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US stock indices fell on Wednesday, with the S&P 500 down about 0.3% and Nasdaq down about 0.4%, as renewed U.S.-Iran hostilities lifted oil prices and pressured investor sentiment. Iran launched missiles toward Kuwait and Bahrain and deployed drones against commercial vessels. U.S. Central Command said all incoming attacks were intercepted with no American casualties.
The Dow dropped over 600 points (1%) on Wednesday, with the S&P 500 and Nasdaq also declining, as optimism for a quick US-Iran deal waned. Electrical industrial stocks fell in sync with the broader market, and the industrial sector underperformed with a 0.65% monthly return.
The SEC has eliminated the pattern day-trading rule, which restricted individual investors with less than $25,000 in margin accounts from making four or more day trades within five trading days. Violators previously faced trading restrictions for weeks or months.
Japan's Nikkei 225 surged 2.5% to close at a record 68,402.13, topping 68,000 for the first time. The rally was fueled by AI-related tech buying. Meanwhile, European shares fell and oil prices rose over $2 a barrel.
Broadcom shares dropped 12% to $419.70 in after-hours trading Wednesday after the company's earnings report and guidance disappointed investors, despite a jump in revenue driven by AI chip demand. The sell-off erased more than $300bn in market value.
CrowdStrike increased its full-year guidance and announced an upcoming stock split after reporting first quarter fiscal 2027 results that surpassed market expectations. The cybersecurity firm posted record net new annual recurring revenue, benefiting from growing demand in the AI era.
This commentary analyzes stock movers MiniMed, Ulta, and CrowdStrike, arguing that MiniMed's surge is driven by strong sales and a new partnership, while Ulta's decline reflects cautious guidance. It suggests CrowdStrike's after-hours dip may be due to market expectations despite earnings beat.
Billionaire investor Bill Ackman argues that investors are repeating the mistake of the 2000 dot-com bubble by flocking to trendy sectors like chips and semiconductors while ignoring high-quality names such as Microsoft. He contends that this short-term capital flow leaves quality stocks undervalued, suggesting a market correction may be imminent.
This commentary argues that the 2026 World Cup presents specific stock market opportunities, citing Deutsche Bank analysts who identify consumer and entertainment sectors as likely beneficiaries. It suggests investors focus on lodging, food and beverage, and media stocks to capitalize on the tournament's economic impact.
Broadcom reported record quarterly revenue of $22.19 billion, up 48% year-over-year, and beat earnings estimates. However, shares fell 4% in after-hours trading on Wednesday, likely due to the revenue being in line with expectations rather than exceeding them.