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US Equity Indexes Rise as Iran Peace Deal Reportedly Awaits Trump's Signature, Core Inflation Eases Unexpectedly

US equity indexes rose as a deal to end the war against Iran was said to be awaiting President Donald Trump's signature and as the Federal Reserve's preferred inflation gauge unexpectedly eased in April.The Nasdaq Composite climbed 0.9% to 26,917.47, the S&P 500 advanced 0.6% to 7,563.63, and the Dow Jones Industrial Average edged up by less than 0.1% to 50,668.97 at the close on Thursday.A tentative agreement has been reached between the US and Iran to open the Strait of Hormuz and start nuclear talks, according to US officials, CNN reported, adding that Trump has not signed off on it yet. Negotiators for the US and Iran agreed on a 60-day memorandum of understanding to extend the ceasefire, Axios reported, citing two US officials.Meanwhile, US Central Command confirmed that Iran fired a ballistic missile toward Kuwait overnight, which was intercepted, CNN reported. Iran's Islamic Revolutionary Guard Corps earlier said it launched an attack targeting an American air base, claiming it was the source of US strikes, according to the news report.Brent crude futures slipped 0.4% to $93.94. West Texas Intermediate crude oil futures rose 0.5% to $89.15.In precious metals, gold futures jumped 1% to $4,528.2, and silver futures climbed 1.3% to $75.90.The personal consumption expenditures, or PCE, price index slowed to 0.4% month-over-month from 0.7% in March, Bureau of Economic Analysis data showed. The Street expected 0.5% in a Bloomberg-compiled poll. The core PCE price index, which excludes the more volatile food and energy and is the Fed's preferred inflation gauge, grew by 0.2% versus March's 0.3%, also the consensus for April.Annually, the PCE index jumped 3.8% in April, the largest increase since May 2023, up from 3.5% in March but in line with market expectations. Core PCE climbed to 3.3%, as expected, from 3.2% in March.Most US Treasury yields fell, with the 10-year down 2.8 basis points to 4.45%. The two-year declined one basis point to 4.02%.US economic growth, as measured by gross domestic product, rose by 1.6% in Q1, revised lower from a 2.0% increase in the advance estimate. No revision was expected in a survey compiled by Bloomberg. GDP rose by 0.5% in Q4.New orders for US durable goods rose by 7.9% in April following a 1.3% increase in March, beating the 4.0% gain forecast in a survey compiled by Bloomberg. Excluding a 21.5% surge in transportation orders, new orders would have been up 1.1% in April after a 1.1% increase in March. Expectations were for a 0.5% gain.In company news, Dollar Tree (DLTR) shares soared 18%, the biggest gainer on the S&P 500, after the company posted higher fiscal Q1 adjusted earnings and revenue, and raised its fiscal 2026 adjusted EPS guidance.The worst performer on the S&P 500 and the Nasdaq was Synopsys (SNPS), down 8.6%, after the company reported a decline in fiscal Q2 non-GAAP earnings.

US Markets18d ago

US Equities Extend Record Run Following Iran Deal Report

Wall Street's equity benchmarks extended their record advance following a report that the US and Iran have reached a tentative peace agreement, while traders parsed fresh macro data.The Nasdaq Composite rose 0.9% to 26,917.5, while the S&P 500 added 0.6% to 7,563.6, both closing at record highs for a third day in a row. The Dow Jones Industrial Average edged up 0.1% to 50,669, notching back-to-back record finish.Six of the 11 sectors ended in the red, led by utilities, while healthcare paced the gainers.The US and Iran have agreed to a memorandum of understanding to extend a ceasefire between the countries and begin talks on Tehran's nuclear program, Axios reported, citing sources. However, US President Donald Trump is yet to sign off on the deal, according to the report.Iran fired a ballistic missile toward Kuwait overnight, which was intercepted by Kuwaiti forces, US Central Command said on X.West Texas Intermediate crude oil was up 0.7% at $89.31 in Thursday late-afternoon trade, while Brent fell 0.3% to $94.03.In economic news, annual inflation hit the highest reading in almost three years in April even as consumer spending moderated in the face of high gasoline prices in the US, official data showed.Personal consumption expenditures data underscore the Federal Open Market Committee's "concern of elevated cost pressures permeating throughout the economy," Stifel Chief Economist Lindsey Piegza said in a report e-mailed to.The US economy expanded at a slower rate in the first quarter than previously estimated as consumer spending growth decelerated, the Bureau of Economic Analysis' second estimate showed"The downward revisions to consumer spending in (the first quarter) and the slowdown in April point to a consumer coming under stress, but not one that is about to buckle," Michael Pearce, chief US economist at Oxford Economics, said in remarks e-mailed to.Federal Reserve officials flagged the possibility of higher interest rates if the Middle East conflict dragged on and kept inflation above the 2% goal, according to minutes from the central bank's April meeting released last week.Markets widely expect the FOMC to keep interest rates unchanged at its next policy meeting in June, according to the CME FedWatch tool.Although artificial intelligence has the potential to be a "transformative technology," the risks of a miscalculation regarding its impact on inflation and productivity are "too great," St. Louis Federal Reserve President Alberto Musalem said."If the evidence becomes clear that higher productivity growth is likely to ease inflation pressures, I'm prepared to adjust my policy views," Musalem said. "However, at present, I believe we should keep our guard up against persistent above-target inflation today, rather than base monetary policy on the hope that we will have higher productivity growth tomorrow."US Treasury yields were lower, with the 10-year rate down 3.2 basis points at 4.46% and the two-year rate falling close to one basis point to 4.03%.In company news, Dollar Tree (DLTR) shares jumped nearly 18%, the best performer on the S&P 500, as the discount retailer raised its full-year earnings outlook after posting fiscal first-quarter results above Wall Street's estimates.Snowflake (SNOW) shares surged 36%. Late Wednesday, the cloud-based data platform raised its full-year product revenue outlook on the back of better-than-expected fiscal first-quarter results. The company agreed to a $6 billion infrastructure spending deal with Amazon's (AMZN) cloud platform.Burlington Stores (BURL) increased its full-year outlook Thursday, while the off-price retailer's guidance for the ongoing quarter indicated a sequential slowdown in comparable sales growth. The company's shares slumped 7.9%.Gold was last up 1.9% at $4,530.70 per troy ounce, while silver advanced 1.3% to $75.87 per ounce.

