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Citigroup launched tokenized depositary receipts for private-company shares, expanding its use of blockchain technology in private markets.

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
Equity Futures Down Amid Middle East Tensions; Key Earnings on Deck
US Markets

Equity Futures Down Amid Middle East Tensions; Key Earnings on Deck

The benchmark US equity measures were pointing lower before the opening bell Monday amid rising tensions in the Middle East, as markets awaited key inflation data and some major corporate earnings due later this week.The S&P 500 declined 0.4% and the Nasdaq was off 1.2% in premarket activity, while the Dow Jones Industrial Average lost 0.1%. The three main indexes closed higher Friday.The US and Iran continued to exchange airstrikes over the weekend, news outlets reported.On Sunday, the US Central Command said it completed a new wave of strikes against Tehran at multiple locations, after conducting attacks a day earlier in response to the country targeting another commercial ship transiting through the Strait of Hormuz.Iran responded by targeting US military facilities in Jordan, Kuwait, Bahrain, Qatar and Oman, according to local state media. Iran's Islamic Revolutionary Guard Corps also reportedly said it closed the strait until further notice, though the US military disputed the claim."The Strait of Hormuz is open to all vessels seeking to lawfully transit the international waterway," CENTCOM said on the X platform. "Iran does not control the strait."West Texas Intermediate crude oil was up 3.4% at $73.81 a barrel before the open, while Brent gained 3.3% to $78.50.With no major economic data scheduled for Monday, traders await the official US consumer price index for June, scheduled for Tuesday, followed by data on wholesale prices and retail sales for the same month on Wednesday and Thursday, respectively.Federal Reserve Vice Chair for Supervision Michelle Bowman is scheduled to speak at 5:25 am ET Monday, while Fed Governor Christopher Waller speaks at 12:30 pm. Fed Chair Kevin Warsh's testimony is due later in the week.US Treasury yields were mixed in premarket action Monday, with the 10-year rate little changed at 4.57% and the two-year rate rising one basis point to 4.22%.Banking giants JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS), Wells Fargo (WFC), Morgan Stanley (MS), Citigroup (C) are all expected to release their latest financial results later this week, along with other major corporations, including Johnson & Johnson (JNJ), UnitedHealth (UNH) and Netflix (NFLX).Taiwan Semiconductor Manufacturing's (TSM) US-listed shares were up 0.1% pre-bell. Micron Technology (MU) fell 5.6%, while Nvidia (NVDA) decreased 1.7%.Gold dipped 0.9% to $4,075 per troy ounce, while bitcoin dropped nearly 2% to $62,893.

Dow JonesNasdaq CompositeS&P 500$BAC$C$GS$JNJ$JPM$MS$MU$NFLX$NVDA$TSM$UNH$WFC
Asia Markets

Strait of Hormuz Squeezes Wall Street Pre-Bell; Asia, Europe Off

Wall Street futures pointed lower pre-bell Monday as the status of the Strait of Hormuz remained uncertain, and as crude prices gained.Tehran said the key waterway is closed, but US officials have said they are keeping shipping lanes open.In the futures, the S&P 500 fell 0.3%, the Nasdaq declined 0.9% and the Dow Jones was steady.West Texas Intermediate crude oil traded up 3.2% at $73.72 in morning action.Meanwhile, traders gird for a heavy week of earnings releases, including premarket reports on Tuesday from financial behemoths JPMorgan (JPM), Bank of America (BAC), Wells Fargo (WFC), Goldman Sachs (GS), and Citigroup (C).In addition, Federal Reserve Chair Kevin Warsh's first semi-annual monetary policy reports to Congress are slated for Tuesday and Wednesday, possibly signal events for gauging the mood of the central banker.Investors are also looking ahead to the June consumer price index (CPI) release from Washington on Tuesday, and the June national retail sales bulletin on Thursday.Asian exchanges traded mostly lower overnight, led by a 9% decline on Seoul's KOSPI Index, when semiconductor giants Samsung Electronics and SK Hynix took hits.European bourses tracked modestly south midday on the continent.Federal Reserve board members Michelle Bowman and Christopher Waller are slated to speak on Monday.In premarket action, Bitcoin traded at $63,035, and 10-year US Treasuries offered 4.57%. Spot gold commanded $4,068 an ounce.

