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Wire

Top Midday Stories: SpaceX IPO Said to Draw Over $70 Billion in Retail Orders; Oracle Earnings Top Estimates, Plans to Raise Another $20 Billion

All three major US stock indexes were up in late-morning trading Thursday, as chip stocks rebounded and in spite of heightened tensions between the US and Iran.President Donald Trump said Thursday on Truth Social that the US will hit Iran with an attack "VERY HARD TONIGHT," and that it will take control of Kharg Island sometime in the "not so distant future." Meanwhile, Iran said it will treat all of Elon Musk's companies operating in the Middle East as military targets, CNBC reported, citing a report by Iranian state media outlet Fars.In company news, SpaceX's initial public offering, which prices Thursday, has drawn over $70 billion in orders from retail investors, Bloomberg reported, citing people familiar with the matter. Retail investors are likely to be allocated at least 20% of the available shares. At SpaceX's target IPO size of $75 billion, that allocation would leave the majority of retail demand unfulfilled, the report said, citing the people and Bloomberg's own calculations.Oracle (ORCL) reported fiscal Q4 adjusted earnings late Wednesday of $2.11 per diluted share, up from $1.70 a year earlier and above the FactSet consensus analyst estimate of $1.96. Fiscal Q4 revenue was $19.18 billion, up from $15.90 billion a year ago and above the FactSet consensus of $19.10 billion. For fiscal Q1, the company said it expects adjusted EPS of $1.72 to $1.76 on revenue growth of 27% to 29%. Analysts expect EPS of $1.68. For full-year 2027, the company said it expects adjusted EPS of $8.05 on revenue of $90 billion. Analysts expect $8.02 and $88.78 billion, respectively. Oracle's gross margin fell by about 5 points in 2026, and Chief Financial Officer Hilary Maxson said the company expects gross margin to fall further in 2027 "due to timing for the ramp-up of our data center projects into their full revenue contribution, plus impacts from mix." Oracle is expected to have a net cash outlay for capital expenditures of around $70 billion in fiscal 2027, up from $48 billion a year ago, it said. Finally, the company said it plans to raise about $40 billion via debt and equity issuances in fiscal 2027, including its previously announced $20 billion stock sale. Oracle shares were down 11.1% around midday.Amazon (AMZN) said Thursday its global data center footprint used 2.5 billion gallons of water in 2025, as the tech giant provided an update for its 2030 goal of returning more water to the communities where it operates than what it uses for its data centers. The tech giant returned three gallons for every four it used last year, meaning it is 75% of the way to its water-positive goal, it said. Amazon shares were down 0.4%.Dana (DAN) has agreed to merger with Eaton's (ETN) Mobility unit in a Reverse Morris Trust transaction valued at $5.1 billion, the companies said Thursday. Eaton will receive a $1.1 billion cash distribution, while its shareholders will take a minimum 50.1% equity stake in the new business, the companies said. The combined entity will retain the Dana name and will be led by Chief Executive Byron Foster, the companies said. The deal is expected to close in Q1 2027, they said. Dana shares were down 10.5%, while Eaton shares were up 2.0%.Super Micro Computer (SMCI) said Thursday that it plans to raise up to $7 billion through a package of equity and equity-linked financing transactions. The company said it will sell 45.5 million common shares at $27.50 apiece, raising net proceeds of $1.22 billion. Super Micro shares were up 0.3%.Price: $179.00, Change: $-22.26, Percent Change: -11.06%

$AMZN$DAN$ETN$ORCL$SMCI
Update: Nasdaq, S&P 500 Hit 5-Week Lows Amid Re-Escalation in Middle East
US Markets

