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Dow soars 1,400 points, oil plunges near $90 as Trump announces two-week ceasefire with Iran

admin — Wed, 08 Apr 2026 15:10:29 +0000

US stocks surged Wednesday morning as oil plunged near $90 after President Trump said he had agreed to a two-week ceasefire with Iran — paving the way to reopen the Strait of Hormuz.

The Dow Jones Industrial Average had soared 1,389 points, or 3%, as of 9:38 a.m. ET, while the S&P 500 and Nasdaq futures jumped 2.5% and 3.2%, respectively.

Brent crude oil prices dropped 16.6% to $91.09 a barrel – its lowest price in nearly a month after news that Iran would allow the temporary safe passage of ships through the strait, a vital maritime route for 20% of the world’s oil supply.

US stock futures surged Wednesday morning as oil plunged near $90 a barrel. AFP via Getty Images

West Texas Intermediate crude also fell 5.6% to $70.94 a barrel.

In a Truth Social post Tuesday evening, less than two hours before Trump’s deadline for Iran to reopen the strait or face a bombardment of its power plants and bridges, the president announced a “double sided” two-week ceasefire.

“I agree to suspend the bombing and attack of Iran for a period of two weeks,” Trump wrote, adding that the ceasefire was subject to the “COMPLETE, IMMEDIATE, and SAFE OPENING of the Strait of Hormuz.”

“We received a 10 point proposal from Iran, and believe it is a workable basis on which to negotiate,” he added.

Iran’s Supreme National Security Council said in a statement that it has agreed to reopen the strait for two weeks, though it emphasized it was not a full-fledged peace agreement. Israel also reportedly agreed to the ceasefire.

“Wall Street is exhaling as President Trump pressed pause on the destruction button, as there are enough signs that there’s a will to negotiate a deal, and that optimism is helping to end this stock market correction,” Robert Edwards, chief investment officer at Edwards Asset Management, said in a note Wednesday.

“Even with this optimism, oil prices and stocks are still inversely correlated for the time being,” Edwards added. “It’s unclear how long these declines in oil will last, but it’s looking more likely that the spike in oil prices in recent weeks was indeed temporary.”

Trump wrote in a Wednesday morning Truth Social post that as part of the ceasefire, the US will work with Iran to “dig up and remove all of the deeply buried (B-2 Bombers) Nuclear ‘Dust’” – adding to market optimism.

Traders are eager for the free flow of crude through the Persian Gulf to resume – but analysts have warned that oil prices could remain elevated, since it will take time and money to repair damages at Middle East energy facilities hit in air strikes.

Energy supply shocks tend to ripple through consumer prices, so there are concerns that stubbornly high oil costs could reheat inflation and keep interest rates high.

Fed Chair Jerome Powell has said there is no need for an interest rate hike, and odds for an interest-rate cut jumped Wednesday morning following news of the ceasefire.

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‘Health is the new luxury’ as wellness spending soars

admin — Sat, 21 Feb 2026 09:42:06 +0000

Equinox’s $40,000-a-year membership has a waiting list of more than 1,000 people, as demand for luxury health and wellness programs soars, according to the company’s chairman.

The high-end fitness chain’s “Optimize by Equinox,” launched in 2024, is one of the most expensive gym memberships in the world and includes everything from personal training and nutrition to sleep coaching, massage therapy and a “health concierge.”

Harvey Spevak, Equinox’s executive chairman, told Inside Wealth that the program has seen remarkable demand and highlights the “insatiable” demand by the wealthy for longevity and wellness products.

“Health is the new luxury,” Spevak said. “The No. 1 thing in the experience economy, besides travel, that the consumer wants, is, ‘How do I live a high-performance lifestyle?'”

The Optimize program is all part of Equinox’s strategy to become the leading luxury brand in the fast-growing business of health and wellness.