Dow JonesNasdaq CompositeS&P 500$BAC$C$GS$JPM$WFC
Asia Markets

US Equity Investors to Focus on Banks Kicking Off Q2 Earnings, Warsh's Take on Inflation, Worsening Geopolitics This Week

US equity investors will focus on Q2 earnings this week, with big money-centre banks kicking off the earnings season in earnest, and consumer price inflation data amid an escalation of tensions with Iran.* JPMorgan Chase (JPM), Citibank (C), Bank of America (BAC), Goldman Sachs (GS), Morgan Stanley (MS), and Wells Fargo (WFC) are among banks reporting quarterly earnings, with investors expecting results to help counter tense geopolitics. ASML (ASML) and Taiwan Semiconductor Manufacturing (TSM) are among the others reporting, giving investors a fresh take on the state of the so-called AI trade.* Investors will look out for consumer and wholesale price inflation data amid the market pricing in at least one interest rate increase this year. Additionally, Federal Chair Kevin Warsh's testimony is due, alongside retail sales, Michigan consumer sentiment, and inflation expectations.* The combined probability that rates will be higher by 25 or 50 basis points from current levels by December is around 70%, according to the CME FedWatch tool. Investors will parse Warsh's testimony, which comes amid a worsening geopolitical environment and higher crude oil prices. Fed's June meeting minutes, released last week, showed "quite a divide" on the rate path given the impact of the war in Iran on inflation, a Stifel note said on Friday.* The US and Iran each asserted Monday they controlled the Strait of Hormuz after a weekend of attacks stretching across the wider Middle East, further threatening any diplomacy to end the war, the Associated Press reported early Monday.* Iran and the US are nearly at the midway point of a 60-day period that was supposed to result in a permanent end to the war, the news report said. Instead, it has devolved into a series of attacks over the strait and its future, worrying world leaders that the Iran war could fully resume, it added.* Early Monday, West Texas Intermediate crude oil futures jumped 3.4% to $73.87 a barrel.

Dow JonesNasdaq CompositeS&P 500$ASML$BAC$C$GS$JPM$MS$TSM$WFC
Major US Banks' Second-Quarter Earnings Poised for Upside, BofA Says
US Markets

Major US Banks' Second-Quarter Earnings Poised for Upside, BofA Says

Major US banks could top second-quarter earnings expectations amid gains from capital markets activity, with JPMorgan Chase (JPM) and Wells Fargo (WFC) seen as having the "most interesting" setups heading into the results, BofA Securities said Tuesday.JPMorgan, Wells Fargo, Citigroup (C), Goldman Sachs (GS), Morgan Stanley (MS), Bank of New York Mellon (BNY), State Street (STT), and Northern Trust (NTRS) may also raise their guidance for the second half of the year and 2027, the brokerage said. Several mega-cap banks are scheduled to release their quarterly results next week.BofA revised its second-quarter earnings-per-share estimates for the eight banks by 1.8% on average, indicating year-over-year growth of 27%."Capital markets should drive EPS beats, but it is the non-capital markets results that are more likely to drive stock price action," BofA analyst Ebrahim Poonawala said in a note to clients. "While (Wall) Street tends to look past trading/investment banking beats, potential for positive net interest income revisions and stronger wealth management flows likely get rewarded despite a high bar."JPMorgan and Wells Fargo have the "most interesting" setups heading into the latest prints, according to the note.JPMorgan's stock offers "the most asymmetric risk/reward," BofA said. The brokerage revised its second-quarter EPS estimate for the banking giant to $5.59 from $5.48 amid robust capital markets revenue growth. BofA raised its price target on the stock to $408 from $362.For Wells Fargo, the brokerage continues to expect second-quarter EPS of $1.72. It raised its price target on the lender's shares to $102 from $95. BofA, however, said investors must regain confidence that Wells Fargo can deliver superior growth without materially deviating from its 17% to 18% ROTCE guidance.Citigroup's stock is discounting a "significant" improvement in its return on tangible common equity, which could lead investors to seek better entry points for the stock, BofA said. The brokerage is now projecting second-quarter EPS of $2.65 for the bank, up from $2.60 previously. BofA raised its price target on the stock to $176 from $170.For Goldman, the brokerage now expects second-quarter EPS of $14.11, up from $13.18 previously. BofA boosted its price target on the stock to $1,150 from $1,050. "While there is little disagreement on the strong revenue backdrop for (Goldman), we believe investors will need to gain confidence in EPS/ROE defensibility, in order to gain comfort in holding the stock following the (year-to-date) outperformance," Poonawala said.BofA raised its second-quarter EPS forecast for Morgan Stanley to $2.81 from $2.71, also citing stronger capital markets revenue growth. The brokerage lifted its price target on the shares to $250 from $225.Price: $337.84, Change: $+0.11, Percent Change: +0.03%

