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Surged alongside other US benchmarks after Washington and Tehran reached a framework to end their war and reopen the Strait of Hormuz.

Asia Markets

US Equity Investors to Stay Glued to Treasury Yields as Crude Oil Gains Likely to Make Inflation Worse

US equity investors will remain focused on President Donald Trump's attempts to force Iran to reopen the Strait of Hormuz as the 30-year Treasury yield traded at a 28-year high amid inflation concerns and Nvidia's (NVDA) quarterly results.* Oil prices extended gains on Monday as efforts to end the Iran war appeared to have stalled, a nuclear power plant in the United Arab Emirates came under attack, just as US President Donald Trump is expected to discuss military options to tackle Tehran, Reuters reported.* "For Iran, the Clock is Ticking, and they better get moving, FAST, or there won't be anything left of them," Trump said in a social media post.* The 30-year yield at 5.13% early Monday is trading at its highest since 2007 amid concern that higher crude oil prices, a supply-side shock, will severely limit the Federal Reserve's ability to control inflation.* The probability of a 25 basis-point increase in US interest rates in December was at 40% early on Monday from 22% a week ago and almost 1% a month ago, according to the CME FedWatch tool. The comparisons for September and October show a similar jump in rate-increase probabilities.* Meanwhile, about 20 S&P 500 firms will report this week, including many of the large retailers and the index's biggest constituent, Nvidia, according to a D A Davidson note late Friday. S&P 500 earnings have soared by more than 25% year-over-year, versus almost 13% set out as of March 31, based on over quarterly results from 91% firms that have reported. Companies from other equity indexes will also be releasing their results this week.* Wednesday's Federal Open Market Committee April meeting minutes may add more insight into the divisions between hawks, neutral voices, and doves, according to a Scotiabank note late Friday. Four of the 17 FOMC members and three of the voting FOMC members opposed language in the May statement that left the door open to a possible easing bias, but "Will others be revealed?," the note said.

Dow JonesNasdaq CompositeS&P 500$NVDA
Nasdaq, S&P 500 Retreat From Record Highs as Yields Surge Amid Inflation Woes
US Markets

Nasdaq, S&P 500 Retreat From Record Highs as Yields Surge Amid Inflation Woes

The Nasdaq Composite and the S&P 500 fell from record highs as inflation concerns pushed Treasury yields higher.The Nasdaq tumbled 1.5% to 26,225.1, while the S&P 500 dropped 1.2% to 7,408.5. The Dow Jones Industrial Average lost 1.1% to 49,526.2. Barring energy, all sectors ended in the red, led by materials' 2.7% slump.The S&P 500 advanced 0.1% this week, marking its seventh consecutive weekly advance. The Nasdaq logged a weekly loss of 0.1% after a streak of six weekly gains. The Dow recorded a weekly loss of 0.2%.US Treasury yields surged, with the 10-year rate last up 14 basis points at 4.60% and the two-year rate rising 8.7 basis points to 4.08%.The headline consumer price index is expected to average 6% in the second quarter, according to a poll of economists by the Federal Reserve Bank of Philadelphia. That's well above the 2.7% rate pegged in the previous survey, which was published in March.Earlier this week, official data showed that consumer inflation accelerated to 3.8% year over year in April, the highest print since May 2023. Energy prices rose nearly 18%, the highest since September 2022.West Texas Intermediate crude was last up 4.7% at $105.89 a barrel, while Brent climbed 3.6% to $109.57.Talks between US President Donald Trump and his Chinese counterpart, Xi Jinping, this week failed to improve the prospects of a US-Iran peace deal.RBC Capital Markets sees no imminent diplomatic breakthrough."There seems to be an emerging consensus that the Strait of Hormuz will reopen in June because the cost of continued closure will be too high," RBC said in a note emailed Friday. "We are very skeptical of a June grand reopening."In economic news, US industrial production rebounded more than projected in April, buoyed by the manufacturing and utilities categories, Federal Reserve data showed."Besides supportive fiscal policy, the (artificial intelligence) buildout will continue to lift production of computers and electronics, while an inventory restocking cycle will support new orders growth for factories," Oxford Economics said in a note.New York manufacturing activity grew at the fastest pace in more than four years this month amid robust new orders, the New York Fed reported.Gold was last down 3.1% at $4,540.30 per troy ounce, while silver slid nearly 11% to $76.21 per ounce.

Dow JonesNasdaq CompositeS&P 500
Asia Markets

US Equity Indexes Drop as Uncertainty Over Hormuz Reopening Timeline Boosts Treasury Yields