The global wellness market is expected to reach nearly $10 trillion by 2030, up from $6.8 trillion in 2024, according to estimates from the Global Wellness Institute. With the population of millionaires and billionaires aging, and an explosion in companies and products promising miracle cures, the wealthy are driving much of the spending.

Equinox has grown beyond fitness clubs to expand into hotels and hospitality, personalized performance programs, IV centers, blood-testing collaborations and more.

The company opened its first hotel, in Manhattan’s Hudson Yards neighborhood, in 2019 and is about to open a second, in Saudi Arabia. Spevak said Equinox will likely have close to a dozen hotels around the world — including in the Middle East, the Caribbean and the U.S. — within the next seven to eight years.

Equinox currently has 115 fitness clubs and has plans for 40 more — including locations in Nashville, Tennessee; Toronto; Charlotte, North Carolina; and South Florida. Despite being the largest retailer in New York by square feet, it’s continuing to add more in its home city, Spevak said.

The Optimize membership leverages Function Health, a lab test company, to provide clients with tests for 100 biomarkers twice a year, which could then serve as guides for a fitness, nutrition and lifestyle program tailored to each client.

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Spevak said the program has rolled out in Los Angeles and Dallas and will eventually launch in New York.

The company also recently created a personalized program for women called EQX ARC. Using diagnostics, wearables and specialized coaching, the program is designed around the different stages of a woman’s life and health journey, and already has its own waitlist.

Spevak said the company’s IV-drip lounge at the Equinox Hotel in Hudson Yards — its only drip lounge thus far — has already become “a seven-figure business.”

Equinox Hudson Yards is the brand’s truest realization of its holistic lifestyle promise, giving members access to signature group fitness classes, a 25-yard indoor saltwater pool, hot and cold plunge pools and a 15,000 square foot outdoor leisure pool and sundeck. The Equinox at Hudson Yards footprint offers ample opportunity for training, working, regenerating, socializing, community building, eating and more.

Matthew Peyton | Getty Images Entertainment | Getty Images

While Equinox is private and doesn’t disclose financials, Spevak said 2025 was a “record year” for the company and he expects 2026 “to be even bigger.” He said other high-end consumer companies are reaching out to Equinox to partner on health and wellness.

“When you think about the economy moving from a product economy to an experience economy, a lot of big consumer companies are saying, ‘Well, how do I continue to serve my consumer and health and wellness, and who do I talk to?’

“There’s truly only one brand that has the authority and the brand equity,” he said.

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.

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Kevin Warsh soars ahead of Hassett in Polymarket, Kalshi odds on next Fed chair after Trump signal

admin — Fri, 16 Jan 2026 17:21:06 +0000

Former Federal Reserve Governor Kevin Warsh soared ahead of National Economic Council Director Kevin Hassett on prediction markets betting on the next Fed chair after President Trump on Friday hinted that Hassett might be out of the running.

Trump did not reveal his final choice to replace Fed Chairman Jerome Powell, but said he would like to keep Hassett in his current role.

“I see Kevin’s in the audience, and I just want to thank you. You were fantastic on television today,” the president said during remarks at the White House on Friday.

Former Federal Reserve Governor Kevin Warsh soared ahead in prediction markets betting on the next Fed chair Friday morning. Bloomberg via Getty Images

“I actually want to keep you where you are, if you want to know the truth.”

The odds of Warsh clinching the nomination jumped to 59% on Polymarket, while traders placed just a 15% chance that Hassett would land the job – following weeks in which markets placed better odds on Hassett.

Even current Fed Governor Christopher Waller, who has been considered a long shot, beat out the odds of a Hassett nomination with 15.6% on Polymarket. Traders also saw less than a 10% chance that BlackRock exec Rick Rieder could win the role.

Warsh also jumped to 59% odds on Kalshi, another prediction market. Hassett and Waller got 16% and 15% odds, respectively.

