$BF.A

30 stories mentioning BF.AUpdated 5d ago

Every FINWIRES story that references BF.A, newest first.

Update: Wall Street Snaps 3-Day Losing Streak as Yields Edge Down

(Updates with market moves at the end of the day, and other changes, if any.)US equities rebounded Wednesday following a three-day fall, as Treasury yields edged lower after climbing to multiyear highs.The Dow Jones Industrial Average gained 0.6% to close at 53,061.95. The S&P 500 and the Nasdaq Composite rose 0.5% each to 7,666.60 and 26,217.83, respectively. Except real estate, all sectors were in the green, led by materials.Treasury yields were lower, with the two-year yield down 2.3 basis points at 4.37% and the 10-year yield falling 1.6 basis points to 4.78%. Earlier on Wednesday, the 10-year rate hit 4.818%, its highest level since November 2023, CNBC reported."While easing slightly after hitting multi-year peaks, yields remain elevated," Stifel said in a note on Wednesday.Iran has expanded the number of vessels it says must not sail through the Strait of Hormuz, Reuters reported Wednesday.The US Central Command said Tuesday that its forces completed a wave of strikes against Iranian military targets. Iran reportedly launched retaliatory attacks on Kuwait, Jordan and Bahrain.West Texas Intermediate crude oil was up 0.6% at $90.75 a barrel in Wednesday late-afternoon trade, while Brent advanced 0.8% to $95.37. Both benchmarks were off the day's peaks.In company news, shares of Dell Technologies (DELL) surged nearly 16%, the best performer on the S&P 500, after the company's fiscal second-quarter results beat Wall Street's estimates.Dell's latest results and guidance indicated "broad-based strength," though there are concerns that artificial intelligence-driven compute and storage growth may decelerate sharply in fiscal 2028 or 2029 amid rising prices, UBS Securities said in a note.Palo Alto Networks (PANW) slumped 9.3%, the steepest decline on the S&P 500, as the cybersecurity firm's fiscal fourth-quarter adjusted gross margin declined year over year.Brown-Forman (BF.A, BF.B) reiterated its guidance for fiscal 2027 organic sales on Wednesday as it flagged continuing consumer headwinds that drove weaker-than-expected first-quarter top-line. The company's class A and B shares were up 3.4% and 3.9%, respectively.In economic news, US private sector employment grew at its slowest pace in seven months in August, ADP (ADP) data showed, ahead of the official jobs report due on Friday.Data from the Bureau of Labor Statistics are likely to show Friday that the US economy added 55,000 nonfarm jobs last month, compared with a drop of 23,000 for July, according to a Bloomberg-compiled survey. The unemployment rate is seen unchanged at 4.1%.Spot gold rose 1.4% to $4,388.30 per troy ounce, while silver advanced 0.8% to $65.92 per ounce.