US equity indexes slumped as continuing uncertainty over the reopening timeline for the Strait of Hormuz following the China summit spooked investors, sending government bond yields and crude oil futures sharply higher.The Nasdaq Composite dropped 1.4% to 26,225.14, with the S&P 500 down 1.2% to 7,408.5 and the Dow Jones Industrial Average seen lower by 1% to 49,526.1 at the close on Friday.A summit between US President Donald Trump and his Chinese counterpart, Xi Jinping, ended with mixed messages over the reopening of Hormuz, the Wall Street Journal reported. The waterway is the choke point to about a fifth of global crude oil flows, and the impact of its full or partial closure was evident in consumer and wholesale price inflation."The market could be pinning too much hope on the US-China talks yielding some positive results on Iran," ING Bank said in a note. "Some hope that China could exert pressure on Iran to reach a deal with the US, to end the war, and lead to a resumption of energy flows through the Strait of Hormuz."A lack of trust is the biggest obstacle in negotiations to end the war with the US, and Tehran would be open to diplomatic help, particularly from China, to help ease tensions, Iran's foreign minister, Abbas Araghchi, was cited as saying in an Associated Press report. Contradictory messages have "made us reluctant about the real intentions of Americans," he added.Expectations that Hormuz will quickly return to normal maritime traffic levels in June are based on "magical thinking" and underestimate the political and operational barriers to restoring flows, RBC Capital Markets strategists said in a note. The analysts said that oil market disruptions could persist well into the summer demand season.US Treasury yields surged, with the 10-year up 13.8 basis points to 4.60%, the highest in about a year. The two-year advanced 8.9 basis points to 4.08%, the strongest level since February 2025.West Texas Intermediate crude oil futures surged 4.5% to $105.73, and Brent crude futures jumped 3.5% to $109.44.In precious metals, gold futures dropped 3.1% to $4,540.9, and silver futures sank 11% to $76.28 as the impact of higher crude prices has begun to show up in the inflation data. The probability of a 25 basis-point increase in interest rates in December surged to 39% on Friday from 14% a week ago, according to the CME FedWatch tool late Friday. The comparisons for September were 17% from 12%, and, for October, the data showed 27% versus 22%.In economic news, industrial production rebounded by 0.7% in April, above expectations for a 0.3% increase in a Bloomberg-compiled survey, and following an upwardly revised 0.3% decline in March.In company news, DexCom (DXCM) said Friday it has set new long-term financial goals, including organic revenue growth of more than 10% a year through 2030. Shares jumped 6.6%, the top gainer on the S&P 500 and the Nasdaq.

Dow JonesNasdaq CompositeS&P 500$DXCM
Equities

S&P 500 Ekes Out Seventh Consecutive Weekly Gain as Energy Leads

The Standard & Poor's 500 index edged up 0.1% this week, its seventh consecutive weekly gain, as a strong advance in energy stocks helped outweigh declines in other sectors.The S&P 500 ended the week at 7,408.50, up slightly on the week but down from the new closing high it reached Thursday at 7,501.24. The market benchmark also hit a new intraday high on Thursday at 7,517.12.The seven-week win streak is the index's longest since a nine-week run that ended in December 2023. The S&P 500 is now up 2.8% for the month and has climbed 8.2% in 2026.The week's advance was driven by gains in only four of the S&P 500's 11 sectors, led by energy amid surging oil prices on the back of renewed Middle East worries. Consumer staples, technology and health care also rose this week.Declines across the remaining seven sectors came amid inflation concerns.US annual consumer inflation accelerated in April to the fastest pace in almost three years as energy prices surged amid the near-complete closure of the Strait of Hormuz, data released this week showed. Another report showed US producer prices in April rose at the fastest pace in four years as broad-based increases in services and goods signaled intensifying inflation pressures.The energy sector jumped 6.8%, followed by gains of at least 1% each in consumer staples, technology and health care.Occidental Petroleum (OXY) and Targa Resources (TRGP) had the largest percentage gains in the energy sector for the week, rising 12% and 9.6%, respectively.The climb in consumer staples was led by shares of tobacco companies Philip Morris International (PM) and Altria Group (MO), which added 11% and 7.3%, respectively.The technology sector's gain came amid enthusiasm for artificial intelligence as Cisco Systems (CSCO) reported higher-than-expected quarterly results, boosted by strong demand for its AI infrastructure. Cisco's shares jumped 22% as the company reported fiscal Q3 earnings and sales above market expectations and raised its full-year guidance.On the downside, consumer discretionary fell 3.1%, followed by a 2.6% drop in real estate, a 2.3% loss in materials, and a 2.1% decline in utilities. Industrials fell 1.1% while communication services and financials also edged lower.Norwegian Cruise Line Holdings (NCLH) was among the hardest-hit stocks in consumer discretionary. The cruise operator's shares fell 9.1% as TD Cowen cut its price target on the stock to $22 each from $27. The firm kept its investment rating on the shares at buy.Next week, a number of retailers will report quarterly earnings, including Walmart (WMT), Target (TGT), Home Depot (HD), Lowe's (LOW), TJX (TJX), and BJ's Wholesale Club (BJ). Other companies on the week's earnings calendar include NVIDIA (NVDA), Analog Devices (ADI), Intuit (INTU) and Deere (DE).Economic data will include April pending home sales, housing starts and building permits, as well as a final reading on May consumer sentiment.

Dow JonesNasdaq CompositeS&P 500$CSCO$MO$NCLH$OXY$PM$TRGP
Japan

US Equity Markets End Lower as Rising Oil, Bond Yields Stoke Inflation Concerns

US equity indexes ended lower on Friday as crude oil prices and government bond yields rose, triggering increasing concerns that rising energy costs will spur inflation.* The US war with Iran is nearing its 11th week, and the Strait of Hormuz remains closed to oil tankers.* Industrial production rebounded by 0.7% in April, above expectations for a 0.3% increase in a Bloomberg survey and following an upwardly revised 0.3% decline in March.* June West Texas Intermediate crude oil rose $4.29 to settle at $105.46 per barrel, while July Brent crude, the global benchmark, was last seen up $3.55 at $109.28.* Nvidia (NVDA), Advanced Micro Devices (AMD), Arm Holdings (ARM) and Intel (INTC) shares declined, while ASML Holding (ASML) and STMicroelectronics (STM) also fell after a US-China summit ended without major semiconductor agreements.* DexCom (DXCM) shares rose 6.6%, the top gainer on the S&P 500, after the company set new long-term financial goals, including organic revenue growth of more than 10% a year through 2030.