Dow JonesNasdaq CompositeS&P 500$BURL$DLTR$SNOW

Dow JonesNasdaq CompositeS&P 500$DLTR$SNPS

US Equity Markets Close Higher on Optimism Over Pending US-Iran Deal

US equity indexes closed higher Thursday amid speculation a US-Iran agreement was in the final approval stages.* Negotiators for the US and Iran reached an agreement on a 60-day memorandum of understanding to extend the ceasefire and begin talks on Iran's nuclear program, though President Donald Trump has not yet given final approval, Axios reported, citing two US officials.* The personal consumption expenditures price index slowed to 0.4% in April from 0.7% in March, Bureau of Economic Analysis data showed. Annually, the gauge rose 3.8%, the largest increase since May 2023, up from 3.5% in March and in line with market expectations.* US economic growth, as measured by gross domestic product, rose by 1.6% in Q1, revised down from a 2% increase in the advance estimate. No revision was expected in a survey compiled by Bloomberg.* July West Texas Intermediate crude oil rose $0.68 to settle at $89.36 per barrel, while July Brent crude, the global benchmark, was last seen down $0.21 at $94.08.* Dollar Tree (DLTR) shares jumped 18%, the top gainer on the S&P 500, after the discount retailer raised its full-year earnings outlook following better-than-expected fiscal first-quarter results.* Synopsys (SNPS) shares fell 8.6%, the biggest drop on the S&P, a day after the company reported a decline in fiscal Q2 non-GAAP earnings.

US Equity Indexes Rise Amid Reports Iran Peace Deal Awaiting Trump's Sign-Off

US equity indexes rose amid speculation that an agreement to end the war against Iran is awaiting President Donald Trump's signature and as core inflation unexpectedly eased in April.The Nasdaq Composite climbed 0.9% to 26,919.9, the S&P 500 advanced 0.6% to 7,567.3, and the Dow Jones Industrial Average edged up by less than 0.1% to 50,660.8 ahead of the close on Thursday.A tentative agreement has been reached between the US and Iran to open the Strait of Hormuz and start nuclear talks, according to US officials, CNN reported, adding that President Donald Trump has not signed off on it yet.Brent crude futures slipped 0.4% to $93.94. West Texas Intermediate crude oil futures rose 0.6% to $89.25.The personal consumption expenditures, or PCE, price index slowed to 0.4% month-over-month from 0.7% in March, Bureau of Economic Analysis data showed. The Street expected 0.5% in a Bloomberg-compiled poll. The core PCE price index, which excludes the more volatile food and energy and is the Fed's preferred inflation gauge, grew by 0.2% versus March's 0.3%, also the consensus for April.Annually, the PCE index jumped 3.8% in April, the largest increase since May 2023, up from 3.5% in March but in line with market expectations. Core PCE climbed to 3.3%, as expected, from 3.2% in March.

