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Commodities

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Monday Amid US-Iran Ceasefire

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 1.3%, and the actively traded Invesco QQQ Trust (QQQ) advanced 2.1% in Monday's premarket activity, as the US and Iran said they have agreed to a ceasefire.US stock futures were also higher, with S&P 500 Index futures up 1.3%, Dow Jones Industrial Average futures advancing 0.9%, and Nasdaq futures gaining 2.1% before the start of regular trading.The New York Federal Reserve's Empire State manufacturing index fell to 5.7 in June from 19.6 in May, compared with a smaller expected decrease to a reading of 13.5 in a survey compiled by Bloomberg.The industrial production report for May will be released at 9:15 am ET, followed by the housing market index for June at 10 am ET.In premarket action, bitcoin was up by 3.7%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 4.2% higher, Ether ETF (EETH) advanced 5.7%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 1.4%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 1.2%, while the Vanguard Industrials Index Fund (VIS) rose 1.7% and the iShares US Industrials ETF (IYJ) was 0.1% higher.SpaceX (SPCX) rose more than 6% before market open after the Elon Musk-led company finished its trading debut on Friday with a 19% rise.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) gained by 2.8%, and the iShares US Technology ETF (IYW) was 2.9% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 3.4%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) rose 4%, while the iShares Semiconductor ETF (SOXX) increased by 4.2%.Tower Semiconductor (TSEM) shares were up more than 6% in premarket activity after the company entered into a multi-year agreement with IQE for the supply of indium phosphide epiwafers used in optical connectivity offerings for data center infrastructure.EnergyThe iShares US Energy ETF (IYE) was down 2% while the State Street Energy Select Sector SPDR ETF (XLE) was down by 2.8%.Equinor ASA (EQNR) stock was down more than 5% before the opening bell after the company said it is advancing a fourth phase of development at the Johan Sverdrup field in the North Sea after new appraisal wells confirmed additional recoverable oil volumes in the area.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.1%, the Vanguard Health Care Index Fund (VHT) was up 0.8%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) was 1.1% higher.Zymeworks (ZYME) was up more than 2% premarket a day after the biotechnology company said its drug to treat certain reproductive tract cancers has shown promise in early testing.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.7%. Direxion Daily Financial Bull 3X Shares (FAS) was up 2.4%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 2% lower.Deutsche Bank (DB) shares were up more than 3% pre-bell as media outlets reported that JPMorgan Chase (JPM) and Deutsche Bank will participate in Singapore's planned gold-clearing system. JPMorgan stock was 0.8% higher.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.4% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was up 1%. The iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained by 1.5%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) increased by 1.1%.Tesla (TSLA) shares were up more than 1.6% pre-bell after closing Friday with a 1.8% rise. News agency Reuters claimed Monday that the electric vehicle maker relied on misleading data when it made representations to European regulators about enhanced safety from its self-driving vehicles.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 5.4% to $80.29 per barrel on the New York Mercantile Exchange. Natural gas retreated by 1.4% at $3.08 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 4.6%, while the United States Natural Gas Fund (UNG) was 1.4% lower.Gold futures for July advanced by 2.6% to $4,347.00 an ounce on the Comex. Silver futures rose by 4.1% to $70.75 an ounce. SPDR Gold Shares (GLD) was up by 3.1%, and the iShares Silver Trust (SLV) rose by 4.8%.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$DB$EEM$EETH$EQNR$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$JPM$PMR$QQQ$RTH$SLV$SOXX$SPCX$SPY$TSEM$TSLA$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD$ZYME
Sectors

Sector Update: Financial Stocks Rise Premarket Friday

Financial stocks were rising premarket Friday, with the State Street Financial Select Sector SPDR ETF (XLF) 0.4% higher.The Direxion Daily Financial Bull 3X Shares (FAS) was up 1.3% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1.2% lower.Barclays (BCS) has agreed to acquire the UK operations of GoHenry, a money management education platform for youths, from Acorns Grow, the British financial services giant said. Shares of Barclays were up more than 1% pre-bell.Deutsche Bank (DB) has appointed Robert Huray as head of investment banking and capital markets for Southeast Asia, Bloomberg reported, citing people familiar with the matter. Deutsche Bank stock was more than 2% higher premarket.Charles Schwab (SCHW) said its Schwab Asset Management unit received board approval to close and liquidate the Schwab Ariel Opportunities ETF. Charles Schwab shares were up 0.6% pre-bell.

