NEW YORK — Roivant Sciences Ltd. shares rose 4.07 dollars, or 14.43 percent, to $32.28 in morning trading on Wednesday, May 20, 2026, following positive preliminary results from its subsidiary Immunovant’s trial of IMVT-1402 in difficult-to-treat rheumatoid arthritis.

Immunovant reported Week 16 results from the open-label Period 1 of its potentially registrational trial evaluating IMVT-1402 in ACPA-positive difficult-to-treat rheumatoid arthritis patients who failed two or more prior advanced therapies. Among 165 evaluable patients, ACR20 response rate reached 72.7 percent, ACR50 was 54.5 percent and ACR70 was 35.8 percent.

In the subset of 107 patients who failed at least a JAK inhibitor and an anti-TNF inhibitor, response rates were 72.0 percent for ACR20, 53.3 percent for ACR50 and 37.4 percent for ACR70. Baseline disease activity was high, with mean tender joint count of 24.2, swollen joint count of 16.7 and DAS28-CRP score of 6.1.

Roivant reported its fiscal fourth-quarter and full-year 2026 financial results alongside the clinical update. The company posted a GAAP net loss for the quarter, but highlighted Immunovant’s progress and strong cash position across the portfolio.

Immunovant, a Roivant subsidiary, ended the fiscal year with $902.1 million in cash and cash equivalents, providing runway through potential commercial launch of IMVT-1402 in Graves’ disease. The company discontinued development of its first-generation FcRn inhibitor batoclimab after Phase 3 trials in thyroid eye disease failed to meet primary endpoints.

IMVT-1402 is a next-generation anti-FcRn monoclonal antibody designed to deliver deeper IgG reduction with a favorable safety profile. The rheumatoid arthritis data reinforced confidence in its differentiated mechanism for treating autoantibody-driven diseases.

Roivant’s broader pipeline includes brepocitinib in multiple dermatology and rheumatology indications, mosliciguat for pulmonary hypertension associated with interstitial lung disease, and additional programs through its Vant subsidiaries. Topline data from Immunovant’s proof-of-concept trial of IMVT-1402 in cutaneous lupus erythematosus is expected in the second half of 2026.

Other clinical timelines for IMVT-1402 remain on track, including potentially registrational trials in Graves’ disease, myasthenia gravis, chronic inflammatory demyelinating polyneuropathy and Sjögren’s disease. Further updates on the difficult-to-treat rheumatoid arthritis program are planned for the second half of 2026.

Roivant Sciences operates a platform model with multiple subsidiaries developing therapies across immunology, inflammation and other therapeutic areas. The company focuses on identifying undervalued assets and accelerating their development through efficient clinical execution.

The stock’s sharp intraday move reflected investor enthusiasm for the rheumatoid arthritis efficacy signals in a heavily pre-treated patient population. Trading volume was elevated as news of the data spread.

Roivant will host a conference call and webcast at 8:00 a.m. ET on May 20 to discuss financial results and provide a business update. The call is expected to include further details on pipeline progress and financial position.

The company’s market capitalization has grown substantially with recent share price appreciation. Strong cash reserves support continued investment in late-stage clinical programs while maintaining financial flexibility.

Analysts and investors closely monitor Roivant’s pipeline readouts, particularly for IMVT-1402 across multiple indications. Positive data in difficult-to-treat rheumatoid arthritis adds to momentum following earlier advancements in other autoimmune conditions.

As of mid-morning trading on May 20, shares maintained strong gains. The session highlighted continued interest in biotechnology companies advancing novel treatments for autoimmune diseases.

Roivant Sciences, founded by Vivek Ramaswamy, maintains headquarters in Basel, Switzerland, with major operations in London and New York. The company’s Vant model has produced multiple clinical-stage assets through strategic acquisition and development.

The rheumatoid arthritis trial enrolled patients with long disease duration and high baseline activity. The observed response rates in this refractory population support further development of IMVT-1402 in rheumatology indications.

