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Sectors

Sector Update: Tech Stocks Fall Thursday Afternoon

Tech stocks were lower Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.6% and the State Street SPDR S&P Semiconductor ETF (XSD) down 0.7%.The Philadelphia Semiconductor index dropped 2.1%.In sector news, Tesla (TSLA) Chief Executive Elon Musk is set to become the world's first trillionaire following the IPO of SpaceX (SPCX), CNBC reported. Musk's stake in the rocket and satellite communications firm is worth $866.5 billion on paper, CNBC reported, citing the company's prospectus.In corporate news, Broadcom (AVGO) shares fell past 11% after it reported fiscal Q2 results late Wednesday. The company's fiscal Q3 AI revenue outlook likely fell short of investor expectations, while Q2 results were slightly ahead of consensus, RBC said in a note.Meta Platforms' (META) Instagram is rolling out Instagram Plus globally, a new optional subscription tier offering exclusive features for users who want more control and customization. The subscription adds new audience controls, story-engagement insights, and profile-customization options, with the free version unchanged, Instagram said Thursday in a statement. Separately, Meta is considering charging as much as $200 a month for a premium tier of its planned AI agent product, currently known as Hatch, The Information reported. Meta shares rose 1.1%.Snap (SNAP) has acquired spatial augmented reality firm Illumix, a company spokesperson confirmed through email toThursday. Snap shares climbed 4.5%.

$AVGO$META$SNAP
Wire

Update: Snap Acquires Augmented Reality Firm Illumix

(Updates with the company's comments throughout and latest stock move in the fifth paragraph.)Snap (SNAP) has acquired spatial augmented reality firm Illumix, a company spokesperson confirmed through email toThursday.Financial details related to the acquisition were not provided.Illumix's technology, platform, and the majority of its team members will join Snap to support AR efforts, including AR for Specs, the spokesperson said.Snap will continue to work with Illumix's existing customers and partners, including major theme parks, the spokesperson added.Shares of the company were up 4.5% in Thursday trading.Price: $5.99, Change: $+0.26, Percent Change: +4.45%

$SNAP
Wire

Market Chatter: Snap Acquires Augmented Reality Firm Illumix

Snap (SNAP) has acquired spatial augmented reality firm Illumix, as the parent company of Snapchat looks to boost its AR efforts, Variety reported Thursday.Under the terms of the deal, Snap will use Illumix's technology and platform toward its revamped Specs glasses, and will retain most of Illumix's staff, the report said.Financial details related to the acquisition were not disclosed, according to the report.Snap did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $6.11, Change: $+0.38, Percent Change: +6.63%

$SNAP
Insider Trading

Snap Insider Sold Shares Worth $2,020,814, According to a Recent SEC Filing

Robert C. Murphy, 10% Owner, Director, Chief Technology Officer, on May 29, 2026, sold 343,945 shares in Snap (SNAP) for $2,020,814. Following the Form 4 filing with the SEC, Murphy has control over a total of 53,773,372 Class A common shares of the company, with 43,809,791 shares held directly and 9,963,581 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1564408/000169932226000006/xslF345X05/ownership.xml

$SNAP
Sectors

Sector Update: Tech Stocks Decline Late Afternoon

Tech stocks were lower late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) decreasing 0.4% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 2%.The Philadelphia Semiconductor index dropped 3%.In corporate news, Snap's (SNAP) Q1 loss narrowed more than market expectations, although the social media company saw persistent headwinds in its North America advertising business and recorded up to $25 million impact from the Middle East conflict. Its shares fell 1.9%.Nvidia (NVDA) has started discussions with Japan's SoftBank, which is looking for help with its plan to develop and produce homegrown AI servers, Nikkei Asia reported Thursday. Nvidia shares were up 2.2%.Meta Platforms (META) has asked a Los Angeles judge to throw out a jury verdict that found the company liable for a woman's depression in a case over whether social media platforms were designed to be addictive for young users, according to a filing. Meta shares were up 0.5%.Datadog (DDOG) raised its full-year outlook on Thursday after the software maker posted Q1 results that topped Wall Street expectations. Its shares climbed 30%.

