Market Update
Japan's Household Spending Decline Extended to March, JTX Advanced Metals Plunged After Bond Issuance Plan
Akira Ito
12 May, 2026
Tokyo
Japan's indexes hovered near record highs as technology stocks extended gains amid sustained optimism surrounding AI-related demand.
The Nikkei 225 Stock Average increased 0.5%, the broader Topix gained 0.8%, and the yen edged up to 157.23 against the U.S. dollar.
The price of Brent crude oil rose 2.4% to $104.86 a barrel after the U.S. and Iran exchanged peace proposals, but the peace talks showed little progress.
Investors are increasingly factoring that the Strait of Hormuz is likely to remain closed for the foreseeable future, as the U.S. and Iran showed little urgency to resolve their differences.
On the economic front, Japan's household spending declined for the fourth consecutive month in March amid the rising cost of living.
Household spending decreased 2.9% from a year ago in March, sharper than the 1.8% decline in the prior month amid persistent inflationary pressure.
Spending on food declined 2.9% and utilities fell 3.2%, but expenditure on housing rose 15.3% and furniture and household spending increased 5.5%.
Japan Indexes and Stocks
The Nikkei 225 Stock Average rose 0.5% to 62,710.41, and the broader Topix Index advanced 0.8% to 3,872.73.
JX Advanced Metals plunged 15.2% to ¥4,842.0 after the sputtering targets maker announced its plan to issue new convertible bonds worth 250 billion yen, or $1.6 billion, to fund a stock buyback program.
The company's fiscal year revenue ending in March rose 23.7% to ¥884.6 billion from ¥714.9 billion, net income increased to ¥104.6 billion from ¥68.3 billion, and diluted earnings per share advanced to ¥112.71 per share from ¥73.53 a year ago.
Japan's Household Spending Decline Extended to March, JTX Advanced Metals Plunged After Bond Issuance Plan
Akira Ito
12 May, 2026
Tokyo
Japan's indexes hovered near record highs as technology stocks extended gains amid sustained optimism surrounding AI-related demand.
The Nikkei 225 Stock Average increased 0.5%, the broader Topix gained 0.8%, and the yen edged up to 157.23 against the U.S. dollar.
The price of Brent crude oil rose 2.4% to $104.86 a barrel after the U.S. and Iran exchanged peace proposals, but the peace talks showed little progress.
Investors are increasingly factoring that the Strait of Hormuz is likely to remain closed for the foreseeable future, as the U.S. and Iran showed little urgency to resolve their differences.
On the economic front, Japan's household spending declined for the fourth consecutive month in March amid the rising cost of living.
Household spending decreased 2.9% from a year ago in March, sharper than the 1.8% decline in the prior month amid persistent inflationary pressure.
Spending on food declined 2.9% and utilities fell 3.2%, but expenditure on housing rose 15.3% and furniture and household spending increased 5.5%.
Japan Indexes and Stocks
The Nikkei 225 Stock Average rose 0.5% to 62,710.41, and the broader Topix Index advanced 0.8% to 3,872.73.
JX Advanced Metals plunged 15.2% to ¥4,842.0 after the sputtering targets maker announced its plan to issue new convertible bonds worth 250 billion yen, or $1.6 billion, to fund a stock buyback program.
The company's fiscal year revenue ending in March rose 23.7% to ¥884.6 billion from ¥714.9 billion, net income increased to ¥104.6 billion from ¥68.3 billion, and diluted earnings per share advanced to ¥112.71 per share from ¥73.53 a year ago.
Hang Seng and CSI 300 Indexes Hovered at 5-Year Highs, CK Hutchison Plans to Sell Telecom Stake In UK
Li Chen
12 May, 2026
Hong Kong
Stocks in mainland China and Hong Kong struggled to advance amid lingering tensions in the Middle East.
The Hang Seng Index gained 0.5%, the mainland-focused CSI 300 Index edged higher 0.2%, and crude oil prices resumed their advance after the U.S.-Iran peace talks stalled.
The Brent crude oil price inched higher by 1.1% to $105.13 a barrel after the U.S. president rejected the latest overture from Iran and cast doubts over an immediate settlement.
