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US Iran Ceasefire Agreement Halts Gulf Attacks; Oil Prices Drop 3.2% as Hormuz Shipping Resumes

The United States and Iran agreed to immediately halt tit-for-tat military strikes in the Gulf region following weekend clashes over the Strait of Hormuz. Oil futures plunged more than 3% on the news as shipping lanes reopened and technical talks are scheduled to resume in Doha this week. The de-escalation eases immediate supply disruption fears for global energy markets and supports risk assets.

AeroVironment AVAV Q4 2026 Revenue Beats Estimates by 8%; Defense Backlog Hits Record $1.2B

AeroVironment reported fiscal Q4 2026 revenue that exceeded analyst expectations by roughly 8%, driven by strong demand for unmanned aerial systems. The company highlighted a record funded backlog of $1.2 billion entering the new fiscal year, bolstered by defense contracts amid global tensions. Guidance for full-year fiscal 2027 points to continued double-digit growth in key segments.

Micron FQ3 2026 Revenue Quadruples to $41.46B, Beats $35.85B Estimate — Q4 Guided to $50B as HBM Fully Booked Through 2027; MU Gives Back 4.7% on Profit-Taking

Micron Technology reported fiscal Q3 2026 revenue of $41.46 billion, up 346% year-over-year, beating the $35.85 billion consensus by 16%, with non-GAAP EPS of $25.11 topping the $20.78 estimate by 21%. Gross margins hit a record 84.9%, data-center revenue exceeded $25 billion, and Q4 was guided to $50 billion — far above the $43.58 billion analyst forecast. Sixteen multi-year Strategic Customer Agreements locked in roughly $100 billion in contracted revenue. The stock surged 17% Thursday but retreated 4.7% in Friday premarket on profit-taking.

Apple Raises Mac and iPad Prices 15% to 25% Across Lineup — AAPL Falls 6.1% to $275.15 as MacBook Pro Climbs $300 to $1,999 on Memory Cost Crunch

Apple raised Mac and iPad prices 15% to 25% across its hardware lineup, citing surging memory and storage costs driven by AI data-center demand. MacBook Air climbed $200 to $1,299, MacBook Pro rose $300 to $1,999, iPad Air increased $150 to $749, and iPad Pro gained $200 to $1,199. Shares dropped 6.1% to $275.15, their largest single-day decline of 2026. iPhone prices were left unchanged for now, though CEO Tim Cook hinted further increases could be coming as memory costs remain unsustainable.

May PCE Inflation Hits 4.1% — Highest Since April 2023 With Core at 3.4%, Above 3.3% Forecast, Cementing September Fed Rate Hike as Base Case

The May Personal Consumption Expenditures price index rose 4.1% year-over-year, its highest reading since April 2023, driven by energy-cost pass-through from the Iran war, matching headline consensus but printing core PCE at 3.4% — a tick above the 3.3% expected. Monthly headline PCE rose 0.4%, slightly below the 0.5% forecast. Markets moved to price a September Federal Reserve rate hike as base case, though analysts broadly viewed May as likely the inflation peak given the sharp subsequent decline in oil prices following Iran ceasefire progress.

Micron Technology Posts Record $41.46B Q3 FY2026 Revenue, Up 346% YoY — $50B Q4 Guidance and $100B in Take-or-Pay Customer Contracts Redefine AI Memory Cycle

Micron Technology reported fiscal Q3 2026 revenue of $41.46 billion, up 346% year-over-year, beating the $35.84 billion consensus by 16%, while adjusted EPS of $25.11 topped expectations by 24%. The chipmaker secured 16 take-or-pay customer agreements covering roughly $100 billion in minimum contracted revenue through 2030, structurally repositioning the memory cycle. Q4 guidance calls for $50 billion in revenue and EPS of $31, approximately $6.4 billion above analyst estimates. Shares rose 17% in trading.

Qualcomm Doubles Fiscal 2029 Non-Handset Revenue Target to $40B — Meta CPU Partnership and $3.92B Modular Acquisition Mark Chipmaker's AI Data Center Pivot

Qualcomm more than doubled its fiscal 2029 non-handset revenue target to $40 billion from $22 billion at its Investor Day, announcing Meta Platforms as its first data center customer for the Dragonfly C1000 CPU and a $3.92 billion all-stock acquisition of AI software startup Modular. Shares rose roughly 9% in regular trading after surging 15% in after-hours Wednesday, with data center alone targeted at $15 billion by 2029. Microsoft Azure also confirmed deployment of Qualcomm's High-Bandwidth Compute technology.

Apple Raises MacBook Neo by $100 to $699 and Base iPad by $100 to $449 — Stock Falls 5.3% as 'RAMageddon' Memory Shortage Forces Unprecedented Mid-Cycle Price Hikes

Apple raised prices across its Mac, iPad, HomePod, and Vision Pro lineup, with the entry MacBook Neo rising $100 to $699 and the base iPad increasing $100 to $449, blaming an unprecedented AI-driven memory shortage. CEO Tim Cook had flagged the increases, but the scope caught analysts off guard. Apple stock fell 5.3% as DRAM prices are projected to rise another 58% to 63% this quarter. Microsoft also raised Xbox console prices by up to $150. iPhone, Apple Watch, and AirPods were not affected.

May PCE Inflation Hits 4.1% Annual Rate — Three-Year High as Core PCE Accelerates to 3.4%, Q1 GDP Revised Up to 2.1%, and Jobless Claims Fall to 215K

The Federal Reserve's preferred inflation gauge rose to 4.1% annually in May, the highest since April 2023, as the Iran war's energy price impact continued feeding through consumer prices. Core PCE accelerated to 3.4% year-over-year, slightly above the 3.3% consensus. Offsetting data showed Q1 GDP revised up to 2.1% annualized from 1.6%, and initial jobless claims fell to 215,000. Markets lowered the probability of a July Fed rate hike to roughly 30%, with September remaining the base case.