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Consumer stocks were lower Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1.6% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.6%.In corporate news, Costco Wholesale's (COST) fiscal Q3 revenue topped market estimates buoyed by its gas business amid high fuel prices, but the warehouse chain's earnings fell short of expectations. Its shares fell 4.3%.
US equity indexes rose amid a surge in technology names and as President Donald Trump appeared close to announcing his decision on a preliminary Iran peace agreement.The Nasdaq Composite climbed 0.4% to 27,031.2, with the S&P 500 up 0.4% to 7,593.9, and the Dow Jones Industrial Average higher by 0.8% to 51,077.9 after midday on Friday.Materials and financials were the only other sectors in positive territory intraday. Consumer staples, communication services, and energy led the decliners.Dell Technologies (DELL) shares catapulted 28%, the top gainer on the S&P 500, after the company reported overnight fiscal Q1 financial results that topped analyst estimates and issued higher-than-expected guidance for fiscal Q2 and the full year.President Donald Trump is making a "final determination" on a preliminary deal to extend a ceasefire with Iran after mixed messages from both sides over when an agreement might be struck, he said on Friday, according to a report from Bloomberg."I will be meeting now, in the Situation Room, to make a final determination," Trump said in a social media post.Iranian officials have used the talks to project confidence that they retain significant military options should diplomacy fail, CNN reported Friday. Any renewed conflict would spread "far beyond the region," threatening "crushing blows" and "utter ruin" in places opponents "cannot even imagine," the Iranian Revolutionary Guards were cited as saying.Brent crude futures fell 1.7% to $92.05, and West Texas Intermediate crude oil futures declined 1.1% to $87.80.In precious metals, gold futures jumped 1.3% to $4,592.8, while silver futures slipped by less than 0.1% to $75.85.Most US Treasury yields fell, with the 10-year down 2.1 basis points to 4.43%. The two-year declined 3.5 basis points to 3.99%.In economic news, the Institute for Supply Management's Chicago PMI reading jumped to 62.7 in May from 49.2 in April, larger than the expected 50.3 reading in a survey compiled by Bloomberg and the highest reading in over four years.Federal Reserve Vice Chair for Supervision Michelle Bowman said Friday that she is seeking greater clarity on the Middle East conflict before determining the monetary policy path forward."Economic research suggests that, in response to temporary adverse energy supply shocks, policy should not be overly aggressive at stabilizing total inflation to keep employment close to our maximum-employment goal," Bowman said at the Reykjavik Economic Conference.Further in company news, Costco Wholesale (COST) posted higher fiscal Q3 earnings and revenue late Thursday. The company's net new warehouse openings in fiscal 2026 are, however, set to be below its previous guidance, according to an earnings conference call following the results. Its shares dropped 4.7%, among the worst performers on the Nasdaq.The Dow's leader was IBM (IBM), with shares soaring 9.5%, after the company said in a filing that it plans to invest more than $10 billion over the next five years to support quantum computing development.
Consumer stocks were declining premarket Friday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) and State Street Consumer Discretionary Select Sector SPDR ETF (XLY) 0.3% lower.Buckle (BKE) stock was up 0.9% after the company reported higher fiscal Q1 earnings and net sales.Costco Wholesale's (COST) net new warehouse openings in fiscal 2026 are set to be below its previous guidance, according to the firm's earnings conference call late Thursday. Shares of Costco Wholesale were 0.9% lower pre-bell.Etsy (ETSY) signed a letter agreement with eBay (EBAY) tied to the planned $1.2 billion sale of Depop, allowing continued investment in the business before the deal closes, Etsy said in a filing. Shares of Etsy were 0.8% higher premarket.