Dow JonesNasdaq CompositeS&P 500$AMD$ASML$DXCM$INTC$NVDA$STM
Asia Markets

US Equity Indexes Mixed This Week as Hormuz Reopening Timeline Uncertainty Boosts Inflation Concerns

US equity indexes traded mixed this week as concerns over the reopening timeline for the Strait of Hormuz boosted crude oil and heightened inflationary concerns, undermining investor sentiment from the tech trade.* The S&P 500 closed at 7,408.50 on Friday versus 7,398.93 a week ago. The Nasdaq Composite stood at about 26,225.15, compared with 26,247.08 a week earlier. The Dow Jones Industrial Average ended at 49,526.17, versus 49,609.16 at the end of last week.* Energy, consumer defensive, and technology led the gainers this week.* "The market could be pinning too much hope on the US-China talks yielding some positive results on Iran," ING Bank said in a note. "Some hope that China could exert pressure on Iran to reach a deal with the US, to end the war, and lead to a resumption of energy flows through the Strait of Hormuz."* Expectations that Hormuz will quickly return to normal maritime traffic levels in June are based on "magical thinking" and underestimate the political and operational barriers to restoring flows, RBC Capital Markets strategists said in a note.* Consumer and wholesale price inflation data were hotter than expected this week, complicating the path for interest rate cuts.* Lower monthly inflation prints after the oil shock fades, and a labor market softening, will likely be needed for Fed rate cuts this year, Goldman Sachs said in a note. It expects energy cost passthrough likely to keep core personal consumption expenditures inflation closer to 3% than 2% all year.* On Friday, US Treasury yields surged, with the 10-year up 14.2 basis points to 4.6%, the highest in about a year. The two-year soared 8.7 basis points to 4.08%, the strongest level since February 2025.* The probability of a 25 basis-point increase in interest rates in December surged to 39% on Friday from 14% a week ago, according to the CME FedWatch tool. The comparisons for September were 17% from 12%, and, for October, the data showed 27% versus 22%.

Dow JonesNasdaq CompositeS&P 500
Japan

US Equity Indexes Slide as Concerns Mount Over Hormuz Reopening Timeline

US equity indexes fell amid a surge in government bond yields and crude oil futures ahead of Friday's close as concern mounted over the timeline for the reopening of the Strait of Hormuz.The Nasdaq Composite dropped 1.3% to 26,286.8, with the S&P 500 down 1.1% to 7,422.4 and the Dow Jones Industrial Average lower by 1% to 49,578.4.A summit between US President Donald Trump and his Chinese counterpart, Xi Jinping, ended with mixed messages over the reopening of Hormuz, the Wall Street Journal reported. The waterway is the chokepoint to about a fifth of global crude oil flows, and the impact of its full or partial closure was evident in consumer and wholesale price inflation."The market could be pinning too much hope on the US-China talks yielding some positive results on Iran," ING Bank said in a note. "Some hope that China could exert pressure on Iran to reach a deal with the US, to end the war, and lead to a resumption of energy flows through the Strait of Hormuz."Expectations that Hormuz will quickly return to normal maritime traffic levels in June are based on "magical thinking" and underestimate the political and operational barriers to restoring flows, RBC Capital Markets strategists said in a note.US Treasury yields surged, with the 10-year up 13.8 basis points to 4.60%, the highest in about a year. The two-year advanced 8.9 basis points to 4.08%, the strongest level since February 2025.West Texas Intermediate crude oil futures surged 4.2% to $105.43, and Brent crude futures jumped 3.4% to $109.34.

Dow JonesNasdaq CompositeS&P 500
Equities Fall, Yields Surge Intraday Amid Inflation Concerns; Oil Jumps
US Markets

Equities Fall, Yields Surge Intraday Amid Inflation Concerns; Oil Jumps

US benchmark equity indexes were lower intraday as Treasury yields jumped amid inflation concerns, while oil prices moved higher on the back of renewed Middle East worries.The Nasdaq Composite and the Dow Jones Industrial Average were down 0.8% each at 26,412.7 and 49,658.24, respectively, after midday Friday. The S&P 500 fell 0.7% to 7,448.3. The Nasdaq and S&P 500 hit fresh record highs in the previous session.Barring energy, all sectors were in the red intraday Friday, led by materials' 2.5% drop.US Treasury yields surged, with the 10-year rate up 13.2 basis points at 4.59% and the two-year rate rising 8.7 basis points to 4.08%."The sustained back-up in long-term yields has finally broken the preternatural serenity in equities, which saw the S&P 500 crack the 7,500 level for the first time on Thursday," BMO said in a report Friday. "A series of increasingly problematic US inflation readings for April was capped by a late-week run-up in oil prices to nearly $105, and aggravated by mounting fiscal concerns in some major economies."Recently, official data showed that US producer prices in April rose at the fastest pace in four years, while annual consumer inflation accelerated to the fastest pace in almost three years.West Texas Intermediate crude was up 4.2% at $105.37 a barrel intraday, while Brent climbed 3.4% to $109.28.US President Donald Trump said he is losing patience with Iran, CNBC reported, citing Trump's interview to Fox News that aired late Thursday. "They should make a deal," he said, according to the report.Trump reportedly concluded his two-day visit to Beijing Friday after holding policy discussions with his Chinese counterpart, Xi Jinping, on trade, tariffs and technology, among other matters. In a pre-recorded interview with Fox News, Trump reportedly said China has agreed to purchase oil from the US.Beijing hasn't confirmed the energy purchases, according to the report.Trump said he is considering lifting sanctions on Chinese firms buying Iranian oil, CNN reported. "I'm going to make a decision over the next few days. We did talk about that," he reportedly said.In company news, Bill Ackman said his Pershing Square hedge fund has established a new position in Microsoft (MSFT), noting that the technology giant's stock "offers analogous and compelling long-term value at today's valuation."The billionaire investor has sold his long-owned investment in Alphabet (GOOG, GOOGL), Reuters reported.Microsoft shares were up 4.4% intraday, the second-biggest gainer on the Dow. Alphabet's class A and C shares fell 0.9% each.In economic news, US industrial production rebounded more than projected in April, buoyed the manufacturing and utilities categories, Federal Reserve data showed."The winners and losers in the latest report are likely to persist over the balance of 2026," Oxford Economics said in a note. "Besides supportive fiscal policy, the (artificial intelligence) buildout will continue to lift production of computers and electronics, while an inventory restocking cycle will support new orders growth for factories."New York manufacturing activity grew at the fastest pace in more than four years this month amid robust new orders, the New York Fed reported.Gold was down 2.6% at $4,564.80 per troy ounce, while silver slid 9.1% to $77.58 per ounce.