Trump has not set a specific date to name his pick for the next chairman. Powell’s term at the helm expires in May, though he could choose to stay on the board through 2028. He has so far declined to comment on whether he will remain a Fed governor.

On Sunday, Powell publicly shared that he’s under criminal investigation for allegedly lying during congressional testimony last summer — a stunning development that came after years of Trump blasting the chair for failing to lower interest rates quickly enough.

President Trump said Friday he would like to keep Kevin Hassett in his current role at the National Economic Council. AP

For weeks, the president has signaled he is looking at either Warsh or Hassett to replace Powell, adding that he has ruled out Treasury Secretary Scott Bessent “because he wants to stay where he is.”

Rieder and Waller have also been interviewed for the role.

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While Trump said he’d like to keep Hassett in his current job, it’s not impossible for him to win the nomination.

After Fed Governor Adriana Kugler unexpectedly resigned last summer, Trump tapped Stephen Miran, then a top White House economic adviser. Miran refused to fully resign from his White House role, instead taking an unpaid leave of absence.

Addressing White House Chief of Staff Susie Wiles on Friday, Trump said, “We don’t want to lose him [Hassett], Susie, but we’ll see how it all works out.”

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Klarna (KLAR) stock soars after U.S. IPO

admin — Wed, 10 Sep 2025 18:33:50 +0000

Sebastian Siemiatkowski, chief executive officer and co-founder of Klarna Holding AB, center, and Michael Moritz, chairman of Klarna Bank AB, center right, during the company’s initial public offering (IPO) at the New York Stock Exchange (NYSE) in New York, US, on Wednesday, Sept. 10, 2025.

Michael Nagle | Bloomberg | Getty Images

Klarna shares popped 30% in their New York Stock Exchange debut Wednesday, opening at $52, after the Swedish online lender priced its IPO above its expected range.

The company, known for its popular buy now, pay later products, priced shares at $40 on Tuesday, raising $1.37 billion for the company and existing shareholders. The offering valued Klarna at about $15 billion.

The IPO marks the latest in a growing list of high-profile tech IPOs this year, suggesting increased demand from Wall Street for new offerings. Companies like stablecoin issuer Circle and design software platform Figma soared in their respective debuts. Meanwhile, crypto exchange Gemini is expected to go public later this week.

“To me, it really just is a milestone,” Klarna’s co-founder and CEO Sebastian Siemiatkowski told CNBC in an interview on Wednesday. “It’s a little bit like a wedding. You prepare so much and you plan for it and it’s a big party. But in the end — marriage goes on.”

The stock slipped to about $47 by mid-day, valuing the company at around $18 billion.

Klarna’s entry into the public markets will test Wall Street’s excitement about the direction of its business. The company has in recent months talked up its move into banking, rolling out a debit card and personal deposit accounts in the U.S.

Klarna has signed 700,000 card customers in the U.S. so far and has 5 million people on a waiting list seeking access to the product, Siemiatkowski told CNBC. He added that Klarna Card represents a different proposition to rival fintech Affirm’s card offering, which has attracted 2 million users since its launch in 2021.

“We’re attracting a slightly different audience maybe than the Affirm card,” Siemiatkowski said. “I get the impression that is more a card where people use it simply to be able to have financing with interest on slightly higher tickets.”

In addition to Affirm, Klarna also competes with Afterpay, which was acquired for $29 billion in 2021 by Square, now a unit of Block.

Klarna faces some potential regulatory headwinds. In the U.K., the government has proposed new rules to bring BNPL loans under formal oversight to address affordability concerns regarding the market.

A banner for Swedish fintech Klarna, hangs on the front of the New York Stock Exchange (NYSE) to celebrate the company’s IPO in New York City, U.S., September 10, 2025.

Brendan McDermid | Reuters

The IPO is poised to generate billions of dollars in returns for some of Klarna’s long-time investors. Existing shareholders are offering the bulk of Klarna shares— 28.8 million — on the public market. At its IPO price of $40, that translates to over $1.2 billion. Meanwhile, Klarna raised $222 million from the IPO.

