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Alphabet (GOOG, GOOGL) increased the size of its equity capital raise to $84.75 billion from the previously announced $80 billion, according to a regulatory filing on Tuesday.The offering includes a pledge by Berkshire Hathaway (BRK.A, BRK.B) to invest $10 billion in the tech giant in a private placement, the filing said.Price: $358.91, Change: $+0.51, Percent Change: +0.14%
All three major US stock indexes were up in late-morning trading Tuesday, as investors monitor developments between the US and Iran as well as oil price movements.In company news, Nvidia (NVDA) Chief Executive Jensen Huang said Marvell Technology (MRVL) is the next "trillion-dollar company," news outlets reported, citing Huang's appearance at a trade show in Taipei. Nvidia shares were up 0.9%, while Marvell shares were up 29.7%.Amazon-backed (AMZN) Anthropic said Tuesday it is expanding its Project Glasswing program to about 150 new organizations based in over 15 countries, granting them access to Claude Mythos Preview. The partnering organizations use Mythos to scan their codebases for vulnerabilities. So far, the 50 initial partners have found over 10,000 high- or critical-severity security flaws, Anthropic said. Separately, Amazon Web Services will be integrated with Workday (WDAY) Data Cloud, allowing developers to access governed HR and finance data through AWS Ai and analytics tools, Workday said. Amazon shares were down 0.3%, while Workday shares were down 7.1%.Hewlett Packard Enterprise (HPE) reported fiscal Q2 adjusted earnings late Monday of $0.79 per diluted share, up from $0.38 a year earlier and above the FactSet consensus of $0.53. Fiscal Q2 revenue was $10.7 billion, up from $7.63 billion a year ago and above the FactSet consensus of $9.78 billion. For fiscal Q3, the company expects adjusted EPS of $0.88 to $0.93 on revenue of $11.5 billion to $12.1 billion. Analysts polled by FactSet expect $0.58 and $10.9 billion, respectively. For its full-year guidance, the company now expects adjusted EPS of $3.35 to $3.45, up from its prior forecast of $2.30 to $2.50 and above the FactSet consensus of $2.42. Hewlett Packard shares were up 21.5%.Alphabet (GOOG, GOOGL) said Monday it plans to raise $80 billion in equity to help fund investments in AI compute infrastructure, including a $10 billion private placement to Berkshire Hathaway (BRK.A, BRK.B), split evenly between class A common stock at $351.81 per share and class C capital stock at $348.20 per share. Alphabet's class A shares were down 2.3%, while its class C shares were down 2.2%. Berkshire's class A shares were up 0.4%, while its class B shares were up 0.3%.President Donald Trump signed a proclamation on Tuesday lowering the tariffs on agricultural equipment and certain other equipment to 15% from 25%, the White House said. In addition, the existing category of industrial equipment subject to a 15% tariff was expanded to include mobile industrial equipment, like bulldozers and forklifts, "when imported from trade deal countries that are entitled to such treatment," the White House said. The proclamation also allows foreign companies to qualify for a 10% duty rate if their capital equipment includes at least 85% US melted and poured or smelted and cast steel or aluminum by weight, the White House said. The tariff changes will last until Dec. 31, 2027, the White House said. Shares of Deere (DE), Agco (AGCO), CNH Industrial (CNH) and Caterpillar (CAT) were up 5.3%, 6.1%, 10.1% and 4.7%, respectively.IBM (IBM) said Tuesday it plans to invest over $10 billion in quantum computing over the next five years. The investment will go toward research and development, capital expenditure, manufacturing scaling, ecosystem partnerships and M&A, the company said. IBM shares were up 1.1%.Price: $283.09, Change: $+63.66, Percent Change: +29.01%
