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Japan

US Equity Futures Mixed Pre-Bell Amid SK Hynix's Record-Setting US Market Debut, Resumption of US-Iran Talks

US equity futures were mixed pre-bell Friday as traders took note of the US market debut of South Korean chipmaker SK Hynix, while the US and Iran will continue peace talks even after an exchange of attacks in recent days.Dow Jones Industrial Average futures were 0.1% higher, S&P 500 futures were down 0.1%, and Nasdaq futures were 0.4% lower.SK Hynix's initial public offering, which consists of 177.9 million American depositary shares, raised about $26.5 billion. The sale by the South Korean semiconductor company ranks as the largest debut by a foreign firm in the US. The offer was seven times oversubscribed, with more than 500 investment firms looking to buy shares, according to a report from the Financial Times.The US will continue "technical talks" with Iran as part of peace negotiations, despite the military strikes between the two nations earlier this week, according to a report from MS Now citing a US official. President Donald Trump said that Iran's attacks on commercial vessels transiting the Strait of Hormuz were "acts of terrorism," according to the report. Trump told reporters on Thursday that Iran had reached out and wanted to make a deal to cease the escalating hostilities in the Middle East.Traders noted the latest round of earnings, with Delta Air Lines (DAL) posting lower adjusted earnings and higher revenue for Q2 while reaffirming its 2026 adjusted EPS guidance.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.8% at $76.91 per barrel and US West Texas Intermediate crude 0.6% higher at $72.51 per barrel.The weekly Baker Hughes domestic oil-and-gas rig count is scheduled for release at 1pm ET.

Dow JonesNasdaq CompositeS&P 500$DAL
Wire

Delta Air Lines Poised to Report Q2 EPS Slightly Above High-End of its Guidance, UBS Says

Delta Air Lines (DAL) is slated to report its Q2 earnings per share slightly above the high-end of its guidance range of $1.00 to $1.50, with larger investor focus on forward outlook when the company posts its quarterly results on Friday, UBS said in a Wednesday note.While the company is likely to be conservative with response to its fuel assumption for Q3 and Q4, especially with oil pricing moving higher again, the bar for fiscal 2026 EPS is likely in the range of $6 to $7, compared with Delta Air Lines outlook of $6.50 to $7.50 at the start of the year, UBS said.There are assumptions that Delta needs to guide at least in-line with its initial guide to be considered good enough given the stock's performance, the firm noted.UBS further said that for Delta Air Lines to guide to this range, one has to assume Q4 revenue growth consistent with Q3, despite tougher comparisons and possible greater consumer elasticity."In our view, that's a bit optimistic, notwithstanding some modest benefit from greater portion of booking curve exposed to fare increases in [Q4 versus Q3]," UBS analysts added.UBS maintained its buy rating with a $107 price target.Price: $85.99, Change: $-2.64, Percent Change: -2.98%

$DAL
Asia Markets

Update: US Equity Futures Fall Pre-Bell as Middle East Hostilities Restart, President Trump Declares US-Iran Ceasefire 'Over'

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures fell pre-bell Wednesday as President Donald Trump declared that the US ceasefire with Iran was "over" amid escalating hostilities in the region once again, sending oil prices soaring.Dow Jones Industrial Average futures were 0.9% lower, S&P 500 futures were down 0.6%, and Nasdaq futures were 0.8% lower.In a post on X, US Central Command said it struck 80 Iranian targets, including air defense systems and radar sites, as a response to Iran's attacks on three commercial ships transiting the Strait of Hormuz. The US also revoked a license that allowed Iran to sell oil around the world.Iran's Islamic Revolutionary Guard Corps said that they had targeted US military sites in Bahrain and Kuwait. The renewed conflict in the region has caused at least four oil and gas tankers to turn back from their attempt to pass by the waterway, according to a Reuters report citing date from Kpler and LSEG.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 4.5% at $77.45 per barrel and US West Texas Intermediate crude 4.3% higher at $73.46 per barrel.Traders await the minutes of the June 16-17 Federal Reserve policy session, the first under new chair Kevin Warsh, scheduled for release at 2pm ET.In other world markets, Japan's Nikkei closed 2.1% lower, Hong Kong's Hang Seng ended 3% higher, and China's Shanghai Composite finished 0.5% lower. Meanwhile, the UK's FTSE 100 was down 1%, and Germany's DAX index was 1.7% lower in Europe's early afternoon session.In equities, Walmart (WMT) shares rose nearly 1% after the company lowered prices on essentials and groceries, including beef, fresh produce, beverages and other products as part of a summer rollback measure, following an announcement from Trump that the retailer would lower its prices "by a lot" at his administration's request to celebrate the country's 250th birthday.The increase in oil prices boosted energy stocks in premarket activity. Exxon Mobil (XOM) shares were 1.3% higher, Chevron (CVX) stock was up 1.5%, and ConocoPhillips (COP) shares climbed 1.5%.On the losing side, airline stocks dropped on concerns over fuel costs and demand. Delta Air Lines (DAL) shares fell 2.3%, United Airlines (UAL) stock was down 2.9%, and Southwest Airlines (LUV) shares declined 2.2%.

