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MICC News
MICC Events
Major Averages Close Broadly Lower as Oil Prices Jump Again
The major averages closed broadly lower, giving back some of yesterday's gains as tech stocks lagged, U.S. Treasury yields rose, and oil prices jumped once again. A meeting between President Donald Trump and Chinese President Xi Jinping has ended, with investors concerned that the summit resulted in no major policy breakthroughs.Brent crude pushed above $104 a barrel as the Iran conflict and ongoing Strait of Hormuz disruptions continue pressuring global energy supplies. Rising oil prices are now feeding into inflation expectations, transportation costs, and consumer spending concerns as markets increasingly fear a stagflationary setup.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Applied Materialsreportedand raised its 2026 equipment growth estimateFigmaprovided areport for Q1Gemini Space Stationannounced that Winklevoss Capital Fund made aBlackstoneand CD&R are both in the early stages of exploring bids for Magnum Ice Cream,MasterCardand JD.com2. WALL STREET CALLS:Arista Networksto Outperform at Raymond JamesRBCTexas Roadhouseon better beef prices, traffic growthCiscoto Buy at HSBC on stronger AI infrastructure momentumViking Holdingsto Equal Weight at Morgan StanleyFermito In Line at Evercore ISI3. AROUND THE WEB:BPplans to wind down much of its pipeline gas trading team, eliminating about 20 roles and integrating the remaining staff into its expanding LNG trading business. Reuters reportsFinal bids are in for Estee Lauderbrands Too Faced, Smashbox, and Dr. Jart, and the process could be completed in a matter of weeks, WWD reportsAs Metaprepares to lay off about 10% of its staff on May 20 as part of ongoing efficiency efforts and investment rebalancing, adding to prior rounds of layoffs, sources say morale is low, Wired reportsGoogleis planning to announce a new Gemini model at it's I/O conference, with the release expected to land around the class of OpenAI's GPT-5.5 and short of Anthropic's Mythos, Sources reportsStarbucksis undertaking another round of corporate restructuring, including about 300 U.S. job cuts and a review of its international corporate workforce, CNBC says4. MOVERS:Globantrises afterRXOhigher after Stifelthe stock to BuyDexComgains after announcing aYork Space Systemslower afterand provided guidance for FY26DLocaland ARS Pharmaceuticalsfalls after5. EARNINGS/GUIDANCE:Datavault, with EPS and revenue higher year-over-yearRBC Bearingsand provided guidance for Q1Enveric Biosciences, with CEO Joseph Tucker commenting "Our progress in the first quarter of 2026 reflects continued execution against our core mission"aTyr Pharma, with CEO Sanjay Shukla commenting, "2026 is off to a productive start"Mako Mining, with EPS and revenue higher year-over-yearINDEXES:The Dow fell 537.29, or 1.07%, to 49,526.17, the Nasdaq lost 410.08, or 1.54%, to 26,225.15, and the S&P 500 declined 92.74, or 1.24%, to 7,408.50.
Magnum Ice Cream Rises 10.6% to $16.61
Magnum Ice Cream is up 10.6%, or $1.59 to $16.61.
