Flat fields (Arne Dedert/Getty Images) The S&P 500 managed to just barely eke out a new record closing high as traders digested conflicting reports on US-Iran negotiations. Stocks wavered as traders digested peace progress, with President Trump saying that the US is “ not satisfied ” with the deal with Iran. The Iranian state media reported on a deal to restore traffic through the Strait of Hormuz within one month , which the White House dismissed as a “complete fabrication.” The S&P 500 managed to eke out a new record closing high by an incredibly thin margin, while the Nasdaq 100 and Russell 2000 closed just below record highs. Consumer discretionary was the best-performing sector, led by gains in Amazon , Tesla , and travel stocks. Energy was the worst-performing sector as oil prices dropped. Stocks that moved higher: Meta jumped after announcing paid subscription options for Instagram, WhatsApp, Facebook, and AI . Micron continued to edge higher after topping $1 trillion in market cap yesterday on the heels of UBS more than tripling its price target to $1,625. IREN rallied after securing GPUs to boost its run-rate revenues to $4.4 billion . Opendoor Technologies surged after announcing it will be re-added to the Russell 3000 Index . AppLovin rose amid a Morgan Stanley note reiterating its $720 price target and “overweight” rating. Boeing edged higher after the company met FAA requirements to increase monthly 737 Max production to 47, up from 42. Abercrombie & Fitch climbed on a Q1 earnings beat and lowered full-year tariff impact estimates. Reddit and Shopify gained as Reddit expanded its social shopping partnership with Shopify and touted high returns for retail advertisers. Lululemon gained after settling its proxy battle with founder Chip Wilson, agreeing to appoint three new directors in exchange for Wilson dropping his public criticism of the company. Paramount rose after Semafor reported that US regulators are likely to approve Paramount’s acquisition of Warner Bros. Discovery . Dycom surged after its results beat expectations on continued data center infrastructure demand and the company raised guidance. Nio climbed ahead of the first commercial deliveries of the ES9 , its largest and most expensive vehicle to date. Stocks that moved lower: Zscaler plummeted on disappointing fiscal 2027 annual recurring revenue guidance in yesterday’s earnings call. GlobalFoundries slid after Abu Dhabi’s sovereign wealth fund Mubadala reportedly offered $1.9 billion in shares in a block sale. Verra Mobility cratered after cutting guidance due to the termination of its contract with Avis. Snowflake climbs after Q1 results top expectations, guidance gets a boost Shares of Snowflake are surging after the company beat Wall Street’s projections in its latest earnings report, delivering on its AI thesis, with Q1 revenue up 33%. It also announced an acquisition of an AI agent platform. Snowflake stock soared 30% in after-hours trading. It that move were to hold on Thursday, it would more than erase Snowflake’s nearly 20% decline so far this year. Here are the numbers: Revenue of $1.39 billion in the first quarter (compared to analyst estimates of $1.32 billion). Adjusted earnings per share of $0.39 (estimate: $0.32). Full-year product revenue guidance for 2027 of $5.84 billion, up from previous guidance of $5.66 billion (estimate: $5.67 billion). Snowflake is a cloud-based database company — essentially allowing businesses to mine their data for insights, charging for compute and storage along the way. The company's stock has fallen this year as the company manages competition from hyperscalers like Amazon Web Services as well as the high cost of AI-related build out as they double-down on AI-tools. Last year, Snowflake — which now calls itself "the AI Data Cloud company" — announced $200 million deal to power its agentic AI with Anthropic's Claude. Alongside its Q1 earnings, Snowflake also announced it has signed an agreement to purchase Natoma , a platform for securely integrating AI agents with data, like Snowflake's. Terms of the deal weren’t disclosed. “AI agents will only become enterprise-ready if organizations can govern how they operate across systems, applications and tools,” said Pratyus Patnaik, Co-Founder and CEO of Natoma. “Together with Snowflake, we’re building the governance and connectivity layer that enables enterprises to securely operationalize AI at scale.” Synopsys drops despite better than expected Q2 results, big boost to full-year guidance Synopsys is falling in postmarket trading despite delivering better than expected quarterly results and boosting full-year guidance by more than analysts anticipated. For its fiscal Q2, the electronic design automation firm (which helps chipmakers make chips) reported: Revenue: $2.28 billion (estimate: $2.25 billion, guidance for $2.25 billion +/- $25 million) Adjusted earnings per share: $3.35 (estimate: $3.14, guidance for $3.14 +/- 3 cents) Management boosted its full-year sales outlook to a range of $9.63 billion to $9.71 billion; the consensus estimate