Introduction

Global markets experienced notable volatility this week, with clear divergence across sectors. We present a weekly summary of key moves in US and Saudi markets, along with major news.

US Market

Shares of fintech and renewable energy companies suffered heavy losses, with Strategy Inc falling 25.9%, Coinbase down 20.1%, and Enphase Energy dropping 16.7%. In contrast, Marvell Technology led gains with a 28.5% surge, followed by Hewlett Packard Enterprise at 14.6% and Humana at 13.7%. Strong jobs data and Broadcom earnings impacted investor sentiment.

Saudi Market (TASI)

Kingdom Holding topped gainers with an 18.2% rise, followed by East Pipes up 8.7% and Al Rajhi Insurance up 7.9%. On the downside, petrochemical and healthcare stocks declined, with Yanbu National Petrochemical falling 6.6% and Dallah Healthcare down 6.5%. Overall, the market was mixed with limited movement.

Notable News

• Chip stocks slid on Broadcom earnings and strong jobs data.
• ServiceNow and CrowdStrike dropped 5% and 4.2%, respectively.
• Morgan Stanley sees potential Apple AI breakout after WWDC.
• Chase Ace Hardware, a Home Depot rival, filed for Chapter 11 bankruptcy.
• Apollo Global Management partnered with Broadcom on AI infrastructure.
• Eli Lilly expands beyond obesity drugs into vaccines and genetic bets.
• Merck reported $65.8B in revenue with annual growth.
• US shot down 4 Iranian drones near the Strait of Hormuz.

Wrqti added 3,203 new stock reports and 845 daily summaries this week, enhancing our AI-driven analysis. We invite you to explore stock pages for in-depth insights.

Disclaimer: This digest is for educational purposes only and does not constitute investment advice.