Major Averages Broadly Lower as Tech Stocks Lag
The major averages were broadly lower near noon, giving back some of yesterday's gains as tech stocks lag, U.S. Treasury yields rise, and oil prices jump once again. A meeting between President Donald Trump and Chinese President Xi Jinping has ended, with investors concerned that the summit resulted in no major policy breakthroughs.Brent crude has pushed above $104 a barrel as the Iran conflict and ongoing Strait of Hormuz disruptions continue pressuring global energy supplies. Rising oil prices are now feeding into inflation expectations, transportation costs, and consumer spending concerns. Markets increasingly fear a stagflationary setup where inflation stays elevated even as economic growth slows.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Applied Materialsreportedand raised its 2026 equipment growth estimateFigmaprovided areport for Q1Gemini Space Stationannounced that Winklevoss Capital Fund made ainto the companyBlackstoneand CD&R are both in the early stages of exploring bids for Magnum Ice Cream,United States Antimonyreported2. WALL STREET CALLS:Arista Networksto Outperform at Raymond JamesRBCTexas Roadhouseon better beef prices, traffic growthCiscoto Buy at HSBC on stronger AI infrastructure momentumViking Holdingsto Equal Weight at Morgan StanleyFermito In Line at Evercore ISI3. AROUND THE WEB:As Metaprepares to lay off about 10% of its staff on May 20 as part of ongoing efficiency efforts and investment rebalancing, adding to prior rounds of layoffs, sources say morale is low, Wired reportsMore than 50 researchers and engineers have left xAI since the SpaceX acquisition via layoffs, firings, and voluntary departures, with many joining Meta and TML, The Information saysGoogleis planning to announce a new Gemini model at it's I/O conference, with the release expected to land around the class of OpenAI's GPT-5.5 and short of Anthropic's Mythos, Sources reportsStarbucksis undertaking another round of corporate restructuring, including about 300 U.S. job cuts and a review of its international corporate workforce, CNBC saysMicrosoftis rolling back internal use of Claude Code after strong adoption among developers, and plans to replace most licenses with GitHub Copilot CLI as part of a broader push to consolidate engineering workflows, Verge reports4. MOVERS:Globantrises afterRXOhigher after Stifelthe stock to BuyDexComgains after announcing aYork Space Systemslower afterand provided guidance for FY26DLocaland ARS Pharmaceuticalsfalls after5. EARNINGS/GUIDANCE:Datavault, with EPS and revenue higher year-over-yearRBC Bearingsand provided guidance for Q1Enveric Biosciences, with CEO Joseph Tucker commenting "Our progress in the first quarter of 2026 reflects continued execution against our core mission"aTyr Pharma, with CEO Sanjay Shukla commenting, "2026 is off to a productive start"Mako Mining, with EPS and revenue higher year-over-yearINDEXES:Near midday, the Dow was down 1.03%, or 515.34, to 49,548.12, the Nasdaq was down 1.34%, or 356.79, to 26,278.44, and the S&P 500 was down 1.05%, or 79.13, to 7,422.11.
Magnum Ice Cream Stock Rises 11.2% to $16.70
Magnum Ice Cream is up 11.2%, or $1.68 to $16.70.
Stock Futures Drop Sharply as Markets Face Pressure
Stock futures are down sharply this morning. Markets are under pressure as rising Treasury yields and surging oil prices finally appear to be interrupting the AI-driven rally. The 10-year Treasury yield climbed to roughly 4.54%, its highest level in nearly a year, while long-duration yields continue moving toward levels that many investors thought would require a recession or Fed tightening cycle to reach again. Markets are rapidly repricing expectations for interest rates after this week's hot consumer and producer price index reports.Brent crude has pushed above $104 a barrel as the Iran conflict and ongoing Strait of Hormuz disruptions continue pressuring global energy supplies. Rising oil prices are now feeding into inflation expectations, transportation costs, and consumer spending concerns. Markets increasingly fear a stagflationary setup where inflation stays elevated even as economic growth slows.The AI trade remains the market's dominant support underneath the surface, but there are signs that AI enthusiasm may struggle to fully offset macro pressure if yields continue rising. Gold and silver are pulling back sharply as rising real yields and a stronger dollar pressure precious metals.In pre-market trading, S&P 500 futures fell 1.20%, Nasdaq futures fell 1.72% and Dow futures fell 0.92%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Geminiup 36% after announcing that Winklevoss Capital Fund has made a $100M strategic investment into the company, at a price of $14 per share with consideration paid in bitcoinMagnum Ice Creamup 11% after ReutersBlackstone and CD&R are both in the early stages of exploring bids for the companyUP AFTER EARNINGS -Figmaup 8%PowerBankup 2%RBC Bearingsup 1%DOWN AFTER EARNINGS -ARS Pharmaceuticalsdown 12%Creative Realitiesdown 10%Datavaultdown 8%United States Antimonydown 8%Rumbledown 8%Arrive AIdown 6%LOWER -Cerebras Systemsdown 1% after surging yesterday in its debut as a public company
This page is for research only and is not investment advice. Models can be wrong. Past performance does not guarantee future results.