WS #8500
US equities opened higher on Friday, buoyed by hopes of a US-Iran peace deal and strong AI-driven earnings, with Dell Technologies surging 32% after reporting AI server revenue up 757% YoY to $16.1B, its best day ever. The CFTC approved the first regulated bitcoin perpetual futures contract, a major step for US crypto markets. A federal judge temporarily blocked Trump's $1.8B 'anti-weaponization' fund, a political development with limited direct market impact. Meanwhile, the EU is set to unlock €16B in frozen funds for Hungary after reforms, and Iran's foreign minister held a productive call with Oman regarding the Strait of Hormuz, signaling potential de-escalation. Canadian GDP flatlined in Q1, missing forecasts and indicating a technical recession. Russian diesel production fell ~10% in May due to Ukrainian drone attacks, adding to oil supply concerns. The dominant theme is a tech-led rally (DELL, AI infrastructure) with macro cross-currents from geopolitics (Iran de-escalation hopes) and recession fears (Canada).
Key developments
- Dell Technologies surges 32% on AI server revenue up 757% YoY, best day ever
- CFTC approves first regulated bitcoin perpetual futures contract in the US
- Federal judge temporarily blocks Trump's $1.8B anti-weaponization fund
- Iran's foreign minister holds productive call with Oman on Strait of Hormuz
- Russian diesel production falls ~10% in May due to Ukrainian drone attacks
- Canada enters technical recession as Q1 GDP flatlines, missing 1.5% forecast
- EU to unlock €16 billion in frozen funds for Hungary after reforms
- Micron sees massive insider call option buy and short liquidations near $1,000