01 Stock Market
The U.S. major indexes closed as follows: Dow Jones declined 0.65% at 49,363.88; S&P 500 declined 0.67% at 7,353.61; NASDAQ declined 0.84% at 25,870.71. A fresh uptick in long-dated Treasury yields and lingering geopolitical risks weighed on equities throughout the session, leaving all three benchmarks in negative territory and extending the market’s cautious tone.
Semiconductor names led the day’s unusual moves amid persistent AI-driven volatility. Micron Technology (MU) rose 2.52% at $698.74, Intel (INTC) added 2.43% at $110.80, SanDisk (SNDK) advanced 3.77% at $1,383.29, and Marvell Technology (MRVL) gained 4.34% at $176.27. In contrast, NVIDIA (NVDA) declined 0.77% at $220.61, Advanced Micro Devices (AMD) fell 1.65% at $414.05, and Tesla (TSLA) slipped 1.43% at $404.11. E-commerce giant Amazon.com (AMZN) dropped 2.08% at $259.34, while Alphabet’s class A shares (GOOGL) slid 2.34% at $387.66. Leveraged semiconductor ETFs diverged, with SOXL up 0.09% at $151.89 and inverse SOXS down 0.20% at $9.93.
Macro headwinds overshadowed pockets of strength, keeping overall sentiment subdued. Rising rates, especially the 30-year Treasury yield breaching 5%, rekindled valuation concerns for growth sectors just as investors braced for upcoming Federal Reserve signals and key economic releases. Despite strong individual gains in memory and networking stocks, broader risk-off positioning limited index recovery into the close.
02 Other Markets
U.S. 10-year Treasury yield was unchanged at 4.67%.
USD/CNH rose 0.05%, at 6.85; USD/HKD was flat at 7.83.
U.S. Dollar Index rose 0.01%, at 99.30.
WTI crude futures rose 0.08%, at 104.23 USD/bbl; COMEX gold futures fell 0.61%, at 4,483.90 USD/oz.
03 Top News
1. Google and Blackstone formed a $5 billion AI cloud venture to challenge GPU-centric rivals. The new company will offer data-center capacity powered by Google’s Tensor Processing Unit chips under a compute-as-a-service model. An initial 500 megawatts of capacity is planned, with significant scaling envisioned.
2. U.S. 30-year Treasury yield climbed to 5.18%, its highest level since 2007 amid inflation worries. A global debt selloff pushed long-dated U.S. yields to a near two-decade high. Investors are seeking greater compensation for holding government bonds as energy-driven price pressures persist.
3. Cerebras Systems raised $5.55 billion in the largest U.S. tech IPO of 2026 and saw shares jump on debut. The AI-chip specialist’s stock surged nearly 70% before stabilizing as investors assessed lofty valuations. Management said proceeds will accelerate development of its large-language-model hardware.
4. EchoStar’s stake in SpaceX drew fresh optimism from analysts ahead of the rocket maker’s anticipated IPO. TD Cowen lifted EchoStar’s price target, valuing its 52 million SpaceX shares at roughly $31 billion. EchoStar shares have doubled since swapping spectrum for equity in the private space company.
5. Home Depot beat earnings forecasts and reaffirmed guidance, underscoring resilient renovation demand. Quarterly sales rose 4.8% to $41.8 billion, and EPS reached $3.41. The retailer’s comparable sales edged up despite higher mortgage rates.
6. KE Holdings posted a stronger-than-expected profit on disciplined costs and improved efficiency. Net income reached $0.20 per ADS on revenue of $2.74 billion. Management highlighted technology upgrades that streamlined China’s property transactions.
7. Bilibili exceeded profit estimates but signaled moderated revenue growth amid shifting ad trends. Adjusted EPS was $0.19 on revenue of $1.08 billion. The video platform emphasized rising user engagement as it refines monetization strategies.
8. Hesai Group returned to profitability and secured Mercedes-Benz as a Level-3 lidar customer. First-quarter net income hit RMB 18.3 million with revenue climbing nearly 30%. The partnership strengthens Hesai’s position in autonomous-driving supply chains.
9. Akamai launched a $2.6 billion convertible-note offering to fund global cloud-infrastructure expansion. The proceeds will accelerate data-center builds and bolster security services. Management aims to capture growing edge-computing demand.
10. ADP reported U.S. private employers added an average of 42,250 jobs per week in recent weeks. The four-week moving average improved by 28% from the prior period, suggesting strengthening labor demand. The data may influence expectations for upcoming payroll figures.
Sources: Reuters, Dow Jones, Tiger Newspress, Public market data Disclaimer: This content is for reference only and does not constitute investment advice.