Global equity markets posted broad gains, with the S&P 500 touching a new record high after inflation figures came in largely as expected and corporate earnings continued to impress. Technology and healthcare sectors drove the rally, while bond yields softened and oil prices came under pressure from progress in US-Iran diplomatic talks.
This edition of the Moneybase daily market commentary covers key movements across global equities, currencies, commodities, and company-specific news that investors should be aware of.
Global market summary
Equities advance on earnings strength and moderating inflation
Wall Street closed firmly in positive territory, with technology and healthcare each gaining over 1%. Strong quarterly results from companies including Snowflake and Agilent Technologies lifted sentiment across both sectors. The 10-year US Treasury yield ended the session at 4.45%, while bond yields eased slightly overall. The recent equity market rally has been underpinned by genuine earnings growth rather than valuation expansion alone.
Since late March, the S&P 500 has advanced more than 18% while the Nasdaq has surged approximately 28%, with semiconductor stocks at the forefront of gains amid sustained interest in artificial intelligence infrastructure. First-quarter earnings growth across the S&P 500 reached approximately 27% year-on-year, led by technology but also supported by financials, industrials and materials.
While valuations remain elevated, analysts note that the broader investment backdrop is supported by a resilient labour market, steady economic activity, and continued momentum in corporate profitability.
Asian and European markets
Asian equity markets moved higher in Friday’s session, with Japan and South Korea leading regional gains. Easing concerns over energy supplies and lower oil prices contributed to improved sentiment, while optimism around AI-driven demand continued to lift technology-linked shares across the region. Markets in Australia, China and Hong Kong also closed in positive territory.
US equity futures were largely flat overnight as investors awaited confirmation of reported US-Iran talks on extending a ceasefire and easing Strait of Hormuz tensions. Traders also monitored geopolitical risks and inflation expectations.
European shares faced mild selling pressure, with the STOXX 600 declining 0.5%, largely driven by weakness in the financial sector. However, semiconductor stocks offered a counterbalance, with Infineon and STMicroelectronics each rising 3 to 4%. French chip firm Soitec stood out with a 24.6% gain on the back of strong quarterly results. Defence and satellite stocks also finished higher, while BT Group declined 3.4% amid investor concerns over corporate governance.
Currency and commodity update
US dollar and euro
The US Dollar Index held near the 99 level after softer-than-expected US inflation data and an easing in US-Iran tensions reduced demand for safe-haven assets. Market expectations remain firm that the Federal Reserve will keep interest rates unchanged through the coming year. The euro remained resilient, with EUR/USD trading at approximately 1.1637.
Oil prices under pressure
Crude oil prices edged lower during Asian trading on Friday and are on track to record sharp weekly declines. Easing fears over a potential disruption in the Strait of Hormuz, alongside the possibility of an extended ceasefire, have reduced supply-side risk premiums. Both Brent and WTI crude were heading for weekly losses of close to 10%. Softer US economic growth data further weighed on demand expectations.
Company news and share movements
The following section highlights notable share price moves driven by earnings results, analyst actions, or company announcements.
Technology and artificial intelligence
Dell Technologies posted record revenue of $43.8 billion, beating market expectations for its first fiscal quarter. AI-optimised server sales were reported to be up 757% year-on-year. The company raised its full-year revenue forecast to between $165 billion and $169 billion, reflecting the continued build-out of AI infrastructure tied to Nvidia-based systems. Shares surged nearly 40% in after-hours trading.
Anthropic announced the completion of a $65 billion Series H funding round, placing its post-money valuation at approximately $965 billion. The round was led by Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital, including $15 billion from hyperscalers such as Amazon. The company also reported $47 billion run-rate revenue and strong adoption across enterprise clients.
Samsung Electronics began distributing samples of its new HBM4E memory chips, designed specifically for AI data centre applications. The chips are reportedly more than 20% faster than prior-generation versions and are intended to improve Samsung’s competitive position relative to SK Hynix and Micron Technology in the growing AI memory segment.
IBM announced plans to commit over $10 billion to quantum computing development over the next five years, with a target of delivering a large-scale, error-corrected system by 2029. The company is also contributing $1 billion to a new US chip venture, Anderon, which is backed by federal government funding.
Nebius Group NV saw its shares rise after investment firm Situational Awareness, founded by former OpenAI researcher Leopold Aschenbrenner, disclosed a 5.6% stake in the Dutch neocloud operator. The company runs data centres used for training AI models and running services such as ChatGPT.
