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Exchange-Traded Funds Rise as US Equities Advance After Midday

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Broad Market Indicators

Broad-market exchange-traded funds IWM and IVV edged higher. Actively traded Invesco QQQ Trust (QQQ) gained 0.9%.

US equity indexes rose as pressure on government bond yields eased and crude oil retreated from intraday highs amid progress in Iran peace talks.

Energy

IShares US Energy ETF (IYE) and the State Street Energy Select Sector SPDR (XLE) each added about 0.2%.

Technology

The State Street Technology Select Sector SPDR ETF (XLK) was 1.6% higher; iShares US Technology ETF (IYW) added 1.4%, and iShares Expanded Tech Sector ETF (IGM) was up 1.3%.

The State Street SPDR S&P Semiconductor (XSD) gained 4.6%, and iShares Semiconductor (SOXX) was up 3.2%.

Financial

The State Street Financial Select Sector SPDR (XLF) rose 0.6%. Direxion Daily Financial Bull 3X Shares (FAS) climbed 1.6%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), declined 1.6%.

Commodities

Crude oil rose 0.5%, and the United States Oil Fund (USO) slipped 0.9%. Natural gas dropped 3.7%, and the United States Natural Gas Fund (UNG) was down 3.4%.

Gold on Comex slipped 0.5% and the State Street SPDR Gold Shares (GLD) shed 0.5%. Silver fell 0.7%, and iShares Silver Trust (SLV) dipped 1%.

Consumer

The State Street Consumer Staples Select Sector SPDR (XLP) rose 0.1%. The Vanguard Consumer Staples ETF (VDC) fell 0.1%, and iShares Dow Jones US Consumer Goods (IYK) was up 0.4%.

The State Street Consumer Discretionary Select Sector SPDR (XLY) gained 0.5%. VanEck Retail ETF (RTH) fell fractionally, and the State Street SPDR S&P Retail (XRT) rose 0.4%.

Healthcar

The State Street Health Care Select Sector SPDR (XLV) gained 1.1%, iShares US Healthcare (IYH) added 1.1%, and Vanguard Health Care ETF (VHT) was up 1%. IShares Biotechnology ETF (IBB) rose 0.2%.

Industrial

The State Street Industrial Select Sector SPDR (XLI) rose 1%. Vanguard Industrials Index Fund (VIS) and iShares US Industrials (IYJ) were also higher.

Cryptocurrency

In midday activity, bitcoin (BTC-USD) fell 1%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) dipped 0.9%, ProShares Ether ETF (EETH) was down 0.9%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was 1% lower.

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Asia Markets

US Equity Indexes Rise as Momentum Builds to Secure Iran Peace Agreement

US equity indexes rose as pressure on government bond yields eased and crude oil retreated from intraday highs amid progress in Iran peace talks.The Nasdaq Composite rose 0.5% to 26,423.4, with the S&P 500 up 0.6% to 7,488.2 and the Dow Jones Industrial Average higher by 0.8% to 50,709.3 in Friday's midday trading. The Dow hit an all-time high of 50,746.25, according to data compiled by CNBC.A Qatari negotiating team arrived in Tehran on Friday in coordination with the US to help secure a deal to end the war, Reuters reported, citing a source with knowledge of the matter. Pakistan's army chief Asim Munir is headed to Tehran to help mediate a settlement, Al Jazeera reported Friday.While there are "good signs" that an agreement to end the conflict is in sight, any deal would be "unfeasible" if Iran pursues measures to permanently control the Strait of Hormuz, US Secretary of State Marco Rubio said on Thursday, according to CNBC. The US plans to seize Tehran's stockpile of enriched uranium as part of peace negotiations, President Donald Trump reportedly said Thursday.West Texas Intermediate crude oil futures rose 0.8% to $97.19, and Brent crude futures climbed 1.1% to $103.65. The WTI and Brent futures traded more than 3% higher earlier in the day.US Treasury yields were mixed, with the 10-year down 1.6 basis points to 4.57% and the 30-year down 3.4 basis points to 5.08%. The two-year yield, however, rose 3.8 basis points to 4.13%.In economic news, the Conference Board's measure of leading indicators rose by 0.1% in April following a 0.6% decrease in March."Strong investment in AI infrastructure, data centers, and energy production likely will have a positive impact on growth and sustain business spending but may only partially offset weakness on the consumer side," said Justyna Zabinska-La Monica, Senior Manager for Business Cycle Indicators.The University of Michigan consumer sentiment index was revised down to 44.8 for May from 48.2 preliminary, compared with expectations for no revision in a Bloomberg-compiled survey and a drop from the final 49.8 in April. Respondents expected a 4.8% inflation rate over the next year and 3.9% annual inflation over the next five years, up from 4.7% and 3.5%, respectively, in April."Consumer sentiment fell for the third straight month as supply disruptions in the Strait of Hormuz continue to boost gasoline prices," Michigan said.In company news, Dell Technologies (DELL) shares jumped 17%, the top gainer on the S&P 500, after Wells Fargo raised its price target to $270 from $180.Take-Two Interactive Software (TTWO) reported a narrower fiscal Q4 net loss as revenue increased. MoffettNathanson adjusted its price target on the company's shares to $196 from $206 while maintaining its neutral rating. Take-Two shares slumped 4.3%, the steepest decline on the Nasdaq.Merck (MRK) said Friday the European Medicines Agency's Committee for Medicinal Products for Human Use has recommended the approval of Keytruda, in combination with Padcev, to treat a type of bladder cancer. Shares of Merck jumped 5.4%, the Dow's top performer.

