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Price: $99.02, Change: $-0.38, Percent Change: -0.38%
The US manufacturing sector saw continued growth in April, though inflationary pressures intensified amid disruptions caused by the Middle East conflict, two surveys showed Friday.The Institute for Supply Management's purchasing managers' index remained unchanged sequentially at 52.7 last month. The consensus was for a 53.2 reading in a survey compiled by Bloomberg. A reading above 50 indicates the manufacturing sector is generally expanding."The April ISM report suggests the US manufacturing sector's recent rebound may be leveling off, underlining a still-fragile expansion," TD Economics Senior Economist Vikram Rai said in a note. "Stable headline PMI and a diminished production index highlight cooling momentum, even as new orders growth persists."The new orders index increased to 54.1 from 53.5 sequentially in April, while production dropped to 53.4 from 55.1. The employment measure retreated to 46.4 from 48.7, remaining in contraction for the 31st consecutive month. The prices gauge jumped to 84.6 from 78.3, marking its highest reading since April 2022 and rising about 26 percentage points in the past three months, the ISM survey showed."The prices-paid index's steep climb to multiyear highs -- alongside the conspicuous slowdown in supplier deliveries -- signals mounting supply-chain stress and inflationary pressures driven by surging energy prices and war-related disruptions," Rai said. "These resurgent price pressures are keeping the Federal Reserve on alert, supporting expectations that any additional monetary policy easing is unlikely in the near term."Earlier in the week, the Fed kept its benchmark lending rate steady for a third straight meeting, saying the Middle East conflict is fueling uncertainty around the US economic outlook.Separately, S&P Global (SPGI) said Friday its manufacturing PMI advanced to 54.5 last month from 52.3 in March, representing the "strongest" expansion in the manufacturing economy since May 2022. However, input and output prices increased at accelerated rates, with inflation in each component "the steepest" for 10 months, the data provider said."A key driving force behind the upturn is the need for companies to get ahead of further feared price rises and supply shortages, providing a short-term boost that could fade in the coming months as headwinds to the economy continue to build," S&P Global Market Intelligence Chief Business Economist Chris Williamson said."Growth of purchasing activity hit a rate not seen for four years, since the pandemic, amid increasingly widespread supply delays and price rises commonly linked to the war in the Middle East, which has exacerbated existing pressure on supply and inflation from tariffs," Williamson said.Energy prices have surged as the US-Israel war with Iran has curtailed shipments through the crucial Strait of Hormuz. The war, which started at the end of February, paused following a recent ceasefire between Washington and Tehran, but a framework for a permanent truce is yet to be reached.Price: $430.74, Change: $-0.50, Percent Change: -0.11%
Three Federal Reserve officials who wanted language changes in the April monetary policy statement said Friday that risks to inflation and employment didn't warrant an inclusion of the so-called easing bias.The Federal Open Market Committee kept its benchmark lending rate steady on Wednesday, saying the Middle East conflict is fueling uncertainty around the US economic outlook."In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the committee will carefully assess incoming data, the evolving outlook, and the balance of risks," the FOMC said Wednesday.That language is widely interpreted to indicate a bias toward future rate cuts.Regional presidents Beth Hammack of Cleveland, Neel Kashkari of Minneapolis and Lorie Logan of Dallas supported the policy decision, but opposed including an easing bias in the statement. Fed Governor Stephen Miran favored an interest rate reduction. The ratio of dissents reached the highest since 1992, Stifel said Thursday.Hammack said in a statement that the easing bias is no longer appropriate as "uncertainty around the economic outlook is elevated, with upside risks to inflation and downside risks to growth and employment."Kashkari separately said that financial markets seem to assume a "fairly quick" reopening of the Strait of Hormuz. Even in such a scenario, forecasters expect core personal consumption expenditures inflation to reach 3% this year, compared to an expectation of 2.7% as of January, he said.That would put downward pressure on consumer spending and potentially pressure the US labor market, Kashkari said.An extended closure of the Strait of Hormuz could drive a larger price shock, driving up both inflation and unemployment in the US, Kashkari said."Given the uncertainty about the path of the conflict and the resulting effects on inflation, employment and economic growth, I believe the FOMC should offer a policy outlook that signals that the next rate change could be either a cut or a hike, depending on how the economy evolves," Kashkari said.Logan said she is "increasingly concerned" about about how long it will take before inflation hits the official 2% target. "The conflict in the Middle East raises the prospect of prolonged or repeated supply disruptions that could create further inflationary pressures," Logan said.The labor market, which has been stable, could strengthen or weaken due to a range of factors, she added."In light of the two-sided risks to monetary policy, I believed the FOMC should not give forward guidance implying a bias toward rate cuts at this time," she said.
Apple's (AAPL) iPhone 17 "supercycle" continues to gain momentum across nearly every major geography, supported by stronger-than-expected results and robust guidance for the June quarter, Wedbush Securities said in a Friday research note.The company reported strong quarterly results, with revenue, iPhone sales and services all exceeding expectations, the firm said.The company's guidance for the June quarter exceeded Street expectations. It bakes in continued supply constraints across several Mac models. Supply and demand balance is expected to take several months to materialize, according to the note.Analysts said the Worldwide Developers Conference at Apple Park in early June is highly consequential. Updates are expected on personalized Siri and expanded Apple Intelligence capabilities. Additional details on the collaboration with Alphabet's (GOOG) Google Gemini are also expected, they said.The firm also highlighted a leadership transition, with John Ternus expected to take on a larger role, signaling continuity in strategy.Wedbush raised its 2026 earnings estimate for Apple to $8.64 a share from $8.50. Analysts polled by FactSet expect $8.66.The firm reiterated its outperform rating on the stock with a $350 price target.Price: $283.99, Change: $+12.64, Percent Change: +4.66%