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Wire

Sector Update: Financial Stocks Rise Late Afternoon

Financial stocks were advancing in late Wednesday afternoon trading, with the NYSE Financial Index rising 0.8% and the State Street Financial Select Sector SPDR ETF (XLF) up 0.7%.The Philadelphia Housing Index was adding 0.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 0.1%.Bitcoin (BTC-USD) shed 0.4% to $64,721, and the yield for 10-year US Treasuries declined 4 basis points to 4.545%.In economic news, the US Producer Price Index fell by 0.3% in June following a 0.6% increase in May, below expectations for a flat reading in a Bloomberg survey. Excluding food and energy prices, core PPI rose 0.2%, slower than the 0.3% gain expected and a 0.1% rise in May.In corporate news, BlackRock (BLK) shares jumped 6.3% after the company posted Q2 results that were better than analysts' expectations.Stripe and Advent International have offered to acquire PayPal (PYPL) for $60.50 per share in a deal that would value the company at more than $53 billion, Reuters reported. PayPal shares surged past 17%.Blackstone (BX), Anthropic and Hellman & Friedman said Wednesday they are launching AI services firm Ode with Anthropic. Blackstone shares climbed 1.9%.Morgan Stanley's (MS) Q2 revenue surpassed Wall Street's projections, with robust investment banking and trading gains driving the top-line higher year on year. Shares added 0.3%.Goldman Sachs (GS) has raised $10 billion from a high-grade bond sale, with the offering drawing orders of about $32 billion at its peak, Bloomberg reported. Goldman shares were up 0.9%.

$BLK$BX$GS$MS$PYPL
Wire

Deutsche Bank Adjusts BlackRock Price Target to $1,258 From $1,232

BlackRock (BLK) has an average rating of buy and mean price target of $1,264.07, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $1085.69, Change: $+60.24, Percent Change: +5.88%

$BLK
Wire

Update: BlackRock Shares Rise After Better-Than-Expected Q2 Results

(Updates with the company's latest stock move in the headline and in the first paragraph.)BlackRock (BLK) shares were up 6.2% in Wednesday trading after the company posted Q2 results that were better than analysts' expectations.The company reported quarterly adjusted earnings of $13.91 per share, up from $12.05 a year earlier.Analysts surveyed by FactSet expected $12.69.Revenue for the quarter ended June 30 was $7.08 billion, up from $5.42 billion a year earlier.Analysts polled expected $6.73 billion.Price: $1086.58, Change: $+61.14, Percent Change: +5.96%

$BLK
Wire

Barclays Adjusts Price Target on BlackRock to $1,450 From $1,340, Keeps Overweight Rating

BlackRock (BLK) has an average rating of buy and mean price target of $1,264.07, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $1088.29, Change: $+62.85, Percent Change: +6.13%

$BLK
Asia Markets

Update: US Equity Indexes Edge Up After Producer Price Inflation Unexpectedly Drops, Iran Signals Red Sea Disruption