Dow JonesNasdaq CompositeS&P 500$COP$CVX$DAL$LUV$UAL$WMT$XOM
Wire

BofA Securities Adjusts Delta Air Lines Price Target to $100 From $93

Delta Air Lines (DAL) has an average rating of Buy and mean price target of $90.45, according to analysts polled by FactSet.Price: $93.38, Change: $-0.27, Percent Change: -0.29%

$DAL
US Airlines Seen Setting Q3 Profit Guidance Above Consensus, UBS Says
US Markets

US Airlines Seen Setting Q3 Profit Guidance Above Consensus, UBS Says

US airlines are expected to issue above-consensus earnings guidance for the third quarter, while second-quarter profit likely met expectations, UBS Securities said Tuesday in a report.Jet fuel prices have fallen about 30% in the past month, and travel demand has stayed firm even as fares rose, the report said. Fuel costs had surged on Middle East supply disruptions, and prices have since eased after the US-Iran agreement to halt fighting and reopen the Strait of Hormuz.With fuel pressure easing from a year earlier and fares higher than in the second quarter, UBS expects revenue growth to accelerate in the third quarter.While there are some unit-cost headwinds for certain carriers, "the positive revenue and fuel dynamics are driving the expected EPS upside" for the third quarter," the report said.UBS projects low-double-digit to mid-teens revenue growth for major US airlines in the second quarter, with broadly in-line earnings.Demand remained solid through the quarter, consistent with company outlooks, and jet fuel generally tracked guidance assumptions, the report said.UBS named American Airlines Group (AAL) and United Airlines Holdings (UAL) as its top picks ahead of second-quarter results. American's profitability is highly sensitive to fuel prices and should benefit from strong industry demand, while United has "meaningful earnings upside" from revenue momentum and lower fuel costs, with room for full-year guidance to move higher, the report said.UBS reiterated its buy ratings on Delta Air Lines (DAL), Southwest Airlines (LUV) and Alaska Air Group (ALK).Price: $16.13, Change: $+0.05, Percent Change: +0.31%

$AAL$ALK$DAL$LUV$UAL
Wire

Airlines Gain on Pricing as 'Capacity Discipline' Becomes Key Into Summer, BofA Says

Airlines are benefiting from strong demand, rising fares and lower fuel costs alongside flat capacity, with future gains hinging on whether "capacity discipline" holds as comparisons tighten into the summer, BofA Securities said Monday in a report.The Airline Fare Consumer Price Index in May rose almost 27% from a year earlier, and the Air Passenger Services Producer Price Index increased 14%, the report said. The Airline Reporting Corp.'s average ticket price rose more than 18%, with economy fares continuing to outperform premium cabins for a third straight month, BofA said.Into June, Bank of America's "aggregated credit and debit card data suggests momentum remains intact, with airline spending returning to double-digit growth, supported by strength in spend per transaction," the report said.Near-term comparisons will tighten as the industry enters peak summer, following an easier Q2 backdrop, BofA said. Late June and July will be key in determining whether current demand strength can persist as comparisons from a year earlier normalize, the report said.BofA raised its price target to $93 from $78 on Delta Air Lines (DAL), to $145 from $140 on United Airlines (UAL), and to $16 from $14 on American Airlines (AAL).Delta shares rose 1.8% in Monday trading, United climbed 0.9%, and American advanced 2.8%.Price: $85.72, Change: $+1.54, Percent Change: +1.83%