Dow JonesNasdaq CompositeS&P 500$BF.A$BF.B$DELL$PANW

US Markets6d ago

Update: Equities Rise Intraday as Yield Rally Fades

(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday as a rally in Treasury yields lost steam, while commodity traders continued to track developments in the US-Iran conflict.The S&P 500 was up 0.4% at 7,661.4 after midday Wednesday. The Dow Jones Industrial Average and the Nasdaq Composite gained 0.3% each to 52,947.5 and 26,182.3, respectively. The indexes finished Tuesday trading in the red for the third consecutive session.Most sectors were in the green intraday, led by materials, while real estate saw the steepest decline.Treasury yields were little changed intraday, with the two-year yield at 4.39% and the 10-year yield at 4.79%. Earlier Wednesday, the 10-year rate hit 4.818%, its highest level since November 2023, CNBC reported."While easing slightly after hitting multi-year peaks, yields remain elevated," Stifel said in a note on Wednesday.Iran has expanded the number of vessels it says must not sail through the Strait of Hormuz, Reuters reported Wednesday.The US Central Command said Tuesday that its forces completed a wave of strikes against Iranian military targets. Iran reportedly launched retaliatory attacks on Kuwait, Jordan and Bahrain.West Texas Intermediate crude oil was up 1.1% at $91.17 a barrel intraday Wednesday, while Brent advanced 1.2% to $95.81.In company news, shares of Dell Technologies (DELL) were up 9.2% intraday, the best performer on the S&P 500, after the company's fiscal second-quarter results beat Wall Street's estimates.Palo Alto Networks (PANW) slumped nearly 11%, the steepest decline on the S&P 500, as the cybersecurity firm's fiscal fourth-quarter adjusted gross margin declined year over year.Brown-Forman (BF.A, BF.B) reiterated its guidance for fiscal 2027 organic sales on Wednesday as it flagged continuing consumer headwinds that drove weaker-than-expected first-quarter top-line. The company's class A and B shares were up 3.2% and 3.4%, respectively.Broadcom (AVGO), Snowflake (SNOW), Hewlett Packard Enterprise (HPE) and Five Below (FIVE) are scheduled to release their quarterly results after markets close Wednesday.In economic news, US private sector employment grew at its slowest pace in seven months in August, ADP (ADP) data showed, ahead of the official jobs report due on Friday.Data from the Bureau of Labor Statistics are likely to show Friday that the US economy added 55,000 nonfarm jobs last month, compared with a drop of 23,000 for July, according to a Bloomberg-compiled survey. The unemployment rate is seen unchanged at 4.1%.Spot gold rose 0.9% to $4,368.15 per troy ounce, while silver edged up 0.1% to $65.44 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADP$AVGO$BF.A$BF.B$DELL$FIVE$HPE$PANW$SNOW

Sectors6d ago

Sector Update: Consumer Stocks Rise in Afternoon Trading

Consumer stocks were higher Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.7% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.3%.In corporate news, Uber (UBER) is reducing its workforce by about 10% as part of restructuring efforts aimed at removing management layers and reducing "complexity" across the business. Uber shares rose over 2%.Brown-Forman (BF.A, BF.B) reiterated its guidance for fiscal 2027 organic sales on Wednesday as it flagged continuing consumer headwinds that drove weaker-than-expected Q1 top-line. Its shares rose past 3%.G-III Apparel (GIII) shares fell 9% after it reported lower fiscal Q2 net sales and issued fiscal Q3 outlook below expectations.Chipotle Mexican Grill (CMG) shares rose 2.2% after it said Wednesday it has opened its first restaurant in Asia in Seoul, South Korea, in partnership with Sangmidang.

$BF.A$BF.B$CMG$GIII$UBER

US Markets6d ago

Brown-Forman Maintains Full-Year Guidance as First-Quarter Sales Miss Views

Brown-Forman (BF.A, BF.B) reiterated its guidance for fiscal 2027 organic sales on Wednesday as it flagged continuing consumer headwinds that drove weaker-than-expected first-quarter top-line.For the ongoing fiscal year, the parent of Jack Daniel's whiskey continues to expect roughly flat organic sales. Analysts in a FactSet poll are looking for full-year reported sales of $3.95 billion, compared with $3.93 billion in fiscal 2026.Brown-Forman continues to project a 3% to 5% decline in organic operating income for the current fiscal year.For the quarter ended July 31, revenue slipped 1% to $911 million, below Wall Street's $914.8 million view for the class B listing. Earnings per share rose to $0.38 from $0.36."We anticipate the operating environment for fiscal 2027 to remain challenging, as macroeconomic pressures and geopolitical instability continue to negatively impact consumer behavior and beverage alcohol consumption, particularly within developed markets," the company said in its earnings release.Analysts at RBC Capital Markets had seen a challenging first-quarter setup for the wine and spirits maker given a tough comparison and cautious consumer sentiment. In a note e-mailed Tuesday, RBC analysts pointed to severe US spirits headwinds reported by Brown-Forman's competitors, Diageo (DEO) and Pernod Ricard.Beer maker Molson Coors Beverage (TAP) last month reported a 3.3% annual drop in second-quarter net sales as heightened global macroeconomic headwinds weighed on consumer behavior. Earlier this year, Constellation Brands, the maker of Modelo and Corona, posted stronger-than-expected fiscal first-quarter results despite what its chief executive described as "a discerning and value-conscious consumer environment."In the US, consumer sentiment dropped in August amid concerns that inflation will continue to be high for the "foreseeable future," University of Michigan said Friday. Inflation concerns appear to be intensifying as renewed US-Iran hostilities have driven oil prices higher.Brown-Forman said its first-quarter net sales in the US dropped 3% year on year, driven by the end of the Korbel relationship, lower distributor inventories and volume declines for Jack Daniel's Tennessee Blackberry. Sales fell 6% in developed international markets and grew 11% in emerging markets.Sales of whiskey products were flat and tequila revenue plunged 12%, countering 20% sales growth in the ready-to-drink segment.Brown-Forman's class A and B shares rose 2.7% and 3.2%, respectively, in Wednesday trade. They are up 5.4% and 4.3% so far this year.

