Trending Market News

Fox Corp exceeded Wall Street's third-quarter revenue expectations on May 11, reporting $3.99 billion compared to analyst estimates of $3.82 billion. The strong performance was driven by robust advertising sales in its sports and news divisions, along with continued growth from its free streaming service Tubi.

• Fox reported Q3 revenue of $3.99 billion, beating analyst estimates of $3.82 billion
• Strong advertising trends in core divisions, particularly sports and news programming, drove the revenue beat
• CEO Lachlan Murdoch credited the company's leadership in live programming and the strength of Tubi, its free streaming service

Syria has selected an offshore block for its first deepwater oil and gas exploration project in partnership with Chevron and Qatar's UCC Holding, according to the state-owned Syrian Petroleum Company. The initiative is part of Syria's post-civil war effort to rebuild its energy sector and attract foreign investment following the end of Bashar al-Assad's regime in late 2024. Contracts are expected to be finalized with technical operations beginning this summer.

• Chevron signed a preliminary agreement in February 2025 to explore offshore oil and gas in Syrian waters, marking the U.S. major's entry into Syria's eastern Mediterranean sector where it already operates Israel's giant Leviathan gas field
• The project represents Syria's new government strategy to revitalize the country's energy infrastructure damaged by years of civil war and international sanctions
• Multiple U.S. firms have expressed interest in Syrian energy projects since the ouster of former President Assad at the end of 2024 after a 14-year civil conflict

Circle reported higher quarterly revenue and reserve income driven by increased adoption of its USDC stablecoin, which benefited from market volatility and regulatory developments. Circulation of USDC rose 28% year-over-year to $77 billion, while total revenue and reserve income grew 20% to $694 million in Q1.

• Market volatility and Middle East conflict prompted investors to rotate from cryptocurrencies into stablecoins as a safe haven to park capital
• Regulatory frameworks including Europe's MiCA and the U.S. GENIUS Act drove users toward regulated digital assets like USDC, the world's second-largest stablecoin after Tether
• USDC circulation reached $77 billion (up 28% YoY) and total revenue plus reserve income hit $694 million (up 20% YoY) in Q1

German utility E.ON announced the acquisition of British energy supplier OVO for an undisclosed amount, expanding its UK customer base to 9.6 million. The deal strengthens E.ON's position in one of Europe's largest energy markets and is expected to close in the second half of 2026 pending regulatory approval.

• The acquisition adds 4 million OVO customers to E.ON's existing 5.6 million UK customers, nearly doubling its British market presence
• OVO cited changing UK market economics due to increased financial resilience requirements and regulatory oversight as factors making standalone retail operations more challenging
• The deal requires approval from Britain's Competition and Markets Authority, with financial terms kept confidential by both parties

ASOS is selling its Lichfield fulfilment centre to Marks & Spencer for £66 million ($89.7 million) as part of efforts to streamline operations and dispose of non-core assets. The sale will generate an £85 million pre-tax profit and £6 million in annual cash savings for ASOS, which has been dealing with weak consumer spending and inflation pressures.

• The transaction is expected to complete in the second half of fiscal year 2026 and will generate a one-off pre-tax profit of £85 million plus annual cash cost savings of £6 million for ASOS
• ASOS will retain fulfilment centres in Barnsley and Berlin, which provide sufficient capacity for future growth, addressing the company's excess capacity issues
• Following the sale, ASOS's Atlanta fulfilment centre will remain its only non-core asset as the company continues trimming operations amid challenging market conditions

Apollo Global Management is in discussions to sell MidCap Financial Investment (MFIC), its publicly listed business development company focused on private credit, according to the Wall Street Journal. Apollo values MFIC and its portfolio at approximately $3 billion. The sale would represent a significant transaction in the private credit market.

• MFIC is a publicly listed business development company specializing in private-credit investments
• The fund and its portfolio are valued at about $3 billion by Apollo
• Apollo Global Management is conducting sale discussions with potential buyers, though specific parties were not disclosed

Two oil tankers carrying crude exited the Strait of Hormuz last week with their tracking transponders switched off to avoid potential Iranian attacks, according to shipping data from Kpler. This practice reflects a growing trend among shippers attempting to maintain Middle East oil exports amid regional conflict. Both very large crude carriers (VLCCs) were loaded with approximately 2 million barrels of crude each.