Roivant continues executing across its portfolio while managing capital allocation. Upcoming milestones include additional data readouts in 2026 and 2027 that could influence future regulatory and commercial strategies.

Federal Reserve policymakers were concerned about high energy prices contributing to inflationary pressures in the economy when they held interest rates steady last month, the minutes from the meeting show.

The Federal Open Market Committee (FOMC), the Fed panel responsible for monetary policy decisions, released the minutes of policymakers’ April meeting on Wednesday which showed inflation driven by energy prices and tariffs when they kept the benchmark federal funds rate unchanged at a range of 3.5% to 3.75%.

The minutes indicated that the personal consumption expenditures (PCE) index, the Fed’s preferred inflation gauge, was estimated at 3.5% in March. That’s well above the Fed’s 2% inflation target and jumped from 2.8% in February as the Iran war disrupted energy supplies from the Middle East.

“Almost all participants noted that there was a risk that the conflict in the Middle East could persist for an extended period or that, even after the conflict ended, the prices of oil and other commodities could remain elevated for longer than expected,” the minutes explained.

GAS PRICE SURGE HITTING LOW-INCOME HOUSEHOLDS HARDEST, FED STUDY FINDS

“In such scenarios, these participants expected continued upward pressure on inflation arising from supply chain disruptions, high energy prices, or the pass-through of higher input costs to other prices,” the FOMC continued.

“The vast majority of participants noted an increased risk that inflation would take longer to return to the Committee’s 2% objective than they had previously expected,” the minutes said.

Policymakers anticipated that high energy prices will continue to put upward pressure on inflation in the near term, while tariff-induced inflation is expected to diminish this year unless tariff rates rise above their current levels.

FEDERAL RESERVE LEAVES INTEREST RATES UNCHANGED AS POWELL’S CHAIRMANSHIP NEARS END

Oil prices have hovered around or above the $100 per barrel range after trading closer to $70 a barrel before the Iran war. Meanwhile, gas prices have surged over 43% year over year to an average of $4.55 a gallon as of Wednesday, according to AAA data.

Concerns that persistently high oil and gas prices may continue to push inflation higher and contribute to an uptick in inflation for other goods due to transportation costs weighed on the outlook for interest rate cuts.

The Fed’s April policy meeting included a dissent from three FOMC members – Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari and Dallas Fed President Lorie Logan – who opposed the inclusion of language they felt showed a bias toward easing interest rates. 

FED’S FAVORED INFLATION GAUGE REMAINED ELEVATED IN MARCH

“A majority of participants highlighted, however, that some policy firming would likely become appropriate if inflation were to continue to run persistently above 2%,” the minutes explained. 

“To address this possibility, many participants indicated that they would have preferred removing the language from the post-meeting statement that suggested an easing bias regarding the likely direction of the Committee’s future interest rate decisions.”

The market’s view of the interest rate outlook has shifted to signal possible interest rate hikes before the end of the year, as the CME FedWatch tool shows a 51% probability that rates will remain at their current level of 3.5% to 3.75% through the Fed’s December meeting. 

It also shows just a 1.6% chance of a 25-basis-point cut by December, compared to a 36.7% probability of a 25-basis-point hike, a 9.5% chance that rates rise by 50-basis-points by December, and a 1.1% chance of 75-basis-points worth of rate hikes.

“Incoming Fed Chair Kevin Warsh faces a challenging backdrop as steady labor market conditions alongside rising inflation risks increase the odds of a rate hike as the next policy move,” said EY-Parthenon chief economist Gregory Daco. “Our expectation remains that the Fed will stay on hold throughout the rest of the year, and we expect more two-sided dissents at upcoming meetings, including from the Fed chair.”

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Heather Long, chief economist at Navy Federal Credit Union, said, “Fed leaders were already talking about the possibility of potential rate hikes in April. It’s inevitable the Fed will shift to a neutral policy stance at the June meeting and will probably hike at some point later this year.”