$^DJI$^IXIC$^SPX$DELL$MRK$TTWO
Asia Markets

DAX Index Jumps Amid Upbeat German Economic Data

The blue-chip DAX index ended the trading week in the green, closing 1.15% higher on Friday, following an improvement in German economic growth and business and consumer confidence metrics.Final data from Destatis showed that Germany's gross domestic product ticked up 0.3% in the first quarter, following a 0.2% uptick in the previous three-month period. Federal Statistical Office President Ruth Brand noted exports "rose considerably" at the beginning of the year, bolstering the country's economic performance.Concurrently, the ifo Institute's business climate indicator stood at 84.9 points in May, up from April's revised 84.5 points and the expected 84.2 points. The expectations indicator ticked up to 83.8 points from the revised 83.5 points, while the current conditions index rose to 86.1 points from 85.4 points.ING noted that the stronger-than-expected first-quarter growth data offered some relief for the economy, but warned that business sentiment remained weak. "While German companies seem to have recovered somewhat from the first shock, the absolute level of the Ifo index remains weak. Yesterday, the latest PMI data already showed a high risk of the economy falling into contraction in the second quarter."Meanwhile, German consumer sentiment is expected to moderately improve in June, with the GfK consumer climate indicator up to -29.8 points from the revised -33.1 points in May. The reading, which compares with the consensus estimate of -33.7 points, reflects a "noticeably more positive" outlook for income expectations among German consumers, even as their willingness to buy remains muted.In corporate news, Deutsche Bank Research upgraded Deutsche Post (DHL.F), d/b/a DHL Group, to buy from hold and raised its price target to 56 euros from 48 euros, noting the strength of its DHL Express business."In an uncertain macro/geo-political backdrop, DHL benefits from: (i) self-help (delivery of fit for-growth savings EUR1bn); (ii) a well-invested network, esp. in DHL Express (market-leading positions); and (iii) superior pricing power given near-term pressures in global supply chain and structurally higher complexity. We see an end to the earnings d/g cycle, and mgmt. guide for c. EUR3bn [free cash flow] in 2026 underpinned," the research firm wrote. The German logistics company was one of the session's best performers, climbing 4.11%.German sportswear companies adidas AG (ADS.F) and Puma (PUM.F) were up 3% and 5.50%, respectively, on Xetra, bolstered by the better-than-expected fiscal 2026 results from Hoka-owner Deckers Outdoor.

$^DAX$ADS.F$DHL.F$PUM.F
Asia Markets

Swiss Market Index Ends Week in Green Amid Major Corporate Earnings

The Swiss Market Index extended its growth streak to Friday, closing 0.42% higher, amid the release of earnings from two corporate majors.Compagnie Financière Richemont's (CFR.SW) attributable profit for the 12 months ended March 31 climbed to 3.48 billion euros from 2.75 billion euros, while its revenue rose to 22.42 billion euros from 21.40 billion euros. The Swiss luxury goods giant fell 0.57% at close."Richemont delivered again on the top line in 4Q but the gross margin pressures from gold and FX are still weighing on investor sentiment," Deutsche Bank Research said. "Overall a good exit rate in 4Q supported by the special dividend and although the EBIT was a slight miss if we add back the (Euro)164m of impairment charges and write downs this was a small beat."In other corporate news, Julius Bär Gruppe's (BAER.SW) assets under management in the first four months of 2026 increased to a record 528 billion francs from 467 billion francs a year ago. Looking ahead, the Swiss private banking group expects its IFRS net profit for the first half to be "substantially higher" than the previous year. The shares dropped 6.93%."While the [gross margin] was exceptionally strong based on high activity levels, this is not sustainable according to JB and the continued headwind to [net new money] from its risk review (but also heightened market uncertainty) is disappointing. JB made progress on its cost income ratio but to a large extent this is based on the stronger top line," according to RBC Capital Markets. The stock is rated outperform, with a price target of 72 francs.In geopolitical developments, Iran's Foreign Minister Abbas Araqchi met with Pakistan's Interior Minister Syed Mohsin Naqvi in Tehran on Friday to discuss proposals to end the war, according to Iranian media reports. The talks came as Tehran and Washington continued negotiations over Iran's uranium stockpile and control of the Strait of Hormuz, with US Secretary of State Marco Rubio saying there had been "some good signs" in recent discussions, Reuters reported.Back home and on the economic front, Switzerland's calendar was empty for the day, while the CS-CFA Society economic sentiment index and KOF leading indicators for May, as well as nonfarm payrolls for the first quarter, are on next week's agenda.The SIX Swiss Exchange will be closed May 25 for the Whit Monday public holiday, with trading to resume on May 26.

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Exchange-Traded Funds Rise as US Equities Advance After Midday | FINWIRES