US equity futures edged higher pre-bell Friday as traders monitored developments on the peace negotiations between US and Iran, with the two countries reportedly agreeing on a memorandum of understanding to extend the ceasefire by 60 days.Dow Jones Industrial Average futures were 0.3% higher, S&P 500 futures were up 0.1%, and Nasdaq futures were flat.The memorandum still has to be approved by President Donald Trump, and Iran has not yet given a response to the latest version. Vice President JD Vance said the talks are making progress but still ongoing, while Treasury Secretary Scott Bessent confirmed that the negotiation teams have been "going back and forth."Iran reportedly fired missiles at unidentified targets on Thursday while the Pentagon said Iran had launched a ballistic missile towards Kuwait and deployed attack drones in the Strait of Hormuz.Traders also digested the latest round of earnings, with Costco Wholesale (COST) posting higher fiscal Q3 earnings and revenue late Thursday.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 1.7% at $91.14 per barrel and US West Texas Intermediate crude 1.5% lower at $87.58 per barrel.The US advance international trade in goods deficit narrowed to $82.40 billion in April from $85.27 billion in March, according to data released by the US Census Bureau.The Chicago purchasing managers index for May, due at 9:45 am ET, is seen coming in at 50.3, up from its prior value of 49.2.Federal Reserve Vice Chair Michelle Bowman, Philadelphia Fed President Anna Paulson, and San Francisco Fed President Mary Daly are slated to speak on Friday.In other world markets, Japan's Nikkei closed 2.5% higher, Hong Kong's Hang Seng ended 0.7% higher, and China's Shanghai Composite finished 0.7% lower. Meanwhile, the UK's FTSE 100 was up 0.2%, and Germany's DAX index was flat in Europe's early afternoon session.In equities, Dell Technologies (DELL) shares were up 33% after the company reported higher fiscal Q1 non-GAAP net income and revenue that surpassed analysts' consensus. IBM (IBM) stock was 4.4% higher after the company said in a filing that it plans to invest more than $10 billion over the next five years to support quantum computing development. CoreWeave (CRWV) shares rose 1.4% after the company said it launched new agentic artificial intelligence capabilities designed to connect AI model training and inference in a continuous feedback loop to improve performance over time.On the losing side, Autodesk (ADSK) shares were down 6.6% after multiple analyst price target cuts, including those by RBC and BMO Capital. JD.com (JD) stock was 1.1% lower after the European Commission said it launched an in-depth investigation over the company's proposed acquisition of Ceconomy due to concerns that foreign subsidies may have distorted the deal process.
US equity futures edged higher pre-bell Friday as traders monitored developments on the peace negotiations between US and Iran as the two countries reportedly agreed on a memorandum of understanding to extend the ceasefire by 60 days.Dow Jones Industrial Average futures were 0.3% higher, S&P 500 futures were up 0.1%, and Nasdaq futures were flat.The memorandum still has to be approved by President Donald Trump, and Iran has not yet given a response to the latest version. Vice President JD Vance said the talks are making progress but still ongoing, while Treasury Secretary Scott Bessent confirmed that the negotiation teams have been "going back and forth."Iran reportedly fired missiles at unidentified targets on Thursday while the Pentagon said Iran had launched a ballistic missile towards Kuwait and deployed attack drones in the Strait of Hormuz.Traders also digested the latest round of earnings, with Costco Wholesale (COST) posting higher fiscal Q3 earnings and revenue late Thursday.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 1.6% at $91.19 per barrel and US West Texas Intermediate crude 1.5% lower at $87.58 per barrel.The international trade in goods report for April, scheduled for release at 8:30 am ET, is expected to show the deficit narrowing to $87 billion from the revised value of $87.40 billion in the prior month, according to estimates compiled by Bloomberg.The Chicago purchasing managers index for May, due at 9:45 am ET, is seen coming in at 50.3, up from its prior value of 49.2.Federal Reserve Vice Chair Michelle Bowman, Philadelphia Fed President Anna Paulson, and San Francisco Fed President Mary Daly are slated to speak on Friday.
Costco Wholesale's (COST) fiscal third-quarter revenue topped market estimates buoyed by its gas business amid high fuel prices, though the warehouse chain's earnings fell short of expectations.Consolidated revenue came in at $70.53 billion for the quarter ended May 10, up from $63.21 billion a year earlier, the company said late Thursday. The consensus on FactSet was for $69.68 billion. Net income increased to $4.93 a share from $4.28 a year earlier, but missed Wall Street's view of $4.98.Elevated energy prices and consumer price sensitivity, driven by the conflict in the Middle East, drove "many members to use our gas stations for the very first time in the third quarter," Costco Chief Executive Roland Vachris said on an earnings call, according to a FactSet transcript. This resulted in "record-breaking volumes" for the company's gas business."Our gas team performed exceptionally well to manage this unprecedented demand," Vachris said. "We believe this will drive even greater loyalty with these members in the future as members who use our gas stations typically spend more with us in the warehouse."The high fuel prices helped provide an "incremental" traffic boost at Costco, Truist Securities said in a note to clients Thursday. "The one minor fundamental knock is that membership growth continues to moderate."The