“There’s no end in sight to the war in Iran, and bond investors are becoming freaked out about inflation risks. New Fed Chair Kevin Warsh must show that he’s committed to keeping inflation in check, no matter what the White House says,” Long added.

NEW YORK — Astera Labs Inc. shares rose 29.98 dollars, or 12.29 percent, to $274.24 in morning trading on Wednesday, May 20, 2026, extending gains driven by continued investor enthusiasm for the company’s AI connectivity solutions.

The semiconductor company, which designs high-speed connectivity products for data centers and AI infrastructure, has seen strong performance following its fiscal first-quarter 2026 results released on May 5. Revenue reached a record $308.4 million, up 93 percent year-over-year and beating analyst expectations.

Non-GAAP earnings per share came in at $0.61, exceeding estimates of $0.54. The company highlighted robust demand for its Scorpio X-Series smart fabric switches and PCIe 6 retimers, positioning these products as key drivers for AI scale-up networking.

Astera Labs raised its full-year outlook and maintained strong guidance for the second quarter. The company continues to benefit from the rapid expansion of AI clusters and hyperscale data centers requiring high-bandwidth, low-latency connectivity.

Analysts have responded with multiple upward revisions. Recent price targets include levels as high as $297, reflecting optimism around Astera Labs’ leadership in PCIe 6 and CXL technologies critical for next-generation AI systems.

The company shipped its newly announced Scorpio X-Series 320-lane AI fabric switch and expanded its Scorpio P-Series PCIe 6 switch portfolio in early May. Management described these products as central to addressing the growing demands of rack-scale AI infrastructure.

Astera Labs reported strong sequential growth of 14 percent in the first quarter. Gross margins remained healthy, supported by a favorable mix of high-performance AI products. The company emphasized its expanding role in the $20 billion AI fabric switch market projected by 2030.

Trading volume on May 20 was significantly elevated as the stock broke to new intraday highs. The move reflected broad participation from both institutional and retail investors betting on sustained AI infrastructure spending.

Astera Labs focuses on semiconductor-based connectivity solutions for cloud computing, AI, and high-performance computing applications. Its portfolio includes retimers, PCIe switches, and CXL solutions that enable faster data movement within servers and across data center networks.

The company went public in March 2024 and has experienced substantial volatility typical of growth-oriented semiconductor names. Its market capitalization has grown rapidly amid the AI boom, with shares more than tripling from certain 2025 lows.

Astera Labs participates in major industry events and maintains close relationships with leading hyperscalers and AI system developers. Its technology supports the demanding requirements of large language model training and inference clusters.

The stock’s year-to-date performance significantly outpaced the broader semiconductor sector. Analysts cite Astera Labs’ technology differentiation and exposure to secular AI tailwinds as primary drivers of the rally.

The company continues to invest in research and development to maintain its competitive edge in high-speed connectivity. New product introductions, such as expanded Scorpio series offerings, target the evolving needs of next-generation AI servers.

Astera Labs reported solid cash generation and a healthy balance sheet in its most recent quarter. Management has expressed confidence in its ability to scale production and capture additional market share in the AI connectivity space.

As of mid-morning trading on May 20, shares maintained strong gains with active volume. The session contributed to Astera Labs’ position among the top-performing semiconductor stocks in 2026.

The company will participate in upcoming investor conferences during the second quarter of 2026, providing further opportunities to discuss growth strategy and technology roadmap.

Astera Labs operates from San Jose, California, and serves a global customer base. Its solutions address critical bottlenecks in data movement for AI training systems and high-performance computing environments.

Investor sentiment remains bullish, supported by recent analyst actions and strong quarterly execution. The stock’s performance continues to reflect expectations of robust long-term demand for AI infrastructure components.