Sequoia, which first backed in Klarna in 2010, has invested $500 million in total. The venture firm sold 2 million of its 79 million shares in the IPO, meaning it’s generated an overall return of about $2.65 billion, based on the offer price.

Andrew Reed, a partner at Sequoia, told CNBC that he was still in college when Sequoia made its first investment in an “alternative payments company in Stockholm.” The early work, he said, was around expanding in Europe.

“Being here in New York 15 years later with over 100 million consumers and over $100 billion of GMV [gross merchandise value] and close to a million merchants, it is staggering what one year after another of execution and growth and Sebastian’s long-term vision can do,” Reed said.

Another Klarna investor hasn’t been so lucky. Japan’s SoftBank led a 2021 funding round in Klarna at a $46 billion valuation and has since seen the value of its stake plunge significantly.

WATCH: CNBC’s interview with Klarna CEO Sebastian Siematkowski

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Mark Zuckerberg’s Meta surges as Facebook parent’s revenue soars on AI ‘superintelligence’ push

admin — Wed, 30 Jul 2025 21:29:34 +0000

Meta Platforms narrowed its annual capital expenditures forecast on Wednesday, driven by the social media giant’s high-stakes push for “superintelligence” in the heated AI race, sending its shares up nearly 9% in extended trading.

The Facebook and Instagram parent now expects capital expenditures to be between $66 billion and $72 billion, compared with its prior projection of $64 billion and $72 billion.

The move follows a similar announcement by Big Tech rival Alphabet, which last week raised its capital spending outlook by $10 billion to $85 billion on the back of strong AI-driven growth in its search and cloud businesses.

CEO Mark Zuckerberg has pledged to spend hundreds of billions of dollars to build massive AI data centers, having shelled out $14.3 billion for a stake in startup Scale AI. AP

Second-quarter revenue rose 22% to $44.5 billion, beating estimates. Profit surged 36% to $18.3 billion.

Training and deploying advanced AI systems remain a capital-intensive endeavor, requiring costly hardware, massive computing resources and top-tier engineering talent.

After a lackluster reception for its Llama 4 model that led to staff departures, Meta has tried to revitalize its AI push by sparking a high-stakes talent war that has seen it dole out more than $100 million pay packages to researchers from rival firms.

CEO Mark Zuckerberg has pledged to spend hundreds of billions of dollars to build massive AI data centers, having shelled out $14.3 billion for a stake in startup Scale AI and poached its 28-year-old billionaire CEO Alexandr Wang.

To fund the push, the billionaire founder is leaning on Meta’s massive user base as well as AI-powered improvements in content engagement that make it a stable bet for advertisers even in times of economic uncertainty.

Zuckerberg’s is betting on Meta’s massive user base as well as AI-powered improvements in content engagement that make it a stable bet for advertisers even in times of economic uncertainty. REUTERS

The social media giant recently introduced an AI-driven image-to-video ad creation tool under its Advantage+ suite, allowing marketers to generate video ads from static images.

Instagram, whose Reels product competes with ByteDance’s TikTok and YouTube Shorts for ad dollars in the popular short video format, is set to account for more than half of Meta’s ad revenue in the US this year, according to research firm eMarketer.

Meta has also accelerated efforts to monetize its social media platforms WhatsApp and Threads by integrating ads.

Instagram, whose Reels product competes with ByteDance’s TikTok and YouTube Shorts for ad dollars in the popular short video format, is set to account for more than half of Meta’s ad revenue in the .. this year, according to research firm eMarketer. AFP via Getty Images

The company last month named insider Connor Hayes as head of Threads, a sign it was moving the platform away from Instagram’s shadow after leaning on the photo-sharing app for growth.