(Updates with index/price moves, macroeconomic/rates data, and company/geopolitical news from the first paragraph.)US equity indexes ground higher following a surprise decline in the wholesale price inflation rate and a signal from Iran that its allies could shut the maritime gateway to the Red Sea.The Nasdaq rose 0.4% to 26,221.4, the S&P 500 climbed 0.3% to 7,564.7, and the Dow Jones Industrial Average advanced 0.3% to 52,643.8 after midday Wednesday. All three gauges briefly traded moderately lower earlier in the session. Communication services and consumer discretionary topped the gainers, while energy led the decliners.The US Producer Price Index fell 0.3% in June following a 0.6% increase in May, below the flat consensus in a Bloomberg-compiled survey. Excluding food and energy, core PPI rose 0.2%, slower than the 0.3% gain expected and a 0.1% rise in May. PPI was up 5.5% year-over-year in June, versus the 6% gain in May, while core PPI climbed 4.7%, up from 4.6% in May.The probability of the Federal Reserve leaving its policy unchanged in July rose to 90% following the PPI data, from 84% a day ago and 69% a week ago, the CME FedWatch tool showed Wednesday. The likelihood of a pause continuing across September, October, and December also jumped. On Tuesday, market expectations for an unchanged monetary policy surged after the June consumer price inflation rate declined the most since April 2020.Most US Treasury yields fell after midday, with the 10-year down 4.4 basis points to 4.54% and the two-year declining 6.9 basis points to 4.12%.US Central Command struck Iran's coastal defense systems and cruise missile storage and launch sites on Greater Tunb Island during the 90-minute wave on Wednesday, it said. "The strikes further degraded Iran's ability to attack commercial shipping in the Strait of Hormuz." The strikes followed attacks overnight.Iran is now signaling it could use Yemen's Houthi allies to shut the Bab el-Mandeb gateway to the Red Sea, opening a new front against Washington and putting two of the world's most important energy arteries at risk, Reuters reported. As US strikes deepen inside Iran and Houthi attacks escalate in tandem, analysts said Tehran is widening the conflict and seeking to increase pressure on Washington by extending the threat to global trade and energy supplies beyond the Gulf, the news report said.The front-month global benchmark North Sea Brent shed 0.2% to $84.53 a barrel, and the US West Texas Intermediate declined 0.4% to $79.05 a barrel, off session highs.Excluding inventories in the Strategic Petroleum Reserve, US commercial crude oil stocks fell by 1.7 million barrels in the week ended July 10, following the Labor Day weekend, versus a 1.8 million-barrel decline expected in a Bloomberg-compiled poll and a 3.0-million-barrel gain in the previous week. Gasoline stocks fell by 1.5 million barrels, smaller than the 2.0-million-barrel decrease expected. Further, distillate stocks rose by 4.6 million barrels, compared with an expected drop of 2.0 million barrels.In precious metal markets, gold futures retreated 0.2% to $4,060.90, and silver futures slumped 2.2% to $57.78.In company news, Dutch semiconductor equipment supplier ASML (ASML) reported year-over-year growth in Q2 earnings and sales and raised revenue guidance for the full-year 2026.Mega-cap banks continued to post strong results. Morgan Stanley's (MS) Q2 sales beat the outlook, with robust investment banking and trading driving the top line higher year over year. BlackRock (BLK) also reported higher Q2 adjusted earnings and revenue. The Bank of New York Mellon (BNY) reported its Q2 adjusted earnings and revenue above market expectations.Payments firm Stripe and Advent International have offered to acquire PayPal (PYPL) for $60.50 per share in a deal valuing the company at more than $53 billion, Reuters reported, citing two unnamed people familiar with the matter.

Dow JonesNasdaq CompositeS&P 500$ASML$BLK$BNY$MS$PYPL
Wire

Top Midday Stories: PayPal Reportedly Gets Acquisition Offer From Stripe, Advent; ASML Misses Q2 EPS, Sales Estimates, Lifts Outlook

