Daily US Equity Opening News - TSM April revenue growth slows; CRWV down on profit miss, capex rise; AKAM surges on AI infrastructure deal; IREN jumps on NVDA investment; GILD slips on mixed guidance; NFP, Fedspeak, Geopols ahead

DAY AHEAD:

EVENTS: Reports suggest Iran is reviewing the US response to the 14-point proposal, and is expected to formally respond today.
DATA: US April jobs data is the highlight, with headline nonfarm payrolls expected to slow to 60K (prev. 178K), and unemployment rate seen unchanged at 4.3% (see below for preview link). Prelim University of Michigan sentiment indicators are expected to show headline sentiment at 49.5 (prev. 49.8). Canada will also release jobs numbers (exp. 20K, prev. 14.1K) with unemployment seen unchanged at 6.7%.
SPEAKERS: Fed’s Bowman (voter, dovish), Daly (2027 voter, dove), Goolsbee (2027 voter, dovish) and Waller (voter, dove) will participate on a panel; Fed’s Cook (voter, neutral; text expected) will speak on tokenisation and the financial system; Fed’s Miran (voter, dove; will leave if Kevin Warsh is confirmed as Fed Chair) will give an interview to Fox Business; Fed’s Goolsbee (2027 voter, dovish) will also give an interviews to CNBC and then to Bloomberg. ECB President Lagarde (neutral; text expected) will deliver opening remarks; ECB’s de Guindos (dovish; no text expected) will participate in a fireside chat; ECB’s Cipollone (no text expected) will speak on sustainable development; ECB’s Schnabel (hawk; no text expected) is also due today. BoE Governor Bailey (neutral) will speak on global imbalances; BoE’s Breeden (neutral) will give remarks on geopolitics, banking and global credit.
EARNINGS: Notable corporate earnings due today include: PPL (PPL), Fidelity National Information Services (FIS).
PREVIEW - US JOBS DATA (13:30BST/08:30BST) The April US jobs report is expected to show a clear moderation after Marchʼs 178k gains, with headline NFP seen at 65k (the Bloomberg ‘whisper’ number is 70k), and the unemployment rate unchanged at 4.3%. Average hourly earnings are expected to rise 0.3% M/M, lifting the Y/Y rate to 3.8% (from 3.5%). Traders will be looking to see if the March strength was flattered by temporary factors, including returning healthcare strikers and weather-related payback, or whether the labour market remains resilient enough to keep the Fed comfortable staying on hold. Analysts say that a soft headline print could therefore be dismissed as noisy, given Marchʼs distortions; a number above consensus, however, could ease stagflation concerns, and add to the hawkish narrative, reinforcing the case for an extended pause. Click here for Newsquawk’s full US jobs data preview

NEWS:

GEOPOLITICS:

US-Iran Clash - The US struck military targets in Iran after Iran fired on three Navy destroyers in the Strait of Hormuz. US CENTCOM said Iran’s assault involved multiple missiles, drones and small boats, but no US assets were struck; the skirmish threatens a fragile ceasefire as both sides continue to talk on ending the war. President Trump said the Iran ceasefire remains in place, and that the US is negotiating with Iran; he added that Pakistan asked the US not to proceed with Project Freedom during the negotiations.
Iran - Iran’s top joint military command said the US violated the ceasefire by targeting an Iranian oil tanker and another ship entering the Strait of Hormuz, warning of a forceful response. Iranian media reported explosions near Bandar Abbas, damage at Bahman Pier and Iranian missile fire on three US destroyers, while Press TV said nearby islands and coastal cities returned to normal.
Peace Talks - Iran is reviewing the US response to the 14-point proposal, and is expected to issue a formal reply on Friday, reports citing Pakistani sources have suggested. A senior Iranian official said Iran would not allow the US to reopen the Strait of Hormuz with an “unrealistic plan” and leave the war without reparations. Iran added that no uranium had been exported, while the Foreign Ministry said talks would continue in a new format without entering nuclear issues.

TRADE:

US-China - The Trump administration plans to invite CEOs from NVIDIA (NVDA), Apple (AAPL), Exxon (XOM), Boeing (BA), and other big companies to accompany the president on his trip to China next week, according to Semafor. Nvidia CEO Huang said he would gladly join the visit if he was invited, CNBC reports; Huang said it would be a privilege and honour to represent the US, which CNBC said indicates he had not yet received an invitation.
US Tariffs - US President Trump’s 10% global tariffs were declared unlawful by a divided three-judge panel at the US Court of International Trade, Bloomberg reports. The court granted a request by small businesses and two dozen mostly Democrat-led states to invalidate the duties, imposed in February under Section 122 of the Trade Act of 1974.
US Oil Exports - President Trump rejected the need for curbs on US oil or jet fuel exports to address global shortages linked to the Iran war. He said that curbs were unnecessary because the US has “tremendous amounts of oil”.
US-EU - US businesses have urged the Trump administration to intervene over new EU consumer protection rules that they fear will leave them open to an avalanche of class action lawsuits, FT reports.