The Dow Jones Industrial Average was down, while the S&P 500 Index and Nasdaq Composite were roughly flat in late-morning trading Monday, as oil prices rose after Iranian state media disclosed that Iran would halt messages with the US over Israel's military operations in Lebanon.In company news, Nvidia (NVDA) said Monday it has launched RTX Spark, a new AI chip that will feature in Microsoft (MSFT) Windows laptops and desktop personal computers. The chip features an Nvidia Blackwell RTX graphics processing unit, 1 petaflop of AI compute and 128gb of unified memory, Nvidia said. RTX Spark will power its Windows laptops, including Microsoft Surface, and those of its PC partners ASUS, Dell (DELL), HP (HPQ), Lenovo and MSI, Microsoft said in a blogpost. Nvidia shares were up 3.9%, while those of Microsoft, Dell and HP were up 2.0%, 8.5% and 7.2%, respectively.People Inc. said Monday it has submitted a non-binding proposal to acquire all outstanding MGM Resorts International (MGM) shares it doesn't already own for $48.30 per share in cash. The proposal represents a 24.1% premium to the volume-weighted average price of MGM common stock for the 30 trading days ending on May 29, People said. MGM shares were up 16.5%.Taylor Morrison Home (TMHC) has agreed to be acquired by Berkshire Hathaway (BRK.A, BRK.B) for $6.8 billion in cash and a total enterprise value of about $8.5 billion, the companies said Sunday. Berkshire will pay $72.50 per share, a 24% premium to Taylor Morrison's latest closing price of $58.50 on May 29, the companies said. The deal is expected to close in H2, at which point Taylor Morrison will continue to be managed by its existing management team, the companies said. Taylor Morrison shares were up 22.6%, while Berkshire's Class A and Class B shares were down 0.7% and 0.8%, respectively.Constellation Energy (CEG) has priced an underwritten secondary offering of 11 million shares at $281 apiece, the company said Monday. Underwriters have a 30-day option to buy an extra 1.35 million shares, and Constellation said it will repurchase 2 million shares from the underwriters at the offering price under its existing buyback program. Constellation shares were down 5.8%.Salesforce (CRM) said Monday it will invest $2 billion in France through 2030, including the launch of an AI Innovation Hub in Paris for developing, testing and deploying AI applications. Salesforce shares were up 10.2%.Price: $219.23, Change: $+8.09, Percent Change: +3.83%
(Corrects to reflect an enterprise value of $8.5 billion in the first paragraph.)Taylor Morrison Home (TMHC) has agreed to be acquired by Berkshire Hathaway (BRK.A, BRK.B) for $6.8 billion in cash and a total enterprise value of about $8.5 billion, the companies said Sunday.The price for the acquisition was $72.50 per share, a 24% premium to Taylor Morrison's latest closing price of $58.50 seen on May 29, the companies said.Following the anticipated H2 2026 closing of the deal, which still needs approval from Taylor Morrison stockholders and regulators, Taylor Morrison will continue to be led by its existing management team, including Chief Executive Officer Sheryl Palmer, the companies said.After closing, Taylor Morrison Home will become a private company and its shares will be delisted from the New York Stock Exchange, the companies said.Taylor Morrison shares were up nearly 24% in recent premarket activity.Price: $71.64, Change: $+13.14, Percent Change: +22.46%
(Corrects to reflect enterprise value of $8.5 billion in second paragraph.)Consumer stocks were leaning lower pre-bell Monday, 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) declining by 0.4%.Taylor Morrison Home (TMHC) has agreed to be acquired by Berkshire Hathaway (BRK.A, BRK.B) for $6.8 billion in cash and a total enterprise value of about $8.5 billion, the companies said. Taylor Morrison Home shares were up more than 22% in recent premarket activity.
Consumer stocks were lower pre-bell Monday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) slipping 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) down 0.8%.Taylor Morrison Home (TMHC) has agreed to be acquired by Berkshire Hathaway (BRK.A, BRK.B) for $72.50 per share in cash and a total enterprise value of about $8.5 billion, the companies said. Taylor Morrison Home shares were up more than 22% premarket.People Inc. said Monday it has submitted a non-binding proposal to acquire all outstanding MGM Resorts International (MGM) shares it doesn't already own for $48.30 per share in cash. MGM Resorts International stock was advancing past 11% pre-bell.iHuman (IH) agreed to acquire the businesses and assets of two AI-powered apps, All Knowledge and Perfect Lingo, for 94.0 million Chinese renminbi ($13.9 million), the company said. iHuman shares were up more than 2% premarket.