company's shares were down 0.4% in premarket activity Friday. The stock has jumped 15% so far this year.The warehouse chain is "closely monitoring the longer-term inflationary impacts of higher oil prices, as well as the future impacts of tariffs," Vachris told analysts. The company has begun submitting its refund claims for tariffs that were invoked by US President Donald Trump under the International Emergency Economic Powers Act last year, but declared invalid by the US Supreme Court in February."These submissions will go in over what may be the next few months, and based on what other claimants have experienced, we should start receiving refunds on approved claims on a rolling basis over the following two to three months," Vachris said on the call.Comparable sales, excluding the impacts from changes in gasoline prices and foreign currency, rose 6.6% at the company level in the third quarter. The metric increased 6.8% in the US, 6.2% in Canada and 5.9% internationally.Costco's traffic, or shopping frequency, increased 2.4% globally, while the average transaction or ticket was up 7.3%, including impacts from gas price deflation and foreign exchange, Chief Financial Officer Gary Millerchip said on the call. Membership fee income increased 11% year over year to $1.37 billion. The company has "relatively low" inventory exposure to shipping issues caused by the Middle East conflict, according to Millerchip."We believe the company will continue to deliver solid traffic growth for the foreseeable future, as its extreme value proposition continues to draw in consumers who are increasingly seeking value/newness, especially in the current macro environment," Truist said. The brokerage raised its price target on the Costco stock to $1,011 from $977.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:COST delivered solid Q3 FY 26 (Aug.) results, with EPS of $4.93 (+15% Y/Y) beating consensus by a penny and net sales of $69.15B (+11.6% Y/Y). Comparable sales growth of 6.6% (ex-gas/FX) was due to balanced traffic (+2.4%) and ticket (+4.2%) gains across all segments. Digital sales continued to impress, with 20.8% growth, marking the third consecutive quarter of 20%+ expansion, while membership metrics remained healthy, with total paid members reaching 82.9M (+4.1% Y/Y) and renewal rates holding steady. Gross margin compressed 21 bps to 11.04% primarily due to gas impact, though underlying margins improved 1 bp excluding gas. With cash balances reaching a record $20.0B (+35% Y/Y), we believe COST may be positioned for another special dividend similar to the $15/share payment made two years ago (when the cash balance hit $18B). Executive member penetration continues driving 75% of total sales, supporting the membership model's value proposition.
US benchmark equity indexes were higher intraday as traders parsed a report that Washington and Iran have reached a tentative peace agreement.The Nasdaq Composite was up 0.7% at 26,862 after midday Thursday, while the S&P 500 rose 0.5% to 7,560.5. The Dow Jones Industrial Average advanced 0.1% to 50,693.5. The indexes closed at new all-time highs in the previous session.Among sectors, healthcare and technology paced the gainers intraday Thursday, while financials saw the biggest decrease.The US and Iran have agreed to a 60-day memorandum of understanding to extend the ceasefire and begin talks on Tehran's nuclear program, Axios reported, citing sources. However, US President Donald Trump has yet to sign off on the deal, according to the report.Iran fired a ballistic missile toward Kuwait overnight, which was intercepted by Kuwaiti forces, US Central Command said on X.West Texas Intermediate crude oil was up 0.1% at $88.75 a barrel intraday, while Brent fell 0.7% to $93.60.In economic news, annual inflation hit the highest reading in almost three years in April even as consumer spending moderated in the face of high gasoline prices in the US, official data showed."If elevated inflation continues, we can expect slower trend real consumer spending ahead," BMO said in a note.Although artificial intelligence has the potential to be a "transformative technology," the risks of a miscalculation regarding its impact on inflation and productivity are "too great," St. Louis Federal Reserve President Alberto Musalem said."If the evidence becomes clear that higher productivity growth is likely to ease inflation pressures, I'm prepared to adjust my policy views," Musalem said. "However, at present, I believe we should keep our guard up against persistent above-target inflation today, rather than base monetary policy on the hope that we will have higher productivity growth tomorrow."US Treasury yields were lower intraday, with the 10-year rate down 3.2 basis points at 4.45% and the two-year rate falling 1.9 basis points to 4.01%.In company news, Dollar Tree (DLTR) shares jumped nearly 18%, the second-top gainer on the S&P 500, as the discount retailer raised its full-year earnings outlook after posting fiscal first-quarter results above Wall Street's estimates.Snowflake (SNOW) shares surged 37%. Late Wednesday, the cloud-based data platform raised its full-year product revenue outlook on the back of better-than-expected fiscal first-quarter results. The company agreed to a $6 billion infrastructure spending deal with Amazon's (AMZN) cloud platform.Burlington Stores (BURL) increased its full-year outlook Thursday, while the off-price retailer's guidance for the ongoing quarter indicated a sequential slowdown in comparable sales growth. The company's shares were down 8.3% intraday.Dell Technologies (DELL), Costco Wholesale (COST), and MongoDB (MDB) are scheduled to report financials after the closing bell Thursday, along with others.Gold was up 1.3% at $4,538.60 per troy ounce, while silver advanced 1.6% $76.08 per ounce.
