Key insights
- Several news items are impacting the market. On Holding's founder-led transition raises concerns about growth. A potential US-Iran peace plan drove a rally, benefiting tech stocks like NVDA, AMD, and INTC, though the deal's uncertainty keeps volatility high. Chewy's growth in active customers and cash flow boosted its stock. Merck's acquisition of Terns Pharma also contributed to market activity.
📌 Top story -- scroll down for more updates
9:15 am — ONON -5.2% in pre-market trading
On Holding (ONON 5.94%) is returning to its roots, appointing co-founders David Allemann and Caspar Coppetti as co-CEOs effective May 1. The leadership pivot follows a disappointing sales forecast earlier this month that sent shares tumbling, as the Swiss brand struggles with a projected slowdown in growth. Outgoing CEO Martin Hoffmann, who steered the company through its 2021 IPO, leaves as the firm fights to maintain its "premium play" status against legacy titans like Nike (NKE +0.41%) and Adidas (ADDYY +2.05%). Investors are wary; shares fell 4% in premarket trading as the market weighs whether this founder-led transition can preserve the innovative edge that originally stole market share from the industry's old guard.
9:35 am -- NVDA +1.7%, AMD +5.1%, INTC +3.9%
The Dow jumped 548 points Wednesday following reports of a 15-point U.S. peace plan delivered to Tehran. The news sent West Texas Intermediate crude sliding 4% to $88, providing a reprieve for equity multiples. The S&P 500 and the Nasdaq tracked higher as Treasury yields retreated. Despite the optimism, Iranian state media’s rejection of ceasefire efforts and the U.S. Army’s 82nd Airborne Division deployment kept volatility high. Tech leaders like Nvidia (NVDA +1.84%), AMD (AMD +5.46%), and Intel (INTC +4.52%) led gains as investors bet on de-escalating inflationary pressures.
8:45 am -- CHWY +10.23% in pre-market trading
Chewy (CHWY +14.37%) achieved growth in active customers and cash flow but posted lower GAAP earnings year over year. Revenue increased slightly to $3.26 billion while adjusted EBITDA rose 30.4% in the quarter. Management expects continued profitable growth and margin expansion in fiscal 2026, though no specific guidance was provided.
8:00 am -- MRK +0.42%, TERN +5.34% in pre-market trading
Merck (MRK +1.43%) announced Wednesday a definitive agreement to acquire clinical-stage biotech Terns Pharmaceuticals (TERN +5.28%) for $6.7 billion. The all-cash deal, priced at $53 per share, aims to secure Terns' lead candidate, TERN-701, an oral allosteric BCR-ABL inhibitor for chronic myeloid leukemia (CML). Merck CEO Rob Davis is moving aggressively to diversify the company's oncology portfolio as its mega-blockbuster Keytruda--which generated $31.7 billion in 2025 (nearly half of total revenue)--approaches its 2028 U.S. patent expiration. The transaction is expected to close in the second quarter of 2026, resulting in a one-time charge of approximately $5.8 billion.
7:30 am -- BRZE +22.64% in pre-market trading
Braze (BRZE +18.76%) popped 20% overnight, after the Rule Breakers recommendation beat fourth-quarter revenue expectations with a 28% jump year over year (YoY) to $205 million. Operating income came in 84% higher than last year's comparable quarter, as the company's communications tools attracted 13.6% more net customers.
7:00 am -- NUE unchanged in pre-market trading
Nucor (NUE +0.88%) was the subject of the latest Scoreboard video.
6:15 am -- BRKB +0.46% in pre-market trading
By Buck Hartzell
Berkshire Hathaway (BRKB 0.13%) just inked a 10-year strategic partnership with Tokio Marine. Berkshire subsidiary National Indemnity will invest $1.8 billion to purchase 2.49% of Tokio Marine Holdings. They can increase their ownership up to 9.9% of Tokio's shares through open market purchases.
Tokio has a proven acquisition track record and as everyone knows, Berkshire has plenty of capital. This seems like a good match and it's the first deal under Greg Abel. It's nice to see Mr. Abel start to put some of that cash hoard to work!
6:00 am -- AAPL +0.62% in pre-market trading
As it works to restructure its AI offerings, Apple (AAPL +0.29%) is testing a stand-alone app version of its Siri AI assistant – set to be launched at its annual Worldwide Developers Conference in June, reports Bloomberg.
5:30 am -- ARM +12.85% in pre-market trading
Arm Holdings (ARM +14.56%) shattered its 35-year business model Tuesday, transitioning from a pure-play intellectual property licensor to a direct chip manufacturer. At its "Arm Everywhere" event in San Francisco, CEO Rene Haas unveiled the Arm AGI CPU, the company's first-ever physical silicon product designed specifically for "agentic" AI infrastructure. Meta Platforms (META +0.78%) is the lead development partner and flagship customer, with OpenAI, Cloudflare, and SAP also signed on as early adopters. While the move puts Arm in direct competition with its own licensees--including Nvidia, Amazon, and Microsoft--investors cheered the shift. After-hours, the stock jumped 6% as Haas projected the new silicon business would drive total annual revenue to $25 billion within five years, a five-fold increase from current levels.
5:15 am
Stock futures are climbing Wednesday morning as global markets react to a potential diplomatic breakthrough in the Middle East. Reports from the AP and New York Times indicate the Trump administration has delivered a 15-point peace plan to Tehran via Pakistani intermediaries, aiming for a 30-day ceasefire and the reopening of the Strait of Hormuz. While Iran has publicly downplayed claims of "direct talks," the prospect of an off-ramp has triggered a massive liquidation of the "war premium" in energy markets. Brent crude plummeted nearly 6% to trade below $95 per barrel, providing a significant relief valve for a market previously bracing for $150 oil and a prolonged inflationary shock.