$BNY$C$GS$JPM$MS$NTRS$STT$WFC
Banks Set for Second-Quarter Profit Growth Amid Net Interest, Noninterest Income Gains, RBC Says
Wire

Banks Set for Second-Quarter Profit Growth Amid Net Interest, Noninterest Income Gains, RBC Says

US banks are expected to report double-digit growth in second-quarter 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."Year-over-year, the increase should be driven by higher net interest revenue and core noninterest income, lower loan loss provisions and positive operating leverage," RBC co-Head of Global Financials Research Gerard Cassidy wrote.Net interest income is seen rising nearly 9.6%, with noninterest income estimates pointing to an 8.7% year-over-year advance. The brokerage assumes 9.5% loan growth, driven by commercial and industrial, as well as consumer loans.Provision for credit losses is expected to fall 2.2% annually."Credit losses should remain manageable in the (second quarter) and we expect that trend to continue into (year-end) 2026," Cassidy said.JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS), Citigroup (C) and Morgan Stanley (MS) are projected to report a 15% jump in market revenue and a 25% surge in investment banking.RBC's 12-month outlook on banks continues to be positive amid expectations for stronger loan and NII growth.Bank earnings, including results from Wells Fargo (WFC), are due out mid-July.Price: $329.42, Change: $+2.09, Percent Change: +0.64%

$BAC$C$GS$JPM$MS$WFC
Update: Dow Hits Fresh High as Wall Street Posts Solid Quarterly Gains
US Markets

Update: Dow Hits Fresh High as Wall Street Posts Solid Quarterly Gains

(Updates with market moves at the end of the day.)The Dow Jones Industrial Average hit an new all-time high on Tuesday, with major technology stocks advancing, as Wall Street closed out a winning quarter.The Dow rose 0.3% to 52,319.2, logging record closing highs for two consecutive days. The Nasdaq Composite jumped 1.5% to 26,213.7, while the S&P 500 climbed 0.8% to 7,499.36.The Dow posted a quarterly gain of nearly 13%, while the Nasdaq and the S&P 500 advanced 21% and 15%, respectively, on the quarter.The S&P 500 and the Nasdaq notched their best quarter in six years, while the Dow posted its strongest quarterly gain since the fourth quarter of 2022, CNBC reported. The Dow notched its best first-half performance since 2021, CNBC reported.Among sectors, tech paced the gainers Tuesday with a 2.6% jump, while real estate saw the steepest decline.Within tech, chip-related stocks led gains, with Sandisk (SNDK) up nearly 11%, the best performer on the S&P 500. Advanced Micro Devices (AMD), Marvell Technology (MRVL), On Semiconductor (ON) and Intel (INTC) were also notable gainers on the index.Apple (AAPL), Nvidia (NVDA) and Microsoft (MSFT) were among the biggest gainers on the Dow.AeroVironment (AVAV) shares jumped nearly 19% as the drone maker late Monday reported stronger-than-expected fiscal fourth-quarter results and issued an upbeat full-year revenue outlook at the midpoint.Shares of Citigroup (C), Bank of America (BAC), Goldman Sachs (GS) and Morgan Stanley (MS) fell following rating downgrades from Oppenheimer.West Texas Intermediate crude oil was down 0.9% at $70.11 a barrel in Tuesday late-afternoon trade, while Brent slipped 0.3% to $72.92.WTI and Brent were headed for a decline of about 20% for the month of June as oil prices sold off after the US and Iran agreed to a memorandum of understanding to end their war. In May, crude prices tumbled about 17%."Oil prices traded within a relatively tight range near recent lows while remaining on track for their biggest quarterly decline since the pandemic," Saxo Bank said in a report Tuesday.US special envoys Steve Witkoff and Jared Kushner, who are in Doha, will meet Qatari mediators, not Iranian officials, CNN reported, citing Qatar's Foreign Ministry.US Treasury yields were higher, with the 10-year rate up six basis points at 4.44% and the two-year rate rising 3.9 basis point to 4.15%.In economic news, US consumer confidence edged higher in June as falling oil prices amid an extended US-Iran ceasefire eased inflation fears, the Conference Board said.US job openings were little changed in May as hiring fell and separations rose, according to official data that Oxford Economics said likely overstates labor market strength.Gold was last down 0.1% at $4,036.30 per troy ounce, while silver climbed 2.1% to $59.88 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMD$AVAV$BAC$C$GS$INTC$MRVL$MS$MSFT$NVDA$ON$SNDK
Wire

