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Stocks Rise Pre-Bell as Investors Monitor Latest Middle East Developments, Await Key Economic Data
US Markets

Stocks Rise Pre-Bell as Investors Monitor Latest Middle East Developments, Await Key Economic Data

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.

Dow JonesNasdaq CompositeS&P 500$AZO$COST$CRM$DELL$MRVL$ZS
Asia Markets

US Equity Investors to Focus on Iran War Resolution as Inflation Takes Center Stage While Q1 Earnings Wind Down

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.

Dow JonesNasdaq CompositeS&P 500$AZO$COST$CRM$MRVL
Equities

S&P 500 Posts Eighth Consecutive Weekly Gain Led by Health Care, Utilities

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.

Dow JonesNasdaq CompositeS&P 500$COST$CRM$D$DELL$DXCM$NEE$TTWO
Wire

Costco Expected to Deliver Strong Q3 Results Despite Macro Pressures, UBS Says

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%

$COST
Wire

BJ's Wholesale Club Needs Sales Consistency, Improvement for Bullish Outlook, BofA Says

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%

$BJ$COST
Wire

UBS Adjusts Price Target on Costco Wholesale to $1,275 From $1,205, Maintains Buy Rating

Costco Wholesale (COST) has an average rating of overweight and mean price target of $1,093.59, according to analysts polled by FactSet.Price: $1075.65, Change: $-18.67, Percent Change: -1.71%

$COST
Wire

Costco Seen Maintaining Growth Edge Even as Fuel Pressures Margins, Oppenheimer Says

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%

$COST
Costco Seen Missing Quarterly Earnings Views, Oppenheimer Says
US Markets

Costco Seen Missing Quarterly Earnings Views, Oppenheimer Says

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%

$COST
Target Likely to Post Strong First-Quarter Comparable Sales Growth, UBS Says
US Markets

Target Likely to Post Strong First-Quarter Comparable Sales Growth, UBS Says

Target (TGT) is expected to post strong fiscal first-quarter comparable sales growth, indicating a "cleaner" setup into the year for the retailer, UBS Securities said in a note e-mailed Tuesday.The market is anticipating Target's first-quarter comparable sales growth of 4% to 5%, ahead of the company's projections and the consensus view for an increase of about 1%, according to the brokerage. The company's comparable sales in the quarter grew 3.9%, UBS said in a note to clients, citing Bloomberg Second Measure data."Despite a tumultuous last few years, (Target's) recovery in 2026 is off to a promising start," UBS analysts, including Michael Lasser, said. "Many of last year's headwinds are now rolling off, including the impact from boycotts, one-time tariff costs, and elevated markdown activity.""As a result, the setup into 2026 is cleaner," the analysts wrote.Target is scheduled to report results May 20.The company is also reaping gains from its transformation initiatives that include streamlining operations and improving merchandising relevance, according to UBS.Based on recent traffic trends, Target may be outperforming both Walmart (WMT) and Costco Wholesale (COST) on a year-over-year basis, though against "much easier" comparisons, the analysts said."In essence, we think the company will report $0.30 to $0.40 of (earnings-per-share) upside in (the first quarter)," the analysts wrote. Target is expected to pass this through to its full-year bottom-line outlook, bringing the updated range to $7.85 to $8.85 from $7.50 to $8.50, according to the note.While the company's turnaround plan seemed to have impressed investors, as its shares have advanced more that 20% so far this year, UBS still sees "significant more potential" for the stock.The brokerage outlined what it called "three elements of the upside case.""First, there is potential for comp outperformance that is not fully reflected in expectations," the analysts said. "Second, if that outperformance materializes, it should translate into better flow-through on margins. And third, we think there's room for the multiple to run higher."Price: $121.50, Change: $+3.06, Percent Change: +2.58%

$COST$TGT$WMT
Wire

Freshpet Seen on Track for Full-Year Targets Despite Cost Pressures, Oppenheimer Says,

Freshpet (FRPT) remains well positioned to deliver on full-year targets even with rising freight costs, Oppenheimer said Thursday in a report.Oppenheimer sees upside potential to Wall Street forecasts for Q1 sales growth of 10.9%, driven in part by significant distribution gains at Costco Wholesale (COST).Amid a more uncertain cost and consumer-spending landscape, Oppenheimer expects Freshpet to at least reaffirm full-year 2026 guidance, which could set the company up for beats and raises later in the year.Kirkland Signature, Costco's private-label line, is a formidable competitor, though Freshpet's stronger product offering and significant presence at the retailer should allow healthy growth to continue, the report said.Investor sentiment toward Freshpet's intermediate- to longer-term prospects remains mixed, driven by concerns about new competition and mixed signals in the pet category, the report said.Q1 results are due Wednesday. Freshpet remains Oppenheimer's top small-cap pick in a difficult consumer-staples backdrop.Oppenheimer has an outperform rating on Freshpet stock with an $80 price target.Price: $66.19, Change: $+0.05, Percent Change: +0.08%

$COST$FRPT

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