US stock index futures are trading higher ahead of Friday's market open. As of writing, Dow Jones futures are up 0.29%, S&P 500 futures are up 0.16%, and Nasdaq futures are up 0.06%.
In European markets, Germany's DAX index is flat, the UK's FTSE 100 is up 0.19%, France's CAC 40 is up 0.63%, and the Euro Stoxx 50 is up 0.39%.
In commodities, WTI crude oil is down 1.38% to $87.67 per barrel, while Brent crude is down 1.61% to $91.21 per barrel.
**Market News:** Reports indicate the US and Iran have tentatively agreed to extend a ceasefire for 60 days, pending approval from US leadership. This development has raised hopes for a potential resolution to the months-long conflict, though final implementation requires sign-off from top officials in both nations.
The Federal Reserve's policy path is under intense scrutiny. The new Fed Chair, faced with resurgent inflation warnings from colleagues, is navigating a shift in market expectations away from rate cuts toward potential hikes. Analysts suggest the window for rate cuts has closed due to energy price shocks from the Middle East conflict, meaning maintaining the current rate level could be seen as a success.
St. Louis Fed President Musalem warned that policymakers cannot rely on a potential AI-driven productivity boom to solve current inflation, stating the possibility of future rate hikes cannot be ruled out. Minneapolis Fed President Kashkari noted it was too early to conclude that rate hikes are necessary but emphasized the need to keep all policy options open.
ExxonMobil has warned that oil inventories are approaching historic lows. If the Strait of Hormuz does not reopen for stable shipping soon, oil prices could surge toward $150-$160 per barrel, potentially triggering a non-linear price spike.
Despite a strong rally in May, major Wall Street strategists from firms like Morgan Stanley and Wells Fargo are cautioning against chasing the US dollar higher. They cite potential for more aggressive rate hikes from other central banks and optimism over a US-Iran deal reducing the dollar's safe-haven appeal. Consensus forecasts point to a decline in the dollar index in the coming quarters.
**Individual Stock Movers:** US commercial space stocks are broadly lower in pre-market trading. As of writing, AST SpaceMobile (ASTS.US) is down over 12%, Momentus (MNTS.US) and Rocket Lab (RKLB.US) are down over 4%. Firefly Aerospace (FLY.US), Redwire (RDW.US), and Intuitive Machines (LUNR.US) are down over 6%. MDA Space (MDA.US), York Space Systems (YSS.US), and Voyager Technologies (VOYG.US) are down over 2%.
Dell Technologies Inc. (DELL.US) reported explosive first-quarter results, with revenue surging 88% year-over-year to $43.84 billion, far exceeding analyst estimates of $35.43 billion. This marks the fastest quarterly revenue growth rate since the company returned to public markets in 2018. Net profit more than tripled to $3.44 billion, and adjusted EPS was $4.86, significantly beating the $2.94 consensus. The primary growth driver was AI server revenue, which skyrocketed 757% to $16.1 billion. Dell raised its full-year FY2027 AI server revenue forecast from $50 billion to $60 billion. The stock is up nearly 34% in pre-market trading.
MongoDB Inc. (MDB.US) reported first-quarter results that exceeded expectations across the board. Adjusted EPS was $1.32, beating the $1.19 estimate. Revenue grew 25% to $687.6 million, also above consensus. The company provided second-quarter and raised full-year guidance that was well above analyst forecasts, attributing strength to robust demand for its Atlas multi-cloud database service. The stock is up over 3% pre-market.
NetApp (NTAP.US) delivered a strong fourth-quarter performance and outlook, capitalizing on the "AI storage super cycle" driven by data center expansion. Revenue was approximately $1.948 billion, up 12% and beating estimates. Adjusted EPS reached a record $2.43, also above expectations. The company's guidance for the first quarter and full fiscal year 2027 surpassed market forecasts. The stock is up nearly 19% in pre-market trading.
Chagee Holdings Limited (CHA.US) released its first-quarter 2026 financial results. Total Gross Merchandise Value reached 7.918 billion yuan, with net revenue of 3.546 billion yuan and adjusted net profit of 507 million yuan. The company's global store count reached 7,531. Overseas GMV grew 139% year-over-year. The stock is up over 12% pre-market.
**Key Economic Data & Events:** 21:10 Beijing Time: Speech by Fed Governor Bowman. 21:15 Beijing Time: 2026 FOMC voter, Philadelphia Fed President, speaks on the economic outlook. 00:40 Beijing Time (Next Day): 2027 FOMC voter, San Francisco Fed President, speaks.
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