Wall Street’s main indexes closed more than 1% higher on ​Wednesday, bouncing back from a three-day selloff with a boost in sentiment from technology and chip stocks, which rose ahead of Nvidia’s quarterly results.

Investors will look to the latest report from Nvidia , the leading artificial intelligence chipmaker and the world’s most highly valued company, for reassurance that the appetite for spending on AI remains ‌strong enough to ⁠support lofty valuations ⁠across the technology sector.

The Philadelphia SE Semiconductor index rallied sharply ahead of the report with big gainers including Astera Labs and ARM Holdings.

“Technology is driving the bus again ​today, and the AI theme. We’ve swapped back from yesterday’s concerns about rising rates and potential inflation and are leaning more into the all-things-AI story,” said ​Carol Schleif, chief market strategist at BMO Private Wealth in Minneapolis. “It’s actually a little bit unusual because you would expect the market to sit pretty quiet waiting for Nvidia’s results later today. But there’s clearly a lot of optimism.”

The lack of a resolution to the U.S.-Israeli war ​on Iran had sent U.S. indexes lower in the last three days as investors worried ⁠that elevated oil ‌prices would boost inflation enough to lead the Federal Reserve to raise interest rates.

On Wednesday, Iran’s foreign ​ministry spokesperson said the exchange ​of messages between Iran and the U.S. has continued. President Donald Trump said negotiations with Iran were ⁠in the final stages and that the U.S. may have to attack Iran even harder ​but would wait and see if they can reach a deal.
While investors are still ​monitoring fluctuating energy prices and inflation, Schleif said “they really want to look beyond what’s going on in the Middle East” and focus on the potential of AI.Also supporting stocks, the benchmark 10-year Treasury yield eased on Wednesday after rising for three straight days and touching a 16-month high.

According to preliminary data, the S&P 500 gained 79.06 points, or 1.08%, to end at 7,432.67 points, while the Nasdaq Composite gained 398.33 points, or 1.54%, to 26,269.04. The Dow Jones Industrial Average rose 647.44 points, or 1.31%, to 50,011.32.

Stocks gradually added to gains following the release ‌of minutes from the Federal Reserve’s last meeting, which showed more officials saying the central bank should lay the groundwork for a possible rate hike. Bets for a Fed rate hike in December were choppy after the meeting and ​recently showing a 36.8% probability, ​down from 42% on Tuesday, according ⁠to the latest data from CME Group’s FedWatch tool.

Citing uncertainty around issues such as oil prices, tariffs and AI, Brian Jacobsen, chief economic strategist at Annex Wealth Management, said after the minutes that “it’s hard to take any of their forward guidance as more than just ​mere guesswork.”

Among the 11 major S&P 500 sectors, big gainers included consumer discretionary and technology. On the flip side, energy dropped with oil prices.

Consumer staples slipped with pressure from Target . Shares in the retailer declined after it warned of a challenging macroeconomic backdrop even as it doubled its annual sales growth forecast.

Falling oil prices boosted sentiment around airline stocks with Delta Air Lines, United Airlines, Southwest Airlines and Alaska Air advancing.

Intuit shares declined after Reuters, citing an internal memo, reported that the company is laying off about 3,000 employees.

NEW YORK — Xanadu Quantum Technologies Limited shares rose 1.36 dollars, or 11.64 percent, to $13.08 in morning trading on Wednesday, May 20, 2026, as investor interest in photonic quantum computing continued amid broader sector enthusiasm.

The Canadian company, which became the first pure-play photonic quantum computing firm to list publicly earlier in 2026 through a SPAC merger with Crane Harbor Acquisition Corp., has experienced significant volatility since its debut on Nasdaq and the TSX under the ticker XNDU.

Xanadu reported its first-quarter 2026 financial results on May 14, showing revenue growth but wider losses typical for a development-stage quantum computing company. The company highlighted progress on its photonic hardware roadmap and partnerships.