$DDOG$META$NVDA$SNAP
US Markets

April Layoff Announcements Rise Amid Tech Job Cuts

US job cuts increased in April to the third-highest total for the month since 2009 as technology companies continued to announce layoffs amid a shift toward artificial intelligence, Challenger Gray & Christmas said Thursday.Employers in the US announced 83,387 layoffs last month, up 38% from March, but down 21% year over year, according to the outplacement and executive coaching firm. The consensus was 70,000 job cuts in a Bloomberg-compiled survey.The technology sector led the workforce reductions for April, with 33,361 cuts, reflecting an annual increase of 33%."Technology companies continue to announce large-scale cuts and are leading all industries in layoff announcements," Andy Challenger, the firm's chief revenue officer, said in a statement. "They are also often citing AI spend and innovation. Regardless of whether individual jobs are being replaced by AI, the money for those roles is."Meta Platforms (META) announced plans to let 8,000 employees go and cancel 6,000 open roles in April, while Snap (SNAP) said it will lay off about 1,000 employees.So far this year, about 16% of total job cuts have been attributed to AI, up from 13% through March, according to Challenger Gray & Christmas.Employers announced a total of 300,749 job cuts for the first four months of the year, about half of those recorded in the same period last year, the firm said.The report comes a day before the April nonfarm payrolls report.Official data is expected to show Friday that the US economy added 65,000 nonfarm jobs in April, compared with a 178,000 increase reported for the previous month, according to a Bloomberg-compiled consensus. On Wednesday, ADP (ADP) said that employment in the US private sector grew at its fastest pace in more than a year.Separately, the seasonally adjusted number of initial jobless claims increased to 200,000 for the week ended May 2 from the previous week's upwardly revised level of 190,000, the Department of Labor reported Thursday. The consensus was for a 205,000 reading.For the week ended April 25, continuing claims fell by 10,000 to about 1.77 million, below Wall Street's estimate of 1.8 million.Price: $616.52, Change: $+3.63, Percent Change: +0.59%

$META$SNAP
Sectors

Sector Update: Tech Stocks Decline Thursday Afternoon

Tech stocks were lower Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) decreasing 0.4% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 1.9%.The Philadelphia Semiconductor index dropped 2.9%.In corporate news, Snap's (SNAP) Q1 loss narrowed more than market expectations, although the social media company saw persistent headwinds in its North America advertising business and recorded up to $25 million impact from the Middle East conflict. Its shares fell 2.8%.Meta Platforms (META) has asked a Los Angeles judge to throw out a jury verdict that found the company liable for a woman's depression in a case over whether social media platforms were designed to be addictive for young users, according to a filing. Meta shares were up 0.4%.Datadog (DDOG) raised its full-year outlook on Thursday after the software maker posted Q1 results that topped Wall Street expectations. Its shares climbed 26%.

$DDOG$META$SNAP
Sectors

Sector Update: Tech

Tech stocks were lower Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) decreasing 0.1% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 1.5%.The Philadelphia Semiconductor index dropped 2.6%.In corporate news, Snap's (SNAP) Q1 loss narrowed more than market expectations, although the social media company saw persistent headwinds in its North America advertising business and recorded up to $25 million impact from the Middle East conflict. Its shares were down 2%.

$SNAP
Wire

RBC Capital Adjusts Snap Price Target to $8 From $10, Maintains Sector Perform Rating

Snap (SNAP) has an average rating of hold and mean price target of $7.80, according to analysts polled by FactSet.Price: $6.26, Change: $+0.15, Percent Change: +2.45%

$SNAP
US Markets

Stocks Rise Pre-Bell as Traders Monitor Developments on Potential US-Iran Peace Deal