• The VLCC Basrah Energy loaded 2 million barrels of Upper Zakum crude from ADNOC's terminal, exited the Strait on May 6 with trackers off, and delivered to Fujairah on May 8
• A second VLCC, the Kiara M, exited the Gulf on Sunday with its transponder disabled while carrying 2 million barrels of Iraqi crude to an undisclosed destination
• The tracker shutdowns underscore an emerging pattern of tankers sailing through the Strait of Hormuz with disabled tracking systems to move oil stranded by the Middle East conflict

Cerebras Systems is raising its IPO price range to $150-$160 per share due to overwhelming demand, potentially raising $4.8 billion in what would be the largest global IPO of 2026. The AI chipmaker, which specializes in inference processors for deploying AI models, has attracted orders exceeding 20 times the available shares and secured major customers including Amazon and OpenAI.

• The revised price range of $150-$160 per share would raise roughly $4.8 billion, up from $3.5 billion under original terms, with orders exceeding 20 times available shares
• Cerebras competes with Nvidia by making specialized chips better suited for AI inference (model deployment) rather than training, capitalizing on the shift in AI lab priorities
• This is Cerebras' second IPO attempt after pulling a 2024 filing due to national security review of its G42 partnership, which provided over 80% of revenue in H1 2024

Giorgio Armani is considering dividing a 15% stake in the fashion house equally among LVMH, L'Oréal, and EssilorLuxottica following the designer's death. According to the founder's will, the sale must occur within 12-18 months of his passing. The three companies were previously named as preferred buyers last September.

• The 15% stake would be split into three equal parts (5% each) to keep all three buyers engaged in the initial phase
• CEO Giuseppe Marsocci is preparing a business plan and moving to appoint two advisers to oversee the sale process
• The sale timeline is mandated by Armani's will to take place within 12-18 months following his death

Saudi Aramco CEO Amin Nasser warned that global oil markets have lost approximately 1 billion barrels over the past two months due to Iran's blockade of the Strait of Hormuz, and recovery will be slow even if shipping routes reopen. The supply shock has sharply squeezed global energy supplies and driven prices higher, compounded by years of underinvestment and already-low inventories.

• Approximately 1 billion barrels of oil have been lost from global markets in the past two months due to disruptions at the Strait of Hormuz
• Aramco is using its East-West Pipeline to bypass Hormuz and transport crude to the Red Sea, described as a 'critical lifeline' during the crisis
• Nasser emphasized that reopening routes will not immediately normalize markets, citing years of underinvestment and strained global inventories as compounding factors

Saudi Aramco reported a 25% increase in first-quarter net profit to $32.5 billion, surpassing analyst expectations of $30.95 billion. The profit jump was primarily driven by higher sales volumes, while the company's East-West crude pipeline bypassing the Strait of Hormuz reached full capacity.

• Net profit reached $32.5 billion for the quarter ended March 31, beating the LSEG consensus estimate of $30.95 billion
• The profit increase of 25% was mainly attributed to higher sales volumes during the period
• The East-West crude pipeline, which provides an alternative route around the Strait of Hormuz, has now reached its full operational capacity

A Frontier Airlines Airbus A321 aborted takeoff at Denver International Airport on Friday evening after an engine fire occurred, with reports indicating a pedestrian was struck on the runway. All 224 passengers and 7 crew members safely evacuated the Los Angeles-bound flight after smoke was reported in the cabin.

• The engine fire was quickly extinguished by airport fire department; pilots aborted takeoff after smoke entered the cabin
• A pedestrian was reportedly struck on the runway, though neither the airline nor airport provided details on the individual's condition
• At least one passenger sustained minor injuries during the incident; Frontier is investigating in coordination with airport and safety authorities

A federal judge declined to immediately approve a $1.5 million SEC settlement with Elon Musk over his delayed disclosure of a 5% stake in Twitter. Judge Sparkle Sooknanan ordered both parties to appear in court on May 13 to propose a timeline for briefs supporting the settlement, citing the need to assess fairness, public interest, and potential improper collusion.

• The SEC sued Musk in January 2025, accusing him of waiting 11 days too long to disclose his 5% Twitter stake; Musk claims the lawsuit was politically motivated and the delay was inadvertent
• The settlement does not require Musk to admit wrongdoing or return money he allegedly saved through the delayed disclosure
• The case comes amid the Trump administration's curtailment of certain SEC enforcement activities and a shift in the regulator's enforcement priorities under Chairman Paul Atkins

AI startup Anthropic has signed a $1.8 billion cloud computing deal with Akamai Technologies to meet surging demand for its AI software, according to Bloomberg News. The deal sent Akamai's stock up approximately 28% in Friday trading to $149.05. Both companies declined to comment on the reported agreement.