$BF.A$BF.B$DEO$STZ$TAP$TAP.A

Sectors6d ago

Sector Update: Consumer Stocks Advance Pre-Bell Wednesday

Consumer stocks were advancing pre-bell Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) fractionally higher and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.3%.G-III Apparel (GIII) shares were down nearly 10% after the company reported lower fiscal Q2 net sales and issued fiscal Q3 outlook below expectations.Brown-Forman (BF.A, BF.B) stock was up more than 3% after the company posted higher fiscal Q1 earnings.Kontoor Brands (KTB) shares were 0.6% higher after the company said it is targeting more than $1.1 billion in revenue from Helly Hansen by 2030 as it pursues global expansion of the premium technical apparel brand.

$BF.A$BF.B$GIII$KTB$XLP$XLY

US Markets6d ago

Stocks Fall Pre-Bell Amid Rising Middle East Tensions, Bond Yields

The main US stock measures were trending lower in Wednesday's premarket activity amid escalating tensions in the Middle East and rising bond yields.The S&P 500 declined 0.2%, the Dow Jones Industrial Average edged down 0.1%, and the Nasdaq was off 0.5% before the opening bell. The indexes finished Tuesday trading in the red for the third consecutive session.The US Central Command said Tuesday that its forces completed a wave of strikes against Iranian military targets, following recent attempted attacks by the Islamic Revolutionary Guard Corps against commercial shipping in the Strait of Hormuz.Iran reportedly launched retaliatory drones and missiles on US bases in Kuwait, Jordan and Bahrain, according to multiple media outlets.West Texas Intermediate crude oil rose 0.3% to $90.50 a barrel in premarket action, while Brent increased 0.5% to $95.11.In a social media post on Tuesday, President Donald Trump said he's "not trying to force Iran" to resume negotiations with the US. "I like our position now much better, with almost total control of the Hormuz Strait, and their economy totally collapsing," Trump wrote.Treasury yields were moving higher before the open, with the 10-year rate up 1.8 basis points to 4.81%, reportedly reaching its highest level since November 2023. The two-year rate inclined 0.8 basis points to 4.4%, while the 30-year yield gained 1.9 basis points to 5.29%."Higher yields are proving to be the stock market's undoing," Thierry Wizman, global foreign exchange and rates strategist at Macquarie Group, said in a note e-mailed toon Tuesday. "They force analysts to discount higher earnings more aggressively, thus forcing (price-to-earnings) multiples downward."The Federal Reserve should tighten monetary policy unless inflation cools down, Governor Michael Barr said Tuesday, adding to a growing chorus of hawkish views from policymakers. Fed Chair Kevin Warsh said last week that the central bank's primary focus should be on prices, given that the US is doing well on the employment front.Wednesday's economic calendar has the weekly mortgage applications bulletin at 7 am ET, followed by the ADP Employment report for August at 8:15 am. The Fed's Beige Book, a compilation of economic and business reports from the 12 regional Fed branches, is out at 2 pm.Shares of Dell Technologies (DELL) spiked 9.3% pre-bell after the computer maker's fiscal second-quarter results beat Wall Street's estimates. Palo Alto Networks (PANW) retreated nearly 2% as the cybersecurity firm's fiscal fourth-quarter adjusted gross margin declined year over year.Credo Technology (CRDO) and MongoDB (MDB) fell 8.9% and 13%, respectively, following their latest financial results.Brown Forman (BF.A, BF.B), Ollie's Bargain Outlet (OLLI) and FuelCell Energy (FCEL) are expected to release their quarterly earnings before the bell, among others. Broadcom (AVGO), Snowflake (SNOW), Hewlett Packard Enterprise (HPE) and Five Below (FIVE) post their results after the markets close.Gold declined 0.9% to $4,365 per troy ounce, while bitcoin slipped 1% to $76,467.