MACRO:

China Gold - China’s PBoC increased gold reserves for an 18th straight month in April, adding 260K ounces; FX reserves rose USD 68.4bln (to USD 3.4105tln);
Japan Intervention - Bloomberg reports that markets are debating whether Japan sold US Treasuries to fund suspected yen intervention. It notes that the Fed’s custody holdings of marketable US Treasuries for foreign official and international accounts fell by USD 8.7bln to USD 2.73tln in the week to 6th May, while Japan was estimated to have spent USD 54.7bln buying yen.
Japan Wages - Japan’s real wages rose for a third consecutive month in March, supporting the BoJ’s case for further rate hikes. Inflation-adjusted wages increased 1.0% Y/Y in March (exp. 1.8%, prev. 2.0%). Still, the data marked the first three-month rise since 2021.
UK Local Elections - Reform UK made significant early council election gains at the expense of Labour and the Conservatives, BBC reports. The polls are the biggest elections since the 2024 general election, and are seen as a key test for PM Starmer; most results are due later on Friday. Separately, The Times reports that UK Energy Secretary Miliband privately urged Starmer to consider setting out a resignation timeline; the suggestion came around two weeks ago, as Labour rivals including Angela Rayner and Wes Streeting prepared potential leadership bids if local election results were particularly damaging.
German Data - German industrial production retreated in March as the Middle East conflict drove energy prices higher, falling by -0.7% M/M (exp. 0.4%); analysts say the decline is a setback for the expected 2026 manufacturing recovery, with Germany’s industrial sector already pressured by pandemic-era supply issues, the shift from cheap Russian gas, Chinese competition and green-energy transition costs. The German trade surplus narrowed to EUR 14.3bln (exp. 18.9bln, prev. 19.8bln), with imports rising by 5.1% M/M (prev. 4.7%), and exports rising just 0.5% M/M (prev. 3.6%).

TECH:

Memory Prices - 2D NAND flash prices are rising faster than 3D NAND amid persistent supply shortages, DigiTimes reports. Major NAND manufacturers including Samsung (SSNLF) and Micron (MU) are reportedly gradually exiting the mature-process 2D NAND market, triggering panic buying and sharp price increases, with industry sources saying the shortage may be difficult to resolve.
TSMC (TSM) - TSMC April revenue rose at a rate of 17.5% Y/Y to TWD 410.7bln (prev. +45.2% Y/Y), though declined by -1.1% M/M, the slowest monthly revenue growth since October. YTD Revenue +29.9% Y/Y at TWD 1.54tln (prev. +35%). Analysts said that the slower expansion highlights challenges in sustaining AI-driven growth, though still expect June-quarter revenue to rise about 35%, Bloomberg said.
Nvidia (NVDA) - Nvidia CEO Huang said he would gladly join President Trump on an upcoming China visit if he was invited, CNBC reports. Huang said it would be a privilege and honour to represent the US, indicating he had not yet received an invitation.
CoreWeave (CRWV) - Shares fell 10% in extended US trading after a Q1 profit miss, Q2 revenue guidance which missed expectations, and it raised capex forecasts, with widening losses and heavy debt-funded data centre investment weighing despite its strong revenue growth. Q1 EPS -1.40 (exp. -0.91), Q1 revenue USD 2.08bln (exp. 1.97bln). Revenue backlog reached nearly USD 100bln after the strongest bookings quarter in its history, while active power surpassed 1GW, with the company targeting more than 8GW by 2030. Sees Q2 revenue between USD 2.45-2.6bln (exp. 2.69bln), Q2 operating income between USD 30-90mln, Q2 capex between USD 7-9bln. Backed its FY26 revenue view between USD 12-13bln (exp. 12.53bln) and backed its FY26 operating income view between USD 900mln-1.1bln.
Motorola Solutions (MSI) - Q1 EPS 3.37 (exp. 3.25), Q1 revenue USD 2.71bln (exp. 2.70bln). Noted record backlog driven by broad-based demand. Sees Q2 EPS between 3.82-3.88 (exp. 3.84), sees Q2 revenue growth of +8.5% Y/Y. Raised FY26 EPS view to between 16.87-16.99 (exp. 16.79; prev. saw 16.70-16.85), and raised FY26 revenue view to USD 12.8bln (exp. 12.7bln; prev. saw 12.7bln).
Sony (SONY) - FY25/26 operating income JPY 1.45tln (exp. 1.56tln), revenue JPY 12.48tln (vs 12.03tln Y/Y); operating profit rose 13.4% Y/Y. Expects annual gaming sales to fall 6% to JPY 265.7bln due to lower hardware sales as the PS5 ages and memory chip prices rise, with gaming profit expected to rise 30% on higher first-party software sales and the absence of a prior-year impairment. Sold 1.5mln PS5 consoles in Q4 (down 46% Y/Y), and said its PS5 hardware outlook depends on securing memory at reasonable prices, with hardware profitability expected to be similar Y/Y. Will buy back up to JPY 500bln of shares. Sony sees FY26 operating income JPY 1.60tln (exp. 1.63tln), with higher profits expected in pictures and chips and lower profits in music.
Sony (SONY), TSMC (TSM) - Sony Semiconductor Solutions and TSMC signed a non-binding MOU to form a strategic partnership for next-generation image sensors. The proposed JV, majority controlled by Sony, would set up development and production lines at Sony’s new Koshi City fab, with phased investments based on demand and Japanese government support, targeting physical AI applications including automotive and robotics.
Akamai Technologies (AKAM) - Akamai shares surged by 26% in extended US trading after it announced a major AI infrastructure deal with a frontier model provider, while earnings and revenue met expectations and cloud infrastructure and security revenue also rose. Q1 adj. EPS 1.61 (exp. 1.60), Q1 revenue USD 1.074bln (exp. 1.07bln). Cloud Infrastructure Services revenue +40% Y/Y, security revenue +11%. Announced that a leading frontier model provider has committed USD 1.8bln over seven years for CIS. Sees Q2 adj. EPS between 1.45-1.65 (exp. 1.68), Q2 revenue between USD 1.075-1.1bln (exp. 1.1bln); FY26 adj. EPS seen between 6.40-7.15 (exp. 6.86), and FY26 revenue between USD 4.445-4.55bln (exp. 4.48bln).
Microchip Technology (MCHP) - Shares rose 2% in afterhours trading following a Q4 beat and guided above consensus. Q4 adj. EPS 0.57 (exp. 0.50), Q4 revenue USD 1.311bln (exp. 1.26bln). Net sales rose 35.1% Y/Y and 10.6% sequentially, above the company’s prior guidance midpoint of USD 1.260bln; adj. gross margin was 61.6%, adj. operating income was USD 400.9mln, adj. operating margin was 30.6%. CEO said results exceeded expectations, reflecting broad-based improvement, stronger bookings and sell-through, expedite activity and disciplined execution against the company’s recovery plan. Sees Q1 FY27 adj. EPS between 0.67-0.71, sees Q1 FY27 revenue between USD 1.442-1.469bln.

COMMUNICATIONS:

Alphabet (GOOG) - A federal judge rejected Alphabet’s request to pause an order requiring Google to give rivals access to underlying search data while it appeals an online search monopoly ruling. US District Judge Amit Mehta said any data sharing was at least months away, so Google faced no immediate harm.
Nintendo (NTDOY) - Nintendo will raise the Switch 2 console price to USD 500 (from USD 450) globally from 1st September. It forecast current-year operating profit of JPY 370bln (exp. 480bln), citing profitability pressure on its flagship device.

CONSUMER:

Toyota Motor (TM) - FY25/26 operating income JPY 3.77tln (vs 4.80tln Y/Y), revenue JPY 50.68tln (vs 48.04tln Y/Y). Net income was JPY 3.85tln (down from JPY 4.77tln). Said the Middle East conflict is expected to impact FY27 by an estimated JPY 670bln. Its outlook reflects cost and supply uncertainty as well as limited scope for short-term mitigation. Will exclude the Middle East conflict impact from its FY26 results. Will implement share buybacks flexibly. Sees FY27 operating income JPY 3.00tln (exp. 4.61tln), and sees FY27 global auto sales at 11.18mln units.
J. M. Smucker (SJM) - J.M. Smucker has hired Goldman Sachs (GS) for a strategic portfolio review, Axios reports citing sources. The company is dealing with activist investor Elliott, and the review would likely bring Hostess, the maker of Twinkies, to the market.
Monster Beverage (MNST) - Shares rose over 6% in extended US trading after a Q1 beat. Q1 adj. EPS 0.58 (exp. 0.53), Q1 revenue USD 2.35bln (exp. 2.16bln). Net sales increased 26.9% Y/Y, exceeding USD 2.0bln for the first time in a fiscal Q1. CEO said the global energy drink category continues to show solid growth, supported by increased consumer demand. International sales were above USD 1bln, with its affordability-focused EM brands leading the gains.
Airbnb (ABNB) - Airbnb slipped in afterhours trade following a profit miss. It reported Q1 EPS of 0.26 (exp. 0.31), Q1 revenue USD 2.7bln (exp. 2.62bln). Gross booking value was USD 29.2bln. Sees Q2 revenue between USD 3.54-3.6bln (exp. 3.46bln), Q2 gross booking value to increase low double digits Y/Y, Q2 nights and seats booked growth to slightly decelerate vs Q1 (including a 100bps headwind related to the Middle East conflict), and sees Q2 adj. EBITDA and adj. EBITDA margin to be up Y/Y. Raises FY26 revenue growth view to low- to mid-teens (prev. saw at least low double digits), and sees FY26 adj. EBITDA margin of at least 35%.
MercadoLibre (MELI) - Q1 net revenue USD 8.8bln (exp. 8.29bln), net profit USD 417mln (exp. 450mln).
Wynn Resorts (WYNN) - CEO said the company expects a “modest delay” in opening its new casino resort in the UAE. The project was expected to open in Q1 2027.

