CNBC

Kuwait activated air defenses on Thursday after detecting missile and drone threats, with explosions attributed to intercepts. US forces conducted strikes on an Iranian site on Wednesday, the second such action that week, after observing activity threatening the Strait of Hormuz.

Oura announced the Ring 5 on Thursday, stating it is 40 percent smaller than the prior model while maintaining identical sensing, tracking, and accuracy levels. The device begins shipping June 4 at $399 for base finishes and $499 for premium finishes, with an optional $99 portable charging case. Oura also confidentially filed an IPO prospectus draft with the SEC last week.

Waymo has started offering Ojai robotaxi rides to select customers in San Francisco, Los Angeles, and Phoenix, with expansion planned for additional cities this summer. The vehicles, manufactured by Geely's Zeekr subsidiary, incorporate sixth-generation Waymo Driver hardware that reduces sensor requirements and manufacturing costs compared with prior models.

South Korean equities opened at a record high above 8,000 on the KOSPI index on Tuesday following the prior day's market holiday. U.S. President Donald Trump stated that negotiations with Iran are proceeding nicely while warning of potential fresh attacks if talks fail. U.S. Central Command conducted strikes on Iranian targets, with mixed reports on resulting oil price movements.

BP removed Albert Manifold as chairman with immediate effect after less than one year in the role, citing unacceptable issues with governance standards, oversight, and conduct. The board appointed Ian Tyler as interim chair and initiated a search for a permanent successor. BP reported $3.2 billion in first-quarter profits amid the leadership change.

Multiple outlets report that Pope Leo XIV, described as the first American pope, issued an encyclical titled Magnifica Humanitas addressing humanity's relationship with technology. The document's reported length, exact dates, and reactions from U.S. officials appear in single-source accounts. Analyses from progressive, conservative, libertarian, and critical viewpoints differ on the encyclical's implications for AI policy and religious authority.

Lululemon entered an agreement with founder and largest individual shareholder Chip Wilson on Wednesday that ended a proxy contest initiated late last year. The company will add two new directors immediately and a third with apparel expertise by October, while Wilson agreed to a non-disparagement period of approximately 18 months. Lululemon shares rose about 4 percent following the announcement.

The Personal Consumption Expenditures price index increased 3.8 percent from April 2023, with a 0.4 percent monthly gain. First-quarter GDP was revised down to a 1.6 percent annualized rate from an initial 2 percent estimate. Consumer spending rose 0.4 percent in April while income was unchanged.

Global oil markets showed volatility on Tuesday with WTI crude falling after fresh U.S. attacks on Iran that Central Command described as defensive strikes. Two China-bound supertankers crossed the Strait of Hormuz. Reports conflict on the direction and magnitude of benchmark crude price moves.

Meta has launched paid subscriptions across Instagram, Facebook, and WhatsApp under the Meta One name, with monthly prices of $3.99 for Instagram Plus and Facebook Plus and $2.99 for WhatsApp Plus [Euronews]. The company projects $125-145 billion in capital expenditures for the year, primarily for AI data centers, and separately secured a $27 billion deal with Nebius for compute capacity [Euronews][CNBC]. Shares of Meta rose 3.7% following the subscription announcement [Euronews].

Eli Lilly announced acquisitions of Curevo, LimmaTech Biologics, and Vaccine Company targeting vaccines for shingles, staph infections, and Epstein-Barr virus. The company also hired former FDA vaccine regulator Dr. Peter Marks. Reported total deal values differ between sources at up to $3.8 billion or nearly $4 billion.

KOSPI closed at a record 8,288.7 on Wednesday after reaching the 8,000 level on Tuesday and extending a four-session winning streak. Major U.S. indexes also closed at record highs overnight with modest gains. Markets opened lower across Asia on Thursday amid conflicting reports on U.S.-Iran talks regarding the Strait of Hormuz.