The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.2% and the actively traded Invesco QQQ Trust (QQQ) advanced 0.2% in Monday's premarket activity, as enthusiasm for new artificial intelligence initiatives from major technology companies outweighs concerns about ongoing U.S.-Iran tensions and elevated energy prices.US stock futures were also higher, with S&P 500 Index futures up 0.2%, Dow Jones Industrial Average futures advancing 0.3%, and Nasdaq futures gaining 0.2% before the start of regular trading.S&P Global manufacturing data for May will be released at 9:45 am ET, followed by the construction spending data for April, and the ISM's manufacturing reading for May at 10:00 am ET.In premarket action, bitcoin was down by 1.9%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2% lower, Ether ETF (EETH) retreated by 1.5%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 1.7%.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.3% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat. The iShares US Consumer Staples ETF (IYK) retreated by 0.9%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.6%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) advanced by 0.4%.Taylor Morrison Home (TMHC) shares were up more than 22% pre-bell after the company agreed to be acquired by Berkshire Hathaway (BRK.A, BRK.B) for $6.8 billion in cash and a total equity value of $8.5 billionWinners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.1%, the Vanguard Health Care Index Fund (VHT) was down 0.03%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) gained by 0.03%.Grail's (GRAL) stock was down more than 17% premarket after the company reported its NHS-Galleri trial missed its primary endpoint of reducing combined Stage III and IV cancer diagnoses.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated by 0.5%. Direxion Daily Financial Bull 3X Shares (FAS) was down 1.5%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.4% lower.Coinbase Global (COIN) stock was down more than 3% before market open. Chief Legal Officer Paul Grewal sold 1,960 company shares for $346,683 on May 27, a regulatory filing with the US Securities and Exchange Commission showed.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.4%, while the Vanguard Industrials Index Fund (VIS) was down 0.5% and the iShares US Industrials ETF (IYJ) lost by 0.6%Diana Shipping (DSX) stock was down more than 0.4% before the opening bell after the company said Sunday it has issued an open letter urging Genco Shipping & Trading (GNK) investors to elect its six independent board candidates at the upcoming June 18 annual meeting. Genco stock was 0.8% lower.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 1.1%, and the iShares US Technology ETF (IYW) was 1.1% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 0.8%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was 0.3% lower, while the iShares Semiconductor ETF (SOXX) declined by 0.7%.Dell Technologies (DELL) shares were up more than 1% in premarket activity a day after the company said it has launched its XPS 13 laptop.EnergyThe iShares US Energy ETF (IYE) was 0.1% higher, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.5%.Venture Global (VG) stock was up more than 1% before the opening bell after the company said its subsidiary Venture Global LNG plans to issue $2.25 billion in senior secured notes due 2034 and 2036.CommoditiesFront-month US West Texas Intermediate crude oil gained by 2.3% to $89.40 per barrel on the New York Mercantile Exchange. Natural gas was down 2.3% to $3.21 per 1 million British Thermal Units. The United States Oil Fund (USO) rose by 1.8%, while the United States Natural Gas Fund (UNG) was 2.4% lower.Gold futures for July retreated by 1.2% to $4,537.70 an ounce on the Comex. Silver futures increased by 0.3% to $76.10 an ounce. SPDR Gold Shares (GLD) was down by 1%, and the iShares Silver Trust (SLV) gained 0.4%.
Consumer stocks were leaning lower pre-bell Monday, 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) declining by 0.4%.Taylor Morrison Home (TMHC) has agreed to be acquired by Berkshire Hathaway (BRK.A, BRK.B) for $6.8 billion in cash and a total equity value of $8.5 billion, the companies said. Taylor Morrison Home shares were up more than 22% in recent premarket activity.