US equity markets were moving higher before the opening bell Thursday as investors monitor the latest developments over a potential peace deal between the US and Iran.The S&P 500 and the Dow Jones Industrial Average were up 0.1% each, while the Nasdaq was slightly in the green in premarket activity. The indexes finished Wednesday trading higher, with the S&P 500 and the Nasdaq recording their highest close ever and biggest one-day percentage gains since April 8.President Donald Trump told reporters on Wednesday that the US has had "very good talks" with Iran over the past 24 hours, but said there's no deadline on when he expects Tehran to respond to a US proposal to end the war, according to CNN.American and Iranian officials are closing in on a one-page memorandum of understanding to end the war and establish a framework for nuclear negotiations, Axios reported Wednesday, citing sources.In a separate social media post on Wednesday, Trump said US operations against Iran will be "at an end" if Tehran agrees to US demands. "If they don't agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before," Trump said.Iran is expected to give mediators its response to the proposal on Thursday, a regional source told CNN.West Texas Intermediate crude oil dropped 2.2% to $93.03 a barrel before the open, while Brent decreased 2.1% to $99.14."A deal announcement would move futures further immediately, in fact even the potential of a deal is already triggering a decline in oil prices," Rystad Energy Chief Oil Analyst Paola Rodriguez-Masiu said in remarks emailed to. The physical market's recovery won't be as quick as the futures market predicts, Rodriguez-Masiu said, pointing to a six-to-eight-week lag between the strait reopening and oil flows normalizing.Treasury yields were down in premarket action, with the two-year rate retreating 2.3 basis points to 3.85% and the 10-year rate off 2 basis points to 4.33%.Shares of DoorDash (DASH) jumped 10% pre-bell after the food delivery company reported first-quarter earnings ahead of Wall Street's estimates. Warner Bros. Discovery (WBD) nudged 0.5% lower, while Snap (SNAP) fell 10% following their latest quarterly results.McDonald's (MCD), Sempra (SRE), Vistra (VST), Datadog (DDOG), Becton Dickinson (BDX), Tapestry (TPR) and US Foods (USFD) report their latest financial results before the bell, among others. Gilead Sciences (GILD), McKesson (MCK), Cloudflare (NET), Airbnb (ABNB), Monster Beverage (MNST) and CoreWeave (CRWV) are scheduled to announce their earnings after the markets close.Employers in the US announced 83,387 layoffs last month, up 38% from March, Challenger, Gray & Christmas said Thursday.Thursday's economic calendar also has the weekly jobless claims bulletin at 8:30 am.On Wednesday, ADP data showed that employment in the US private sector grew at its fastest pace in more than a year in April. The government's nonfarm payrolls report is out on Friday.Federal Reserve Bank of Minneapolis President Neel Kashkari is slated to speak at 1 pm, while Cleveland Fed President Beth Hammack speaks at 2:05 pm. New York Fed President John Williams' remarks are due at 3:30 pm.Gold increased 1% to $4,740 per troy ounce, while bitcoin declined 0.7% to $80,844.

Dow JonesNasdaq CompositeS&P 500$ABNB$BDX$CRWV$DASH$DDOG$GILD$MCD$MCK$MNST$NET$SNAP$SRE$TPR$USFD$VST$WBD
US Markets

Snap First-Quarter Loss Narrows; Flags Ad Revenue Hit From North America Headwinds, Middle East Conflict

Snap's (SNAP) first-quarter loss narrowed more than market expectations, although the social media company saw persistent headwinds in its North America advertising business and recorded an up to $25 million impact from the Middle East conflict, sending its shares down early Thursday.The Snapchat parent reported a net loss of $0.05 a share for the quarter ended March, compared with a loss of $0.08 the year before, it said late Wednesday. The consensus on FactSet was for a GAAP loss of $0.07 per share. Revenue improved 12% to $1.53 billion, in line with the Street's view."In (the first quarter), we demonstrated substantial financial progress with revenue at the top end of our guidance range," Chief Financial Officer Derek Andersen said during an earnings call, according to a FactSet transcript. "More broadly, we believe (the first quarter) provides early evidence that the strategic framework we laid out last fall is beginning to translate into more durable revenue growth, a more efficient cost structure, and a clear path to net income profitability."Advertising revenue inclined 3% to $1.24 billion, mainly boosted by gains in direct response advertising revenue, the company said in an investor letter. However, the growth was partially offset by continued headwinds in the group's North America large client advertising business, as well as an impact of about $20 million to $25 million from the Middle East war in March, according to Snap.The stock fell 9.8% in the most recent premarket activity."Large advertisers in North America remained a headwind to advertising growth in (the first quarter)," Chief Executive Evan Spiegel said on the call. "We're not satisfied with that outcome, but we're beginning to see encouraging signs that this part of the business is improving."Other revenue surged 87% to $285 million. Daily active users rose 5% to 483 million, ahead of the average analyst estimate of 475.7 million. Average revenue per user advanced to $3.17 from $2.96 in the prior-year quarter, but missed the market's forecast of $3.21.For the ongoing quarter, the company anticipates revenue to come in between $1.52 billion and $1.55 billion. The Street is looking for $1.54 billion. The guidance assumes that the operating environment in the Middle East "remains consistent" relative to the "magnitude" of headwinds that Snap faced in March and April. The company cautioned that the trajectory of the geopolitical situation in the region is uncertain.The US and Iran are reportedly closing in on a one-page memorandum of understanding to end their war and establish a framework for nuclear negotiations.Snap's outlook also assumes no contribution from Perplexity as it "amicably" ended its relationship with the software firm in the first quarter.In November, the company announced it was partnering with Perplexity to integrate its AI-powered answer engine with the chat interface of Snapchat. Perplexity was set to pay Snap $400 million for one year as part of the deal.