Goldman, Morgan Stanley, BofA, Citi Cut as Valuations Rise, Oppenheimer Says

Goldman Sachs (GS), Morgan Stanley (MS), Bank of America (BAC) and Citigroup (C) were downgraded as rising valuations make large-cap bank stocks less compelling, prompting a shift toward alternative asset managers, Oppenheimer said Tuesday in a report.Commercial and investment banks remain on solid growth paths, with no near-term catalysts expected to disrupt earnings, the report said. Even so, Oppenheimer noted that valuations have already moved to the upper end of historical ranges for commercial banks and well above average for investment banks, leaving less room for upside despite strong credit conditions, robust trading activity and a buoyant investment-banking cycle.Oppenheimer recommended investors rotate out of large-cap bank stocks and into alternative asset managers, particularly Ares Management (ARES), Blackstone (BX) and KKR (KKR), where it sees more attractive entry points.Oppenheimer downgraded Goldman and Morgan Stanley to underperform from perform, and cut Bank of America and Citigroup to perform from outperform.Price: $1009.49, Change: $-10.72, Percent Change: -1.05%

$ARES$BAC$BX$C$GS$KKR$MS
Research

Oppenheimer Downgrades Citigroup to Market Perform From Outperform

Citigroup (C) has an average rating of buy and mean price target of $150.30, 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)

$C
Major Banks Poised for Strong Quarterly Results, Outlook, Deutsche Bank Says
US Markets

Major Banks Poised for Strong Quarterly Results, Outlook, Deutsche Bank Says

US large-cap banks are expected to report strong second-quarter earnings and issue upbeat guidance, with Huntington Bancshares (HBAN), US Bancorp (USB), and Wells Fargo (WFC) seen as top picks, Deutsche Bank said Monday.The brokerage's per-share earnings estimates for major banks are 2% above Wall Street's views on average, as others likely have not factored in the intra-quarter guidance updates from lenders. Deutsche Bank said it's "most above consensus" on Citigroup (C) and JPMorgan Chase (JPM)."Several banks tweaked up their quarterly (net interest income) expectations in early June (driven by strong loan growth) and pointed to better-than-expected investment banking and trading/markets (revenue)," Deutsche Bank analyst Matt O'Connor said in a note to clients.Bank earnings are scheduled to kick off July 14, with JPMorgan, Bank of America (BAC), Citigroup, Goldman Sachs (GS), and Wells Fargo slated to report.Huntington trends likely stabilized in the June quarter, with results seen improving in the second half of the year, according to Deutsche Bank."We believe key issues seem to be resolving, including questions surrounding loan growth, liquidity, and deal risk," O'Connor said. "(Huntington) shares trade at the lowest multiple among our coverage despite a solid long-term track record of both deal integrations and organic growth."US Bancorp is experiencing improved execution under Chief Executive Gunjan Kedia and an upward bias to its full-year revenue outlook following consecutive strong quarterly performances. The lender's recently completed the acquisition of financial services firm BTIG is well-timed due to broad strength in equity trading, while the bank's payments division is also positioned to benefit from strong retail sales volumes, O'Connor said.Wells Fargo shares have lagged its peers so far this year following a couple of disappointing quarters regarding both financial results and outlook, Deutsche Bank said. However, first-quarter trends were better than initially perceived."Momentum has also been building more than the market appreciates in our view post the lifting of the asset cap in June of 2025 and we expect this to be more evident in (second quarter)/beyond," O'Connor wrote.Deutsche Bank's higher EPS outlook for Citigroup factors in a revenue boost from the recent transfer of American Airlines (AAL) card receivables from Barclays (BCS), according to the note.Price: $17.74, Change: $-0.05, Percent Change: -0.28%

