$AZO

23 stories mentioning AZO

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Stocks Rise Pre-Bell as Investors Monitor Latest Middle East Developments, Await Key Economic Data

The benchmark US stock measures were pointing higher before the opening bell Tuesday as traders assess the latest developments in the Middle East and await key economic data later in the week.The S&P 500 rose 0.6%, the Dow Jones Industrial Average gained 0.5% and the Nasdaq added nearly 1% in premarket activity. The indexes finished Friday trading in the green, with the Dow hitting a new record high.US markets were closed on Monday for the Memorial Day holiday.The US military said it carried out strikes in southern Iran on Monday, targeting missile launch locations and vessels allegedly trying to deploy mines, CNBC reported. The US Central Command said the strikes were intended "to protect our troops from threats posed by Iranian forces," the report added.Iran's Islamic Revolutionary Guard Corps reportedly said Tuesday it would retaliate against violations of the ongoing ceasefire.The incident occurred after President Donald Trump said in a social media post on Monday that negotiations with Iran were "proceeding nicely." In a separate post, Trump said that Iran's enriched uranium "will either be immediately turned over to the US" or be destroyed in place or at another "acceptable location."Tehran's semi-official Tasnim news agency reportedly described recent discussions with the US as "overall good," but said that a memorandum of understanding between the two countries would be subject to the release of $24 billion in frozen Iranian funds.West Texas Intermediate crude oil declined 4.4% to $92.31 a barrel before the open, while Brent fell 4.7% to $95.6.The personal income and outlays report for April is scheduled to be released on Thursday. The report includes the personal consumption expenditure core price index, the Federal Reserve's preferred inflation metric. The second estimate report of the first-quarter gross domestic product is also due on Thursday.Treasury yields fell in premarket action, with the two-year rate retreating 6.5 basis points to 4.06% and the 10-year rate declining 7.6 basis points to 4.5%.Tuesday's economic calendar has the Chicago Fed national activity index for last month at 8:30 am ET, followed by the Case-Shiller Home Price Index and the Federal Housing Finance Agency House Price Index, both for March at 9 am. The consumer confidence report for May is out at 10 am, followed by the Dallas Fed manufacturing survey for the same month at 10:30 am.Costco Wholesale (COST), Marvell Technology (MRVL), Salesforce (CRM) and Dell Technologies (DELL) are some of the major companies slated to release their latest financial results this week.AutoZone (AZO) posts earnings before the bell, among others, while Zscaler (ZS) is expected to announce its results after the markets close.Gold edged up 0.2% to $4,531 per troy ounce, while bitcoin slipped 0.3% to $77,121.

Dow JonesNasdaq CompositeS&P 500$AZO$COST$CRM$DELL$MRVL$ZS

Asia Markets20d ago

US Equity Investors to Focus on Iran War Resolution as Inflation Takes Center Stage While Q1 Earnings Wind Down

US equity investors will monitor closely ongoing talks in the Middle East to end the Iran war, as continued closure of the Strait of Hormuz fuels inflation concerns and Q1 earnings begin to wind down.* The US military carried out what it called "self-defense strikes" targeting Iranian missile launch sites and boats around the Strait of Hormuz, CNN reported Tuesday.* The strikes came hours after Iranian negotiators met with Qatari mediators in Doha for talks in coordination with the US, CNN reported. The US and Iran are working toward a "memorandum of understanding," but disputes over language concerning Iran's nuclear program and sanctions have held up a deal, the news report said.* Investors will watch out for the personal consumption expenditures price index this week, shortened by the Memorial Day holiday. Other indicators include initial jobless claims, the Consumer Board's consumer confidence index, and the preliminary read on Q1 gross domestic product growth.* Investors will look out for the views of Fed officials on the speaking circuit this week, including Fed Vice Chairs Michelle Bowman and Philip Jefferson, Fed Board Member Lisa Cook, New York Fed President John Williams, Dallas Fed President Lorie Logan, and Philadelphia Fed President Anna Paulson.* "Bonds have cheapened partly because markets have pivoted toward pricing Fed rate hikes," a Scotiabank note said Friday, referring to the surge in the 30-year to its highest since 2007. "A little over a quarter point of rate hikes is priced into year-end and early next year compared to early March when markets were leaning toward pricing 50--75bps of cuts."* Quarterly earnings due this week include AutoZone (AZO), Marvell Technology (MRVL), Salesforce (CRM), and Costco Wholesale (COST). S&P 500 earnings have soared by about 29% year-over-year, versus almost 13% set out as of March 31, based on over quarterly results from about 95% firms that have reported, a DA Davidson note said on Friday.

Dow JonesNasdaq CompositeS&P 500$AZO$COST$CRM$MRVL

Wire24d ago

AutoZone Gains Market Share as Smaller Rivals Struggle, Truist Says

AutoZone (AZO) is gaining market share by riding on its service and inventory availability, as smaller rivals face heat from higher interest rates, tariffs, and broader macroeconomic challenges, Truist Securities said in a note on Friday.The automotive parts retailer, much like its peer O'Reilly Automotive (ORLY), is also benefiting from a consumer trend of repairing or fixing vehicles rather than purchasing new ones as higher cost-of-living constrain spending, according to the note.The brokerage sees the operating environment for smaller companies to become increasingly difficult over time, while it expects AutoZone's inventory accounting pressures to ease over the next few quarters and operating expense growth to slow down as the company continues to aggressively buy back shares.Truist maintained its buy rating and its price target of $4,045.Price: $3447.58, Change: $+9.40, Percent Change: +0.27%

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