Investors also reassessed the latest economic updates on inflation and international trade, and top political leaders reiterated their commitments to support for research and innovation for advanced semiconductor design and production.
Benchmark indexes in mainland China and Hong Kong are approaching their five-year highs amid improving earnings outlooks and receding geopolitical tensions.
However, the ongoing uncertainty in the Middle East kept gains in check as the six-week-long rally appears to stall.
China Indexes and Stocks
The Hang Seng Index gained 0.5% to 26,545.38, and the mainland-focused CSI 300 Index edged up 0.2% to 4,958.95.
Alibaba Group, Tencent Holdings, JD.com, Meituan, and Baidu Inc. edged higher, and Internet platform operators and technology companies led gainers.
CK Hutchison Holdings soared 6% to $73.25 after the diversified conglomerate said it plans to sell its 49% stake in the UK-based VodafoneThree for $5.8 billion and book a gain of $600 million or about HK $4.7 billion.
The Hong Kong-based conglomerate is sitting on cash and cash equivalents worth HK$143.7 billion at the end of 2025, higher than HK$121.3 billion at the end of the previous year.
Hang Seng and CSI 300 Indexes Hovered at 5-Year Highs, CK Hutchison Plans to Sell Telecom Stake In UK
Li Chen
12 May, 2026
Hong Kong
China's Indexes Hovered Near Five-Year Highs, CK Hutchison to Sell Telecom Assets In UK
Li Chen
12 May, 2026
Hong Kong
Stocks in mainland China and Hong Kong struggled to advance amid lingering tensions in the Middle East.
The Hang Seng Index gained 0.5%, the mainland-focused CSI 300 Index edged higher 0.2%, and crude oil prices resumed their advance after the U.S.-Iran peace talks stalled.
The Brent crude oil price inched higher by 1.1% to $105.13 a barrel after the U.S. president rejected the latest overture from Iran and cast doubts over an immediate settlement.
Investors also reassessed the latest economic updates on inflation and international trade, and top political leaders reiterated their commitments to support for research and innovation for advanced semiconductor design and production.
Benchmark indexes in mainland China and Hong Kong are approaching their five-year highs amid improving earnings outlooks and receding geopolitical tensions.
However, the ongoing uncertainty in the Middle East kept gains in check as the six-week-long rally appears to stall.
China Indexes and Stocks
The Hang Seng Index gained 0.5% to 26,545.38, and the mainland-focused CSI 300 Index edged up 0.2% to 4,958.95.
Alibaba Group, Tencent Holdings, JD.com, Meituan, and Baidu Inc. edged higher, and Internet platform operators and technology companies led gainers.
CK Hutchison Holdings soared 6% to $73.25 after the diversified conglomerate said it plans to sell its 49% stake in the UK-based VodafoneThree for $5.8 billion and book a gain of $600 million or about HK $4.7 billion.
The Hong Kong-based conglomerate is sitting on cash and cash equivalents worth HK$143.7 billion at the end of 2025, higher than HK$121.3 billion at the end of the previous year.
AI and Semiconductor-Powered Global Rally Shows No Signs of Losing Steam
Barry Adams
11 May, 2026
New York City
Wall Street indexes hovered near recent record highs on Monday as investors reassessed the uncertain situation in the Persian Gulf.
The S&P 500 Index decreased 0.1%, and the tech-heavy Nasdaq Composite declined 0.2% amid a rebound in crude oil prices.
West Intermediate Texas crude oil price increased 2.5% to $97.78 a barrel, and Brent crude oil price advanced 2.4% to $103.82 a barrel after the U.S. and Iran exchanged proposals, leaving the Strait of Hormuz effectively closed.
Despite the elevated energy and commodity prices, benchmark indexes in New York soared to new record highs in the previous week, and the S&P 500 index and the Nasdaq Composite extended their winning streak to the sixth consecutive week.
The six-week-long market rebound has been powered by a strong earnings season and resurgent AI- and semiconductor-linked stocks following better-than-expected earnings from Nvidia, AMD, Alphabet, Apple Inc., Amazon, and General Electric.
On the economic front, the U.S. economy added net new 115,000 jobs in April, following March's revised 185,000 increase.
