01 Stock Market
As of May 21, U.S. stock index futures performed as follows: Dow contracts eased 0.15%, while S&P 500 futures slipped 0.28% and Nasdaq 100 futures retreated 0.45% as oil prices surged following a report that Iran's Supreme Leader Ayatollah Mojtaba Khamenei ordered the country's near-weapons-grade uranium not be sent abroad, dampening peace talk hopes.
Notable Stock Movers: QBTS up 16.68% at $22.52, RGTI up 14.87% at $19.39, and IONQ up 7.03% at $56.16 led a broad rally in quantum-computing names after reports of new federal grants. Electric-vehicle maker NIO rose 5.19% at $5.88, while legacy tech giant IBM climbed 6.78% at $240.26 on optimism over enterprise AI demand. In the semiconductor complex, MU gained 0.97% at $739.07, but NVDA edged down 0.13% at $223.17 and INTC fell 2.87% at $115.55 as investors rotated within the group. Among Chinese consumer platforms, BABA fell 3.67% at $129.53 amid lingering concerns over softer discretionary spending.
Behind the mixed tape, enthusiasm for cutting-edge compute projects contrasted with weakness in broader consumer and export-orientated names. Quantum-linked firms benefited from a fresh U.S. funding initiative, whereas China-focused ADRs and certain megacap chipmakers faced profit-taking. Overall liquidity remained solid, underscoring a market that is rewarding clear catalysts while trimming crowded positions.
02 Other Markets
• 10-year U.S. Treasury yield rose 0.82%, to 4.61%.
• U.S. Dollar Index rose 0.19% to 99.31.
• WTI crude oil futures rose 2.38% to 100.60 USD/barrel; COMEX gold futures fell 0.43% to 4515.70 USD/ounce.
03 Key News
1. U.S. Commerce Department will grant $2 billion and take equity stakes in nine quantum-computing firms, including IBM and Rigetti Computing. The initiative, funded under the Chips and Science Act, aims to accelerate domestic supply chains and scientific research. Shares of several recipients rallied sharply in pre-market trading, highlighting investor confidence in the sector’s growth trajectory.
2. Stellantis unveiled a €60 billion strategic plan focused on 60 new vehicle models and capacity-sharing ventures. Management said the shift will prioritise core brands Jeep, Ram, Peugeot and Fiat, while turning excess European factory space into contract-manufacturing hubs. Investors initially reacted cautiously given execution risk and sizable capital commitments.
3. Samsung Electronics reached a tentative wage agreement with its labour union, averting a planned multi-week strike at its memory-chip plants. The accord introduces a decade-long performance-bonus scheme tied to profitability targets, reducing near-term supply-chain uncertainty for global semiconductor markets.
4. SpaceX filed IPO documents revealing extensive related-party transactions and a target valuation near $1.75 trillion. Disclosures showed more than $20 billion in AI-infrastructure lease obligations and cross-holdings with Tesla and xAI, underscoring deep operational links across Elon Musk’s corporate network.
5. Walmart reaffirmed full-year sales and earnings targets, betting value-conscious consumers will sustain grocery strength. Management acknowledged higher fuel costs are pressuring margins but noted strong e-commerce momentum and market-share gains among higher-income shoppers.
6. Iran’s Supreme Leader instructed that near-weapons-grade uranium stockpiles remain in the country, hardening its stance in ongoing peace negotiations. The directive complicates U.S. efforts to secure a broader settlement and adds another layer of geopolitical risk for energy and defence markets.
7. Intuit announced plans to cut 17% of its workforce and lowered revenue guidance for its TurboTax division. The restructuring reflects competitive pressures from AI-enabled tax-filing alternatives and aims to redirect resources toward higher-growth fintech initiatives.
8. NEBIUS forged a multibillion-dollar partnership with Bloom Energy to deploy fuel-cell technology for expanding AI data-centre capacity. The agreement outlines potential payments of up to $2.6 billion and targets 328 megawatts of installed power coming online later this year.
9. Applied Digital secured a 15-year, take-or-pay lease with an investment-grade hyperscaler for its new 300-megawatt Polaris Forge 3 AI campus. The deal guarantees approximately $7.5 billion in contracted revenue, with optional extensions lifting the value to $18.2 billion, bolstering visibility into long-term cash flows.
10. Australia’s latest labour report showed employment declining and the jobless rate climbing to the highest level since late 2021. Softer hiring momentum prompted traders to reduce expectations of a near-term Reserve Bank rate increase, influencing global bond markets and commodity-linked currencies.
Sources: Reuters, Dow Jones, Tiger Newspress, public market data
Disclaimer: For informational purposes only; not investment advice.