$BCS$DB$FAS$FAZ$SCHW$XLF
Sectors

Sector Update: Financial Stocks Decline Wednesday Afternoon

Financial stocks were lower in Wednesday afternoon trading, with the NYSE Financial Index decreasing 0.8% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.9%.The Philadelphia Housing Index was down 0.9%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.7%.Bitcoin (BTC-USD) was falling 2.4% to $65,724, and the yield for 10-year US Treasuries was rising 5 basis points to 4.497%.In economic news, the Organization for Economic Co-operation and Development lowered its global economic growth projection for 2026, cautioning that the fallout from the Middle East conflict may linger for some time even after its resolution.In corporate news, Amazon-backed (AMZN) Anthropic has chosen Goldman Sachs (GS) and Morgan Stanley (MS) to lead its initial public offering, Bloomberg reported. JPMorgan Chase (JPM) is also working on the deal, the report said. Goldman shares were down 1.8%, Morgan Stanley shed 1.9%, and JPMorgan decreased 0.1%.Hartford Insurance (HIG) has agreed to sell its Hartford Funds unit to Wellington Management in a deal with a net present value of $1.9 billion, the companies said Wednesday. Hartford shares were down 0.7%.Deutsche Bank (DB) may set aside more money for loan losses than analysts expected in Q2, although provisions are expected to be lower than in the previous quarter, Bloomberg reported, citing CFO Raja Akram. Deutsche shares fell 3.3%.

$DB$GS$HIG$JPM$MS
Wire

Market Chatter: Deutsche Bank Sees Q2 Credit-Loss Provisions Slightly Above Consensus

Deutsche Bank (DB) may set aside more money for loan losses than analysts expected in Q2, although provisions are expected to be lower than in the previous quarter, Bloomberg News reported Wednesday, citing Chief Financial Officer Raja Akram.The bank is taking a roughly 100 million euros ($116 million) charge to exit non-performing exposures, but Akram said the resulting improvement in the bank's capital position will more than offset the impact of the charge, the report said.He expects year-over-year growth in the bank's fixed-income, currencies, and financing businesses, as well as projects the bank's common equity Tier ratio to remain in the middle of its 13.5% to 14% target range this year, with levels above 14% likely occurring after 2026, the report said.Deutsche Bank didn't immediately reply to' request for comment.(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: $31.27, Change: $-1.05, Percent Change: -3.25%

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Wire

Market Chatter: Deutsche Bank CEO Says Some Employees Terminated Over Epstein Ties

Deutsche Bank (DB) terminated some staff members due to its client relationship with Jeffrey Epstein, Bloomberg reported Thursday, quoting comments by the bank's Chief Executive Christian Sewing at a shareholder meeting in Frankfurt."Where appropriate, we have taken personnel measures, this includes ending our employment relationships with certain individuals," Sewing was quoted as saying.Sewing did not specify which employees were terminated, the report said.Norbert Winkeljohann, a member of Deutsche Bank's supervisory board, told shareholders that there is no indication that the bank's management board members "behaved inappropriately" in the company's business relationship with Epstein, Bloomberg reported.(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: $33.09, Change: $-0.27, Percent Change: -0.81%

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Wire

Market Chatter: SoftBank-Backed Opay Taps Citi, Deutsche, JPMorgan for US IPO

Opay Digital Services has hired Citigroup (C), Deutsche Bank (DB), and JPMorgan (JPM) as the Nigerian payments platform prepares for an initial public offering in the US, Bloomberg reported Friday, citing people familiar with the matter.The SoftBank-backed company is seeking a valuation of $4 billion in its debut and may sell the shares later this year, the people reportedly said.Citigroup declined to comment to. Deutsche and JPMorgan did not immediately respond, while Opay was unreachable.(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: $127.59, Change: $-0.39, Percent Change: -0.30%

