarded a $515 million contract from the US Navy for the SPY-6 family of radars.

Dow JonesNasdaq CompositeS&P 500$ARM$AVGO$COST$CRWD$LLY$MRVL$MU$RTX
Wire

Micron, SanDisk Seen Benefiting From Extended Memory Supply Tightness, Morgan Stanley Says

Micron Technology (MU) and SanDisk (SNDK) are expected to benefit from sustained tight conditions in the global memory market, driven by ongoing supply constraints and strong AI infrastructure demand, Morgan Stanley said in a Wednesday note.According to the note, DRAM remains the main bottleneck in AI computing demand, while NAND supply is also tight, with limited capacity expansion and long production lead times keeping supply growth below demand.Morgan Stanley raised earnings estimates for Micron and SanDisk, citing stronger pricing and sustained hyperscaler demand, which are improving free cash flow and earnings visibility across the memory cycle.Looking ahead, the analyst expects continued upward revisions to earnings as supply-demand imbalances persist, while noting that AI-driven workloads are extending the duration of the current upcycle in memory markets, the note said.Morgan Stanley maintained its overweight rating for both stocks. It raised its price target to $1,050 from $520 for Micron, and to $1,750 from $1,100 for SanDisk.Price: $1067.03, Change: $+2.93, Percent Change: +0.28%

$MU$SNDK
Insider Trading

Micron Technology Insider Sold Shares Worth $2,498,589, According to a Recent SEC Filing

Sanjay Mehrotra, Director, President and CEO, on May 29, 2026, sold 2,561 shares in Micron Technology (MU) for $2,498,589. Following the Form 4 filing with the SEC, Mehrotra has control over a total of 991,578 common shares of the company, with 384,503 shares held directly and 607,075 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/723125/000124265426000010/xslF345X05/primarydocument.xml

$MU
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
Commodities

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Amid S&P 500, Nasdaq Rally, Middle East Peace Optimism

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.7%, and the actively traded Invesco QQQ Trust (QQQ) was 1.7% higher in Wednesday's premarket activity amid all-time highs achieved by the S&P 500 and the Nasdaq along with continued optimism for an end to the Middle East conflict.US stock futures were higher, with S&P 500 Index futures up 0.3%, Dow Jones Industrial Average futures advancing 0.3%, and Nasdaq futures gaining 0.7% before the start of regular trading.The Richmond Federal Reserve's manufacturing and business conditions readings for May are due to be released at 10 am ET, followed by the Dallas Fed's non-manufacturing survey for May at 10:30 am ET.Mortgage applications fell by 8.5% in the week ended May 22 as a sharp increase in mortgage rates pushed down refinancing activity and new home applications, according to Mortgage Bankers Association data released Wednesday.In premarket activity, bitcoin was down by 0.1%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.2% higher, Ether ETF (EETH) advanced 2.8%, and Bitcoin & Ether Market Cap Weight ETF (BETH) increased by 0.2%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 1.5%, while the Vanguard Industrials Index Fund (VIS) gained 1.7%, and the iShares US Industrials ETF (IYJ) rose 1.3%.Dycom Industries (DY) stock was up more than 23% before the opening bell after the company reported higher fiscal Q1 adjusted net income and contract revenue.Winners and Losers:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) dropped 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.3%, while Direxion Daily Financial Bear 3X Shares (FAZ), was 0.2% higher.Qfin (QFIN) stock was up more than 7% even after the company posted lower Q1 non-GAAP net income and net revenue.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 1.4% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) dropped by 1.4%. The iShares US Consumer Staples ETF (IYK) retreated by 1.6%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) increased by 0.2%. The VanEck Retail ETF (RTH) was 1.2% lower, while the State Street SPDR S&P Retail ETF (XRT) was 0.5% higher.PDD Holdings (PDD) shares were down more than 7% after the company posted Q1 non-GAAP earnings and revenue that missed analysts' estimates, with non-GAAP EPS declining year over year.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) increased by 2.6%, and the iShares US Technology ETF (IYW) was 2.3% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 2.4%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained by 4.7%, while the iShares Semiconductor ETF (SOXX) rose by 6.1%.Micron Technology (MU) shares were up more than 7%, extending gains after the company's market capitalization eclipsed $1 trillion for the first time on Tuesday.EnergyThe iShares US Energy ETF (IYE) was 2.5% lower, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 2.7%.TotalEnergies (TTE) is facing a dispute with Mozambique over about $2 billion in costs tied to delays at its liquefied natural gas project in the country, Bloomberg reported, citing an unnamed person familiar with the matter. Shares of TotalEnergies were down more than 2% pre-bell.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.9%, the Vanguard Health Care Index Fund (VHT) was up 0.7%, while the iShares US Healthcare ETF (IYH) lost by 0.7%. The iShares Biotechnology ETF (IBB) was 0.4% higher.Guardant Health (GH) shares were up more than 5% after the company said its Shield blood test has been included in the American Cancer Society's updated Colorectal Cancer Screening guidelines.CommoditiesFront-month US West Texas Intermediate crude oil fell by 5.6% to $88.54 per barrel on the New York Mercantile Exchange. Natural gas was up 1.8% at $2.95 per 1 million British Thermal Units. The United States Oil Fund (USO) retreated by 2.7%, while the United States Natural Gas Fund (UNG) was 0.3% lower.Gold futures for August retreated by 1.6% to $4,461.50 an ounce on the Comex. Silver futures fell by 2.9% to $74.35 an ounce. SPDR Gold Shares (GLD) was up by 0.04%, and the iShares Silver Trust (SLV) rose by 2%.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$EEM$EETH$EXI$FAS$FAZ$GH$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$MU$PDD$PMR$QFIN$QQQ$RTH$SLV$SOXX$SPY$TTE$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Sectors