The main US stock measures were trending lower in Thursday's premarket activity amid renewed tensions in the Middle East, while traders await key inflation and economic data.The S&P 500 and the Dow Jones Industrial Average edged down 0.1% each before the opening bell, while the Nasdaq was off 0.2%. The indexes finished Wednesday's trading session with fresh highs.Iran's Islamic Revolutionary Guard Corps said Thursday it targeted a US airbase, CNBC reported, citing Tehran's semi-official Tasnim news agency.The reported attack came after a US official told MS Now on Wednesday that US forces carried out strikes against a military site believed to threaten its troops and commercial shipping through the Strait of Hormuz.West Texas Intermediate crude oil increased 1.7% to $90.21 a barrel in premarket action, while Brent rose 1.6% to $95.81.President Donald Trump on Wednesday said that no single country will control the crucial Strait of Hormuz, according to Bloomberg News. "Nobody's going to control it, it's international waters," Trump reportedly said at the White House. "The strait's going to be open to everybody," and the US will "watch over it," he added.Earlier on Wednesday, Trump expressed confidence that the US would be able to reach a deal to end the conflict, but he is not yet satisfied with the terms, CNN reported. Iranian state TV previously claimed that a draft memorandum on ending the conflict calls for the US to withdraw its military forces and lift the naval blockade in return for reopening the Strait of Hormuz within a month. However, the White House dismissed it as a "complete fabrication," according to CNN.The personal income and outlays report for April is due to be released at 8:30 am ET. The report includes the personal consumption expenditure core price index, the Federal Reserve's preferred inflation metric.Treasury yields were moving higher before the open, with the two-year rate gaining 2.7 basis points to 4.06% and the 10-year rate adding 1.2 basis points to 4.49%.Thursday's economic calendar also has the second estimate report of the first-quarter gross domestic product at 8:30 am, along with the weekly jobless claims bulletin and the durable goods orders report for last month. The new home sales report for April is out at 10 am, followed by the EIA domestic petroleum inventories report at 12 pm.New York Fed President John Williams is slated to speak at 8:55 am, while St. Louis Fed President Alberto Musalem speaks at 10:15 am. Richmond Fed President Thomas Barkin's remarks are due at 3 pm.Shares of Snowflake (SNOW) jumped 38% pre-bell after the cloud-based data platform lifted its full-year product revenue outlook and agreed to a $6 billion infrastructure spending deal with Amazon's (AMZN) cloud platform. Salesforce (CRM) declined nearly 2% as the company issued a soft fiscal second-quarter outlook.Marvell Technology (MRVL) and Synopsys (SNPS) dropped 3.3% and 2.8%, respectively, following their latest quarterly results.Burlington Stores (BURL), Dollar Tree (DLTR), Li Auto (LI), XPeng (XPEV), Best Buy (BBY) and Hormel Foods (HRL) are expected to release their earnings before the bell, among others. Costco Wholesale (COST), Dell Technologies (DELL) and MongoDB (MDB) are scheduled to announce their results after the markets close.Gold fell 1.1% to $4,400 per troy ounce, while bitcoin slipped 2.2% to $73,258.
The Nasdaq Composite and the S&P 500 reached new peaks on Tuesday, driven a Micron Technology (MU) led rally in the tech sector, while the Dow Jones Industrial Average retreated from a record high.The Nasdaq rose 1.2% to settle at 26,656.2, while the S&P 500 climbed 0.6% to 7,519.3 -- both notching new record finish. The Dow fell 0.2% to 50,461.7, after closing at a record high in the previous session.Six of the 11 sectors ended in the green, led by tech's 1.7% advance, while energy saw the steepest decline.US markets were closed Monday for the Memorial Day holiday.Micron shares surged 19%, the best performer on the S&P 500, as UBS Securities boosted it price target on the semiconductor manufacturer's stock to $1,625 from $535.Micron's market capitalization crossed the $1 trillion mark for the first time.Micron's valuation should get a further boost from long-term agreements in the memory industry, UBS said Tuesday.On Semiconductor (ON) shares jumped 9%, the second-top gainer on the S&P 500. Western Digital (WDC) shares climbed 8.3%, also among the biggest gainers on the index.Some 95% of S&P 500 companies have reported their quarterly financial results in the latest cycle, with earnings up about 28% from a year earlier and revenue rising 11.1%, Oppenheimer Asset Management said in a note.Ahead of the earnings season, FactSet put expected earnings growth at 12.6% year over year, according to the brokerage."The (first-quarter) earnings season rolled on, with many firms reporting strong results and positive guidance," Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus said. "Bears, skeptics, and nervous investors have been able to take some profits without (the fear of missing out) within what appears to us a bull market that persists having legs to run further."Costco Wholesale (COST), Marvell Technology (MRVL), Salesforce (CRM), and Dell Technologies (DELL) are slated to report results this week.West Texas Intermediate crude oil was down 3% at $93.72 a barrel in Tuesday late-afternoon trade, while Brent rose 3.6% to $99.63.Iran has a "legitimate" right to