All three major US stock indexes were up in late-morning trading Wednesday, as technology stocks led the way up and additional inflation data showed further cooling.The US Producer Price Index fell by 0.3% in June, below expectations of a flat reading in a survey compiled by Bloomberg as of 7:25 a.m. ET and after a 0.6% increase in May. Core PPI, which excludes food and energy prices, rose by 0.2%, below the 0.3% gain expected and following a 0.1% gain in May.In company news, Stripe and Advent International have offered to acquire PayPal (PYPL) for $60.50 per share in a deal that would value the company at over $53 billion, Reuters reported late Tuesday, citing two people familiar with the matter. Under the proposal, Stripe and Advent would each own a 50% stake in PayPal. The two payments firms have not received a response from PayPal but are seeking to advance talks in the coming weeks, the report said. PayPal shares were up 16.5% around midday.ASML (ASML) reported Q2 earnings Wednesday of 7.58 euros ($8.66) per diluted share, up from 5.90 euros a year earlier but below the FactSet consensus analyst estimate of 8.59 euros. Second-quarter net sales were 9.33 billion euros, up from 7.69 billion euros a year ago but below the FactSet consensus of 10.44 billion euros. For Q3, the company said it expects sales of 11 billion euros to 12 billion euros, compared with the FactSet consensus of 11.70 billion euros. For full-year 2026, ASML expects sales of 43 billion euros to 45 billion euros, up from its previous guidance of 36 billion euros to 40 billion euros and above the FactSet consensus of 39.90 billion euros. ASML shares were down 0.7%.Johnson & Johnson (JNJ) reported fiscal Q2 adjusted earnings Wednesday of $2.90 per diluted share, up from $2.77 a year earlier and above the FactSet consensus of $2.85. Fiscal Q2 reported sales were $25.31 billion, up from $23.74 billion a year ago and above the FactSet consensus of $25.02 billion. For fiscal 2026, the company said it expects adjusted EPS of $11.60 to $11.75, up from its previous guidance of $11.45 to $11.65 and above the FactSet consensus of $11.59. Johnson & Johnson also lifted its full-year sales guidance to a range of $100.8 billion to $101.4 billion from $100.3 billion to $101.3 billion. Analysts expect $101.06 billion. Johnson & Johnson shares were down 1%.Morgan Stanley (MS) reported Q2 earnings Wednesday of $3.46 per diluted share, up from $2.13 a year earlier and above the FactSet consensus of $2.89. Second-quarter net revenue was $21.35 billion, up from $16.79 billion a year ago and above the FactSet consensus of $19.67 billion. Morgan Stanley shares were down 0.7%.BlackRock (BLK) reported Q2 adjusted earnings Wednesday of $13.91 per share, up from $12.05 a year earlier and above the FactSet consensus of $12.69. Second-quarter revenue was $7.08 billion, up from $5.42 billion a year ago and above the FactSet consensus of $6.73 billion. BlackRock shares were up 7.6%.Elevance Health (ELV) reported Q2 adjusted earnings Wednesday of $7.45 per diluted share, down from $8.84 a year earlier but above the FactSet consensus of $6.21. Second-quarter operating revenue was $49.83 billion, up from $49.42 billion a year ago and above the FactSet consensus of $48.84 billion. The company raised its 2026 adjusted EPS outlook to at least $27 from $26.75, above the FactSet consensus of $26.87. Elevance shares were down 8.9%.Price: $1769.64, Change: $-6.00, Percent Change: -0.34%

$ASML$BLK$ELV$JNJ$MS$PYPL
Sectors

Sector Update: Financial Stocks Advance Pre-Bell Wednesday

Financial stocks were advancing pre-bell Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) 0.5% higher.The Direxion Daily Financial Bull 3X Shares (FAS) was up 1.3% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1.2% lower.Payments firm Stripe and Advent International have offered to acquire PayPal (PYPL) for $60.50 per share in a deal that would value the company at more than $53 billion, Reuters reported, citing two unnamed people familiar with the matter. Shares of PayPal were up more than 18% premarket.Morgan Stanley (MS) shares were down more than 1% even after the company posted higher Q2 earnings and net revenue.BlackRock (BLK) stock was up more than 5% after the company reported higher Q2 adjusted earnings and revenue.

$BLK$FAS$FAZ$MS$PYPL$XLF
Commodities

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Wednesday Amid Economic Reports