Dow JonesNasdaq CompositeS&P 500$BURL$COST$DELL$DLTR$MDB$SNOW

US Markets18d ago

Equity Markets Rise Intraday Amid US-Iran Deal Report

US benchmark equity indexes were higher intraday as traders parsed a report that Washington and Iran have reached a tentative peace agreement.The Nasdaq Composite was up 0.7% at 26,862 after midday Thursday, while the S&P 500 rose 0.5% to 7,560.5. The Dow Jones Industrial Average advanced 0.1% to 50,693.5. The indexes closed at new all-time highs in the previous session.Among sectors, healthcare and technology paced the gainers intraday Thursday, while financials saw the biggest decrease.The US and Iran have agreed to a 60-day memorandum of understanding to extend the ceasefire and begin talks on Tehran's nuclear program, Axios reported, citing sources. However, US President Donald Trump has yet to sign off on the deal, according to the report.Iran fired a ballistic missile toward Kuwait overnight, which was intercepted by Kuwaiti forces, US Central Command said on X.West Texas Intermediate crude oil was up 0.1% at $88.75 a barrel intraday, while Brent fell 0.7% to $93.60.In economic news, annual inflation hit the highest reading in almost three years in April even as consumer spending moderated in the face of high gasoline prices in the US, official data showed."If elevated inflation continues, we can expect slower trend real consumer spending ahead," BMO said in a note.Although artificial intelligence has the potential to be a "transformative technology," the risks of a miscalculation regarding its impact on inflation and productivity are "too great," St. Louis Federal Reserve President Alberto Musalem said."If the evidence becomes clear that higher productivity growth is likely to ease inflation pressures, I'm prepared to adjust my policy views," Musalem said. "However, at present, I believe we should keep our guard up against persistent above-target inflation today, rather than base monetary policy on the hope that we will have higher productivity growth tomorrow."US Treasury yields were lower intraday, with the 10-year rate down 3.2 basis points at 4.45% and the two-year rate falling 1.9 basis points to 4.01%.In company news, Dollar Tree (DLTR) shares jumped nearly 18%, the second-top gainer on the S&P 500, as the discount retailer raised its full-year earnings outlook after posting fiscal first-quarter results above Wall Street's estimates.Snowflake (SNOW) shares surged 37%. Late Wednesday, the cloud-based data platform raised its full-year product revenue outlook on the back of better-than-expected fiscal first-quarter results. The company agreed to a $6 billion infrastructure spending deal with Amazon's (AMZN) cloud platform.Burlington Stores (BURL) increased its full-year outlook Thursday, while the off-price retailer's guidance for the ongoing quarter indicated a sequential slowdown in comparable sales growth. The company's shares were down 8.3% intraday.Dell Technologies (DELL), Costco Wholesale (COST), and MongoDB (MDB) are scheduled to report financials after the closing bell Thursday, along with others.Gold was up 1.3% at $4,538.60 per troy ounce, while silver advanced 1.6% $76.08 per ounce.

Dow Jones^EEM^EXI^FAS^FAZ^GLD^IBB^IGM^IGV^IPK^IVV^IWMNasdaq Composite^IYE^IYH^IYJ^IYK^IYW^PMR^QQQ^RTH^SOXXS&P 500^SPY^UNG^USO^VDC^VHT^VIS^XLE^XLF^XLI^XLK^XLP^XLV^XRT^XSD$BETH$BITO$EETH

Exchange-Traded Funds Rise as US Equities Advance After Midday

Broad Market IndicatorsBroad-market exchange-traded funds IWM and IVV edged higher. Actively traded Invesco QQQ Trust (QQQ) rose 0.9%.US equity indexes rose after midday Thursday amid media speculation of a peace deal with Iran to end the war and as the Federal Reserve's preferred inflation rate eased sequentially.EnergyIShares US Energy ETF (IYE) rose 0.3%, and the State Street Energy Select Sector SPDR (XLE) added 0.1%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) was 1.7% higher; iShares US Technology ETF (IYW) rose 1.5%, and iShares Expanded Tech Sector ETF (IGM) was up 1.6%.The State Street SPDR S&P Semiconductor (XSD) advanced 2.1%, and iShares Semiconductor (SOXX) gained 2%.FinancialThe State Street Financial Select Sector SPDR (XLF) fell 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) declined 1.4%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), climbed 1.3%.CommoditiesCrude oil fell 0.5%, and the United States Oil Fund (USO) slipped 0.7%. Natural gas climbed 5.5%, and the United States Natural Gas Fund (UNG) was up 5.9%.Gold on Comex added 2%, and the State Street SPDR Gold Shares (GLD) rose 1.3%. Silver added 1.3%, and iShares Silver Trust (SLV) was up 1.4%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) lost 0.1%. The Vanguard Consumer Staples ETF (VDC) fell 0.2%, and iShares Dow Jones US Consumer Goods (IYK) was down 0.5%.The State Street Consumer Discretionary Select Sector SPDR (XLY) rose fractionally. VanEck Retail ETF (RTH) slipped 0.1%, and the State Street SPDR S&P Retail (XRT) climbed 2%.HealthcareThe State Street Health Care Select Sector SPDR (XLV) rose 1.2%, iShares US Healthcare (IYH) added 1.3%, and Vanguard Health Care ETF (VHT) was up 1.3%. IShares Biotechnology ETF (IBB) gained 1%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) rose 0.1%. Vanguard Industrials Index Fund (VIS) and iShares US Industrials (IYJ) were marginally higher.CryptocurrencyIn midday activity, bitcoin (BTC-USD) fell 1.8%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) dipped 1.9%, ProShares Ether ETF (EETH) lost 2.1%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was 2.2% lower.

Dow JonesNasdaq CompositeS&P 500$BBY$DLTR$SNPS

US Equity Indexes Rise Amid Rumors of Iran Peace Deal, Surprise Easing in Fed's Preferred Inflation Measure