Sector Update: Tech Stocks Rise Premarket Wednesday

Technology stocks were rising premarket Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) up 1% and the State Street SPDR S&P Semiconductor ETF (XSD) advancing by 3%.Micron Technology (MU) shares were up more than 7%, extending gains after the company's market capitalization eclipsed $1 trillion for the first time on Tuesday.Iren (IREN) has entered a $1.6 billion purchase agreement with Dell (DELL) for air-cooled Blackwell systems, the company said. Iren shares were up more than 3% pre-bell.Zscaler (ZS) stock was down more than 23% after the company issued a fiscal Q4 revenue outlook that narrowly missed analysts' expectations.

$DELL$IREN$MU$XLK$XSD$ZS
Sectors

Sector Update: Tech

Technology stocks were rising premarket Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) up 1.1% and the State Street SPDR S&P Semiconductor ETF (XSD) advancing by 3.2%.Micron Technology (MU) shares were up more than 6%, extending gains after the company's market capitalization eclipsed $1 trillion for the first time on Tuesday.

$MU
Asia Markets

S&P 500, Nasdaq Rally, Middle East Peace Optimism Drive US Equity Futures Higher Pre-Bell

US equity futures were trending higher pre-bell Wednesday as the S&P 500 and the Nasdaq reached new all-time highs amid continued optimism for an end to the Middle East conflict.Dow Jones Industrial Average futures were 0.1% higher, S&P 500 futures were up 0.3%, and Nasdaq futures were 0.8% higher.The S&P 500 added 0.6% and the Nasdaq rose 1.2% to fresh intraday and closing highs, driven by an upswing in the technology sector.President Donald Trump said in a post on Truth Social that talks with Iran were "proceeding nicely." However, Iran threatened to respond to ceasefire violations after the US military carried out what it called "self-defense strikes" on Iranian missile launch sites and vessels around the Strait of Hormuz. Negotiations to end the war continue.Traders noted the latest round of earnings, with PDD (PDD) posting lower Q1 non-GAAP earnings amid higher revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 4.6% at $92.25 per barrel and US West Texas Intermediate crude 6% lower at $88.24 per barrel.The Richmond Fed manufacturing index for May is scheduled to be released at 10 am ET.In other world markets, Japan's Nikkei closed flat, Hong Kong's Hang Seng ended 1.1% lower, and China's Shanghai Composite finished 1.3% lower. Meanwhile, the UK's FTSE 100 was up 0.2%, and Germany's DAX index was 0.2% higher in Europe's early afternoon session.In equities, Micron Technology (MU) stock was up 7.4% as the company's market capitalization reached $1 trillion for the first time. Fellow tech firms Marvell Technology (MRVL), Seagate Technology (STX), and Western Digital (WDC) all saw their shares rise as part of a broader tech rally. Marvell stock was up 6.1%, Seagate shares were higher by 5.4%, and Western Digital stock was up 5.5%.On the losing side, ExxonMobil (XOM) shares were down 2.1% after a Reuters report that Occidental Petroleum (OXY) was acquiring a 10% stake in the company's deepwater exploration block offshore Trinidad and Tobago. TotalEnergies (TTE) stock was 3.3% lower after a Bloomberg News report that the company is facing a dispute with Mozambique over about $2 billion in costs tied to delays at its liquefied natural gas project in the country. PDD shares were down 8.8% after the company reported its Q1 financial results.