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Research

Research Alert: Snap: Q1 Meets Estimates; Profits Focus Comes At The Expense Of Top-line Growth

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:SNAP posted Q1 revenue of $1.529B (+12%), meeting expectations, while adjusted EBITDA surged to $233M (+115%), beating the $215M consensus. Free cash flow reached $286M (+150%), demonstrating strong conversion of topline growth into cash generation. Revenue diversification gained traction with Other Revenue accelerating to $285M (+87%), representing 19% of total revenue, due to Snapchat+ subscriptions and Memories Storage adoption. Following the quarter, SNAP announced a 16% workforce reduction and elimination of over 300 open roles, expected to deliver over $500M in annualized savings by year-end. User metrics reflected management's strategy to prioritize higher-value markets, with Global DAU at 483M (+5%) while North America DAU declined to 92M (-7%), though NA ARPU improved to $9.23 (+10%). We believe the restructuring positions SNAP for a clearer path to sustainable GAAP profitability while maintaining investment in high-conviction opportunities including the upcoming Specs launch.

$SNAP
Wire

Snap Q1 Loss Narrows, Revenue Rises; Shares Drop After Hours

Snap (SNAP) reported a Q1 loss late Wednesday of $0.05 per diluted share, narrowing from the loss of $0.08 a year earlier.Analysts polled by FactSet expected a loss of $0.07.Revenue in the three months ended March 31 rose to $1.53 billion from $1.36 billion a year earlier.Analysts surveyed by FactSet expected $1.53 billion.Snap shares fell 3.8% in after-hours trading.

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US Markets

Stocks Mostly Down Pre-Bell as Traders Monitor Developments on US-Iran Negotiations; Fed Policy Meeting on Deck

US equity futures were mostly pointing lower on Tuesday as traders monitor developments on negotiations between the US and Iran and await the Federal Reserve's latest decision on interest rates, along with a fresh round of corporate earnings.The S&P 500 decreased 0.2% and the Nasdaq declined 0.6%, while the Dow Jones Industrial Average inclined 0.3% in premarket activity. The Nasdaq and S&P 500 finished Monday trading with new closing highs for a second consecutive session, while the Dow ended in the red.White House Press Secretary Karoline Leavitt reportedly said Monday that President Donald Trump reviewed a new proposal from Iran to reopen the crucial Strait of Hormuz with national security officials, according to Bloomberg News. Trump has made his "red lines" extremely clear with respect to Iran and will address the matter "very soon," Leavitt said.Tehran recently submitted a proposal to reopen the Strait of Hormuz and delay talks on uranium enrichment, Axios reported, citing a US official and two other sources.West Texas Intermediate crude oil rose 3.5% to $99.73 a barrel before the opening bell, while Brent gained 2.8% to $111.28.The Fed's monetary policy committee is set to kick off its meeting on interest rates today, with a decision due tomorrow. Markets widely expect the central bank to keep its benchmark lending rate unchanged for a third consecutive meeting, according to the CME FedWatch tool.With the Federal Open Market Committee's decision unlikely to surprise, the market is expected to focus on the policy statement and post-meeting remarks of Chair Jerome Powell, said David Doyle, head of economics at Macquarie Group."Given that elevated oil prices have persisted for nearly two months now, future guidance may shift somewhat," he said in a Monday report e-mailed to. "This would be in contrast to March where there were limited changes made. Our view remains that the next policy move is likely to be a hike with the most likely timing in (the first half of 2027)."Treasury yields were trending upwards in premarket action, with the two-year rate advancing 1.9 basis points to 3.82% and the 10-year rate adding 1.8 basis points to 4.35%.Coca-Cola (KO), S&P Global (SPGI), Spotify Technology (SPOT), United Parcel Service (UPS), Sherwin-Williams (SHW), Hilton Worldwide (HLT) and General Motors (GM) are scheduled to release their latest financial results before the bell, among others. Visa (V), T-Mobile US (TMUS) and Starbucks (SBUX) post earnings after the markets close.Shares of Snap (SNAP) nudged down 0.2% pre-bell after the social media company finished the previous session with a 7.3% jump. Cadence Design Systems (CDNS) moved 0.4% lower as the computational software company announced its latest quarterly results. Oracle (ORCL) fell 5.5%.Tuesday's economic calendar has the Case-Shiller Home Price Index and the Federal Housing Finance Agency House Price Index, both for February, at 9 am ET. The consumer confidence report for April is out at 10 am, along with the Richmond Fed manufacturing index for the same month.Gold dropped 1.4% to $4,626 per troy ounce, while bitcoin ticked down 0.2% to $76,604.

