US stocks swung higher after Axios reported<\/a> that US and Iranian negotiators reached an agreement on a 60-day memorandum of understanding; however, the peace deal still requires approval from President Trump. The report signaled progress on US-Iran negotiations, despite the two sides exchanging fire near the Strait of Hormuz on Wednesday.<\/p>\n Oil prices pared gains on Thursday, with Brent crude futures (BZ=F<\/a>) trading at around $93 per barrel and West Texas Intermediate crude (CL=F<\/a>) slipping below $90 per barrel.<\/p>\n Meanwhile, tech earnings boosted confidence in the AI trade. Snowflake<\/a> (SNOW<\/a>), Marvell<\/a> (MRVL<\/a>), and HP<\/a> (HP<\/a>) reported strong earnings results after the bell on Wednesday that showcased AI driving spending on cloud, chips, and computers. Snowflake\u2019s earnings and its announcement of a $6 billion deal with Amazon Web Services stole the show, sending its stock up more than 30%.<\/p>\n Economic data on Thursday showed that the Personal Consumption Expenditures (PCE) index, the Fed\u2019s preferred inflation gauge, rose 0.4% in April, gaining slightly less than expected and complicating questions about whether rising prices will increase pressure<\/a> on the central bank to raise rates.<\/p>\n Elsewhere on the data front, initial jobless claims for the previous week rose to 215,000 from the previous week\u2019s revised tally of 210,000.<\/p>\n LIVE 10 updates<\/p>\n Tyson Foods (TSN<\/a>) stock fell nearly 5% on Thursday after the company named Jeff Schomburger as its next CEO, effective Oct. 4, 2026.<\/p>\n Donnie King, who has served as CEO since May 2021, will remain on the board of directors following his 43-year career at the company.<\/p>\n Schomburger retired from Procter & Gamble seven years ago and has been a member of the Tyson Foods board since 2016. He has served as lead independent director on the board since 2025.<\/p>\n In the release, Schomburger said he is \u201cenergized by the opportunity\u201d to strengthen the brand, capitalize on \u201cemerging\u201d opportunities like AI, and \u201ccontinue to win with customers and consumers.\u201d<\/p>\n The Street was taken aback by the choice of the successor.<\/p>\n \u201cWe do not think Donnie’s retirement itself is a surprise, but we do think the choice of his replacement is unexpected,\u201d JPMorgan analyst Thomas Palmer wrote, adding that investors thought Tyson would choose an internal candidate.<\/p>\n This is the sixth CEO change among major food companies this year, Palmer pointed out, more than the five transitions in 2025, one in 2024, and four in 2023.<\/p>\n Oil prices pared their gains after briefly turning to a loss on the session after Axios reported<\/a> that the US and Iran have reached a temporary deal that would see traffic through the Strait of Hormuz reopened.<\/p>\n Futures on Brent crude (BZ=F<\/a>), the international benchmark, and US benchmark WTI crude (CL=F<\/a>) both fell to a loss of roughly 0.1% to trade below $93 per barrel and $89 per barrel, respectively. Both contracts had gained roughly 3% earlier in the morning.<\/p>\n The US and Iran have reached an agreement on a 60-day memorandum that would extend the ceasefire currently in place and begin negotiations on the fate of Iran\u2019s nuclear program, Axios reported Thursday, citing two senior US officials.<\/p>\n President Trump reportedly asked to take a \u201cfew days\u201d to think about the deal on the table, per Axios.<\/p>\n The terms of the agreement were \u201cmostly agreed as of Tuesday, but both sides still needed to get approval from senior leadership,\u201d Axios reported. Iran has not publicly confirmed its own acceptance of any memorandum.<\/p>\n The agreement would include free and \u201cunrestricted\u201d traffic for commercial vessels through the Strait of Hormuz, and require that Iran remove mines placed in the water within 30 days, US officials reportedly told Axios.<\/p>\n The reports offer a glimmer of hope for investors and market-watchers looking for diplomatic solutions in the Middle East, especially after the US and Iran spent the last 48 hours trading rounds of air and drone strikes.<\/p>\n Snowflake stock soars 36%, on pace for best single-day gain ever <\/p>\n Snowflake (SNOW<\/a>) is having its best day on record.<\/p>\n Shares of the cloud-based data platform soared 36% on Thursday following a strong earnings report on Wednesday and a $6 billion multiyear deal with Amazon\u2019s (AMZN<\/a>) Amazon Web Services.