respond to any violation of a ceasefire by the US, CNN reported Tuesday, citing Tehran's Islamic Revolutionary Guard Corps. Earlier, the US military targeted Iranian missile launch sites and boats around the crucial Strait of Hormuz in what it described as "self-defense strikes," according to the report.US President Donald Trump said Monday that negotiations with Iran were "proceeding nicely," but encouraged countries including Saudi Arabia and Pakistan to join the Abraham Accords, aimed at normalizing diplomatic ties with Israel."While an extended conflict with Iran remains the largest risk to continued market gains, in our view, markets are positioned for more progress on peace talks and the Strait of Hormuz reopening," D.A. Davidson said in a report Tuesday.US Treasury yields were lower, with the 10-year rate last down 6.6 basis points at 4.5% and the two-year rate losing 7.7 basis points to 4.06%."Investors remain focused on whether energy markets stabilize or whether higher oil prices start feeding back into inflation expectations and bond yields again," Saxo Bank said in a report Tuesday.Elbit Systems' (ESLT) first-quarter results rose year on year, while the company said its order backlog topped $30 billion, lifted by surging demand from Israel's Ministry of Defense amid ongoing regional conflicts. The company's US-listed shares advanced 11%.AutoZone (AZO) shares plummeted 9%, the steepest decline on the S&P 500, after the auto parts retailer's fiscal third-quarter earnings topped market estimates, but revenue fell short.In economic news, US consumer confidence fell in May amid mounting inflation concerns as the Middle East conflict has stretched for about three months now, a survey by the Conference Board showed Tuesday.Separately, US annual home price growth decelerated in March, with more than half of the 20 major markets logging decreases, S&P Global (SPGI) division S&P Dow Jones Indices said Tuesday.Gold was last down 0.3% at $4,508.30 per troy ounce, while silver rose 1.5% $77.35 per ounce.
US benchmark equity indexes were mixed intraday as traders monitored the latest developments in the Middle East conflict.The Nasdaq Composite was up 0.8% at 26,566.9 after midday Tuesday, while the S&P 500 rose 0.4% to 7,505.5. The Dow Jones Industrial Average fell 0.4% to 50,392.7 after closing at a record high in the previous session.Among sectors, technology paced the gainers intraday Tuesday, while energy saw the steepest decline.US markets were closed Monday for the Memorial Day holiday.West Texas Intermediate crude oil was down 2.7% at $93.97 a barrel intraday Tuesday, while Brent rose 3.9% to $99.85.Iran has a "legitimate" right to respond to any violation of a ceasefire by the US, CNN reported Tuesday, citing Tehran's Islamic Revolutionary Guard Corps. Earlier, the US military targeted Iranian missile launch sites and boats around the crucial Strait of Hormuz in what it described as "self-defense strikes," according to the report.US President Donald Trump said Monday that negotiations with Iran were "proceeding nicely," but encouraged countries including Saudi Arabia and Pakistan to join the Abraham Accords, aimed at normalizing diplomatic ties with Israel.US Treasury yields were lower intraday Tuesday, with the 10-year rate down 6.4 basis points at 4.51% and the two-year rate losing 5.9 basis points to 4.07%.In company news, Micron Technology (MU) shares surged nearly 19%, the best performer on the S&P 500, as UBS Securities boosted it price target on the semiconductor manufacturer's stock to $1,625 from $535."Our supply chain work on long-term agreements across the memory industry suggests that up to 30% of (double data rate) volumes industry-wide will be soon locked in at pricing that is just slightly below current levels, and these agreements will allow (Micron) to trade some near-term revenue for demand visibility and a smoother earnings profile," UBS said in a note to clients.Western Digital (WDC) shares jumped 9.2%, the second-top gainer on the S&P 500, followed by On Semiconductor (ON), up 9%.Elbit Systems' (ESLT) first-quarter results rose year on year, while the company said its order backlog topped $30 billion, lifted by surging demand from Israel's Ministry of Defense amid ongoing regional conflicts. The company's US-listed shares were up 7.5% intraday.AutoZone (AZO) shares plummeted 9.8%, the steepest decline on the S&P 500, after the auto parts retailer's fiscal third-quarter earnings topped market estimates, but revenue fell short.Some 95% of S&P 500 companies have reported their quarterly financial results in the latest cycle, with earnings up about 28% from a year earlier and revenue rising 11.1%, Oppenheimer Asset Management said in a note.Ahead of the earnings season, FactSet put expected earnings growth at 12.6% year over year, according to the brokerage."The (first-quarter) earnings season rolled on, with many firms reporting strong results and positive guidance," Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus said. "Bears, skeptics, and nervous investors have been able to take some profits without (the fear of missing out) within what appears to us a bull market that persists having legs to run further."Costco Wholesale (COST), Marvell Technology (MRVL), Salesforce (CRM), and Dell Technologies (DELL) are some of the major companies slated to report results this week.Gold was down 0.4% at $4,506.70 per troy ounce, while silver rose 0.6% $76.63 per ounce.