$AAL$DAL$UAL
Wire

BofA Adjusts Price Target on Delta Air Lines to $93 From $78

Delta Air Lines (DAL) has an average rating of buy and mean price target of $84.49, according to analysts polled by FactSet.Price: $85.55, Change: $+1.37, Percent Change: +1.63%

$DAL
Research

Research Alert: CFRA Reiterates Sell Opinion On Shares Of Delta Air Lines, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Oil prices are down 15% from May's $108 high on U.S.-Iran deal optimism. We maintain our Sell rating and raise our price target by $14 to $73. We lift our 2026 EPS estimate to $5.61 from $5.34 and 2027's to $6.89 from $5.98. Our target reflects 10.6x 2027 EPS, rolled forward from 11x 2026. Our estimates reflect lower fuel costs but remain below consensus on our view that oil/crack spreads may stay above 2024-2025 levels. We view DAL's cost structure favorably and believe the company can generate profits through this volatility, but current valuations and consensus estimates appear to reflect excessive optimism. The 2027 consensus of $8.08 implies full oil normalization and is 15% above our estimate. DAL's refinery vertical integration provides a partial hedge against crack spreads, and premium/corporate travel demand remains solid. However, with the stock pricing in a benign fuel environment, we see limited upside and maintain Sell. A key risk to our view is oil prices easing faster than expected.

$DAL
Equity Markets Rebound Following Fed Minutes; Yields Tumble
US Markets

Equity Markets Rebound Following Fed Minutes; Yields Tumble

US stocks rebounded Wednesday as traders parsed minutes of the Federal Reserve's latest monetary policy meeting, while Treasury yields slid.The Nasdaq Composite rose 1.5% to 26,270.4, while the S&P 500 advanced 1.1% to 7,433, both rising after a three-day fall. The Dow Jones Industrial Average added 1.3% to 50,009.4. Most sectors ended in the green, led by consumer discretionary, while energy saw the biggest drop.Fed officials flagged the possibility of higher interest rates if the Middle East conflict drags on and keeps inflation above the 2% goal, minutes from the central bank's April meeting showed.Meeting participants generally determined that elevated inflation, combined with uncertainty around the duration and impact of the Iran war, could justify holding rates for longer than previously anticipated, the meeting minutes showed.However, majority of Fed officials pointed out "that some policy firming would likely become appropriate if inflation were to continue to run persistently above 2%.""The discussion at the April meeting suggests the (Federal Open Market Committee) is becoming increasingly worried about the inflation outlook," Sal Guatieri, senior economist at BMO Capital Markets, said in a report. "While it is in no rush to raise rates, that possibility will only grow if inflation remains stubbornly high."Treasury yields plunged in Wednesday late-afternoon trade, with the 10-year yield rate declining 9.6 basis points to 4.58% and the two-year rate retreating 7.4 basis points to 4.05%.Bond yields have surged amid mounting concerns about inflation. Higher yields drove a sell-off in stocks on Tuesday, according to Macquarie."The state of play now and following the end of earnings season, is that stock indexes are likely to remain sensitive to what happens to long-term yields," Macquarie said in note Wednesday. "Should yields go higher (for whatever reason), stocks will slip further."West Texas Intermediate crude oil was last down 5.5% at $98.47 a barrel, while Brent fell 5.6% to $105.03.US President Donald Trump said on Wednesday that negotiations with Iran had reached the final stages, though he warned of further attacks if Tehran backs out, according to a Reuters report.Shares of airlines and cruise operators were notable gainers on Wednesday, with United Airlines (UAL) up 10%, the top gainer on S&P 500. Delta Air Lines (DAL) jumped 9.4%, among the best performers on the index, along with Carnival (CCL) and Norwegian Cruise Line (NCLH).In other company news, Hasbro (HAS) reported a first-quarter operating loss for the consumer products division even as the toymaker delivered stronger-than-expected results at the consolidated level. The stock slid 8.8%, the worst performer on the S&P 500.Target (TGT) shares fell 3.9%, among the steepest declines on the S&P 500. The retailer lifted its full-year sales growth outlook as it recorded higher-than-expected fiscal first-quarter results.TJX (TJX) raised its full-year outlook after posting stronger-than-expected fiscal first-quarter results, with comparable sales rising across all segments. The stock climbed 5.6%.Gold was last up 0.8% at $4,549.30 per troy ounce, while silver rose 1.8% to $76.48 per ounce.

