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Housing Market Seeing Renewed Affordability Headwinds, With Fed Hike Prospects Likely to Worsen Situation, RBC Says
US Markets

Housing Market Seeing Renewed Affordability Headwinds, With Fed Hike Prospects Likely to Worsen Situation, RBC Says

The US housing market is facing renewed affordability pressures amid elevated mortgage rates and prices, with prospects of Federal Reserve monetary policy tightening likely to complicate the picture for relief in the near term, RBC Capital Markets said Thursday.Housing affordability has worsened to "the most stretched levels" since last year's spring, following a slight improvement seen earlier this year, RBC analyst Mike Dahl said in a note to clients.The brokerage estimates that the top 40 markets account for more than 80% of public builder sales, and almost all of those markets are "well worse" than their long-term average affordability levels. RBC defines affordability as the monthly payment for a median-priced existing home as a percentage of median income. Mortgage rates have risen back to around 6.9% recently, according to the note."While rates remain volatile, potential for renewed Fed rate hikes amid stubborn inflation trends complicate the picture for potential near-term relief," Dahl wrote.Separately, official data showed Thursday that US producer prices rose at the fastest pace in three months in August amid higher fuel costs.Markets are now pricing in a roughly 72% probability that the Fed will increase interest rates by 25 basis points next week, up from 61% Wednesday, according to the CME FedWatch tool. The remaining 28% odds point to another pause.All of the homebuilder stocks that RBC covers -- such as D.R. Horton (DHI), Lennar (LEN), KB Home (KBH), PulteGroup (PHM), Smith Douglas Homes (SDHC), and Toll Brothers (TOL) -- "are significantly more exposed to areas seeing stretched affordability," Dahl said Thursday. "Even the larger diversified builders score worse than the national average given relative concentrations in less favorable markets.""Meaningfully lower" rates are likely required now to restore affordability amid stickiness in home prices, according to RBC. While homebuilders' continued use of higher incentives allows them to remain competitive, they still face order and margin risks.Although new home conditions in the US are also "stretched," they continue to be more favorable on a relative basis as homebuilders continue to modify home sizes and prices and lean into rate buy-downs, according to the note."A continued lack of progress on affordability and ongoing confidence/rate headwinds could also further delay a recovery in existing home sales and home improvement spend," Dahl said. "We remain cautious overall, and expect continued volatility across our stocks."Last month, government data showed that new home sales in the US decreased more than projected in July even as median prices moved lower.Price: $135.08, Change: $-3.85, Percent Change: -2.77%

$DHI$KBH$LEN$PHM$SDHC$TOL
Wire

D.R. Horton Guidance Cut Implies Weak Q4 Volume, Truist Says

D.R. Horton's (DHI) better-than-expected fiscal Q3 results were offset by a guidance cut, Truist Securities said in a note Tuesday.DHI beat on the top and bottom line, with a gross margin result that was "decently" ahead of market expectations, the report said."However, the positive results were offset...by a guide cut that implies weak 4Q volume about 11% below Street expectations," the note said.Earlier, the company said it now expects fiscal 2026 revenue of $32.5 billion to $33.0 billion, compared with $33.5 billion to $34.5 billion previously.Truist maintained its hold rating and a $150 price target.Price: $143.94, Change: $-0.85, Percent Change: -0.59%

$DHI
Stocks Rise Pre-Bell as Investors Await More Earnings, Monitor Middle East Developments
US Markets

Stocks Rise Pre-Bell as Investors Await More Earnings, Monitor Middle East Developments

US equity futures were tracking in the green on Tuesday as traders await the latest batch of corporate earnings and assess the latest developments in the Middle East.The S&P 500 rose 0.5%, the Dow Jones Industrial Average gained 0.3% and the Nasdaq added 1.3% in premarket activity. The indexes closed the previous trading session lower.Charles Schwab (SCHW), Danaher (DHR), 3M (MMM), Northrop Grumman (NOC), General Motors (GM), D.R. Horton (DHI), Genuine Parts (GPC) and Hasbro (HAS) are some of the major companies scheduled to release their latest financial results before the bell.Interactive Brokers (IBKR) and Alaska Air (ALK) post earnings after the markets close, among others."The reporting calendar is shifting beyond the first wave of money-center banks toward large tech, industrial and consumer names," Tigress Financial said in a note Monday. "The narrative will increasingly focus on whether (artificial intelligence) platforms, cloud providers and key cyclicals can match the strong bank prints without sparking renewed worries about margins or demand."The UK Maritime Trade Operations said Tuesday it has received multiple reports that a tanker was struck by an unknown projectile in the Strait of Hormuz. The US Central Command said Monday its forces completed their latest round of strikes against Iran.A senior official from Tehran told Reuters that mediators have forwarded a 10-day ceasefire proposal to Iran in an attempt to revive the interim deal reached with the US last month. Houthi militants in Yemen on Monday declared a maritime embargo against Saudi Arabia, effective immediately, CNBC reported, citing Yemen News Agency.President Donald Trump said Monday that "every time Iran kills an American soldier they will pay for that killing many times over." The US recently confirmed the passing of at least three service members during recent fighting with Iran.West Texas Intermediate crude oil edged up 0.3% to $83.49 a barrel before the opening bell, while Brent increased 0.4% to $89.60.Trump signed three proclamations on Monday to impose 50% tariffs on the imports of motor vehicles, alcohol and dairy products from Canada, in response to its "discriminatory treatment of American products," according to the White House. The tariffs are set to come into effect after 30 days.Treasury yields were moving downwards in premarket action, with the two-year rate retreating 1.9 basis points to 4.2% and the 10-year rate off 0.4 basis points to 4.59%.Gold advanced 1.4% to $4,073 per troy ounce, while bitcoin climbed 1.9% to $66,296.