$AAL$BAC$BCS$C$GS$HBAN$JPM$USB$WFC
Wire

Americold Realty Trust Shares Rise After Evercore ISI Upgrade

Americold Realty Trust (COLD) shares rose 5.8% in Friday trading after Evercore ISI upgraded the stock to outperform from in line and raised its price target to $18 from $17.Intraday volume topped 3.39 million shares, compared with the daily average of almost 4.54 million.Price: $15.79, Change: $+0.86, Percent Change: +5.76%

$C$COLD
International

Big Banks Boost Dividends After Passing Fed Stress Test

All 32 large banks subject to the Federal Reserve's annual stress test have sufficient capital to absorb losses totaling nearly $708 billion and continue lending to businesses and households under hypothetical stressful conditions, the Fed said Wednesday.Under the severely adverse scenario, the aggregate common equity tier 1 capital ratio of the 32 banks falls to its projected minimum of 11.2% from an actual 12.8% in Q4 2025, before rising to 12.7% at the end of the projection horizon."The aggregate and individual bank post-stress CET1 capital ratios remain above the required minimum regulatory levels throughout the projection horizon," the Fed said.JPMorgan Chase (JPM), Goldman Sachs (GS) and Morgan Stanley (MS) all boosted their dividends shortly after the results were announced.Price: $339.10, Change: $+5.65, Percent Change: +1.69%

$BAC$C$GS$JPM$MS
Sectors

Sector Update: Financial Stocks Lower Late Afternoon

Financial stocks were lower in late Thursday afternoon trading, with the NYSE Financial Index easing 0.3% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.7%.The Philadelphia Housing Index gained 3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) decreased 0.2%.Bitcoin (BTC-USD) fell 2.5% to $62,660, and the yield for 10-year US Treasuries rose 2 basis points to around 4.45%.In economic news, US initial jobless claims last week fell to 226,000 from an upwardly revised 230,000 in the previous week, compared with expectations for 225,000 in a survey of analysts compiled by Bloomberg.In corporate news, Bank of America (BAC) scored an early victory in its collateral battle with Aequum Capital Financial II after a US bankruptcy judge temporarily barred Aequum from distributing cash collected from bankrupt auto-parts supplier First Brands' inventory sales, Bloomberg reported, citing the ruling. Bank of America shares were down 0.3%.SpaceX (SPCX) bankers are planning a potential bond sale of at least $20 billion to refinance a $20 billion bridge loan maturing in September 2027, Bloomberg reported. Bank of America, Citigroup (C), JPMorgan Chase (JPM), Goldman Sachs (GS), and Morgan Stanley (MS), which provided the bridge financing, are expected to run the bond sale, the report said. Citi eased 0.2%, JPMorgan was down 2%, Goldman fell 0.4%, and Morgan Stanley was 0.5% lower.Apollo Global Management (APO) made some concessions regarding its debt refinancing for photo-services company Shutterfly in a bid to entice some unwilling investors, Bloomberg reported. Apollo shares fell 0.7%.Accenture (ACN) shares fell 17% after the company trimmed the top end of its full-year revenue outlook and posted weaker-than-expected fiscal Q3 sales, while announcing three cybersecurity acquisitions totaling about $4.18 billion.

$ACN$APO$BAC$C$GS$JPM$MS
Wire

Update: Market Chatter: SpaceX Bankers Planning At Least $20 Billion Bond Offering

(Updates with decline to comment from Goldman Sachs in fourth paragraph.)SpaceX (SPCX) bankers are planning a potential bond sale of at least $20 billion to refinance a $20 billion bridge loan maturing in September 2027, Bloomberg reported Thursday, citing sources with knowledge of the matter.Talks with investors could start on Monday, although plans and timing could change, the report said.Bank of America (BAC), Citigroup (C), JPMorgan Chase (JPM), Goldman Sachs (GS), and Morgan Stanley (MS), which provided the bridge financing, are expected to run the bond sale, according to Bloomberg.Goldman Sachs declined to comment, while SpaceX and the other financial institutions did not immediately reply to requests 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: $179.67, Change: $-12.15, Percent Change: -6.33%

$BAC$C$GS$JPM$MS$SPCX
Wire

Market Chatter: SpaceX Bankers Planning At Least $20 Billion Bond Offering

SpaceX (SPCX) bankers are planning a potential bond sale of at least $20 billion to refinance a $20 billion bridge loan maturing in September 2027, Bloomberg reported Thursday, citing sources with knowledge of the matter.Talks with investors could start on Monday, although plans and timing could change, the report said.Bank of America (BAC), Citigroup (C), JPMorgan Chase (JPM), Goldman Sachs (GS), and Morgan Stanley (MS), which provided the bridge financing, are expected to run the bond sale, according to Bloomberg.SpaceX and the financial institutions did not immediately reply to requests 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: $176.81, Change: $-15.01, Percent Change: -7.83%