Dow JonesNasdaq CompositeS&P 500$CCL$DAL$HAS$NCLH$NVDA$TGT$TJX$UAL
US Consumers' Air Travel Intentions Largely Steady Despite High Fuel Cost, UBS Survey Shows
US Markets

US Consumers' Air Travel Intentions Largely Steady Despite High Fuel Cost, UBS Survey Shows

US consumers' air travel intentions for leisure purposes leveled off in March year over year despite higher fuel costs and geopolitical concerns, UBS Securities said in a note sent Tuesday.The brokerage conducted a survey of 6,877 consumers across the world, including 1,754 in the US, from March to early April.Crude oil prices soared after the US and Israel launched attacks against Iran at the end of February, disrupting shipments through the crucial Strait of Hormuz.Plans to undertake leisure travel in the US over the next 12 months slipped to 82.8% from 83.1% a year ago, but remained above March 2024 levels, the survey results showed. Business travel intentions decreased on an annual basis, but rose from two years ago."The key takeaway was that intentions among US consumers to undertake leisure and business travel over the next 12 months remain high," UBS analysts, including Atul Maheswari, wrote in the note. "The survey results show that significantly more US consumers expect to increase spend in the next 12 months than spend less on their trips -- a trend that's consistent with last year's survey."There was an annual moderation in those citing plans to travel more with large US carriers Delta Air Lines (DAL), United Airlines (UAL), American Airlines (AAL), and Southwest Airlines (LUV), according to UBS. However, the number of consumers willing to travel about the same with each of the four airlines increased.Most consumers consider price as the most important factor when purchasing airline tickets for leisure travel, while about half of the survey respondents look at destination and airline brand, according to UBS."Airline brand was meaningfully more important than (three) years ago as was seat class. This should bode well for the larger airlines with a stronger loyalty/premium offering," Maheswari said, referring to Delta, United, American, and Alaska Air (ALK).Price: $68.35, Change: $-1.89, Percent Change: -2.69%

$AAL$ALK$DAL$LUV$UAL
Wire

Market Chatter: Delta CEO Says Amazon Offers Better Pricing, Tech Than Starlink

Delta Air Lines (DAL) Chief Executive Ed Bastian said his airline picked Amazon.com (AMZN) for its in-flight Wi-Fi because it's cheaper than SpaceX's Starlink and also has a suite of streaming content, Bloomberg reported Monday, citing an interview with Bastian.Bastian's comments come a week after Elon Musk criticized the airline's choice of Amazon over Starlink.(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: $70.77, Change: $+0.54, Percent Change: +0.77%

$AMZN$DAL$TSLA
Wire

Delta CEO Says Amazon Offers Better Pricing, Tech Than Starlink, Bloomberg Reports

Delta CEO Says Amazon Offers Better Pricing, Tech Than Starlink, Bloomberg Reports

$AMZN$DAL$TSLA
Wire

UBS Adjusts Price Target on Delta Air Lines to $95 From $86, Maintains Buy Rating

Delta Air Lines (DAL) has an average rating of buy and mean price target of $81.45, according to analysts polled by FactSet.Price: $74.22, Change: $+0.90, Percent Change: +1.23%

$DAL
Commodities

Phillips 66 Ships US Crude on Foreign Vessel After Jones Act Waiver, Bloomberg Analysis Says