The jobs market expanded back-to-back for two months for the first time in a year, driven by gains in healthcare, transportation and warehousing, and retail trade.
The average hourly earnings for all employees rose 3.6%, the jobless rate held at 4.3%, and the participation rate in the labor force changed little at 61.8% in April.
Global Semiconductor Rally Supports Historic Highs In Broader Indexes
Benchmark indexes in the U.S., Japan, South Korea, and mainland China traded at new historic highs driven by the sustained gains in AI- and semiconductor-linked stocks.
Benchmark indexes in mainland China and Hong Kong erased morning gains and closed near the flatline, and investors reviewed the latest updates on inflation and international trade data.
China's Exports and Inflation Data Signal Economic Resiliency
China's annual inflation accelerated in April, fueled by a surge in the price of imported energy products and commodities, and producer price inflation increased for the second month in a row.
China's overall exports surged 14.3% in April, despite ongoing tensions in the Middle East, and customers rushed with new orders to avoid future price hikes and supply disruptions.
China's trade surplus narrowed to $84.8 billion in April from $95.9 billion a year ago, and the trade surplus with the U.S. stood at $23.1 billion, driven by an 11.3% rise in exports to $36.8 billion.
China's exports and trade surplus with the U.S. rose despite the Trump administration's tariffs, as businesses continued to source electrical and mechanical intermediate products from the world's second-largest economy.
Moreover, indirect shipments through the ASEAN region, including Vietnam, and Mexico to the U.S. showed no signs of easing.
U.S. Movers
AMD, Nvidia, Broadcom, Corning, Microchip Technology, and Micron Technology advanced in Monday's trading, extending the previous week's gains.
Alphabet, Apple, Amazon, Meta Platforms, Microsoft, and Tesla edged slightly lower in choppy trading on Monday.
AI and Semiconductor-Powered Global Rally Shows No Signs of Losing Steam
Barry Adams
11 May, 2026
New York City
Wall Street indexes hovered near recent record highs on Monday as investors reassessed the uncertain situation in the Persian Gulf.
The S&P 500 Index decreased 0.1%, and the tech-heavy Nasdaq Composite declined 0.2% amid a rebound in crude oil prices.
West Intermediate Texas crude oil price increased 2.5% to $97.78 a barrel, and Brent crude oil price advanced 2.4% to $103.82 a barrel after the U.S. and Iran exchanged proposals, leaving the Strait of Hormuz effectively closed.
Despite the elevated energy and commodity prices, benchmark indexes in New York soared to new record highs in the previous week, and the S&P 500 index and the Nasdaq Composite extended their winning streak to the sixth consecutive week.
The six-week-long market rebound has been powered by a strong earnings season and resurgent AI- and semiconductor-linked stocks following better-than-expected earnings from Nvidia, AMD, Alphabet, Apple Inc., Amazon, and General Electric.
On the economic front, the U.S. economy added net new 115,000 jobs in April, following March's revised 185,000 increase.
The jobs market expanded back-to-back for two months for the first time in a year, driven by gains in healthcare, transportation and warehousing, and retail trade.
The average hourly earnings for all employees rose 3.6%, the jobless rate held at 4.3%, and the participation rate in the labor force changed little at 61.8% in April.
Global Semiconductor Rally Supports Historic Highs In Broader Indexes
Benchmark indexes in the U.S., Japan, South Korea, and mainland China traded at new historic highs driven by the sustained gains in AI- and semiconductor-linked stocks.
Benchmark indexes in mainland China and Hong Kong erased morning gains and closed near the flatline, and investors reviewed the latest updates on inflation and international trade data.
China's Exports and Inflation Data Signal Economic Resiliency
China's annual inflation accelerated in April, fueled by a surge in the price of imported energy products and commodities, and producer price inflation increased for the second month in a row.
China's overall exports surged 14.3% in April, despite ongoing tensions in the Middle East, and customers rushed with new orders to avoid future price hikes and supply disruptions.
China's trade surplus narrowed to $84.8 billion in April from $95.9 billion a year ago, and the trade surplus with the U.S. stood at $23.1 billion, driven by an 11.3% rise in exports to $36.8 billion.
