Chip startup Cerebras Systems will offer 28 million shares in its planned initial public offering at a price of $115 to $125 a share. The IPO would raise $3.5 billion at the upper end of the pricing range. Cerebras will grant the underwriters of the offering a 30-day option to purchase up to an additional 4.2 million shares. Morgan Stanley, Citigroup, Barclays, and UBS Investment Bank will act as lead book-running managers for the offering. Cerebras, a chip startup that makes processors customized for running advanced artificial-intelligence models, filed paperwork last month to go public. The company had planned to go public last year, but canceled its plans in October. The chip startup is seeing surging demand for its processors as AI labs transition from training to running their models. Cerebras’ chips are better suited for inference workloads, the types of computations required to allow an AI model to respond to user queries, than the GPU chips the AI industry has relied upon for model training. In January, Cerebras struck a deal worth upward of $10 billion to supply 750 megawatts of computing power to OpenAI. Last month, Amazon Web Services signed a deal to use the company’s chips for its data centers.

The Swiss stock market closed notably lower on Monday, in line with most of the markets across Europe, as Middle East tensions and U.S. President Donald Trump's fresh tariff threats rendered the mood a bit bearish. Switzerland's benchmark index SMI, which stayed slightly positive early on in the session, slipped below the flat line soon and remained weak right till the end to settle with a loss of 132.94 points or 1.01% at 13,003.33. Amrize and Kuehne + Nagel ended down by about 5.9%. Helvetia Baloise Holding and Holcim lost 2.7% and 2.3%, respectively. Novartis ended lower by 1.78% and Richemont lost 1.6%. Geberit, Swiss Life Holding, Nestle, Lindt & Spruengli, Sika, Givaudan, UBS Group, Schindler Ps and Zurich Insurance Group closed lower by 0.6%-1.3%. Logitech International climbed up 2.71% and Partners Group gained 2.52%, while Sonova moved up 1.52%. Sandoz Group gained 0.51%. In economic news, Switzerland's procure.ch-UBS Manufacturing PMI rose to 54.5 in April, from 53.3 in the previous month and exceeding market expectations of 52. It marked the second consecutive month in expansionary territory and the strongest reading since October 2022.

Europe
European stocks closed mostly weak on Monday as Middle East tensions and fresh tariff threats by U.S. President Donald Trump weighed on investor sentiment. The pan European Stoxx 600 fell 0.99%. Germany's DAX ended down 1.24% and France's CAC 40 lost 1.71%. Switzerland's SMI closed 1.01% down. The UK market remained closed for Bank Holiday. Among other markets in Europe, Austria, Czech Republic, Denmark, Netherlands, Portugal, Russia, Spain, Sweden and Türkiye closed weak. Greece, Iceland, Ireland and Norway ended higher, while Belgium, Finland and Poland closed flat. In the German market, Deutsche Post shed 8%. Continental lost about 4.7% and Adidas drifted down 4.2%. RWE, BASF, Mercedes-Benz, Commerzbank, Allianz, MTU Aero Engines, E.ON, Volkswagen, Vonovia, Scout24, BMW, Daimler Truck Holding, Deutsche Bank and Deutsche Telekom fell 1.7%-3.5%. Rheinmetall moved up nearly 3%. SAP gained about 1.8%, while Brenntag gained 1.2%. In the French market, EssilorLuxottica, Societe Generale, ArcelorMittal, Air Liquide and Saint Gobain shed 3.2%-4%. Sanofi, Safran, Schneider Electric, Hermes International, Kering, Danone, AXA, Accor, BNP Paribas, Vinci and Eurofins Scientific closed lower by 2%-2.6%. L'Oreal, Veolia Environment, Bouygues, Unibail Rodamco, Stellantis, LVMH and Engie also ended weak. STMicroelectronics gained about 3.5%. Teleperformance and Capgemini also gained more than 3%. Airbus, Dassault Systemes, Pernod Ricard and Publicis Group posted moderate gains. In economic news, a report from S&P Global showed the S&P Global Germany Manufacturing PMI was revised slightly higher to 51.4 in April 2026 from a preliminary of 51.2, compared to a 46-month high of 52.2 in March.

United States
After showing a lack of direction early in the session, stocks moved mostly lower over the course of the trading day on Monday. The major averages all moved to the downside on the day, with the Dow showing a notable decline. The Dow slumped 557.37 points or 1.1 percent to 48,941.90, the S&P 500 fell 29.37 points or 0.4 percent to 7,200.75 and the Nasdaq dipped 46.64 points or 0.2 percent to 25,067.80. The weakness that emerged on Wall Street came amid a substantial increase by the price of crude oil, with U.S. crude oil futures surging by more than 3 percent. Transportation stocks showed a substantial move to the downside on the day, resulting in a 4.8 percent nosedive by the Dow Jones Transportation Average. Significant weakness also emerged among housing stocks, with the Philadelphia Housing Sector Index plunging by 3.4 percent. Banking, steel and gold stocks also came under pressure over the course of the session, while oil producer and biotechnology stocks turned in strong performances. GameStop Chief Executive Ryan Cohen made an unsolicited offer to buy eBay for about $56 billion and said he saw a path to make the e-commerce company a much bigger competitor to Amazon.com. Cohen told The Wall Street Journal on Sunday that GameStop built a roughly 5% stake in eBay and was offering $125 a share in cash and stock, a roughly 20% premium to its closing price on Friday. “EBay should be worth—and will be worth—a lot more money,” Cohen said in an interview. “I’m thinking about turning eBay into something worth hundreds of billions of dollars.”

Asia
Geopolitical tensions are causing caution on East Asian stock markets on Tuesday. Against the backdrop of renewed hostilities in the Middle East conflict, with mutual attacks on ships in the Strait of Hormuz, investors are tending to offload shares. This is compounded by a weaker performance on Wall Street. In Hong Kong, the HSI is down 1.2 per cent following the significant gains of the previous day.

Bonds
In the U.S. bond market, treasuries pulled back sharply following the rebound seen over the two previous sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, jumped 6.8 basis points to 4.446 percent.

Analysis
Citi upgrades Holcim to 83 (80) CHF – Buy
Citi downgrades EasyJet to 500 (540) GBp – Buy
Montega upgrades PVA Tepla to 42 (30) EUR – Buy

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