Dow JonesNasdaq CompositeS&P 500$AVGO$BF.A$BF.B$CRDO$DELL$FCEL$FIVE$HPE$MDB$OLLI$PANW$SNOW

US Markets7d ago

Brown-Forman's Challenging First-Quarter Setup Likely Pressured Revenue, RBC Says

Brown-Forman's (BF.A, BF.B) challenging fiscal first-quarter setup likely pressured its top-line amid a tough comparison and cautious consumer sentiment, RBC Capital Markets said in a note e-mailed Tuesday.The wine and spirits maker is scheduled to release its quarterly results on Wednesday.RBC is projecting revenue of $919.4 million, down from $924 million a year earlier, while analysts in the FactSet survey are looking for about $915 million. The brokerage expects adjusted earnings per share of $0.37, matching the FactSet-polled consensus, compared with $0.36 a year ago.The first-quarter setup for the parent of Jack Daniel's whiskey includes the "toughest revenue comparison of the year" as Brown-Forman laps the initial US launch of JD Tennessee Blackberry and a major US distributor transition, RBC co-head of global consumer and retail research Nik Modi said."Overall, we remain cautious on (Brown-Forman) as the company works through the burden of lapping Blackberry load-in and distributor transitions, with still muted category dynamics, and mounting consumer pressures," Modi wrote.Distributors are concerned about Brown-Forman's "ability to lap the strong launch of Jack Daniels Blackberry" and expect increased promotional activity in the spirits market over the coming months."Peer reads and our distributor checks confirm a challenged US spirits backdrop with subdued consumer confidence and affordability pressures," Modi said.Brown-Forman's competitors Diageo and Pernod Ricard have reported "severe US spirits headwinds," according to RBC.Last week, a survey by the University of Michigan showed that US consumer sentiment dropped in August amid concerns that inflation will continue to be high for the "foreseeable future." The Conference Board separately said that consumer confidence fell in August with a "more pessimistic" outlook for business conditions and the labor market ahead.In June, Brown-Forman said it anticipated fiscal 2027 organic sales to be roughly flat after the metric was unchanged for the year ended April 30. The Street is looking for reported sales of $3.95 billion for the ongoing fiscal year.Molson Coors Beverage (TAP) last month reported a 3.3% annual drop in second-quarter net sales as heightened global macroeconomic headwinds weighed on consumer behavior.

$BF.A$BF.B$TAP

Sectors43d ago

Sector Update: Consumer Stocks Rise Late Afternoon

Consumer stocks were higher late Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 1.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 1.3%.In corporate news, Ford (F) has joined the competition to build the US Army's newest tactical truck, marking its pursuit of its largest military contract since the Cold War, The Wall Street Journal reported Monday. Ford shares added 1.6%.JetBlue Airways (JBLU) said Monday it is introducing new fare options as part of a simplified flight shopping process to prepare for the launch of BlueFirst, its new domestic first-class product. Its shares rose 2.9%.Coca-Cola FEMSA (KOF) shares jumped past 5% after the company reported better than expected Q2 earnings and revenue.Brown-Forman (BF.A, BF.B) said Sunday it has received an unsolicited takeover offer from Sazerac, and concluded that the proposal is "not actionable." Brown-Forman Class A shares rose 4.3%, and its Class B shares climbed 4.8%.

