markets

Claire Yubin Oh1/26/26

Gold tops $5,000 per ounce for the first time

Gold stormed past the $5,000-per-oz threshold for the first time ever, extending a historic rally fueled by growing geopolitical tensions, central bank buying, and a weaker dollar.

After first crossing the milestone in trading on Sunday, bullion pushed even higher in early action on Monday, topping $5,110. The latest extension of the shiny metal’s blinding rally has been boosted by the continued sell-off of the US dollar. Indeed, the US Dollar Index has now hit its lowest mark since 2021, following weekend speculation over a joint US-Japan intervention on the yen after the New York Federal Reserve reportedly conducted rate checks — where officials ask dealers what price they would get were they to enter the market — on Friday. The US dollar has shed ~3.2% against the Japanese currency since Thursday.

The surge in precious metals continues to be buoyed by enhanced retail attention, with the iShares Silver Trust and SPDR Gold Shares ETF far and away the most referenced tickers on the r/WallStreetBets subreddit over the past 12 hours.

Gold Silver Top Trending 1/26/26 — Source: SwaggyStocks

Geopolitical tensions between the US and NATO over Greenland, increased American pressure against Iran, and the Trump administration seizing Venezuelan President Nicolás Maduro have also helped pushed the price of gold in recent months, contributing to a blockbuster 68% rally in the past year. Other precious metals like silver, which has become a favorite among retail traders in its own right, also surged to a record $110 per ounce on Monday.

Last week, Goldman Sachs hiked its year-end gold price forecast to $5,400 per ounce, as analysts at the investment bank expect continued rampant central bank buying, as well as increased retail attention and ETF inflows, to drive further demand.

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Helena Cheng14h

AMD shares climb on double Citi upgrade to “buy” with $575 price target

AMD’s shares are rising in premarket trading following a double upgrade from Citi. Citi analyst Atif Malik raised AMD’s investment rating to “buy” from “neutral” and boosted the bank’s 12-month price target to $575 from $460 per share, per Barron’s.

Malik argued that the broader market currently misprices AMD by looking at it primarily as a CPU producer, underestimating its massive GPU potential. Citi says that AMD is uniquely “poised to win the lion’s share” of Meta’s customized graphics chip business. Meta is leaning into AMD’s custom MI450 chips, which deliver a lower total cost of ownership compared to buying traditional off-the-shelf merchant hardware, according to Investing.com.

Citi highlighted a massive multiyear deal between the two tech giants involving a 160 million-share common stock warrant. As the first phase ramps up through 2027, Citi expects each gigawatt of data center infrastructure to translate into roughly $15 billion in revenue. Consequently, Citi hiked its 2027 AMD AI sales forecast to $33 billion (up 137% year over year) and projects GPU sales to reach $50.8 billion by 2028.

CEO Lisa Su recently delivered an optimistic demand forecast, predicting that the global market for CPUs will grow by more than 35% annually over the next five years. The chipmaker delivered a robust Q1 earnings report back in May that beat Wall Street expectations across key data center segments.

markets

Claire Yubin Oh18h

Astera Labs, CoreWeave, Nebius, Rocket Lab, Teradyne rise on Nasdaq 100 Index inclusion announcement

Tech stocks Astera Labs, CoreWeave, Nebius, Rocket Lab, and Teradyne have risen as much as 8.9% in premarket trading on Friday, thanks in part to Nasdaq’s announcement that the five companies will join its flagship Nasdaq 100 Index starting June 22.

As part of the index operator’s quarterly rebalance, which affects some $1.4 trillion in assets within the Nasdaq 100 ecosystem, the companies will replace Charter, Zscaler, Cognizant, Insmed, and Verisk — relatively slow-growth legacy businesses that have lingered around the bottom of the index in market cap terms of late. Most of those stocks slipped slightly on the news.

With CoreWeave and Nebius as two of the major players in the neocloud space, and Astera Labs and Teradyne specializing in making AI hardware and semiconductors, the latest additions reflect how the index is upping its exposure to the AI infrastructure stack. Back in December, Nasdaq also added AI data storage names Seagate Technology Holdings and Western Digital, as well as AI server manager Monolithic Power Systems, as part of its quarterly rebalance.

markets

Jon Keegan6/11/26

Adobe beats on Q2 earnings, revenue; CFO to step down

Adobe reported fiscal Q2 results Thursday, beating analysts’ estimates for revenue and earnings, as its stock plumbed its lowest levels since 2019.

For Q2 2026, the creative software company posted:

Revenues of $6.62 billion (estimate: $6.45 billion).
Adjusted earnings per share of $5.96 (estimate: $5.82).
Annual recurring revenue of $27.1 billion (estimate: $26.6 billion).
Subscription revenue of $6.42 billion (estimate: $6.27 billion).
Remaining performance obligations of $22.27 billion (estimate: $21.86 billion).

The company also said its CFO, Dan Durn, would step down next week “to pursue a new professional opportunity.” And it boosted its full-year guidance for earnings and revenue.

Shares fell 5.5% in after-hours trading.

Adobe is feeling the pressure from AI, as the April release of Anthropic’s Claude Design threatens the company’s core design software business. Shares have tanked lately, with the stock down by nearly half over the past 12 months, putting it at levels not seen in years.

Last quarter, Adobe announced that CEO Shantanu Narayen, who had been at the company for 18 years, would be leaving after his successor was appointed. Today, Adobe announced that CFO Dan Durn would also be leaving the company — this month.

Adobe announced a $25 billion stock buyback in April, which gave the stock a boost. The company said it repurchased about 8.5 million shares during the quarter.

In a press release, Narayen said:

“Adobe delivered record revenue of $6.62 billion in Q2 reflecting strong AI-driven demand across our customer groups and we are raising our full-year fiscal 2026 revenue and non-GAAP EPS targets on the strength of that performance.”

Tasha Matsumoto

Stocks climb, oil drops as Trump calls off strikes on Iran

President Trump posted on Truth Social that he was calling off impending air strikes against Iran and told reporters in the Oval Office that the US and Iran will sign a peace deal soon. Oil plunged on the news.

Portrait of bull

markets

Max Knoblauch6/11/26

Trump says he’s called off impending strikes on Iran, sending stocks higher and oil plunging

President Trump on Thursday afternoon said he is calling off upcoming planned strikes on Iran. In a Truth Social post, Trump said “discussions with the Islamic Republic of Iran have been brought to the highest level of Iranian leadership and approved.”

Stocks broadly popped, with the S&P 500 moving from roughly flat to up 1.4% on the day, and oil plunged on the news.

“Discussions and final points have been, in both concept and great detail, approved by all parties involved, including the United States, Israel, Saudi Arabia, UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, Egypt, and others. The Naval Blockade will remain in full force and effect until this Transaction is finalized — Time and place of the signing to be announced shortly,” the president added.

West Texas Intermediate crude futures are down 3% on Thursday afternoon, dropping sharply following the post.

Oil-sensitive stocks reacted accordingly, with airlines including Delta Air Lines, American Airlines, United Airlines, Southwest Airlines, JetBlue, Alaska Air, and Frontier all climbing significantly. Carnival, Norwegian, and Royal Caribbean similarly jumped.

Freight companies including UPS, FedEx, XPO, and Old Dominion Freight were also up on oil’s movement.

Oil-adjacent companies including Exxon, ConocoPhillips, and Occidental Petroleum dipped.

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