Key News
1. Kevin Warsh will be sworn in as Chairman of the Federal Reserve tonight.
2. After denying reports early this morning, Saudi media claimed to have exclusively obtained a draft agreement between the US and Iran that is "close to being reached."
3. UBS raised its year-end 2026 target for the S&P 500 from 7500 to 7900.
Individual Stock News
1. Futu Holdings (FUTU.O) and Xiangshang Rongke (TIGR.O) fell nearly 40%. The China Securities Regulatory Commission (CSRC) plans to confiscate all illegal gains of Tiger Brokers, Futu, and Changqiao, both domestically and internationally, and impose severe penalties according to law.
2. SpaceX plans to build a 10-gigawatt solar factory near Austin.
3. Anthropic is in talks with Microsoft (MSFT.O) to use its AI chips.
4. The National Highway Traffic Safety Administration (NHTSA) announced that Tesla (TSLA.O) is recalling 14,575 vehicles in the United States. 5. Estée Lauder (EL.N) shares surged over 11% pre-market after the company terminated merger talks with Puig Group.
6. Zoom (ZM.O) shares rose over 7% pre-market after the company raised its earnings forecast and approved a $1 billion share buyback program; first-quarter results exceeded expectations.
7. Meta Platforms (META.O) reached a settlement in a lawsuit concerning teenage social media addiction, with total compensation potentially reaching $400 billion.
8. Broadcom (AVGO.O), Meta Platforms (META.O), and three other tech giants partnered with UCLA for $125 million to build an AI semiconductor center.