Dow JonesNasdaq CompositeS&P 500$CDNS$GM$HLT$KO$ORCL$SBUX$SHW$SNAP$SPGI$SPOT$TMUS$UPS$V
Wire

Snap Shares Rise After Rothschild & Co Redburn Upgrade

Snap (SNAP) shares rose 8.8% on Monday after Rothschild & Co Redburn upgraded the stock to buy from neutral and boosted its price target to $10 per share from $5.Trading volume stood at over 38 million shares compared with a daily average of over 57.2 million.Price: $6.14, Change: $+0.49, Percent Change: +8.67%

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Research

Rothschild & Co Redburn Upgrades Snap to Buy From Neutral, Adjusts PT to $10 From $5

Snap (SNAP) has an average rating of Hold and mean price target of $7.88, 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)

$SNAP
US Markets

Nasdaq, S&P 500 Hit New Highs Amid US-Iran Peace Talk Prospects

The Nasdaq Composite and the S&P 500 notched record highs on Wednesday, buoyed by hopes that another round of peace talks between the US and Iran will likely result in a deal.The Nasdaq rose 1.6% to 24,016, marking the 11th consecutive one-day gain in a row, while the S&P 500 advanced 0.8% to 7,023. Both are new closing highs. The Dow Jones Industrial Average fell 0.2% to 48,463.7.Most sectors ended in the red, led by materials, while tech saw the biggest gain.Microsoft (MSFT) shares climbed 4.6%, the top gainer on the Dow, with fellow tech majors Salesforce (CRM), Apple (AAPL), and IBM (IBM) among the best performers on the index.Reports suggest Washington and Tehran could return to Pakistan for a second round of talks ahead of the deadline for a two-week ceasefire between the US and Iran. The first round of negotiations in Islamabad ended without a breakthrough."We feel good about the prospects of a deal," White House Press Secretary Karoline Leavitt said Wednesday, CNN reported."Markets have grown more confident that the Middle East crisis is moving toward a resolution, with the US and Iran arranging a second round of talks, and Tehran seemingly willing to halt shipments to avoid testing the US naval blockade," ING Bank said in a report.West Texas Intermediate crude oil was down 0.1% at $91.16 a barrel in Wednesday late-afternoon trade, while Brent gained 0.1% to $94.91.In company news, shares of retail brokers jumped, with Robinhood Markets (HOOD) up 10%, the best performer on the S&P 500. Webull (BULL) jumped 11%, while Interactive Brokers Group (IBKR) rose 3.4%.The rally followed the approval by the US Securities and Exchange Commission of a rule change that would eliminate the $25,000 minimum equity requirement for so-called "pattern day traders."Morgan Stanley (MS) and Bank of America's (BAC) first-quarter results topped Wall Street's estimates. Morgan Stanley's shares climbed 4.5%, while Bank of America rose 1.8%.Snap (SNAP) rallied 7.9%. The social media company plans to lay off about 1,000 employees, or roughly 16% of its full-time workforce, as part of Chief Executive Evan Spiegel's efforts to reduce costs.In economic news, US homebuilder confidence sank this month to the lowest since September amid economic uncertainty, as well as increasing building material costs and interest rates, the National Association of Home Builders and Wells Fargo said."Builder sentiment has fallen back in spring as buyers face ongoing elevated interest rates and growing economic uncertainty," NAHB Chairman Bill Owens said. "The year started with hopes for housing momentum growth, but risks with respect to the Iran war, energy costs, and declines for consumer confidence have slowed the market."US Treasury yields were higher, with the 10-year rate up 2.8 basis points at 4.28% and the two-year rate rising 1.5 basis points to 3.77%.Gold was last down 0.7% at $4,816.50 per troy ounce, while silver fell 0.3% to $79.32 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$BAC$BULL$CRM$HOOD$IBKR$IBM$MS$MSFT$SNAP
Sectors

Sector Update: Tech Stocks Higher Late Afternoon

Tech stocks advanced late Wednesday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.4% and the State Street SPDR S&P Semiconductor ETF (XSD) gaining 0.7%.The Philadelphia Semiconductor index fell 0.3%.In corporate news, Alphabet (GOOGL) is poised for a windfall worth more than $100 billion from its early investment in SpaceX, Bloomberg reported. Alphabet shares rose 1.1%.Snap (SNAP) plans to lay off about 1,000 employees, or 16% of its full-time workforce, as part of efforts to reduce costs. Snap shares jumped 7.4%.Broadcom (AVGO) shares rose 3.8% after the chipmaker expanded its partnership with Meta Platforms (META) to support the technology giant's AI compute infrastructure. Meta shares gained 1.7%.CoreWeave (CRWV) will receive about $6 billion from Jane Street in exchange for use of its AI cloud platform. CoreWeave shares added 1.5%.