$BF.A$BF.B$F$JBLU$KOF

Sectors43d ago

Sector Update: Consumer Stocks Rise in Afternoon Trading

Consumer stocks were higher Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 1.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 1.1%.In corporate news, Ford (F) has joined the competition to build the US Army's newest tactical truck, marking its pursuit of its largest military contract since the Cold War, The Wall Street Journal reported Monday. Ford shares added 0.8%.Coca-Cola FEMSA (KOF) shares jumped nearly 5% after the company reported better than expected Q2 earnings and revenue.Brown-Forman (BF.A, BF.B) said Sunday it has received an unsolicited takeover offer from Sazerac, and concluded that the proposal is "not actionable." Brown-Forman Class A shares rose 3.5%, and its Class B shares climbed up 3.6%.

$BF.A$BF.B$F$KOF

Sectors43d ago

Sector Update: Consumer Stocks Advance Premarket Monday

Consumer stocks were advancing premarket Monday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) 0.3% higher and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 1.3%.Brown-Forman (BF.A, BF.B) has received an unsolicited takeover offer from Sazerac, the company said, noting that the proposal was "not actionable." Brown-Forman Class A shares were up 0.9% pre-bell, while its Class B shares rose 1.3%.Coca-Cola (KO) shares were 0.9% higher after the company said its fairlife dairy business has resumed the majority of production at its four US facilities following a ransomware incident that temporarily disrupted operations.

$BF.A$BF.B$KO$XLP$XLY

Sectors43d ago

Sector Update: Consumer

$BF.A$BF.B

US Markets92d ago

Brown-Forman Enters Fiscal 2027 With Well-Supported Guidance, BofA Says in Upgrade

Brown-Forman (BF.A, BF.B) enters fiscal 2027 with a well-supported guidance that is expected to shake off prior geographic drags and benefit from a sustained product momentum, BofA Securities said Monday.Last week, the wine and spirits maker said it expected fiscal 2027 organic sales to be roughly flat after closing out last year unchanged too. "We anticipate the operating environment for fiscal 2027 to remain challenging," the parent of Jack Daniel's whiskey said at the time.The company's fiscal fourth-quarter earnings unexpectedly fell on an annual basis. It expects full-year organic operating income to drop by 3% to 5%, compared with a 2% decrease in fiscal 2026."We view (fiscal 2027) guidance as well underpinned, reducing the risk of further earnings downgrades," BofA analyst Andrea Pistacchi said in a note to clients Monday. "Top-line is supported by strength in (emerging markets notably Brazil, Mexico, Turkiye) and continued outperformance in the US," Pistacchi said, adding that the new year is no longer expected to face a drag from Canada and the non-branded category.The brokerage upgraded its rating on the Brown-Forman stock to neutral from underperform and raised its price objective to $28 from $26.50."Why not more positive?," Pistacchi said. "Top-line growth remains modest (broadly flat), and below other staples, and uncertainty on the pace of recovery in the US."Shipments are expected to lag depletions slightly in the US this year, though the company is likely to continue to outperform the spirits market, BofA said."Management appears confident that Blackberry can sustain momentum as it laps the launch comps from August, while New Mix (ready-to-drink) has started strongly and is contributing meaningfully to US growth," Pistacchi said. "We also expect the strong momentum in emerging to continue."The company's balance sheet is strong, while its cash conversion in improving, according to the note. BofA expects "more consistent and potentially accelerating" buybacks, supporting Brown-Forman's earnings growth through 2029.In late April, Brown-Forman and French beverages firm Pernod Ricard said they terminated discussions regarding a potential business combination, as they were unable to reach "mutually agreeable" terms.