Dow JonesNasdaq CompositeS&P 500$MRVL$MU$OXY$PDD$STX$TTE$WDC$XOM
Stocks Rise Pre-Bell Amid Tech Rally; Middle East Uncertainty Persists
US Markets

Stocks Rise Pre-Bell Amid Tech Rally; Middle East Uncertainty Persists

US equity futures were trending higher on Wednesday amid tech-driven momentum from the previous trading session, while investors continue to monitor ongoing uncertainty in the Middle East.The S&P 500 rose 0.3%, the Dow Jones Industrial Average gained 0.5% and the Nasdaq added 0.4% in premarket activity. The Nasdaq and the S&P 500 finished Tuesday trading at new record peaks, while the Dow closed lower.Shares of Micron Technology (MU) advanced 5.7% pre-bell after finishing the prior session up 19%. The semiconductor manufacturer's market capitalization crossed the $1 trillion mark for the first time on Tuesday, with UBS Securities increasing its price target on the company's stock.Marvell (MRVL) rose 6% before the bell, while Seagate (STX) and Western Digital (WDC) gained 3.6% and 3.3%, respectively.Investors are also keeping an eye out for any updates on peace talks between the US and Iran. Tehran's Islamic Revolutionary Guard Corps reportedly said Tuesday that Iran has a "legitimate" right to respond to any violation of a ceasefire by the US.Earlier in the week, the US military targeted Iranian missile launch sites and boats around the crucial Strait of Hormuz, in what it described as "self-defense strikes," according to multiple media outlets. President Donald Trump said Monday that negotiations with Iran were "proceeding nicely.""While an extended conflict with Iran remains the largest risk to continued market gains, in our view, markets are positioned for more progress on peace talks and the Strait of Hormuz reopening," D.A. Davidson said in a report Tuesday.West Texas Intermediate crude oil declined 4% to $90.12 a barrel before the opening bell, while Brent fell 3.2% to $96.43.Treasury yields were down in premarket action, with the two-year rate retreating 2.9 basis points to 4.02% and the 10-year rate off 2.6 basis points to 4.47%.US consumer confidence fell in May amid mounting inflation concerns as the Middle East conflict has stretched for about three months now, a survey by the Conference Board showed Tuesday.Wednesday's economic calendar has the weekly mortgage applications bulletin at 7 am ET, followed by the Federal Reserve Bank of Richmond's manufacturing index for May at 10 am. The Atlanta Fed's survey of business uncertainty for this month is out at 11 am.Federal Reserve Governor Lisa Cook is scheduled to speak at 3:55 pm, while Fed Vice Chair Philip Jefferson speaks later at 8 pm.PDD (PDD), Dick's Sporting Goods (DKS), Dycom Industries (DY), Bath & Body Works (BBWI), Abercrombie & Fitch (ANF), Manchester United (MANU) and Capri (CPRI) report their latest financial results before the bell, among others. Marvell, Salesforce (CRM), Synopsys (SNPS), Snowflake (SNOW) and HP (HPQ) post their earnings after the markets close.Gold edged down 0.4% to $4,484 per troy ounce, while bitcoin was up slightly at $75,878.

Dow JonesNasdaq CompositeS&P 500$ANF$BBWI$CPRI$CRM$DKS$DY$HPQ$MANU$MRVL$MU$PDD$SNOW$SNPS$ZS
Asia Markets

