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Price: $601.96, Change: $-8.50, Percent Change: -1.39%
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US Markets
Equities Rise Intraday as Hegseth Says US-Iran Ceasefire Still Holds
US benchmark equity indexes were higher intraday as oil prices fell after Defense Secretary Pete Hegseth said the ceasefire agreement with Iran remains intact.The Nasdaq Composite was up 1% at 25,307.8 after midday Tuesday, while the S&P 500 rose 0.9% to 7,262.2. The Dow Jones Industrial Average advanced 0.7% to 49,283. Barring financials and communication services, all sectors were in the green, led by materials.West Texas Intermediate crude was down 4.4% at $101.73 per barrel in afternoon trading, while Brent fell 4% to $109.91."The ceasefire is not over," Hegseth said in a press briefing at the Pentagon, according to a CNBC report.The comment came a day after Tehran fired missiles and drones at the United Arab Emirates, reigniting concerns about an already fragile ceasefire between the US and Iran.The US military destroyed six Iranian boats in the Strait of Hormuz on Monday after Tehran attacked US Navy ships and commercial vessels, CNN reported, citing Admiral Brad Cooper, the head of the US Central Command. A senior Iranian military official reportedly disputed that claim.US Treasury yields were lower intraday, with the 10-year rate down 2.9 basis points at 4.41% and the two-year rate falling 2.6 basis points to 3.94%.In company news, Pinterest (PINS) shares were advancing by 9.1% in Tuesday afternoon trading. The image-sharing platform company posted better-than-expected first-quarter results late Monday and forecast up to 16% revenue growth year over year for the ongoing three-month period.Shopify (SHOP) on Tuesday issued a second-quarter revenue outlook that implied a sequential slowdown in annual growth. The stock was down 15%.PayPal (PYPL) shares were down 9.1% intraday, the third-worst performer on the S&P 500. The payments company said it was targeting at least $1.5 billion in cost cuts over the next few years, while it maintained its full-year earnings outlook.Palantir Technologies (PLTR) shares were down 6.6% intraday, among the worst performers on the S&P 500, despite the software maker raising its 2026 revenue outlook and first-quarter results topping Wall Street's expectations.Advanced Micro Devices (AMD) and Arista Networks (ANET) are expected to announce their earnings after the markets close.In economic news, two surveys released Tuesday painted a mixed picture of the US services sector in April, with Institute for Supply Management data showing a deceleration in growth and an S&P Global (SPGI) report indicating a return to expansion."The services sector continues to expand, but the sharp cooling in new orders alongside still-subdued employment momentum suggests growth may be becoming less durable," TD Economics Senior Economist Vikram Rai said in a note.On Friday, ISM and S&P surveys showed that the US manufacturing sector saw continued growth in April, though inflationary pressures intensified amid disruptions caused by the Middle East conflict.New-home sales in the US grew past Wall Street's estimates for March, driven by a demand surge in the Northeast region, government data showed.Gold rose 0.7% to $4,566.70 per troy ounce, while silver advanced 0.4 % to $73.82 per ounce.
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Sectors
Update: Gold Rises As Treasury Yields Ease
(Updates prices.)Gold traded higher midafternoon on Tuesday, rising off a five-week low as treasury yields weakened.Gold for June delivery was last seen up US$35.60 to US$4,568.90 per ounce.The price of the metal has remained mostly rangebound for a month as the war on Iran has prompted some safe-haven demand for the metal, even as the higher oil prices that followed the start of the war on Iran is hiking inflation. The threat of higher interest rates because of rising prices is pushing up bond yields, bearish for the metal since it pays no interest."The benchmark US 10-year yield rose some seven basis points on the day Monday, closing just below 4.44% and therefore at the highest daily close since last July as traders eye the big round 4.50% level.," Saxo Bank wrote.However yields moderated early on Tuesday, with the U.S. two-year note last seen paying 3.944%, down 1.8 basis points, while the yield on the 10-year note was down 2.2 points to 4.42%. The dollar was higher, with the ICE dollar index last seen up 0.04 points to 98.42.
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Research
Research Alert: CFRA Maintains Buy Opinion On Shares Of First Quantum Minerals
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We decrease our 12-month target price by CAD5 to CAD40, on an EV/EBITDA of 8.0x our 2027 EBITDA estimate, a discount to FM's three-year average forward EV/EBITDA of 10.6x but close to peers, with an average of 8.3x. We lower our 2026 EPS estimate by $0.33 to $0.53 and 2027 by $0.22 to $1.95. FM faces near-term cost pressures from Middle East tensions, with fuel representing 15% of total costs and potential upward pressure of $0.25/lb on C1 guidance (fuel +$0.20, Kwacha +$0.10, partially offset by gold -$0.05). However, the company's fundamentals remain strong with authorization to process Cobre Panama stockpiles (30-40kt copper expected in 2026), Kansanshi S3 operating 25% above design, and record nickel production at Enterprise. FM strengthened its balance sheet with a $1.5B 10-year bond at 6.375% and extended maturities to 2036. The Taca Taca project (291kt/year copper over first 10 years, 19.3% IRR) provides significant long-term growth optionality once the balance sheet is positioned to support development.
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