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.1%, and the actively traded Invesco QQQ Trust (QQQ) advanced 0.4% in Wednesday's premarket activity, amid economic data releases.US stock futures were also higher, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures slipping 0.02%, and Nasdaq futures gaining 0.4% before the start of regular trading.Mortgage applications fell by 2.7% in the week ended July 10 as higher 30-year mortgage rates depressed new home applications, while refinancing activity improved, according to Mortgage Bankers Association data released Wednesday.The New York Federal Reserve's Empire State manufacturing index rose to 15.6 in July from 5.7 in June, compared with a smaller expected increase to a reading of 9.2 in a survey compiled by Bloomberg.US producer prices fell 0.3% in June, compared with expectations for no change, while core producer prices rose 0.2%, below forecasts for a 0.3% increase.Fed Chair Kevin Warsh begins his second day of testimony at 10:00 am ET.Weekly crude oil stocks data are set for release at 10:30 am ET, followed by an appearance byNew York Fed President John Williams and Fed Governor Lisa Cook are slated to speak on Wednesday.The Fed's Beige Book report will be released at 2:00 pm ET.In premarket action, bitcoin was up by 0.1%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.1% higher, Ether ETF (EETH) advanced 0.1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) retreated 0.01%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.6%, the Vanguard Industrials Index Fund (VIS) rose 1%, while the iShares US Industrials ETF (IYJ) was inactive.Pentair (PNR) stock fell more than 21% before the opening bell after the water treatment company reported preliminary Q2 results below market estimates and lowered its full-year outlook amid headwinds related to its pool segment.Winners and Losers:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.1% lower.BlackRock (BLK) shares traded up more than 4% in early hours activity after Bloomberg reported the company is in discussions over providing about $45 million in private credit to Indian e-commerce platform Udaan as part of a proposed $160 million funding package.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 0.6%, and the iShares US Technology ETF (IYW) was 0.2% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 1.5%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained 1.1%, while the iShares Semiconductor ETF (SOXX) rose by 1.4%.ASML (ASML) shares were up more than 3% in premarket activity after the company reported year-over-year growth in Q2 earnings and sales and raised revenue guidance for the full-year 2026.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) retreated 0.01%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat, and the iShares US Consumer Staples ETF (IYK) was up 1.2%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advanced 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was flat.Lucid (LCID) shares were down more than 2% pre-bell after dropping more than 16% in Tuesday's regular session following rumors of a potential bankruptcy filing that the company quashed.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) declined 0.6%, the Vanguard Health Care Index Fund (VHT) was down 0.3%, while the iShares US Healthcare ETF (IYH) slipped 0.3%. The iShares Biotechnology ETF (IBB) was up 0.2%.Merck (MRK) stock was up more than 1% premarket after the company said a phase 3 trial of its therapy, Keytruda, met the primary endpoint of progression-free survival in patients with mismatch repair-deficient advanced or recurrent endometrial cancer.EnergyThe iShares US Energy ETF (IYE) was down 2.5%, while the State Street Energy Select Sector SPDR ETF (XLE) retreated by 0.1%.Oceaneering International (OII) stock was up nearly 1% before market open after the company and Kongsberg were selected by the US Department of War's Defense Innovation Unit to support the US Navy's vision for scalable uncrewed undersea platforms.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 0.6% to $79.82 per barrel on the New York Mercantile Exchange. Natural gas was down by 0.2% to $2.90 per 1 million British Thermal Units. The United States Oil Fund (USO) was up 0.1%, while the United States Natural Gas Fund (UNG) was 0.9% lower.Gold futures for July gained 0.8% to $4,035.90 an ounce on the Comex. Silver futures retreated by 1.4% to $58.28 an ounce. SPDR Gold Shares (GLD) decreased 0.4%, and the iShares Silver Trust (SLV) was 1.2% lower.

Dow JonesNasdaq CompositeS&P 500$ASML$BETH$BITO$BLK$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$LCID$MRK$OII$PMR$PNR$QQQ$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Commodities

GIP to Acquire Majority Stake in Commercial Solar Developer Summit Ridge

Global Infrastructure Partners, a subsidiary of BlackRock (BLK), has agreed to acquire a controlling interest in commercial solar developer Summit Ridge Energy, it said on Wednesday.The acquisition aims to scale Summit Ridge's solar and battery project pipeline across the Midwest, Mid-Atlantic, and New England.The acquisition intends to provide Summit Ridge with capital to accelerate its project pipeline and increase direct ownership of assets.This partnership aims to address increasing US electricity demand and strengthen the company's position in the commercial solar sector.The completion of the transaction remains subject to customary closing conditions and regulatory approvals.

