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US Markets

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.

Dow JonesNasdaq CompositeS&P 500$BF.A$BF.B$NXPI$V
Wire

Brown-Forman, Pernod Ricard End Talks on Potential Combination

Brown-Forman (BF.A) and Pernod Ricard ended discussions over a potential business combination after failing to reach mutually agreeable terms."We intend to create long-term value for all stakeholders by focusing on our strategic and operational priorities," Brown-Forman said Tuesday in a statement. "This includes unlocking future growth by expanding our geographic footprint, continuing to build brands that resonate with consumers, and enhancing operational efficiency."In late March, the companies confirmed they were in talks, noting "there could be no assurance that any such agreement would be reached."Brown-Forman shares fell 2.9% in after-hours trading.

$BF.A$BF.B
Sectors

Sector Update: Consumer Stocks Decline Late Afternoon

Consumer stocks were lower late Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) down 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 0.6%.In corporate news, Caesars Entertainment (CZR) extended the exclusive-talks period regarding an $18 billion takeover by Tilman Fertitta, the owner of the Golden Nugget casino chain, Bloomberg reported. Fertitta has been in talks to buy Caesars for about $32 a share, the report said. Caesars shares rose 1.5%.QXO (QXO) has agreed to buy insulation products firm TopBuild (BLD) in a cash-and-stock deal worth roughly $17 billion, as the roofing products distributor aims to expand its building products portfolio. QXO shares fell 3%, and TopBuild jumped past 19%.Brown-Forman (BF.A) is said to favor a potential sale to Pernod Ricard over another proposal from Sazerac, Bloomberg reported. Brown-Forman shares were up 0.3%.JetBlue Airways (JBLU) CEO Joanna Geraghty told employees that the airline isn't considering bankruptcy filing this year, Bloomberg reported. JetBlue shares were down 2.1%.

$BF.A$BLD$CZR$JBLU$QXO
Wire

Sector Update: Consumer Stocks Decline in Afternoon Trading

Consumer stocks were lower Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) fractionally lower and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) down 0.8%.In sector news, the US Department of Justice's Antitrust Division is criminally investigating large meatpacking companies after President Donald Trump in November accused the firms of manipulating prices, The Wall Street Journal reported.In corporate news, QXO (QXO) has agreed to buy insulation products company TopBuild (BLD) in a cash-and-stock deal worth roughly $17 billion, as the roofing products distributor aims to expand its building products portfolio. QXO shares fell 5.2%, and TopBuild jumped past 17%.Brown-Forman (BF.A) is said to favor a potential sale to Pernod Ricard over another proposal from Sazerac, Bloomberg reported. Brown-Forman shares were down 0.8%.Rivian Automotive's (RIVN) factory in central Illinois was damaged by a tornado over the weekend, CNBC reported, citing an internal message from CEO RJ Scaringe to employees Sunday night. Rivian shares fell 1.8%.

$BF.A$BLD$QXO$RIVN
Sectors

Sector Update: Consumer Stocks Edge Higher Pre-Bell Thursday

Consumer stocks were edging higher pre-bell Thursday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advancing by 0.2%.PepsiCo (PEP) stock was up 0.7% after the company posted higher fiscal Q1 core earnings and net revenue.Brown-Forman (BF.A, BF.B) continues to be in merger discussions with Pernod Ricard, Reuters reported, citing Pernod Ricard Chief Financial Officer Helene de Tissot. Brown-Forman shares were down 0.3% premarket.

$BF.A$BF.B$PEP$XLP$XLY
Sectors

Sector Update: Consumer Stocks Mixed Late Afternoon

Consumer stocks were mixed late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 1.6%.In corporate news, Tesla (TSLA) has completed the tape-out of its AI5 chip and is advancing development of AI6 and Dojo3, CEO Elon Musk said on X on Wednesday. Tape-out marks the final design stage before a chip is sent to manufacturing. Tesla shares jumped past 8%.Brown-Forman (BF.A, BF.B) received a buyout offer from Sazerac for around $15 billion, The Wall Street Journal reported. Brown-Forman Class A shares rose 1% and its Class B shares added 0.9%.Stellantis (STLA) is considering reviving a partnership with Dongfeng Motor under which the companies would jointly produce cars in Europe and China, Bloomberg reported. Stellantis shares gained 1.9%.Domino's Pizza's (DPZ) Q1 results will likely miss Wall Street's estimates, with economic challenges expected to drive a downgrade to the pizza restaurant operator's same-store sales outlook for the US, RBC Capital Markets said in a note. Domino's Pizza shares were fractionally lower.

$BF.A$BF.B$DPZ$STLA$TSLA
Sectors

Sector Update: Consumer

Consumer stocks were mixed late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 1.6%.In corporate news, Brown-Forman (BF.A, BF.B) received a buyout offer from Sazerac for around $15 billion, The Wall Street Journal reported. Brown-Forman Class A shares rose 1% and its Class B shares added 0.9%.

$BF.A$BF.B
Sectors

Sector Update: Consumer Stocks Mixed Pre-Bell Friday

Consumer stocks were mixed pre-bell Friday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) slightly lower and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advancing by 0.1%.Brown-Forman (BF.A, BF.B) was approached by Sazerac about a potential transaction amid ongoing discussions with French spirits company Pernod Ricard, The Wall Street Journal reported, citing people familiar with the matter. Brown-Forman stock was up more than 1% premarket.TAL Education Group (TAL), Baidu (BIDU), along with several other venture capital entities, participated in the Series B investment round for Chinese artificial intelligence developer ShengShu Technology, the AI company said. TAL Education Group shares were up more than 1% pre-bell.JD.com (JD) shares were 0.7% higher after the company said it closed its offering of 10 billion Chinese renminbi ($1.46 billion) of senior unsecured notes.