$C$DB$JPM
Research

Research Alert: CFRA Lowers Opinion On Adss Of Deutsche Bank To Sell From Hold

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our rating to Sell (from Hold) and cut our 12-month target price to USD28 (from USD37). This is based on applying a reduced target P/E multiple of 7.1x (from 9.1x) to our unchanged 2026 EPS forecast. The multiple contraction reflects the invalidation of our previous thesis that the bank had moved beyond its historical risk profile following its Q1 2026 results. A sharp increase in credit provisions challenges the de-risking narrative, a decline in the CET1 capital ratio weakens the capital return story, and faltering performance in core divisions confirms the bank's vulnerability to a deteriorating macroeconomic backdrop. The market's negative reaction underscores a loss of confidence in the quality of the bank's earnings and its ability to navigate mounting headwinds. The risk-reward profile, which we previously saw as balanced, is now clearly skewed to the negative.

$DB
Asia Markets

US Equity Futures Largely Flat Pre-Bell as Traders Await Tech Earnings, Fed Rate Decision

US equity futures were largely flat pre-bell Wednesday as traders anticipated the financial results from four of the "Magnificent Seven" and the Federal Reserve's latest policy announcement.Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were down 0.1% and Nasdaq futures were 0.2% higher.Slated to report quarterly earnings after-market today are Alphabet (GOOG, GOOGL), Microsoft (MSFT), Amazon (AMZN), and Meta Platforms (META), among others.The Federal Open Market Committee is widely expected to maintain the target range for its federal funds rate at 3.50% to 3.75% at its meeting today. Federal Reserve Chairman Jerome Powell is due to leave his post before the next committee meeting in June but has said he will remain until his named replacement, Kevin Warsh, is confirmed.The committee's statement following the meeting is due for release at 2 pm ET, with Fed Chair Powell's press conference scheduled to begin at 2:30 pm ET.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 3.8% at $108.34 per barrel and US West Texas Intermediate crude 4% higher at $103.93 per barrel.Durable goods new orders rose 0.8% in March after a 1.2% decrease in the prior month, compared with expectations for a 0.5% gain in a survey of analysts compiled by Bloomberg.Housing starts rose to an annual rate of 1.502 million in March, exceeding expectations for 1.38 million and above the 1.356 million pace in the prior month.The US advance international trade in goods deficit widened to $87.87 billion in March from $83.49 billion in the previous month, compared with expectations for $88 billion.In other world markets, Japan's Nikkei closed 1% lower, Hong Kong's Hang Seng ended 1.7% higher, and China's Shanghai Composite finished 0.7% higher. Meanwhile, the UK's FTSE 100 was down 1%, and Germany's DAX index was flat in Europe's early afternoon session.In equities, Seagate Technology (STX) shares were up 16% after the company posted fiscal Q3 non-GAAP earnings and revenue that beat analysts' estimates, in addition to issuing a better-than-expected fiscal Q4 outlook. NXP Semiconductors (NXPI) stock was up 21% after the company reported fiscal Q1 non-GAAP earnings and revenue that surpassed analysts' consensus and also setting higher-than-expected fiscal Q2 guidance. Visa (V) shares were up 5.7% after the company posted a fiscal Q2 adjusted earnings and revenue beat.On the losing side, Robinhood Markets (HOOD) shares dropped 12% after the company reported Q1 earnings and revenue that fell short of analysts' consensus. Booking (BKNG) and Deutsche Bank (DB) saw their stock decline 4.8% and 3.1%, respectively, despite posting higher Q1 adjusted earnings and revenue.

Dow JonesNasdaq CompositeS&P 500$AMZN$BKNG$DB$GOOG$GOOGL$HOOD$META$MSFT$NXPI$STX$V
Research

Research Alert: Deutsche Bank Posts Q1 Beat; Geopolitical Risks Cloud Outlook

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Deutsche Bank delivered a record Q1 2026 post-tax profit of EUR2.2B (8% Y/Y growth) and EPS of EUR1.06, both exceeding consensus estimates of EUR1.78B and EUR0.92, respectively. Net revenues of EUR8.7B grew 2% and beat the consensus estimate of EUR8.5B, with strong performance across all segments achieving post-tax RoTE at near or above 13%. The results demonstrate impressive operational momentum with efficiency gains (cost/income ratio improved to 58.9% from 61.2%) and clear progress toward 2028 strategic targets. Management provided full-year 2026 guidance including net revenues of ~EUR33B, signaling confidence in execution. However, we remain cautious about sustainability given mounting macro headwinds. The EUR519M provision for credit losses, including overlays for geopolitical and CRE risks, underscores management's concerns about deteriorating conditions. We believe Germany's exposure to the Middle East conflict and energy cost inflation warrants a measured outlook despite the strong quarter.