S&P 500 companies' quarterly earnings and revenue growth accelerated, compared with figures from a week ago, with the bottom-line remaining well ahead of Wall Street's expectations as the reporting season approaches its close, Oppenheimer Asset Management said Tuesday.Some 95% of companies in the benchmark equity index have reported results in the latest cycle, with earnings up about 28% from a year earlier and revenue rising 11.1%. Last week's report by the brokerage showed profit and sales growth at 25% and 10.5%, respectively, based on financials reported by 91% of the index constituents.Ahead of the earnings season, FactSet put expected earnings growth at 12.6% year over year, Oppenheimer said."The (first-quarter) earnings season rolled on, with many firms reporting strong results and positive guidance," Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus said in a note to clients. "Bears, skeptics, and nervous investors have been able to take some profits without (the fear of missing out) within what appears to us a bull market that persists having legs to run further."Among sectors, technology and communication services outperformed in terms of earnings, with profits up by about 50% and 47% from a year earlier, respectively. Healthcare was the sole decliner, showing bottom-line down 3.1%.Tech also led the chart for revenue growth, with a 29% jump from a year earlier, followed by utilities' 14.1% gain. All 11 S&P sectors saw sales growth on an annual basis, the report showed.Costco Wholesale (COST), Marvell Technology (MRVL), Salesforce (CRM), and Dell Technologies (DELL) are some of the major companies slated to report this week."With (the first-quarter) earnings season winding down, increased attention will be focused on developments to finding resolution to the (US/Israel) conflict with Iran and the economic disruption that it brought," Stoltzfus said Tuesday.Iran's army said it has a "legitimate" right to respond to any violation of a ceasefire after the US military conducted strikes targeting Iranian missile launch sites and boats around the crucial Strait of Hormuz, CNN reported. The two countries are in a fragile ceasefire and have yet to agree to a permanent framework to end their war, which started at the end of February.Price: $1001.60, Change: $-26.64, Percent Change: -2.59%
The benchmark US stock measures were pointing higher before the opening bell Tuesday as traders assess the latest developments in the Middle East and await key economic data later in the week.The S&P 500 rose 0.6%, the Dow Jones Industrial Average gained 0.5% and the Nasdaq added nearly 1% in premarket activity. The indexes finished Friday trading in the green, with the Dow hitting a new record high.US markets were closed on Monday for the Memorial Day holiday.The US military said it carried out strikes in southern Iran on Monday, targeting missile launch locations and vessels allegedly trying to deploy mines, CNBC reported. The US Central Command said the strikes were intended "to protect our troops from threats posed by Iranian forces," the report added.Iran's Islamic Revolutionary Guard Corps reportedly said Tuesday it would retaliate against violations of the ongoing ceasefire.The incident occurred after President Donald Trump said in a social media post on Monday that negotiations with Iran were "proceeding nicely." In a separate post, Trump said that Iran's enriched uranium "will either be immediately turned over to the US" or be destroyed in place or at another "acceptable location."Tehran's semi-official Tasnim news agency reportedly described recent discussions with the US as "overall good," but said that a memorandum of understanding between the two countries would be subject to the release of $24 billion in frozen Iranian funds.West Texas Intermediate crude oil declined 4.4% to $92.31 a barrel before the open, while Brent fell 4.7% to $95.6.The personal income and outlays report for April is scheduled to be released on Thursday. The report includes the personal consumption expenditure core price index, the Federal Reserve's preferred inflation metric. The second estimate report of the first-quarter gross domestic product is also due on Thursday.Treasury yields fell in premarket action, with the two-year rate retreating 6.5 basis points to 4.06% and the 10-year rate declining 7.6 basis points to 4.5%.Tuesday's economic calendar has the Chicago Fed national activity index for last month at 8:30 am ET, followed by the Case-Shiller Home Price Index and the Federal Housing Finance Agency House Price Index, both for March at 9 am. The consumer confidence report for May is out at 10 am, followed by the Dallas Fed manufacturing survey for the same month at 10:30 am.Costco Wholesale (COST), Marvell Technology (MRVL), Salesforce (CRM) and Dell Technologies (DELL) are some of the major companies slated to release their latest financial results this week.AutoZone (AZO) posts earnings before the bell, among others, while Zscaler (ZS) is expected to announce its results after the markets close.Gold edged up 0.2% to $4,531 per troy ounce, while bitcoin slipped 0.3% to $77,121.