• Akamai's stock surged 28% to $149.05 following news of the deal, reflecting strong investor confidence in AI infrastructure opportunities
• Akamai forecasted second-quarter revenue of $1.08-$1.10 billion, in line with analyst estimates of $1.10 billion
• Akamai CEO Tom Leighton stated the company is well-positioned to secure necessary computing components (CPUs and GPUs) despite rising component prices

Disney-owned ABC challenged the Trump administration's FCC decision to subject 'The View' to equal time rules for political candidates, arguing the agency exceeded its authority. The FCC had ruled in February that daytime and late-night talk shows are no longer exempt as 'bona fide' news programs after a Democratic Texas Senate candidate appeared on the show. ABC claims this action threatens free speech rights and overturns decades of established legal precedent.

• The FCC investigation was triggered by a Democratic Texas Senate candidate's appearance on 'The View' after the agency reclassified daytime and late-night talk shows as no longer exempt from equal time requirements
• ABC argues the FCC's actions exceed the agency's legal authority and could 'chill critical protected speech' beyond just 'The View'
• The dispute challenges decades of settled law distinguishing news programming from entertainment shows regarding political candidate access requirements

Amazon Web Services experienced a major outage starting Thursday night due to overheating at a Virginia data center, disrupting trading platforms including FanDuel and Coinbase. AWS, which controls about a third of the cloud infrastructure market, indicated full recovery would take several hours as of Friday morning.

• The outage was caused by a 'thermal issue' in a single Availability Zone within AWS's US-East-1 region in northern Virginia, affecting EC2 virtual server instances
• FanDuel users were unable to access the sports-betting platform, with gamblers complaining about lost bets from being unable to cash out during the outage
• Coinbase reported that failures in multiple AWS zones caused an extended outage of core trading services, though the platform later stated the primary issue was fully resolved

Consumer sentiment fell to a record low of 48.2 in early May according to the University of Michigan's preliminary Survey of Consumers, driven by surging gas prices linked to the Iran war. The reading declined 3.2% from April's previous record low and missed economist expectations of 49.7.

• The sentiment index dropped 7.7% compared to the same period a year ago
• Surging gas prices caused by the Iran war were identified as the primary driver of deteriorating consumer outlook
• The May reading of 48.2 fell short of the 49.7 forecast by Dow Jones-surveyed economists

US stocks rose on Friday after April payrolls showed employers added 115,000 jobs, nearly double the 62,000 forecast, easing recession concerns. The Dow gained 208 points (0.4%), while the S&P 500 and Nasdaq advanced 0.5% and 0.6% respectively. However, the strong labor data complicates Federal Reserve rate cut expectations and comes amid heightened US-Iran tensions affecting oil prices.

• April payrolls beat expectations with 115,000 jobs added versus 62,000 forecast; unemployment held at 4.3% and March hiring was revised up to 185,000
• Strong employment data reduces recession fears but may delay Fed rate cuts as solid job growth makes it harder to justify near-term easing
• Tech sector showed divergence: Datadog jumped on 32% revenue growth to $1.006 billion and raised guidance, while Cloudflare warned of slowing growth and announced 20% workforce cuts

U.S. employers added 115,000 jobs in April 2026, exceeding the consensus forecast of 55,000 and demonstrating continued labor market resilience despite expectations for a slowdown. The unemployment rate held steady at 4.3%, while wage growth moderated with average hourly earnings rising 3.6% year-over-year, below the 3.8% estimate.

• April payrolls of 115,000 more than doubled the Dow Jones consensus estimate of 55,000, though down from March's unusually strong 185,000 gain
• Unemployment remained at 4.3%, indicating modest job creation is sufficient to maintain stable jobless levels given limited labor force growth
• Average hourly earnings increased 0.2% monthly and 3.6% annually, coming in below expectations of 0.3% and 3.8% respectively, suggesting wage pressure moderation

The European Commission has granted Google additional time to address concerns in an ongoing Digital Markets Act investigation after the company's previous proposal was deemed insufficient. EU regulators are charging Google with breaching the Digital Markets Act, which targets Big Tech's market power, and are finalizing a decision that could result in fines.

• Google's initial solution to address EU competition concerns was rejected as 'simply not strong enough' by Commission spokesperson Thomas Regnier
• The investigation involves alleged violations of the Digital Markets Act, EU legislation designed to curb Big Tech dominance
• The European Commission is in the process of finalizing its decision, which may include financial penalties against Alphabet's Google