$BLK
Asia Markets

Update: US Equity Futures Drop Pre-Bell as Iran Says Strait of Hormuz Closed Once Again, Oil Prices Jump

(Updates with recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were lower pre-bell Monday as hostilities continued to re-escalate in the Middle East and Iran declared the Strait of Hormuz once again closed, driving up oil prices.Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were down 0.4%, and Nasdaq futures were 1.2% lower.The US and Iran traded heavy missile and drone attacks over the weekend, with the US military saying they hit Iranian military facilities, while Iran's Revolutionary Guards said they had struck US installations in Bahrain, Kuwait, Oman and Jordan.Iran, which is seeking to set up a permanent fee and permit system for ships transiting the Strait of Hormuz, said Sunday that the waterway remains closed until "stability and calm" is restored.In a post on X, US Central Command said that its forces are "postured and prepared to ensure that freedom of navigation remains available to commercial shipping."Traders await a slew of earnings releases this week, including results from major US banks JPMorgan (JPM), Bank of America (BAC), Wells Fargo (WFC), Goldman Sachs (GS), and Citigroup (C) on Tuesday; Johnson & Johnson (JNJ), Morgan Stanley (MS), and BlackRock (BLK) on Wednesday; and Taiwan Semiconductor Manufacturing (TSM), UnitedHealth Group (UNH), GE Aerospace (GE), and Netflix (NFLX) on Thursday.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 4.3% at $79.27 per barrel and US West Texas Intermediate crude 4.2% higher at $74.41 per barrel.Federal Reserve board members Michelle Bowman and Christopher Waller are slated to speak on Monday.In other world markets, Japan's Nikkei closed 1.9% lower, Hong Kong's Hang Seng ended 0.2% higher, and China's Shanghai Composite finished 2.1% lower. Meanwhile, the UK's FTSE 100 was down 0.2%, and Germany's DAX index was flat in Europe's early afternoon session.In equities, Micron Technology (MU), AMD (AMD), and Intel (INTC) stocks were lower as part of a broader decline in the semiconductor sector. Micron shares fell 5.5%, AMD stock was down 2.9%, and Intel shares were 3.5% lower.On the winning side, the increase in oil prices lifted energy-related stocks. TotalEnergies (TTE) shares were up 1.6%, ConocoPhillips (COP) stock was 1.9% higher, and BP (BP) shares rose 1.6%. Accenture (ACN) stock was up 1% after the company said its subsidiary Accenture Capital on Friday closed the sale of five tranches of notes totaling approximately $5 billion.

Dow JonesNasdaq CompositeS&P 500$ACN$AMD$BAC$BLK$BP$C$COP$GE$GS$INTC$JNJ$JPM$MS$MU$NFLX$TSM$TTE$UNH$WFC
Japan

US Equity Futures Drop Pre-Bell as Iran Says Strait of Hormuz Closed Once Again, Oil Prices Jump

US equity futures were lower pre-bell Monday as hostilities continued to re-escalate in the Middle East and Iran declared the Strait of Hormuz once again closed, driving up oil prices.Dow Jones Industrial Average futures were down 0.1%, S&P 500 futures were down 0.3%, and Nasdaq futures were 0.9% lower.The US and Iran traded heavy missile and drone attacks over the weekend, with the US military saying they hit Iranian military facilities, while Iran's Revolutionary Guards said they had struck US installations in Bahrain, Kuwait, Oman and Jordan.Iran, which is seeking to set up a permanent fee and permit system for ships transiting the Strait of Hormuz, said Sunday that the waterway remains closed until "stability and calm" is restored.In a post on X, US Central Command said that its forces are "postured and prepared to ensure that freedom of navigation remains available to commercial shipping."Traders await a slew of earnings releases this week, including results from major US banks JPMorgan (JPM), Bank of America (BAC), Wells Fargo (WFC), Goldman Sachs (GS), and Citigroup (C) on Tuesday; Johnson & Johnson (JNJ), Morgan Stanley (MS), and BlackRock (BLK) on Wednesday; and Taiwan Semiconductor Manufacturing (TSM), UnitedHealth Group (UNH), GE Aerospace (GE), and Netflix (NFLX) on Thursday.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 3.4% at $78.59 per barrel and US West Texas Intermediate crude 3.4% higher at $73.88 per barrel.Federal Reserve board members Michelle Bowman and Christopher Waller are slated to speak on Monday.