US equity investors will monitor closely ongoing talks in the Middle East to end the Iran war, as continued closure of the Strait of Hormuz fuels inflation concerns and Q1 earnings begin to wind down.* The US military carried out what it called "self-defense strikes" targeting Iranian missile launch sites and boats around the Strait of Hormuz, CNN reported Tuesday.* The strikes came hours after Iranian negotiators met with Qatari mediators in Doha for talks in coordination with the US, CNN reported. The US and Iran are working toward a "memorandum of understanding," but disputes over language concerning Iran's nuclear program and sanctions have held up a deal, the news report said.* Investors will watch out for the personal consumption expenditures price index this week, shortened by the Memorial Day holiday. Other indicators include initial jobless claims, the Consumer Board's consumer confidence index, and the preliminary read on Q1 gross domestic product growth.* Investors will look out for the views of Fed officials on the speaking circuit this week, including Fed Vice Chairs Michelle Bowman and Philip Jefferson, Fed Board Member Lisa Cook, New York Fed President John Williams, Dallas Fed President Lorie Logan, and Philadelphia Fed President Anna Paulson.* "Bonds have cheapened partly because markets have pivoted toward pricing Fed rate hikes," a Scotiabank note said Friday, referring to the surge in the 30-year to its highest since 2007. "A little over a quarter point of rate hikes is priced into year-end and early next year compared to early March when markets were leaning toward pricing 50--75bps of cuts."* Quarterly earnings due this week include AutoZone (AZO), Marvell Technology (MRVL), Salesforce (CRM), and Costco Wholesale (COST). S&P 500 earnings have soared by about 29% year-over-year, versus almost 13% set out as of March 31, based on over quarterly results from about 95% firms that have reported, a DA Davidson note said on Friday.
The Standard & Poor's 500 index rose 0.9% this week, its eighth consecutive week of gains, amid upbeat trading heading into the holiday weekend.The S&P 500 ended Friday's session at 7,473.47, close to the record closing high it reached last week of 7,501.24.This marks the longest weekly winning streak since a nine-week run that ended in December 2023. The index is now up 3.7% for May and has climbed 9.2% in 2026.Government data this week showed US housing starts decreased less than estimated in April amid a jump in multi-family projects, while the single-unit component declined. Separate data from the National Association of Home Builders and Wells Fargo also showed US homebuilder confidence unexpectedly rose in May despite elevated mortgage rates, macro uncertainty and continued affordability challenges.US consumer sentiment, however, declined to a fresh record low in May amid fears that high gasoline prices could erode purchasing power, the University of Michigan said Friday. The main sentiment index tumbled 10% to 44.8 from last month. The consensus in a Bloomberg-compiled poll was for May's print to stay unchanged from a preliminary 48.2 estimate.The health care and utilities sectors led the gainers this week, climbing 3.3% each, followed by a 3% boost in real estate, a 1.9% gain in consumer discretionary and a 1.6% rise in financials. Technology, industrials and materials also edged higher.DexCom (DXCM) had the largest percentage increase in health care, jumping 17% on the week. The company announced the launch of its Dexcom Flex, a continuous glucose monitoring system for adults with Type 2 diabetes who are not using intensive insulin therapy, in Germany.The utilities sector's top gainers included shares of Dominion Energy (D), which unveiled an agreement to merge with NextEra Energy (NEE) in an all-stock deal to create the largest regulated electric utility in the world. Dominion shareholders will receive a 25.5% stake in the combined entity, while NextEra's shareholders will own about 74.5% of the merged company. Dominion's stock climbed 9.6% while NextEra, the only weekly decliner in the sector, lost 5.2%.Communication services fell 1.9%, while consumer staples shed 1% and energy edged down 0.4%.The hardest-hit stocks in communication services included shares of Take-Two Interactive Software (TTWO), which fell 6.1% on the week. The company posted a narrower-than-expected fiscal Q4 loss on higher-than-expected revenue but its fiscal 2027 guidance came in below analysts' mean estimates.Next week will have just four trading days as the US stock market will be closed on Monday for Memorial Day.Earnings reports are expected from companies including Costco Wholesale (COST), Dell Technologies (DELL) and Salesforce (CRM).Economic data will include the April personal consumption expenditures index, which is the Federal Reserve's preferred inflation measure, on Friday. Other reports will include May consumer confidence, April new home sales, and the second revision to Q1 gross domestic product.