Update: Nasdaq, S&P 500 Hit 5-Week Lows Amid Re-Escalation in Middle East

(Updates with market moves at the end of the day.)The Nasdaq Composite and the S&P 500 fell to the lowest levels in about five weeks on Wednesday as renewed tensions between the US and Iran pushed oil prices higher.The Nasdaq fell 2% to 25,169.5, its lowest close since May 4. The S&P 500 lost 1.6% to 7,267, the lowest finish since May 5. The Dow Jones Industrial Average shed 1.9% to settle at 49,918.8, the lowest since May 19.Most sectors were in the red, led by industrials' 3.4% slump, while consumer staples paced the gainers.West Texas Intermediate crude oil was up 2.6% at $90.46 a barrel in late-afternoon trade, while Brent rose 2.2% to $93.42.Iran will have to "pay the price" for taking too long to agree to a peace deal, US President Donald Trump said in a social media post Wednesday.The US will resume attacks on Iran Wednesday, CNN reported, citing Trump.US forces launched airstrikes Tuesday against Iran after Tehran shot down an American Apache helicopter, Central Command said. Iran struck American military bases across Jordan, Kuwait, and Bahrain, media reports showed."With no imminent deal in sight and with the global oil market tightening significantly every day, we see upside to prices, particularly if these disruptions linger into the third quarter, a period of seasonally stronger oil demand," ING Bank said in a report Wednesday.US Treasury yields were mixed, with the 10-year rate up 2.3 basis points at 4.55% and the two-year rate little changed at 4.14%.In economic news, US annual inflation accelerated to the highest in about three years last month, fueling expectations that the Federal Reserve will keep interest rates on hold for some time."US inflation continues to vault higher on the back of swiftly rising energy prices and four months of closure of the Strait of Hormuz," BMO Chief US Economist Scott Anderson said in a report.Monthly headline and core inflation measures, however, eased."The milder rise in core (consumer price index) inflation in May will buy the Fed some time to wait a bit longer before taking any action on raising interest rates."Markets widely expect the Fed to leave interest rates unchanged next week, which would mark its fourth straight pause, according to the CME FedWatch tool.In company news, Super Micro Computer (SMCI) shares slid 28%, the worst performer on the S&P 500, as the company announced a series of concurrent equity and equity-linked financing transactions amounting to $7 billion.Casey's General Stores (CASY) shares surged 20%. Late Tuesday, the convenience store operator logged better-than-expected fiscal fourth-quarter results.Gold was down 4.2% at $4,105.10 per troy ounce, while silver fell 2.2% to $63.82.

Dow JonesNasdaq CompositeS&P 500$CASY$SMCI
International

US Equity Markets End Lower Amid Semiconductor Sell-Off, Trump Threat to Hit Iran "Hard"

US equity indexes were lower on Wednesday amid a semiconductor stock sell-off and after President Trump threatened a "very hard" attack on Iran.* The US will resume attacks on Iran on Wednesday, President Donald Trump said, citing slow progress in talks for a deal to end the war, according to a report from CNN.* The US seasonally adjusted consumer price index, a measure of inflation, rose by 0.5% in May, as expected by analysts, following a 0.6% increase in April, according to data released Wednesday by the Bureau of Labor Statistics. Core CPI, which excludes food and energy prices, rose by 0.2%, below the consensus estimate for a 0.3% increase. Core CPI rose by 0.4% in April.* July West Texas Intermediate crude oil rose $2.16 to settle at $90.36 per barrel, while August Brent crude, the global benchmark, was last seen up $1.88 at $93.35.* Devon Energy (DVN) shares were up roughly 5.7%, the top gainer on the S&P 500, after Evercore ISI upgraded the stock to outperform from in line with a $54 price target.* Super Micro Computer (SMCI) shares fell nearly 27%, the steepest decliner on the S&P 500, after the company said late Tuesday it is planning $7 billion worth of equity and equity-linked financing transactions as part of efforts to fund AI orders related to its advanced servers.

Dow JonesNasdaq CompositeS&P 500$DVN$SMCI
Sectors

Sector Update: Tech Stocks Fall Late Afternoon

Tech stocks were lower late Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 2.4% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 3.4%.The Philadelphia Semiconductor index slumped 3.6%.In sector news, institutional demand for SpaceX shares is more than four times the amount available ahead of its initial public offering, Bloomberg reported.In corporate news, Microsoft-backed (MSFT) OpenAI is expected to go public within the next year, although the timing could shift depending on market and company conditions, The Information reported, citing Chief Executive Sam Altman's Slack message to staff. Microsoft shares were down 1.3%.Super Micro Computer (SMCI) shares tumbled past 25% after the company said late Tuesday it is planning $7 billion worth of equity and equity-linked financing transactions as part of efforts to fund AI orders related to its advanced servers.Alphabet (GOOGL, GOOG) unit Google's YouTube and Meta (META) were denied a new trial after a jury found that the companies were liable for designing social media platforms that are addictive to young people, Reuters reported Wednesday. Alphabet shares were down 2.2%, and Meta shed 2.2%.ASML (ASML) will cut fewer jobs than the roughly 1,700 positions it initially planned to eliminate following negotiations with Dutch labor unions, Bloomberg reported. ASML shares declined 2%.

$ASML$GOOG$GOOGL$META$MSFT$SMCI
Wire

Top Midday Decliners

Super Micro Computer (SMCI) said late Tuesday it is planning equity and equity-linked transactions totaling $7 billion to fund the purchase of components to meet orders for its AI servers.Shares sank 20%, with intraday trading volume rising to over 87.0 million from a daily average of about 42.3 million.America's Car-Mart (CRMT) is working on raising capital to avoid a bankruptcy filing as it sits on the verge of default, Bloomberg reported Wednesday, citing people familiar with the matter. The company didn't immediately reply to a request for comment from.Shares slumped 51% as intraday trading volume soared to more than 6.10 million from a daily average of about 168,000.Suja Life (SUJA) said late Tuesday it expects full-year 2026 sales of $367 million to $371 million. Analysts polled by FactSet project $371.1 million.Shares dropped 26%, with intraday trading volume of more than 562,000 against a daily average of about 442,000.Price: $11.46, Change: $-4.10, Percent Change: -26.33%

