Daily News
South Korea's Kospi Tops 7,000 to Hit a New High as Heavyweight Samsung Surges 15%
06 May'26
Today in Brief
South Korea's Kospi tops 7,000 to hit a new high as heavyweight Samsung surges 15%.
Global markets, commodities, and geopolitical tensions continue to drive sharp swings across regions.
South Korea's Kospi tops 7,000 to hit a new high as heavyweight Samsung surges 15%
South Korea's Kospi hit another record Wednesday as Asia-Pacific markets saw a broad rally, tracking Wall Street gains overnight after oil prices dropped and strong earnings lifted investor sentiment. Signalling diplomatic efforts for resolving the Middle East crisis were on track, President Donald Trump said the U.S. bid to guide ships out of Strait of Hormuz had been paused. "We have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom will be paused for a short period of time to see whether or not the Agreement can be finalized and signed," Trump said in his Truth Social post.
S&P 500 closes at a fresh record as stocks catch a tailwind from falling oil prices
U.S. stocks were higher on Tuesday, while oil prices slid as traders reacted to a number of solid earnings results. The S&P 500 rose 0.81%, hitting a new all-time high and closing at a record of 7,259.22. The Nasdaq Composite gained 1.03%, touching a new high and notching a closing record of 25,326.13. The Dow Jones Industrial Average added 356.35 points, or 0.73%, to end at 49,298.25. Crude prices declined across the board, giving equities a boost. West Texas Intermediate crude futures dipped 3.9% to settle at $102.27 per barrel. Brent crude futures lost 3.99% to close at $109.87.
Gold climbed above $4,600 an ounce on Wednesday, advancing for a second straight session
Gold climbed above $4,600 an ounce on Wednesday, advancing for a second straight session as signs of de-escalation in the Middle East pushed oil prices lower, helping to alleviate inflation concerns. Defense Secretary Hegseth said the ceasefire established nearly a month ago remains intact, while Secretary of State Rubio confirmed that offensive operations have ended as Washington pivots toward safeguarding shipping routes in the Strait of Hormuz. President Trump also announced a temporary pause in a US-led effort to assist stranded vessels in exiting the strait, allowing time to gauge whether a deal with Iran to end the conflict can be reached, although the blockade on ships traveling to and from Iranian ports will stay in place.
WTI crude futures dropped to about $100 per barrel on Wednesday, declining for the second straight session
WTI crude futures dropped to about $100 per barrel on Wednesday, declining for the second straight session after US Secretary of State Marco Rubio announced that "Operation Epic Fury is concluded," noting that its objectives had been met. President Donald Trump also said the US would temporarily pause its effort to assist stranded vessels in exiting the Strait of Hormuz, allowing time to assess whether a potential agreement with Iran to end the conflict could be reached. However, the US blockade on ships traveling to and from Iranian ports will remain in place. Washington is now turning its attention to reopening the strait, facing mounting pressure from other nations and growing domestic opposition to the war. These developments unfold against a backdrop of continued deadlock between the US and Iran, with little headway toward renewed negotiations, as Tehran maintains that any talks hinge on the removal of the US naval blockade.
Trump pauses U.S. bid to guide ships out of Strait of Hormuz, cites Iran deal progress
President Donald Trump said Tuesday he is pausing "Project Freedom," the U.S. military's effort to guide commercial ships out of the Strait of Hormuz, one day after the operation began. Trump, in a Truth Social post, said the decision was based in part on "the fact that Great Progress has been made toward a Complete and Final Agreement" with Iran. Project Freedom "will be paused for a short period of time to see whether or not the Agreement can be finalized and signed," Trump wrote. Stock futures rose following Trump's announcement, which raised hopes for a peace agreement that would end the U.S.-Israeli war in Iran and reopen the economically vital strait.
Jerome Powell making a 'significant mistake' by staying on at the Fed, Sen. Tim Scott says
Senate Banking Committee Chairman Tim Scott said Federal Reserve Chair Jerome Powell is making a "significant mistake" by staying on the Federal Reserve's Board of Governors after his term atop the central bank ends. "He's breaking 75 years of precedent. Every time you get a new chairman, the former chairman leaves. That's good news because what you don't want are these philosophies in conflict," Scott, R-S.C., said Tuesday at the Milken Institute Global Conference. "I think for the country and for the Fed, it would be best if he left," Scott said. Powell's term as Fed chair ends May 15. By staying on, he is denying President Donald Trump a majority on the board, on which Powell could serve until 2028. A spokesperson for the Fed declined to comment on Scott's remarks. His choice to stay on the Fed board comes as Powell and Trump have clashed in the last year over the president's calls for lower interest rates.