US crude shipments via foreign vessels begin after a Jones Act waiver, marking the first such cargo since the March 18 policy shift, according to a Bloomberg analysis on Thursday.Phillips 66 (PSX) loaded Bakken crude in early April from Beaumont, Texas, onto the Malta-flagged Htm Warrior for delivery to Pennsylvania, the report said.The cargo will supply the Trainer refinery in Pennsylvania, operated by Monroe Energy, a subsidiary of Delta Air Lines (DAL), expanding supply options for East Coast refiners, according to the analysis.President Donald Trump signed a 60-day Jones waiver on March 18, allowing foreign-flagged ships to transport goods between US ports, the analysis added.The waiver temporarily suspends the 1920 Jones Act, which requires vessels moving cargo between US ports to be US-built, US-flagged and US-operated, the analysis said.The administration introduced the exemption to boost fuel and crude supplies amid geopolitical tensions linked to Iran that disrupted global energy flows.No other foreign-flagged vessels have carried US crude from the Gulf Coast to the Atlantic Coast since the waiver took effect, the analysis said, citing Kpler data.However, multiple cargoes of Middle Eastern crude have recently moved along the same route on foreign-flagged ships, highlighting shifting trade flows under the temporary policy change, the analysis added.

$DAL$PSX
Wire

Evercore ISI Adjusts Price Target on Delta Air Lines to $85 From $80, Maintains Outperform Rating

Delta Air Lines (DAL) has an average rating of buy and mean price target of $81.23, according to analysts polled by FactSet.Price: $73.99, Change: $+4.10, Percent Change: +5.87%

$DAL
Wire

US Airlines Head Into Q1 Earnings With Demand Trends, M&A Chatter in Focus, UBS Says

United Airlines (UAL), Alaska Air Group (ALK), American Airlines (AAL) and Southwest Airlines (LUV) are heading into next week's Q1 earnings with investor attention centered on demand trends, unit-revenue guidance and renewed consolidation speculation, UBS Securities said Tuesday in a report.Delta Air Lines' (DAL) strong demand trends and low-teens Q2 revenue outlook set a high bar for the sector, with investors watching whether peers can sustain similar momentum or show signs of normalization, the report said.For United Airlines, UBS expects mid-teens Q2 revenue growth and above-consensus earnings, supported by improving year-over-year comparisons at its Newark, New Jersey, hub, strong premium demand and scenario-based full-year guidance.American Airlines is expected to post mid-teens Q2 revenue growth with a modest earnings loss, with potential upside from corporate share recapture but a likely wider guidance range or suspension of full-year targets, the report said.Southwest Airlines is expected to deliver high-teens unit-revenue growth and above-consensus earnings, with a suspension of full-year guidance anticipated as the carrier continues to advance its transformation strategy, UBS said.Results are due for Alaska Air on Monday, United on Tuesday, Southwest on April 22 and American on April 23.United shares fell 2.5% in Wednesday trading, Alaska Air eased 0.2%, American rose 1.1%, Southwest gained 1.2%, and Delta advanced 1%.Price: $94.79, Change: $-2.38, Percent Change: -2.45%

$AAL$ALK$DAL$LUV$UAL
Wire

Delta Air Lines to Introduce New Business-Class Suites as Part of $1 Billion Investment

Delta Air Lines (DAL) plans to debut upgraded Delta One suites on its new Airbus A350-1000 aircraft and retrofit its A330-200 and A330-300 fleets as part of a fleet-modernization program totaling more than $1 billionThe A330 refresh will add sliding privacy doors to Delta One suites for the first time, while the updated A350-1000 suites will feature longer lie-flat beds, wireless charging, larger screens, and a dedicated self-serve snack station for premium passengers, the airline said Monday on its website.Delta expects to roll out its modernized interior design across more than 800 aircraft over the next five years.Price: $66.19, Change: $-1.63, Percent Change: -2.41%

