-- Tapestry (TPR) has an average rating of overweight and mean price target of $166.41, according to analysts polled by FactSet.
Price: $142.06, Change: $-1.78, Percent Change: -1.24%
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US Markets
Equities Fall Intraday Ahead of Fed Rate Decision; Oil Prices Jump
US benchmark equity indexes were lower intraday ahead of the Federal Reserve's monetary policy decision.The Dow Jones Industrial Average was down 0.6% at 48,825.5 after midday, while the Nasdaq Composite lost 0.4% to 24,560.8. The S&P 500 fell 0.3% to 7,117. Barring energy, all sectors were in the red, led by industrials.Markets widely expect the US central bank's policy committee to keep its benchmark lending rate unchanged for a third consecutive meeting. Fed Chair Jerome Powell will hold a press conference at 2:30 pm ET.Ahead of the rate decision, the US Senate Banking Committee voted Wednesday to advance Kevin Warsh's nomination as Fed chair to the Republican-controlled Senate.Warsh is President Donald Trump's pick to replace Powell, whose term as Fed chief expires on May 15. Trump has repeatedly criticized Powell for the central bank's cautious view on lowering interest rates.Today's monetary policy meeting could be Powell's last as Fed chief should the full Senate confirm Warsh in the week of May 11. Powell's term on the Fed's Board of Governors runs through January 2028, though its unclear if he would exit the Fed or decide to stay on.Oil prices surged Wednesday after Trump reportedly rejected an Iranian proposal to lift the naval blockade. Brent crude was up 7.1% at $119.20 per barrel, while West Texas Intermediate crude jumped 6.9% to $106.79.Trump told Axios on Wednesday he will maintain the US naval blockade of Iranian ports until Tehran agrees to a nuclear deal. Iran wanted the Strait of Hormuz opened before the two sides could sit down to discuss uranium enrichment at a later stage.In a social media post on Wednesday, Trump said Iran "better get smart soon.""Crude oil has resumed its war-driven rally, with Brent rising almost non-stop since a brief mid-month tumble to ($86 per barrel), when hopes for a peace deal and a short-lived reopening of the Strait of Hormuz triggered a sharp but temporary correction," Saxo Bank Head of Commodity Strategy Ole Hansen said in a report Wednesday.US Treasury yields were higher intraday, with the 10-year rate up 5.3 basis points at 4.41% and the two-year rate rising 6.4 basis points to 3.91%.Magnificent 7 companies Alphabet (GOOG, GOOGL), Microsoft (MSFT), Amazon (AMZN), and Meta Platforms (META) are scheduled to release quarterly results after the markets close.In company news, Visa (V) shares were up 9.1% intraday, the biggest gain on the Dow, after the payments giant lifted its full-year growth outlook and reported better-than-expected fiscal second-quarter results.Wingstop (WING) reduced its 2026 domestic same-store sales outlook as the restaurant chain reported weaker-than expected first quarter revenue. The stock was down 4.1% intraday.Gold fell 1% at $4,563.80 per troy ounce, while silver dropped 1.5% to $72.13 per ounce.
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US Markets
March Housing Starts Surge, Building Permits Tumble
US housing starts unexpectedly jumped in March amid strength in both single-unit and multi-family projects, while building permits fell sharply, government data showed Wednesday.Starts surged nearly 11% sequentially to a seasonally adjusted annual rate of 1.5 million units last month, according to the Census Bureau and the Department of Housing and Urban Development. The consensus was for a 0.4% drop in a survey compiled by Bloomberg. Preliminary February housing starts stood at 1.36 million units, according to official data."Homebuilding activity ended the first quarter with notable strength, hitting a 15-month high in March," Andrew Foran, an economist at TD Economics, said in a note.Starts on buildings with at least five units jumped 9.6% month on month to 446,000 units in March. The single-family component increased 9.7% to 1.03 million units. Consolidated housing starts increased in all regions, with the biggest gains of 25% and 12% seen in the Northeast and Midwest, respectively, according to government data.Building permits -- which is a forward-looking indicator of homebuilding -- slumped 11% on a monthly basis to 1.37 million units last month, while Wall Street expected a smaller 0.3% drop. Single-family unit permits declined 3.8%, while authorizations of buildings with five or more units sank 24%.Mortgage rates fell through the end of February, with the national average for the fixed 30-year rate reaching below 6% for the first time in almost four years, according to TD Economics."However, mortgage rates rose by roughly half a percentage-point in March, which was likely reflected in the sharp decline in residential permits during the month and points to softening momentum heading into April," Foran said.Earlier this month, the National Association of Home Builders and Wells Fargo said US homebuilder confidence sank in April to the lowest since September amid economic uncertainty, as well as increasing building material costs and interest rates."Combined with the impact of revised primary metal tariff policies, higher mortgage rates, and elevated economic uncertainty, homebuilding activity is likely to remain constrained over the near term," Foran said Wednesday.
Sectors
Sector Update: Tech
Tech stocks were higher Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) up 0.2% and the State Street SPDR S&P Semiconductor ETF (XSD) gaining 3.6%.The Philadelphia Semiconductor index rose 1.5%.In corporate news, Seagate Technology (STX) shares jumped past 10% after it reported overnight stronger-than-expected fiscal Q3 earnings and revenue, as well as guidance for the next quarter that beat estimates.
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