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Research

Research Alert: CFRA Maintains Sell Opinion On Adss Of Pdd Holdings Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our target to USD82 (from USD95), 4.3x 2026 EV/EBITDA (three-year mean: 8.9x), factoring in projected earnings and execution risks due to higher business investments amid strong competition. We expect earnings to remain volatile as PDD ramps up business investments, particularly around its new first-party brand initiative, which management has identified as a core strategic priority. Product launches are expected in Q3 2026 and PDD has committed CNY100B to support the initiative, which may include fixed investments, product subsidies, and promotional spending, in our view. In addition, PDD is continuing its separate CNY100B merchant support program launched in April 2025. While we think these investments could strengthen PDD's long-term value proposition, for example through more competitive value-for-money offerings, the substantial scale of the spending is likely to weigh on near-term profitability. We trim 2026 and 2027 EPADS forecasts to CNY59.13 and CNY80.73 (from CNY73.07/CNY92.14), respectively.

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Research

Macquarie Downgrades PDD Holdings to Neutral From Outperform, Adjusts PT to $87 From $151

PDD Holdings (PDD) has an average rating of overweight and mean price target of $133.48, 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)

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Research

Barclays Downgrades PDD Holdings to Equalweight From Overweight, Adjusts PT to $89 From $165

PDD Holdings (PDD) has an average rating of overweight and mean price target of $133.48, 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)

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Research

Nomura Downgrades PDD Holdings to Neutral From Buy, Adjusts PT to $97 From $136

PDD Holdings (PDD) has an average rating of overweight and mean price target of $135.68, 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)

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Wall Street Hits New Peaks, US Crude Slips Below $90 Amid Iran Deal Hopes
US Markets

Wall Street Hits New Peaks, US Crude Slips Below $90 Amid Iran Deal Hopes

Wall Street's benchmark equity indexes reached fresh highs on Wednesday as US crude oil fell below $90 a barrel amid renewed optimism around prospects for an end to the Middle East conflict.The Dow Jones Industrial Average rose 0.4% to 50,644.3, its highest finish ever. The Nasdaq Composite gained 0.1% to 26,674.7, while the S&P 500 eked out a gain to end at 7,520.4 -- both notching new record closing highs for a second consecutive day.Six of the 11 sectors were in the red, led by energy, while consumer discretionary paced the gainers.West Texas Intermediate crude oil was last down 4.8% at $89.39 a barrel, while Brent fell 4.6% to $95.Secretary of State Marco Rubio said the US will give talks with Iran "every chance to succeed," according to a CNBC report.Israel reportedly launched fresh attacks in Lebanon, targeting Iran-backed Hezbollah. This could complicate peace talks as Tehran has demanded that any deal must ensure an end to fighting in Lebanon, Stifel said."Despite the latest clashes, however, markets remain somewhat hopeful an interim deal (between the US and Iran) may still be likely," Stifel Chief Economist Lindsey Piegza said in a note Wednesday.President Donald Trump on Wednesday expressed confidence that the US would be able to reach a deal to end the conflict, but he is not yet satisfied with the terms, CNN reported.Iranian state TV previously claimed that a draft memorandum on ending the conflict calls for the US to withdraw its military forces and lift the naval blockade in return for reopening the Strait of Hormuz within a month. However, the White House dismissed it as a "complete fabrication," CNN reported.US Treasury yields were mixed, with the 10-year rate down 1.1 basis points at 4.48% and the two-year rate little changed at 4.04%.In company news, JPMorgan Chase (JPM) Chief Executive Jamie Dimon said Wednesday at a conference that the bank's expenses this year could be "closer" to $106 billion, or $1 billion higher than previously projected. JPMorgan shares fell 2.4%.Dimon also said that "there might be in the next couple of years a chance to put $10 billion or $20 billion to work buying something," referring to a potential merger and acquisition opportunity, according to a FactSet transcript.Zscaler (ZS) shares tanked nearly 32% after the cloud security company provided a fiscal fourth-quarter revenue outlook below market estimates, even though it reported better-than-expected results for the prior three-month period.PDD's (PDD) first-quarter earnings unexpectedly declined year over year, while the Chinese e-commerce platform's revenue fell short of market estimates. The company's Nasdaq-listed stock slid 10%.Abercrombie & Fitch's (ANF) fiscal first-quarter earnings topped Wall Street's projections amid record sales for the apparel retailer. The company's shares jumped 8.9%.Gold was last down 1.2% at $4,450.70 per troy ounce, while silver lost 2.3% to $74.87 per ounce.