$AVGO$CRWV$GOOGL$META$SNAP
Research

Research Alert: CFRA Maintains Hold On Shares Of Snap Inc.; Announces Major Cost Cuts

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We keep our 12-month target at $7.00. SNAP announced a 16% workforce reduction (about 1,000 employees) and will eliminate over 300 open roles. The company expects the restructuring to deliver over $500M in annualized savings by the end of the year but to incur $95M-$130M in restructuring charges. We view this as a pivotal move toward profitability (will allow SNAP to turn GAAP profitable) amid intense competition from TikTok/Instagram and emerging threats from AI, while it faces pressure from activist investor Irenic Capital Management. The investor took a recent 2.5% stake and has been advocating for cost cuts and portfolio optimization. CEO Evan Spiegel cited advancements in AI as a key driver, noting that AI tools now generate over 65% of new code, enabling smaller, more efficient teams. We believe the restructuring positions SNAP to accelerate its path to net income profitability and favors profits over growth near term. We also note that the previously-announced Perplexity deal will no longer consummate.

$SNAP
US Markets

Equities Mostly Rise Intraday as Trump Reportedly Says War Likely 'Very Close to Over'

US benchmark equity indexes were mostly higher intraday as President Donald Trump reportedly said the Iran was likely "very close to over."The Nasdaq Composite was up 1% at 23,873.7 after midday Wednesday, while the S&P 500 rose 0.4% to 6,998.1. The Dow Jones Industrial Average fell 0.3% to 48,376.9. Among sectors, consumer discretionary and technology paced the gainers, while industrials saw the steepest drop.Microsoft (MSFT) shares were up 4.4%, the top gainer on the Dow, with fellow tech majors Salesforce (CRM), Apple (AAPL), and IBM (IBM) among the best performers on the index.Trump said he sees the US-Israel war with Iran "as very close to over," news outlets reported, citing an interview on Fox Business Network conducted Tuesday and broadcast Wednesday. "We'll see what happens," Trump reportedly said. "I think they want to make a deal very badly."The army chief of mediator Pakistan arrived in Iran to try to prevent a renewal of the conflict, media outlets reported Wednesday."Markets have grown more confident that the Middle East crisis is moving toward a resolution, with the US and Iran arranging a second round of talks, and Tehran seemingly willing to halt shipments to avoid testing the US naval blockade," ING Bank said in a report.Iran's military has threatened to shut down shipping operations in the Red Sea, as well as the Persian Gulf and Sea of Oman if a US blockade of its ports continues, CNN reported.West Texas Intermediate crude oil was up 0.7% at $91.87 a barrel intraday, while Brent gained 0.6% to $95.40.In economic news, US homebuilder confidence sank this month to the lowest since September amid economic uncertainty, as well as increasing building material costs and interest rates, the National Association of Home Builders and Wells Fargo said."Builder sentiment has fallen back in spring as buyers face ongoing elevated interest rates and growing economic uncertainty," NAHB Chairman Bill Owens said. "The year started with hopes for housing momentum growth, but risks with respect to the Iran war, energy costs, and declines for consumer confidence have slowed the market."US Treasury yields were higher intraday, with the 10-year rate up 3.2 basis points at 4.29% and the two-year rate rising 2.1 basis points to 3.78%.In company news, Morgan Stanley (MS) and Bank of America's (BAC) first-quarter results topped Wall Street's estimates. Morgan Stanley's shares were up 4.6%, while Bank of America rose 2.2%.Snap (SNAP) shares jumped 7.6%. The social media company plans to lay off about 1,000 employees, or roughly 16% of its full-time workforce, as part of Chief Executive Evan Spiegel's efforts to reduce costs.Gold was down 0.7% at $4,815.30 per troy ounce, while silver fell 0.4% to $79.18 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$BAC$CRM$IBM$MS$MSFT$SNAP

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