China's exports and trade surplus with the U.S. rose despite the Trump administration's tariffs, as businesses continued to source electrical and mechanical intermediate products from the world's second-largest economy.
Moreover, indirect shipments through the ASEAN region, including Vietnam, and Mexico to the U.S. showed no signs of easing.
U.S. Movers
AMD, Nvidia, Broadcom, Corning, Microchip Technology, and Micron Technology advanced in Monday's trading, extending the previous week's gains.
Alphabet, Apple, Amazon, Meta Platforms, Microsoft, and Tesla edged slightly lower in choppy trading on Monday.
China's Exports Advanced and Inflation Accelerated In April
Li Chen
11 May, 2026
Hong Kong
Stocks in mainland China and Hong Kong extended the previous week's gains, reflecting global gains in semiconductor stocks.
The Hang Seng Index increased 0.3%, and the CSI 300 Index advanced 1.4% powered by a strong rally in AI- and semiconductor-related stocks.
China's Vice Premier Ding Xuexiang visited the research and development center of Huawei Technologies in Shanghai, sending a signal that Beijing is committed to domestic chip development and self-sufficiency.
China's Inflation Accelerated In April as Supply Disruptions In Hormuz Persisted
China's annual inflation accelerated in April amid a surge in energy prices, according to the National Bureau of Statistics.
The consumer price index increased to 1.2% from 1.0% in March, fueled by higher commodity prices amid the Middle East conflict.
Food prices fell 1.6%, reversing a 0.6% rise in March; non-food inflation accelerated to 1.8% from 1.2%; and housing costs continued to decline at the same annual rate of 0.2% as in the previous month.
China's producer price inflation accelerated to 2.8% in April from 0.5% in the prior month, a separate report from the NBS showed.
The measure of wholesale prices rose at the fastest pace since July 2022, an increase for the second consecutive month fueled by surging commodity and energy prices amid supply disruptions in the Persian Gulf.
China's Exports Defy Hormuz Shock with Record Shipments in April
China's exports continued to expand in April despite the ongoing U.S.-Iran war and supply disruptions in the Strait of Hormuz.
Exports increased 14.1% to $359.4 billion, accelerating from 2.5% in March, according to the latest monthly report from the General Administration of Customs.
Customers rushed to order products amid fears that the ongoing war in the Middle East could push prices even higher.
Shipments to the U.S. advanced 11.3% to $36.8 billion, reversing a 26.5% decrease in the previous month, despite aggressive tariffs imposed by the Trump administration.
Shipments to the ASEAN region advanced 15.2%, to the European Union rose 13.4%, and to Latin America gained 13.7%.
For the first four months to April, exports increased 14.5% to $1.34 trillion; however, sales to the U.S. decreased 10.2% from a year ago, respectively.
Overall imports increased 25.3% to $274.6 billion, and the trade surplus advanced to $84.8 billion from $51.1 billion in March but narrowed from $95.6 billion in the month a year ago.
China's increase in import value was driven by an increase in commodity prices and a shift in volume mix, and the country imported 38.4 million tons of crude oil in April, reflecting an increase of 13.2% in value and a 20% decrease in volume.
China Indexes and Stocks
The Hang Seng Index decreased 0.3% to 26,318.37, and the mainland-focused CSI 300 Index advanced 1.4% to 4,940.41.
The global rally in semiconductor stocks extended to tech stocks for the third consecutive week, and support from Beijing leadership reinforced positive sentiment for the sector.
GigaDevice, Hua Hong Semiconductor, Nasino, and Montage Technology jumped between 5% and 15%.
China's Exports Advanced and Inflation Accelerated In April
Li Chen
11 May, 2026
Hong Kong
Stocks in mainland China and Hong Kong extended the previous week's gains, reflecting global gains in semiconductor stocks.
The Hang Seng Index increased 0.3%, and the CSI 300 Index advanced 1.4% powered by a strong rally in AI- and semiconductor-related stocks.
China's Vice Premier Ding Xuexiang visited the research and development center of Huawei Technologies in Shanghai, sending a signal that Beijing is committed to domestic chip development and self-sufficiency.
