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Meanwhile, contracts on the tech-heavy Nasdaq 100 (NQ=F) were flat following a strong finish to last week by Wall Street stocks.Geopolitics remain in focus after Donald Trump announced a new initiative dubbed “Project Freedom” in a Sunday post, aimed at assisting cargo ships stranded by the closure of the Strait of Hormuz. The plan, expected to begin Monday, would involve US efforts to help vessels and crews from non-involved nations exit the region safely. However, details on how the operation would be executed were not provided.Markets slid into the red following reports that two Iranian strikes hit a US patrol boat and that a US warship was turned back in the Strait of Hormuz. But a US official has denied the reports from Iranian media outlets, per Axios.The developments come after President Trump said the US would start helping trapped ships to exit the key Gulf waterway on Monday, in a plan dubbed “Project Freedom”. “If, in any way, this Humanitarian process is interfered with, that interference will, unfortunately, have to be dealt with forcefully,” Trump wrote Sunday in a social media post. In response, Iran threatened to take action against US ships.Oil prices jumped as worries about fresh US-Iran hostilities rattled markets, with Brent (BZ=F) crude futures up over 3% to nearly $112 a barrel. West Texas Intermediate (CL=F) rose to almost $105.Looking ahead, the week brings the April US jobs report, due Friday. Economists expect job growth to slow, with forecasts calling for 60,000 new positions compared with March’s 178,000. The unemployment rate is projected to hold steady at 4.3%.On the corporate front, earnings from major semiconductor manufacturers Lattice Semiconductor Corporation (LSCC), Advanced Micro Devices (AMD) and Arm Holdings (ARM) will highlight the week. Investors will also look to results from Palantir (PLTR) and Paramount Skydance (PSKY).LIVE 3 updatesToday at 9:04 AM UTCKaren FriarAI chipmakers in Korea, Taiwan drive Asian stocks to recordA rally in shares tied to artificial intelligence helped Asia’s stock benchmark wipe out losses sparked by the Iran war and climb back to an all-time highBloomberg reports:The MSCI Asia Pacific Index jumped as much as 2.3% on Monday, the most since April 8. Tech-heavy benchmarks in South Korea and Taiwan surged more than 4% each. The moves came after the S&P 500 Index (^GSPC) extended a record-breaking streak Friday to mark a fifth week of gains, following solid earnings from tech mega caps.The AI theme — a dominant feature of markets before the outbreak of the Middle East conflict — has returned to the forefront as last month’s ceasefire agreement between the US and Iran calmed investor nerves. Asia’s stock benchmark surged more than 13% in April, erasing almost all of the declines suffered in March.… Asia has emerged as a key pillar of the AI boom, combining its dominance in semiconductor manufacturing with rapidly scaling data infrastructure. At the heart of it are three companies that provide essential hardware for AI: Taiwan Semiconductor Manufacturing Co., the world’s largest chip foundry, and South Korea’s leading memory makers Samsung Electronics Co. and SK Hynix Inc.Read more here.Today at 3:10 AM UTCRian HowlettOil steadies after tanker hit in Strait of HormuzBloomberg reports:Oil steadied as traders doubted the effectiveness of a plan by President Donald Trump for the US to guide neutral ships out through the Strait of Hormuz, with a tanker reportedly hit in the waterway.Brent (BZ=F) was little changed near $108 a barrel, after falling as much as 2.4% at the open, while West Texas Intermediate (CL=F) was below $102. Starting from Monday, the US move was meant to enable vessels that have been stranded by the war with Iran to pass through the waterway, according to Trump.A tanker reported being hit by projectiles 78 nautical miles north of Fujairah, United Arab Emirates, the UK Maritime Trade Operations said. While the vessel was not identified, the crew were reported to be safe.Read more here.Today at 1:43 AM UTCRian HowletteBay stock surges following GameStop takeover bideBay Inc. stocks soared over 14% Sunday night after rumours of a takeover bid from GameStop Corp. were proved true following a premium cash and stock offer from the brick-and-mortar games retailer.Bloomberg reports:GameStop Corp. (GME) is proposing to buy eBay Inc. (EBAY) for about $56 billion in cash and stock, a bold attempt by Ryan Cohen to take over a storied e-commerce name several times larger.The gaming retail chain offered $125 per share in cash and stock for the online retailer, or about a 20% premium to its Friday close. GameStop, which built a roughly 5% stake in eBay, said it’s secured a commitment from TD Bank to provide about $20 billion of debt financing to help bankroll the deal. In a letter to investors Sunday, Cohen’s company pledged to find some $2 billion of annual savings within 12 months of a deal closing.The takeover bid caps the surprising ascent of GameStop, a chain of video game outlets that has shrunk its brick-and-mortar footprint as gamers increasingly purchase software in digital stores. In 2021, it became the center of a retail-investor frenzy. Michael Burry, the Scion Asset Management head who rose to prominence after a winning wager against mortgages ahead of the 2008 financial crisis, fueled GameStop’s rally by taking a bullish stance on the firm around 2019.Cohen is now proposing to take over a company roughly four times larger than the retail chain he operates. GameStop had a market value of $12 billion as of Friday. EBay was much larger at around $46 billion, though the game retailer has about $9 billion in cash.Read more here.Terms and Privacy PolicyPrivacy & Cookie SettingsMore Info