01 Stock Market
The U.S. major indexes closed as follows: Dow Jones declined 0.05% at 49,141.93; S&P 500 declined 0.49% at 7,138.80; NASDAQ declined 0.90% at 24,663.80. A late-session sell-off in large-cap technology shares kept all three benchmarks in negative territory, though defensive consumer staples provided a partial offset for the Dow.
Unusual movers clustered around the semiconductor and megacap tech space. NVIDIA (NVDA) declined 1.59% at $213.17 as traders rotated out of AI hardware leaders; leveraged tracker SOXL fell 11.21% at $109.56 while its bearish counterpart SOXS rose 11.12% at $15.59. Memory names mirrored the pullback, with Micron Technology (MU) declined 3.86% at $504.29 and Advanced Micro Devices (AMD) fell 3.41% at $323.21. Within megacaps, performance diverged: Microsoft (MSFT) added 1.04% at $429.25 and Apple (AAPL) gained 1.16% at $270.71, while Tesla (TSLA) slipped 0.70% at $376.02. Broader equity proxies echoed the tech weakness, with Invesco QQQ (QQQ) down 1.01% at $657.55 and the inverse SQQQ up 3.05% at $54.05.
02 Other Markets
U.S. 10-year Treasury yield rose by 0.00%, latest at 4.35%.
USD/CNH fell 0.04% at 6.86; USD/HKD fell 0.00% at 7.84.
U.S. Dollar Index fell 0.02% at 98.61.
WTI crude futures fell 0.36%, at 99.57 USD/bbl; COMEX gold futures fell 0.04%, at 4,606.70 USD/oz.
03 Top News
1. Robinhood missed quarterly profit estimates on weaker transaction revenue. Options and crypto take rates slipped, sending shares down nearly 10% in after-hours trade. Management signalled plans to invest $100 million in new “Trump Accounts” infrastructure as it seeks growth.
2. Seagate issued an upbeat revenue and earnings forecast as AI demand boosts storage hardware. The company sees fiscal-Q4 sales around $3.45 billion versus $3.16 billion expected. Shares surged about 16% after the bell, lifting peers Western Digital and SanDisk.
3. Coca-Cola raised its full-year adjusted-profit outlook on resilient demand for premium beverages. First-quarter revenue of $12.47 billion topped consensus, and management now anticipates 8%–9% EPS growth, up from 7%–8% previously.
4. OpenAI has reportedly missed internal targets for new users and revenue, raising funding concerns. The Wall Street Journal said executives worry about meeting computing-contract obligations, prompting selling pressure in chip suppliers tied to the firm’s AI build-out.
5. Rambus warned that second-quarter revenue could undershoot forecasts due to softer product demand. The semiconductor IP provider now guides product sales up to $101 million, triggering a double-digit share decline and weighing on sector sentiment.
6. Google signed an agreement allowing the U.S. Department of Defense to deploy its AI models on classified networks. The deal includes safety filters and human oversight clauses, expanding Google’s footprint in national-security technology contracts.
7. Novartis missed quarterly profit expectations as U.S. generic competition eroded sales of heart drug Entresto. Core operating income fell 12%, and the company reaffirmed guidance for a modest full-year decline while pushing newer therapies for growth.
8. Robinhood committed an additional $100 million to develop the user interface for government-backed “Trump Accounts.” The brokerage was selected to administer investment accounts for newborns and expects the outlay to enhance future customer engagement.
9. The Federal Reserve signalled that rate cuts are on hold amid renewed inflation risks. Officials cited energy-driven price pressures and robust labor markets, indicating the policy stance will remain restrictive until inflation shows sustained progress toward 2%.
10. The United Arab Emirates announced its exit from OPEC and OPEC+, challenging the cartel’s cohesion. The move comes amid strained Gulf relations during the Iran conflict and could undermine coordinated output strategies led by Saudi Arabia.
Sources: Reuters, Dow Jones, Tiger Newspress, public market data
Disclaimer: This content is for reference only and does not constitute investment advice.