Dow JonesNasdaq CompositeS&P 500$GOOG$GOOGL$MSFT
Asia Markets

US Equity Indexes Fall as Treasury Yields, Crude Oil Soar Amid Mounting Concern Over Hormuz Unlocking

US equity indexes fell amid a surge in government bond yields and crude oil futures in midday trading on Friday as investors weighed the probability of the Strait of Hormuz reopening in the near term.The Nasdaq Composite fell 1.1% to 26,340.3, while the S&P 500 was down 0.9% to 7,433.7 and the Dow Jones Industrial Average was lower by 0.8% to 49,646.5.All sectors except energy fell. Materials, industrials, utilities, and consumer discretionary led the decliners.A summit between US President Donald Trump and his Chinese counterpart, Xi Jinping, ended with mixed messages, the Wall Street Journal reported. Trump reportedly told Fox News the United States does not need to see the Strait of Hormuz reopen, then told reporters both he and Xi want to see the Iran war end, while also saying Hormuz needs to reopen as soon as possible."The market could be pinning too much hope on the US-China talks yielding some positive results on Iran," ING Bank said in a note. "Some hope that China could exert pressure on Iran to reach a deal with the US, to end the war, and lead to a resumption of energy flows through the Strait of Hormuz."A lack of trust is the biggest obstacle in negotiations to end the war with the US, and Tehran would be open to diplomatic help, particularly from China, to help ease tensions, Iran's foreign minister, Abbas Araghchi, was cited as saying in an Associated Press report. Contradictory messages have "made us reluctant about the real intentions of Americans," he added.Trump said his patience with Iran was running out and that Chinese President Xi Jinping had agreed that Tehran must reopen Hormuz, but China gave no indication it would weigh in, Reuters reported.Expectations that Hormuz will quickly return to normal maritime traffic levels in June are based on "magical thinking" and underestimate the political and operational barriers to restoring flows, RBC Capital Markets strategists said in a note.US Treasury yields surged, with the 10-year up 13 basis points to 4.59%, the highest in about a year. The two-year advanced 9.2 basis points to 4.08%, the strongest level since February 2025.West Texas Intermediate crude oil futures surged 3.8% to $105.02, and Brent crude futures jumped 3.3% to $109.16.In precious metals, gold futures dropped 3% to $4,543.4, and silver futures sank 10% to $76.63.In economic news, industrial production rebounded by 0.7% in April, above expectations for a 0.3% increase in a Bloomberg-compiled survey, and following an upwardly revised 0.3% decline in March.In company news, DexCom (DXCM) said Friday it has set new long-term financial goals, including organic revenue growth of more than 10% a year through 2030. Shares jumped 7.3%, the top gainer on the S&P 500 and the Nasdaq.

Dow JonesNasdaq CompositeS&P 500$DXCM
Asia Markets

Exchange-Traded Funds Lower as US Equities Drop After Midday

Broad Market IndicatorsBroad-market exchange-traded funds IWM and IVV fell. Actively traded Invesco QQQ Trust (QQQ) shed 1.2%.US equity indexes fell amid a surge in government bond yields and crude oil futures in midday trading as investors weighed the outcome of the China summit.EnergyIShares US Energy ETF (IYE) and the State Street Energy Select Sector SPDR (XLE) each rose about 1.7%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) shed 1.1%; iShares US Technology ETF (IYW) fell 1.2%, and iShares Expanded Tech Sector ETF (IGM) was down 1.1%.The State Street SPDR S&P Semiconductor (XSD) dropped 2.4%, and iShares Semiconductor (SOXX) was down 3%.FinancialThe State Street Financial Select Sector SPDR (XLF) dipped 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) declined 0.6%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), climbed 0.7%.CommoditiesCrude oil rose 3.9%, and the United States Oil Fund (USO) added 3.1%. Natural gas gained 2.5%, and the United States Natural Gas Fund (UNG) was up 1.8%.Gold on Comex eased 2.9% and the State Street SPDR Gold Shares (GLD) slipped 2.3%. Silver dropped 10%, and iShares Silver Trust (SLV) fell 8.6%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) shed 0.2%. The Vanguard Consumer Staples ETF (VDC) fell 0.3%, and iShares Dow Jones US Consumer Goods (IYK) was down 0.1%.The State Street Consumer Discretionary Select Sector SPDR (XLY) lost 1.7%. VanEck Retail ETF (RTH) fell 1%, and the State Street SPDR S&P Retail (XRT) slipped 1.1%.HealthcareThe State Street Health Care Select Sector SPDR (XLV) fell 0.9%, iShares US Healthcare (IYH) lost 1.1% and Vanguard Health Care ETF (VHT) was down 1.1%. IShares Biotechnology ETF (IBB) eased 2.6%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) dropped 1.8%. Vanguard Industrials Index Fund (VIS) and iShares US Industrials (IYJ) were also lower.CryptocurrencyIn midday activity, bitcoin (BTC-USD) fell 2.7%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) lost 2.8%, ProShares Ether ETF (EETH) was down 3.5%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was 2% lower.

