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

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

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

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

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

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

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

Top Midday Gainers

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

$GFS$IBM$QBTS$RL
Sectors

Sector Update: Tech Stocks Advance Thursday Afternoon

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

$AMZN$GFS$IBM$NVDA$QBTS
Wire

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

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

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

Sector Update: Tech Stocks Decline Premarket Thursday

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

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

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

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

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

Sector Update: Tech

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

$GFS$IBM$QBTS
Wire

D-Wave Gains Commercial Traction, Wedbush Says

D-Wave Quantum (QBTS) is expected to report only slightly better Q2 revenue than Q1 than missed market expectations, but the firm points to a significant ramp in H2, Wedbush said in a note Wednesday.Bookings of $33.4 million and remaining performance obligations of $42.4 million were the most important figures in the quarter because they point to future revenue, the report said.The note said near-term earnings results have minimal meaning for D-Wave, an early stage quantum computer company."We continue to view technological progress (on both annealing and gate-model platforms) and bookings momentum as the most important leading indicators of the company's progress," the report said.The note also pointed to its investor Day on June 1 as likely a signal that any updates will skew positive.Wedbush kept its outperform rating and $40 price target.Price: $21.27, Change: $-1.09, Percent Change: -4.85%

$QBTS
Sectors

Sector Update: Tech Stocks Decline Pre-Bell Tuesday

Technology stocks were declining pre-bell Tuesday, with the State Street Technology Select Sector SPDR Fund (XLK) down 1.1% and the State Street SPDR S&P Semiconductor ETF (XSD) 1.8% lower.Zebra Technologies (ZBRA) shares were up more than 12% after the company reported higher fiscal Q1 non-GAAP earnings and net sales, and issued fiscal Q2 and 2026 non-GAAP EPS outlook above analysts' estimates.D-Wave Quantum (QBTS) stock was down more than 3% after the company posted a wider Q1 net loss as revenue fell during the period.Ralliant (RAL) shares were up more than 12% after the company raised its 2026 outlook and issued Q2 guidance above analysts' expectations.

$QBTS$RAL$XLK$XSD$ZBRA
Wire

D-Wave Likely to Provide 'Positive' Update at Investor Day, Wedbush Says

D-Wave Quantum (QBTS) is expected to provide "positive" update at its Investor Day on June 1, Wedbush Securities said in a Thursday note."We see D-Wave's investor Day timing...as likely a signal that any updates will skew positive," the report said.For its Q1 results due May 12, the report said earnings call will again skew towards qualitative milestones/achievements against financial metrics.Details on both might be a bit more scarce than is typical for a quarterly report given the company is slated to host an Investor Day in less than a month, the note said.While the firm doesn't provide financial targets, it does talk to new deal activity and highlighted bookings momentum on their Q4 call, the report said.Wedbush kept its outperform rating with a price target of $40.Price: $23.14, Change: $-0.69, Percent Change: -2.90%

$QBTS