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TSMC’s second-quarter profit soars nearly 61%, beating estimates as AI chip demand stays strong

admin — Thu, 17 Jul 2025 06:57:12 +0000

A motorcycle is seen near a building of the Taiwan Semiconductor Manufacturing Company (TSMC), which is a Taiwanese multinational semiconductor contract manufacturing and design company, in Hsinchu, Taiwan, on April 16, 2025.

Daniel Ceng | Anadolu | Getty Images

Taiwan Semiconductor Manufacturing Company on Thursday reported a near 61% year-on-year rise in second-quarter profit, beating estimates, as demand for artificial intelligence chips stays strong.

Here are TSMC’s first-quarter results versus LSEG SmartEstimates:

Revenue: 933.80 billion new Taiwan dollars ($31.7 billion), vs. NT$931.24 billion expected
Net income: NT$398.27 billion, vs. NT$377.86 billion

Second-quarter net profit hit a record high, according to Reuters.

TSMC’s net revenue in the June quarter rose 38.65% from a year ago to NT$933.80 billion, also beating estimates.

The company’s shares were up nearly 6% at 2:25 a.m. ET on trading platform Robinhood.

TSMC, the world’s largest contract chip manufacturer, has benefited from the megatrend towards artificial intelligence as it manufactures advanced AI processors for clients including Nvidia and Apple.

“The primary driver of growth for TSMC has been the robust demand for AI related chips, particularly for the leading edges nodes below 7nm,” said Brady Wang, associate director at Counterpoint Research.

In semiconductor technology, smaller nanometer sizes signify more compact transistor designs, which lead to greater processing power and efficiency. TSMC said advanced chips, with sizes 7-nanometer or smaller, accounted for 74% of TSMC’s total wafer revenue in the quarter.

“Surging demand from the AI boom is highly sustainable in the near term, with AI still in its very beginning stages and continues to expand across industries,” Wang added.

However, the company faces potential headwinds from the trade policy of the U.S. President Donald Trump, who has threatened steep “reciprocal tariffs” on Taiwan.

Taiwan faces 32% tariffs announced in April and is in the midst of trade talks with the U.S., according to local media reports. Trump earlier this month also warned of potential additional tariffs on semiconductors.

U.S. export controls have also restricted TSMC’s business with China, as well that of its key clients such as Nvidia and AMD. However, amid a thawing of trade relations between Beijing and Washington, Nvidia and AMD said earlier this week that they had received government assurances allowing them to ship products to China.

Other headwinds facing TSMC in the second half of the year include appreciation of the Taiwan dollar and potential order cuts from smartphone and PC clients due to global macro conditions, said Sravan Kundojjala, an analyst at SemiAnalysis specializing in global foundries.

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Nike stock soars after better than feared Q4 2025 results

admin — Sat, 28 Jun 2025 05:23:57 +0000

Nike stock soared 17% on Friday after the company said the worst of its struggles are behind it, following a better-than-feared fiscal fourth-quarter earnings report.

Nike on Thursday reiterated it would take the biggest financial hit from its turnaround plan during the quarter, soothing investors who worried President Donald Trump’s tariff hikes on key Nike manufacturing hubs like China and Vietnam would derail the company’s comeback.

Nike posted a poor fourth quarter, as sales dropped 12%, net income plunged 86% and profit margins dwindled. But CEO Elliott Hill stressed the company has emerged from the worst of its slump, and the slide in sales and profits would begin to moderate in the quarters ahead.

“The results we’re reporting today in Q4 and in FY25 are not up to the Nike standard, but as we said 90 days ago, the work we’re doing to reposition the business through our ‘Win Now’ actions is having an impact,” said Hill on an earnings call, referencing the name of the company’s turnaround plan. “From here, we expect our business results to improve. It’s time to turn the page.”

With few details about the progress of Nike’s turnaround strategies in the company’s earnings release, the company’s shares initially fell when it posted results after the closing bell Thursday. By the end of an hourlong call with Nike executives and Wall Street analysts, the stock had surged more than 10% in extended trading.