Technology Catapults S&P 500, Nasdaq to Fresh All-Time Highs

US equity indexes were mixed, as technology helped push the S&P 500 and the Nasdaq Composite to new peaks amid declining government bond yields and divergent crude oil futures.The Nasdaq jumped 1.2% to 26,656.18, with the S&P 500 up 0.6% to 7,519.12 at the close on Tuesday. Both the gauges hit fresh all-time highs earlier in the day. The Dow Jones Industrial Average, however, slipped 0.2% to 50,461.68.Most US Treasury yields fell, with the 10-year down 8.1 basis points to 4.49% and the two-year down 8.7 basis points to 4.04%.Micron Technology's (MU) market capitalization touched $1 trillion for the first time after several bullish analyst reports. The chipmaker's shares soared 19% after midday, the top performer on the S&P 500 and the Nasdaq.Among stocks with a market capitalization of more than $200 billion, nine in the top 10 are semiconductor companies, and the remaining one is a manufacturer of computer hardware, according to data compiled by Finviz.The US is touting progress toward a peace deal with Iran to end the nearly three-month war, even amid fresh hostilities and uncertainty over the vital Strait of Hormuz, Bloomberg reported Tuesday. Security in the crucial energy waterway remained unclear Tuesday after the two sides exchanged strikes overnight, and the US Central Command pushed back reports suggesting the military was helping escort vessels.Iran's top negotiator, Mohammad Baqer Qalibaf, was in Doha for talks with Qatar's prime minister on a potential deal, an official briefed on the visit told Reuters. Qalibaf returned to Iran after seeking agreement on the release of around $24 billion of frozen Iranian funds as part of the memorandum of understanding, the news report cited Iranian media.West Texas Intermediate crude oil futures dropped 2.9% to $93.70, while Brent crude futures jumped 3.5% to $99.67.While precise timing remains elusive, in the event of an Iran peace agreement, two to four weeks is a reasonable starting point for clearing the Gulf backlog and restoring shipping patterns, Vikas Dwivedi, global energy strategist at Macquarie Group, said in a note."Trust in a durable peace and unencumbered (tolls, mines, harassment) transit will be key in this process," Dwivedi said. "From here, we believe flows could ramp back towards full levels after another 2-4 weeks."In economic news, the Conference Board's measure of consumer confidence fell to 93.1 in May from 93.8 in April, still above the 92.0 expected in a Bloomberg-compiled survey."Consumer confidence edged downward in May as the inflationary impacts of the war in the Middle East intensified," said Dana Peterson, Chief Economist at The Conference Board."Consumer appraisals of current business conditions and the current labor market were moderately less positive compared to last month," Peterson said. "This was somewhat offset by modest improvements in consumers' expectations for business conditions and the labor market six months from now."The Case-Shiller National Home Price Index rose by 0.7% in March, before seasonal adjustments, following a 0.3% increase in February. National home prices were up 0.7% year-over-year, down from 0.8% in February.In precious metals, gold futures slipped 0.3% to $4,506.8, while silver futures jumped 1.4% to $77.28.

Dow JonesNasdaq CompositeS&P 500$MU
Nasdaq, S&P 500 Log New Peaks as Micron Drives Tech Rally
US Markets

