Morning Movers: Iren surges following pact with Nvidia

Futures are modestly higher this morning after the April jobs report beat forecasts. Chip stocks are rebounding after yesterday’s pause, helping lift Nasdaq futures back toward record territory. Oil briefly pushed back above $100 after renewed U.S.-Iran clashes in the Strait of Hormuz, but equities have largely treated each flare-up as temporary noise.

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Earnings this quarter have been exceptionally strong. Roughly 85% of companies are beating expectations, margins are expanding, and forward estimates continue moving higher. That’s giving investors confidence to keep paying elevated multiples, especially in AI infrastructure names where spending forecasts continue to rise aggressively. 

In pre-market trading, S&P 500 futures rose 0.58%, Nasdaq futures rose 0.92% and Dow futures rose 0.40%.

Check out this morning’s top movers from around Wall Street, compiled by The Fly. 

HIGHER –

• Iren (IREN) up 16% after Nvidia (NVDA) and the company announced a partnership to deploy up to five gigawatts of Nvidia DSX-aligned AI infrastructure across Iren’s data center pipeline over time

UP AFTER EARNINGS –

• Akamai (AKAM) up 24%
• Block (XYZ) up 9%
• Rocket Lab (RKLB) up 9%
• Groupon (GRPN) up 2%
• Sony (SONY) up 2%
• FIS (FIS) up 1%

DOWN AFTER EARNINGS –

• Cloudflare (NET) down 16%
• CoreWeave (CRWV) down 7%
• AMC Networks (AMCX) down 1%
• Toyota (TM) down 1%
• Lyft (LYFT) down 1%