01 Stock Market
The U.S. major indexes closed as follows: Dow Jones up 0.19% at 49,704.47; S&P 500 up 0.19% at 7,412.84; NASDAQ up 0.10% at 26,274.12. A modest gain on all three benchmarks reflected investor rotation into high-growth technology leaders after another session of mixed macro headlines.
Big price swings were concentrated in chipmakers, AI plays and space-tech names. Optical specialist Lumentum (LITE) jumped 16.52% at $1,053.09 after news of its imminent entry into the Nasdaq-100, while laser component peer Applied Optoelectronics (AAOI) surged 24.14% at $184.90. AI hardware beneficiary Destiny Tech100 (DXYZ) vaulted 30.48% at $71.24, and stable-coin issuer Circle (CRCL) gained 15.91% at $131.76. The semiconductor rally extended to blue-chips: Micron (MU) rose 6.50% at $795.33, Intel (INTC) added 3.62% at $129.44, NVIDIA (NVDA) climbed 1.97% at $219.44, and Qualcomm (QCOM) advanced 8.42% at $237.53. Electric-vehicle leader Tesla (TSLA) improved 3.89% at $445.00, while satellite operator AST SpaceMobile (ASTS) spiked 9.99% at $82.55. On the downside, crypto-miner IREN (IREN) fell 9.89% at $55.15 after unveiling a hefty convertible-note offering, and bearish chip ETF SOXS slipped 7.34% at $8.20.
Semiconductor momentum underpinned market breadth, offsetting softness elsewhere. Leveraged fund SOXL rallied 7.62% at $190.42, mirroring strength across the group, while broad tech proxies QQQ up 0.29% at $713.29 and VOO up 0.22% at $679.52 signaled ongoing demand for large-cap growth exposure. Mixed performances from megacaps—such as modest gains in Apple (AAPL) at $292.68 and Microsoft (MSFT) at $412.66 versus declines in Alphabet (GOOG) down 2.59% at $386.77 and Meta Platforms (META) down 1.77% at $598.86—kept headline indexes in check, but traders continued to favor names tied to AI infrastructure and next-generation connectivity.
02 Other Markets
U.S. 10-year Treasury yield rose by 0.00%, latest at 4.41%.
USD/CNH rose 0.03%, at 6.84; USD/HKD fell 0.00%, at 7.83.
U.S. Dollar Index rose 0.00%, at 97.92.
WTI crude futures rose 0.18%, at 98.25 USD/bbl; COMEX gold futures rose 0.71%, at 4,762.40 USD/oz.
03 Top News
1. Hims & Hers Health posted a surprise quarterly loss, sending shares down over 12%. Transitioning from compounded to branded GLP-1 weight-loss drugs squeezed margins and lowered revenue to $608 million, missing forecasts. Management now targets profitability in 2027 despite lifting full-year sales guidance.
2. AST SpaceMobile disappointed investors with a sharp revenue miss, knocking the stock 11% after hours. The satellite operator reported just $14.7 million in first-quarter revenue versus the $39 million expected. Management maintained full-year guidance but highlighted wider losses amid ongoing satellite-launch plans.
3. Circle reported a 20% jump in quarterly revenue as demand for its USDC stablecoin accelerated. Circulation of the dollar-pegged token climbed 28% year on year to $77 billion, lifting shares by nearly 10% in regular trading. Executives cited regulatory clarity in the U.S. and Europe as tailwinds for further adoption.
4. Lumentum secured inclusion in the Nasdaq-100 Index, sparking a 19% share-price surge. Index-tracking funds must now add the optical-components maker ahead of the May 18 rebalancing. The move underscores Lumentum’s market-cap growth within the communications-equipment sector.
5. Cerebras Systems boosted the size and price range of its forthcoming IPO amid strong demand. The AI-chip specialist now seeks up to $4.8 billion by offering 30 million shares at $150–$160 each. Orders reportedly exceed the available shares by more than twenty-fold.
6. Bitcoin-miner IREN unveiled a $2 billion private offering of convertible senior notes due 2033. The company may raise an additional $300 million via an upsize option, with proceeds earmarked for capped-call transactions and general purposes. Shares slid nearly 8% in pre-market trading.
7. Dream Finders Homes launched a $704 million all-cash bid for Beazer Homes USA, lifting the target’s stock by 22%. The $25.75-per-share proposal represents a 40% premium to Beazer’s earlier price. Dream Finders aims to broaden its geographic reach and land bank through the acquisition.
8. Barrick Mining beat first-quarter profit estimates as soaring gold prices offset weaker output. The miner’s average realized gold price jumped to $4,823 per ounce, driving adjusted earnings to 98 cents per share versus the 78-cent consensus. Production slipped to 719,000 ounces.
9. HSBC raised its year-end S&P 500 target to 7,650, citing resilient earnings momentum. The bank expects 20% earnings-per-share growth for 2026, with megacap tech firms continuing to propel index gains. Strategists see upside if AI benefits broaden beyond the “Magnificent Seven.”
10. China’s Kuaishou will spin off its Kling AI video-generation unit in a planned IPO that could value the business at $20 billion. The company is courting investors for a pre-IPO round, targeting annualized revenue of $1.3 billion by early next year. The move follows strong demand for Chinese AI offerings in public markets.
Sources: Reuters, Dow Jones, Tiger Newspress, public market data Disclaimer: This content is for reference only and does not constitute investment advice.
