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Update: Equities Fall, Oil Rallies as US-Iran Ceasefire Expires
US Markets

Update: Equities Fall, Oil Rallies as US-Iran Ceasefire Expires

(Updates with market moves at the end of the day, and other changes, if any.)Stocks on Wall Street fell Monday and oil prices advanced as a ceasefire between the US and Iran expired, with both sides showing no interest in an extension.The S&P 500 and the Dow Jones Industrial Average shed 0.5% each to close at 7,745.06 and 53,459.78, respectively. The Nasdaq Composite lost 0.3% to 26,644.91. Except energy, all sectors were in the red, led by communication services and consumer staples.West Texas Intermediate crude oil was up 2.4% at $84.41 a barrel in Monday late-afternoon trade, while Brent rose 2.4% to $90.64.In June, the US and Iran agreed to a memorandum of understanding to end their war and negotiate a final deal. However, the truce apparently collapsed as tensions over the control of the Strait of Hormuz escalated.Iranian Foreign Ministry spokesman Esmail Baghaei ruled out extending the memorandum of understanding, according to a CNBC report that cited state news agency Tasnim.President Donald Trump warned that the US could attack Oman if the Gulf nation interferes with the blockade of Iranian ships in the Strait of Hormuz, The Wall Street Journal reported, citing an interview with Fox News.On Saturday, Israeli strikes in southern Lebanon left at least 11 people dead, Reuters reported, citing the Lebanese health ministry. Traffic through the strategic waterway slowed as three vessels operated by Abu Dhabi National Oil Co. were attacked in transit last week."Prices remained supported by renewed fighting in Lebanon and attacks on vessels in the Strait of Hormuz, raising concerns over regional supply disruptions and complicating prospects for a US-Iran deal," ING Bank said in a report Monday.US Treasury yields were higher, with the 10-year rate up 3.2 basis points at 4.73% and the two-year rate rising 1.3 basis points to 4.18%.In company news, JetBlue Airways (JBLU) shares slumped 7.3%, as Seaport Research Partners downgraded its rating on the air carrier's stock. JetBlue's balance sheet woes could worsen as the Strait of Hormuz appears unlikely to reopen anytime soon, potentially prolonging jet fuel volatility, Seaport said in a note.Shares of American Airlines Group (AAL), Southwest Airlines (LUV), United Airlines (UAL) and Delta Air Lines (DAL) were also in the red.Retail giant Walmart (WMT) is scheduled to release its latest financial results later this week, along with Home Depot (HD), TJX (TJX), Lowe's (LOW), Target (TGT), Ross Stores (ROST) and BJ's Wholesale Club (BJ).S&P 500 companies' annual growth in second-quarter earnings and revenue largely held steady week over week, Oppenheimer Asset Management said Monday.The Federal Reserve is scheduled to post minutes of its July policy meeting Wednesday, which will be assessed for fresh insight on the central bank's monetary policy. At the meeting, policymakers left interest rates unchanged in a divided decision, with three regional presidents calling for policy tightening.In economic news, homebuilder confidence in the US unexpectedly ticked higher this month, though builders continued to deal with rising construction costs amid a renewed surge in gas and diesel prices, the National Association of Home Builders and Wells Fargo said.Gold was up 0.9% at $4,475.40 per troy ounce, while silver advanced 1.7% to $66.20 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAL$BJ$DAL$HD$JBLU$LOW$LUV$ROST$TGT$TJX$UAL$WMT
Update: Equity Markets Fall Intraday, Oil Rises Amid Middle East Tensions
US Markets