China's Inflation Accelerated In April as Supply Disruptions In Hormuz Persisted
China's annual inflation accelerated in April amid a surge in energy prices, according to the National Bureau of Statistics.
The consumer price index increased to 1.2% from 1.0% in March, fueled by higher commodity prices amid the Middle East conflict.
Food prices fell 1.6%, reversing a 0.6% rise in March; non-food inflation accelerated to 1.8% from 1.2%; and housing costs continued to decline at the same annual rate of 0.2% as in the previous month.
China's producer price inflation accelerated to 2.8% in April from 0.5% in the prior month, a separate report from the NBS showed.
The measure of wholesale prices rose at the fastest pace since July 2022, an increase for the second consecutive month fueled by surging commodity and energy prices amid supply disruptions in the Persian Gulf.
China's Exports Defy Hormuz Shock with Record Shipments in April
China's exports continued to expand in April despite the ongoing U.S.-Iran war and supply disruptions in the Strait of Hormuz.
Exports increased 14.1% to $359.4 billion, accelerating from 2.5% in March, according to the latest monthly report from the General Administration of Customs.
Customers rushed to order products amid fears that the ongoing war in the Middle East could push prices even higher.
Shipments to the U.S. advanced 11.3% to $36.8 billion, reversing a 26.5% decrease in the previous month, despite aggressive tariffs imposed by the Trump administration.
Shipments to the ASEAN region advanced 15.2%, to the European Union rose 13.4%, and to Latin America gained 13.7%.
For the first four months to April, exports increased 14.5% to $1.34 trillion; however, sales to the U.S. decreased 10.2% from a year ago, respectively.
Overall imports increased 25.3% to $274.6 billion, and the trade surplus advanced to $84.8 billion from $51.1 billion in March but narrowed from $95.6 billion in the month a year ago.
China's increase in import value was driven by an increase in commodity prices and a shift in volume mix, and the country imported 38.4 million tons of crude oil in April, reflecting an increase of 13.2% in value and a 20% decrease in volume.
China Indexes and Stocks
The Hang Seng Index decreased 0.3% to 26,318.37, and the mainland-focused CSI 300 Index advanced 1.4% to 4,940.41.
The global rally in semiconductor stocks extended to tech stocks for the third consecutive week, and support from Beijing leadership reinforced positive sentiment for the sector.
GigaDevice, Hua Hong Semiconductor, Nasino, and Montage Technology jumped between 5% and 15%.
China MONDAY
Li Chen
11 May, 2026
Select
Stocks in mainland China and Hong Kong extended previous week's gains reflecting global gains in semiconductor stocks.
The Hang Seng Index increased 0.3%, and the CSI 300 Index advanced 1.4% powered by a strong rally in AI- and semiconductor-related stocks.
China's Vice-Premier Ding Xuexiang visited research and development center of Huawei Technologies in Shanghai, sending a signal that Beijing is committed to domestic chip development and self sufficiency.
GigaDevice, Hua Hong Semiconductor, Nasino, and Montage Technology jumped between 5% and 15%.
China's Inflation Accelerate
China's annual inflation accelerated in April amid a surge in energy prices, according to the National Bureau of Statistics.
Consumer price index increased to 1.2% from 1.0% in March, fueled by higher commodity prices amid the Middle East conflict.
Food prices fell 1.6%, reversing 0.6% rise in March, non-food inflation accelerated to 1.8% from 1.2%, and housing costs continued to decline at the same annual rate of 0.2% in the previous month.
China's producer price inflation accelerated to 2.8% in April from 0.5% in the prior month, a separate report from the NBS showed.
The measure of wholesale prices rose at the fastest pace since July 2022, and increase for the second consecutive month fueled by surging commodity and energy prices amid supply disruptions in the Persian Gulf.
China Indexes and Stocks
The Hang Seng Index decreased 0.3% to 26,318.37, and the mainland-focused CSI 300 Index advanced 1.4% to 4,940.41.
PBoC Tightened Yuan-Dollar Rate, Midea Group Plans to Raise $2.2 Billion
Li Chen
08 May, 2026
Hong Kong
Stocks in mainland China and Hong Kong decreased on Friday amid renewed hostilities in the Strait of Hormuz, heightening fears that the fragile ceasefire between the U.S. and Iran may be breaking down.