FINANCIALS:

IREN Limited (IREN), Nvidia (NVDA) - Iren shares surged by almost 10% in extended US trading after news that Nvidia will invest up to USD 2.1bln in IREN as part of a deal to deploy up to 5 gigawatts of AI infrastructure, Reuters reports. IREN issued Nvidia a 5yr right to buy up to 30mln shares at USD 70.00 each, with future deployments expected at its Sweetwater campus in Texas.
Goldman Sachs (GS) - Goldman Sachs’ private credit fund’s share of bad loans rises, Bloomberg reports. Goldman Sachs BDC put two additional companies (3SI Security Systems and One GI) on non-accrual status in Q1, raising troubled holdings to 4.7% of its portfolio at cost (vs 2.8% in the prior quarter). Separately, Goldman-backed taxi-hailing app operator Go Inc. is targeting a valuation of about JPY 200bln for its Tokyo IPO, which may raise up to JPY 90bln, Bloomberg reports. It could announce the IPO next week and aims to list in mid-June, though offer details could change.
Citigroup (C) - Citigroup is expanding its FX business with hedge fund and private-equity clients as global trading volumes rise, Bloomberg reports. Global FX trading head said the bank sees these segments as key opportunities, given its established position in corporate and real-money flows, and plans to defend strong areas while targeting lower-penetration segments. Separately, Citi hired Vlad Ivanov from JPMorgan (JPM) to co-head infrastructure investment banking in EMEA.
Fidelity Investments - Fidelity Investments is cutting around 1% of its global workforce, while restructuring its technology and product-delivery teams. The company said the changes aim to put the right skills in place, make room for early-career engineering roles and streamline senior leadership, while it plans to hire several thousand more people.
Commerzbank (CRZBY) - Commerzbank raised its FY profit guidance to at least EUR 3.4bln (vs ‘more than EUR 3.2bln’) as CEO Orlopp defended against UniCredit’s (UCG IM) hostile takeover bid. Q1 net income rose to EUR 913mln (exp. 866mln).
Coinbase (COIN) - Shares fell almost 4% in extended trading after it posted a surprise Q1 loss and revenue miss, as falling crypto prices weighed on spot trading and transaction revenue. Q1 EPS -1.49 (vs 0.24 last year), Q1 adj. EBITDA 303mln (exp. 405.4mln), Q1 revenue USD 1.41bln (exp. 1.49bln). Crypto trading volume market share reached a record 8.6%; derivatives trading volume TTM grew 169% Y/Y, retail derivatives exceeded USD 200mln of annualised revenue, and prediction markets reached over USD 100mln of annualised revenue in less than two months. Sees Q2 Subscription and Services revenue between USD 565-645mln, and reported Q2 transaction revenue of approximately USD 215mln QTD through 5th May.
Affirm (AFRM) - Q3 adj. EPS 0.30 (exp. 0.17), Q3 revenue USD 1.039bln (exp. 995mln). Sees Q4 revenue between USD 1.08-1.11bln (exp. 1.08bln); sees FY26 revenue between USD 4.18-4.21bln (exp. 4.14bln).

ENERGY:

US Oil Exports - President Trump rejected the need for curbs on US oil or jet fuel exports to address global shortages linked to the Iran war. He said that curbs were unnecessary because the US has “tremendous amounts of oil”.
Shell (SHEL) - CEO said there is a possibility that we see continued bullishness on overall energy prices for next 6-12 months.
BP (BP) - CEO reportedly told staff a reorganisation into upstream and downstream units will start in June, Reuters reports citing sources; gas and carbon capture will move into upstream, while low carbon and biofuels will shift to downstream; she added that changing BP’s listing to the US was not a priority.