$BF.A$BF.B

Sectors95d ago

Sector Update: Consumer Stocks Mixed Friday Afternoon

Consumer stocks were mixed Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 2.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1%.In corporate news, Tesla's (TSLA) competitive edge of deep vertical integration across hardware and software, coupled with its speed of technology development, leaves the firm uniquely positioned to scale emerging AI-driven markets, JPMorgan Securities said in a note. Tesla shares fell 5%.Brown-Forman (BF.A, BF.B) delivered better-than-expected Q4 revenue, but continues to face weak demand in key developed markets and mounting cost pressures that could weigh on growth and margins in fiscal 2027, RBC said. Brown-Forman Class A shares rose 0.7%, and Class B shares advanced 1.6%.Abercrombie & Fitch (ANF) said Friday it is opening a store in the SoHo district of New York. Abercrombie shares were down 2.1%.

$ANF$BF.A$BF.B$TSLA

Sectors96d ago

Sector Update: Consumer Stocks Advance in Afternoon Trading

Consumer stocks rose Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) edging up 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gaining 0.4%.In corporate news, Costco (COST) shares rose 1.5% after the company reported net sales of $24.01 billion in May, up from $20.97 billion a year earlier.Brown-Forman's (BF.A, BF.B) fiscal Q4 earnings unexpectedly declined on an annual basis, while the wine and spirits maker projected flat organic sales this year amid a weak consumer backdrop. Its Class A shares were up 0.8%, and the Class B shares rose 1.4%.Toro (TTC) on Thursday lifted its full-year outlook on the back of a fiscal Q2 beat that came amid broad-based customer demand and margin expansion. Toro shares added 1.1%.

$BF.A$BF.B$COST$TTC

US Markets96d ago

Brown-Forman Quarterly Earnings Surprisingly Fall; Whiskey Maker Sees Flat Full-Year Organic Sales

Brown-Forman's (BF.A, BF.B) fiscal fourth-quarter earnings unexpectedly declined on an annual basis, while the wine and spirits maker projected flat organic sales this year amid a weak consumer backdrop.The company's earnings declined to $0.12 a share for the quarter ended April from $0.31 the year before. UBS Securities expected $0.31, which it said late last month was $0.02 below the Visible Alpha consensus.Sales improved 2% to $912 million, topping Wall Street's view for $878.1 million.Brown-Forman's class A and B shares rose 1.6% each intraday Thursday.The parent of Jack Daniel's whiskey anticipates fiscal 2027 organic sales to be roughly flat after closing out last year unchanged too. The Street is looking for reported sales of $3.94 billion for the ongoing fiscal year."We anticipate the operating environment for fiscal 2027 to remain challenging, as macroeconomic pressures and geopolitical instability continue to negatively impact consumer behavior and beverage alcohol consumption, particularly within developed markets," the company said in a statement.Brown-Forman expects its full-year organic operating income to decline by 3% to 5%, compared with a 2% decrease in fiscal 2026.Fiscal 2026 sales for whiskey products rose 3%, buoyed by factors including the launch of Jack Daniel's Tennessee Blackberry and foreign-exchange tailwinds, Brown-Forman said. The tequila portfolio dropped 4%, while the ready-to-drink category climbed 11%.Full-year sales in the US fell 7% despite higher prices, while developed international markets were flat. Sales in emerging markets advanced 14%.

$BF.A$BF.B

Sectors96d ago

Sector Update: Financial Stocks Edge Higher Pre-Bell Thursday

Financial stocks were edging higher pre-bell Thursday, with the State Street Financial Select Sector SPDR ETF (XLF) advancing by 1.2%.The Direxion Daily Financial Bull 3X Shares (FAS) was up 3.5% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 3.2% lower.Blackstone's (BX) Blackstone Private Credit Fund said repurchase requests equaled about 10% of shares outstanding in Q2, but it will fulfill requests representing just 5% of its value, according to media reports. Shares of Blackstone were up more than 1% premarket.Bank of America (BAC) is hiring Anshul Gupta from Avendus Capital to lead its investment banking operations in India, Bloomberg reported, citing unnamed people familiar with the matter. Bank of America stock was up more than 1% pre-bell.Brown-Forman (BF.A, BF.B) shares were down more than 1% after the company reported a decline in fiscal Q4 earnings.