$CRMT$SMCI$SUJA
Update: Equities Fall Intraday as US-Iran Tensions Re-Escalate, Traders Parse Inflation Report
US Markets

Update: Equities Fall Intraday as US-Iran Tensions Re-Escalate, Traders Parse Inflation Report

(Updates with latest market prices and developments.)US benchmark equity indexes were lower intraday and oil prices jumped as tensions between Washington and Iran re-escalated, while traders assessed the latest inflation report.The Nasdaq Composite was down 1.2% at 25,384.3 after midday Wednesday, while the Dow Jones Industrial Average fell 1.3% to 50,238.6. The S&P 500 shed 0.9% to 7,318.4. Among sectors, industrials saw the steepest decline, while energy paced the gainers.West Texas Intermediate crude oil was up 3.7% at $91.44 a barrel, while Brent rose 3.1% to $94.30.Iran will have to "pay the price" for taking too long to agree to a peace deal, US President Donald Trump said in a social media post Wednesday.The US will resume attacks on Iran Wednesday, CNN reported, citing Trump.US forces launched airstrikes Tuesday against Iran after Tehran shot down an American Apache helicopter, Central Command said. Iran launched retaliatory strikes on American military bases across Jordan, Kuwait, and Bahrain, media reports showed."With no imminent deal in sight and with the global oil market tightening significantly every day, we see upside to prices, particularly if these disruptions linger into the third quarter, a period of seasonally stronger oil demand," ING Bank said in a report Wednesday.US Treasury yields were higher intraday, with the 10-year rate up 1.6 basis points at 4.54% and the two-year rate rising one basis point to 4.13%.In economic news, US annual inflation accelerated to the highest in about three years last month, fueling expectations that the Federal Reserve will keep interest rates on hold for some time."The effects of the Iran war continued to surface in May, TD Economics said in a note. "While still relatively contained, cost pressures are starting to be felt beyond just higher prices at the pump, with airfares up over 8% since the start of the war, which is coming atop lingering tariff price effects and still elevated services (ex. shelter) inflation."Markets widely expect the Fed to leave interest rates unchanged next week, which would mark its fourth straight pause, according to the CME FedWatch tool."With gas prices down sharply so far in June, May could mark the peak for headline (consumer price index), although inflation will be slow to decline, keeping the Fed on prolonged hold for most of this year," Oxford Economics said in a note.In company news, Super Micro Computer (SMCI) shares were down 20% intraday, the worst performer on the S&P 500, as the company announced a series of concurrent equity and equity-linked financing transactions amounting to $7 billion.Casey's General Stores (CASY) shares surged nearly 17%. Late Tuesday, the convenience store operator logged better-than-expected fiscal fourth-quarter results.Oracle (ORCL) is scheduled to report after the closing bell Wednesday.Gold was down 3.3% at $4,147 per troy ounce, while silver fell 0.2% to $65.12.

Dow JonesNasdaq CompositeS&P 500$CASY$ORCL$SMCI
Sectors

Sector Update: Tech Stocks Fall Wednesday Afternoon

Tech stocks were lower Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.7% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 3.1%.The Philadelphia Semiconductor index declined 3%.In corporate news, Super Micro Computer (SMCI) shares tumbled past 19% after the company said late Tuesday it is planning $7 billion worth of equity and equity-linked financing transactions as part of efforts to fund AI orders related to its advanced servers.Alphabet's (GOOGL) Google's YouTube and Meta (META) were denied a new trial after a jury found that the companies were liable for designing social media platforms that are addictive to young people, Reuters reported Wednesday. Alphabet shares were down 2%, and Meta shed 1.5%.Amazon (AMZN) has entered into a $17.5 billion senior unsecured delayed-draw term loan facility with a group of lenders, the company said Wednesday in a regulatory filing. Amazon shares fell 2.4%.

$AMZN$GOOGL$META$SMCI
Sectors

Sector Update: Tech

Tech stocks were lower Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.7% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 3.1%.The Philadelphia Semiconductor index declined 3%.In corporate news, Super Micro Computer (SMCI) shares tumbled past 18% after the company said late Tuesday it is planning $7 billion worth of equity and equity-linked financing transactions as part of efforts to fund AI orders related to its advanced servers.

