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FINWIRES

Sector Update: Consumer

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-- Consumer stocks were rising Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) each adding about 0.5%.

In corporate news, Harley-Davidson (HOG) shares jumped nearly 6% Tuesday after it reported Q1 results. The company reported Q1 earnings of $0.22 per diluted share, down from $1.07 a year earlier. Analysts polled by FactSet expected $0.22. Revenue for the quarter was $1.17 billion, down from $1.33 billion a year earlier, but ahead of the FactSet analyst consensus of $1.01 billion.

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US Markets

SEC Proposes Abandoning Quarterly Reporting Schedule For Listed Companies

The US Securities and Exchange Commission said Tuesday that it proposed rule amendments that would abandon the quarterly reporting schedule for public companies.If adopted, the SEC proposals would give companies the option to switch to semiannual reporting from the current practice of filing financials on a quarterly basis, the regulator said.In that case, companies would file one semiannual report and one annual report for each fiscal year. Currently, all companies are required to file three quarterly reports and one annual report each year."Public companies have an obligation under the federal securities laws to provide information that is material to investors," SEC Chairman Paul Atkins in a statement. "Yet, the rigidity of the SEC's rules has prevented companies and their investors from determining for themselves the interim reporting frequency that best serves their business needs and investors."US President Donald Trump in September floated the idea of replacing the quarterly reporting schedule with semiannual reporting."This will save money, and allow managers to focus on properly running their companies," Trump wrote on Truth Social at the time.The flexibility in determining a company's reporting cadence "might reduce some of the burdens of being a public company and potentially influence a company's decision to become or remain public," Atkins said.The SEC is seeking public comment on potentially eliminating the quarterly reporting requirement."Today's proposal is just the first step of the larger, comprehensive effort to review and reshape the current SEC rules governing public companies with respect to their ongoing reporting obligations and their ability to raise capital in the public markets," Atkins said.

Sectors

Sector Update: Tech

Tech stocks were higher late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.3% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 4.2%.The Philadelphia Semiconductor index climbed 4.2%.In corporate news, Apple (AAPL) will let users select from multiple third-party AI models for tasks across its iOS 27 software, Bloomberg reported. Apple shares were up 2.7%.

$AAPL
Commodities

US Crude Stocks Set for Second Weekly Draw as Balances Tighten, Macquarie Says

Weekly US crude inventory data from the Energy Information Administration is forecast to show a 5-million-barrel draw for the week ending May. 1, Macquarie strategists said in a weekly note on Tuesday, after a larger-than-expected draw of 6.2 million barrels a week ago.Crude runs are projected to increase by about 100,000 barrels per day, though the timing of seasonal maintenance turnarounds remains a key variable.Crude exports are projected to rise modestly by about 400,000 b/d, while imports are expected to dip by 400,000 b/d."Timing of cargoes remains a source of potential volatility in the weekly crude balance, particularly as exports remain elevated," Macquarie strategists said.Macquarie projected that domestic supply, which includes production, adjustments, and transfers, will drop by 300,000 b/d for the week ended May. 1, while stocks in the Strategic Petroleum Reserve decrease by 5.2 million bbls.On the products front, gasoline inventories are forecast to fall by 400,000 bbls, distillate inventories by 3.8 million bbls, while jet fuel stocks are projected to rise by about 200,000 bbls.Macquarie forecasts the combined implied demand for gasoline, distillates, and jet fuel at about 14.6 mmb/d.