The benchmark US stock measures were pointing higher before the opening bell Monday as traders assess the latest developments in the Middle East and await fresh labor market data later in the week.The S&P 500 and the Nasdaq rose 0.2% each in premarket activity, while the Dow Jones Industrial Average added 0.4%. The indexes finished Friday's trading session at new highs.The US and Iran exchanged messages over the weekend on amendments to a draft agreement that would extend their ceasefire and reopen the Strait of Hormuz, Bloomberg News reported Monday. Iran's semi-official Tasnim news agency said Sunday that both sides continued to propose amendments, but could ultimately reject each other's proposals, according to the report.In a social media post on Monday, Trump said that Iran "really wants to make a deal" and that it will be a "good one" for the US and its allies.Israel's Prime Minister Benjamin Netanyahu on Monday ordered the Israeli military to attack targets in Beirut, Lebanon.West Texas Intermediate crude oil gained 3.6% to $90.53 a barrel before the open, while Brent inclined 3.1% to $93.96.Investors will be looking ahead to fresh labor market data later this week, beginning with the Job Openings and Labor Turnover Survey for April on Tuesday, followed by the ADP employment report for May on Wednesday. The Challenger Job Cut report and the government's nonfarm payrolls data, both for last month, are scheduled to be released on Thursday and Friday, respectively.Treasury yields were trending upwards in premarket action, with the two-year rate increasing 2.3 basis points to 4.04% and the 10-year rate rising 1.4 basis points to 4.47%.Monday's economic calendar has the final Purchasing Managers' manufacturing index for May at 9:45 am ET, followed by the Institute for Supply Management's manufacturing index for the same month at 10 am.Shares of Nvidia (NVDA) advanced 2.2% pre-bell after the tech bellwether unveiled a new chip processor for Microsoft (MSFT) Windows laptops. Intel (INTC) dropped 5.1% while Adobe (ADBE) climbed 4.6%.Taylor Morrison Home's (TMHC) stock jumped 22% after the homebuilder agreed to be acquired and taken private by multinational conglomerate Berkshire Hathaway (BRK.A, BRK.B) in an all-cash deal with an equity value of about $6.8 billion.Broadcom (AVGO), Palo Alto Networks (PANW) and CrowdStrike (CRWD) are some of the major companies scheduled to report their latest financial results later this week. Hewlett Packard Enterprise (HPE) will release its earnings after the markets close Monday.Gold fell 1.3% to $4,535 per troy ounce, while bitcoin decreased 1.1% to $72,601.
Taylor Morrison Home (TMHC) shares jumped early Monday after the homebuilder agreed to be acquired and taken private by conglomerate Berkshire Hathaway (BRK.A, BRK.B) in an all-cash deal with an equity value of about $6.8 billion.Berkshire will pay $72.50 per share in cash for Taylor Morrison, representing a premium of roughly 24% to the company's closing price on Friday, the companies said in a joint statement Sunday. Taylor Morrison's stock climbed 20% in the most recent premarket activity.The deal has an enterprise value of about $8.5 billion, according to the companies."Berkshire Hathaway's long-term orientation is uniquely well-suited to the multi-year investment cycle of homebuilding, and this combination will allow us to scale the Taylor Morrison platform in ways that would not be possible as a standalone company," Taylor Morrison Chief Executive Sheryl Palmer said in a statement.The deal, which requires approval from Taylor Morrison's shareholders and clearance from regulators, is expected to complete in the second half. Following completion, the homebuilder will continue to be led by Palmer and will no longer trade on the New York stock exchange.In an emailed client note, Truist Securities said it likes Taylor Morrison's geographic mix and its long-term runway to high-teens return on equity. The brokerage believes the deal "could be coming near cyclical bottoms, barring further macroeconomic deterioration," assuming absorption rates will begin to turn later in 2026 and into the next year.In April, Taylor Morrison reported first-quarter adjusted earnings of $1.12 a share, down from $2.19 the year before. Overall revenue fell to $1.39 billion for the March quarter from nearly $1.9 billion in the prior-year period. At the time, the company said it expected to close about 11,000 homes for 2026."We are excited to welcome Taylor Morrison into Berkshire's portfolio," Berkshire Hathaway CEO Greg Abel said. "Over time, we expect to unify our site-built homebuilding operations into a combined platform."
