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Friday, April 24

Noteworthy macro moves today: Nasdaq 100 Index (US) +1.0%. USD/TRY +0.2%. Noteworthy US mega-cap moves today: Eli Lilly and Co (LLY) -1.9%. Amazon.com Inc (AMZN) +1.7%. Microsoft Corp (MSFT) +1.3%.

Global equity markets are trading mixed following ongoing concerns over geopolitical tensions in the Middle East, particularly regarding Iran's control over the Strait of Hormuz, which has led to rising oil prices and inflation fears. The Nasdaq 100 Index is up as investors react positively to strong earnings from major tech firms like Intel, while other indices reflect a more cautious sentiment amid broader market volatility.

In economic data released this morning, Canada's retail sales rose by only 0.5%, missing expectations of a stronger increase and indicating weaker consumer demand than anticipated. Additionally, Germany's Ifo Business Climate Index fell to its lowest level since May 2020 at 84.4, driven by escalating tensions in the Middle East that have further weakened economic confidence.

The U.S. dollar is experiencing fluctuations against various currencies as inflation forecasts rise due to the protracted conflict involving Iran impacting global markets and commodity pricing significantly affecting economic projections moving forward. This backdrop has led to mixed reactions across different sectors and regions as investors assess the implications for future monetary policy decisions amid these uncertainties.

VanEck Semiconductor ETF (SMH) [+3.5%]
The VanEck Semiconductor ETF is experiencing a notable rally, bolstered by record inflows and strong sector performance. The Philadelphia Semiconductor Index has achieved a remarkable gain over 16 consecutive trading sessions, marking its best monthly performance since February 2000. In April alone, the VanEck ETF attracted significant inflows, surpassing previous monthly highs. This momentum is attributed to robust demand across chip supply chains and strong AI-driven earnings. Notably, the ETF is trading higher in pre-market hours, reflecting this positive sector sentiment. Key contributors to its performance include major holdings like Intel and AMD, which have also seen substantial gains. Despite geopolitical tensions in the Middle East potentially affecting broader market sentiment, the semiconductor sector's strength appears to be driving the ETF's upward trajectory.

iShares MSCI Canada ETF (EWC) [+0.9%]
The recent approval of Enbridge's $4 billion Sunrise Expansion Program by the Government of Canada is a significant development for the iShares MSCI Canada ETF (EWC). This initiative will enhance the transportation capacity of the Westcoast pipeline system, which is crucial for meeting rising energy demands in British Columbia. The expansion is expected to bolster various sectors, including industrial and manufacturing, while facilitating Canada's trade diversification strategy with Asian markets. Construction is slated to begin this summer, with projections indicating a contribution of over $3 billion to Canada's GDP and the creation of 2,500 jobs during peak construction. In pre-market trading, EWC is showing a positive movement, reflecting a 0.8% increase since Thursday's close. The ETF's performance is also supported by strong returns from key holdings such as Shopify and Barrick Gold.

HCA | -7.9% | -9.0B
HCA Healthcare Inc | Health Care Facilities
HCA Healthcare Inc reported its Q1 2026 earnings this morning, revealing an adjusted EPS of $7.15, which met analyst expectations, and revenues of $19.109 billion, slightly exceeding the consensus estimate of $19.103 billion. Despite these results, the company noted a lack of seasonal volume increase due to reduced respiratory activity, contributing to concerns over its revenue outlook. HCA reaffirmed its full-year revenue guidance between $76.5 billion and $80 billion, which is below previous estimates. Following this announcement, HCA's stock declined significantly in pre-market trading, reflecting investor apprehension regarding future performance.

SLB | -3.6% | -2.7B
Schlumberger NV | Oil & Gas Equipment & Services
Schlumberger NV reported its first-quarter results earlier this morning, revealing a net income of $752 million, down 6% year-on-year, while revenue increased by 3% to $8.72 billion, slightly surpassing estimates. However, when excluding contributions from the ChampionX acquisition, revenue declined by 7%. Adjusted EBITDA fell 12% to $1.77 billion, missing expectations, and margins contracted across core divisions due to disruptions in the Middle East and pricing pressures, particularly in Well Construction and Reservoir Performance. Following these results, Schlumberger's shares are down over 3% in pre-market trading. Despite these challenges, the company remains committed to returning over $4 billion to shareholders by 2026.

AMD | +10.1% | +54.9B
Advanced Micro Devices Inc | Semiconductors
Advanced Micro Devices Inc's stock has experienced significant upward movement, primarily driven by Intel's recent earnings report, which exceeded expectations and highlighted strong demand in data centers and AI sectors. Following this report, AMD shares rose notably. Additionally, an analysis underscored favorable comparisons for AMD in the semiconductor landscape amid growing anticipation of an AI boom, particularly in CPU demand. Earlier today, DA Davidson upgraded AMD's rating from Neutral to Buy, raising the price target to $375. This upgrade, alongside the positive sentiment surrounding Intel's performance, has contributed to a broader bullish trend within the semiconductor sector. As a result, AMD is trading substantially higher in pre-market hours, reflecting strong momentum following this news.

ARM | +7.0% | +16.1B
Arm Holdings PLC | Semiconductors
Arm Holdings PLC's stock is trading higher, buoyed by the strong performance of Intel Corp., which recently reported impressive first-quarter earnings and robust forward guidance. This development has positively impacted the semiconductor sector, contributing to gains in shares of both Advanced Micro Devices (AMD) and Arm Holdings. Additionally, a recent analysis indicates a shift in AI infrastructure demands, highlighting an increasing need for CPUs relative to GPUs, which favors Arm's CPU architecture. Social media discussions also emphasize Arm's significance in the CPU industry, positioning it alongside AMD and Intel as part of a "big 3." Overall, these factors are contributing to today's positive market response for Arm Holdings.

INTC | +25.5% | +91.0B
Intel Corp | Semiconductors
Intel Corp reported its first-quarter 2026 financial results, achieving a net revenue of $13.58 billion, significantly exceeding the consensus estimate of $12.42 billion. Adjusted earnings per share were $0.29, well above the anticipated $0.01. The company also provided an optimistic outlook for the second quarter, projecting revenues between $13.8 billion and $14.8 billion, surpassing analyst expectations of $13.07 billion. This positive performance was driven by unexpected sales from previously written-off inventory and broad price increases across its product lines. CEO Lip-Bu Tan announced a partnership with Tesla for Intel's next-generation 14A manufacturing process, further bolstering investor enthusiasm. Following these announcements, Intel's stock experienced substantial gains in after-hours trading and is currently trading higher in pre-market hours, reflecting strong momentum across the semiconductor sector.

SAP | 6.4% | +13.1B
Sap Se | Application Software
SAP SE's stock has surged significantly following the release of its Q1 earnings report, which was published approximately 15 hours ago. The company reported an adjusted EPS of $2.01, exceeding the estimate of $1.92, and cloud revenue reached €5.96 billion, up from €4.99 billion year-over-year. Although total sales of $11.189 billion fell short of the $11.260 billion estimate, the strong performance in cloud services, highlighted by a 25% growth in Current Cloud Backlog, buoyed market sentiment. Additionally, social media discussions emphasized robust customer engagement with AI messaging, further supporting the stock's upward trajectory. Following these results, SAP's shares experienced a notable increase in after-hours trading, reflecting positive reception from investors and analysts alike.

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