US equity indexes rose amid speculation of an agreement over a path to end the war against Iran and as the Federal Reserve's preferred inflation rate unexpectedly eased in April.The Nasdaq Composite climbed 0.8% to 26,880.1, the S&P 500 advanced 0.6% to 7,562.2, and the Dow Jones Industrial Average edged up by less than 0.1% to 50,678.5 after midday on Thursday.Healthcare and technology led the gainers intraday. Financials, utilities, and consumer staples were among the decliners.Negotiators for the US and Iran reached an agreement on a 60-day memorandum of understanding to extend the ceasefire and begin talks on Iran's nuclear program, but President Donald Trump has not yet given final approval, Axios reported Thursday, citing two US officials. The White House didn't immediately reply to a request for comment.Brent crude futures fell 0.6% to $93.70. West Texas Intermediate crude oil futures rose 0.2% to $88.86, off session highs of more than 1% gain.In precious metals, gold futures jumped 1.1% to $4,532.3, and silver futures climbed 1.4% to $75.91.Most US Treasury yields fell, with the 10-year down 2.8 basis points to 4.46%. The two-year declined 1.5 basis points to 4.02%.On a month-on-month basis, the personal consumption expenditures, or PCE, price index slowed to 0.4% from 0.7% in March, Bureau of Economic Analysis data showed Thursday. The Street expected 0.5% in a Bloomberg-compiled poll. The core PCE price index, which excludes the more volatile food and energy and is the Fed's preferred inflation gauge, grew by 0.2% versus March's 0.3%, also the consensus for April.Annually, the PCE index jumped 3.8% in April, the largest increase since May 2023, up from 3.5% in March but in line with market expectations. Core PCE climbed to 3.3%, as expected, from the 3.2% in March.US economic growth, as measured by gross domestic product, rose by 1.6% in Q1, revised lower from a 2.0% increase in the advance estimate. No revision was expected in a survey compiled by Bloomberg. GDP rose by 0.5% in Q4.New orders for US durable goods rose by 7.9% in April following a 1.3% increase in March, beating the 4.0% gain forecast in a survey compiled by Bloomberg. Excluding a 21.5% surge in transportation orders, new orders would have been up 1.1% in April after a 1.1% increase in March. Expectations were for a 0.5% gain.In company news, Dollar Tree (DLTR) shares soared 18%, the second-biggest gainer on the S&P 500, after the company posted higher fiscal Q1 adjusted earnings and revenue, and raised its fiscal 2026 adjusted EPS guidance.The worst performer on the S&P 500 and the Nasdaq was Synopsys (SNPS), down 8.4%, after the company reported a decline in fiscal Q2 non-GAAP earnings.Best Buy (BBY) shares catapulted 18%, the top performer on the S&P 500, after the firm reported higher-than-expected fiscal Q1 adjusted earnings and revenue.

US Equity Indexes Rise Amid Rumors of Iran Peace Agreement

US equity indexes rose amid media speculation of a peace deal with Iran to end the war and as the Federal Reserve's preferred inflation rate eased sequentially.The Nasdaq Composite climbed 0.6% to 26,846.2, the S&P 500 advanced 0.5% to 7,557.3, and the Dow Jones Industrial Average edged up by less than 0.1% to 50,678.1 after midday on Thursday.Healthcare and technology led the gainers intraday. Utilities, consumer staples, and financials were among the decliners.Negotiators for the US and Iran have reached an agreement on a 60-day memorandum of understanding to extend the ceasefire and begin talks on Iran's nuclear program, but President Donald Trump has not yet given final approval, Axios reported Thursday, citing two US officials. The White House didn't immediately reply to a request for comment.West Texas Intermediate crude oil futures rose 1.1% to $89.65, and Brent crude futures climbed 0.5% to $94.78.On a month-on-month basis, the personal consumption expenditures, or PCE, price index slowed to 0.4% in April from 0.7% in the previous month, Bureau of Economic Analysis data showed Thursday. The Street expected 0.5%. The core PCE price index, which excludes the more volatile food and energy and is the Fed's preferred inflation gauge, grew by 0.2% versus March's 0.3%, also the consensus for April.

Dow JonesNasdaq CompositeS&P 500$AMSC$BETH$BITO$BMO$BORR$BURL$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$PMR$QQQ$RTH$SLV$SNOW$SNY$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

Commodities18d ago

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Thursday Amid New US Attacks on Iran