Dow JonesNasdaq CompositeS&P 500$BAC$BLK$C$GE$GS$JNJ$JPM$MS$NFLX$TSM$UNH$WFC
Sectors

Sector Update: Financial Stocks Decline in Afternoon Trading

Financial stocks were lower in Wednesday afternoon trading, with the NYSE Financial Index dropping 1.6% and the State Street Financial Select Sector SPDR ETF (XLF) falling 1.5%.The Philadelphia Housing Index fell 2.9%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 1.2%.Bitcoin (BTC-USD) was declining 2.9% to $62,075, and the yield for 10-year US Treasuries rose 4.8 basis points to 4.58%.In economic news, the minutes from the Fed's policy meeting on June 16-17 are due at 2 pm ET. Investors will parse the views on the direction of interest rates at a time when the market is pricing in hikes. The probability of a 25-basis-point increase in rates is the highest among all other policy outcomes in September, October, and December, the CME FedWatch tool showed Wednesday.In corporate news, Truist Financial (TFC) faces a tough road ahead amid a leadership change and higher interest rates, BofA Securities said, joining other brokerages that recently downgraded their ratings on the regional bank. BofA lowered Truist's rating to neutral from buy, with a price target of $56. The downgrade follows recent rating cuts by Morgan Stanley, UBS Securities and Raymond James. Truist shares were down 3.3%.Lemonade's (LMND) recent share price rally has largely priced in the company's growth and earnings outlook, leaving limited room for additional upside without new catalysts, Morgan Stanley said in a note. Morgan Stanley downgraded the stock to equal weight from overweight with a price target of $75. Lemonade shares slumped past 8%.BlackRock (BLK) is expected to deliver strong Q2 results driven by ETF demand, with shares supported by growth potential, margin expansion, and an attractive valuation, UBS Securities said in a note. BlackRock shares were shedding 2.1%.

$BLK$LMND$TFC
Wire

BlackRock's Q2 Results Seen Supported by Strong ETF Demand, UBS Securities Says

BlackRock (BLK) is expected to deliver strong Q2 results driven by ETF demand, with shares supported by growth potential, margin expansion, and an attractive valuation, UBS Securities said in a note Tuesday.Analysts said they expect strong ETF demand to offset weaker cash and institutional flows, driving organic base fee growth of about 7.8%, above the company's 6% to 7% or higher guidance range. The company is set to report its Q2 financial results before market open on July 15.With shares trading at a 16.4x price-to-earnings ratio, below historical average, the stock is viewed as attractive given its growth outlook, margin expansion potential, and ability to withstand industry concerns such as artificial intelligence disruption and perpetual futures, according to the note.Analysts said the company is expected to see higher Q2 operating income and management fees are expected to reach $5.6 billion, above the $5.5 billion consensus estimate, driven by higher assets under management and fee rates. UBS estimates average AUM at $14.5 trillion, above the $14.3 trillion consensus estimate.The brokerage raised its 2026 and 2027 EPS estimates to $53.87 and $60.48, respectively, from $53.50 and $59.00, "as higher management fees are slightly offset by lower performance fees and higher compensation."UBS Securities has a buy rating and a $1,270 price target on BlackRock.Shares of BlackRock were down more than 2% in Wednesday trading.Price: $985.58, Change: $-23.85, Percent Change: -2.36%

