01 Stock Market
As of May 12, U.S. stock index futures performed as follows: Dow Jones Industrial Average futures slipped 0.06%, S&P 500 futures retreated 0.39%, and Nasdaq 100 futures dropped 0.89%, pointing to a cautious tone ahead of key inflation data and another busy earnings slate.
Notable Stock Movers: Quantum Computing (QUBT) surged 28.99% at $13.13 after reporting a sharp jump in revenue, while Tencent Music (TME) advanced 7.51% at $9.88 on better-than-expected profit. In semiconductors, Micron (MU) fell 3.26% at $769.44 and Intel (INTC) fell 4.47% at $123.65 as traders locked in recent gains. Nvidia (NVDA) eased 0.80% at $217.68 following a four-day rally, and Taiwan Semiconductor (TSM) fell 1.86% at $397.00 alongside broader chip weakness.
Among consumer and internet names, JD.com (JD) edged up 0.66% at $30.73 after posting stronger sales, while Tesla-linked leveraged ETF (SOXL) fell 6.52% at $178.00 as risk appetite cooled. Select Chinese education, music and e-commerce ADRs—including TAL Education and NetEase—showed mixed moves, reflecting company-specific results rather than broad sector trends.
02 Other Markets
• 10-year U.S. Treasury yield rose 0.47%, to 4.43%.
• U.S. Dollar Index rose 0.37% to 98.28.
• WTI crude oil futures rose 3.33% to 101.34 USD/barrel; COMEX gold futures fell 0.30% to 4 714.50 USD/ounce.
03 Key News
1. Sea Ltd announced first-quarter revenue of $7.1 billion, topping estimates and lifting profitability. Robust spending on its Shopee platform and 57.8% growth in financial-services revenue drove the beat, sending U.S.-listed shares sharply higher in pre-market trade.
2. eBay rejected a $56 billion takeover proposal from GameStop, citing financing concerns. The board deemed the half-cash, half-stock offer “neither credible nor attractive,” while GameStop signaled it may pursue a hostile approach directly with shareholders.
3. JD.com reported a 4.9% year-on-year rise in quarterly revenue, aided by Chinese subsidy programs. Turnover reached 315.7 billion yuan, surpassing analyst forecasts as appliance and electronics demand benefited from trade-in incentives.
4. Tencent Music posted higher first-quarter earnings and revenue, boosting its ADRs. Non-IFRS profit per ADS rose to 1.46 yuan and sales climbed to 7.9 billion yuan, supported by expanded paid-subscription growth and advertising gains.
5. Quantum Computing Inc. beat expectations with a revenue surge to $3.7 million. Acquisitions of Luminar Semiconductor and NuCrypt underpinned the jump, while a narrower loss per share fueled a double-digit pre-market rally.
6. Plug Power delivered better-than-expected first-quarter sales of $163.5 million and a narrower loss. Management highlighted strong hydrogen-generation demand and lifted its full-year outlook, prompting a pre-bell share rise.
7. AST SpaceMobile warned of a wider quarterly loss despite regulatory progress on satellite launches. The setback weighed on sentiment even as the firm confirmed upcoming deployment milestones with commercial partners.
8. Hengrui Pharma entered a global licensing pact with Bristol-Myers Squibb worth up to $950 million. The collaboration covers 13 early-stage oncology, hematology and immunology programs, including an upfront payment of $600 million to accelerate development.
9. U.S. Labor Department is set to release April Consumer Price Index figures expected to show persistent inflation pressures. Economists anticipate a 0.6% monthly rise and a 3.7% annual rate, reinforcing views that the Federal Reserve may keep rates elevated for an extended period.
10. Iranian parliament officials signaled potential uranium enrichment to 90% if hostilities escalate with the United States. The statement stoked energy-market volatility, helping push WTI crude prices above $100 per barrel and underscoring geopolitical supply risks.
Sources: Reuters, Dow Jones, Tiger Newspress, public market data
Disclaimer: For informational purposes only; not investment advice.
