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Monday, May 04

Noteworthy macro moves today: Hang Seng 50 Index (China) +1.4%. US 2Y Treasury Bond Index -0.1%. Bitcoin +1.6%. Noteworthy US mega-cap moves today: Berkshire Hathaway Inc (BRK.B) +0.5%. Walmart Inc (WMT) -0.5%.

Global equity markets are trading generally higher following the release of positive manufacturing data from the Eurozone. The S&P Global Eurozone Manufacturing PMI climbed to 52.2 in April, its highest in nearly four years, indicating robust factory output and improving demand, which has contributed to a more optimistic market sentiment.

In the U.S., recent inflation concerns have led to increased selling pressure on gold as traders anticipate more aggressive central bank policies from the Federal Reserve. This sentiment is reflected in the performance of risk assets and a stronger U.S. dollar amid expectations for potential interest rate hikes due to ongoing inflationary pressures.

Additionally, ECB officials have expressed concerns over rising inflation across Europe, warning about prolonged price increases driven by energy costs and supply chain issues. This has heightened expectations for tightening monetary policy as necessary measures are discussed, influencing market dynamics across European indices today.

iShares MSCI United Kingdom ETF (EWU) [-2.1%]
The iShares MSCI United Kingdom ETF is experiencing a notable decline, trading significantly lower due to rising geopolitical tensions, particularly in the Strait of Hormuz, where Iran has reportedly blocked U.S. ships and engaged in missile attacks on a U.S. warship. These developments have caused crude oil prices to surge, which may adversely affect British companies represented in the ETF, as they are sensitive to fluctuations in energy costs and global market stability. Among the ETF's holdings, key contributors to the downturn include UL, RYCEY, and VOD, each posting negative returns that contributed to the overall performance decline. The ETF is currently positioned near the lower end of its one-month range and is below its 20-day moving average, reflecting the unusual market conditions.

abrdn Physical Palladium Shares ETF (PALL) [-1.9%]
The abrdn Physical Palladium Shares ETF is currently trading lower, reflecting a decline of -1.8% since Friday's close. This movement occurs amid a notable drop in platinum prices, which have declined by approximately -1.88%. The interconnectedness of precious metals, particularly palladium and platinum due to their similar industrial applications, suggests that the decline in platinum may be contributing to the downward pressure on PALL. Currently, the ETF is positioned significantly below its 20-day moving average and near the lower end of its one-month trading range, indicating a notable deviation from recent performance patterns.

EBAY |+8.8% |+5.0B
eBay Inc | Broadline Retail
GameStop Corp. has proposed an unsolicited acquisition of eBay Inc. for $125 per share, valuing the deal at approximately $55.5 billion and representing a significant premium over eBay's recent trading price. The offer consists of 50% cash and 50% GameStop stock, with financing backed by GameStop's substantial liquidity and third-party financing from TD Securities. GameStop holds a 5% stake in eBay and aims to achieve operational synergies post-acquisition, with CEO Ryan Cohen poised to lead the combined entity. Following this announcement, eBay's shares have experienced notable upward movement, reflecting market interest in the potential deal.

SNY |-4.4% |-2.4B
Sanofi SA| Pharmaceuticals
Sanofi SA has recently gone ex-dividend, distributing $2.422477 per share. This event coincides with a significant decline in the company's stock price, which has dropped notably since Friday's close. Social media discussions reflect a mixed sentiment regarding Sanofi, with some negative commentary from Morgan Stanley raising concerns about potential challenges for the company. This commentary aligns with broader discussions that have included Sanofi among equities facing scrutiny, although many social media posts appear to focus on non-financial events, diluting their relevance to the company's performance. Currently, Sanofi's stock is trading significantly lower and remains well below its recent trading averages, indicating a challenging market environment.

COIN |+4.9% |+2.4B
Coinbase Global Inc | Financial Exchanges & Data
Coinbase Global Inc's stock has increased following the advocacy by CEO Brian Armstrong for the markup of the CLARITY Act, which aims to regulate stablecoin payouts while maintaining activity-based incentives. This bipartisan agreement, reached by Senators Thom Tillis and Angela Alsobrooks, is scheduled for a Senate Banking Committee markup on May 11. The development follows extensive negotiations between crypto firms and banking interests. Additionally, Coinbase's Chief Policy Officer, Faryar Shirzad, noted that prediction markets are evolving and fit within the CFTC’s existing regulatory framework, with Coinbase submitting comments emphasizing their economic significance. In pre-market trading, Coinbase is experiencing a notable increase, aligning with broader market movements as Bitcoin has also seen gains, reflecting positive sentiment in the cryptocurrency sector.

IP |+1.5% |+165.7M
International Paper Co (IP) | Paper & Plastic Packaging Products & Materials
International Paper Co reported its first-quarter earnings on May 1, 2026, achieving earnings of 15 cents per share, which exceeded the consensus estimate of 14 cents. However, sales of $5.970 billion fell short of the anticipated $6.014 billion. CEO Andy Silvernail highlighted progress in North America through effective commercial actions and productivity improvements, despite challenges posed by inflation and a severe winter storm. Following this earnings announcement, shares of International Paper increased significantly, reflecting a positive investor response to the earnings beat despite the mixed results. Currently, shares are trading lower since Friday's close, following a notable peak earlier in the pre-market hours.

BMRN |+3.2% |+339.0M
Biomarin Pharmaceutical Inc | Biotechnology
BioMarin Pharmaceutical Inc recently announced significant research findings on its drug Voxzogo, which demonstrated positive effects on health indicators in children with achondroplasia. The published results indicate improvements in arm span and bone density, with notable increases in standing height observed after long-term treatment. Children who commenced treatment after age five experienced a mean height increase of 10.60 cm after six years and 13.59 cm after eight years compared to untreated cohorts. Additionally, Voxzogo has been confirmed as the only approved treatment for achondroplasia in children starting at birth, emphasizing its unique position in pediatric endocrinology. This sustained clinical success comes as BioMarin prepares to present further data at the Pediatric Endocrine Society's annual meeting. Shares are trading higher since Friday's close, reflecting the impact of this positive news.

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