$DAL
US Markets

Equities Mark Best Finish in At Least 4 Weeks Following US-Iran Truce

Equities on Wall Street rallied Wednesday, driving key indexes to their highest close in at least four weeks, as oil prices slid following a two-week ceasefire between the US and Iran.The Dow Jones Industrial Average increased 2.9% to 47,909.9, the highest close since March 5, while the Nasdaq Composite jumped 2.8% to 22,635, its best finish since March 11.The S&P 500 advanced 2.5% to 6,782.8, marking the highest closing level since March 9.Barring energy's 3.7% decline, all sectors ended in the green, led by industrials' 3.8% advance.West Texas Intermediate crude oil was last down nearly 15% at $96.44 a barrel, while Brent futures tumbled about 12% to $96.40 -- though both benchmarks remained well above pre-conflict levels.US President Donald Trump, who had set an 8 pm ET, Tuesday, deadline for Tehran to fully reopen the Strait of Hormuz, agreed to suspend planned attacks on Iran for two weeks upon Pakistan's request. Tehran said it would allow "safe passage" through the key trading route, subject to coordination with Iranian authorities.However, reports about ceasefire violations signified the possible fragile nature of the pact.Iran's parliamentary speaker, Mohammad Bagher Ghalibaf, accused the US of violating the ceasefire agreement.The White House said Iran assured that ships are transiting the Strait of Hormuz, despite reports that Tehran had again closed the waterway because of Israel's attacks on Lebanon, CNN reported.Separately, Kuwait and the United Arab Emirates reportedly said they were targeted with Iranian drones and missiles."The headlines may calm down first, but the real reset depends on what happens in the days ahead," Charu Chanana, chief investment strategist at Saxo Bank, said in a report.US Treasury yields were down, with the 10-year rate falling 5 basis points at 4.3% and the two-year rate dropping 4.1 basis points at 3.79%.Minutes from the Federal Reserve's March meeting showed that participants emphasized the need for the central bank to be "nimble" in adjusting monetary policy amid heightened macro risks."The vast majority of participants judged that upside risks to inflation and downside risks to employment were elevated, and the majority of participants noted that these risks had increased with developments in the Middle East," the minutes showed.Most policymakers were concerned that a prolonged war could soften labor market conditions, possibly warranting policy easing, according to the minutes. However, persistent inflation amid higher oil prices could call for rate increases."The conflicting viewpoints point to a period of policy stability," Sal Guatieri, senior economist at BMO Capital Markets, said in a report. "The Fed is on hold until it has greater clarity on the direction of the Iran war and its effects on the economy and inflation."Airline and cruise operator stocks jumped, with Carnival (CCL) up 11%, among the top gainers on the S&P 500. United Airlines (UAL) surged 7.8%. Southwest Airlines (LUV) and American Airlines (AAL) were also up, along with Norwegian Cruise Line (NCLH) and Royal Caribbean Cruises (RCL).In company news, Meta Platforms (META) shares jumped 6.5% after the tech giant unveiled its Muse Spark artificial intelligence model.Delta Air Lines (DAL) logged better-than-expected first-quarter results amid robust corporate and leisure demand. The air carrier's shares rose 3.8%.Exxon Mobil (XOM) expects its global oil-equivalent output to take a hit in the first quarter due to production disruptions caused by the Middle East conflict. Shares of the US oil giant fell 4.7%, while smaller rival Chevron (CVX) slumped 4.3%, the steepest decline on the Dow.Gold was last up 1.4% at $4,750.70 per troy ounce, while silver gained 3.4% to $74.44 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAL$CCL$CVX$DAL$LUV$META$NCLH$RCL$UAL$XOM
US Markets