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
Japan

US Equity Indexes Drop as Soaring Treasury Yields, Surging Crude Oil Hit Risk Sentiment

US equity indexes fell amid a surge in government bond yields and crude oil futures in midday trading as investors weighed the outcome of the China summit.The Nasdaq Composite fell 1.2% to 26,321.9, while the S&P 500 and Dow Jones Industrial Average both lost 0.9% to 7,432.4 and 49,598.9, respectively.All sectors except energy fell. Materials, industrials, and utilities led the decliners.A summit between US President Donald Trump and his Chinese counterpart, Xi Jinping, ended with mixed messages, the Wall Street Journal reported. Trump reportedly told Fox News the United States does not need to see the Strait of Hormuz reopen, then told reporters both he and Xi want to see the Iran war end, while also saying Hormuz needs to reopen as soon as possible."The market could be pinning too much hope on the US-China talks yielding some positive results on Iran," ING Bank said in a note. "Some hope that China could exert pressure on Iran to reach a deal with the US, to end the war, and lead to a resumption of energy flows through the Strait of Hormuz."US Treasury yields surged, with the 10-year up 12.6 basis points to 4.59% and the two-year higher by 8.9 basis points to 4.08%.West Texas Intermediate crude oil futures surged 4% to $105.23, and Brent crude futures jumped 3.5% to $109.42.

Dow JonesNasdaq CompositeS&P 500
Commodities

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Friday Amid Oil Surge, Higher Yields, Geopolitical Uncertainty

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.9% and the actively traded Invesco QQQ Trust (QQQ) was 1.3% lower in Friday's premarket activity as mounting inflation concerns linked to Middle East tensions and stronger oil prices reduce appetite for risk assets.US stock futures were also lower, with S&P 500 Index futures down 1.1%, Dow Jones Industrial Average futures slipping 0.7%, and Nasdaq futures retreating 1.5% before the start of regular trading.The New York Federal Reserve's Empire State manufacturing index rose to 19.6 in May from 11.0 in April, compared with expectations of a decrease to a reading of 7.2 in a survey compiled by Bloomberg and the strongest reading in over four years.The industrial production data for April will be released at 9:15 am ET.In premarket activity, bitcoin was down by 1%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1% lower, Ether ETF (EETH) retreated by 1.7%, and Bitcoin & Ether Market Cap Weight ETF (BETH) lost 0.03%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.6%, while the Vanguard Industrials Index Fund (VIS) was flat and the iShares US Industrials ETF (IYJ) was inactive.Babcock & Wilcox Enterprises (BW) stock was down more than 10% before the opening bell after the company said it priced a public offering of roughly 10.8 million common shares at $18.50 apiece, subject to customary closing conditions.Winners and Losers:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated by 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.7%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.9% higher.HSBC (HSBC) shares were down more than 3% pre-bell after the Financial Times reported the bank has yet to deploy the $4 billion it previously committed to its private credit strategy, with no current timeline for the planned investment.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.3% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat. The iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 1%. The VanEck Retail ETF (RTH) gained 1.5%, while the State Street SPDR S&P Retail ETF (XRT) was down 0.7%.Tesla (TSLA) shares retreated more than 2% pre-bell after Reuters reported that the company came under pressure from an Australian judge, who questioned whether the automaker was taking the discovery process seriously in a class action over alleged vehicle defects and misleading claims.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 1.8%, and the iShares US Technology ETF (IYW) was 1.8% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 1.5%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) fell by 2.7%, while the iShares Semiconductor ETF (SOXX) declined by 3.1%.Taiwan Semiconductor Manufacturing (TSM) shares declined more than 2% in premarket activity after the company said it plans to reduce its stake in Vanguard International Semiconductor to 19% from 27.1% by selling 152 million shares.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.1%, the Vanguard Health Care Index Fund (VHT) was down 0.3%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was 0.2% lowerAlumis (ALMS) stock was down more than 1% premarket after the company reported a Q1 net loss and lower revenue.EnergyThe iShares US Energy ETF (IYE) gained by 0.9%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.5%.BP (BP) shares retreated by 0.9% pre-bell. Reuters reported that the company is contemplating selling certain natural gas assets in Egypt.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 3.4% to $104.62 per barrel on the New York Mercantile Exchange. Natural gas was up 1.7% at $2.94 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 2%, while the United States Natural Gas Fund (UNG) was 1.5% higher.Gold futures for May retreated by 2.8% to $4,556.20 an ounce on the Comex. Silver futures fell by 7.9% to $78.62 an ounce. SPDR Gold Shares (GLD) was 2.1% lower, and the iShares Silver Trust (SLV) declined by 5.8%.

Dow JonesNasdaq CompositeS&P 500$ALMS$BETH$BITO$BPOP$BW$EEM$EETH$EXI$FAS$FAZ$GLD$HSBC$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$PMR$QQQ$RTH$SLV$SOXX$SPY$TSLA$TSM$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Asia Markets

US Equity Futures Fall Pre-Bell as US-China Summit Ends With No Significant Policy Developments