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.04% and the actively traded Invesco QQQ Trust (QQQ) was 0.1% lower in Thursday's premarket activity as new US attacks on Iran led to rising oil prices.US stock futures were also lower, with S&P 500 Index futures down 0.2%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures retreating 0.4% before the start of regular trading.US initial jobless claims rose to a level of 215,000 in the week ended May 23 from an upwardly revised 210,000 level in the previous week, compared with expectations for a level of 211,000 in survey of analysts compiled by Bloomberg.New orders for US durable goods rose by 7.9% in April following a smaller increase of 1.3% in March, well above the expectations for a 4.0% increase in a survey compiled by Bloomberg.The new-home sales data for April will be released at 10 am ET, followed by the weekly natural gas stocks at 10:30 am ET.The weekly petroleum stocks data posts at 12 pm ET.New York Federal Reserve President John Williams and St. Louis Fed President Alberto Musalem are slated to speak on Thursday.In premarket activity, bitcoin was down by 2.2%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.1% lower, Ether ETF (EETH) retreated by 3.5%, and Bitcoin & Ether Market Cap Weight ETF (BETH) declined by 1.1%.Power Play:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.5%, and the iShares US Technology ETF (IYW) was 0.4% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 0.7%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined by 0.9%, while the iShares Semiconductor ETF (SOXX) lost 1%.Snowflake (SNOW) shares were up more than 38% in Thursday's premarket activity after the company lifted its full-year product revenue outlook and agreed to a $6 billion infrastructure spending deal with Amazon's (AMZN) Amazon Web Services.Winners and Losers:EnergyThe iShares US Energy ETF (IYE) gained 0.3%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 1%.Borr Drilling (BORR) stock was up more than 5% before the opening bell after the company priced an upsized $2.04 billion senior secured notes offering and simultaneously expanded a tender offer for its outstanding 10.375% senior secured notes due 2030.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.3%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) gained 0.1%. The iShares US Consumer Staples ETF (IYK) was 0.8% lower. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.5%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.8% higher.Burlington Stores (BURL) shares were down more than 2% pre-bell even after the company posted higher fiscal Q1 adjusted earnings and revenue.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated 0.5%, while the Vanguard Industrials Index Fund (VIS) was flat and the iShares US Industrials ETF (IYJ) was inactive.American Superconductor (AMSC) stock was down more than 2% before the opening bell after the company provided lower-than-expected fiscal Q1 guidance.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.3%, the Vanguard Health Care Index Fund (VHT) was 1.1% higher, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was 0.2% higher.Sanofi (SNY) stock was down more than 1% premarket. The company said it has been granted a US Food and Drug Administration priority review for a new drug application for venglustat for the treatment of type 3 Gaucher disease, a rare disorder.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) declined by 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.4%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.2% higher.Bank of Montreal (BMO) shares were up more than 1% pre-bell after the company reported higher fiscal Q2 adjusted earnings and revenue.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 2.9% to $91.23 per barrel on the New York Mercantile Exchange. Natural gas was up 0.5% at $3.11 per 1 million British Thermal Units. The United States Oil Fund (USO) rose by 1.5%, while the United States Natural Gas Fund (UNG) was 0.2% lower.Gold futures for July retreated by 1.5% to $4,414.10 an ounce on the Comex. Silver futures declined by 2.5% to $73.04 an ounce. SPDR Gold Shares (GLD) was down by 1.1%, and the iShares Silver Trust (SLV) fell by 1.7%.

Dow JonesNasdaq CompositeS&P 500$AMZN$AZN$DELL$HSBC$RY$SNOW$TD

Fresh Military Strikes Between US, Iran Drag US Equity Futures Pre-Bell

US equity futures were edging lower pre-bell Thursday as fresh US and Iranian strikes once again threatened the fragile ceasefire between the two nations, reducing optimism surrounding a potential peace deal.Dow Jones Industrial Average futures were 0.3% lower, S&P 500 futures were down 0.1%, and Nasdaq futures were 0.2% lower.The US military said it had fired on Iranian drones over the Strait of Hormuz and attacked a military site in the port city of Bandar Abbas, which is the second time in three days it has struck targets in Iran for what it called self-defense. Iran said it responded by launching an attack on an American air base in the region.Traders observed the latest round of earnings, including those of several major Canadian banks. Royal Bank of Canada (RY) reported higher fiscal Q2 adjusted earnings and revenue, while Toronto-Dominion Bank (TD) posted increased fiscal Q2 adjusted earnings amid lower revenue.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 2.2% at $94.26 per barrel and US West Texas Intermediate crude 2.4% higher at $90.73 per barrel.The April core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, released at 8:30 am ET, gained 0.2%, lower than the 0.3% increase in the prior month and the expected 0.3% gain in a survey compiled by Bloomberg.Initial jobless claims rose to 215,000 in the week ended May 23 from 210,000 level in the previous week, compared with expectations for a smaller increase to 211,000. Preliminary Q1 GDP growth was recorded at a 1.6% rise, compared with the advance estimate of a 2% increase.Durable goods new orders rose 7.9% in April after a 1.3% gain in the prior month, compared with expectations for a 4% increase.In other world markets, Japan's Nikkei closed 0.5% lower, Hong Kong's Hang Seng ended 1.3% lower, and China's Shanghai Composite finished 0.1% higher. Meanwhile, the UK's FTSE 100 was down 1%, and Germany's DAX index was 0.7% lower in Europe's early afternoon session.In equities, Dell Technologies (DELL) shares were up 4.6% after the company said its unit Dell Federal Systems won a blanket purchase agreement with an overall estimated value of $9.69 billion from the US Navy under the Department of Defense Enterprise Software Initiative. Snowflake (SNOW) stock was 37% higher after the cloud-based data platform lifted its fiscal 2027 product revenue outlook and agreed to a $6 billion infrastructure spending deal with Amazon's (AMZN) Amazon Web Services. Royal Bank of Canada shares were up 1.7% after the bank reported its fiscal Q2 financial results.On the losing side, HSBC (HSBC) stock was down 2.2% after a Bloomberg News report that UK's Cambridge University was withdrawing its investments from institutions providing financial support to fossil fuels, including the British bank. AstraZeneca (AZN) shares were 0.8% lower after the company said that the US Food and Drug Administration delayed the decision deadline for its new drug application regarding a combination breast cancer treatment.