The Hang Seng Index declined 1%, and the mainland-focused CSI 300 Index decreased 0.6% as crude oil prices resumed their advance.
Brent crude oil prices jumped 1.1% to $101.60 a barrel over worries that energy product shipments through the Persian Gulf are likely to remain disrupted in the near future.
The People's Bank of China fixed the yuan's exchange rate at a three-year high on Thursday.
The central bank raised the rate to 6.8487 against a dollar, compared to 6.8562 on the previous day, setting the currency for the 6.65 level before the year's end.
The slight appreciation of the exchange rate is likely to have a little impact on the country's vast export sector, as Beijing pushes to increase the acceptance of the currency in global transactions.
The U.S. dollar, which has long been the dominant currency for international goods and commodities trade, has faced erosion of confidence due to the rise of cryptocurrencies and the arrival of the Trump administration.
China Indexes and Stocks
The Hang Seng Index declined 1% to 26,354.59, and the mainland-focused CSI 300 Index dropped 0.6% to 4,872.93.
Midea Group remained under pressure and dropped 5.6% to HK $85.80 after the company announced its plan to raise $2.2 billion through the sale of international convertible bonds.
The household appliance maker plans to use about 60% of proceeds to finance international expansion and boost liquidity and reserve the rest for general corporate purposes.
The bond sale in two tranches, each valued at $8.62 billion, with the first maturing in May 2027 and the second in May 2033, carries zero coupon rates and does not pay interest rates.
At the time of maturity, the 2027 bond could be converted into stocks at HK $96.82 and the 2033 bond at HK $115.76, reflecting a 10.4% and 32% premium to Wednesday's closing price.
PBoC Tightened Yuan-Dollar Rate, Midea Group Plans to Raise $2.2 Billion
Li Chen
08 May, 2026
Hong Kong
Stocks in mainland China and Hong Kong decreased on Friday amid renewed hostilities in the Strait of Hormuz, heightening fears that the fragile ceasefire between the U.S. and Iran may be breaking down.
The Hang Seng Index declined 1%, and the mainland-focused CSI 300 Index decreased 0.6% as crude oil prices resumed their advance.
Brent crude oil prices jumped 1.1% to $101.60 a barrel over worries that energy product shipments through the Persian Gulf are likely to remain disrupted in the near future.
The People's Bank of China fixed the yuan's exchange rate at a three-year high on Thursday.
The central bank raised the rate to 6.8487 against a dollar, compared to 6.8562 on the previous day, setting the currency for the 6.65 level before the year's end.
The slight appreciation of the exchange rate is likely to have a little impact on the country's vast export sector, as Beijing pushes to increase the acceptance of the currency in global transactions.
The U.S. dollar, which has long been the dominant currency for international goods and commodities trade, has faced erosion of confidence due to the rise of cryptocurrencies and the arrival of the Trump administration.
China Indexes and Stocks
The Hang Seng Index declined 1% to 26,354.59, and the mainland-focused CSI 300 Index dropped 0.6% to 4,872.93.
Midea Group remained under pressure and dropped 5.6% to HK $85.80 after the company announced its plan to raise $2.2 billion through the sale of international convertible bonds.
The household appliance maker plans to use about 60% of proceeds to finance international expansion and boost liquidity and reserve the rest for general corporate purposes.
The bond sale in two tranches, each valued at $8.62 billion, with the first maturing in May 2027 and the second in May 2033, carries zero coupon rates and does not pay interest rates.
At the time of maturity, the 2027 bond could be converted into stocks at HK $96.82 and the 2033 bond at HK $115.76, reflecting a 10.4% and 32% premium to Wednesday's closing price.
Tech-Dominated Benchmark Indexes Hovered at New Record Highs
Barry Adams
07 May, 2026
New York City
Stocks in New York headed higher and extended this week's gains amid improving market sentiment for the sixth week in a row.
The S&P 500 Index edged up 0.1%, and the tech-focused Nasdaq Composite advanced 0.2% as investors overlooked lingering tensions in the Middle East.
The two widely followed benchmark indexes closed at new record highs after AMD offered a strong revenue and earnings outlook for the current quarter.