$BAC$BF.A$BF.B$BX$FAS$FAZ$XLF

US Markets96d ago

Stocks Mostly Down Pre-Bell as Middle East Concerns Persist

US equity markets were mostly pointing lower before the opening bell Thursday as Middle East uncertainty continued to weigh on sentiment.The S&P 500 declined 0.5% and the Nasdaq fell 1.2% in premarket activity, while the Dow Jones Industrial Average rose 0.5%. The indexes finished the previous trading session in the red, with the S&P 500 snapping a nine-day winning streak.Iran reportedly launched strikes targeting US bases in Kuwait and Bahrain, as well as a vessel near the Strait of Hormuz, in a significant escalation since a ceasefire took effect in April, several media outlets reported Wednesday. Earlier in the week, the US Central Command said it conducted self-defense strikes on Qeshm Island in response to attempted attacks by Iran across the Middle East.The Republican-led House voted 215-208 Wednesday to limit President Donald Trump's war powers in Iran, CNN reported.Trump suggested on Wednesday that there could be progress in negotiations with Iran as soon as this weekend, CNBC reported. Iranian Foreign Minister Abbas Araghchi said contacts with Washington have not been cut off, but there has been no progress in discussions, according to the report.Israel and Lebanon agreed on Wednesday to implement a ceasefire, subject to Iran-backed Hezbollah ending all fire and evacuating its operatives from the South Litani Sector, the US State Department said in a statement.West Texas Intermediate crude oil decreased 1% to $95.06 a barrel before the open, while Brent moved down 1.3% to $96.60.Treasury yields were down in premarket action, with the two-year rate retreating 3.1 basis points to 4.05% and the 10-year rate off 1.4 basis points to 4.48%.Employers in the US announced 97,006 layoffs in May, up 16% from the month prior and 3% year over year, according to Challenger, Gray & Christmas' latest report. Thursday's economic calendar also has the weekly jobless claims bulletin.On Wednesday, data from payroll processing firm ADP (ADP) showed that employment in the US private sector increased more than expected in May. The government's nonfarm payrolls report for May is scheduled to be released on Friday.Federal Reserve Bank of Richmond President Thomas Barkin is slated to speak at 8:30 am ET, while San Francisco Fed President Mary Daly speaks at 1:10 pm.Most Federal Reserve districts saw slight to moderate growth in economic activity since mid-April, while consumer spending remained mixed, the US central bank said in its latest Beige Book released Wednesday.Space Exploration Technologies, widely known as SpaceX, is aiming to raise about $75 billion in what could be the biggest initial public offering of all time.Broadcom (AVGO) and CrowdStrike (CRWD) dropped 11% each pre-bell after reporting their latest financial results.Ciena (CIEN), Brown Forman (BF.A, BF.B) and Toro (TTC) report their quarterly earnings before the bell, among others. Lululemon Athletica (LULU), Guidewire Software (GWRE) and DocuSign (DOCU) post results after the markets close.Gold gained 0.7% to $4,497 per troy ounce, while bitcoin dropped 4.9% to $62,329.

Dow JonesNasdaq CompositeS&P 500$AVGO$BF.A$BF.B$CIEN$CRWD$DOCU$GWRE$LULU$TTC

Sectors123d ago

Sector Update: Consumer Stocks Rise Late Afternoon

Consumer stocks were higher late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 0.2%.In corporate news, Brown-Forman (BF.A, BF.B) and Pernod Ricard's $15 billion deal talks fell apart over control of the combined company, Semafor reported Friday. While Brown-Forman is the slightly smaller of the two companies, the Brown family wanted to take a stake in the combined company that would have been larger than the Ricard family's, the report said. Brown-Forman Class A shares were up 0.7%, and its Class B shares rose 1.4%.Monster Beverage (MNST) shares jumped past 13% after the company reported Q1 results above market estimates amid strong growth in the energy drinks category.Airbnb's (ABNB) Q1 earnings lagged Wall Street's estimates, while the vacation rental firm reported higher-than-expected revenue amid demand momentum. Its shares were up 1.1%.Wendy's (WEN) reiterated its full-year outlook on Friday as the fast food chain's fiscal Q1 revenue unexpectedly increased year over year. Its shares climbed 5.3%.

