The S&P 500 futures are up 50 points, showing a 0.9% increase. Nasdaq 100 futures are up 240 points, marking a 1.2% rise, while the Dow Jones Industrial Average futures gain 302 points, a 0.7% increase.
The futures for the S&P 500, Nasdaq 100, and Dow industrials are all on the rise. The market is focused on trade news, with expectations that President Trump will announce a trade deal framework with the U.K. today, which is boosting optimism regarding global trade tensions.
The Bank of England cut its bank rate by 25 basis points to 4.25%, as anticipated.
U.S. Treasury yields are up, with the 10-year yield increasing by three basis points to 4.31% and the 2-year yield also up three basis points to 3.82%.
Today's News
Quantum computing stocks experienced a notable surge after D-Wave Quantum (QBTS, Financial) reported exceptional quarterly results, with a revenue increase of over 500% year-over-year. D-Wave's shares soared more than 20%, while other industry players like IonQ (IONQ, Financial), Quantum Computing (QUBT, Financial), Arqit Quantum (ARQQ, Financial), and Rigetti Computing (RGTI, Financial) saw gains of over 4.5%. The CEO highlighted significant milestones, including a landmark system sale and demonstrating quantum supremacy over classical computing.
Google (GOOGL, Financial) countered claims by Apple (AAPL, Financial) executive Eddy Cue regarding a decline in search queries, asserting that overall search activity continues to grow. Google's shares rose 1.7%, recovering from previous losses linked to Cue's comments. The company emphasized the growing use of its search services across various platforms and its commitment to innovation, promising further updates at Google I/O.
Uber Technologies (UBER, Financial) faced a downgrade from Wedbush Securities to Neutral from Outperform, following the stock's substantial price appreciation. The downgrade reflects concerns over limited near-term catalysts and a more balanced risk/reward profile. Despite Uber management's successful execution of growth initiatives, analysts noted the lack of clear drivers for further upside.
Hims & Hers Health (HIMS, Financial) announced plans to issue $450 million in convertible senior notes due 2030, with proceeds aimed at supporting corporate growth and strategic acquisitions. The announcement led to a 3.95% drop in premarket trading. The interest rate and other terms of the notes will be determined upon pricing.
Applovin (APP, Financial) experienced a 15% premarket jump after exceeding first-quarter estimates, prompting Jefferies to raise its price target on the stock. The company's impressive ad revenue growth and potential for further expansion through self-serve tools were highlighted as key drivers of future performance.
Arm Holdings (ARM, Financial) saw its shares decline over 8% following a weaker-than-expected fiscal 2026 outlook. Analysts defended the company, citing strong fourth-quarter results and potential future demand. Despite higher operating expenses, Arm's strategic focus on expanding its engineering base is seen as preparing for upcoming opportunities.
Krispy Kreme (DNUT, Financial) neared an all-time low after disappointing Q1 results, with revenue declines and suspended dividend payments. The company is focusing on paying down debt and pursuing profitable U.S. expansion and international franchise growth amidst challenging market conditions.
Fortinet (FTNT) shares fell 7% after issuing guidance that disappointed investors. While Q1 results met expectations, uncertainty around future performance and valuation concerns overshadowed the company's strong growth in security operations and services.
Warner Bros. Discovery (WBD) reported a miss in its first-quarter earnings but showed strength in its streaming segment, adding 5.3 million subscribers. Despite the overall earnings miss, the company remains optimistic about reaching 150 million global subscribers by 2026.
Cleveland-Cliffs (CLF) reported a larger-than-expected Q1 loss and announced plans to idle six steel plants to achieve significant cost savings. The company aims to improve its financial performance by cutting operational expenses and enhancing productivity at other locations.
Canadian Natural Resources (CNQ) posted strong Q1 earnings, driven by record production levels in liquids, natural gas, and oil sands mining. The company's acquisition of Chevron's interest in the Athabasca oil sands project contributed to its impressive performance and production growth.
GuruFocus Stock Analysis
- Tesla (TSLA) India Chief Quits as Market Launch Nears by Faizan Farooque
- Nvidia and AMD Rally as Trump Targets AI Export Curbs Rollback by Nauman khan
- Cathie Wood's ARK Invest Loads Up on Nvidia, AMD as U.S. Eases Chip Rules by Nauman khan
- Tesla (TSLA) Trademark Bid for 'Robotaxi' Rejected by USPTO by Faizan Farooque
- Rivian Sets Fall AI Day to Chase Tesla by Moz Farooque