$SMCI
Wire

Top Midday Stories: Trump Says Iran Must 'Pay the Price'; SpaceX Gets Big Orders From Gulf Wealth Funds Ahead of IPO

All three major US stock indexes were down in late-morning trading, as investors weighed the latest inflation report as well as developments with respect to the war in Iran.President Donald Trump said Wednesday on Truth Social that Iran must now "pay the price" after taking "too long to negotiate a deal."The US seasonally adjusted consumer price index rose by 0.5% in May, as expected, following a 0.6% increase in April, according to data released Wednesday by the Bureau of Labor Statistics. Core CPI, which excludes food and energy prices, rose by 0.2%, below the consensus estimate of 0.3% and compared with April's 0.4% rise.In company news, SpaceX has received orders for shares worth billions of dollars from Middle Eastern wealth funds ahead of its initial public offering, Bloomberg reported Wednesday, citing people familiar with the matter. Saudi Arabia's Public Investment Fund and the Kuwait Investment Authority have each placed orders for shares worth $1 billion to $5 billion, the report said, citing the people. Qatar Investment Authority is also expected to make a large commitment, the people reportedly said.Super Micro Computer (SMCI) said late Tuesday it is planning $7 billion worth of equity and equity-linked financing transactions as part of its effort to fund artificial intelligence orders related to its advanced servers. Super Micro shares were down 17.5% near noon.Amazon (AMZN) has entered into a $17.5 billion senior unsecured delayed-draw term loan facility with a group of lenders, the company said Wednesday in a regulatory filing. The facility will be available through Sept. 30 unless fully drawn before then, and any loans borrowed will mature three years after the borrowing date, the company said. Amazon shares were down 1.9%.Chewy (CHWY) reported fiscal Q1 adjusted earnings Wednesday of $0.43 per share, up from $0.35 a year earlier and and matching the consensus FactSet analyst estimate. Fiscal Q1 net sales were $3.36 billion, up from $3.12 billion a year ago and above the FactSet consensus of $3.35 billion. Chewy shares were down 0.7%.Price: $33.64, Change: $-7.00, Percent Change: -17.22%

$AMZN$CHWY$SMCI
Sectors

Sector Update: Tech Stocks Fall Pre-Bell Wednesday

Technology stocks were falling pre-bell Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) down 1.3% and the State Street SPDR S&P Semiconductor ETF (XSD) declining by 2%.Super Micro Computer (SMCI) stock was down more than 12% after the company unveiled plans for up to $7 billion in equity and equity-linked financing to meet demand.ChipMOS Technologies (IMOS) shares were down more than 4% after the company reported revenue of 2.38 billion New Taiwan dollars ($75.2 million) for May, down 3.1% sequentially and up nearly 18% from a year earlier.Taiwan Semiconductor Manufacturing (TSM) reported that its net revenue for the month of May was about 416.98 billion New Taiwan dollars ($13.18 billion), up 1.5% from the previous month, and up 30.1% from a year earlier. Taiwan Semiconductor stock was down more than 2% premarket.

$IMOS$SMCI$TSM$XLK$XSD
Sectors

Sector Update: Tech

Technology stocks were falling pre-bell Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) down 1% and the State Street SPDR S&P Semiconductor ETF (XSD) marginally declining.Super Micro Computer (SMCI) stock was down more than 11% after the company unveiled plans for up to $7 billion in equity and equity-linked financing to meet demand.

$SMCI
Stocks Fall Pre-Bell as US-Iran Tensions Escalate; Key Inflation Data on Deck
US Markets

Stocks Fall Pre-Bell as US-Iran Tensions Escalate; Key Inflation Data on Deck

The main US stock measures were pointing lower in Wednesday's premarket activity as tensions escalate between the US and Iran, while traders await a key consumer inflation report.The S&P 500 and the Dow Jones Industrial Average declined 0.7% each before the opening bell, while the Nasdaq was off 1%. The S&P 500 and the Nasdaq finished Tuesday trading in the red, while the Dow closed higher.In a social media post early Wednesday, President Donald Trump said that the Iranian military has been "completely defeated.""They've taken too long to negotiate a deal that would have been great for them, now they will have to pay the price," Trump wrote.Iran launched strikes against several US military facilities and bases in Bahrain, Jordan and Kuwait early Wednesday, Bloomberg reported, citing Iranian media.In a Tuesday post on X, the US Central Command said its forces launched "self-defense" strikes against Iran in retaliation against Tehran for shooting down a US military helicopter.Trump said on social media that the two pilots on the helicopter were "safe and uninjured," and that the US would respond to the attack. Iran's Mehr news agency reported that several explosions were heard on Qeshm Island, in the Bandar Abbas region of southern Iran, as well as along the southern coast, according to Bloomberg News.West Texas Intermediate crude oil slipped 0.3% to $87.94 a barrel in premarket action, while Brent edged down 0.4% to $91.08."Cumulative losses have now reached 1 billion barrels and are on track to nearly double by year-end under our base case, which still assumes a narrow US-Iran deal in June and a phased reopening of the Strait of Hormuz from mid-July," Aditya Saraswat, Middle East and North Africa research director at Rystad, said in a Tuesday note.The consumer price index report for May is scheduled for an 8:30 am ET release. Official data are expected to show that consumer inflation rose 4.2% annually and 0.5% on a sequential basis, according to a Bloomberg-compiled consensus.Treasury yields were mixed before the open, with the two-year rate increasing 0.3 basis points to 4.13% while the 10-year rate retreated 0.4 basis points to 4.52%.Wednesday's economic calendar also has the weekly mortgage applications bulletin and the weekly EIA domestic petroleum inventories report.Shares of Super Micro Computer (SMCI) dropped 11% pre-bell after the company disclosed a $7 billion equity financing plan to support its artificial intelligence order backlog. Casey's General Stores (CASY) inclined 1.8% after reporting better-than-expected fiscal fourth-quarter results.Oracle (ORCL) is expected to report its latest financial results after the markets close, while Core & Main (CNM) and Chewy (CHWY) post earnings before the bell, among others.Gold decreased 2.2% to $4,194 per troy ounce, while bitcoin slipped 1% to $61,251.