<\/p>\n Yahoo Finance\u2019s Ines Ferr\u00e9 reports:<\/p>\n Snowflake said AI products contributed to the \u201cstrongest sequential product revenue dollar growth\u201d in its history. Fiscal first quarter revenue grew 33% year over year to $1.39 billion.<\/p>\n The company announced an expanded collaboration with AWS through a new multiyear, $6 billion agreement aimed at accelerating global enterprise AI adoption. It also deepened its partnership with OpenAI (OPAI.PVT<\/a>).<\/p>\n Read more here.<\/a><\/p>\n US stocks falter at the opening bell <\/p>\n The US stock market fell into the red on Thursday as military strikes in Iran by the US stoked new fears of renewed conflict, while a bevy of tech earnings helped bolster equity confidence.<\/p>\n The Dow Jones Industrial Average (^DJI<\/a>) and tech-heavy Nasdaq Composite (^IXIC<\/a>) fell 0.3% and 0.2%, respectively, while the benchmark S&P 500 (^GSPC<\/a>) slid by a lesser 0.1%.<\/p>\n Reports of renewed conflict in the Middle East and no clarity on US-Iran negotiations sent oil prices rising once more, putting pressure on equities.<\/p>\n Data published Thursday showed the Personal Consumption Expenditures (PCE) index, the Fed\u2019s preferred inflation gauge, rose 0.4% in April and 3.8% annually on a headline basis. Initial jobless claims for the week ended May 23 rose to 215,000 from the previous week\u2019s revised tally of 210,000.<\/p>\n Costco Wholesale (COST<\/a>), Dell Technologies (DELL<\/a>), and The Gap (GAP<\/a>) will report after the closing bell. Dollar Tree (DLTR<\/a>) and Best Buy (BBY<\/a>) both beat estimates on EPS and revenue Thursday morning.<\/p>\n Initial jobless claims rose to 215,000 in the week ended May 23<\/a>, according to data released by the Department of Labor on Thursday, coming in above the previous week’s revised tally of 210,000 first-time claims.<\/p>\n Economists had expected initial claims to be lower at 211,000 for the week, according to consensus estimates compiled by Bloomberg. The four-week moving average of initial claims fell to 209,000 from 202,750 the week prior.<\/p>\n Continuing claims, which track the unemployed population still seeking work, rose to 1.786 million in the week ended May 16 from the prior week\u2019s revised count of 1.771 million.<\/p>\n Economists had been looking for 1.784 million continuing claims.<\/p>\n Prices rose by 0.4% in April over the previous month<\/a>, according to Personal Consumption Expenditures (PCE) index data released Thursday by the Bureau of Economic Analysis.<\/p>\n The growth came in below economists’ expectations of 0.5%, according to Bloomberg’s consensus estimates, and below March\u2019s 0.7% increase.<\/p>\n “Core” PCE, which excludes the more volatile food and energy categories, rose 0.2% on the month. The print fell slightly short of economists\u2019 expectations of 0.3% for the Federal Reserve’s preferred inflation measure and March\u2019s 0.3% gain.<\/p>\n On an annual basis, the headline and core PCE price indexes rose 3.8% and 3.3%, respectively, in April from the previous year, in line with expectations on both measures.<\/p>\n Meanwhile, personal income was flat in April on a monthly basis, sharply below the previous month’s 0.5% revised increase and economist expectations of 0.4% growth.<\/p>\n Personal spending increased 0.5% from last month, coming in equal to expectations and below the previous month’s revised growth of 1%.<\/p>\n The casino giant Caesars Entertainment (CZR<\/a>) is set to be acquired by Fertitta Entertainment, a conglomerate with holdings primarily in the hospitality industry, in a $17.6 billion all-cash deal<\/a>, including $11.9 billion in Caesars debt.<\/p>\n Shares in Caesars traded up by 1.8% in premarket trading on Thursday.<\/p>\n Fertitta will pay Caesars shareholders $31 per share in cash, the companies announced Thursday morning, offering shareholders a 7.7% premium over where the stock closed trading on Wednesday. The deal includes a \u201cgo-shop\u201d period through July 11, during which Caesars can review other offers.<\/p>\n The Houston real estate leader, Tilman Fertitta, has\u00a0long pursued a merger<\/a>\u00a0between Caesars and his own Fertitta Entertainment, Bloomberg reported. If the deal goes through, it would combine Caesars network of casino properties with Fertitta\u2019s Landry\u2019s restaurants and Golden Nugget properties.