Nasdaq, S&P 500 Log New Peaks as Micron Drives Tech Rally

The Nasdaq Composite and the S&P 500 reached new peaks on Tuesday, driven a Micron Technology (MU) led rally in the tech sector, while the Dow Jones Industrial Average retreated from a record high.The Nasdaq rose 1.2% to settle at 26,656.2, while the S&P 500 climbed 0.6% to 7,519.3 -- both notching new record finish. The Dow fell 0.2% to 50,461.7, after closing at a record high in the previous session.Six of the 11 sectors ended in the green, led by tech's 1.7% advance, while energy saw the steepest decline.US markets were closed Monday for the Memorial Day holiday.Micron shares surged 19%, the best performer on the S&P 500, as UBS Securities boosted it price target on the semiconductor manufacturer's stock to $1,625 from $535.Micron's market capitalization crossed the $1 trillion mark for the first time.Micron's valuation should get a further boost from long-term agreements in the memory industry, UBS said Tuesday.On Semiconductor (ON) shares jumped 9%, the second-top gainer on the S&P 500. Western Digital (WDC) shares climbed 8.3%, also among the biggest gainers on the index.Some 95% of S&P 500 companies have reported their quarterly financial results in the latest cycle, with earnings up about 28% from a year earlier and revenue rising 11.1%, Oppenheimer Asset Management said in a note.Ahead of the earnings season, FactSet put expected earnings growth at 12.6% year over year, according to the brokerage."The (first-quarter) earnings season rolled on, with many firms reporting strong results and positive guidance," Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus said. "Bears, skeptics, and nervous investors have been able to take some profits without (the fear of missing out) within what appears to us a bull market that persists having legs to run further."Costco Wholesale (COST), Marvell Technology (MRVL), Salesforce (CRM), and Dell Technologies (DELL) are slated to report results this week.West Texas Intermediate crude oil was down 3% at $93.72 a barrel in Tuesday late-afternoon trade, while Brent rose 3.6% to $99.63.Iran has a "legitimate" right to respond to any violation of a ceasefire by the US, CNN reported Tuesday, citing Tehran's Islamic Revolutionary Guard Corps. Earlier, the US military targeted Iranian missile launch sites and boats around the crucial Strait of Hormuz in what it described as "self-defense strikes," according to the report.US President Donald Trump said Monday that negotiations with Iran were "proceeding nicely," but encouraged countries including Saudi Arabia and Pakistan to join the Abraham Accords, aimed at normalizing diplomatic ties with Israel."While an extended conflict with Iran remains the largest risk to continued market gains, in our view, markets are positioned for more progress on peace talks and the Strait of Hormuz reopening," D.A. Davidson said in a report Tuesday.US Treasury yields were lower, with the 10-year rate last down 6.6 basis points at 4.5% and the two-year rate losing 7.7 basis points to 4.06%."Investors remain focused on whether energy markets stabilize or whether higher oil prices start feeding back into inflation expectations and bond yields again," Saxo Bank said in a report Tuesday.Elbit Systems' (ESLT) first-quarter results rose year on year, while the company said its order backlog topped $30 billion, lifted by surging demand from Israel's Ministry of Defense amid ongoing regional conflicts. The company's US-listed shares advanced 11%.AutoZone (AZO) shares plummeted 9%, the steepest decline on the S&P 500, after the auto parts retailer's fiscal third-quarter earnings topped market estimates, but revenue fell short.In economic news, US consumer confidence fell in May amid mounting inflation concerns as the Middle East conflict has stretched for about three months now, a survey by the Conference Board showed Tuesday.Separately, US annual home price growth decelerated in March, with more than half of the 20 major markets logging decreases, S&P Global (SPGI) division S&P Dow Jones Indices said Tuesday.Gold was last down 0.3% at $4,508.30 per troy ounce, while silver rose 1.5% $77.35 per ounce.

Dow JonesNasdaq CompositeS&P 500$AZO$COST$CRM$DELL$ESLT$MRVL$MU$ON$SPGI$WDC
Japan

S&P 500, Nasdaq Rise to Records, Dow Eases as US-Iran Tensions Linger

The S&P 500 and the Nasdaq rose to records, while the Dow eased after Tehran denounced US strikes in southern Iran, eroding prospects for peace talks.* Iran's Islamic Revolutionary Guard Corps said it has a "legitimate" right to respond to any "violation" of the ceasefire after the US military carried out what it called "self-defense strikes" targeting Iranian missile launch sites and boats around the Strait of Hormuz, CNN reported Tuesday.* The Conference Board's measure of consumer confidence fell to 93.1 in May from 93.8 in April, still above the 92.0 expected in a Bloomberg survey.* The Case-Shiller National Home Price Index rose by 0.7% in March, before seasonal adjustments, following a 0.3% increase in February. National home prices climbed 0.7% from a year earlier, compared with an 0.8% gained in February.* July West Texas Intermediate crude oil fell $2.83 to settle at $93.77 per barrel, while July Brent crude, the global benchmark, was last seen up $3.50 at $99.64.* Micron Technology (MU) shares jumped 19%, the biggest gain on the S&P 500 and Nasdaq, after UBS Securities raised its price target on the stock to $1,625 from $535. The company's market cap reached $1 trillion intraday.* AutoZone's (AZO) shares slumped 8.9%, the steepest decline on the S&P, after the company reported mixed fiscal Q3 results with earnings topping estimates and revenue falling short of forecasts.