Dow JonesNasdaq CompositeS&P 500$CASY$CHWY$CNM$ORCL$SMCI
Wire

Update: Super Micro Computer Plans Equity Offering to Fund AI Servers Demand; Shares Slump Premarket

(Updates with the stock move in the headline and the first paragraph.)Super Micro Computer's (SMCI) shares slumped over 9% in Wednesday's premarket activity after the company unveiled plans for up to $7 billion in equity and equity-linked financing to meet demand.Net proceeds will be used to fund $39 billion of orders for artificial intelligence servers, and for general corporate purposes, the company said late Tuesday.The plan comprises $5 billion in public offerings, including $1.25 billion of common stock and $3.75 billion of depositary shares, the company said. It will grant underwriters a 30-day overallotment option to purchase additional shares.Super Micro also announced an at-the-market offering of up to $2 billion that it expects to launch no earlier than Q3, according to a statement.Price: $36.81, Change: $-3.82, Percent Change: -9.40%

$SMCI
Wire

Super Micro Computer Plans Equity Offerings

Super Micro Computer (SMCI) said late Tuesday it is planning $7 billion of equity and equity-linked financing transactions as part of efforts to fund artificial intelligence orders related to its advanced servers.Total of $5 billion of public offerings comprises $1.25 billion of common stock and $3.75 billion of depositary shares. The company will grant the underwriters a 30-day overallotment option to buy additional shares, the company said.The company also launched an at-the-market offering of up to $2 billion, expected to begin no earlier than Q3, according to a statement.Net proceeds will be used to fund $39 billion of AI server orders and for general corporate purposes, the company said.Shares of the company fell over 9% during after-hours.

$SMCI
Nasdaq Composite Falls to 5-Week Low Amid Tech Pullback
US Markets

Nasdaq Composite Falls to 5-Week Low Amid Tech Pullback

US equities fell Tuesday, with technology stocks pulling back following a jump in the previous session, sending the Nasdaq Composite to its lowest close in five weeks.The tech-heavy index shed 1% to 25,678.8, its lowest finish since May 5. The S&P 500 fell 0.3% to 7,386.7, while the Dow Jones Industrial Average rose 0.2% to 50,872.1 after a two-day decline.Barring tech and energy, all sectors were in the green, led by real estate.Salesforce (CRM) shares fell 3.9%, the worst performer on the Dow. The cloud-based customer relationship management platform provider implemented a fresh round of job cuts, Business Insider reported Tuesday.Apple (AAPL) dropped 3.6% and followed Salesforce on the Dow, while Cisco Systems (CSCO) declined 3.1%, the third worst performer on the index.Super Micro Computer (SMCI) slumped 7.6%, among the steepest declines on the S&P 500. Also under pressure were major tech names such as Microsoft (MSFT), IBM (IBM), Qualcomm (QCOM) and Dell Technologies (DELL).Outside tech, J.M. Smucker (SJM) reported better-than-expected fiscal fourth-quarter results, while the food producer's full-year earnings outlook came in above Wall Street's estimates at the midpoint. The stock jumped 10%, the best performer on the S&P 500.Boeing (BA) fell behind European rival Airbus in both aircraft deliveries and orders for May, even as the US planemaker's deliveries rose sequentially and annually. The stock fell 0.7%.US President Donald Trump said Tuesday that Iran shot down an American military helicopter over the Strait of Hormuz on Monday night. He said the two pilots were unharmed, but the US must "respond to this attack."Trump told reporters in New York on Monday that a diplomatic resolution to the Middle East conflict could be reached in "two or three days," CNBC reported. The crucial Strait of Hormuz, which remains effective shut, would reopen "immediately" after the deal, Trump reportedly said.Trump has made similar claims on a number of occasions in the past.West Texas Intermediate crude oil was down 3.1% at $88.46 a barrel in Tuesday late-afternoon trade, while Brent fell 2.7% to $91.72.The global crude market has already lost 1 billion barrels of supply since the Iran war began at the end of February, Rystad Energy said in a note."Cumulative losses have now reached 1 billion barrels and are on track to nearly double by year-end under our base case, which still assumes a narrow US-Iran deal in June and a phased reopening of the Strait of Hormuz from mid-July," Aditya Saraswat, Middle East and North Africa research director at Rystad, said in a note.US Treasury yields were lower, with the 10-year rate last down four basis points at 4.53%, and the two-year rate falling 3.1 basis points to 4.14%.In economic news, US existing home sales increased to the highest level since December in May, a move that is expected to bode well for the economy, the National Association of Realtors said Tuesday.The US trade deficit narrowed in April as export growth outpaced an increase in imports, government data showed Tuesday.Gold was down 1.9% at $4,282.40 per troy ounce, while silver shed 4.7% to $65.39 per ounce.