MATERIALS:

Freeport McMoRan (FCX) - PT Freeport Indonesia delayed the full restart of its Grasberg copper mine by a year, worsening global copper supply constraints, Bloomberg reports. The Central Papua complex is now targeting a return to full production by early 2028, its President said.
Rare Earths - MP Materials CEO said the Middle East conflict has highlighted the role of rare-earth magnets in drones and robots, and that the conflict may have accelerated recognition and brought forward the timetable and scale of demand.
Evonik (EVKIY) - Q1 2026 sales EUR 3.43bln (exp. 3.6bln), adj. EBITDA EUR 475mln (exp. 464.1mln); confirmed FY26 outlook despite significant uncertainty, and said Middle East supply disruption had lifted demand for certain chemicals via customer stockpiling.

INDUSTRIALS:

Intertek (IKTSY) - Intertek rejected EQT’s latest GBP 58/shr takeover offer, worth about GBP 8.9bln ex-debt; it said the offer significantly undervalued its future prospects and carried execution risk. However, Bloomberg reports that some major Intertek investors are pushing the company to engage with EQT; PineStone, Intertek’s third-largest shareholder, recently wrote to the board urging talks.
Airbus (EADSY) - Delivered 67 jet deliveries in April, and booked 28 gross orders, taking YTD total deliveries to 181 (vs 192 Y/Y).
Maersk (AMKBY) - CEO told CNN that increased costs from disruption to global shipping would need to be passed on to customers; it expects expenses to rise by USD 500mln/month from April.
Ferrovial (FRRVY) - Reported higher Q1 2026 revenue (EUR 2.1bln vs exp. 2.1bln), driven by growth in construction, transportation and mobility; construction rose on new projects and ongoing work in North America and Europe, while transportation benefited from higher traffic volumes on managed lanes and toll roads; CEO said it started 2026 with strong momentum.
IAG (ICAGY) - Reported Q1 adj. operating profit of EUR 351mln (exp. 284mln), revenue EUR 7.18bln (exp. 7.16bln), load factor of 84.2% (exp. 83.1%); it cut FY26 capacity guidance to below 3% growth, and warned higher fuel prices would lower profits vs earlier expectations.

UTILITIES:

Enel (ENLAY) - Q1 EBITDA of EUR 6bln (vs prev. 5.8bln), and revenue of EUR 20.588bln (vs 22.1bln Y/Y); confirmed FY targets, said it was preparing counter-arguments against possible revocation of its Sao Paulo power distribution concession, whose financial assets have a book value of more than EUR 3bln.

HEALTHCARE:

Gilead (GILD) - Gilead shares fell 1% in extended US trading after it issued mixed guidance, despite beating Q1 sales expectations, with strength in HIV drugs failing to offset the weaker earnings outlook and USD 11.5bln charge to be taken in Q2 for acquisitions. Q1 adj. EPS 2.03 (exp. 1.91), Q1 revenue USD 6.96bln (exp. 6.91bln). Biktarvy sales rose 7% to USD 3.36bln, Descovy sales rose 38% to USD 807mln, Yeztugo sales were USD 166mln, liver disease sales rose 1% to USD 767mln, cell therapy sales fell 12% to USD 407mln, and Trodelvy sales rose 37% to USD 402mln. CEO said the Yeztugo launch is going well as clinics work through adoption processes for administering the twice-yearly injection, and it has raised 2026 Yeztugo sales forecast to USD 1bln (from USD 800mln). CFO Andrew Dickinson said Gilead’s earnings forecast would be unchanged, excluding an USD 11.5bln charge to be taken in Q2 for acquisitions. Sees FY26 adj. EPS between -1.05 and -0.65 (exp. 8.65; prev. saw 8.45-8.85) and sees FY26 product sales between USD 30.0-30.4bln (exp. 30.0bln); the reduction to FY26 GAAP and adj. diluted EPS guidance reflects approximately USD 9.50/share of impact from anticipated acquired IPR&D charges of USD 11.5bln, as well as financing costs related to the Arcellx, Ouro Medicines and Tubulis transactions.
McKesson (MCK) - Q4 EPS 11.69 (exp. 11.57), Q4 revenue USD 96.3bln (exp. 101.4bln). Sees FY27 EPS between 43.80-44.60 (exp. 44.11), sees FY27 revenue growth of 5-9%, implying USD 423.6-439.7bln (exp. 442.44bln).