Dow JonesNasdaq CompositeS&P 500$AZO$MU
Japan

US Equity Indexes Trade Mixed as Technology Lifts S&P 500, Nasdaq

US equity indexes traded mixed as technology topped sector charts, government bond yields sank, and crude oil futures diverged.The Nasdaq Composite jumped 1.1% to 26,637.2, with the S&P 500 up 0.6% to 7,518.1. Both the gauges hit fresh all-time highs earlier in the session. The Dow Jones Industrial Average, however, fell 0.3% to 50,454.5.Most US Treasury yields fell, with the 10-year down 7.7 basis points to 4.50% and the two-year down eight basis points to 4.05%.Micron Technology's (MU) market capitalization touched $1 trillion for the first time after several bullish analyst reports. The chipmaker's shares soared 22% after midday, the top performer on the S&P 500 and the Nasdaq.Among stocks with a market capitalization of more than $200 billion, nine in the top 10 are semiconductor companies, and the remaining one is a manufacturer of computer hardware, according to data compiled by Finviz.The US is touting progress toward a peace deal with Iran to end the nearly three-month war, even amid fresh hostilities and uncertainty over the vital Strait of Hormuz, Bloomberg reported Tuesday. Security in the crucial energy waterway remained unclear Tuesday after the two sides exchanged strikes overnight, and the US Central Command pushed back reports suggesting the military was helping escort vessels.Iran's top negotiator, Mohammad Baqer Qalibaf, was in Doha for talks with Qatar's prime minister on a potential deal, an official briefed on the visit told Reuters. Qalibaf returned to Iran after seeking agreement on the release of around $24 billion of frozen Iranian funds as part of the memorandum of understanding, the news report cited Iranian media.West Texas Intermediate crude oil futures dropped 2.7% to $93.88, while Brent crude futures jumped 3.6% to $99.72.

Dow JonesNasdaq CompositeS&P 500$MU
Sectors

Sector Update: Tech Stocks Gain Late Afternoon

Tech stocks were higher late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.7% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing up 4.8%. The Philadelphia Semiconductor index popped 5.6%.In corporate news, Micron Technology's (MU) market capitalization touched $1 trillion for the first time following several bullish analyst reports. Its shares surged 20%.Qualcomm (QCOM) is set to supply ByteDance with millions of chips for AI data centers to support the TikTok owner's AI agent software, Bloomberg reported. Qualcomm shares climbed 4.8%.Elbit Systems (ESLT) reported higher Q1 results and said its order backlog topped $30 billion, lifted by surging demand from Israel's Ministry of Defense amid ongoing regional conflicts. Its shares rose past 9%.Quantinuum, a quantum computing platform controlled by Honeywell International (HON), is seeking to raise up to $1.21 billion through an initial public offering, according to a filing on Tuesday. Honeywell shares rose 1.7%.

$ESLT$HON$MU$QCOM
Micron Poised to Benefit From 'Enhanced' Long-Term Deals, UBS Says
US Markets

Micron Poised to Benefit From 'Enhanced' Long-Term Deals, UBS Says

Micron Technology's (MU) valuation should get a further boost from long-term agreements in the memory industry, UBS Securities said Tuesday, as the semiconductor manufacturer's market capitalization crossed the $1 trillion mark for the first time.The new "enhanced" LTAs include longer durations, fixed volume commitments and partially fixed pricing, compared with the prior periods that involved volume-based offtake deals, according to UBS analysts, including Timothy Arcuri.These LTAs are likely to cover 20% to 30% of the memory industry's double data rate -- or DDR -- bit shipments in 2027, the brokerage said. Hyperscalers have secured about 60% to 70% of the industry's Server DDR5 volumes under these agreements, it said."We believe the market will start to put a more 'normal' multiple on the stock and MU will continue to re-rate higher as more details emerge about the structural changes (artificial intelligence) has driven to the entire memory complex," Arcuri wrote. "These agreements will allow (Micron) to trade some near-term revenue for demand visibility and a smoother earnings profile."Shares of Micron were trading 21% higher in Tuesday afternoon trade, boosting its market cap above $1 trillion, Yahoo Finance data showed. The stock's valuation has more than tripled so far this year.UBS boosted its price target on Micron shares to $1,625 from $535, while reiterating its buy recommendation.UBS raised earnings-per-share estimates for Micron to $155 from $133 for calendar year 2027 and to $167 from $122 for 2028. Micron is expected to generate free cash flow of more than $400 billion from 2027 through 2029, according to the brokerage."Considering that investors typically reward stocks for durability and visibility, we see (Micron's) EPS remaining (more than) $100 through (calendar year 2029) as testament to the sort of lasting, structural change that should support a shift toward a broader semi multiple," Arcuri said.Price: $907.84, Change: $+156.84, Percent Change: +20.88%

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Equities Mixed Intraday as Markets Track War Updates
US Markets