$BAC$C$GS$JPM$MS$SPCX
Sectors

Sector Update: Financial Stocks Rise Late Afternoon

Financial stocks advanced in late Thursday afternoon trading, with the NYSE Financial Index rising 1.2% and the State Street Financial Select Sector SPDR ETF (XLF) adding 1%.The Philadelphia Housing Index climbed 3.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.4%.Bitcoin (BTC-USD) gained 3.2% to $63,436, and the yield for 10-year US Treasuries dropped 8.3 basis points to 4.459%.In economic news, core producer price index, which excludes the more volatile food and energy prices, increased by 0.4% in May, slower than the 0.5% gain expected in a Bloomberg-compiled poll and following a 0.7% gain in April. Core PPI remained at 4.9% year-over-year, but below the 5.4% consensus.US initial jobless claims rose to a level of 229,000 in the week ended June 6 from an unrevised level of 225,000 in the previous week, compared with expectations for an increase to 220,000 in a survey of analysts compiled by Bloomberg.In sector news, the US Supreme Court on Thursday overturned a lower court ruling, blocking activist investors from suing closed-end mutual funds over maneuvers they take to avoid activist-investor takeovers. Saba Capital Master Fund, which led the suing investors, alleged that such moves, like incorporating in favorable jurisdictions, violate the Investment Company Act of 1940.In corporate news, Citigroup (C) launched tokenized depositary receipts for private-company shares, expanding its use of blockchain technology in private markets. Citi shares rose 3.6%.BlackRock (BLK) placed an order to buy at least $5 billion worth of SpaceX shares, the Wall Street Journal reported. Individual investors placed more than $70 billion in orders, and the company also attracted demand from sovereign wealth funds and family offices, including a single family office order of over $1 billion, the report said. BlackRock shares were up 0.8%.KKR (KKR) and co-investors will acquire a majority stake in Chicago-based accounting firm Crowe in a $3 billion deal, The Wall Street Journal reported. Separately, KKR said it launched Helix Digital Infrastructure, a platform with over $10 billion in committed capital to finance AI infrastructure. KKR shares were up 0.1%.Charles Schwab (SCHW) said Thursday that it has lowered expense ratios on four of its equity index ETFs, including funds tracking US mid-cap, small-cap, international small-cap, and emerging markets stocks. Its shares eased 0.1%.

$BLK$C$KKR$SCHW
Sectors

Sector Update: Financial

Financial stocks advanced in late Thursday afternoon trading, with the NYSE Financial Index rising 1.1% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.9%.The Philadelphia Housing Index climbed 2.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.3%.Bitcoin (BTC-USD) gained 3.2% to $63,436, and the yield for 10-year US Treasuries dropped 8.3 basis points to 4.459%.In sector news, Citigroup (C) launched tokenized depositary receipts for private-company shares, expanding its use of blockchain technology in private markets. Citi shares rose 3.2%.

$C
Wire

Citigroup Launches Tokenized Depositary Receipts for Private-Company Shares

Citigroup (C) launched tokenized depositary receipts for private-company shares, expanding its use of blockchain technology in private markets.The model builds on Citi's Depositary Receipts and Custody businesses and allows private-company shares to be represented as digital tokens, the bank said Thursday in a statement.The initial transaction was conducted with Kaleido, a Citi portfolio company, and investors from the bank's wealth unit.Citi said it plans to extend the offering across both digital and traditional financial markets and to multiple blockchain networks.Price: $137.14, Change: $+3.76, Percent Change: +2.82%

$C
Sectors

Sector Update: Financial

Financial stocks were lower in Friday afternoon trading, with the NYSE Financial Index decreasing 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.2%.The Philadelphia Housing Index was down 0.7%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.9%.Bitcoin (BTC-USD) was down 3.9% to $61,053, and the yield for 10-year US Treasuries rose 6.1 basis points to 4.536%.In corporate news, JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C) and Wells Fargo (WFC) plan to launch a tokenized deposit network in H2 2027 to connect traditional banking systems with blockchain technology, The Wall Street Journal reported Friday. JPMorgan shares fell 0.3%, Bank of America shares dropped 0.8%, Citigroup shares were down 2.6%, and Wells Fargo shed 0.1%.