$BF.A$BF.B$BIDU$JD$TAL$XLP$XLY
Sectors

Sector Update: Consumer

Consumer stocks were edging higher pre-bell Friday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advancing by 0.2%.Brown-Forman (BF.A, BF.B) was approached by Sazerac about a potential transaction amid ongoing discussions with French spirits company Pernod Ricard, The Wall Street Journal reported, citing people familiar with the matter. Brown-Forman stock was up 1% premarket.

$BF.A$BF.B
US Markets

Nasdaq, S&P 500 Extend Winning Streak as Truce Remains Intact

The Nasdaq Composite and the S&P 500 posted their seventh straight day of gains as a two-week ceasefire between the US and Iran appeared to remain on track.The Nasdaq closed 0.8% higher at 22,822.4, its highest close since Feb. 26 -- two days before the US-Israel war with Iran started. The S&P 500 climbed 0.6% to 6,824.7.The Dow Jones Industrial Average added 0.6% to settle at 48,185.8, advancing for a second consecutive session.Barring energy and health care, all sectors were in the green, led by consumer discretionary's 2.5% rise.Officials from Washington and Tehran are expected to meet this weekend in Pakistan, which helped broker the truce.Israeli Prime Minister Benjamin Netanyahu said the country would negotiate with Lebanon on disarming Hezbollah, CNN reported Thursday. Iranian state media previously reported that transit through the Strait of Hormuz was halted following Israeli attacks on Lebanon.Oil prices jumped, with West Texas Intermediate crude last up 4.9% at $99.06 per barrel. The benchmark hit up to $102.70 per barrel earlier in the session as shipment activity through the Strait of Hormuz remained restricted. Brent crude climbed 2.4% to $96.99 per barrel.The rebound in oil prices follows the sharpest one-day pullback since 2020 in the previous session following the ceasefire announcement."With a full reopening of the strait unlikely in the near term, oil prices are expected to remain supported, as disruptions linked to reduced output and refinery shutdowns will take time to unwind," ING Bank said in a note.US Treasury yields were declining, with the 10-year rate down 1.5 basis points at 4.29% and the two-year rate falling 2.1 basis points at 3.77%.In economic news, US inflation accelerated sequentially in February as real consumer spending edged higher, with analysts expecting price pressures to intensify due to the spillover effects of the Middle East conflict.The Federal Reserve's preferred inflation metric -- which excludes food and energy -- rose 0.4% month over month, unchanged from January's reading. Annual growth slowed to 3% from 3.1%. All inflation prints met estimates in Bloomberg-compiled surveys."With headline inflation likely to test 4% soon, there is little chance the Fed will ease policy in the near term," BMO Capital Markets said in a note.The US economy expanded at a slower rate in the fourth quarter than previously projected, as consumer spending growth decelerated, the Bureau of Economic Analysis' third estimate showed Thursday."The downward revision to (fourth-quarter) GDP is not a major concern, as it was driven by the volatile inventory component," Oxford Economics Chief US Economist Michael Pearce said in remarks e-mailed to. "Gross domestic income -- a better gauge of underlying activity -- and gross domestic output of private business showed the core of the economy was still expanding at a healthy pace at the end of last year."In company news, CoreWeave (CRWV) agreed to supply artificial intelligence cloud capacity to Meta Platforms (META) in a $21 billion deal as the companies expanded their partnership amid robust demand for infrastructure supporting AI workloads. CoreWeave shares rose 3.5%, while Meta gained 2.6%.Ares Management (ARES) agreed to acquire and take private Whitestone REIT (WSR) in an all-cash deal worth about $1.7 billion. Whitestone shares jumped nearly 12%, while Ares was virtually flat.Brown-Forman (BF.A, BF.B) was approached by Sazerac about a potential transaction amid ongoing discussions with French spirits company Pernod Ricard, The Wall Street Journal reported Thursday, citing people familiar with the matter. The company's class B shares surged nearly 13%, the top gainer on the S&P 500, while its A shares soared 11%.Chevron (CVX) said it expected higher commodity prices driven by the Middle East conflict to boost first-quarter earnings in its upstream segment by up to $2.2 billion, though timing impacts could weigh on the oil giant's bottom line. The company's shares fell 1.3%, among the worst performers on the Dow.Gold was last up 0.4% at $4,795.80 per troy ounce, while silver advanced 0.6% to $76.84 per ounce.

Dow JonesNasdaq CompositeS&P 500$ARES$BF.A$BF.B$CRWV$CVX$META$WSR
Sectors

Sector Update: Consumer Stocks Rise Late Afternoon

Consumer stocks were higher late Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.8% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 1.6%.In corporate news, Netflix (NFLX) may outperform its own guidance for the full year as the impact of earlier-than-expected price increases takes hold, UBS Securities said in a note emailed Thursday. Netflix shares were up 2.8%.Brown-Forman (BF.A, BF.B) was approached by Sazerac about a potential transaction amid ongoing talks with French spirits company Pernod Ricard, The Wall Street Journal reported. Brown-Forman Class A and Class B shares jumped 11% and 13% respectively.StubHub (STUB) will pay $10 million to settle US Federal Trade Commission charges that it deceptively advertised ticket prices by failing to disclose mandatory fees upfront, the agency said. StubHub shares fell 2.8%.Constellation Brands (STZ) shares climbed past 8% after the company reported late Wednesday fiscal Q4 non-GAAP net income and revenue that beat analysts' expectations.

$BF.A$BF.B$NFLX$STUB$STZ

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