On Wednesday, the S&P 500 index gained 1.6%, and the Nasdaq Composite advanced more than 2% as investors reacted to positive news from AMD, Nvidia, and Corning Inc.
Nvidia and Corning announced a multi-year partnership, and the deal accelerates the innovation in the semiconductor shift from copper-based circuits to optical computing.
The landmark deal was viewed by investors as a positive development in accelerating the shift to smart computing and rapid adoption of artificial intelligence.
Corning Inc. soared 22% in the previous session and extended this year's gains to over 105% as investors deemed the company one of the prime beneficiaries of investment in artificial intelligence infrastructure.
Despite the benchmark indexes creating new record highs, investors are cautious amid resurgent inflation and uncertain geopolitical conditions in the Middle East.
West Texas Intermediate crude oil prices decreased 2.4% to $92.77 a barrel, and traders held out for a temporary peace deal between the U.S. and Iran, paving the way to reopen the Strait of Hormuz.
U.S. Movers
DoorDash rose 8% to $182.50 after the food delivery platform operator signaled a positive revenue outlook for the current quarter.
Zillow Group declined 6% to $41.85 after the real estate platform operator's revenue in its latest quarter fell short of market expectations.
Arm Holdings PLC dropped 8% to $218.0, and the advanced chip designer said annual revenue growth in its mobile market may be flat or slightly negative.
McDonald's Corp. edged up 3% to $294.17 after the fast-food company reported first-quarter adjusted earnings per share of $2.83 on revenue of $6.5 billion.
Whirlpool Corp. plunged 20% to $43.0 after the home appliance maker slashed its full-year earnings per share estimate from $6.0 to between $3.0 and $3.50.
The refrigerator and washing machine maker said higher fuel prices are causing "recession-level industry decline."
The company also suspended its dividend, and added it plans to focus on paying down its debt.
Tech-Dominated Benchmark Indexes Hovered at New Record Highs
Barry Adams
07 May, 2026
New York City
Stocks in New York headed higher and extended this week's gains amid improving market sentiment for the sixth week in a row.
The S&P 500 Index edged up 0.1%, and the tech-focused Nasdaq Composite advanced 0.2% as investors overlooked lingering tensions in the Middle East.
The two widely followed benchmark indexes closed at new record highs after AMD offered a strong revenue and earnings outlook for the current quarter.
On Wednesday, the S&P 500 index gained 1.6%, and the Nasdaq Composite advanced more than 2% as investors reacted to positive news from AMD, Nvidia, and Corning Inc.
Nvidia and Corning announced a multi-year partnership, and the deal accelerates the innovation in the semiconductor shift from copper-based circuits to optical computing.
The landmark deal was viewed by investors as a positive development in accelerating the shift to smart computing and rapid adoption of artificial intelligence.
Corning Inc. soared 22% in the previous session and extended this year's gains to over 105% as investors deemed the company one of the prime beneficiaries of investment in artificial intelligence infrastructure.
Despite the benchmark indexes creating new record highs, investors are cautious amid resurgent inflation and uncertain geopolitical conditions in the Middle East.
West Texas Intermediate crude oil prices decreased 2.4% to $92.77 a barrel, and traders held out for a temporary peace deal between the U.S. and Iran, paving the way to reopen the Strait of Hormuz.
U.S. Movers
DoorDash rose 8% to $182.50 after the food delivery platform operator signaled a positive revenue outlook for the current quarter.
Zillow Group declined 6% to $41.85 after the real estate platform operator's revenue in its latest quarter fell short of market expectations.
Arm Holdings PLC dropped 8% to $218.0, and the advanced chip designer said annual revenue growth in its mobile market may be flat or slightly negative.
McDonald's Corp. edged up 3% to $294.17 after the fast-food company reported first-quarter adjusted earnings per share of $2.83 on revenue of $6.5 billion.
Whirlpool Corp. plunged 20% to $43.0 after the home appliance maker slashed its full-year earnings per share estimate from $6.0 to between $3.0 and $3.50.
The refrigerator and washing machine maker said higher fuel prices are causing "recession-level industry decline."
The company also suspended its dividend, and added it plans to focus on paying down its debt.