ADI News & Events

The market rally stumbled on Tuesday as reports of OpenAI missing its internal growth targets weighed on the Tech sector, particularly the Semiconductor space, where VanEck Semiconductor ETFfell about 3%.   Likewise, Energy outperformed all other sectors and WTI Crude Oil topped $100 per barrel as a function of the re-heating geopolitical tension, as the White House is expressing reluctance to bend toward compromise on its mission for denuclearized Iran after Tehran proposed to table the nuclear question in exchange for restoring an operational Strait of Hormuz.The narrative could once again flip on Wednesday however, with a spate of high-profile earnings reports re-establishing the vigor of the AI rally.   Seagatewas up 16% after blowout results, also pulling up shares of Western Digital, while better than expected results from NXP Semisupported shared of Analog Devices and Microchip.  Bloom Energy, the fuel supplier for data centers, also reported blowout numbers, sending shares up double digits.In the opening hour of the evening session, Nasdaq 100 is up 0.2%, S&P e-minis are up 0.1%, and WTI Crude Oil is back below $100 per barrel.   Precious metals sustained some losses on Tuesday, with Gold sliding toward $4,600 and Silver now below $74 per ounce.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Silicon Motion Technologyup 19.3%Rush Street Interactiveup 17.8%Seagateup 16.0%; Western Digitalup 15.7% in sympathyNXP Semiconductors N.V.up 15.5%; On Semiup 6.1,%, Analog Devices, Inc.up 2.6%, Microchip Technologyup 4.0% in sympathyPorch Groupup 13.5%Fair Isaacup 12.6%Bloom Energyup 12.3%ExlService Holdingsup 7.9%Veraltoup 9.9%Starbucksup 5.0%Visaup 4.8%Mondelezup 2.5%Caesarsup 1.5%T-Mobileup 1.2%DOWN AFTER EARNINGS -O-I Glassdown 18.6%Enphase Energydown 11.0%Robinhooddown 9.7%Teradynedown 8.3%Booking Holdingsdown 4.3%Stridedown 3.7%ALSO LOWER -Avis Budget Groupdown 7.6% after disclosing sale by Pentwater CapitalBrown-Formandown 6.2% after terminating Pernod Ricard merger

WTI Crude Oil remains above $92 per barrel as investors continue to digest the news from the Middle East, particularly with reports that it could be months before the Strait of Hormuz is fully cleared,  though positioning appears to be less sensitive to the headlines regarding the oil shipments.  Major indices saw fresh closing highs today, with S&P 500 solidifying gains above 7,000.  Tech and Communication Services were the best performing areas of the market while the rate-sensitive Real Estate lagged,  with the yield on the 10-year Treasury Note looking more tethered to 4.3% rather than retreating to pre-war 4.0% mark - indeed, CME Fed Watch tool now sees just a 1 in 4 chance of even one more rate cut this year vs. 1 in 3 chance seen a month ago.In the opening hour of the evening session, equities are mixed with a flat Nasdaq 100 futures contract and a 0.2% decline in S&P e-minis.  Teslasaw some heightened volatility after reporting Q1 results, initially jumping nearly 5% on earnings beat before retreating into slightly negative as earnings call from Elon Musk warned of a higher capex projection of more than $25B this year than previous estimates.  Semiconductors were higher however, with Texas Instruments'10% post-Q1 jump on higher than unexpected earnings and Q2 guidance. also pulling up some of its peers.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -United Rentalsup 14.6%Texas Instrumentsup 10.5%; Semiconductors up in sympathy: On Semiup 5.5%, Microchip Technologyup 6.5%; NXP Semiconductors N.V.; Analog Devicesup 4.0%CSXup 7.1%Churchill Downsup 5.1%Hexcelup 4.0%Waste Connectionsup 2.6%CACI Internationalup 2.5%Lam Researchup 2.5%Molina Healthcareup 2.3%DOWN AFTER EARNINGS -ASGNdown 24.4%Medpace Holdingsdown 17.6%ServiceNowdown 12.4%IBMdown 6.6%Patterson-UTI Energydown 5.2%Gracodown 4.2%Knight Swiftdown 3.9%Southwestdown 3.3%Tesladown 1.8%ALSO LOWER -lululemondown 5.0% after confirming Heidi O'Neill as new CEO