Dow JonesNasdaq CompositeS&P 500$ALK$DHI$DHR$GM$GPC$HAS$IBKR$MMM$NOC$SCHW
D.R. Horton Quarterly Earnings Poised for Beat Amid Multiple Tailwinds, Oppenheimer Says
US Markets

D.R. Horton Quarterly Earnings Poised for Beat Amid Multiple Tailwinds, Oppenheimer Says

D.R. Horton's (DHI) fiscal third-quarter earnings could exceed Wall Street's estimates amid steady housing demand and other tailwinds, Oppenheimer said Thursday.The homebuilder is scheduled to report results July 21. Oppenheimer projects earnings at $3 a share for the quarter, ahead of the Street's views for $2.98. The brokerage expects revenue to be largely in line with the Street's estimates at $9.19 billion."(D.R. Horton) has consistently outperformed Street EPS expectations, with its results exceeding consensus estimates in 10 out of the past 15 quarters," Oppenheimer analyst Tyler Batory said in a note to clients. "We believe this trend continues in (the third quarter) given several tailwinds for the business."Demand in the three-month period through June 30 was likely in line with normal seasonality, a view backed by other homebuilders' results and Oppenheimer's channel checks. This suggests the quarter finished "at or modestly above" D.R. Horton's expectations, according to the note."Construction costs should also remain a tailwind given weak housing starts, plentiful labor, and (the company's) purchasing scale," Batory said.Oppenheimer expects D.R. Horton's third-quarter gross margin and closings to meet company guidance, with stable incentive costs and lower stick-and-brick costs likely to offset lot cost inflation."We see more bullish than bearish points for (the company)," Batory said. The tailwinds indicate the Street's 2026 and 2027 EPS estimates could prove "too low," the analyst wrote."However, shares now trade at mid-teens (price-to-earnings multiple) and are up 16% since mid-May, suggesting investor expectations have increased heading into (third-quarter) earnings," Batory said.Oppenheimer maintained its perform rating on the D.R. Horton stock.The company's shares were up 1.6% in Thursday afternoon trade, bringing its year-to-date gains to 4.8%.Price: $150.64, Change: $+2.13, Percent Change: +1.43%

$DHI
Wire

D.R. Horton Expected to Meet Q3 Margin Guidance, Beat Earnings Estimates, Oppenheimer Says

D.R. Horton (DHI) is expected to meet its fiscal Q3 gross margin guidance and exceed earnings per share estimates, as demand was in line with normal seasonality during the quarter and the company has a history of strong execution, Oppenheimer said in a note Thursday.The brokerage said the company's gross margin likely benefits from stable incentive costs and lower stick-and-brick expenses offsetting lot cost inflation. The company is scheduled to report fiscal Q3 financial results on July 21.However, Oppenheimer said this might have already been priced into its stock, with shares up 16% since mid-May, according to the note.The brokerage said stable demand and incentives, ongoing market share gains, and favorable lot and construction cost trends suggest consensus estimates for fiscal 2026 and 2027 earnings might be too low.Oppenheimer has a perform rating on the stock.Price: $150.54, Change: $+2.03, Percent Change: +1.36%

$DHI
D.R. Horton's Multi-Year Contracts Offer Protection Against Rising Input Costs, Oppenheimer Says
US Markets

D.R. Horton's Multi-Year Contracts Offer Protection Against Rising Input Costs, Oppenheimer Says