EU urges US to reinstate trade deal tariffs as anniversary nears
The European Union's trade chief has urged the United States to swiftly restore the tariffs agreed in last year's EU-US trade deal, the European Commission said on Tuesday. The Commission added that it would be beneficial if the main terms of that deal were in place ahead of its one-year anniversary in July. Maros Sefcovic met U.S Trade Representative Jamieson Greer in Paris on Tuesday, with U.S. President Donald Trump's threat to increase tariffs on EU cars and trucks to 25% among the EU's main concerns.
First refunds of Trump tariffs to start as early as May 12, customs agency says
The U.S. Customs and Border Protection (CBP) agency said on Monday it now estimates the first electronic refunds from U.S. President Donald Trump's tariffs deemed illegal by the Supreme Court will start as soon as May 12, a day later than an earlier estimate. The estimated start date for Automated Clearing House (ACH) payments was disclosed in a message to shippers announcing the availability of status reports that allow claimants to monitor the processing status of their refunds. In a Court of International Trade order last week, the agency was expected to start refunds around May 11. No reason was given for the date change. Up to $166 billion of CBP collections from Trump's tariffs imposed under the International Emergency Economic Powers Act are subject to CBP refunds. The Supreme Court ruled that Trump overstepped his authority in using the 1977 sanctions law to impose tariffs.
Lufthansa faces nearly $2 billion in extra fuel costs amid Middle East conflict
Germany's largest airline, Lufthansa reported taking on 1.7 billion euros (nearly $2 billion) in additional fuel costs as the Middle East conflict poses "enormous challenges." In its first-quarter earnings published Wednesday, the airline said it had hedged 80% of its jet fuel, it expects to take on additional costs of 1.7 billion euros in 2026, which it plans to offset via cost-saving measures and increased revenue from ticket sales. Lufthansa saw its first-quarter adjusted EBIT increase to 612 million euros, while revenue rose to 8.7 billion euros ($10.2 billion), up 8% from 8.1 billion euros last year. "In the first quarter, we significantly improved on the previous year's financial results," Lufthansa's CEO Carsten Spohr said.
AMD's stock soars 15% as data center growth pushes revenue and guidance past estimates
Advanced Micro Devices reported first-quarter earnings Tuesday that topped expectations, while the company's revenue forecast also exceeded estimates as demand soars for chips to power artificial intelligence workloads. The stock jumped about 15% in extended trading. Revenue climbed 38% from $7.44 billion a year ago, the company said in a release on Tuesday. Data center sales increased 57% to $5.8 billion from $3.67 billion in the same period a year earlier. Net income rose to $1.38 billion, or 84 cents per share in the quarter, from $709 million, or 44 cents per share, a year ago. For the second quarter, AMD said it expects about $11.2 billion in revenue, versus expectations of $10.52 billion, according to LSEG. AMD CEO Lisa Su said in the statement that the data center unit is now the "primary driver of our revenue and earnings growth."
Rivian developing variants of more affordable R2 electric vehicles
Rivian is working on undisclosed variants of its R2 electric vehicles, the company's CEO told Reuters, days after starting volume production of the smaller and more affordable SUVs. Rivian, known for its high-end R1 SUVs and pickup trucks, plans to start deliveries of R2 SUVs around June, Reuters reported. The company is developing different variations at its Georgia plant, where it will eventually expand production of R2 vehicles. CEO RJ Scaringe did not disclose details on what the other variants would look like. U.S. demand for EVs weakened after the removal of several key tax credits last year. But rising fuel prices, due to the Middle East war, has seen sparked some renewed interest in the sector since March.
Super Micro bets on AI server demand to provide upbeat forecast, shares soar
Super Micro Computer forecast fourth-quarter revenue and adjusted profit above Wall Street estimates on Tuesday, banking on robust demand for its artificial intelligence servers, sending its shares up 18% in extended trading. The projections will likely reassure investors following the U.S. Justice Department in March charging three people linked to the company for helping smuggle billions of dollars of AI chips to China. Super Micro projected fourth-quarter revenue in the range of $11 billion to $12.5 billion, compared with analysts' average estimate of $11.07 billion, according to data compiled by LSEG. The company expects adjusted profit per share in the range of 65 cents to 79 cents, above expectations of 55 cents. Super Micro has been a primary beneficiary of the AI boom, with its ability to quickly build and ship customized, high-performance servers making it a preferred vendor for data center operators and AI startups.