US equity futures were falling pre-bell Friday as traders noted that the summit between President Donald Trump and Chinese President Xi Jinping ended with no significant policy developments.Dow Jones Industrial Average futures were 0.9% lower, S&P 500 futures were down 1.2%, and Nasdaq futures were 1.7% lower.The two world leaders agreed that the Strait of Hormuz should remain open, according to a US readout from a White House official. Trump said that China agreed to 200 planes from Boeing (BA), with the promise to buy 750 "if they do a good job with the 200." Details of the agreement were not immediately available, including when and which type of jets would be delivered, but the initial figure was smaller than 500-plane package expected by investors.Traders also digested the latest round of earnings, with Applied Materials (AMAT) posting higher fiscal Q2 earnings and revenue late Thursday.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 2.5% at $108.34 per barrel and US West Texas Intermediate crude 3.2% higher at $104.43 per barrel.The New York Federal Reserve's Empire State manufacturing index rose to 19.6 in May from 11.0 in April, compared with expectations of a decrease to a reading of 7.2 in a survey compiled by Bloomberg.The April industrial production report, due at 9:15 am ET, is forecast to show a 0.3% increase following a 0.5% decline in the prior month.In other world markets, Japan's Nikkei closed 2% lower, Hong Kong's Hang Seng ended 1.6% lower, and China's Shanghai Composite finished 1% lower. Meanwhile, the UK's FTSE 100 was down 2%, and Germany's DAX index was 2% lower in Europe's early afternoon session.In equities, Nvidia (NVDA), Micron Technology (MU), and Taiwan Semiconductor Manufacturing (TSM) were part of broader technology stock sell-offs as traders took profits after the group saw sharp gains of late. Nvidia shares were 3% lower, Micron stock was down 4.2%, and Taiwan Semiconductor shares fell 3%.On the winning side, Toyota Motor (TM) shares were up 1.7% after the company sought approval to build a new vehicle assembly line at its manufacturing plant in Texas as part of a $2 billion expansion, according to a Reuters report citing a filing. Figma (FIG) stock was up 7.2% after the company posted higher Q1 adjusted earnings and revenue that beat analysts' estimates. Magnum Ice Cream (MICC) shares rose over 11% after Reuters reported that Blackstone (BX) and Clayton, Dubilier & Rice are in the early stages of considering bids to acquire the company.

Dow JonesNasdaq CompositeS&P 500$AMAT$BA$BX$FIG$MICC$MU$NVDA$TM$TSM
Japan

US Equity Futures Fall Pre-Bell as US-China Summit Ends With No Significant Policy Developments

US equity futures were lower pre-bell Friday as traders noted that the summit between President Donald Trump and Chinese President Xi Jinping ended with no significant policy developments.Dow Jones Industrial Average futures were 0.6% lower, S&P 500 futures were down 1%, and Nasdaq futures were 1.4% lower.The two world leaders agreed that the Strait of Hormuz should remain open, according to a US readout from a White House official. Trump said that China agreed to 200 planes from Boeing (BA), with the promise to buy 750 "if they do a good job with the 200." Details of the agreement were not immediately available, including when and which type of jets would be delivered, but the initial figure was smaller than 500-plane package expected by investors.Traders also digested the latest round of earnings, with Applied Materials (AMAT) posting higher fiscal Q2 earnings and revenue late Thursday.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 2.4% at $108.28 per barrel and US West Texas Intermediate crude 3% higher at $104.18 per barrel.The May Empire State manufacturing index, scheduled for release at 8:30 am ET, is seen coming in at 7.2 versus 11 previously, according to estimates compiled by Bloomberg.The April industrial production report, due at 9:15 am ET, is forecast to show a 0.3% increase following a 0.5% decline in the prior month.

Dow JonesNasdaq CompositeS&P 500$AMAT$BA
Stocks Fall Pre-Bell as Traders Weigh Trump-Xi Meeting Outcomes
US Markets

Stocks Fall Pre-Bell as Traders Weigh Trump-Xi Meeting Outcomes

The benchmark US stock measures were tracking in the red before the open Friday as traders evaluate the outcomes of President Donald Trump's high-stakes meeting with his Chinese counterpart, Xi Jinping.The S&P 500 declined 1.2%, the Dow Jones Industrial Average decreased 0.8% and the Nasdaq dropped 1.7% in premarket activity. The indexes finished the previous trading session up, with the S&P 500 and Nasdaq logging record closing highs for the second straight day.Trump reportedly concluded his two-day visit to Beijing on Friday after holding policy discussions with Xi on trade, tariffs and technology, among other matters. In a pre-recorded interview with Fox News, Trump said China has agreed to purchase oil from the US, CNBC reported."They've agreed they want to buy oil from the US," Trump reportedly said. "They're going to go to Texas, we're going to start sending Chinese ships to Texas and to Louisiana and to Alaska."China hasn't confirmed the energy purchases, according to the CNBC report.West Texas Intermediate crude oil climbed 3.4% to $104.56 a barrel before the opening bell, while Brent was up 2.7% to $108.61.Trump said he and Xi agreed during their meeting that Iran shouldn't have a nuclear weapon and that the crucial Strait of Hormuz should reopen, Bloomberg News reported. The Trump administration has reportedly signaled its interest in getting China's help to push Iran into talks to end the conflict in the Middle East, but Beijing remains cautious."The market could be pinning too much hope on the US-China talks yielding some positive results on Iran," ING Bank said in a note on Thursday. "Some hope that China could exert pressure on Iran to reach a deal with the US, to end the war and lead to a resumption of energy flows through the Strait of Hormuz."Treasury yields were trending higher in premarket action, with the two-year rate increasing 6.2 basis points to 4.05% and the 10-year rate adding 8.1 basis points to 4.54%.Friday's economic calendar has the Empire State manufacturing index for May at 8:30 am ET, followed by the industrial production report for April at 9:15 am. The weekly Baker Hughes oil-and-gas rig count is out at 1 pm.US retail sales in April rose for the third straight month, with analysts saying the increase largely reflected higher prices as the war in Iran kept fuel costs elevated.Inflation has become the "most pressing risk" to the US economy, Kansas City Fed President Jeff Schmid said Thursday."While inflation has moderated significantly from its peak, in my discussions with business leaders across the Tenth District, it is clear that it is still too high," Schmid said in prepared remarks for a conference.Applied Materials (AMAT) shares fell 3.2% pre-bell, even though the semiconductor equipment maker reported better-than-expected fiscal second-quarter results.Gold slipped 2.8% to $4,556 per troy ounce, while bitcoin moved down 0.9% to $80,741.