Update: Equity Markets Fall Intraday, Oil Rises Amid Middle East Tensions

(Updates with latest market prices and developments.)US benchmark equity indexes were lower intraday, while oil prices rose as a ceasefire between Washington and Iran expired, with no indications of near-term engagement prospects.The Dow Jones Industrial Average was down 0.5% at 53,484.5 after midday Monday, while the S&P 500 fell 0.4% to 7,756.7. The Nasdaq Composite dropped 0.3% to 26,647.9. Among sectors, communication services saw the steepest decline, while energy led the gainers.West Texas Intermediate crude oil was up 1.3% at $83.44 a barrel, while Brent rose 1.4% to $89.77.In June, the US and Iran agreed to a memorandum of understanding to end their war and negotiate a final deal. However, the truce apparently collapsed as tensions over the control of the Strait of Hormuz escalated.Iranian Foreign Ministry spokesman Esmail Baghaei ruled out extending the memorandum of understanding, according to a CNBC report that cited state news agency Tasnim.President Donald Trump warned that the US could attack Oman if the Gulf nation interferes with the blockade of Iranian ships in the Strait of Hormuz, The Wall Street Journal reported, citing an interview with Fox News.On Saturday, Israeli strikes in southern Lebanon left at least 11 people dead, Reuters reported, citing the Lebanese health ministry. Traffic through the strategic waterway slowed as three vessels operated by Abu Dhabi National Oil Co. were attacked in transit last week."Prices remained supported by renewed fighting in Lebanon and attacks on vessels in the Strait of Hormuz, raising concerns over regional supply disruptions and complicating prospects for a US-Iran deal," ING Bank said in a report Monday.US Treasury yields were mixed intraday, with the 10-year rate up 2.4 basis points at 4.72% and the two-year rate little changed at 4.17%.In company news, JetBlue Airways (JBLU) shares were down 6.4%, as Seaport Research Partners downgraded its rating on the air carrier's stock. JetBlue's balance sheet woes could worsen as the Strait of Hormuz appears unlikely to reopen anytime soon, potentially prolonging jet fuel volatility, Seaport said in a note.Shares of American Airlines Group (AAL), Southwest Airlines (LUV), United Airlines (UAL) and Delta Air Lines (DAL) were also in the red intraday.Retail giant Walmart (WMT) is scheduled to release its latest financial results later this week, along with Home Depot (HD), TJX (TJX), Lowe's (LOW), Target (TGT), Ross Stores (ROST) and BJ's Wholesale Club (BJ).The Federal Reserve is scheduled to post minutes of its July policy meeting Wednesday, which will be assessed for fresh insight on the central bank's monetary policy. At the meeting, policymakers left interest rates unchanged in a divided decision, with three regional presidents calling for policy tightening.In economic news, homebuilder confidence in the US unexpectedly ticked higher this month, though builders continued to deal with rising construction costs amid a renewed surge in gas and diesel prices, the National Association of Home Builders and Wells Fargo said.Gold was up 0.9% at $4,475.40 per troy ounce, while silver advanced 1.7% to $66.20.

Dow JonesNasdaq CompositeS&P 500$AAL$BJ$DAL$HD$JBLU$LOW$LUV$ROST$TGT$TJX$UAL$WMT
S&P 500 Annual Earnings Growth Holds Steady From Last Week, Oppenheimer Says
US Markets

S&P 500 Annual Earnings Growth Holds Steady From Last Week, Oppenheimer Says

S&P 500 companies' quarterly earnings and revenue growth largely held steady week over week as eight of the 11 sectors reported earnings growth in double digits or higher, Oppenheimer Asset Management said Monday.Results from 455 companies, representing 91% of the total, show year-over-year profit growth unchanged at 51% from financials reported up until last week. Revenue growth ticked up to 14.7% from 14.6%.Energy led all sectors with earnings surging 147%, unchanged from last week, while healthcare was the only decliner, according to the report. Consumer discretionary and communication services soared more than 110% each, Oppenheimer said Monday.Energy retained its top spot on the revenue growth chart, at 42%. Technology saw 28% revenue growth compared with 27% a week earlier."Continued strong results reported for (second-quarter) earnings season along with economic data that showed inflation surprising to the downside, lent support for the (Federal Reserve) to remain 'on hold,'" Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus said in a note to clients.Last week, official data showed that US annual consumer inflation slowed to a four-month low in July.S&P 500 earnings upside are "pumping air into arguments predicting stormy weather ahead," the note added."In our view, intermediate- and longer-term investors should not be surprised if with the (Chicago Board Options Exchange's Volatility Index) currently at its lower levels that any negative news item could create a spate of indigestion for the markets," Stoltzfus wrote.The Volatility Index, or VIX, measures S&P 500 implied volatility over the next 30 days.Some 12 S&P 500 companies report quarterly results this week, including retail heavyweights Walmart (WMT) and Home Depot (HD), along with Analog Devices (ADI).Price: $114.48, Change: $-0.79, Percent Change: -0.69%