Dow JonesNasdaq CompositeS&P 500$RY$TD

Fresh Military Strikes Between US, Iran Weigh on US Equity Futures Pre-Bell

US equity futures were lower pre-bell Thursday as fresh US and Iranian strikes once again threatened the fragile ceasefire between the two nations, reducing optimism surrounding a potential peace deal.Dow Jones Industrial Average futures were 0.2% lower, S&P 500 futures were down 0.3%, and Nasdaq futures were 0.5% lower.The US military said it had fired on Iranian drones over the Strait of Hormuz and attacked a military site in the port city of Bandar Abbas, which is the second time in three days it has struck targets in Iran for what it called self-defense. Iran said it responded by launching an attack on an American air base in the region.Traders observed the latest round of earnings, including those of several major Canadian banks. Royal Bank of Canada (RY) reported higher fiscal Q2 adjusted earnings and revenue, while Toronto-Dominion Bank (TD) posted increased fiscal Q2 adjusted earnings on lower revenue.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 3.1% at $95.06 per barrel and US West Texas Intermediate crude 3.2% higher at $91.48 per barrel.The April core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, scheduled for release at 8:30 am ET, is expected to increase 0.3%, which is the same as the prior month's gain, according to estimates compiled by Bloomberg. The April durable goods orders report is expected to show a 4.0% increase after a gain of 0.8% in the prior month.Initial jobless claims are projected to have risen to 211,000 in the week ended May 23 from 209,000 in the prior week. The preliminary estimate for Q1 GDP is seen coming in at 2.0%, unchanged from the prior value.

US Markets18d ago

Stocks Fall Pre-Bell Amid Renewed US-Iran Tensions; Key Inflation, Economic Data on Deck

The main US stock measures were trending lower in Thursday's premarket activity amid renewed tensions in the Middle East, while traders await key inflation and economic data.The S&P 500 and the Dow Jones Industrial Average edged down 0.1% each before the opening bell, while the Nasdaq was off 0.2%. The indexes finished Wednesday's trading session with fresh highs.Iran's Islamic Revolutionary Guard Corps said Thursday it targeted a US airbase, CNBC reported, citing Tehran's semi-official Tasnim news agency.The reported attack came after a US official told MS Now on Wednesday that US forces carried out strikes against a military site believed to threaten its troops and commercial shipping through the Strait of Hormuz.West Texas Intermediate crude oil increased 1.7% to $90.21 a barrel in premarket action, while Brent rose 1.6% to $95.81.President Donald Trump on Wednesday said that no single country will control the crucial Strait of Hormuz, according to Bloomberg News. "Nobody's going to control it, it's international waters," Trump reportedly said at the White House. "The strait's going to be open to everybody," and the US will "watch over it," he added.Earlier on Wednesday, Trump expressed confidence that the US would be able to reach a deal to end the conflict, but he is not yet satisfied with the terms, CNN reported. Iranian state TV previously claimed that a draft memorandum on ending the conflict calls for the US to withdraw its military forces and lift the naval blockade in return for reopening the Strait of Hormuz within a month. However, the White House dismissed it as a "complete fabrication," according to CNN.The personal income and outlays report for April is due to be released at 8:30 am ET. The report includes the personal consumption expenditure core price index, the Federal Reserve's preferred inflation metric.Treasury yields were moving higher before the open, with the two-year rate gaining 2.7 basis points to 4.06% and the 10-year rate adding 1.2 basis points to 4.49%.Thursday's economic calendar also has the second estimate report of the first-quarter gross domestic product at 8:30 am, along with the weekly jobless claims bulletin and the durable goods orders report for last month. The new home sales report for April is out at 10 am, followed by the EIA domestic petroleum inventories report at 12 pm.New York Fed President John Williams is slated to speak at 8:55 am, while St. Louis Fed President Alberto Musalem speaks at 10:15 am. Richmond Fed President Thomas Barkin's remarks are due at 3 pm.Shares of Snowflake (SNOW) jumped 38% pre-bell after the cloud-based data platform lifted its full-year product revenue outlook and agreed to a $6 billion infrastructure spending deal with Amazon's (AMZN) cloud platform. Salesforce (CRM) declined nearly 2% as the company issued a soft fiscal second-quarter outlook.Marvell Technology (MRVL) and Synopsys (SNPS) dropped 3.3% and 2.8%, respectively, following their latest quarterly results.Burlington Stores (BURL), Dollar Tree (DLTR), Li Auto (LI), XPeng (XPEV), Best Buy (BBY) and Hormel Foods (HRL) are expected to release their earnings before the bell, among others. Costco Wholesale (COST), Dell Technologies (DELL) and MongoDB (MDB) are scheduled to announce their results after the markets close.Gold fell 1.1% to $4,400 per troy ounce, while bitcoin slipped 2.2% to $73,258.