Space and aerospace
SpaceX is reportedly targeting an initial public offering valuation of at least $1.8 trillion, with plans to raise as much as $75 billion, according to media reports. The figure represents a reduction from earlier targets of $2 trillion. The company reported revenue of $18.7 billion in 2025, though it recorded a net loss of $4.94 billion amid continued investment.
Blue Origin experienced a significant setback when its uncrewed New Glenn rocket exploded during a hot-fire test on the launchpad. No injuries were reported, and an investigation is under way. The incident is a notable challenge for the company as it competes with SpaceX and pursues contracts with NASA as well as satellite deployment opportunities.
Healthcare
Eli Lilly and Company received confirmation that its obesity drug Zepbound has been added to the preferred formulary list by CVS Caremark, one of the largest pharmacy benefit managers in the United States. This decision broadens access for patients across commercial and Medicare insurance plans and ensures wider availability of Lilly’s obesity portfolio, including both injectable and oral GLP-1 treatments.
Consumer and retail
Costco Wholesale Corporation reported third-quarter fiscal 2026 revenue of $70.5 billion, ahead of analyst estimates, with net income rising to $2.19 billion. Comparable sales grew 9.8% globally, supported by sustained consumer demand, membership growth, and a 21.5% increase in e-commerce sales. International expansion continued to progress.
Dollar Tree shares rose 16% after the company reported adjusted earnings per share of $1.74 for its first quarter, surpassing market forecasts. Improved margins, attributed to lower freight costs and reduced shrink, supported the beat. The company also issued guidance for a stronger second quarter, pointing to improving profitability despite ongoing tariff-related pressures.
MongoDB reported revenue of $687.6 million and EPS of $1.32 for its first fiscal quarter of 2027, both beating expectations, with revenue representing 25% growth year-on-year. Growth was driven by demand for its Atlas cloud database platform and the rising integration of AI workloads. Full-year guidance was raised, though management indicated some unevenness in the growth trajectory ahead.
Automotive and consumer goods
Ferrari attracted a note from Barclays, which argued that recent selling pressure in the stock has been excessive. The investment bank suggested that Ferrari’s new Luce electric vehicle reflects a deliberate long-term strategy rather than a fundamental shift in brand value. Barclays noted the model represents only a small part of future sales and praised Ferrari for tackling the “Innovator’s Dilemma” by prioritising experimentation over short-term perfection.
L’Oreal received an upgrade to “Buy” from Berenberg, which cited a return to stronger organic revenue growth, margin improvement and a recovering global beauty market. The bank raised its price target and expects L’Oréal to outperform the broader sector as conditions in China improve and demand for skincare and fragrances remains firm.
Heineken was downgraded to “Hold” from “Buy” by Deutsche Bank, citing uncertainty around the company’s chief executive transition, soft beer demand across Europe and North America, geopolitical exposure, and inconsistent performance in key Latin American markets. The bank also reduced its target price from EUR 93 to EUR 76.
Financial services
Aviva was initiated with a “Buy” rating and an 800 pence price target by Berenberg. The bank cited attractive valuation, improving returns on equity, steady operating profit growth and strong capital generation as key drivers. Synergies from the Direct Line acquisition and the company’s strong position in the UK market were highlighted as additional positives.
Delivery Hero saw its shares decline approximately 2% after Uber Technologies purchased activist investor Aspex Management’s stake in the company at just under EUR 40 per share, well above Uber’s recent takeover proposal of EUR 33. The transaction increased Uber’s ownership to 36.83%, signalling a stronger intent to move forward with acquisition discussions and reducing pressure for a break-up of Delivery Hero’s business units.
Analyst views: technology and semiconductors
Wolfe Research expects agentic and orchestration CPUs to drive about 30% CPU market growth by 2028, with TSMC capacity shaping market share more than performance. It sees ARM gaining up to 75% of agentic CPU share, benefiting AMD, Nvidia and ARM, while Intel risks losses despite overall market expansion and rising server CPU demand.
Upcoming economic data and events
The following data releases are scheduled and may influence market sentiment:
- Eurozone: Inflation data for France, Italy and Germany
- United States: Wholesale and retail inventories, goods trade balance, Chicago PMI, Baker Hughes rig count update
- Central bank: A scheduled speech from a Federal Reserve official, which may provide additional context on monetary policy direction
Investors should monitor these releases for any signals that could affect expectations around interest rates, growth and sector performance.
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