Supported reports confirm Nio and Xiaomi launched multiple electric models in China with prices ranging from 215,900 to 800,000 yuan. Separate unverified claims from a single outlet describe a four-door Ferrari electric vehicle designed with input from Jony Ive. Perspectives differ on whether the focus should rest on verified Chinese production volumes or rumored Western luxury design shifts.

Micron Technology attained a $1 trillion market capitalization for the first time on Tuesday after its shares rose 18 percent. UBS raised its price target on the stock to $1,625 from $535, citing long-term agreements with partially fixed pricing. Samsung Electronics previously reached the milestone while SK Hynix approaches it.

Best Buy reported first-quarter results showing comparable sales growth of 2 percent for the period ended May 3, exceeding both the prior-year decline and analyst forecasts. The company reaffirmed full-year guidance while noting stronger-than-expected second-quarter comparable sales outlook. Shares rose between 6 and 7 percent in premarket trading following the release.

Robinhood announced on May 27 that users can deploy AI agents for equities trading and credit card purchases, with options for separate accounts, spending limits, and manual approvals. The tools follow Visa's 2025 agent platform and are currently restricted to equities. CEO Vlad Tenev described the rollout as extending the company's mission to AI agents, targeting early adopters.

A three-judge federal panel ruled that Alabama cannot use its 2023 congressional map in the 2026 midterms, citing intentional discrimination against Black voters. The decision orders the state to adopt a map with two majority-Black districts. Alabama lawmakers had passed the map and sought to implement it following a Supreme Court ruling in Louisiana v. Callais.

Snowflake plans to spend $6 billion on Amazon compute and expanded use of AWS chips. The company beat fiscal first-quarter adjusted EPS and revenue estimates, raised second-quarter guidance, and saw shares rise 35%. CFO Brian Robins cited AI tools including Cortex Code as drivers of revenue potential and internal productivity gains via slower hiring and higher cloud spend.

US forces conducted strikes on May 25 targeting boats and missile sites in southern Iran, which the US described as defensive. Iranian officials held talks in Doha on a potential deal that included discussion of reopening the Strait of Hormuz. On May 26, Rappler reported rising oil prices and mixed stocks while CNBC reported tumbling oil prices, rising Dow futures, and an S&P 500 above 7,500.

Salesforce posted first-quarter revenue of $11.13 billion and adjusted earnings of $3.88 per share. Snowflake reported first-quarter revenue of $1.39 billion and signed a $6 billion agreement with Amazon Web Services. Marvell issued raised second-quarter guidance.

Michele Spagnuolo, a Google information security engineer, was arrested in New York and charged with commodities fraud, wire fraud, and money laundering after allegedly using internal Year in Search data to place Polymarket bets that generated $1.2 million in profits. The complaint, unsealed Wednesday in the Southern District of New York, states Spagnuolo accessed confidential systems to wager under the username AlphaRaccoon that artist d4vd would rank as Google's most-searched person for 2025. Both NPR and CNBC reported the charges and core facts from the unsealed documents.

Iranian state television reported obtaining a draft unofficial framework for a memorandum of understanding with the United States that includes restoring commercial shipping through the Strait of Hormuz within one month, US withdrawal of forces from the area, and lifting of a naval blockade. CNBC reported oil price declines following the disclosure along with recent US strikes in southern Iran described by the Pentagon as defensive. The claims originate solely from Iranian state sources with no US confirmation.

European equity futures point to a mixed open on Wednesday with the FTSE 100 seen 0.2% lower and the DAX, CAC 40 and FTSE MIB seen higher. U.S. Central Command conducted strikes on Iranian missile sites and vessels, which Iran described as a ceasefire violation. Asian benchmarks rose to record highs while U.S. futures were little changed.

U.S. strikes targeted southern Iran on a disputed date and were described as defensive by officials. European equity indexes closed mixed on Tuesday while oil prices increased and U.S. Treasury yields declined. Secretary of State Marco Rubio commented on potential negotiations and the Strait of Hormuz.