Beyond assuring investors that the turnaround plan is working, Hill shared promising updates on new product launches and Nike’s efforts to win back wholesale partners, which have been key areas of focus since he took over in October.

Hill shared details behind Nike’s decision to begin selling on Amazon for the first time since 2019 and its push to win over female shoppers, another priority for the company.

During the quarter, the company launched products in more than 200 women’s led shops, including Aritzia, and released its collection with WNBA star A’ja Wilson, which Hill said sold out in three minutes.

By Friday morning, the stock climbed even higher after numerous banks issued bullish commentary on the company. HSBC upgraded Nike to buy from hold, its first buy rating on the stock in 3½ years.

HSBC also raised its price target to $80, implying 28% upside from Thursday’s close.

“Long in the making but we think the inflection is finally here,” analyst Erwan Rambourg wrote in a research note. “We think there is more than tangible evidence that Nike has a path to see its sales rebound in the not-too-distant future, and its margins to be repaired, and this despite an unfavorable tariff headwind.”

Nike’s results show the company is rebounding on a timeline Wall Street likes. But don’t call it a comeback just yet.

The sneaker giant is trying to grow again at a shaky time for the economy, as weaker consumer sentiment, rising debt, tariffs and mass deportations raise questions about spending and GDP.

Nike still expects sales to decline in its current quarter by a mid-single-digit percentage, in line with Wall Street expectations of a 7% drop, according to LSEG.

It also has more work to do to clear out stale lifestyle inventory from its classic Dunks and Jordan lines. Those efforts to liquidate old inventory have hit profit margins and sales because Nike has had to rely on deep discounts, clearance channels and the off-price sector to clear out that glut.

In fiscal 2025, which ended last month, sales for classics like the Air Force 1, Air Jordan 1 and Dunks declined more than 20% compared with the year-ago period. In the fourth quarter, that accelerated to 30%, which impacted sales by nearly $1 billion, finance chief Matt Friend said.

Air Force 1 inventory levels have started to stabilize but Nike is still working to clear out supply of its Dunk franchise, which will affect the company’s profits through the first half of its current fiscal year, said Friend.

Both Hill and Friend said Nike’s profits will be under pressure through the first half of fiscal 2026 as it works through its inventory and contends with higher costs from tariffs. They said they expect profits to improve in the second half of the year.

However, when it comes to actual sales growth, it’s still too early to tell when the company will stop shrinking.

When asked if there are any scenarios where the company could get back to revenue growth this year, Hill declined to share a timeline.

“Just because of everything that’s going on, we’re going to take it 90 days at a time,” said Hill. “We believe full recovery will take time.”

Correction: This article has been updated to correct the spelling of Aritzia.

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Palantir soars 25% to record as AI powers strong earnings and guidance

admin — Tue, 04 Feb 2025 15:45:52 +0000

Palantir surged more than 25% on Tuesday to a record high after reporting stronger-than-expected fourth-quarter results and guidance driven by ongoing artificial intelligence gains.

Shares have skyrocketed 36% since the start of the year and were on pace for their best day in nearly a year.

The Denver-based software company posted adjusted earnings of 14 cents per share and $828 million in revenue. That topped the 11 cents per share and revenues of $776 million expected by analysts polled by LSEG.

Palantir also issued upbeat guidance for the current quarter and full year. In the first quarter, the company forecast revenues between $858 million and $862 million. The LSEG estimate called for $799 million. The company projects sales of $3.74 billion to $3.76 billion, ahead of a $3.52 billion estimate.

The software company has been on a record run, surging 340% in 2024 as its AI platform gained traction amid ongoing investor excitement around the technology trend. Palantir provides software and technology services and is most widely known for its work with defense agencies.

In a letter to shareholders, CEO and co-founder Alex Karp called the momentum within its commercial and government segments “unlike anything that has come before.”