Costco Wholesale (COST) is expected to deliver a strong fiscal Q3 update and ease investor concerns across key debate areas, reinforcing the bull case for the stock despite a tougher consumer and fuel price environment, UBS Securities said."COST's 3Q print should provide more data points supporting the bull case on shares," the investment firm said in a Tuesday research note, adding the retailer is well-positioned to ease investor concerns around comps, renewals, membership growth, margins and fuel price pressures.UBS said investors will focus on renewal rates, membership growth and margins, noting Costco has multiple growth drivers including new products, e-commerce, warehouse expansion and retail media."We think the company will continue to steadily win market share in the near-term," according to the note.The brokerage also expects Costco's top-line momentum to remain strong in fiscal Q3, estimating net sales growth of 11.3% and a total company comp of 9.2% including fuel and foreign exchange. The brokerage said membership growth, higher executive membership penetration, traffic gains and new store openings are likely supporting performance.UBS maintained its buy rating on the stock and raised its price target to $1,275 from $1,205.Price: $1077.08, Change: $-17.24, Percent Change: -1.58%
BJ's Wholesale Club (BJ) needs to show proof of growth consistency and improvement in comparable sales for a positive recommendation to buy its stock, BofA Securities said in a Wednesday note reinstating coverage of the company.The company's warehouse club model of offering gas and bulk product discounts can potentially perform well if oil prices remain elevated for longer, BofA analysts said. High oil prices could potentially provide upside to their projection of comparable sales growth excluding gas of 2.5%, but the uncertainty of the length of the conflict in the Middle East makes itdifficult to quantify the benefits, the analysts said.In an expansion push, BJ's has expanded outside its stronghold in the Northeast US into other states, including Tennessee and Texas, among others. The company needs to demonstrate that it can accelerate its comparable sales in the new markets to reduce its valuation gap versus competitor Costco (COST), according to the note.BofA reinstated coverage of the company's stock with a rating of neutral and a price target of $110.Price: $95.94, Change: $-1.72, Percent Change: -1.76%
Costco Wholesale (COST) has an average rating of overweight and mean price target of $1,093.59, 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: $1075.65, Change: $-18.67, Percent Change: -1.71%
Costco Wholesale (COST) remains well-positioned to gain market share on its strong value and steady demand for essentials, though higher fuel prices may pressure near-term margins, Oppenheimer said Tuesday in a report.Oppenheimer expects fiscal Q3 earnings of $4.75 a share, trailing the Wall Street consensus of $4.98, as higher fuel costs and a heavier e-commerce and pharmacy mix may outweigh a benefit from inventory accounting. Results are due May 28.The recent jump in gasoline prices is sharper than the increase seen during the early Ukraine-war period, creating a temporary drag on margins, the report said.Even so, any pullback in shares after the earnings report may present a buying opportunity rather than a sign of weakening fundamentals, the report said.Oppenheimer raised its price target on Costco stock to $1,160 from $1,100 and maintained its outperform rating as its top pick.Price: $1090.56, Change: $+14.09, Percent Change: +1.31%
Costco Wholesale's (COST) fiscal third-quarter earnings are expected to fall short of consensus estimates, though the warehouse club operator is seen expanding its market share, Oppenheimer said in a Tuesday client note.The brokerage is projecting Costco's third-quarter earnings of $4.75 per share, compared with Wall Street's view that it put at $4.98. The company reported EPS of $4.28 in the year-ago period.Costco is scheduled to release its latest results on May 28.That report will likely show a "transitory earnings shortfall" amid mix headwinds related to fuel, ecommerce and pharmacy, Oppenheimer analysts including Rupesh Parikh wrote. "The wild cards for us are expense controls, along with any unexpected gross margin tailwinds that we haven't contemplated," according to the analysts.Costco shares have gained around 24% so far this year, compared with the S&P 500's 8% advance, Oppenheimer said, betting on further outperformance."We believe defensive characteristics of the model and (Costco's) superior value proposition on the omni-channel/fuel fronts should continue to drive outsized share gains," according to the research note.Earlier this month, Costco reported net sales of $23.92 billion for the four-week period ended May 3, up 13% year over year. For the five weeks to April 5, net sales grew 11% to $28.41 billion, it said last month.Oppenheimer lifted its price target on Costco shares to $1,160 from $1,100, while reiterating its outperform rating on stock, along with a "top pick" ranking."We would be positioned to take advantage of any weakness on the print (versus) playing for a positive catalyst," the analysts said. "Our longer-term thesis remains intact, but near term, we believe (Costco) could also benefit from higher levels of food at home inflation."Price: $1087.78, Change: $+11.31, Percent Change: +1.05%
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