01 Stock Market
U.S. stock futures were higher Tuesday, a day after the major averages suffered declines amid growing concerns that conflict in the Middle East could escalate once more.
S&P 500 futures rose 0.4%, while Nasdaq-100 futures gained 0.6%. Futures tied to the Dow Jones Industrial Average added 161 points, or 0.3%.
Notable Stock Movers: MU up 4.73% at $603.74; INTC up 3.56% at $99.19; COIN up 3.94% at $210.98; CRCL up 3.15% at $123.30; SHOP fell 7.29% at $118.25; PLTR fell 2.78% at $141.97.
02 Other Markets
• 10-year U.S. Treasury yield fell 0.22%, to 4.44%.
• U.S. Dollar Index rose 0.03% to 98.49.
• WTI crude oil futures fell 2.26% to 104.01 USD/barrel; COMEX gold futures rose 0.91% to 4574.50 USD/ounce.
03 Key News
Goldman Risk Gauge Signals Caution as Hedge Funds Cut Mag 7 Risk
Goldman Sachs’ equity positioning gauge is flashing a note of caution as hedge funds cut exposure to megacap stocks (QQQ).
Goldman’s U.S. equity sentiment indicator rose to 1.7 this week, its highest level since late 2024, though still below previous extremes. The indicator combines nine measures of positioning across retail, institutional and foreign investors, with the latest increase driven by passive equity fund inflows and a decline in mutual fund cash balances.
Goldman noted that readings above 1.0 signal stretched positioning. Since the global financial crisis, readings between 1.5 and 2.0 have typically preceded below-average one-month S&P 500 (SPY) (IVV) (VOO) returns, averaging -0.4%, although the firm said the signal from elevated readings is not as strong as the one from depressed readings.
Goldman Sachs equity sentiment indicator rises.
Crypto Exchange Coinbase Plans to Cut 700 Jobs, Citing 'Market Conditions' and 'AI Era'
Coinbase Global said Tuesday it’s letting go of 700 employees in the coming weeks.
The move, which amounts to a 14% reduction in the crypto firm’s headcount as of May 1, is intended to manage operating expenses “in response to current market conditions” and “optimize the Company’s operations for the AI era,” according to a regulatory filing.
Apple Explores Using Intel and Samsung to Build Main Device Chips in the US
Apple Inc. has held exploratory discussions about using Intel Corp. and Samsung Electronics Co. to produce the main processors for its devices in the US, a move that would offer a secondary option beyond longtime partner Taiwan Semiconductor Manufacturing Co.
The iPhone and iPad maker has had early-stage talks with Intel about enlisting the company’s chipmaking services, according to people familiar with the deliberations. Meanwhile, Apple executives have made visits to a Samsung plant under development in Texas that will also make advanced chips.
Neither effort has resulted in any orders so far, and the work with both suppliers remains preliminary, according to the people, who asked not to be identified because the talks are private. Apple has concerns about using non-TSMC technology and may not ultimately move forward with another partner, the people added.
Sources: Reuters, Dow Jones, Tiger Newspress, public market data
Disclaimer: For informational purposes only; not investment advice.
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