Equities Mixed Intraday as Markets Track War Updates

US benchmark equity indexes were mixed intraday as traders monitored the latest developments in the Middle East conflict.The Nasdaq Composite was up 0.8% at 26,566.9 after midday Tuesday, while the S&P 500 rose 0.4% to 7,505.5. The Dow Jones Industrial Average fell 0.4% to 50,392.7 after closing at a record high in the previous session.Among sectors, technology paced the gainers intraday Tuesday, while energy saw the steepest decline.US markets were closed Monday for the Memorial Day holiday.West Texas Intermediate crude oil was down 2.7% at $93.97 a barrel intraday Tuesday, while Brent rose 3.9% to $99.85.Iran has a "legitimate" right to respond to any violation of a ceasefire by the US, CNN reported Tuesday, citing Tehran's Islamic Revolutionary Guard Corps. Earlier, the US military targeted Iranian missile launch sites and boats around the crucial Strait of Hormuz in what it described as "self-defense strikes," according to the report.US President Donald Trump said Monday that negotiations with Iran were "proceeding nicely," but encouraged countries including Saudi Arabia and Pakistan to join the Abraham Accords, aimed at normalizing diplomatic ties with Israel.US Treasury yields were lower intraday Tuesday, with the 10-year rate down 6.4 basis points at 4.51% and the two-year rate losing 5.9 basis points to 4.07%.In company news, Micron Technology (MU) shares surged nearly 19%, the best performer on the S&P 500, as UBS Securities boosted it price target on the semiconductor manufacturer's stock to $1,625 from $535."Our supply chain work on long-term agreements across the memory industry suggests that up to 30% of (double data rate) volumes industry-wide will be soon locked in at pricing that is just slightly below current levels, and these agreements will allow (Micron) to trade some near-term revenue for demand visibility and a smoother earnings profile," UBS said in a note to clients.Western Digital (WDC) shares jumped 9.2%, the second-top gainer on the S&P 500, followed by On Semiconductor (ON), up 9%.Elbit Systems' (ESLT) first-quarter results rose year on year, while the company said its order backlog topped $30 billion, lifted by surging demand from Israel's Ministry of Defense amid ongoing regional conflicts. The company's US-listed shares were up 7.5% intraday.AutoZone (AZO) shares plummeted 9.8%, the steepest decline on the S&P 500, after the auto parts retailer's fiscal third-quarter earnings topped market estimates, but revenue fell short.Some 95% of S&P 500 companies have reported their quarterly financial results in the latest cycle, with earnings up about 28% from a year earlier and revenue rising 11.1%, Oppenheimer Asset Management said in a note.Ahead of the earnings season, FactSet put expected earnings growth at 12.6% year over year, according to the brokerage."The (first-quarter) earnings season rolled on, with many firms reporting strong results and positive guidance," Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus said. "Bears, skeptics, and nervous investors have been able to take some profits without (the fear of missing out) within what appears to us a bull market that persists having legs to run further."Costco Wholesale (COST), Marvell Technology (MRVL), Salesforce (CRM), and Dell Technologies (DELL) are some of the major companies slated to report results this week.Gold was down 0.4% at $4,506.70 per troy ounce, while silver rose 0.6% $76.63 per ounce.

Dow JonesNasdaq CompositeS&P 500$AZO$COST$CRM$DELL$ESLT$MRVL$MU$ON$WDC
Sectors

Sector Update: Tech Stocks Gain Tuesday Afternoon

Tech stocks were higher Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.4% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing 4.2%.The Philadelphia Semiconductor index popped 4.7%.In corporate news, Micron Technology's (MU) market capitalization touched $1 trillion for the first time after several bullish analyst reports. Its shares jumped past 18%.Qualcomm (QCOM) is set to supply ByteDance with millions of chips for AI data centers to support the TikTok owner's AI agent software, Bloomberg reported. Qualcomm shares climbed 3.5%.Elbit Systems (ESLT) reported higher Q1 results and said its order backlog topped $30 billion, lifted by surging demand from Israel's Ministry of Defense amid ongoing regional conflicts. Its shares rose past 7%.

