01 Stock Market
As of May 11, U.S. stock index futures performed as follows: Dow Jones futures drifted lower by 0.14% as investors weighed mixed macro signals, while S&P 500 futures eased 0.06% after a week-long rally. In contrast, Nasdaq 100 futures edged up 0.06%, supported by renewed appetite for semiconductor names and upcoming technology-sector catalysts. Overall, risk sentiment remained balanced, with investors monitoring both geopolitical developments and the first full week of major May earnings.
Notable Stock Movers: INTC up 5.61% at $131.93 after reports of a new chip-making agreement for mobile devices. Memory leader MU up 5.58% at $788.47 as labour tensions at a rival Asian producer raised supply concerns. Graphics processor supplier AMD up 3.35% at $470.43 as demand for AI-optimised chips stayed robust. Vaccine developer MRNA up 8.92% at $59.20 following news it is progressing an early-stage hantavirus programme. Optical-network firm LITE up 5.45% at $953.03 on confirmation it will join the Nasdaq-100 later this month, while leveraged semiconductor ETF SOXL gained 2.92% at $182.11, illustrating broad enthusiasm for the chip complex.
Semiconductor momentum also buoyed auxiliary plays such as AAOI up 4.28% at $155.31 and long-exposure fund AMDL up 6.73% at $59.49, highlighting continuing investor preference for hardware beneficiaries of the AI spending cycle. Meanwhile, autos and clean-energy favourites saw lighter activity, helping keep overall index futures moves contained ahead of key U.S. inflation data due mid-week.
02 Other Markets
• 10-year U.S. Treasury yield rose 0.65%, to 4.39%.
• U.S. Dollar Index rose 0.1645% to 98.00.
• WTI crude oil futures rose 3.15% to 98.43 USD/barrel; COMEX gold futures fell 1.01% to 4,683 USD/ounce.
03 Key News
1. Cerebras Systems lifts its planned Nasdaq IPO price range and share count, signalling strong demand for AI chips. The company is now marketing up to 30 million shares at $150–$160 each, potentially raising $4.8 billion. Orders reportedly exceed supply by more than twenty-fold, underscoring investor appetite for specialised processors used in model inference.
2. IREN launches a $2 billion private offering of convertible senior notes due 2033. The bitcoin-mining infrastructure firm allows initial purchasers a $300 million upsizing option and will use proceeds for capped-call transactions and general corporate needs. Existing capped-call agreements linked to earlier notes will be partially terminated alongside pricing.
3. Dream Finders Homes announces a $704 million all-cash bid for Beazer Homes USA, sending the target’s shares sharply higher. The $25.75-per-share proposal represents a premium of more than 40% to Beazer’s price prior to submission. Dream Finders aims to expand its geographic footprint and land portfolio through the acquisition.
4. Barrick Mining tops first-quarter profit forecasts as record-high bullion prices offset lower output. Average realised gold price rose to $4,823 per ounce, lifting adjusted earnings to 98 cents per share versus the 78-cent consensus. Management reiterated its full-year production guidance despite earlier operational headwinds.
5. Circle reports a 20% jump in revenue as USDC stablecoin circulation climbs 28% year-on-year. Total income reached $694 million, benefiting from wider adoption after new European and U.S. regulatory frameworks encouraged a shift toward regulated digital assets. Interest earned on reserve backing also buoyed results.
6. Moderna advances an early-stage mRNA programme targeting hantavirus, sparking renewed investor interest. The company, already collaborating with U.S. and Korean research institutes, confirmed ongoing laboratory work while health authorities monitor a small outbreak on a cruise ship. The development highlights Moderna’s strategy to broaden its infectious-disease pipeline.
7. Lumentum is set to join the Nasdaq-100 Index, replacing a departing constituent. Passive-fund rebalancing linked to the inclusion is expected to increase trading volumes ahead of the official entry date and could enhance the optical-component maker’s visibility among large-cap technology investors.
8. BofA Global Research and Goldman Sachs push expected U.S. Federal Reserve rate cuts into late 2026 and 2027 amid persistent inflation. Both houses cite elevated energy costs and resilient labour data, projecting the first 25-basis-point easing only when price growth is much closer to target.
9. The China Gold Association reports a year-on-year decline in first-quarter national output following intensified mine-safety inspections. Several smelters temporarily halted operations for maintenance, tightening regional supply and adding another layer of support to global gold prices.
10. A very-large crude carrier laden with Iraqi oil transits Iran’s designated route through the Strait of Hormuz amid heightened regional tensions. Limited tanker movement underscores ongoing disruptions to one of the world’s key energy chokepoints, adding to volatility in crude markets just as U.S. inflation concerns resurface.