matches the low end of that range. On the bottom line, Synopsys now expects adjusted earnings per share between $14.72 and $14.80, which is well about the consensus call for $14.45. The company has received two high-profile backers since December: Nvidia unveiled a stake in the company that month as part of a partnership to “design, simulate and verify intelligent products.” More recently, Elliott Investment Management took an activist position in the company, reportedly pushing for higher sales and margins closer to its peer, Cadence Design Systems . Along with these results, management announced that it entered into a cooperation pact with Elliott, and is adding Elliot managing partner Jesse Cohn to the board. Marvell Technology boosts sales guidance for this year and the next (again) Marvell Technology gave back most of its big-knee jerk gains after the custom chip and networking company released in-line results while continuing to offer an increasingly optimistic view on future sales. Shares peaked during the conference call as management formalized its sales outlook. The company lifted its revenue guidance for this fiscal year to $11.5 billion, up $500 million from the outlook delivered last quarter. The following year, Marvell anticipates sales of $16.5 billion, a $1.5 billion boost in the view versus three months ago. That fiscal 2028 guidance is well ahead of Wall Street’s call for $15.3 billion. “We are seeing exceptional AI-related bookings, and as a result, we are significantly raising Marvell’s revenue outlook for both fiscal 2027 and fiscal 2028 compared with the guidance we provided last quarter,” said Chairman CEO Matt Murphy in the press release, attributing this to “strong demand across a broad set of Marvell solutions.” Taking a step back, here were key numbers for Marvell’s opening quarter fiscal 2027: Net revenue: $2.42 (estimate: $2.41 billion, guidance for $2.4 billion +/- 5%) Adjusted net income per share: $$0.80 (estimate: $0.80, guidance for $0.79 +/- 5 cents) For the current quarter, management expects sales from $2.57 billion to $2.84 billion, the midpoint of which is higher than the $2.61 billion consensus estimate. The outlook for adjusted net income per share is $0.93, +/- $5 cents, which is above the $0.90 call from the Street. It’s deja vu all over again. Marvell had set a high bar for itself coming into this report. The stock surged even after its Q4 results came in broadly in line with estimates in early March, as management issued rosy Q1 guidance and an upgrade to its sales forecast through 2027 (its fiscal 2028). That bar is just getting even higher: To borrow a line from Creative Strategies CEO and principal analyst Ben Bajarin, “All viable compute will be used.” That sentiment is the loose reason why the stock has more than doubled year to date heading into this release, riding the wave of heavy demand for both compute and connectivity solutions. Marvell already counts Microsoft and Amazon as major customers (and is r eportedly in talks with Google about custom chips). At the end of March, the company got the Jensen Huang seal of approval, receiving a $2 billion investment from Nvidia as part of a partnership to ensure custom chips work seamlessly within Nvidia’s data center architecture. Opendoor surges on news that it’s being re-added to Russell indexes Shares of Opendoor Technologies are spiking after the company announced it’s been selected for inclusion in the Russell 3000 Index. Being added to indexes often brings along with it flows from funds that track those benchmarks. “Inclusion in the Russell 3000 Index typically means membership in either the large-cap Russell 1000 Index or the small-cap Russell 2000 Index, as well as in relevant growth and value style indexes,” per the press release . These additions will be effective after June 26. What a difference a year makes: Opendoor was removed from the Russell 2000 at about this time last year because its share price had failed to hold $1. The flows associated with getting booted from the Russell 2000 was cited as a reason for elevated short interest on the stock, which one Redditor (u/gregw134) argued made Opendoor an attractive buy — months before its parabolic surge. Since then, the company has picked up a horde of investors (the so-called “ $OPEN ARMY ”), overhauled its management ranks , and appears to be on the precipice of breaking even . Eric Jackson, the architect of the explosion in retail attention on Opendoor , shouted out that Redditor’s research in an interview with Sherwood News: “That was a great post. It was a really thoughtful post. Really, really detailed. I think I buy into probably 90% to 95% of what he’s saying. And I didn’t know about the whole ETF unloading, kicking it out of the Russell 2000, as a potential reason why it dipped down to $0.50 a couple of weeks ago.” It’s also a strong session for stocks geared to the real estate market in general, with the fever in long-term bond yields seemingly well and truly broken.

Source: Sherwood News

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