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U.S. stock index futures opened slightly lower on Monday.Iranian Foreign Ministry: The Iranian Foreign Minister spoke with the Dutch Foreign Minister and exchanged views on bilateral relations and the latest regional and diplomatic developments.1. According to TASS: Russia says it has resumed flights at its southern airports. 2. Zelensky says Ukraine has submitted a list of 1,000 prisoners of war for exchange to Russia. 3. Zelensky: Russia has not complied with the US-brokered ceasefire agreement on the front lines. 4. According to TASS: The Kremlin says Russia wants Armenia to provide clarification regarding Zelenskys visit. 5. Russian presidential aide: US Presidential envoy Witkov and Trumps son-in-law Kushner will arrive in Moscow "soon," and Russia will continue dialogue with them.On May 11, according to Irans Tasnim News Agency, an informed source stated that Iran would not formulate plans to please the United States, but only to safeguard the rights and interests of the Iranian people. The source said that when US President Trump is dissatisfied, "its usually better." Trumps unwillingness to face reality is the reason he has repeatedly lost to Iran. On May 10, Trump posted on social media that he was dissatisfied with Irans response, calling it "completely unacceptable." Earlier on May 10, Iranian media reported that Iran had formally submitted its response to the latest US proposal aimed at ending the war to Pakistani mediators, focusing on ending the war and maritime security issues in the Persian Gulf and the Strait of Hormuz.On May 11th, according to sources familiar with the matter, artificial intelligence chip maker Cerebras Systems may raise the size and price of its initial public offering (IPO) as early as Monday due to continued surging demand for its shares. The company is considering a new price range of $150 to $160 per share, up from the previous range of $115 to $125, and increasing the number of shares offered from 28 million to 30 million. If priced at the upper end of the new range, Cerebras will raise approximately $4.8 billion, higher than the originally planned $3.5 billion. Sources say that Cerebras IPO subscription orders are more than 20 times the number of shares available, and the chipmaker is trying to cope with the surge in market interest ahead of pricing on May 13th. Cerebras produces specialized chips for running advanced AI models, a market currently dominated by Nvidia. Compared to GPU chips, which the industry has long relied on for model training, Cerebras chips are better suited for inference. This weeks IPO will be Cerebras second attempt at going public. The company first filed for an IPO in 2024 but withdrew the plan last year.

Crypto Prices Slump Over the Weekend

Skylar Shaw

May 09, 2022 09:59

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The Bitcoin market dropped over the weekend, matching the stock market's decline.


According to CoinDesk pricing, the world's biggest cryptocurrency, bitcoin, plummeted to $34,656 on Sunday afternoon, down 3.9 percent from Friday evening. Bitcoin fell below $34,000 earlier this afternoon, about half of its all-time high of $67,802 set in November.


Ethereum, the second-largest cryptocurrency, was trading at about $2,565 on Sunday afternoon, down 5.1 percent from Friday at 5 p.m. EDT.


Bitcoin and other cryptocurrencies are notorious for their wild price volatility. 


For years, individual investors dominated the market, but institutional investors, such as hedge funds and money managers, have begun to take control.


The market has become more aligned with regular markets as more professional investors trade crypto. Many institutional investors that acquire cryptocurrencies see them as high-risk investments, akin to equities in the technology sector. During periods of market turmoil, investors prefer to flee to safer areas.


Last week, the stock market fell the day after the Federal Reserve issued a half-point rate hike, the largest since 2000, to combat inflation. Additional rate hikes are possible this summer, according to Fed Chairman Jerome Powell. 


Some of the central bank's $9 trillion asset portfolio is also being unwound.


The Nasdaq Composite, which is heavily weighted in technology, fell to a 52-week low of 12144.66 on Friday. It is down 22% so far this year.


For most of 2022, cryptocurrency prices remained flat as investors braced for higher interest rates. According to CoinMarketCap, the crypto market was busy over the weekend, with $112 billion in market volume in a 24-hour period. The total value of the cryptocurrency market is currently $1.59 trillion.

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