Most Important News

1. BofA Forecasts Gold Soars 30% This Year
2. Aramco Q1 Net Profit Soars 73% QoQ, Sets Dividend
3. ACWA First Quarter Revenue Rises 2.8%

At the close of May 7, the Tadawul All Shares Index(TASI.SA) up by 0.75%, closing at 11031.32 points; the Parallel Market Capped Index (NomuC)(NOMUC.SA) dropped by 0.77%, closing at 22635.35 points. 

Another superb week for US stocks is in the books. The S&P 500 index(SPX.US) and NASDAQ(IXIC.US) rallied on Friday to close out the week at a record high as Wall Street celebrated another solid batch of earnings and a strong-but-not-too-strong jobs report, while holding out hope for an end to the hostilities in the Mideast. 

As with each week since late February, the Iran war remained a major focus for investors. But a dizzying number of headlines made it impossible to tell where the conflict was really headed next. 

Media reports on Wednesday said the U.S. and Iran were nearing a 14-point memorandum of understanding to end the war. A day later, both sides reported exchanging fire in the Strait of Hormuz, a critical global choke point for oil transport. 

On Friday morning, Secretary of State Marco Rubio said, “We should know something today” from Iran on the latest peace proposal. There was no word as of Saturday afternoon. Treasury Secretary Scott Bessent has already said Iran will be a topic at next week’s Beijing summit between President Donald Trump and China’s Xi Jinping .

BofA Forecasts Gold Soars 30% This Year

Bank of America Corp(BAC.US) strategists project the S&P 500 and gold will soar 20% and 30% respectively this year. Robust 5.5% nominal economic growth and AI capital expenditures are currently driving this rare dual asset rally. Consequently, analysts anticipate a broader market rotation toward small caps, emerging markets, and the materials sector.

US Awaits Iranian Ceasefire Memorandum Response

US officials met with Qatar's Prime Minister in Miami to negotiate a one-page ceasefire memorandum with Iran. Qatar is leading this mediation effort, coordinating alongside multiple regional powers like Saudi Arabia and Turkey to de-escalate hostilities. As of Saturday afternoon, American negotiators await Iran's response regarding the peace framework.

KSA Stocks

Aramco Q1 Net Profit Soars 73% QoQ, Sets Dividend

Saudi Arabian Oil Co.(2222.SA) reported robust first-quarter 2026 financial results, with net profit reaching SAR 120.13 billion ($32.04 billion), a 25.5% YoY increase. Total revenue grew by 6.7% YoY to SAR 433.10 billion ($115.49 billion). This significant growth was primarily driven by higher prices and increased sales volumes of refined and chemical products, alongside elevated crude oil volumes and prices, which effectively offset higher operating costs and increased income taxes. Aligned with its progressive dividend policy, the company declared a Q1 base dividend of SAR 82.08 billion ($21.89 billion), translating to SAR 0.3393 per share, scheduled for distribution on June 9, 2026.

2P Anticipates Positive Multiyear Financial Impact

Perfect Presentation for Commercial Services Co.(7204.SA) secured a SAR 37.32 million contract to operate and maintain Prince Sattam bin Abdulaziz University's IT infrastructure. The managed services agreement covers data centers, network security, software development, and digital transformation architecture. Consequently, the company anticipates a positive financial impact extending from 2026 through 2029.

CATRION Q1 Net Profit Surges 7.5%

CATRION Catering Holding Co.(6004.SA) reported a Q1 2026 net profit of SAR 80.4 million, reflecting a 7.5% year-over-year increase, alongside a 12.7% revenue surge to SAR 664.1 million. This growth was primarily driven by higher revenues across aviation and non-aviation sectors, plus the recent consolidation of Al Khalejiah Catering Company. Additionally, reduced administrative expenses improved operating efficiency, effectively offsetting traditional seasonal declines during Ramadan.

ACWA First Quarter Revenue Rises 2.8%

ACWA POWER Co.(2082.SA) reported a 19.3% drop in Q1 2026 net profit to SAR 344.8 million, despite a 2.8% rise in revenue to SAR 2.02 billion. This earnings decline primarily resulted from lower development services and a higher deferred tax impact. However, the company partially mitigated these pressures through higher energy output, robust maintenance services, and stronger net results from equity-accounted investees.

SMASCO Q1 Net Profit Soars 20%

Saudi Manpower Solutions Co.(1834.SA) reported a 20% increase in Q1 2026 net profit to SAR 48.58 million, alongside an 11.9% revenue surge to SAR 557.02 million. This performance was primarily driven by higher service demand across corporate and individual segments, coupled with margin improvement initiatives and workforce diversification. Additionally, seasonal Ramadan demand specifically boosted individual segment revenues, supporting sustained operational profit growth.

USA Stocks

Lumentum Enters Nasdaq 100 Benchmark Index

Lumentum Holdings, Inc.(LITE.US) will replace CoStar Group, Inc.(CSGP.US) in the NASDAQ-100(NDX.US) index on May 18, 2026. The optical supplier is experiencing immense demand across Alphabet Inc. Class A(GOOGL.US) and NVIDIA Corporation(NVDA.US) AI architectures, recently securing a 2 billion investment from Nvidia. Consequently, Lumentum expects its production capacity to completely sell out through 2028 shortly.

Intel Soars 14% On Apple Foundry Agreement

SanDisk And Micron Soar Past Record Highs

AMD Soars 11% Amid Broad Semiconductor Rally

Qualcomm Surges 8% Following Major Tech Momentum

Nvidia Rises 1.75% As Magnificent Seven Dominates

Intel Corporation(INTC.US) surged 14% after reportedly securing a preliminary chip foundry agreement with Apple Inc.(AAPL.US). This momentum propelled major semiconductor peers, with Sandisk Corporation(SNDK.US) soaring 16%, Micron Technology, Inc.(MU.US) exceeding 15%, Advanced Micro Devices, Inc.(AMD.US) climbing 11%, and QUALCOMM Incorporated(QCOM.US) surging 8%, while Seagate Technology Holdings PLC(STX.US) and NVIDIA Corporation(NVDA.US) rose 2% and 1.75% respectively. Consequently, the tech-heavy Magnificent Seven (Roundhill Magnificent Seven ETF(MAGS.US)) vastly outperformed the broader market, pushing the Nasdaq and S&P 500 to their longest winning streaks since October 2024.