Dow JonesNasdaq CompositeS&P 500$BBY$BURL$COST$CRM$DELL$DLTR$HRL$LI$MDB$MRVL$SNOW$SNPS$XPEV

International18d ago

Middle East Outlook, Crude Prices Dull Wall Street Pre-Bell; Asia, Europe Off

Wall Street futures pointed moderately lower pre-bell Thursday after media reports of renewed US military strikes on Iranian positions and drones, and on dimming prospects for a Tehran-Washington peace deal.After major indices set fresh highs on Wednesday, S&P 500 futures fell 0.2%, the Nasdaq declined 0.4%, and the Dow Jones was off 0.2%.West Texas Intermediate crude oil futures traded up 2.2% at $90.86 in morning action.Investors also await the April personal consumption expenditures-core (PCE-core) price index, the Federal Reserve's preferred inflation gauge, scheduled for an 8:30 am ET release in Washington.Asian exchanges traded mostly lower overnight on higher oil prices and Persian Gulf uncertainties. European bourses tracked moderately south at midday on the continent.Dollar Tree (DLTR) traded up 10.6% pre-bell after the budget retailer reported Q1 EPS and revenue above outlooks, and issued positive guidance.Hormel Foods (HRL) traded up 7.4% pre-ball after the maker of Spam and other food products reported above-consensus fiscal Q2 results, and issued upbeat guidance, before the open Thursday.On the economic calendar at 8:30 am ET, in addition to the PCE-core report, is the April durable goods orders bulletin, the revised Q1 gross domestic product estimate, the weekly jobless claims bulletin, the Q1 corporate profits estimate, and the retail and wholesale inventories for April reports.April new home sales data logs at 10 am, and the weekly EIA natural gas bulletin at 10:30 am, followed by the weekly EIA petroleum status report at noon.Federal Reserve NY President John Williams, St. Louis PresidentAlberto Musalem and Richmond Fed Thomas Barkin are slated to speak today.In pre-market action, Bitcoin traded at $73,292, and 10-year US Treasuries offered 4.49%. Spot gold commanded $4,399 an ounce.

Dow JonesNasdaq CompositeS&P 500$BSX$ZS

Asia Markets19d ago

US Equity Indexes Edge Higher as Crude Oil Slumps, Tech Giants Take Breather

US equity indexes ground higher amid a slump in crude oil prices as investors parsed ongoing talks to end the war against Iran and as tech mega-cap names consolidated.The Dow Jones Industrial Average traded up 0.4% to 50,644.28 on Wednesday. The Nasdaq Composite edged up less than 0.1% to 26,674.74, and the S&P 500 climbed less than 0.1% to 7,520.36. Both the Nasdaq and the S&P 500 were declining earlier in the day.Consumer discretionary, consumer staples, and communication services topped the gainers at the close. Energy and financials led the decliners. Among the stocks with a market capitalization of more than $200 billion, seven of the ten worst performers were technology companies, led by Qualcomm (QCOM) and Arm (ARM).The memorandum of understanding being negotiated between Tehran and Washington will call for US forces to withdraw from Iran's vicinity and lift the blockade of Iranian ports in return for reopening the Strait of Hormuz to pre-war levels, CNN reported, citing Iranian state television. The US denied claims that maritime traffic through the Strait of Hormuz could return to normal within a month of the Iran deal, Bloomberg reported.During an ongoing Cabinet meeting on Wednesday, President Donald Trump said he won't be rushed into a deal, warning that Iran's efforts to outlast him won't work because he doesn't "care about the midterms," CNN reported."Iran is very much intent; they want very much to make a deal. So far, they haven't gotten there ... We're not satisfied with it, but we will be. Either that, or we'll have to just finish the job," Trump said, without elaborating, according to a report from Reuters. "The deal has got to be perfect," he added, insisting that no single country would have control over Hormuz.West Texas Intermediate crude oil futures sank 4.8% to $89.35, and Brent crude futures slumped 4.7% to $94.91.Most US Treasury yields fell, with the 10-year down one basis point to 4.48%. The two-year slipped 1.5 basis points to 4.04%.In economic news, Redbook US same-store sales jumped 9% from a year earlier in the week ended May 23 after an 8.1% gain in the prior week. "Demand for a wide variety of summer, home and garden, and seasonal apparel products was the main focus for most consumers," Redbook said.The Dallas Federal Reserve's monthly general business services index improved to minus 7.7 in May from minus 9.9 in April, versus the minus 6.0 anticipated.The Richmond Fed's monthly manufacturing index rose to 13 in May from 3 in April, more than the 4 estimate in a Bloomberg-compiled survey.In company news, Boston Scientific (BSX) shares sank 12%, the worst performer on the S&P 500, after Chief Executive Mike Mahoney said at an industry conference that this year has been "a bit more of a challenge" than anticipated. Stifel adjusted its price target on Boston Scientific shares to $75 from $85 while maintaining its buy rating, a move mirrored by Goldman Sachs.Zscaler (ZS) stock plunged 32%, the steepest decline in the Nasdaq, after the company issued a fiscal Q4 revenue outlook that missed analysts' expectations. Zscaler stock remains in the penalty box until further evidence of traction emerges in the security operations business, new sales leader roles are filled, and the operating structure improves, Morgan Stanley said in a research report.In precious metals, gold futures dropped 1.1% to $4,452.1, and silver futures slumped 2.3% to $74.87.