D.R. Horton (DHI) is partially shielded from rising construction costs because it has multi-year contracts, Oppenheimer said in a note on Friday.Clients have expressed concerns about mounting stick and brick costs in the ongoing inflationary environment, according to the brokerage."We note that (D.R. Horton) has multi-year contracts for many of its products," Oppenheimer analyst Tyler Batory said. "This provides it some protection in an inflationary backdrop."The homebuilder's size gives it a competitive advantage over smaller players, Batory said."We continue to think the company can largely offset lot cost inflation with lower stick and brick costs," Batory said.D.R. Horton has relations with land developers and partners, as well as balance sheet strength that helps it source and develop lots."These advantages remain particularly important as smaller builders face greater capital constraints and more limited land access," Batory said.The company's fiscal second-quarter results came in better than expected in April, although it tempered its full-year revenue outlook at the time.D.R. Horton's stock is up about 7% this year through Friday close.Price: $154.15, Change: $-0.28, Percent Change: -0.18%

$DHI
Research

Research Alert: CFRA Lifts Opinion On Shares Of D.r. Horton Inc. To Hold From Sell

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our target price of $168 (up $44) is 14x our FY 27 (Sep.) EPS view, a premium to the 10-year mean of 9.7x, justified by DHI's cash flow/balance sheet, which provides flexibility to continue DHI's dividend and repurchase program. We think expectations have been reset for CY 26, with Q1 CY 26 suggesting that larger players like DHI are taking share from smaller homebuilders, which we see continuing through fiscal year-end. We see DHI winning in the entry-level segment, with its lower average selling prices pairing nicely with incentives that provide consumers attractive propositions amid a stable labor market. We see risks stemming from developments in stick and brick costs, which so far have served as an offset to land costs. With lingering geopolitical uncertainty and a P/BV of 1.8x, slightly ahead of the 10-year mean of 1.7x, we see upside remaining limited but see DHI's order book as relatively resilient in coming quarters. We lift our FY 26 EPS to $10.55 from $9.93 and FY 27 EPS to $12.03 from $11.65.

$DHI
Wire

UBS Adjusts D.R. Horton Price Target to $206 From $193, Maintains Buy Rating

D.R. Horton (DHI) has an average rating of Hold and mean price target of $165.43, according to analysts polled by FactSet.Price: $161.25, Change: $-0.90, Percent Change: -0.56%

$DHI
US Markets

Correction: Wall Street Logs Back-to-Back Losses Amid US-Iran Talks Uncertainty

(Corrects the day to Tuesday in first para)Equities on Wall Street fell for a second straight session on Tuesday amid doubts over a fresh round of negotiations between the US and Tehran.The three main US stock indexes lost 0.6% each, with the S&P 500 closing at 7,064. The Nasdaq Composite ended at 24,260, while the Dow Jones Industrial Average settled at 49,149.4. Barring energy, all sectors were in the red, led by real estate.Shortly after market close, US President Donald Trump announced the extension of a two-week ceasefire deal with Iran, though he said the naval blockade of Iranian ports will continue. The truce was announced on April 7.Pakistan Prime Minister Shehbaz Sharif and Field Marshal Asim Munir asked for an extension, Trump said in a Truth Social post.The blockade of the crucial Strait of Hormuz had fueled uncertainty around a second round of discussions between Washington and Iran, likely to be held in Pakistan, CNN reported Tuesday. US Vice President JD Vance's plans to depart for Islamabad had reportedly been put on hold amid Iran's reluctance to participate in peace talks.West Texas Intermediate crude oil was last up 1.7% at $88.90 per barrel, while Brent climbed 3.5% to $98.82.US Treasury yields were higher, with the 10-year rate up 4.5 basis points at 4.30% and the two-year rate rising 6.5 basis points to 3.79%.Meanwhile, Kevin Warsh said the Federal Reserve, under his leadership, would be independent from the White House, CNBC reported. He made the remarks at his Senate Banking Committee confirmation hearing. Warsh is Trump's Fed chair nominee.In economic news, US retail sales last month logged the largest rise since March 2025 amid a surge in spending at gasoline stations as the Middle East conflict boosted energy prices, official data showed."We expected that the headline (figure) would be gaudy due to the increase in gas prices and a pickup in unit auto sales, but the strength in other categories was surprising," Jefferies said in a note. "There is no evidence here that higher gasoline prices have motivated the consumer to tighten the belt elsewhere just yet."US pending home sales increased more than expected in March despite higher mortgage rates, data from the National Association of Realtors showed.In company news, Apple (AAPL) shares fell 2.5%, among the worst performers on the Dow. The iPhone maker said late Monday that Tim Cook will step down as chief executive and become executive chairman, with hardware engineering veteran John Ternus set to succeed him as CEO.Tractor Supply (TSCO) shares tumbled nearly 12%, the steepest decline on the S&P 500. The retailer logged first-quarter results that missed Wall Street's projections amid a below-average performance of its companion animal product business.UnitedHealth Group (UNH) raised its full-year earnings outlook, as the health insurance giant recorded an unexpected annual increase in its first-quarter results. The company's shares jumped 7%, the biggest gainer on the Dow and among the best performers on the S&P 500.D.R. Horton's (DHI) fiscal second-quarter results came in better than expected, though the homebuilder tempered its full-year revenue outlook. The company's shares advanced 5.8%, among the biggest gains on the S&P 500.Gold was down 2.1% at $4,726.10 per troy ounce, while silver dropped 4.4% to $76.53 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$DHI$TSCO$UNH
US Markets