Dow JonesNasdaq CompositeS&P 500$AMAT
International

Sell Off Looms on Wall Street Pre-Bell; Asia, Europe Off

Wall Street futures pointed lower pre-bell Friday as rising oil prices and interest rates tempered optimism, and as Tehran-Washington hostilities mounted over the still-closed Strait of Hormuz.In the futures, the S&P 500 fell 0.5%, the Nasdaq declined 1.4% and the Dow Jones was off 0.5%.The VanEck Semiconductor Exchange-Traded Fund (SMH) traded down 2.3% pre-bell, as chip shares lost favor.In contrast, West Texas Intermediate crude oil traded higher at $107.99 a barrel, up 2.1%.Yields on 10-year US Treasuries topped 4.5%, the highest since early 2024.Asian exchanges traded lower overnight, led by a 6% tumble on Seoul's KOSPI index, as tech shares retreated.European bourses tracked solidly south midday on the continent.On the economic calendar is the Empire State Manufacturing Index for May at 8:30 am ET, along with the national industrial production report for April.The Baker Hughes domestic oil-and-gas rig count logs at 1 pm.In pre-market action, Bitcoin traded at $80,664, and spot gold commanded $4,568 an ounce.

Dow JonesNasdaq CompositeS&P 500
Tech Gains Lift Nasdaq, S&P 500 to New Highs
US Markets

Tech Gains Lift Nasdaq, S&P 500 to New Highs

The Nasdaq Composite and the S&P 500 hit new peaks on Thursday, buoyed again by gains in the technology sector.The Nasdaq rose 0.9% to 26,635.2, while the S&P 500 climbed 0.8% to 7,501.4 -- both logging record closing highs for the second straight day. The Dow Jones Industrial Average added 0.8% to settle at 50,063.5.Six of the 11 sectors were in the green, led by tech's 1.9% jump, while materials saw the biggest drop. The tech sector rallied yesterday too, ahead of high-stakes talks between US President Donald Trump and his Chinese counterpart, Xi Jinping.Cisco Systems (CSCO) shares rallied 13%, the biggest gainer on the S&P 500 and the Dow. Late Wednesday, Cisco's fiscal third-quarter results exceeded Wall Street's estimates, while the networking equipment maker announced a restructuring plan that involved thousands of layoffs.Cisco's expanded hyperscaler partnerships are paying dividends for the company, as evidenced by management expectations for a surge in artificial intelligence orders, Morgan Stanley said in a note e-mailed Thursday.Nvidia (NVDA) followed Cisco on the Dow, up 4.4%. IBM (IBM), Salesforce (CRM) and Microsoft (MSFT) also closed higher.About 10 Chinese companies have secured US clearance to purchase Nvidia's H200 AI chip, Reuters reported, citing unnamed sources."Despite this approval, however, H200s still have not made their way to China given the apparent reluctance of Beijing to support Chinese firms' purchase of American made accelerators," Wedbush Securities analyst Matt Bryson said in a report. "We view this week's talks between the US and China as a chance to possibly shift this dynamic."Trump arrived in China on Wednesday, along with Nvidia Chief Executive Jensen Huang and other executives of major American companies. China's Xi told Huang and CEOs of companies including Apple (AAPL) and Tesla (TSLA) that China will "open wider" to doing business, news outlets reported.Boeing (BA) is set to get an order for 200 jets from China, Fox News reported, citing Trump. The US planemaker's shares declined 4.7%, the biggest drop on the Dow.US Treasury yields were higher in Thursday late-afternoon trade, with the 10-year rate up 1.4 basis points at 4.48% and the two-year rate rising 2.1 basis points to 4.01%.West Texas Intermediate crude was last up 1% at $102.07 a barrel, while Brent rose 0.9% to $106.55.Xi and Trump agreed that the crucial Strait of Hormuz should remain open, The Wall Street Journal reported, citing a White House readout of the Trump-Xi talks."The market could be pinning too much hope on the US-China talks yielding some positive results on Iran," ING Bank said in a note. "Some hope that China could exert pressure on Iran to reach a deal with the US, to end the war and lead to a resumption of energy flows through the Strait of Hormuz."In other company news, Cerebras Systems (CBRS) surged 68% in its public market debut on Thursday, after the artificial intelligence chipmaker priced its initial public offering at well above the top end of the projected range.In economic news, US retail sales in April rose for the third straight month, with analysts saying the increase largely reflected higher prices as the war in Iran kept fuel costs elevated.Inflation has become the "most pressing risk" to the US economy, Kansas City Fed President Jeff Schmid said Thursday."While inflation has moderated significantly from its peak, in my discussions with business leaders across the Tenth District, it is clear that it is still too high," Schmid said in prepared remarks for a conference.Gold was last down 1.1% at $4,654.70 per troy ounce, while silver tumbled 6.2% to $83.84 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$BA$CBRS$CSCO$NVDA$TSLA
Asia Markets