Key milestones included completing its public listing, advancing negotiations for up to approximately $285 million ($390 million CAD) in government funding from Canada and Ontario for Project OPTIMISM, and strengthening collaborations with partners including AMD, Lockheed Martin, Mitsubishi Chemical and TELUS.

Xanadu’s open-source PennyLane platform reached more than 35,000 active users with 200,000 monthly downloads. The company also advanced hybrid quantum-classical algorithms through its partnership with AMD.

The company focuses on building scalable photonic quantum computers using light-based qubits, which offer potential advantages in error resistance and room-temperature operation compared with other modalities. Its mission centers on developing useful, accessible quantum computers.

Xanadu operates research and development facilities in Toronto and maintains a strong emphasis on both hardware and software. Its PennyLane software framework has become a widely adopted tool in the quantum computing community.

Since going public in late March 2026, the stock has seen sharp swings. Earlier volatility included a significant drop after a resale registration filing for nearly 294 million shares, followed by recoveries tied to sector momentum and company milestones.

Analysts have initiated coverage with generally positive outlooks. Canaccord Genuity and Northland Securities issued Buy and Outperform ratings with price targets around $45, citing Xanadu’s photonic approach and commercialization potential.

The quantum computing sector has attracted renewed attention in 2026 due to advancements in hardware and growing recognition of potential applications in optimization, simulation and machine learning. Xanadu’s public listing provided investors with direct exposure to a pure-play photonic company.

Xanadu exited 2025 with $4.6 million in revenue, up 188 percent year-over-year, though it reported operating losses. The company raised substantial capital through its public listing, providing runway for research and development.

Construction and scaling of quantum hardware remain long-term challenges across the industry. Xanadu’s photonic platform aims to leverage silicon photonics manufacturing techniques for potential scalability advantages.

The stock’s performance on May 20 reflected broader market interest in quantum and AI-related technologies. Trading volume was elevated compared with recent sessions as the shares moved higher.

Xanadu continues to pursue government and industry partnerships to advance its technology toward commercial applications. Its hybrid quantum-classical approach targets near-term value in areas such as battery simulation and materials science.

As a publicly traded company, Xanadu provides regular financial updates and clinical or technical progress reports. Its next milestones include further hardware demonstrations and potential expansion of its cloud-accessible quantum systems.

The quantum computing field remains in early development stages with significant technical hurdles. Companies like Xanadu focus on error-corrected, fault-tolerant systems that could eventually outperform classical computers on specific problems.

Investor enthusiasm for quantum stocks has varied in 2026, with periods of strong gains followed by corrections. Xanadu’s listing added a new pure-play option for those seeking exposure to photonic approaches.

The company maintains active research programs in photonic architectures, quantum algorithms and software tools. Publications and open-source contributions continue to build its technical reputation.

As of mid-morning trading on May 20, shares held gains with active volume. Market participants monitored for sustained momentum or potential pullbacks typical in high-growth technology names.

Xanadu Quantum Technologies operates with a focus on long-term commercialization while delivering incremental technical progress. Its public status provides transparency into financials and strategic direction for investors evaluating the quantum sector.

Sporting brand powerhouse Fanatics and American Express announced Wednesday a partnership that will allow Amex users to tap into their sports fandom.

The bank holding company is now the Official Payments Partner across select Fanatics online and retail locations worldwide and a presenting sponsor at Fanatics Fest, one of the world’s premier sports fan festivals held annually in New York City. 

“Nearly 80% of U.S. American Express Consumer Card Members identify as sports fans and this partnership with Fanatics will deliver unforgettable fan experiences and expanded access at some of the world’s most popular sporting events,” said Elizabeth Rutledge, chief marketing officer at American Express.

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“By combining the scale of the American Express Network with Fanatics’ ecosystem of more than 100 million fans, we’re delivering the new Fanatics American Express Card and experiences that make fandom more rewarding – from everyday purchases to once in a lifetime moments.”