Nasdaq CompositeS&P 500$AAPL$CRM$CSCO$DELL$DJI$IBM$MSFT$QCOM$SJM$SMCI
Equities Markets Fall Intraday Amid Tech Sell-Off
US Markets

Equities Markets Fall Intraday Amid Tech Sell-Off

Wall Street's benchmark equity indexes fell intraday amid a sharp sell-off in technology stocks, as President Donald Trump vowed to "respond" to an Iranian attack on a US military helicopter over the Strait of Hormuz.The Nasdaq was down 2% at 25,425.1 after midday Tuesday, while the S&P 500 lost 1.1% to 7,328.9. The Dow Jones Industrial Average declined 0.2% to 50,678.7. Among sectors, tech saw the steepest drop, shedding 3.5%, while real estate paced the gainers.Salesforce (CRM) shares were down 4.7% intraday, the worst performer on the Dow. The cloud-based customer relationship management platform provider implemented a fresh round of job cuts, Business Insider reported Tuesday, citing people familiar with the matter and a regulatory notice.Cisco Systems (CSCO) dropped 4.3% and followed Salesforce on the Dow. Nvidia (NVDA) fell 2.1%. Super Micro Computer (SMCI) slid 10%, among the steepest declines on the S&P 500.Also under pressure were other major tech names such as Apple (AAPL), Microsoft (MSFT), IBM (IBM), Qualcomm (QCOM), Dell Technologies (DELL), and Advanced Micro Devices (AMD).Outside tech, J.M. Smucker (SJM) reported better-than-expected fiscal fourth-quarter results, while the food producer's full-year earnings outlook came in above Wall Street's estimates at the midpoint. The stock was up 9.7% intraday, the best performer on the S&P 500.Trump said Tuesday that Iran shot down a US Apache helicopter over the Strait of Hormuz on Monday night. He said the two pilots were unharmed.The US must "respond to this attack," he said in a social media post.Trump told reporters in New York on Monday that a diplomatic resolution to the Middle East conflict could be reached in "two or three days," CNBC reported. The crucial Strait of Hormuz, which remains effective shut, would reopen "immediately" after the deal, Trump reportedly said.Trump has made similar claims on a number of occasions in the past.West Texas Intermediate crude oil was down 3.7% at $87.94 a barrel intraday, while Brent fell 3% to $91.43."The continued lack of progress towards restoring normal energy flows from the Middle East reinforces expectations of a prolonged period of elevated oil prices," Saxo Bank said in a report on Tuesday.US Treasury yields were lower intraday, with the 10-year rate down 3.4 basis points at 4.53%, and the two-year rate falling 3.3 basis points to 4.13%.In economic news, US existing home sales increased to the highest level since December in May, a move that is expected to bode well for the economy, the National Association of Realtors said Tuesday.The US trade deficit narrowed in April as export growth outpaced an increase in imports, government data showed Tuesday.Gold was down 1.7% at $4,290.10 per troy ounce, while silver shed 4.6% to $65.38 per ounce.

Nasdaq CompositeS&P 500$AAPL$CRM$CSCO$DELL$DJI$IBM$MSFT$NVDA$QCOM$SJM$SMCI
Nasdaq Suffers Worst Day in More Than a Year; S&P 500 Snaps Winning Weekly Streak
US Markets

Nasdaq Suffers Worst Day in More Than a Year; S&P 500 Snaps Winning Weekly Streak