S&P 500, Nasdaq Composite Break Records as Technology Boosts Risk Sentiment

US equity indexes rose as sector-topping technology shares pushed the S&P 500 and the Nasdaq to new peaks on Thursday, while China agreed that Iran should not control the Strait of Hormuz, the chokepoint to about a fifth of global crude oil flows.The Dow Jones Industrial Average climbed 0.8% to 50,063.46, trading close to its all-time high of 50,512.79. The Nasdaq advanced 0.9% to 26,635.22 after hitting a new high of 26,707.14 earlier in the session. The S&P 500 was up 0.8% to 7,501.24, after making a new record of 7,517.12.Technology was the standout gainer, up 1.9% at the close. Materials and real estate led the decliners.Of the top 10 companies with a market capitalization of more than $200 billion, implying a significant sway over indexes, nine were from the technology sector, according to data compiled by Finviz. The top performer in this category was Cisco Systems (CSCO), up 13%, followed by chipmakers Broadcom (AVGO) and Nvidia (NVDA).Cisco, also the leader on the S&P 500, the Nasdaq, and the Dow, overnight reported fiscal Q3 earnings and revenue that topped market expectations and raised fiscal 2026 guidance. The firm also announced restructuring plans that included lay-offs of nearly 4,000 employees.Meanwhile, about 10 Chinese companies have secured US clearance to purchase Nvidia's H200 AI chip, Reuters reported, citing unnamed sources. Shares of the semiconductor manufacturer jumped 4.4%, the second-biggest gainer on the Dow.Cerebras Systems (CBRS) soared 68% in its debut after the artificial intelligence chipmaker priced its initial public offering of 30 million shares at $185 apiece, higher than the prior upgraded range of $150 to $160 set by the company late Wednesday.In economic news, retail sales in April rose for the third straight month, with analysts saying the increase largely reflected higher prices as the war in Iran kept fuel costs elevated. Sales rose 0.5% in April following a revised 1.6% gain in March, the Census Bureau reported, matching the consensus in a survey compiled by Bloomberg."Despite elevated prices at the pump and elsewhere, consumers continue to prove resilient thanks to decent wage gains, savings, and credit cards to support spending," Lindsey Piegza, chief economist at Stifel, said in a note. "That being said, consumers cannot perpetually withstand elevated costs."Business inventories rose 0.9% in March, as expected in a survey compiled by Bloomberg and following a 0.4% increase in the previous month.US Treasury yields were mixed, with the 10-year steady at 4.49%. The two-year rate rose 2.3 basis points to 4.01%.West Texas Intermediate crude oil futures rose 1% to $101.99, and Brent crude futures climbed 0.9% to $106.61.Chinese President Xi Jinping has pledged not to provide military equipment to Iran, CNN reported, citing President Donald Trump. Xi, however, warned the US that a mishandling of Taiwan could plunge bilateral relations to a "dangerous place," according to reports from CNN and Reuters.The two leaders agreed that the crucial Strait of Hormuz should remain a free waterway and Iran shouldn't be able to exact payments for the use of shipping lanes, The Wall Street Journal reported, citing a White House readout of the Trump-Xi talks.In precious metals, gold futures declined 1.1% to $4,654.3, and silver futures slumped 6.2% to $83.81.

Dow JonesNasdaq CompositeS&P 500$AVGO$CBRS$CSCO$NVDA
International

US Equity Markets End Higher Led by Gains in Tech Stocks

US equity indexes ended higher on Thursday as technology stocks led major gains in the Nasdaq and the S&P 500, pushing them toward new all-time highs.* Among the top 10 companies with a market capitalization of more than $200 billion, implying a significant sway over indexes, eight were from the technology sector. In the S&P 500 and Nasdaq, Cisco Systems (CSCO) was the top outperformer.* Retail sales in April rose for the third straight month, up 0.5% following a revised 1.6% gain in March, the Census Bureau reported Thursday, matching the consensus in a survey compiled by Bloomberg.* June West Texas Intermediate crude oil rose $0.81 to settle at $101.83 per barrel, while July Brent crude, the global benchmark, was last seen up $0.74 at $106.37.* Cisco (CSCO) shares were up roughly 13% after the company reported a year-over-year rise in fiscal Q3 earnings and revenue, beating market expectations, and raised its fiscal 2026 guidance. The firm also announced restructuring plans that included lay-offs of nearly 4,000 employees.* Biogen (BIIB) shares were down 6.4% after the company said a phase 2 trial of diranersen in people with early Alzheimer's disease did not meet its primary endpoint.

Dow JonesNasdaq CompositeS&P 500$BIIB$CSCO
Japan

US Equity Indexes March Higher as Technology Tops Sector Charts

US equity indexes rose ahead of Thursday's close, as strong gains in technology helped the S&P 500 and the Nasdaq hit fresh all-time highs.The Dow climbed 0.7% to 50,080.2, with the Nasdaq up 1% to 26,672.5 and the S&P 500 higher by 0.8% to 7,505.5. Technology and energy led the gainers, while materials and real estate were among the decliners.Of the top 10 companies with a market capitalization of more than $200 billion, implying a significant sway over indexes, nine were from the technology sector, according to data compiled by Finviz. The top performer in this category was Cisco Systems (CSCO), up 12% in the final leg of trading.Cisco, also the leader on the S&P 500, the Nasdaq, and the Dow, overnight reported fiscal Q3 earnings and revenue that topped market expectations and raised fiscal 2026 guidance. The firm also announced restructuring plans that included lay-offs of nearly 4,000 employees.Meanwhile, about 10 Chinese companies have secured US clearance to purchase Nvidia's (NVDA) H200 AI chip, Reuters reported, citing unnamed sources. Shares of the semiconductor manufacturer jumped 4.5%, among the top gainers on the Dow.In economic news, retail sales in April rose for the third straight month, with analysts saying the increase largely reflected higher prices as the war in Iran kept fuel costs elevated. Sales rose 0.5% in April following a revised 1.6% gain in March, the Census Bureau reported, matching the consensus in a survey compiled by Bloomberg."Despite elevated prices at the pump and elsewhere, consumers continue to prove resilient thanks to decent wage gains, savings, and credit cards to support spending," Lindsey Piegza, chief economist at Stifel, said in a note. "That being said, consumers cannot perpetually withstand elevated costs."

Dow JonesNasdaq CompositeS&P 500$CSCO$NVDA

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