Wall Street Logs Back-to-Back Losses Amid US-Iran Talks Uncertainty

Equities on Wall Street fell for a second straight session on Wednesday amid doubts over a fresh round of negotiations between the US and Tehran.The three main US stock indexes lost 0.6% each, with the S&P 500 closing at 7,064. The Nasdaq Composite ended at 24,260, while the Dow Jones Industrial Average settled at 49,149.4. Barring energy, all sectors were in the red, led by real estate.Shortly after market close, US President Donald Trump announced the extension a two-week ceasefire deal with Iran, though he said the naval blockade of Iranian ports will continue. The truce was announced April 7.Pakistan Prime Minister Shehbaz Sharif and Field Marshal Asim Munir asked for an extension, Trump said in a Truth Social post.The blockade of the crucial Strait of Hormuz had fueled uncertainty around a second round of discussions between Washington and Iran, likely to be held in Pakistan, CNN reported Tuesday. US Vice President JD Vance's plans to depart for Islamabad had reportedly been put on hold amid Iran's reluctance to participate in peace talks.West Texas Intermediate crude oil was last up 1.7% at $88.90 per barrel, while Brent climbed 3.5% to $98.82.US Treasury yields were higher, with the 10-year rate up 4.5 basis points at 4.30% and the two-year rate rising 6.5 basis point to 3.79%.Meanwhile, Kevin Warsh said the Federal Reserve, under his leadership, would be independent from the White House, CNBC reported. He made the remarks at his Senate Banking Committee confirmation hearing. Warsh is Trump's Fed chair nominee.In economic news, US retail sales last month logged the largest rise since March 2025 amid a surge in spending at gasoline stations as the Middle East conflict boosted energy prices, official data showed."We expected that the headline (figure) would be gaudy due to the increase in gas prices and a pickup in unit auto sales, but the strength in other categories was surprising," Jefferies said in a note. "There is no evidence here that higher gasoline prices have motivated the consumer to tighten the belt elsewhere just yet."US pending home sales increased more than expected in March despite higher mortgage rates, data from the National Association of Realtors showed.In company news, Apple (AAPL) shares fell 2.5%, among the worst performers on the Dow. The iPhone maker said late Monday that Tim Cook will step down as chief executive and become executive chairman, with hardware engineering veteran John Ternus set to succeed him as CEO.Tractor Supply (TSCO) shares tumbled nearly 12%, the steepest decline on the S&P 500. The retailer logged first-quarter results that missed Wall Street's projections amid a below-average performance of its companion animal product business.UnitedHealth Group (UNH) raised its full-year earnings outlook, as the health insurance giant recorded an unexpected annual increase in its first-quarter results. The company's shares jumped 7%, the biggest gainer on the Dow and among the best performers on the S&P 500.D.R. Horton's (DHI) fiscal second-quarter results came in better than expected, though the homebuilder tempered its full-year revenue outlook. The company's shares advanced 5.8%, among the biggest gains on the S&P 500.Gold was down 2.1% at $4,726.10 per troy ounce, while silver dropped 4.4% to $76.53 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$DHI$TSCO$UNH
Asia Markets

US Equity Indexes Fall as Vance's Trip to Pakistan on Hold Ahead of Iran Ceasefire Deadline