$BAC$C$JPM$WFC
Commodities

Exchange-Traded Funds Lower, Equity Futures Mixed Pre-Bell Thursday as Investors Weigh Economic Data

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.4%, and the actively traded Invesco QQQ Trust (QQQ) fell by 1.2% in Thursday's premarket activity, as investors weighed economic data amid corporate earnings.US stock futures were mixed, with S&P 500 Index futures down 0.5%, Dow Jones Industrial Average futures gaining 0.4%, and Nasdaq futures retreating 1.3% before the start of regular trading.US employers announced 97,006 planned job cuts in May, the highest total for the month since 2020, driven largely by reductions in the technology sector, according to Challenger, Gray & Christmas on Thursday.US initial jobless claims rose to 225,000, above expectations of 215,000 and up from 212,000 in the prior week.US nonfarm productivity growth for the first quarter was revised down to an annualized rate of 0.3% from a preliminary estimate of 0.8%, falling short of expectations for a 0.4% increase, while unit labor cost growth was revised down to 1.8% from 2.3%, below forecasts of a 2.4% gain.Weekly natural gas stocks are due to be released at 10:30 am ET.Federal Reserve Richmond President Thomas Barkin and San Francisco President Mary Daly are slated to speak on Thursday.In premarket action, bitcoin was down by 4.6%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 4.4% lower, Ether ETF (EETH) retreated 3.5%, and Bitcoin & Ether Market Cap Weight ETF (BETH) declined by 3%.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 1.5%, and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) gained 1.4%. The iShares US Consumer Staples ETF (IYK) was 0.8% higher. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advanced by 0.5%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was down 0.5%.LGI Homes (LGIH) shares were down more than 4% pre-bell after falling 5% at the prior close. The company said late Wednesday that it closed 498 homes in May, compared with 416 homes a year earlier.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 1.5%, the Vanguard Health Care Index Fund (VHT) was up 1.2%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) was 1% higher.BrightSpring Health Services (BTSG) stock was down more than 3% premarket after the company said late Wednesday it has priced a secondary offering by certain shareholders of 15 million shares at $58.75 per share.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.8%, while the Vanguard Industrials Index Fund (VIS) was flat and the iShares US Industrials ETF (IYJ) was up 1%.X-Energy (XE) stock was down more than 3% before the opening bell after the company reported a wider Q1 net loss.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 2.3%, and the iShares US Technology ETF (IYW) was 1.6% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 2.7%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) fell by 3.8%, while the iShares Semiconductor ETF (SOXX) declined by 4.3%.Accenture (ACN) shares were up more than 2% in premarket activity after the company agreed to a deal to embed AI and digital technologies in the operations of Tokyo Electric Power subsidiary TEPCO Solution Advance.EnergyThe iShares US Energy ETF (IYE) gained 0.1%, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.7%.Clean Energy Fuels (CLNE) stock was up more than 1% before the opening bell after the company said it has begun producing renewable natural gas at its East Valley Dairy facility in Jerome, Idaho, its eighth dairy RNG project.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 1%. Direxion Daily Financial Bull 3X Shares (FAS) was up 2.8%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 3% lower.Marsh & McLennan (MRSH) shares were up more than 1% pre-bell after the insurance broker and certain units signed a new $4.25 billion multi-currency unsecured five-year revolving credit facility with Citibank (C).CommoditiesFront-month US West Texas Intermediate crude oil retreated by 3.7% to $92.46 per barrel on the New York Mercantile Exchange. Natural gas was up 1.2% to $3.25 per 1 million British Thermal Units. The United States Oil Fund (USO) fell by 3.9%, while the United States Natural Gas Fund (UNG) was 1.1% higher.Gold futures for July gained by 1.6% to $4,539.90 an ounce on the Comex. Silver futures advanced by 1.5% to $74.77 an ounce. SPDR Gold Shares (GLD) was up by 1.1%, and the iShares Silver Trust (SLV) increased by 1.3%.

Dow JonesNasdaq CompositeS&P 500$ACN$BETH$BITO$BTSG$C$CLNE$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$LGIH$MRSH$PMR$QQQ$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XE$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

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