Fanatics’ chief strategy and growth officer, Tucker Kain, added, “We’re constantly looking for new ways to celebrate and support fans for their passions and enhance the everyday fan experience.

This new partnership combines the power of American Express’ global payments network and expertise in membership, loyalty, and experiences with the scale and reach of Fanatics’ sports ecosystem, creating new opportunities to recognize and reward fans throughout every stage of their sports journey.

FIFA, FANATICS JOIN FORCES IN MAJOR PARTNERSHIP FOR OFFICIAL TRADING CARDS, COLLECTIBLES

The deal features a new Fanatics Amex Card, where users can earn FanCash, Fanatics’ digital reward currency, which can be redeemed for authentic apparel, tickets, trading cards, collectibles, and other experiences across the Fanatics platform.

Ticker	Security	Last	Change	Change %
AXP	AMERICAN EXPRESS CO.	309.73	+0.39	+0.13%

Fanatics Cardholders will gain exclusive benefits and elevated tier status within the Fanatics ONE loyalty program and will have access to unique offers, benefits, experiences, and protections through the trusted American Express Network.

“Partnering with American Express allows us to scale these ambitions in a meaningful way, expanding our payments, loyalty and advertising capabilities, while creating truly differentiated products, including the Fanatics American Express Card, which we believe will become the Card that sports fans reach for,” Kain said.

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The deal with Amex is similar to Fanatics’ brand partnership with AT&T that became official last month in that AT&T customers get enhanced status with Fanatics ONE, have additional opportunities to earn FanCash, access to experiences and unforgettable events, and more.

One of the top-tier golf simulator companies in the country has stepped it up a notch.

Five Iron Golf, which has spread from its roots in New York City to over 50 locations worldwide, has launched Five Iron Tournaments, a real-money indoor golf tournament platform that turns Five Iron’s national venue network into an always-on competitive golf ecosystem.

The platform, expected to be fully rolled out by the end of this summer, allows players to enter tournaments on demand, compete on live leaderboards and play for real prize money across formats including stroke play, scramble and closest to the pin.

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“Before Five Iron, I was a professional poker player, and I’ve always been fascinated by what happens when games build a true digital presence. We’ve seen that in poker, chess and other competitive formats, and that was part of the inspiration for bringing a more dynamic, gamified competition model to golf,” Five Iron CEO Jared Solomon told FOX Business.

As golf’s popularity continues to skyrocket, Solomon wanted to tap into what has not been done before in the world of the sport.

“We talk a lot about off-course golf and where the sport is going, but we don’t always talk enough about the different ways people can play or consume golf. With Five Iron Tournaments, we’re excited to create a new format that brings competition, flexibility and gamification into the experience,” Solomon said.

Golfers are able to obtain their own Five Iron Handicap based on their performances at courses. Five Iron’s technology gives players the ability not only to play PGA championship courses, but also some of their local country clubs.

JUSTIN THOMAS, KEEGAN BRADLEY GET HEATED WITH OFFICIAL OVER PACE OF PLAY AT PGA CHAMPIONSHIP

Other formats include scrambles (recently won by this author), fourball, closest-to-the-pin contests, and numerous others. A June closest-to-the-pin event will feature 20 tournaments on iconic courses with $20,000 in guaranteed prize pools.

“The idea is to give players many different ways to compete. There can be hourly, daily, weekly or month-long tournaments, with different formats, whether that’s four holes, nine holes, 18 holes, winner-takes-all or other payout structures,” Solomon said.

And while Five Iron is perhaps best known for its bar vibe, Solomon saw that players still have the competitive edge when they head to the simulator. Since the beta launch in October 2025, more than 1,000 players have logged nearly 20,000 tournament entries.

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“A lot of this came directly from our own customers,” he said. “They want to compete more, they want more games and they want more variety in how they engage with golf. Five Iron Tournaments give them another way to do that.”