US equity indexes fell on Tuesday, while crude oil futures jumped as President Donald Trump reportedly extended the Iran ceasefire deal until Tehran submits a "unified proposal" to end the war.The Nasdaq Composite fell 0.3% to 24,334.81, with the S&P 500 down 0.6% to 7,064.01 and the Dow Jones Industrial Average lower by 0.6% to 49,149.38. All three gauges traded higher earlier in the session. All sectors except energy fell. Real estate, utilities, and industrials led the decliners.Trump said he has extended the ceasefire until Tehran submits a proposal to end the conflict permanently, CNN reported late Tuesday. The ceasefire was due to expire on Wednesday evening ET. Trump said he will continue the US blockade of Iranian ports.Trump said the extension was warranted as Tehran's government is "seriously fractured," CNBC reported.Vice President JD Vance was set to leave Tuesday morning for Pakistan, the expected location for the US-Iran talks, but his trip has been put on hold, CNN reported. The US blockade of the Strait of Hormuz has contributed to the ongoing uncertainty surrounding a second round of talks, CNN cited sources as saying.West Texas Intermediate crude oil futures climbed 2.8% to $92.13, and Brent crude futures advanced 1.6% to $96.98.Most US Treasury yields rose, with the 10-year up 4.8 basis points to 4.3% and the two-year climbed 6.9 basis points to 3.79%.Gold futures declined 2.3% to $4,718.1 and silver futures dropped 4.7% to $76.28.In economic news, US retail sales rose 1.7% in March, above the 1.4% increase expected in a Bloomberg-compiled survey and following the previous month's revised 0.7% gain. Removing both motor vehicles and a 15.5% surge in gasoline station sales, retail sales were up 0.6% in March, the same as in February.Pending home sales rose by 1.5% in March, above the 0.5% increase expected in a survey compiled by Bloomberg and following a 2.5% increase in February, according to the National Association of Realtors. The monthly sales index was down 1.1% from March 2025.In company news, UnitedHealth Group (UNH) raised its full-year earnings outlook on Tuesday, as the health insurance giant recorded an unexpected annual increase in its Q1 results. Shares jumped 7%, among the top gainers on the S&P 500 and the Dow.D.R. Horton's (DHI) fiscal Q2 results came in better than expected, although the homebuilder tempered its full-year revenue outlook. Shares advanced 5.8%, among the S&P 500's outperformers.Moody's (MCO) said Tuesday that it is deepening its partnership with Microsoft (MSFT) by embedding its credit intelligence into Microsoft 365 Copilot and other AI-driven enterprise tools, expanding its presence across financial workflows. Shares of Microsoft rose 1.5%, among the Dow's leaders.Apple (AAPL) shares fell 2.5%, among the Dow's laggards, a day after the company said that Tim Cook will become executive chairman after a nearly 15-year stint as chief executive officer, effective Sept 1.

Dow JonesNasdaq CompositeS&P 500$AAPL$DHI$MCO$MSFT$UNH
Sectors

Sector Update: Consumer Stocks Decline Late Afternoon

Consumer stocks were lower late Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) down 0.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.8%.In sector news, Redbook US same-store sales rose 6.7% from a year earlier in the week ended April 18 after a 7% year-over-year increase in the previous week.In corporate news, T-Mobile's (TMUS) largest shareholder, Deutsche Telekom, is mulling a full combination with the US-based carrier in what would be the largest-ever public M&A deal, Bloomberg reported. T-Mobile shares were down 1.4%.Tractor Supply (TSCO) reported Q1 results that missed market projections amid a below-average performance of its companion animal product business. Its shares dropped past 12%.D.R. Horton's (DHI) fiscal Q2 results came in better than expected, although the homebuilder tempered its full-year revenue outlook. Its shares rose past 6%.Estee Lauder (EL) has hired JPMorgan (JPM) to come up with a financing package of about 5 billion euros ($5.88 billion) to fund its takeover of Puig, Spanish business newspaper Expansion reported Tuesday. Estee Lauder shares were down 3%.

