Hantavirus Sends Moderna Higher, Circle Raises $222M for New Blockchain

This Monday edition of The Rundown covers a strong stock market rally led by semiconductors, upcoming inflation data amid rising oil prices from the Iran situation, and key company developments including a Hantavirus outbreak boosting pharma stocks like Moderna, Circle's new blockchain funding, and mixed earnings from Monday.com and Nintendo. It wraps with a note on potential value from spinning off the New York Knicks.

Stock Market Rally Driven by Chips and Earnings

The S&P 500 rose 2.4% last week for its sixth straight weekly gain, while the Nasdaq climbed 4.5%. Semiconductors powered much of the advance, with the sector index up over 10% last week and 65% year-to-date, adding about $3.8 trillion in market cap over the past six weeks. Standouts include Intel (up nearly 240% YTD), Micron (160%), AMD (110%), and Sandis (550%, the top S&P 500 performer). Earnings season supported the broader rally, with nearly 90% of S&P 500 companies reporting; 84% beat estimates, and Q1 earnings growth is on track for 28% year-over-year—the strongest since 2021.