<\/p>\n Salesforce billionaire CEO Marc Benioff just spent $27 billion to fight the SaaSpocalypse <\/p>\n Salesforce (CRM<\/a>) stock fell modestly in premarket trading on Thursday following its latest quarter earnings.<\/p>\n Shares of the software player are down 35% year to date amid ongoing concerns that artificial intelligence models from OpenAI (OPAI.PVT<\/a>) and Anthropic (ANTH.PVT<\/a>) would disrupt the business models of the company and others like it.<\/p>\n That prompted Salesforce CEO Marc Benioff to make a grand gesture to signal to the Wall Street bears that the company\u2019s not going down without a fight.<\/p>\n Yahoo Finance\u2019s Brian Sozzi reports on the move:<\/p>\n Salesforce said late Wednesday that it repurchased a shocking $27 billion in its stock in the most recent quarter. For perspective, the company spent about $3.9 billion in buybacks in the preceding quarter.<\/p>\n Usually, a company will buy back its stock to signal to investors it\u2019s undervalued. After all, cash could be spent in places other than buybacks, such as on new plants and equipment.<\/p>\n It was Benioff\u2019s latest attempt to fight back against the Saas Apocalypse narrative that AI models would render software companies obsolete, which has hammered software stocks in recent months, and his in particular.<\/p>\n Read more here.<\/a><\/p>\n Best Buy stock jumps on strong sales beat, earnings growth <\/p>\n Best Buy (BBY<\/a>) stock jumped 8% in premarket trading after stronger-than-expected sales highlighted consumer resilience.<\/p>\n The report was Best Buy\u2019s first since the company announced<\/a> CEO Corie Barry will step down from the electronics retailer at the end of the third quarter.<\/p>\n Yahoo Finance\u2019s Brooke DiPalma reports on the quarter:<\/p>\n Best Buy\u2019s first quarter results surpassed Wall Street\u2019s expectations on Thursday morning as key product launches like Apple\u2019s (AAPL<\/a>) MacBook Neo and higher tax refunds helped boost sales.<\/p>\n The company posted same-store sales growth of 2%, far higher than Wall Street\u2019s expectations of 0.9% in the fiscal first quarter and exceeding Best Buy’s forecast of 1% for the quarter. That also marks a sharp reversal from a 0.8% decline in the fourth quarter when consumers pulled back on holiday purchases.<\/p>\n Revenue came in at $8.9 billion, above the $8.8 billion expected, alongside adjusted earnings growth of $1.28 per share, which was also above the $1.22 per share expected.<\/p>\n CEO Corie Barry said the results were driven by positive same-store sales growth \u201cacross the majority of our major product categories and strong performance in our Best Buy Ads and Marketplace initiatives.\u201d<\/p>\n Read more here.<\/a><\/p>\n Oil pulls back from fall as potential Iran peace deal is disrupted by strikes in Hormuz <\/p>\n Bloomberg reports:<\/p>\n Oil advanced, following a drop of more than 5% on Wednesday, as the US and Iran remained at odds over how to reopen the Strait of Hormuz and a report pointed to fresh military strikes in the Islamic Republic.<\/p>\n Brent (BZ=F<\/a>) rose above $96 a barrel, while West Texas Intermediate (CL=F<\/a>) was near $90. President Donald Trump said he was \u201cnot satisfied\u201d with talks, as the White House denied an Iranian report on a draft agreement that said Tehran and Oman would oversee the waterway.<\/p>\n Crude is still on pace for a second weekly drop on optimism that the warring parties will manage to conclude at least an interim deal, despite the challenges. Sticking points in the negotiations include the nation\u2019s nuclear program and Iran wanting to retain control over Hormuz, which remains subject to a double blockade imposed by both Tehran and Washington.<\/p>\n The US carried out new strikes in Iran against a site that posed a threat to US forces and traffic in the strait, a Reuters reporter said on X, citing a US official. Earlier this week, the US had attacked sites around Hormuz.<\/p>\n![\"Brooke](\"https:\/\/www.europesays.com\/iran\/wp-content\/uploads\/2026\/05\/1779984554_802_dims.jpeg\")
Tyson Foods names Jeff Schomburger as new CEO, replacing Donnie King in October <\/p>\n![\"Jake](\"https:\/\/www.europesays.com\/iran\/wp-content\/uploads\/2026\/05\/1779984554_542_dims.jpeg\")
Oil pares gains after Axios reports US and Iran have reached a deal <\/p>\n Initial jobless claims rise to 215,000 for week ended May 23 <\/p>\n Fed’s preferred measure of inflation rises less than expected <\/p>\n Caesars to be purchased by Fertitta Entertainment in $17.6 billion deal <\/p>\n