The Nasdaq Composite logged its biggest one-day decline since April 2025 as traders evaluated the official jobs report, while the S&P 500 snapped its winning weekly streak.The technology-heavy Nasdaq plunged 4.2% to 25,709.4 on Friday, the most since April 2025, according to CNBC. The S&P 500 shed 2.6% to 7,383.7, while the Dow Jones Industrial Average lost 1.4% to 50,866.8, after it closed at a record high in the previous session.Tech saw the steepest drop among sectors, shedding 5.8%, while consumer staples paced the gainers.All three major Wall Street indexes posted weekly losses, with the Nasdaq sliding 4.7% and the Dow slipping 0.3%. The S&P 500 is down 2.6% on the week, after nine straight weekly gains.Cisco Systems (CSCO) declined 6.4% on Friday, the worst performer on the Dow. Nvidia (NVDA) and IBM (IBM) followed Cisco on the index, down 6.2% and 5.6%, respectively.Qualcomm (QCOM), Advanced Micro Devices (AMD), Super Micro Computer (SMCI), and Micron Technology all tumbled more than 10% each, with Micron the worst performer on the S&P 500. Oracle (ORCL), Salesforce (CRM) and Microsoft (MSFT) also closed lower.In economic news, total nonfarm payrolls in the US rose by 172,000 in May, the Bureau of Labor Statistics said, nearly double the 88,000 increase expected in a Bloomberg-compiled survey."Overall, this was a solid employment report," TD Economics said in a report. "Not only did headline payrolls come in stronger than expected, but revisions to prior months were meaningfully higher and well above six-and-twelve-month averages, suggesting some reacceleration in hiring activity."US Treasury yields were higher, with the 10-year rate last up 6.6 basis points at 4.55%, and the two-year rate soaring 11.9 basis points to 4.17%.Markets widely expect the Federal Reserve to leave interest rates unchanged later this month, but the odds of monetary policy tightening later this year have seemingly increased."Despite the lack of consistent messaging in the labor market data, we now have a rate hike fully priced at the December (Federal Open Market Committee) meeting," James Knightley, chief international economist at ING, said in a note. "That is understandable given the Fed's hawkish pivot and the hot inflation prints of recent months."West Texas Intermediate crude oil was down 2.9% at $90.38 a barrel in Friday late-afternoon trade, while Brent fell 2% to $93.11.Major oil-producing nations belonging to the OPEC+ cartel are expected to agree to continue raising output when they meet on Sunday to decide on July's production quota, analysts told.The cartel is seen lifting July's production quota by another 188,000 barrels per day, DBS Bank's Suvro Sarkar said.Gold was last down 3.7% at $4,338.30 per troy ounce, while silver dropped 8.4% to $67.79 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMD$CRM$CSCO$IBM$MSFT$MU$NVDA$ORCL$QCOM$SMCI
Equities Fall, Yields Jump Intraday After Jobs Report; Tech Leads Sell-Off
US Markets

Equities Fall, Yields Jump Intraday After Jobs Report; Tech Leads Sell-Off

US benchmark equity indexes were lower intraday amid a technology sector-led sell-off, while Treasury yields jumped as markets parsed the latest official jobs report.The Nasdaq Composite was down 3.2% at 25,950.7 after midday Friday, while the S&P 500 fell 2% to 7,434.3. The Dow Jones Industrial Average shed 0.9% to 51,109, after closing at a record high in the previous session.Tech saw the steepest drop among sectors intraday Friday, down 4.7%, while consumer staples paced the gainers.IBM (IBM) shares dropped 6%, the worst performer on the Dow. Cisco Systems (CSCO) and Nvidia (NVDA) followed IBM on the index, down 5.8% and 5.6%, respectively. Several other big tech names also fell. These included Microsoft (MSFT), Oracle (ORCL), Salesforce (CRM), Qualcomm (QCOM), Micron Technology (MU), Advanced Micro Devices (AMD), and Super Micro Computer (SMCI), which tumbled 11% -- the second-worst performer on the S&P 500.In economic news, total nonfarm payrolls in the US rose by 172,000 in May, the Bureau of Labor Statistics said, nearly double the 88,000 increase expected in a Bloomberg-compiled survey."Overall, this was a solid employment report," TD Economics said in a report. "Not only did headline payrolls come in stronger than expected, but revisions to prior months were meaningfully higher and well above six-and-twelve-month averages, suggesting some reacceleration in hiring activity."US Treasury yields were higher intraday, with the 10-year rate up 7.1 basis points at 4.55%, and the two-year rate soaring 11.9 basis points to 4.17%.Markets widely expect the Federal Reserve to leave interest rates unchanged later this month, which would mark its fourth straight pause, according to the CME FedWatch tool."Most (Federal Open Market Committee) participants have said they would prefer to remove the easing bias in the FOMC statement on account of rising inflation risk, and this (jobs) report should reinforce that shift," Morgan Stanley said in a note. "We read this employment report as indicating the Fed can and will remove its easing bias in June."West Texas Intermediate crude oil was down 3.2% at $90.03 a barrel intraday, while Brent fell 2.3% to $92.82.A potential US-Iran peace deal hinges on the Trump administration agreeing to release $24 billion in frozen Iranian assets, CNN reported Friday, citing Mohsen Rezaei, military adviser to Supreme Leader Ayatollah Mojtaba Khamenei."The negotiations are at a deadlock, and (US President Donald) Trump must break this deadlock," Rezaei reportedly said. "The ball is in Trump's court."In company news, FedEx Freight (FDXF) shares jumped 7.8% intraday, the best performer on the S&P 500, as Stifel initiated the stock at hold, with a $160 price target.Gold was down 3.1% at $4,367 per troy ounce, while silver dropped 6.5% to $69.13 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMD$CRM$CSCO$FDXF$IBM$MSFT$MU$NVDA$ORCL$QCOM$SMCI
Equities