$DHI$EL$TMUS$TSCO
US Markets

Equities Fall Intraday, Oil Jumps Amid Uncertainty Around US-Iran Talks

US benchmark equity indexes were lower intraday, while oil prices rose amid uncertainty around the prospects of a fresh round of negotiations between Washington and Iran.The S&P 500 was down 0.4% at 7,084.3 after midday Tuesday, while the Nasdaq Composite fell 0.3% to 24,337.3. The Dow Jones Industrial Average shed 0.2% to 49,339.2. Barring energy and consumer discretionary, all sectors were in the red, led by real estate.West Texas Intermediate crude oil was up 4.7% at $93.80 per barrel, while Brent rose 4.2% to $99.52.The blockade of the crucial Strait of Hormuz by the US has contributed to the ongoing uncertainty around a second round of discussions between Washington and Iran, as the deadline for a recently announced ceasefire looms, CNN reported Tuesday, citing sources. US Vice President JD Vance, who was expected to leave for Pakistan earlier in the day, was still in Washington for meetings, unnamed sources told the news outlet.The US is "going to end up with a great deal" with Iran to end the war, CNBC reported, citing President Donald Trump. He reportedly doesn't expect to extend the ceasefire due to expire Wednesday.US Treasury yields were higher intraday, with the 10-year rate up 4.4 basis points at 4.29% and the two-year rate rising 6.3 basis point to 3.78%.In economic news, US retail sales last month logged the largest rise since March 2025 amid a surge in spending at gasoline stations as the Middle East conflict boosted energy prices, official data showed."We expected that the headline (figure) would be gaudy due to the increase in gas prices and a pickup in unit auto sales, but the strength in other categories was surprising," Jefferies said in a note. "There is no evidence here that higher gasoline prices have motivated the consumer to tighten the belt elsewhere just yet."US pending home sales increased more than expected in March despite higher mortgage rates, data from the National Association of Realtors showed."Contract signings rose in March despite higher mortgage rates, pointing to pent-up housing demand," NAR Chief Economist Lawrence Yun said. "A greater supply of inventory will help translate that demand into more home sales."In company news, Apple (AAPL) shares were down 2.6%, among the worst performers on the Dow. The iPhone maker said late Monday that Tim Cook will step down as chief executive and become executive chairman, with hardware engineering veteran John Ternus set to succeed him as CEO.Tractor Supply (TSCO) shares tumbled nearly 11% intraday Tuesday, the steepest decline on the S&P 500. The retailer logged first-quarter results that missed Wall Street's projections amid a below-average performance of its companion animal product business.UnitedHealth Group (UNH) raised its full-year earnings outlook, as the health insurance giant recorded an unexpected annual increase in its first-quarter results. The company's shares were up 8.9%, the biggest gainer on the S&P 500 and the Dow.D.R. Horton's (DHI) fiscal second-quarter results came in better than expected, though the homebuilder tempered its full-year revenue outlook. The company's shares jumped 7.2%, among the best performers on the S&P 500.Gold was down 2.1% at $4,730 per troy ounce, while silver dropped 4.1% to $76.74 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$DHI$TSCO$UNH
Sectors

Sector Update: Consumer Stocks Ease in Afternoon Trading

Consumer stocks were lower Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) down 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.2%.In sector news, Redbook US same-store sales rose by 6.7% from a year earlier in the week ended April 18 after a 7% year-over-year increase in the previous week. "Some retailers reported weaker year-over-year Easter sales, facing challenging comparisons to last year's pre-Easter shopping week in April," Redbook noted. Sales of home improvement items and outdoor merchandise picked up as spring began while household basics, food and consumables held steady.In corporate news, Tractor Supply (TSCO) reported Q1 results that missed Wall Street's projections amid a below-average performance of its companion animal product business. Its shares dropped past 10%.D.R. Horton's (DHI) fiscal Q2 results came in better than expected, although the homebuilder tempered its full-year revenue outlook. Its shares rose past 7%.Estee Lauder (EL) has hired JPMorgan (JPM) to come up with a financing package of about 5 billion euros ($5.88 billion) to fund its takeover of Puig, Spanish business newspaper Expansion reported Tuesday. Estee Lauder shares were down 1.4%.

$DHI$EL$TSCO
Sectors

Sector Update: Consumer

Consumer stocks were lower Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) down 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.4%.In corporate news, D.R. Horton's (DHI) fiscal Q2 results came in better than expected, although the homebuilder tempered its full-year revenue outlook. Its shares rose nearly 7%.

$DHI
Asia Markets

US Equity Indexes Slip as Investors Await Fate of Iran Peace Talks in Pakistan

US equity indexes gave up intraday gains as crude oil futures gathered momentum after midday Tuesday, amid a fast-approaching deadline for Washington and Tehran to find a deal in the second round of talks in Pakistan.The Nasdaq Composite fell 0.3% to 24,339.8, with the S&P 500 down 0.3% to 7,087.2 and the Dow Jones Industrial Average lower by 0.2% to 49,370.3. All three gauges traded higher earlier in the session alongside corporate results.All sectors except consumer discretionary and energy fell, with real estate and industrials leading the decliners.President Donald Trump told CNBC on Tuesday that he expects the US and Iran to make a "great deal," referring to the proposed second round of talks in Islamabad that Iran has yet to confirm it will attend. The president added, however, that the US military is "ready" to bomb Iran if a deal is not signed by the ceasefire deadline late Wednesday and that he does not want to extend it.Iran has told regional mediators it would send a negotiating team to Islamabad on Tuesday, people familiar with the matter told The Wall Street Journal. But Tehran hasn't publicly confirmed it will send representatives, and Iran's top negotiator said, "We do not accept negotiations under the shadow of threats."West Texas Intermediate crude oil futures climbed 4.3% to $93.50, and Brent crude futures advanced 2.8% to $98.17.Most US Treasury yields rose, with the 10-year up 4.8 basis points to 4.3% and the two-year climbing 6.5 basis points to 3.78%.Gold futures declined 1.1% to $4,775.6 and silver futures dropped 2.4% to $78.15.In economic news, US retail sales rose 1.7% in March, above the 1.4% increase expected in a Bloomberg-compiled survey and following the previous month's revised 0.7% gain. Removing both motor vehicles and a 15.5% surge in gasoline station sales, retail sales were up 0.6% in March, the same as in February.Pending home sales rose by 1.5% in March, above the 0.5% increase expected in a survey compiled by Bloomberg and following a 2.5% increase in February, according to the National Association of Realtors. The monthly sales index was down 1.1% from March 2025.In company news, UnitedHealth Group (UNH) raised its full-year earnings outlook on Tuesday, as the health insurance giant recorded an unexpected annual increase in its Q1 results. Shares jumped 7.6%, the top gainer on the S&P 500 and the Dow.D.R. Horton's (DHI) fiscal Q2 results came in better than expected, although the homebuilder tempered its full-year revenue outlook. Shares advanced 7.1%, among the S&P 500's outperformers.Moody's (MCO) said Tuesday that it is deepening its partnership with Microsoft (MSFT) by embedding its credit intelligence into Microsoft 365 Copilot and other AI-driven enterprise tools, expanding its presence across financial workflows. Shares of Microsoft rose 1.4%, among the Dow's leaders.Apple (AAPL) shares fell 1.5%, among the Dow's laggards, a day after the company said that Tim Cook will become executive chairman after a nearly 15-year stint as chief executive officer, effective Sept 1.

