-- SB1 Markets on Sunday upgraded recycling technology company Tomra Systems (TOM.OL) to buy from a sell rating and increased its price target to 105 Norwegian kroner from 100 kroner.
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(Updates prices.)Gold prices were down midafternoon Monday, remaining rangebound even as the dollar fell ahead of the Wednesday interest-rate announcement from the Federal Reserve.Gold for June delivery was last seen down US$42.60 to US$4,698.30 per ounce, remaining within the US$200 range it has been stuck in since the start of the war on Iran, as high oil prices raise concerns over higher inflation and threaten to boost interest rates.The Federal Open Market Committee (FOMC) will make its latest interest-rate decision at the Wednesday afternoon end to its two-day meeting. The CME FedWatch Tool sees a 100% probability the group will leave rates unchanged."Gold remains stuck in neutral within a broad USD 200 range around USD 4,750, with most intraday price action dictated by energy prices and the ebb and flow of headlines from the White House and the Middle East. The FOMC is widely expected to leave rates unchanged on Wednesday," Saxo Bank noted.The dollar was lower, with the ICE dollar index last seen down 0.09 points to 98.44. Treasury yields rose, with the yield on the two-year note up 2.1 basis points to 3.812%, while the 10-year note was paying 4.342%, up 3.5 points.
Energy stocks were lower Monday afternoon, with the NYSE Energy Sector Index down 0.3% and the State Street Energy Select Sector SPDR ETF (XLE) decreasing 0.2%.The Philadelphia Oil Service Sector Index was adding 0.4%, and the Dow Jones US Utilities Index rose 0.4%.Crude oil prices rose Monday as US-Iran talks appeared to have stalled, even as Tehran reportedly offered a new proposal for reopening the Strait of Hormuz. Iran's Foreign Minister Seyed Abbas Araghchi visited Pakistan twice over the weekend, while President Donald Trump called off US officials' previously announced trip to Islamabad. Iran has submitted a proposal to reopen the Strait of Hormuz and delay talks on uranium enrichment, Axios reported, citing a US official and two other sources.Front-month West Texas Intermediate crude oil was rising 2.4% to $96.66 a barrel, and the global benchmark Brent crude contract was advancing 3.2% to $108.71 a barrel. Henry Hub natural gas futures rose 2.5% to $2.59 per 1 million BTU.In corporate news, Shell (SHEL) agreed to buy Canadian energy company ARC Resources in a cash-and-stock deal with an enterprise value of $16.4 billion, as the oil and gas giant looks to increase its exposure to low-cost shale gas and liquids production in Canada's Montney basin. Shell shares were down 2.9%.The UK's Seagreen wind farm, which is 25.5%-owned by TotalEnergies (TTE), has delayed a fixed-price government contract, preferring to sell electricity at higher market rates, Bloomberg reported Monday, citing data that it compiled. TotalEnergies shares were decreasing 0.7%.Greenland Energy (GLND) said Monday it has signed an agreement with Halliburton (HAL) for integrated consulting services and logistical management related to the planning and transportation of equipment and services. Greenland shares were down 12%, and Halliburton rose 0.3%.
US benchmark equity indexes were mixed intraday, while oil prices rose as investors wavered after peace talks between Washington and Tehran apparently stalled.The Dow Jones Industrial Average was down 0.1% at 49,161.3 after midday Monday, while the Nasdaq Composite edged up 0.1% to 24,856.1. The S&P 500 gained 0.1% to 7,169.8. Among sectors, consumer staples saw the biggest drop, while communication services paced the gainers.Brent crude was up 3.2% at $108.73 per barrel, while West Texas Intermediate crude rose 2.4% to $96.63.Iran's Foreign Minister Seyed Abbas Araghchi visited Pakistan twice over the weekend, while President Donald Trump called off US officials' previously announced trip to Islamabad.Iran has submitted a new proposal to reopen the Strait of Hormuz that includes delaying nuclear negotiations, Axios reported, citing a US official and two other sources."Brent crude trades at a three-week high as efforts to revive peace talks have stalled, with an Iranian proposal reportedly calling for nuclear negotiations to be postponed to a later stage," Saxo Bank said in a report.The strait, the world's most important chokepoint for crude flows, remains at a near-complete halt, with Iran and the US imposing their respective blockades of maritime traffic, Bloomberg News reported Sunday.Trump was scheduled to meet with top national security officials on Monday to discuss the new Iranian proposal, CNN reported."Oil is trading stronger this morning after attempts to get US-Iran peace talks back on track broke down, erasing hopes for a resumption of energy flows through the Strait of Hormuz anytime soon," ING Bank said in a note on Monday. "The lack of progress means the market is tightening every day, requiring oil prices to reprice at higher levels."US Treasury yields were higher intraday, with the 10-year rate up 3.8 basis points at 4.35% and the two-year rate rising 2.7 basis points to 3.82%.In company news, Verizon Communications (VZ) lifted its full-year earnings outlook on Monday and reported a first-quarter bottom line above market estimates, while the telecommunications giant unexpectedly added postpaid phone subscribers in the three-month period. The company's shares were up 2.6% intraday, the biggest gain on the Dow.Shares of Domino's Pizza (DPZ) were down 9.5%, the steepest decline on the S&P 500. The company reported weaker-than-expected first-quarter results on Monday, with the company's chief executive saying consumer uncertainty and inflation weighed on demand late in the quarter.Organon (OGN) shares surged 17% after the healthcare company agreed to be acquired by Indian pharmaceutical firm Sun Pharmaceutical Industries in an all-cash deal with an enterprise value of about $11.75 billion.Technology giants Alphabet (GOOG, GOOGL), Apple (AAPL), Microsoft (MSFT), Amazon (AMZN) and Meta Platforms (META) are slated to release their latest financial results later this week.Gold was down 1.1% at $4,688.80 per troy ounce, while silver shed 1.6% to $75.20 per ounce.