Dow JonesNasdaq CompositeS&P 500$ANF$JPM$PDD$ZS
Equities Mixed Intraday as Markets Track US-Iran Peace Talks
US Markets

Equities Mixed Intraday as Markets Track US-Iran Peace Talks

US benchmark equity indexes were mixed after midday Wednesday as traders continued to monitor US-Iran peace deal negotiations.The Dow Jones Industrial Average was up 0.4% at 50,646.7 intraday, while the Nasdaq Composite fell 0.2% to 26,611.6. The S&P 500 slipped 0.1% to 7,509.8. Both the Nasdaq and the S&P 500 notched new record closing highs in the previous session.Among sectors, consumer discretionary paced the gainers, while energy and financials saw the biggest drop.Iranian state TV reportedly claimed that a draft memorandum on ending the three-month-old conflict calls for the US to withdraw its military forces and lift the blockade of Iranian ports in return for the reopening of the Strait of Hormuz within a month. However, the White House dismissed it as a "complete fabrication," CNN reported.President Donald Trump on Wednesday expressed confidence that the US would be able to reach a deal to end the conflict, but he is not yet satisfied with the terms, CNN reported.West Texas Intermediate crude oil was down 4.4% at $89.77 a barrel intraday Wednesday, while Brent fell 4.1% to $95.54.US Treasury yields were mixed intraday Wednesday, with the 10-year rate down 1.1 basis points at 4.48% and the two-year rate little changed at 4.04%.In company news, JPMorgan Chase (JPM) Chief Executive Jamie Dimon said Wednesday at a conference that the bank's expenses this year could be "closer" to $106 billion, or $1 billion higher than previously projected. JPMorgan shares were down 3%.Dimon also said that "there might be in the next couple of years a chance to put $10 billion or $20 billion to work buying something," referring to a potential merger and acquisition story, according to a FactSet transcript.Zscaler (ZS) shares tanked nearly 32% intraday after the cloud security company provided a fiscal fourth-quarter revenue outlook below market estimates, even though it reported better-than-expected results for the prior three-month period.PDD's (PDD) first-quarter earnings unexpectedly declined year over year, while the Chinese e-commerce platform's revenue fell short of market estimates. The stock slid nearly 12% intraday.Abercrombie & Fitch's (ANF) fiscal first-quarter earnings topped Wall Street's projections amid record sales for the apparel retailer. The company's shares jumped nearly 12% intraday.Marvell (MRVL), Salesforce (CRM), Synopsys (SNPS), Snowflake (SNOW) and HP (HPQ) were scheduled to release their quarterly results after the markets close Wednesday.Gold was down 1.4% at $4,441 per troy ounce, while silver lost 2.2% $74.90 per ounce.

Dow JonesNasdaq CompositeS&P 500$ANF$CRM$HPQ$JPM$MRVL$PDD$SNOW$SNPS$ZS
Wire

Top Midday Stories: White House Refutes Iran Report of Interim Peace Deal; Zscaler Shares Plunge After Fiscal Q4 Revenue Guidance Misses Estimates

The Dow Jones Industrial Average was up, while the S&P 500 and Nasdaq Composite were about flat in late-morning trading Wednesday after Iranian state media reported that an unofficial draft of a US-Iran interim peace deal says that maritime traffic through the Strait of Hormuz would return to normal within a month of the agreement being finalized. Later, the White House said the report of an interim peace deal was a "complete fabrication" and "not true."In company news, Zscaler (ZS) reported fiscal Q3 adjusted earnings late Tuesday of $1.08 per diluted share, up from $0.84 a year earlier and above the FactSet consensus analyst estimate of $1.01. Fiscal Q3 revenue was $850.5 million, up from $678 million a year ago and above the FactSet consensus of $835.6 million. For fiscal Q4, the company said it expects adjusted EPS of $1.08 to $1.09, above the FactSet consensus of $1.03. Fiscal Q4 revenue is expected to be between $875 million and $878 million, below the FactSet consensus of $878.6 million. For full-year 2026, the company said it expects adjusted EPS of $4.10 to $4.11, up from its previous guidance of $3.99 to $4.02 and above the FactSet consensus of $4.01. Full-year revenue is expected to be between $3.329 billion and $3.332 billion, above its previous guidance of $3.31 billion to $3.32 billion and above the FactSet consensus of $3.32 billion. Zscaler shares were down 31.6% around midday.Boston Scientific (BSX) Chief Executive Mike Mahoney mentioned possible short-term challenges facing the company during a presentation Wednesday at an industry conference. Mahoney said Boston Scientific is "not going to likely grow faster than our peer group in the short term, but as that Denali platform gets launched in our emblem with [subcutaneous implantable cardioverter defibrillator] leadless pacemaker, that will help our growth in our [cardiac rhythm management] business," according to the report. Boston Scientific shares were down 9.8%.PDD Holdings (PDD) reported Q1 non-GAAP earnings Wednesday of 9.51 Chinese renminbi ($1.38) per diluted American depositary share, down from 11.41 renminbi a year earlier and below the FactSet consensus of 16.56 renminbi. First-quarter revenue was 106.23 billion renminbi, up from 95.67 billion renminbi a year ago but below the FactSet consensus of 109.82 billion renminbi. PDD shares were down 11.0%.JPMorgan Chase (JPM) CEO Jamie Dimon said Wednesday at a conference that "there might be in the next couple of years a chance to put $10 billion or $20 billion to work buying" another company, according to a transcript. JPMorgan shares were down 3.0%.Dycom Industries (DY) reported fiscal Q1 adjusted net income Wednesday of $4.42 per diluted share, up from $2.39 a year earlier and above the FactSet consensus of $2.72. Fiscal Q1 contact revenue was $1.96 billion, up from $1.26 billion a year ago and above the FactSet consensus of $1.67 billion. For fiscal 2027, the company said it expects revenue of $7.38 billion to $7.65 billion, up from its previous guidance of $6.85 billion to $7.15 billion and above the FactSet consensus of $7.07 billion. Dycom shares were up 28.1%.Price: $126.28, Change: $-58.33, Percent Change: -31.60%