The Dow Jones Industrial Average, Nasdaq Composite and S&P 500 Index were down in late-morning trading Monday, as Wall Street monitored oil prices and US Treasury yields amid the ongoing conflict in the Middle East.In company news, NextEra Energy (NEE) and Dominion Energy (D) said Monday they have entered into a definitive agreement to combine in an all-stock deal. Under the terms of the transaction, Dominion shareholders will receive a fixed exchange ratio of 0.8138 shares of NextEra for each Dominion share they own at the close of the deal, which is expected in the next 12 to 18 months. NextEra shareholders will own about 74.5% of the combined company, while Dominion shareholders will own the remaining 25.5%. NextEra shares were down 5.5% around midday, while Dominion shares were up 9.6%.The US Supreme Court on Monday denied writ of certiorari petitions by six big pharmaceutical companies seeking to challenge the legality of the Medicare Drug Price Negotiation Program under the Inflation Reduction Act of 2022. AstraZeneca (AZN), Novartis (NVS), Novo Nordisk (NVO), Johnson & Johnson's (JNJ) Janssen Pharmaceuticals, Bristol-Myers Squibb (BMY) and Boehringer Ingelheim Pharmaceuticals all had their petitions denied by the Supreme Court. Shares of AstraZeneca, Novartis, Johnson & Johnson and Bristol-Myers were up 1.1%, 0.8%, 0.4% and 0.5%, respectively, while Novo Nordisk was down 1%.Berkshire Hathaway (BRK.A, BRK.B) disclosed Friday in a regulatory filing that it sold all of its stake in UnitedHealth Group (UNH). Separately, a New York state court judge on Monday prohibited prosecutors from using some evidence found in the backpack of Luigi Mangione, who is standing trial for the murder of UnitedHealth Group's UnitedHealthcare CEO Brian Thompson, CNBC reported. UnitedHealth shares were down 1.5%, while Berkshire's class A and class B shares were up 0.2% and 0.1%, respectively.Citigroup (C) and BlackRock's (BLK) HPS Investment Partners are launching a 15 billion euro ($17.48 billion) private capital program to expand access to private financing for corporate and sponsor-owned borrowers in the Europe, the Middle East and Africa region, the companies said Monday. Citigroup shares were down 0.2%, while BlackRock shares were up 0.5%.Price: $88.24, Change: $-5.13, Percent Change: -5.49%
UnitedHealth Group (UNH) shares fell 2.2% in early trading on Monday after Berkshire Hathaway (BRK.A, BRK.B) disclosed in a regulatory filing on Friday that it had sold all of its stake in the healthcare company.In August 2025, Berkshire had acquired about 5 million shares UnitedHealth.Trading volume stood at over 9.6 million against a daily average of around 8.5 million.Price: $386.30, Change: $-7.53, Percent Change: -1.91%
Consumer stocks were mixed premarket Monday, 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) 0.2% lower.Macy's (M) shares were up more than 3% after Berkshire Hathaway (BRK.A) (BRK.B) disclosed a roughly $55 million investment in the company, representing about 3 million shares, or nearly 1.1% of the retailer.Starbucks (SBUX) said it has raised the cap on the maximum amount it will repurchase after investors tendered about $2.6 billion of notes by the early deadline, exceeding its original repurchase capacity. Starbucks stock was 0.2% lower pre-bell.Lululemon Athletica (LULU) sent a letter to shareholders on Monday saying that activist and founder Chip Wilson has "outdated perspectives" and "troubling conflicts of interest," which will derail the company's turnaround plan, CNBC reported, citing materials it reviewed. Lululemon Athletica shares were 0.5% higher premarket.
Consumer stocks were mixed premarket Monday, 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) 0.1% lower.Macy's (M) shares were up more than 3% after Berkshire Hathaway (BRK.A) (BRK.B) disclosed a roughly $55 million investment in the company, representing about 3 million shares, or nearly 1.1% of the retailer.
Macy's (M) shares rose more than 5% in premarket trading on Monday after Berkshire Hathaway (BRK.A) (BRK.B) disclosed a roughly $55 million investment in the company, representing about 3 million shares, or nearly 1.1% of the retailer.The investment marks Berkshire's first public department store bet since Warren Buffett and Charlie Munger acquired Baltimore-based Hochschild Kohn in 1966.The move comes as Macy's pushes ahead with its "Bold New Chapter" turnaround plan, which includes closing around 150 underperforming stores by 2028 while focusing on higher-performing locations.
