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U.S. Market Overview:
On Friday, the major indices in the U.S. finished higher, extending the week's gains as optimism around U.S.-Iran diplomatic peace talks and continued AI-driven enthusiasm kept buying interest firm into the close. The S&P 500 advanced 27pts (+0.37%) to 7,473, the Nasdaq 100 gained 124pts (+0.42%) to 29,481, and the Dow climbed 294pts (+0.58%) to 50,579.
On the sector front, Health Care (XLV) was lifted by post-earnings momentum in several large-cap names, Technology (XLK) benefited from the week's strong semiconductor tailwinds, and Utilities (XLU) attracted defensive buying. Communication Services (XLC), Real Estate (XLRE), and Consumer Staples (XLP) lagged on the day.
U.S. Economic Developments:
Michigan Consumer Sentiment fell to 44.8 in May, below the 48.2 forecast and down from a revised 48.2 in April.
U.S. Equity News:
Dell Technologies (DELL), a provider of IT infrastructure, PCs, and AI-optimized servers, jumped 16.77 making it the best performing stock in the S&P 500 after a sweeping round of analyst price target increases from Evercore ISI, Bank of America, Wells Fargo, Morgan Stanley, JPMorgan, Citi, and Mizuho ignited fresh buying interest ahead of its first-quarter results due May 28. HP Inc (HPQ) also rallied 15.25% on the news.
Merck (MRK), a pharmaceutical giant, gained 5.64% after partner Sichuan Kelun-Biotech reported that its experimental treatment paired with Merck's Keytruda demonstrated improved progression-free survival in patients with advanced lung cancer in a late-stage trial.
Estee Lauder (EL), a global cosmetics company, jumped 11.9% after announcing it had terminated discussions with Spanish peer Puig regarding a potential business combination.
Workday (WDAY), a leader in enterprise cloud applications for finance and human resources, gained 5.16% on better-than-expected quarterly earnings and raised its full-year margin forecast.
Zoom Communications (ZM), a video communications company, jumped 9.19% as quarterly financial figures beat estimates, with the Board of Directors also authorizing an additional $1.0 billion share repurchase program.
Ross Stores (ROST), an off-price apparel and home fashion retailer, gained 8.18% as quarterly financial figures topped expectations and the company raised its full-year guidance.
Europe Market Overview:
At the European close, the major indices in the region finished in positive territory, supported by the same geopolitical optimism and AI-driven sentiment that lifted Wall Street. Germany's DAX led the region, gaining 281pts (+1.15%) to 24,888, France's CAC 40 added 29pts (+0.37%) to 8,115, and the U.K.'s FTSE 100 edged up 22pts (+0.22%) to 10,466.
Looking at economic data in the region, Germany's GfK consumer confidence index was -29.8 in June vs -34 expected and -33.1 a month earlier (revised from -33.3). Separately, Germany's Ifo business climate index edged up to 84.9 in May (84.6 anticipated) from 84.4 in April. In U.K. retail sales decreased 1.3% in April month-on-month vs -0.3% expected and +0.6% in March (revised from +0.7%).
Volatility & Commodities Snapshot:
The VIX declined (-0.36%) to 16.7. The U.S. 10-year yield rose 0.203 basis points to 4.558%.
In commodities, gold declined $34.52 (-0.76%) to $4,506.98, silver dropped $1.25 (-1.63%) to $75.45, and WTI crude oil slipped $0.15 (-0.16%) to $96.20.
The Dollar & Majors:
The dollar index edged up 0.05pt (+0.05%) to 99.304.
EUR/USD declined 17pips (-0.15%) to 1.1601.
GBP/USD advanced 5pips (+0.04%) to 1.3434.
USD/JPY rose 19pips (+0.12%) to 159.15. Japan’s data showed that the core inflation rate slowed to 1.4% year on year in April, lower than expected.
USD/CHF slipped 17pips (-0.22%) to 0.7848.
AUD/USD declined 19pips (-0.27%) to 0.7128.
USD/CAD advanced 37pips (+0.27%) to 1.3814. In Canada, Retail Sales rose 0.6% MoM (preliminary) in April, above the 0.5% forecast. PPI climbed 11.4% YoY in April, above the 10% forecast and up from a revised 8.4% in March.
Digital Assets:
Finally, in the cryptocurrency market, Bitcoin declined $1,788 (-2.3%) to $75,857 and Ethereum dropped $67 (-3.15%) to $2,069.
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