$BSX$DY$JPM$PDD$ZS
Research

Research Alert: Pdd: Q1 Profits Miss Amid Strategic Investments; Volatile Earnings To Persist

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:PDD's Q1 2026 EPADS declined 15% Y/Y to CNY8.48, weaker than expected, while revenue growth sustained at 11% Y/Y (Q4 2025: +12%), supported by transaction services revenue (+20% Y/Y). Operating margin improved to 18.4% from Q1 2025's 16.8%, though softer than Q4 2025 (-4.0%-pts Q/Q) amid significant supply chain and first-party business investments, with product launches expected in Q3 2026. We expect margin pressures ahead as PDD committed to invest CNY100B over three years in the first-party business initiative. Management emphasized Q1 2026 marks the start of deep transformations, with Co-CEO highlighting supply chain investments as core strategic priority for the next decade. PDD's stance that long-term value creation will take precedence over near-term profits remains unchanged, in our view. We expect revenue growth to remain moderate due to initiatives such as the CNY100B merchant support program, while earnings are likely to remain volatile amid continued investments.

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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: Consumer Stocks Mixed Pre-Bell Wednesday

Consumer stocks were mixed pre-bell Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) down 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advancing by 0.4%.Lululemon athletica (LULU) stock was up more than 3% after the company said it has settled its dispute with its founder, Chip Wilson.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.Dick's Sporting Goods (DKS) stock was down more than 2% after the company reported a decline in fiscal Q1 non-GAAP earnings.

$DKS$LULU$PDD$XLP$XLY
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
Temu Parent PDD First-Quarter Earnings Unexpectedly Decline
US Markets

Temu Parent PDD First-Quarter Earnings Unexpectedly Decline

PDD's (PDD) first-quarter earnings unexpectedly declined year over year, while the Chinese e-commerce platform's revenue fell short of market estimates.The company on Wednesday posted adjusted earnings of 9.51 renminbi ($1.38) per American depositary share for the March quarter, down from 11.41 renminbi a year earlier. The consensus on FactSet was for an increase to 16.56 renminbi. Revenue climbed 11% to 106.23 billion renminbi, but trailed the Street's view for 109.82 billion renminbi.PDD's Nasdaq-listed American depositary receipts dropped nearly 8% in the most recent premarket activity. The company owns the Pinduoduo social commerce platform in China and Temu, an e-commerce marketplace in North America."This quarter marks the start of deep transformations in our business, our internal processes and our organization," co-Chief Executive Lei Chen said in a statement. "We are actively stepping up to our responsibilities as a platform enterprise to create greater value for our users, the industries and the society as a whole."Revenue from online marketing services rose to 49.94 billion renminbi from 48.72 billion renminbi in the prior-year quarter. Transaction services revenue gained 20% to 56.29 billion renminbi.Cost of revenue amounted to 46.89 billion renminbi versus 40.95 billion renminbi last year due to higher fulfillment and payment processing fees, among other factors. Total operating expenses rose to 39.77 billion renminbi from 38.64 billion renminbi, mainly due to an increase in research and development costs, according to the company."We are investing resolutely in our supply chain capabilities," Vice President of Finance Jun Liu said. "These investments are the cornerstone of a resilient and thriving platform ecosystem, and we are prepared to invest over the long term."Earlier this month, Chinese e-commerce giant Alibaba (BABA) reported lower-than-expected fiscal fourth-quarter earnings and revenue, while JD.com's (JD) first-quarter results beat estimates.

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Japan

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

US equity futures were rising 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 0.2% higher, S&P 500 futures were up 0.3%, and Nasdaq futures were 0.7% 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 2.5% at $94.29 per barrel and US West Texas Intermediate crude 3.5% lower at $90.64 per barrel.The Richmond Fed manufacturing index for May is scheduled to be released at 10 am ET.

Dow JonesNasdaq CompositeS&P 500$PDD
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
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