$BLK
Oil & Energy

Market Chatter: Kuwait Petroleum Seeks Bidder Consolidations for $7 Billion Kuwaiti Oil Pipeline Stake

Kuwait Petroleum has requested that global investment funds bidding for a $7 billion stake in its oil pipeline network form consortiums to consolidate competing bids, aiming to accommodate smaller investors with close ties to the state energy firm, Reuters reported Thursday, citing sources.The deal has drawn notable interest across the alternative asset management sector, with Blackstone (BX) also surfacing as a participant for the first time in the current multi-year wave of Middle Eastern national oil company asset sales.Blackstone joins a group of infrastructure heavyweights advancing to the next round of the competitive sale process, including Brookfield Asset Management (BAM), Apollo Global Management (APO), KKR (KKR), EIG Global Energy Partners, and BlackRock (BLK) alongside its newly integrated infrastructure division, Global Infrastructure Partners.Except for KKR, who declined to comment, none of the parties involved responded immediately to' request for comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

$APO$BAM$BLK$BX$KKR
Sectors

Sector Update: Financial Stocks Advance Late Afternoon

Financial stocks rose in late Wednesday afternoon trading, with the NYSE Financial Index increasing 1.5% and the State Street Financial Select Sector SPDR ETF (XLF) adding 2.2%.The Philadelphia Housing Index was falling 1.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.7%.Bitcoin (BTC-USD) was increasing 2.9% to $60,189, and the yield for 10-year US Treasuries rose 5.7 basis points to 4.475%.In economic news, outplacement firm Challenger, Gray & Christmas said companies planned to cut 45,849 jobs in June, down from 97,006 in May and 47,999 a year ago. The largest layoff counts in June were in the technology and services sectors.ADP's monthly measure of private payrolls showed a 98,000 increase in June, below expectations for an increase of 120,000 in a Bloomberg-compiled survey.The Institute for Supply Management's US manufacturing index fell to 53.3 in June from 54.0 in May, compared with forecasts for 53.9 in a Bloomberg-compiled poll, indicating a slower pace of expansion.The S&P Global US manufacturing index for June was revised down to 53.9 from the flash reading of 55.7, versus expectations for an unrevised reading in a Bloomberg-compiled survey.In sector news, US banks are expected to report double-digit growth in Q2 core earnings, buoyed by factors including net interest revenue and core noninterest income, RBC Capital Markets said in a Wednesday note. RBC is projecting a 19% annual jump in banks' median core earnings per share from a year earlier. Consensus estimates point to a 21% increase, according to the brokerage.In corporate news, Robinhood (HOOD) launched perpetual futures with no expiry date tied to commodities like gold, silver, and crude oil, as well as exchange-traded funds, and currencies in Europe, multiple media outlets reported Wednesday. Robinhood shares jumped past 8%.Phil Tseng, chief executive of BlackRock's (BLK) troubled private credit fund, is leaving the company, Bloomberg reported. Tseng remains an employee of the company for now, and the time of his departure hasn't been finalized, the report said. BlackRock shares were up 1.9%.Klarna (KLAR) said a court ruled in favor of its PriceRunner unit, awarding it $1.97 billion in damages in an antitrust lawsuit against Alphabet's (GOOGL) Google. Klarna said the award compensates the company for lost revenue due to Google's preference of its own comparison-shopping service over independent services. Klarna shares rose 1.8%.JPMorgan Chase's (JPM) asset management unit is the leading bidder to buy Idex, Antin Infrastructure Partners' French heating and cooling network operator, Bloomberg reported. Idex could be valued at between 3 billion euros ($3.4 billion) and 4 billion euros, including debt, in a potential acquisition, the report said. JPMorgan shares added 1.8%.