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Asia Markets

Technology Helps S&P 500, Nasdaq Break Records; Micron Technology Touches $1 Trillion in Market Capitalization

US equity indexes traded mixed, with the S&P 500 and the Nasdaq hitting new all-time highs as technology topped charts and government bond yields slid sharply lower.Crude oil futures were mixed after midday Tuesday as efforts continued to end the war against Iran.The Nasdaq Composite jumped 0.9% to 26,572.8, with the S&P 500 up 0.5% to 7,511.2, kicking off the holiday-shortened week on a strong note. Both the Nasdaq and the S&P 500 hit fresh all-time highs earlier in the session. The Dow Jones Industrial Average, however, fell 0.3% to 50,423.4.Industrials and materials were among the top three gainers intraday. Energy and consumer staples led the decliners.Micron Technology's (MU) market capitalization touched $1 trillion for the first time after several bullish analyst reports. Shares traded about 18% higher after midday, making them the top performers on the S&P 500 and the Nasdaq.Among stocks with a market capitalization of more than $200 billion, eight in the top 10 are semiconductor companies, and the remaining two are manufacturers of computer hardware, according to data compiled by Finviz.Iran's Islamic Revolutionary Guard Corps said it has a "legitimate" right to respond to any "violation" of the ceasefire after the US military carried out what it called "self-defense strikes" targeting Iranian missile launch sites and boats around the Strait of Hormuz, CNN reported Tuesday.The strikes came hours after Iranian negotiators met with Qatari mediators in Doha for talks in coordination with the US, the news report said. The US and Iran are working toward a memorandum of understanding, but disputes over language concerning Iran's nuclear program and sanctions have held up a deal, the news report added.US Treasury yields fell, with the 10-year down 6.8 basis points to 4.5% and the two-year lower by 5.9 basis points to 4.07%.West Texas Intermediate crude oil futures dropped 2.7% to $93.97, while Brent crude futures jumped 3.7% to $99.85.In economic news, the Conference Board's measure of consumer confidence fell to 93.1 in May from 93.8 in April, still above the 92.0 expected in a Bloomberg-compiled survey."Consumer confidence edged downward in May as the inflationary impacts of the war in the Middle East intensified," said Dana Peterson, chief economist at The Conference Board."Consumer appraisals of current business conditions and the current labor market were moderately less positive compared to last month," Peterson said. "This was somewhat offset by modest improvements in consumers' expectations for business conditions and the labor market six months from now."The Dallas Fed's monthly manufacturing index rebounded to 0.4 in May from minus 2.3 in April, compared with expectations for a smaller increase to 0.0.The Case-Shiller National Home Price Index rose by 0.7% in March, before seasonal adjustments, following a 0.3% increase in February. National home prices were up 0.7% year-over-year, down from 0.8% in February.Further in company news, AutoZone (AZO) reported mixed fiscal Q3 results on Tuesday, with earnings topping market estimates and revenue falling short. Shares sank 12%, the worst performer on the S&P 500.In precious metals, gold futures slipped 0.2% to $4,509.5, while silver futures climbed 0.4% to $76.52.

Dow JonesNasdaq CompositeS&P 500$AZO$MU
Sectors

Sector Update: Tech

Tech stocks were higher Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.4% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing 4.2%.The Philadelphia Semiconductor index popped 4.7%.In corporate news, Micron Technology's (MU) market capitalization touched $1 trillion for the first time after several bullish analyst reports. Its shares jumped 18%.

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Wire

Micron Technology Set for Higher Re-Rating on Long-Term Agreements, EPS Durability, UBS Says

Micron Technology (MU) is benefiting from long-term memory agreements, with the stock expected to re-rate higher as structural changes in the memory complex become clearer and earnings visibility improves, UBS Securities said Tuesday.The investment firm said the new 'enhanced' LTAs include longer durations, fixed volume commitments, and a partially fixed pricing framework. Hyperscalers have secured about 60% to 70% of the industry's Server DDR5 volumes under these agreements, ensuring offtake for Micron and other suppliers, according to the note.The enhanced LTAs benefit memory suppliers by providing a smoother earnings and revenue profile, higher cross-cycle return on invested capital, and improved visibility into committed customer demand, the brokerage said.UBS is raising earnings per share estimates across calendar years 2027, 2028, and 2029 to $155, $167, and $117, respectively, from $133, $122, and $77 previously. The brokerage expects Micron's EPS to remain more than $100 through calendar year 2029.UBS reiterated its buy rating on Micron Technology and raised the price target to $1,625 from $535.Shares of Micron Technology rose 18% in Tuesday trading.Price: $885.83, Change: $+134.83, Percent Change: +17.95%

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