The latest wave of IPO filings on Friday extends beyond Cerebras Systems and includes at least two companies that had previously postponed their IPO plans. Cerebras Systems is an AI company valued at around $23 billion earlier this year. According to Barron’s, Blackstone-backed Liftoff Mobile, focused on app marketing and monetization, postponed its offering in February due to market conditions but renewed its plans later that same month with a confidential filing. Odyssey Therapeutics’ filing follows a confidential application also submitted in February and the withdrawal of an earlier IPO plan in June. By the end of the week, KKR-backed Global Medical Response and geothermal provider Fervo Energy - whose investors include Devon Energy and Google - also submitted IPO paperwork.

News of the reopening of the Strait of Hormuz gave the Swiss stock market a boost on Friday. The SMI rose 1.7 percent to 13,397 points. Leading the SMI were shares of luxury goods group Richemont, which gained 4.4 percent. Swatch improved by 3.8 percent among smaller caps. Cyclical stocks were also in high demand. ABB, Geberit, Holcim, and Sika posted gains of up to 4.4 percent. Defensive stocks were out of favour in light of the latest news. The share price of SMI heavyweight Nestlé lagged behind the market, rising by 0.4 percent. Swisscom declined by 1.2 percent. Shares of logistics group Kühne + Nagel also underperformed the market, adding 0.7 percent. The reopening of the important maritime trade route is likely to result in lower freight rates.

Europe
European stock markets closed significantly higher on Friday, as Iran’s announcement to reopen the Strait of Hormuz for commercial vessels fueled optimism regarding negotiations between Washington and Tehran. At the close, the Stoxx Europe 600 index gained 1.6% to 626.58 points, bringing its weekly performance to 1.9%. The European index is now just 1.1% below its level on February 27, the last trading session before the outbreak of war. In Paris, the CAC 40 and the SBF 120 rose by 2% and 1.8%, respectively. Meanwhile, the DAX 40 gained 2.3% in Frankfurt and the FTSE 100 added 0.7% in London. ALSTOM (-27.15%): The rail equipment manufacturer reported on Thursday evening that its adjusted operating margin was below its target for the 2025-2026 fiscal year, based on preliminary data. IPSOS (-15.55%): The market research group confirmed its 2026 targets on Thursday after reporting a decline in first-quarter revenue. OIL STOCKS: Oil stocks plummeted in the wake of declining oil prices. TotalEnergies shed 5.25% in France, and BP dropped 7.2% in London. TECH STOCKS: The Nasdaq is heading for a thirteenth consecutive session of gains, benefiting tech stocks, including Dassault Systèmes (+4.1%) in France and SAP (+2.8%) in Germany.

United States
The S&P 500 and Nasdaq composite finished at fresh records, while oil prices fell sharply after Iranian Foreign Minister Abbas Araghchi declared the Strait of Hormuz open. The S&P 500 crossed 7100 for the first time and closed at a record for a third straight day. The Nasdaq rose 1.5% to finish at its own record, up 6.8% on the week. The Dow industrials surged 1.8%, or 869 points, to 49447, its highest close since before the war. This week’s tech-focused rally lifted stocks including Robinhood Markets, Oracle and Coinbase Global, which rose 31%, 27% and 23%, respectively. In a sign of the market’s growing appetite for risk, shares of Allbirds rocketed 352% higher for the week after the struggling shoe company announced a pivot to artificial intelligence. The Magnificent Seven group of stocks—the elite group of tech heavyweights including Nvidia, Tesla and Microsoft —added $2.5 trillion in market cap over the last eight trading days, according to Dow Jones Market Data. Individual investors are doubling down on the tech recovery, too. On Friday, they poured a net $152 million into Netflix, marking the largest daily inflow on record, according to data from Vanda Research. Netflix shares dropped 9.7% Friday after the streaming giant reported disappointing guidance and said Chairman and co-founder Reed Hastings will step down from the board after his term expires in June. A strong kickoff to the first-quarter earnings season has also been turbocharging the recent market rally. Across companies in the S&P 500, analysts estimated a first-quarter earnings growth rate of 13.2%, which would mark the sixth straight quarter of double-digit growth, according to FactSet.

Asia
Significant gains in the technology sector are supporting stock markets in East Asia at the start of the week. In Seoul, South Korea, the Kospi is up 0.9 percent. Among individual stocks, SK Hynix improved by 3.8 percent. The chip manufacturer is beginning mass production of AI superchips for Nvidia’s Vera Rubin platform. On the Tokyo Stock Exchange, the Topix is climbing 0.6 percent. On the Shanghai stock market, the Composite Index is gaining 0.7 percent. In Hong Kong, the Hang Seng Index is advancing 0.8 percent.

Bonds
Long-dated U.S. government debt yields slipped on Friday. The 10-year Treasury note yield dipped 7 basis points to 4.23% as the prospect of cheaper energy eases fears of lasting inflation and boosts expectations of Fed cuts.

Analysis
Citi lowers Barry Callebaut to CHF 1,175 (1,400) – Neutral
Swatch price target: Bernstein SG raises to CHF 180 (160) – Outperform
Citi lifts VAT to CHF 640 (600) – Buy

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