Aurora Innovation (AUR) and Berkshire Hathaway's (BRK.A, BRK.B) McLane subsidiary agreed to start driverless hauls in Texas using the Aurora Driver self-driving system, the companies said Wednesday.The companies started a supervised autonomy pilot of Aurora Driver in 2023, and has since logged over 280,000 autonomous miles in Texas and completed 1,400 load deliveries for McLane, according to the statement.McLane has approved driverless operations between Dallas and Houston, and Aurora targets to expand to new routes in McLane's distribution network in the US Sun Belt region by year-end, the companies said. No financial terms were disclosed.Price: $6.68, Change: $+0.15, Percent Change: +2.22%
US equity futures were marginally lower pre-bell Monday amid reports of Iran's new proposal to reopen the Strait of Hormuz against the backdrop of stalled US-Iran negotiations.Dow Jones Industrial Average futures were 0.2% lower, S&P 500 futures were down 0.1%, and Nasdaq futures were 0.1% higher.Iran has sent the US a new proposal to reopen the Strait of Hormuz and end the conflict, with nuclear talks deferred to a later date, according to an Axios report citing a US official and two other sources.President Donald Trump cancelled the trip of US special envoy Steve Witkoff and Jared Kushner to Pakistan for negotiations with Iran, saying, "If they want to talk, all they have to do is call!" according to a post on Truth Social on Sunday.Earnings kicked off for the week, with Verizon Communications (VZ) posting higher Q1 adjusted earnings and revenue.Among the companies expected to report quarterly earnings this week are Visa (V), Alphabet (GOOG, GOOGL), Microsoft (MSFT), Amazon (AMZN), Meta Platforms (META), Apple (AAPL), and Berkshire Hathaway (BRK.A, BRK.B).Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.8% at $100.86 per barrel and US West Texas Intermediate crude 1.7% higher at $96.05 per barrel.The Dallas Federal Reserve's manufacturing reading will be released at 10:30 am ET.The policy-setting Federal Open Market Committee is scheduled to release a statement 2 pm ET on Wednesday.In other world markets, Japan's Nikkei closed 1.4% higher, Hong Kong's Hang Seng ended 0.2% lower, and China's Shanghai Composite finished 0.2% higher. Meanwhile, the UK's FTSE 100 was down 0.2%, and Germany's DAX index was 0.8% higher in Europe's early afternoon session.In equities, Qualcomm (QCOM) shares were up 9.4% after industry checks suggested that Microsoft-backed OpenAI is working with the semiconductor company and MediaTek to develop smartphone processors, according to a TF International Securities analyst. Verizon Communications stock was up 3% after the company reported its Q1 financial results.On the losing side, Domino's Pizza (DPZ) shares were down 7.4% after the company posted fiscal Q1 earnings and revenue that fell short of analysts' estimates.
US equity futures were mixed pre-bell Monday amid reports of Iran's new proposal to reopen the Strait of Hormuz against the backdrop of stalled US-Iran negotiations.Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were flat, and Nasdaq futures were 0.2% higher.Iran has sent the US a new proposal to reopen the Strait of Hormuz and end the conflict, with nuclear talks deferred to a later date, according to an Axios report citing a US official and two other sources.President Donald Trump cancelled the trip of US special envoy Steve Witkoff and Jared Kushner to Pakistan for negotiations with Iran, saying, "If they want to talk, all they have to do is call!" according to a post on Truth Social on Sunday.Earnings kicked off for the week, with Verizon Communications (VZ) posting higher Q1 adjusted earnings and revenue.Among the companies expected to report quarterly earnings this week are Visa (V), Alphabet (GOOG, GOOGL), Microsoft (MSFT), Amazon (AMZN), Meta Platforms (META), Apple (AAPL), and Berkshire Hathaway (BRK.A, BRK.B).Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.1% at $100.19 per barrel and US West Texas Intermediate crude 0.7% higher at $95.08 per barrel.The Dallas Federal Reserve's manufacturing reading will be released at 10:30 am ET.The policy-setting Federal Open Market Committee is scheduled to release a statement 2 pm ET on Wednesday.