Dow JonesNasdaq CompositeS&P 500$AAPL$DHI$MCO$MSFT$UNH
Japan

US Equity Indexes Give Up Gains as Investors Await Fate of Iran Peace Talks

US equity indexes fell, giving up intraday gains, as crude oil futures gathered momentum in midday trading on Tuesday, with investors still awaiting confirmation from Iran that it will attend the second round of peace talks in Pakistan.The Nasdaq Composite slipped 0.1% to 24,380.8, with the S&P 500 down 0.2% to 7,097.6 and the Dow Jones Industrial Average lower by 0.2% to 49,337.5. All three gauges traded higher earlier in the session amid the flow of quarterly results.President Donald Trump told CNBC on Tuesday that he expects the US and Iran to make a "great deal," referring to the proposed second round of talks in Islamabad that Iran has yet to confirm it will attend. The president added, however, that the US military is "ready" to bomb Iran if a deal is not signed by the ceasefire deadline Wednesday evening and that he does not want to extend it.West Texas Intermediate crude oil futures climbed 4.3% to $93.50, and Brent crude futures advanced 2.8% to $98.17.In company news, UnitedHealth Group (UNH) raised its full-year earnings outlook on Tuesday, as the health insurance giant recorded an unexpected annual increase in its Q1 results. Shares jumped 7.6%, the top gainer on the S&P 500 and the Dow.D.R. Horton's (DHI) fiscal Q2 results came in better than expected, although the homebuilder tempered its full-year revenue outlook. Shares advanced 7.1%, among the S&P 500's outperformers.

Dow JonesNasdaq CompositeS&P 500$DHI$UNH
Wire

Top Midday Stories: UnitedHealth Raises 2026 EPS Guidance, Shares Soar; Cook to Step Down as Apple CEO

