US Morning News Call | Trump Says US-Iran Ceasefire Holds Despite Military Clash in Strait of Hormuz

🔔Before the Bell

U.S. stock futures gained in early Friday, with traders tracking progress between the U.S. and Iran while looking ahead to April's employment data.

$E-mini NASDAQ 100 Futures (JUN6) (NQmain.US)$ went up by 0.68%;

$E-mini S&P 500 Futures (JUN6) (ESmain.US)$ went up by 0.47%;

$E-mini Dow Futures (JUN6) (YMmain.US)$ went up by 0.27%.

Trump Says US-Iran Ceasefire Holds Despite Military Clash in Strait of Hormuz

US and Iranian forces exchanged fire in the Strait of Hormuz after each side accused the other of attacking first, while the UAE said its air defenses were engaging Iranian drones and missiles. Trump downplayed the incident and said diplomacy remains on track, urging Iran to sign a deal quickly or face intensified military action.

Federal Trade Court Rules Trump's 10% Global Tariff Illegal

A split panel of the Court of International Trade found that Trump exceeded his authority under Section 122 of the Trade Act when he imposed 10% tariffs on nearly all imports after the Supreme Court struck down his earlier IEEPA-based levies in February. The administration is expected to appeal and plans to replace the tariffs with Section 301 duties when they expire in July.

TSMC Reports April Revenue of NT$410.73B, Up 17.5% YoY

$Taiwan Semiconductor (TSM.US)$ posted April consolidated revenue of approximately NT$410.73B ($13.1B), growing 17.5% from a year ago, with cumulative January-April revenue up 29.9% Y/Y. Growth continues to be driven by strong demand for advanced chips used in AI and high-performance computing workloads.

CoreWeave Reports Q1 Loss Widens Despite Revenue Growth, Raises CapEx Guidance

$CoreWeave (CRWV.US)$ reported Q1 net loss of $1.40 per share versus $1.49 loss year earlier. Revenue doubled to $2.08 billion from $982 million, beating analyst estimates. Company raised 2024 CapEx guidance to $31-35 billion citing component cost inflation.

NVIDIA and IREN Announce $2.1 Billion AI Infrastructure Partnership

$NVIDIA (NVDA.US)$ and $IREN Ltd (IREN.US)$ have entered a strategic partnership to deploy up to 5 gigawatts of next-generation AI factories, combining NVIDIA's DSX architecture with IREN's power and data center expertise. IREN issued NVIDIA a five-year right to purchase up to 30 million shares at $70 per share, with deployments expected to focus on IREN's 2-gigawatt Sweetwater campus in Texas.

🪙Crypto News

$Bitcoin (BTC.CC)$ fell 0.09% to 79844.73;$Ethereum (ETH.CC)$ fell 0.15% to 2283.57.

Coinbase Reports Q1 Loss and Revenue Miss Below Expectations

$Coinbase Global Inc (COIN.CA)$ unexpectedly swung to a loss in Q1 with revenue missing analyst expectations, according to the company's latest quarterly earnings report.

Bitcoin Futures Leverage Ratio Reaches One-Year High at 0.26

Bitcoin's Estimated Leverage Ratio on major futures exchanges reached 0.26, the highest level in nearly a year, surpassing October peaks and reflecting increased trader risk appetite and optimism.

📆Market Events

Key Economic Events

08:30 Nonfarm Payrolls

08:30 Unemployment Rate