$ABNB$BF.A$BF.B$MNST$WEN

Sectors123d ago

Sector Update: Consumer

Consumer stocks were higher late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 0.3%.In corporate news, Brown-Forman (BF.A, BF.B) and Pernod Ricard's $15 billion deal talks fell apart over control of the combined company, Semafor reported Friday. While Brown-Forman is the slightly smaller of the two companies, the Brown family wanted to take a stake in the combined company that would have been larger than the Ricard family's, the report said. Brown-Forman Class A shares were up 0.4%, and its Class B shares rose 0.9%.

$BF.A$BF.B

US Markets132d ago

Equities Mixed Following Fed Pause; Oil Gains

US equities closed mixed Wednesday after the Federal Reserve kept interest rates steady at the end of what was likely Jerome Powell's last policy meeting as central bank chief.The Dow Jones Industrial Average fell 0.6% to 48,861.8, while the Nasdaq Composite and the S&P 500 were little changed at 24,673.2 and 7,136, respectively. Most sectors ended in the red, led by utilities, while energy paced the gainers.The central bank's Federal Open Market Committee left its policy rate unchanged as policymakers saw the Middle East conflict fueling uncertainty around the US economic outlook.In a post-meeting press conference, Powell said he will stay on as a Fed governor for an indefinite period after his term as Fed chief expires on May 15. Earlier in the day, the US Senate Banking Committee voted to advance Kevin Warsh's nomination as Fed chair to the Republican-controlled Senate.Fed Governor Stephen Miran dissented from the majority at the meeting, preferring to reduce rates by a quarter percentage point, the FOMC said. Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari and Dallas Fed President Lorie Logan supported the policy decision, but opposed including an easing bias in the statement.There were only minor changes to the policy statement, but overall sentiment "leaned slightly hawkish, with several participants voting against maintaining the current easing bias," TD Economics said in a report."It seems very unlikely that a Warsh Fed will quickly pivot to lowering interest rates," TD Senior Economist Thomas Feltmate said in a note. "Decisions are made by a majority vote, and it's becoming clear that many participants are reluctant to take rates any lower amid a resilient economy and still elevated inflationary pressures."Oil prices surged after President Donald Trump reportedly rejected an Iranian proposal to lift a US naval blockade. Brent crude was last up 7.5% at $119.62 per barrel, while West Texas Intermediate crude jumped 7.8% to $107.70.Trump told Axios on Wednesday he will maintain the US naval blockade of Iranian ports until Tehran agrees to a nuclear deal. Iran wanted the Strait of Hormuz opened before the two sides could sit down to discuss uranium enrichment at a later stage.In a social media post on Wednesday, Trump said Iran "better get smart soon.""Crude oil has resumed its war-driven rally, with Brent rising almost non-stop since a brief mid-month tumble to ($86 per barrel), when hopes for a peace deal and a short-lived reopening of the Strait of Hormuz triggered a sharp but temporary correction," Saxo Bank Head of Commodity Strategy Ole Hansen said in a report Wednesday.US Treasury yields were higher, with the 10-year rate up 6.4 basis points at 4.42% and the two-year rate rising 9.1 basis points to 3.94%.In company news, Visa (V) shares jumped 8.3%, the biggest gain on the Dow, after the payments giant lifted its full-year growth outlook and reported better-than-expected fiscal second-quarter results.NXP Semiconductors (NXPI) shares surged nearly 26%, the best performer on the S&P 500, after the company reported fiscal first-quarter results late Tuesday.Brown-Forman (BF.A, BF.B) class B shares slumped 10%, among the steepest declines on the S&P 500. The company said late Tuesday that it and Pernod Ricard terminated discussions regarding a potential business combination.Gold fell 1% at $4,560.50 per troy ounce, while silver dropped 1.5% to $72.14 per ounce.

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