The Dow Jones Industrial Average and S&P 500 were down, while the Nasdaq Composite was up in late-morning trading Tuesday after President Donald Trump told CNBC earlier in the day that he expects the US and Iran to reach a deal before the ceasefire expires on Wednesday.In company news, UnitedHealth (UNH) reported Q1 adjusted earnings Tuesday of $7.23 per diluted share, up from $7.20 a year earlier and above the FactSet consensus analyst estimate of $6.58. First-quarter revenue was $111.72 billion, up from $109.58 billion a year ago and above the FactSet consensus of $109.43 billion. For 2026, the company said it expects adjusted EPS of over $18.25, up from its prior guidance of $17.75 and above the FactSet consensus of $17.86. UnitedHealth shares were up 8.0% around midday.Apple (AAPL) said late Monday that Tim Cook will step down as chief executive and become executive chairman, effective Sept. 1. Current Senior Vice President of Hardware Engineering John Ternus will succeed Cook as CEO, the company said. Apple shares were down 1.7%.Amazon (AMZN) said late Monday it will invest $5 billion in Anthropic and up to another $20 billion if certain commercial milestones are met in the future. Meanwhile, Anthropic said it's committed to spending over $100 billion over the next 10 years on Amazon Web Services technologies. Separately, Amazon said Tuesday it has launched a GLP-1 Management Program through Amazon One Medical that provides primary care, pharmacy services and virtual care options to help patients achieve and maintain their weight-loss goals. Amazon shares were up 1.8%.D.R. Horton (DHI) reported fiscal Q2 net income Tuesday of $2.24 per diluted share, down from $2.58 a year earlier but above the FactSet consensus of $2.13. Fiscal Q2 revenue was $7.56 billion, down from $7.73 billion a year ago but above the FactSet consensus of $7.55 billion. For fiscal 2026, the company said it now expects revenue of $33.50 billion to $34.50 billion, compared with its prior guidance of $33.50 billion to $35 billion. Analysts polled by FactSet expect $33.29 billion. D.R. Horton shares were up 7.5%.GE Aerospace (GE) reported Q1 adjusted earnings Tuesday of $1.86 per share, up from $1.49 a year earlier and above the FactSet consensus of $1.60. First-quarter revenue was $11.61 billion, up from $9.94 billion a year ago and above the FactSet consensus of $10.71 billion. For 2026, the company maintained its adjusted EPS guidance range of $7.10 to $7.40, below the FactSet consensus of $7.49. GE shares were down 5.1%.Danaher (DHR) reported Q1 adjusted earnings Tuesday of $2.06 per diluted share, up from $1.88 a year earlier and above the FactSet consensus of $1.94. First-quarter sales were $5.95 billion, up from $5.74 billion a year ago but below the FactSet consensus of $5.98 billion. For Q2, the company said it expects non-GAAP core revenue to increase in the low single-digit percent range from the year prior. For full-year 2026, Danaher said it expects adjusted EPS of $8.35 to $8.55, compared with its prior guidance of $8.35 to $8.50 and the FactSet consensus of $8.40. Danaher shares were down 0.3%.Price: $347.72, Change: $+24.24, Percent Change: +7.49%

$AAPL$AMZN$DHI$DHR$GE$UNH
US Markets

D.R. Horton Tops Second-Quarter Views, Tempers Revenue Expectations

D.R. Horton's (DHI) fiscal second-quarter results came in better than expected, although the homebuilder tempered its full-year revenue outlook.The company's net income per share dropped to $2.24 for the quarter ended March 31 from $2.58 a year earlier, but surpassed the FactSet-polled consensus of $2.13. Revenue fell to $7.56 billion from $7.73 billion, while analysts expected $7.55 billion.The stock was up 7.7% intraday Tuesday, and has gained about 15% since the start of the year."New home demand remains impacted by affordability constraints and cautious consumer sentiment," Chief Executive Paul Romanowski said during an earnings call, according to a FactSet transcript. "However, our tenured teams continue to respond to current market conditions with discipline."The company reduced its unsold inventory by 35% from a year ago, Romanowski said. D.R. Horton had 38,200 homes in inventory at the end of March, of which 22,900 were unsold.The company is now projecting fiscal 2026 revenue in the range of $33.5 billion to $34.5 billion, with the top end revised from $35 billion. The Street's estimate indicates $33.29 billion. The company now expects 86,000 to 87,500 homes closed for the ongoing fiscal year, trimming the upper end from 88,000 units."We expect our sales incentives to remain elevated in fiscal 2026, with incentive levels dependent on demand, mortgage interest rates and other market conditions," Executive Chairman David Auld said in a statement.The company's homebuilding revenue dropped 2% to $7.06 billion in the second quarter, while the number of homes closed rose 1% to 19,486 units. Net sales orders jumped 11% to 24,992 homes with an order value of $9.2 billion.For the ongoing quarter, D.R. Horton expects revenue between $8.8 billion and $9.3 billion, Jessica Hansen, senior vice president of communications and people, told analysts on the call. Analysts are looking for third-quarter revenue of $8.95 billion."We recognize the current volatility and uncertainty in the broader economy, and we will continue to adjust to market conditions with discipline as we focus on enhancing the long-term value of D.R. Horton," Romanowski said.Price: $165.63, Change: $+12.29, Percent Change: +8.01%

$DHI
Sectors

Sector Update: Consumer Stocks Rise Premarket Tuesday

Consumer stocks were rising premarket Tuesday, with the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) 0.9% higher and the State Street Consumer Staples Select Sector SPDR ETF (XLP) slightly advancing.D.R. Horton (DHI) stock was up more than 6% after the company reported fiscal Q2 net income and revenue that exceeded analysts' expectations.Amazon.com (AMZN) founder and Executive Chairman Jeff Bezos is nearing a $10 billion fundraising agreement from investors at a $38 billion valuation for his Project Prometheus, the Financial Times reported, citing unnamed people familiar with the matter. Amazon.com shares were up more than 2% pre-bell.Simply Good Foods (SMPL) said it plans to reduce staff by around 15% as part of a cost-cutting initiative. Shares of Simply Good Foods were 0.3% higher premarket.

$AMZN$DHI$SMPL$XLP$XLY

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