$DB
Sectors

Sector Update: Financial Stocks Higher Late Afternoon

Financial stocks were advancing in late Friday afternoon trading, with the NYSE Financial Index rising 1.3% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.9%.The Philadelphia Housing Index popped 3.9%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 1.6%.Bitcoin (BTC-USD) rose 2.8% to $77,288, and the yield for 10-year US Treasuries dropped 6.3 basis points to 4.246%.In sector news, JPMorgan Chase (JPM) and Barclays (BCS) are among the Wall Street banks that recently started trading credit default swaps against flagship private credit funds run by Blackstone (BX), Apollo Global Management (APO) and Ares Management (ARES), the Financial Times reported.In corporate news, Ally Financial (ALLY) shares jumped past 8%. The company reported Q1 adjusted earnings of $1.11 per diluted share, up from $0.58 a year earlier, and above the FactSet consensus estimate of $0.93.Fifth Third Bancorp (FITB) shares rose 1.7% after it reported a surprise Q1 profit on Friday.Truist Financial (TFC) reported Q1 earnings of $1.09 per diluted share, up from $0.87 a year earlier. Analysts polled by FactSet expected $1. Truist shares gained 2.4%.Deutsche Bank (DB) has notified Germany's central bank, Bundesbank, that it may have violated sanctions that limit deposits of Russian individuals to less than 100,000 euros ($118,000), multiple media outlets reported Friday. Deutsche shares were up 2.7%.

$ALLY$APO$ARES$BCS$BX$DB$FITB$JPM$TFC
Sectors

Sector Update: Financial Stocks Rise Friday Afternoon

Financial stocks were advancing in Friday afternoon trading, with the NYSE Financial Index gaining 1.9% and the State Street Financial Select Sector SPDR ETF (XLF) climbing 1.8%.The Philadelphia Housing Index jumped 5.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 1.6%.Bitcoin (BTC-USD) popped 3.7% to $77,919, and the yield for 10-year US Treasuries dropped 7.7 basis points to 4.23%.In sector news, JPMorgan Chase (JPM) and Barclays (BCS) are among the Wall Street banks that recently started trading credit default swaps against flagship private credit funds run by Blackstone (BX), Apollo Global Management (APO) and Ares Management (ARES), the Financial Times reported.In corporate news, Fifth Third Bancorp (FITB) shares gained 2.2% after it reported a surprise Q1 profit on Friday.Truist Financial (TFC) reported Q1 earnings of $1.09 per diluted share, up from $0.87 a year earlier. Analysts polled by FactSet expected $1. Truist shares rose 3%.Deutsche Bank (DB) has notified Germany's central bank, Bundesbank, that it may have violated sanctions that limit deposits of Russian individuals to less than 100,000 euros ($118,000), multiple media outlets reported Friday. Deutsche shares were up 3.3%.

$APO$ARES$BCS$BX$DB$FITB$JPM$TFC
Research

Research Alert: CFRA Maintains Hold Opinion On Adss Of Deutsche Bank Aktiengesellschaft

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our target to USD37 from USD32, reflecting P/E multiple of 9.1x (vs. previous 8.2x) on unchanged 2026 EPS of EUR3.40 (we also maintain our 2027 EPS estimate at EUR3.80). The multiple expansion is due to equity risk premium compression as geopolitical tensions eased since our March 26 update. DBK's ~12% share price recovery matches the European banking peer group, confirming a sector-wide re-rating with sector valuations recovering from March (~9.7x) as Middle East conflict fears abated. At 9.1x, DBK now approaches the European peer median of ~10.8x, limiting further multiple expansion room, in our view. The upcoming Q1 2026 results on April 29 represent a critical test of whether the recent share price recovery is sustainable. We will focus on three key metrics: (1) Fixed Income & Currencies trading revenue; (2) CRE provision given rising U.S. office delinquencies; and (3) German Corporate Bank performance testing resilience amid collapsing business confidence and energy cost pressures. Maintain Hold.

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