S&P 500 Posts Monthly Gain to New High, Ninth Straight Weekly Rise

The Standard & Poor's 500 index rose 1.4% this week, marking its ninth consecutive weekly increase and ending the trading month with a 5.15% climb to a record closing high.The S&P 500 ended the week at 7,580.06, its highest close ever. The index also posted a record intraday high on Friday at 7,599.38.The last time the S&P 500 had a weekly winning streak this long was in late 2023. It is now up 11% this year.Friday marked the final trading day of May, a month of consistent weekly gains that followed a 10% jump in April as investors' worries about the war in Iran waned. On Friday, hopes for a peace deal increased as President Donald Trump said on Truth Social that he was meeting in the Situation Room to make a final determination on a memorandum of understanding between the US and Iran.Economic data this week showed the US economy expanded at a slower rate in the first quarter than previously estimated as consumer spending growth decelerated, according to the second estimate by the Bureau of Economic Analysis. Real gross domestic product increased at a 1.6% annualized rate in the March quarter, the report said, down from a 2% increase reported in the initial estimate.The advance this week wasn't broad; only four of the S&P 500's 11 sectors rose, led heavily by a 4.6% jump in the technology sector. The consumer discretionary rose 1.5%, materials added 1.2% and industrials edged up 0.8%.Dell Technologies (DELL) was the best performer in the technology sector, with its stock soaring 43% on the week as the company reported record fiscal first-quarter results that surpassed Wall Street's estimates amid a surge in demand for artificial intelligence-optimized servers. Dell also boosted its fiscal 2027 outlook.Super Micro Computer's (SMCI) stock also boosted the technology sector, with its stock surging 30% as the company said it is collaborating with Taiwanese authorities to prevent illicit diversion of its servers into the restricted Chinese market.AppLovin (APP) was also strong, with its stock jumping 27% as the company reported Q1 earnings per share and revenue above year-earlier results and analysts' mean estimates. AppLovin also forecast Q2 revenue above the Street view.In addition, NetApp (NTAP) shares climbed 25% as the company posted fiscal Q4 adjusted earnings per share and revenue above year-earlier results and analysts' expectations. NetApp also issued fiscal 2027 guidance above Street consensus views.Best Buy (BBY) led the week's gains in consumer discretionary, with its stock leaping 26%. The electronics retailer's fiscal first-quarter results came in stronger than expected and Chief Financial Officer Matt Bilunas said its comparable sales "have started strong in May, with month-to-date growth up high single digits." It has been years since Best Buy generated a high-single-digit increase in comparable sales even for a couple-week period, Truist Securities said in a note.On the downside, the energy sector fell 5.4% on the week, followed by a 3.2% drop in consumer staples, a 2.1% decline in utilities and a 1.4% slip in real estate. Financials, health care and communication services also edged lower.The energy sector's drop came as crude oil futures also fell on the week amid chatter about the US and Iran nearing a peace deal. Hardest-hit stocks included shares of ONEOK (OKE), down 11%, and Williams (WMB), down 9%.Next week, earnings reports are expected from companies including Palo Alto Networks (PANW), Broadcom (AVGO), CrowdStrike Holdings (CRWD) and Medtronic (MDT).In economic data, all eyes will be on the government's May employment report due Friday. Other reports expected next week include April construction spending and factory orders.

Dow JonesNasdaq CompositeS&P 500$APP$BBY$DELL$NTAP$OKE$SMCI$WMB
Sectors

Sector Update: Tech Stocks Rise Pre-Bell Friday

Technology stocks were rising pre-bell Friday, with the State Street Technology Select Sector SPDR Fund (XLK) advancing by 1.4% and the State Street SPDR S&P Semiconductor ETF (XSD) 0.3% higher.Dell Technologies (DELL) shares were up more than 33% after the company reported fiscal Q1 financial results that topped analyst estimates and issued higher-than-expected guidance for fiscal Q2 and the full year.Super Micro Computer (SMCI) stock was up more than 10% after the company said it is collaborating with Taiwanese authorities to prevent illicit diversion of its servers into the restricted Chinese market.Asana (ASAN) acquired StackAI, a no-code platform that helps enterprises create AI agents and automate workflows across business systems, the company said. Asana shares were up more than 7% premarket.

$ASAN$DELL$SMCI$XLK$XSD

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