US Markets19d ago

Wall Street Hits New Peaks, US Crude Slips Below $90 Amid Iran Deal Hopes

Wall Street's benchmark equity indexes reached fresh highs on Wednesday as US crude oil fell below $90 a barrel amid renewed optimism around prospects for an end to the Middle East conflict.The Dow Jones Industrial Average rose 0.4% to 50,644.3, its highest finish ever. The Nasdaq Composite gained 0.1% to 26,674.7, while the S&P 500 eked out a gain to end at 7,520.4 -- both notching new record closing highs for a second consecutive day.Six of the 11 sectors were in the red, led by energy, while consumer discretionary paced the gainers.West Texas Intermediate crude oil was last down 4.8% at $89.39 a barrel, while Brent fell 4.6% to $95.Secretary of State Marco Rubio said the US will give talks with Iran "every chance to succeed," according to a CNBC report.Israel reportedly launched fresh attacks in Lebanon, targeting Iran-backed Hezbollah. This could complicate peace talks as Tehran has demanded that any deal must ensure an end to fighting in Lebanon, Stifel said."Despite the latest clashes, however, markets remain somewhat hopeful an interim deal (between the US and Iran) may still be likely," Stifel Chief Economist Lindsey Piegza said in a note Wednesday.President Donald Trump on Wednesday expressed confidence that the US would be able to reach a deal to end the conflict, but he is not yet satisfied with the terms, CNN reported.Iranian state TV previously claimed that a draft memorandum on ending the conflict calls for the US to withdraw its military forces and lift the naval blockade in return for reopening the Strait of Hormuz within a month. However, the White House dismissed it as a "complete fabrication," CNN reported.US Treasury yields were mixed, with the 10-year rate down 1.1 basis points at 4.48% and the two-year rate little changed at 4.04%.In company news, JPMorgan Chase (JPM) Chief Executive Jamie Dimon said Wednesday at a conference that the bank's expenses this year could be "closer" to $106 billion, or $1 billion higher than previously projected. JPMorgan shares fell 2.4%.Dimon also said that "there might be in the next couple of years a chance to put $10 billion or $20 billion to work buying something," referring to a potential merger and acquisition opportunity, according to a FactSet transcript.Zscaler (ZS) shares tanked nearly 32% after the cloud security company provided a fiscal fourth-quarter revenue outlook below market estimates, even though it reported better-than-expected results for the prior three-month period.PDD's (PDD) first-quarter earnings unexpectedly declined year over year, while the Chinese e-commerce platform's revenue fell short of market estimates. The company's Nasdaq-listed stock slid 10%.Abercrombie & Fitch's (ANF) fiscal first-quarter earnings topped Wall Street's projections amid record sales for the apparel retailer. The company's shares jumped 8.9%.Gold was last down 1.2% at $4,450.70 per troy ounce, while silver lost 2.3% to $74.87 per ounce.

Dow JonesNasdaq CompositeS&P 500$ANF$JPM$PDD$ZS

Japan19d ago

US Equity Markets Higher After Drop in Crude Oil Prices

US equity indexes were higher on Wednesday after a decline in crude oil prices and government bond yields amid ongoing negotiations to end the US-Iran war.* A memorandum of understanding being negotiated between Tehran and Washington calls for US forces to withdraw from Iran's vicinity and lift the blockade of Iranian ports in return for reopening the Strait of Hormuz to pre-war levels, CNN reported, citing Iranian state television.* The Richmond Fed's monthly manufacturing index rose to 13 in May from 3 in April, more than the 4 estimate in a Bloomberg-compiled survey.* July West Texas Intermediate crude oil fell $4.34 to settle at $89.55 per barrel, while July Brent crude, the global benchmark, was last seen down $4.41 at $95.17.* MGM Resorts International (MGM) shares were up about 9%, the second biggest gainer on the S&P 500, after JPMorgan and Truist upgraded the stock and lifted their price targets.* Boston Scientific (BSX) shares were down nearly 12%, the worst performer on the S&P 500, after Chief Executive Mike Mahoney said at an industry conference that this year has been "a bit more of a challenge" than anticipated. Stifel and Goldman Sachs also lowered their price targets for the stock.

Dow JonesNasdaq CompositeS&P 500$BSX$MGM

Japan19d ago

US Equity Indexes Rise Amid Sliding Crude Oil Prices

US equity indexes ground higher amid a sharp decline in crude oil prices ahead of Wednesday's close as investors parsed ongoing negotiations to end the war against Iran.The Dow Jones Industrial Average traded up 0.4% to 50,677.2. The Nasdaq Composite edged up less than 0.1% to 26,670.1, and the S&P 500 climbed less than 0.1% to 7,523.2. Both the Nasdaq and the S&P 500 were declining before midday.The memorandum of understanding being negotiated between Tehran and Washington will call for US forces to withdraw from Iran's vicinity and lift the blockade of Iranian ports in return for reopening the Strait of Hormuz to pre-war levels, CNN reported, citing Iranian state television. The US denied claims that maritime traffic through the Strait of Hormuz could return to normal within a month of the Iran deal, Bloomberg reported.During an ongoing Cabinet meeting on Wednesday, President Donald Trump said he won't be rushed into a deal, warning that Iran's efforts to outlast him won't work because he doesn't "care about the midterms," CNN reported."Iran is very much intent; they want very much to make a deal. So far, they haven't gotten there ... We're not satisfied with it, but we will be. Either that, or we'll have to just finish the job," Trump said, without elaborating, according to a report from Reuters. "The deal has got to be perfect," he added, insisting that no single country would have control over Hormuz.West Texas Intermediate crude oil futures sank 4.7% to $89.16, and Brent crude futures slumped 4.8% to $94.75.Most US Treasury yields fell, with the 10-year down one basis point to 4.48%. The two-year slipped 1.5 basis points to 4.04%.