A total of 12% of global oil volumes are offline as of Apr. 10, as attacks on regional oil and gas infrastructure continued even after the ceasefire, Stephen Gordon, managing director at Clarksons Research, told.Stalled US-Iran talks over the weekend have resulted in a US blockade of vessels heading to and from Iranian ports, effective from 10 a.m. ET Monday. This has injected fresh uncertainty into a strait where tanker traffic has remained a fraction of pre-conflict levels.Strait of Hormuz transits registered a "small-scale increase" in recent days with 16 transits recorded on Sunday, bringing the post-ceasefire average to 13 per day, Gordon said. This is up from the daily average of 11 in the week before the ceasefire and seven in March.That compares with around 125 tanker transits per day pre-conflict, according to Clarkson's Research data.Sunday also saw nine westbound transits, representing vessels entering the Gulf, the highest daily inbound total since the conflict began. These transits accounted for 56% of the day's traffic, compared with a March average of 35%, according to the data.Sunday's transits included two inbound crude tankers, one of them en route to load in Iraq and a Pakistan-linked Aframax crude carrier. Also in the traffic were two product tankers, six bulk carriers, three feeder containerships, two chemical tankers, and a liquefied petroleum gas carrier.On Saturday, three very large crude carriers exited the Gulf carrying about 6 million barrels of Iraqi and Saudi crude, with a total cargo value of about $750 million. That compares with roughly 2 million barrels and $190 million on a typical day in March, and 15 million barrels and $1.05 billion on a typical day in 2025.Shipowners remain reluctant to transit the strait. "Crude tankers in the Gulf recorded as traveling at a steaming speed 8% of the time over the past three days [as of April 10], up from 4% across the past month but still well down from 32% across Jan-Feb with most owners reportedly still reluctant to transit," Gordon said.Gordon highlighted how strikes on oil and gas infrastructure, such as the East-West pipeline, have prompted importers to seek alternative barrels."The 'scramble' to source alternative supplies continues, with Yanbu crude loadings easing slightly to 4 million barrels per day... while US crude exports are poised to exceed 5 [mmbbl/d] in the coming weeks," Gordon said.The East-West pipeline has been restored to a maximum capacity of 7 mmbbl/d over the weekend, with crude loadings out of Yanbu estimated to have averaged 4 mmbbl/d across the past week, up by about 3 mmbbl/d since the start of March, according to Clarksons Research data.Gordon noted the potential for further strategic stock releases in the coming weeks if Hormuz traffic remains limited, with Japan announcing a second draw on Friday."While the Japanese release is likely to be used domestically, draws of US oil would likely result in further long-haul tanker demand," he said.Additionally, the cost of moving a barrel of crude has eased slightly in the past few days, but remains "very elevated," Gordon said.On Iran's decision to impose a $2 million transit fee on VLCCs, Peter Sand, chief analyst at Xeneta, explained that VLCCs typically carry about 2 million barrels of crude oil, making this effectively a $1 per barrel fee, which Sand described as "insignificant" relative to overall crude price volatility.Sand expressed skepticism about whether the US Development Finance Corp.'s reinsurance program would meaningfully restore Hormuz traffic. "The problem is that the threat is real right now as the war rages on. It's not 'just' a war risk cover anymore," he said, adding that the framework makes no real-world difference under current circumstances.The Iranian transit fees are illegal under the UN Convention on the Law of the Sea, also known as UNCLOS, and no ship operator is likely to pay them, Sand toldin an emailed response.Cormac McGarry, director of maritime security at Control Risks, said shipowners' hesitation goes beyond financial calculation."Plenty of them [shipowners] would happily sacrifice $2 million to get a ship out of the Gulf right now, but very few are willing to pay that to Iran because the fear of sanctions enforcement is greater," McGarry said.Both analysts were dismissive of the US Development Corp. reinsurance program as a solution.The US DFC has been empowered to cover $40 billion in maritime reinsurance on a rolling basis. Earlier this month, alongside Chubb (CB) as lead underwriter, the DFC announced additional underwriters, including Travelers (TRV) and Berkshire Hathaway (BKR.A), among others."The DFC plan is not really filling any gap at all and seems to fundamentally misunderstand the marine war risk market," McGarry said."We are way beyond that," Sand said, adding that the DFC makes no real-world difference under current circumstances.Before the conflict, 20% of global oil supply passed through the Strait of Hormuz, Gordon said. This figure includes 37% of seaborne crude oil trade and 19% of seaborne products trade.A total of 19% of global LNG trade, representing about 3% of global natural gas supply, also passed through the Strait, alongside 28% of global LPG volumes, which account for about 10% of supply.Price: $327.09, Change: $-2.89, Percent Change: -0.88%