$BLK$HOOD$JPM$KLAR
Sectors

Sector Update: Financial

Financial stocks were advancing in late Wednesday afternoon trading, with the NYSE Financial Index rising 1.5% and the State Street Financial Select Sector SPDR ETF (XLF) adding 2.2%.The Philadelphia Housing Index was falling 1.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.7%.Bitcoin (BTC-USD) was increasing 2.9% to $60,189, and the yield for 10-year US Treasuries rose 5.7 basis points to 4.475%.In corporate news, Phil Tseng, chief executive of BlackRock's (BLK) troubled private credit fund, is leaving the company, Bloomberg reported. Tseng remains an employee of the company for now, and the time of his departure hasn't been finalized, the report said. BlackRock shares were up 1.9%.

$BLK
Sectors

Sector Update: Financial Stocks Higher Wednesday Afternoon

Financial stocks were advancing in Wednesday afternoon trading, with the NYSE Financial Index rising 1.7% and the State Street Financial Select Sector SPDR ETF (XLF) adding 2.4%.The Philadelphia Housing Index was falling 1.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.9%.Bitcoin (BTC-USD) was increasing 3.2% to $60,134, and the yield for 10-year US Treasuries was rising to 4.47%.In economic news, outplacement firm Challenger, Gray & Christmas said companies planned to cut 45,849 jobs in June, down from 97,006 in May and 47,999 a year ago. The largest layoff counts in June were in the technology and services sectors.In sector news, US banks are expected to report double-digit growth in Q2 core earnings, buoyed by factors including net interest revenue and core noninterest income, RBC Capital Markets said in a Wednesday note. RBC is projecting a 19% annual jump in banks' median core earnings per share from a year earlier. Consensus estimates point to a 21% increase, according to the brokerage.In corporate news, Klarna (KLAR) said a court ruled in favor of its PriceRunner unit, awarding it $1.97 billion in damages in an antitrust lawsuit against Alphabet's (GOOGL) Google. Klarna said the award compensates the company for lost revenue due to Google's preference of its own comparison-shopping service over independent services. Klarna shares rose 0.8%.BlackRock (BLK), KKR (KKR) and Macquarie Asset Management have met with Mexican government officials, as President Claudia Sheinbaum seeks to jump-start private investment in infrastructure projects, Bloomberg reported. BlackRock shares gained 1.9%, and KKR added 1.1%.JPMorgan Chase's (JPM) asset management unit is the leading bidder to buy Idex, Antin Infrastructure Partners' French heating and cooling network operator, Bloomberg reported. Idex could be valued at between 3 billion euros ($3.4 billion) and 4 billion euros, including debt, in a potential acquisition, the report said. JPMorgan shares rose 1.9%.

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Wire

Market Chatter: BlackRock TCP Private Credit Fund CEO to Leave Company

Phil Tseng, chief executive of BlackRock's (BLK) troubled private credit fund, is leaving the company, Bloomberg reported Wednesday, citing people familiar with the matter.Tseng remains an employee of the company for now, and the time of his departure hasn't been finalized, the report said, citing the people.BlackRock didn't immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $980.34, Change: $+18.78, Percent Change: +1.95%

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Wire

BlackRock TCP Private Credit Fund CEO to Leave Company, Bloomberg Reports

BlackRock TCP Private Credit Fund CEO to Leave Company, Bloomberg Reports

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Wire

Visa, Stripe, Mastercard Among 140+ Firms Launching Open USD Stablecoin

Open Standard, an independent company backed by more than 140 businesses, launched Open USD, a new US dollar-backed stablecoin designed for global money movement, the company said Tuesday.Partners include Visa (V), Stripe, Mastercard, American Express, BlackRock, BNY, Google, Coinbase, Shopify, DoorDash, and Standard Chartered, among others. All plan to integrate Open USD into their systems once it goes live later this year.Open USD is designed around three principles: free minting and redemption with no volume limits, reserve earnings shared among partners minus a small management fee, and collaborative governance through a board made up of partners, the company said.Zach Abrams, co-founder of Stripe-owned Bridge, serves as founding CEO of Open Standard, according to the statement.Price: $343.74, Change: $+2.09, Percent Change: +0.61%

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