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Tuesday, April 28

Noteworthy macro moves today: Nasdaq 100 Index (US) -1.1%. Gold -1.8%. USD/CNH +0.2%. Noteworthy US mega-cap moves today: Broadcom Inc (AVGO) -4.1%. NVIDIA Corp (NVDA) -3.3%. Tesla Inc (TSLA) -1.6%. 

Global equity markets are trading lower following concerns about geopolitical tensions and their impact on economic stability, particularly in light of stalled U.S.-Iran negotiations regarding the Strait of Hormuz. The Nasdaq 100 Index has declined by 1.1%, reflecting broader market apprehension as investors await key earnings reports and central bank decisions.

In the commodities market, gold prices have fallen by 1.8%, driven by rising oil prices amid ongoing conflicts that threaten supply chains and contribute to inflationary pressures. The USD/CNH has increased by 0.2%, indicating a stronger dollar against the Chinese yuan as traders react to these developments.

Additionally, notable declines in major U.S. tech stocks such as Broadcom Inc (-4.1%), NVIDIA Corp (-3.3%), and Tesla Inc (-1.6%) highlight investor caution ahead of upcoming earnings announcements from significant companies this week, further influencing market sentiment amid a backdrop of geopolitical uncertainty and economic data releases expected later this week.

VanEck Semiconductor ETF (SMH) [-3.5%]
The VanEck Semiconductor ETF (SMH) is experiencing a significant downturn, trading sharply lower following a series of negative developments. Geopolitical tensions, particularly surrounding U.S.-Iran relations, have led to rising crude oil prices, with Brent crude exceeding $111 per barrel. This situation raises concerns for semiconductor companies, which rely on stable energy prices for production. Additionally, the semiconductor sector has been under pressure, reflected in a notable decline in SMH, coinciding with a drop in Oracle's stock and discussions of a lawsuit involving xAI and OpenAI. The Nasdaq 100 Index has also declined, contributing to the broader negative sentiment affecting technology stocks, including semiconductors. Overall, these factors have culminated in a daily return of approximately -3.45% for SMH since Monday's close.

United States Oil Fund LP (USO) [+3.6%]
The United States Oil Fund LP is experiencing upward price movement, driven by significant developments in the crude oil market. WTI crude has risen notably, reflecting heightened concerns over supply disruptions amid stalled U.S.-Iran peace talks and ongoing geopolitical tensions, particularly regarding the Strait of Hormuz. Additionally, Saudi Aramco's announcement to continue suspending liquefied petroleum gas deliveries through May further tightens supply dynamics. The UAE's planned exit from OPEC and OPEC+ effective May 1st adds another layer of complexity to production levels. These factors collectively contribute to a favorable environment for the United States Oil Fund LP's performance today, which is trading significantly higher since Monday's close and remains above recent moving averages.

AMKR | -12.9% | -2.1B
Amkor Technology Inc | Semiconductor Materials & Equipment
Amkor Technology Inc reported strong Q1 earnings, with an EPS of $0.33, surpassing the estimated $0.24, and revenues rising 27% year-over-year to $1.685 billion, exceeding the forecast of $1.65 billion. The company provided optimistic guidance for Q2, projecting EPS between $0.42 and $0.52 and revenues between $1.75 billion and $1.85 billion, closely aligning with consensus estimates. Despite these positive results and guidance, the stock has experienced a significant decline today, trading sharply lower since Monday's close. Analysts have raised price targets for Amkor, citing robust demand in computing and AI sectors. Notably, discussions on social media reflect concerns about a pullback following a recent rally, indicating a drop in share price despite the favorable operational metrics disclosed during the earnings call.

AMD | -5.6% | -28.8B
Advanced Micro Devices Inc | Semiconductors
Advanced Micro Devices Inc is experiencing significant downward pressure, largely influenced by the broader semiconductor sector, which is also declining sharply. Recent analysis reveals that AMD's financial metrics, including a Price to Earnings ratio of 128.21 and a low Return on Equity of 2.44%, suggest challenges in maintaining competitive standing. Furthermore, the company's revenue growth of 34.11% lags behind the industry average of 43.15%. This perception of weaker financial performance relative to peers may be contributing to today's market movement. Additionally, concerns regarding spending sustainability in data centers, following revenue misses from OpenAI, have further dampened sentiment toward semiconductor stocks, including AMD. The company has dropped significantly in pre-market trading, reflecting these broader industry challenges and specific financial concerns.

CLS | -14.6% | -6.3B
Celestica Inc | Electronic Manufacturing Services
Celestica Inc reported its first-quarter 2026 financial results, revealing an adjusted EPS of $2.16, surpassing the consensus estimate of $2.07. Revenue reached $4.05 billion, exceeding expectations of $3.96 billion and significantly up from $2.65 billion year-over-year. Despite these strong results, the stock experienced a notable decline, dropping significantly since Monday's close. The company raised its full-year revenue guidance to $19 billion and adjusted EPS guidance to $10.15, both above prior estimates. For the second quarter, Celestica anticipates adjusted EPS between $2.14 and $2.34, with revenue projected at $4.15 billion to $4.45 billion, slightly below analyst expectations. This decline occurred even after the favorable earnings figures, indicating possible market reactions to broader economic concerns or competitive pressures.

GLW | -12.3% | -15.5B
Corning Inc | Electronic Components
Corning Inc reported its Q1 2026 earnings, revealing an adjusted EPS of $0.70 and sales of $4.35 billion, both slightly above consensus estimates. However, the company's guidance for Q2 2026 projected core EPS between $0.73 and $0.77, falling short of the analyst consensus of $0.76. Additionally, the expected revenue of approximately $4.6 billion, while representing a 14% year-over-year growth, also missed the consensus estimate of $4.67 billion. This outlook includes a $30 million expense due to an extended maintenance shutdown at its solar wafer facility, contributing to negative sentiment despite strong first-quarter performance metrics. Following this news, Corning's stock has dropped significantly in pre-market trading, down over 13% since Monday's close.

RMBS | -18.6% | -2.3B
Rambus Inc | Semiconductors
Rambus Inc. reported its first quarter 2026 financial results, revealing a net income of $59.9 million and an adjusted EPS of $0.63, slightly below the consensus estimate of $0.64. Revenue was $180.2 million, marginally exceeding the estimate of $179.9 million. However, the company anticipates Q2 product revenue between $95 million and $101 million, which has raised concerns among investors. Following this mixed earnings report, shares experienced a significant decline of approximately 17%. The results drew attention due to the notable earnings miss despite a revenue beat, contributing to today's sharp decrease in share price. Additionally, discussions on social media reflect mixed sentiment regarding profitability and future outlook, with some users expressing concerns about the stock's performance amid broader pullbacks in semiconductor stocks following recent strong performances.

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