Today’s Top Stock Movers: CoreWeave, Trade Desk, Cloudflare and Block

TLDR

• Akamai surges 27% following the announcement of a $1.8 billion, seven-year AI cloud contract
• Cloudflare retreats 16% after revealing plans to cut at least 20% of its workforce, citing the adoption of AI tools
• Trade Desk slides 15% due to disappointing Q1 results and weak revenue forecasts
• CoreWeave dips 5.2% after falling short of earnings targets and providing a soft Q2 outlook
• Block rises 7.6% after surpassing Q1 earnings expectations and increasing its guidance

---

(SeaPRwire) –   Akamai Technologies saw significant gains during Friday’s premarket session after securing a major cloud agreement. An undisclosed leading AI laboratory committed to paying $1.8 billion over seven years for Akamai’s cloud infrastructure services. The stock’s 27% jump made it the top performer in the S&P 500 prior to the market open.

Cloudflare faced a different outcome. The cybersecurity firm announced a headcount reduction of at least 20%, attributing the move to the increased internal use of AI tools. Shares fell 16% in premarket trading, despite the company reporting first-quarter earnings that exceeded analyst estimates.

Cloudflare, Inc., NET

Trade Desk was also under significant pressure. The advertising technology firm reported first-quarter results that missed expectations and provided cautious revenue guidance. The stock dropped 15%, ranking as the worst performer in the S&P 500 before the bell. Shares had already declined 38% for the year as of Thursday’s close.

CoreWeave decreased 5.2% after missing adjusted earnings projections for the first quarter. The cloud computing provider also issued a second-quarter forecast that came in below market expectations.

Block was a notable gainer in early trading. The digital payments firm beat first-quarter earnings forecasts and boosted its full-year outlook. Shares climbed 7.6%, providing some confidence to investors following the company’s large-scale layoffs in February.

Market Overview and Macro Trends

US stock futures trended higher on Friday morning. S&P 500 futures rose 0.4%, Nasdaq 100 futures gained 0.6%, and Dow Jones futures increased 0.3%.

Market participants were closely monitoring growing tensions between the US and Iran. Military engagements occurred near the Strait of Hormuz overnight, leading to a rise in crude oil prices. US benchmark West Texas Intermediate crude climbed 0.4%.

TRUMP:

“WE SHOT DOWN IRAN’S SHIPS, THEY FELL BEAUTIFULLY DOWN TO THE OCEAN LIKE A BUTTERFLY DROPPING TO IT’S GRAVE.”

didn’t know our President was a poet

looks like retaliation back and forth on the blockade but hopefully not major escalation pic.twitter.com/2j7DvJ6bug

— amit (@amitisinvesting) May 7, 2026

President Trump indicated on Truth Social that US naval destroyers were not damaged and characterized the military engagement as limited. He further noted that a ceasefire agreement remains active.

Investors were also awaiting the release of the April employment report. Economists polled by Bloomberg expect a median addition of 65,000 nonfarm payrolls, with the unemployment rate projected to remain at 4.3%.

Ongoing Earnings Reports

A variety of companies were set to post their financial results on Friday. Toyota, Sony, and Brookfield Asset Management were among the firms scheduled to report.

Enbridge, Fluor, and TeraWulf were also included on the day’s earnings calendar.

The upcoming employment data and corporate earnings are expected to influence market momentum as the weekend approaches.

Trade Desk’s stock had been struggling for much of the year prior to Friday’s decline. The 15% premarket drop added to a 38% loss recorded through the close of trading on Thursday.

Block’s earnings beat was a highlight of the morning, with the firm raising its guidance despite a challenging economic backdrop.