Equity Markets Jump Intraday, Oil Sinks Following US-Iran Ceasefire

US benchmark equity indexes rallied intraday, while oil prices slumped after Washington and Iran agreed to a two-week ceasefire.The Nasdaq Composite jumped 2.9% to 22,651.5 after midday Wednesday, while the Dow Jones Industrial Average increased 2.6% to 47,803.5. The S&P 500 advanced 2.4% to 6,778.6. Barring energy's 4.6% decline, all sectors were in the green, led by a 3.9% rise in communication services.West Texas Intermediate crude oil sank 15% to $95.85 a barrel intraday, while Brent futures tumbled 13% to $95.40.US President Donald Trump, who had set an 8 pm ET, Tuesday, deadline for Tehran to fully reopen the Strait of Hormuz, agreed to suspend planned attacks on Iran for two weeks upon Pakistan's request. Tehran said it would allow "safe passage" through the key trading route, subject to coordination with Iranian authorities.However, reports about ceasefire violations signified the possible fragile nature of the pact."While markets are hailing the agreement as cause for celebration, it remains to be seen if the ceasefire will hold, and if flows resume through the Strait of Hormuz," Stifel said in a note.Iran halted oil tanker traffic through the waterway after Israel attacked Lebanon, CNN reported Wednesday, citing semi-official news agency Fars. Separately, Kuwait and the United Arab Emirates reportedly said they were targeted with Iranian drones and missiles.Airline and cruise operator stocks jumped intraday, with Carnival (CCL) up 11%, the top gainer on the S&P 500. United Airlines (UAL) surged 9.9%, among the best performers on the index. Southwest Airlines (LUV) and American Airlines (AAL) were also up sharply, along with Norwegian Cruise Line (NCLH) and Royal Caribbean Cruises (RCL).US Treasury yields were lower intraday, with the 10-year rate down 6.4 basis points at 4.28% and the two-year rate dropping six basis points to 3.77%.In company news, Meta Platforms (META) shares soared 7.9%, among the best performers on the S&P 500, after the tech giant unveiled its Muse Spark artificial intelligence model.Delta Air Lines (DAL) logged better-than-expected first-quarter results amid robust corporate and leisure demand. The air carrier's shares were up 5.8% intraday.Exxon Mobil (XOM) expects its global oil-equivalent output to take a hit in the first quarter due to production disruptions caused by the Middle East conflict. Shares of the US oil giant were down 5.9%, while smaller rival Chevron (CVX) fell 5.5%, the steepest decline on the Dow.Gold was up 1.7% at $4,764.70 per troy ounce, while silver gained 4.7% to $75.35 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAL$CCL$CVX$DAL$LUV$META$NCLH$RCL$UAL$XOM
US Markets

Delta Air Lines First-Quarter Results Top Views; Sees Fuel Expense Increase of Over $2 Billion

Delta Air Lines (DAL) on Wednesday reported better-than-expected first-quarter results amid robust corporate and leisure demand, although the carrier flagged a fuel expense increase of more than $2 billion in the current three-month period due to the Middle East war.The company posted adjusted earnings of $0.64 a share for the March quarter, up from $0.45 the year before, topping the FactSet-polled consensus of $0.58. Operating revenue climbed 13% to $15.85 billion. Total passenger revenue gained by 7% while cargo inclined 9%."We delivered earnings that were more than 40% higher than last year, even with a significant increase in fuel costs and operational disruptions across the industry," Chief Executive Ed Bastian said in a statement. The stock jumped 12% in the most recent premarket activity.Operating revenue improved 9.4% to $14.2 billion on an adjusted basis in the first quarter, ahead of the average analyst estimate for $14.05 billion. The metric grew amid "broad demand strength across corporate and leisure," Chief Commercial Officer Joe Esposito said. Adjusted total revenue per available seat mile grew 8.2% on a yearly basis, with gains across all regions.The airline is taking measures to protect its margins and cash flow, including "meaningfully reducing capacity growth with a downward bias until the fuel environment improves, and moving quickly to recapture higher fuel costs," Bastian said.The US and Iran on Tuesday agreed to a two-week ceasefire, having been in a military conflict since the end of February. The war spread across the Middle East and curtailed shipments through the crucial Strait of Hormuz, driving up energy prices.For the ongoing quarter, Delta anticipates fuel at the forward curve as of April 2, resulting in a projected all-in price of about $4.30 per gallon, pushing fuel costs up by more than $2 billion. In the previous quarter, adjusted fuel price increased 7% year over year to $2.62 per gallon.Adjusted EPS is pegged at $1 to $1.50 for the second quarter on low-teens revenue growth, according to Delta. The Street is looking for non-GAAP EPS of $1.56 and revenue of $17.21 billion. Capacity is expected to be flat year over year amid the airline's capacity reduction and fuel recapture efforts, Esposito said."In the June quarter, we expect to lead the industry with $1 billion of profit," according to Bastian. "And while the recent fuel spike is currently impacting earnings, I'm confident this environment ultimately reinforces Delta's leadership and accelerates long-term earnings power."

$DAL

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