$ADI$HD$WMT
Asia Markets

Update: US Equity Futures Mixed Pre-Bell as 60-Day US-Iran Ceasefire Expires

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were mixed pre-bell Monday as the ceasefire between the US and Iran reaches its expiration date after 60 days, with the two countries still locked in a stalemate.Dow Jones Industrial Average futures were 0.3% lower, S&P 500 futures were up 0.1%, and Nasdaq futures were 0.4% higher.Vessels transiting the Strait of Hormuz dropped over the weekend at five ships compared with 31 in the previous weekend, according to a Reuters report that cited data from analytics firm Kpler.Iran's foreign minister Abbas Araghchi said that the country has not yet decided to restart talks with the US, according to multiple reports. President Donald Trump reiterated in a post on Truth Social that Iran "cannot have, in any way, shape, or form, a Nuclear Weapon."Companies expected to report financial results this week include Walmart (WMT), Home Depot (HD), Analog Devices (ADI), Alibaba Group (BABA), TJX (TJX), and Lowe's (LOW).Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.7% at $89.14 per barrel and US West Texas Intermediate crude 0.7% higher at $82.05 per barrel.The New York Federal Reserve's Empire State manufacturing index increased to 20.6 in August versus 15.6 in July, compared with expectations for a decline to a reading of 10.0 in a survey compiled by Bloomberg.The August US housing market index, slated for 10 am ET, is expected at 33, compared with 34 from the prior month.In other world markets, Japan's Nikkei closed 0.7% higher, Hong Kong's Hang Seng ended 1.3% higher, and China's Shanghai Composite finished 1.4% higher. Meanwhile, the UK's FTSE 100 was down 0.2%, and Germany's DAX index was flat in Europe's early afternoon session.In equities, stocks of Micron Technology (MU) and Sandisk (SNDK) shares were up 2.8% and 3.6%, respectively, after regulatory filings on Friday showed that AI-focused hedge fund Situational Awareness increased its stakes in the companies. Alibaba Group shares were up 1.7% after a Bloomberg report that Qwen artificial intelligence models have exceeded 3 billion in downloads globally over the last six months, topping that of Meta Platforms (META) and Alphabet's (GOOG,GOOGL) Google.On the losing side, L3Harris Technologies (LHX) stock was down 2.7% after the company said it appointed Sam Mehta as CEO to replace Christopher Kubasik, who stepped down as chairman and CEO following an investigation into his conduct the company said was inconsistent with its Code of Conduct. Dynatrace (DT) shares were 1.4% lower after the company said its unit Dynatrace LLC is planning a $1.25 billion private placement of exchangeable senior unsecured notes due Sept. 1, 2031.

Dow JonesNasdaq CompositeS&P 500$ADI$BABA$DT$GOOG$GOOGL$HD$LHX$LOW$META$MU$SNDK$TJX$WMT
Japan

US Equity Futures Mixed Pre-Bell as 60-Day US-Iran Ceasefire Expires

US equity futures were mixed pre-bell Monday as the fragile ceasefire between the US and Iran reaches its expiration date after 60 days, with the two nations still locked in a stalemate.Dow Jones Industrial Average futures were 0.2% lower, S&P 500 futures were up 0.1%, and Nasdaq futures were 0.5% higher.Vessels transiting the Strait of Hormuz dropped over the weekend at five ships compared with 31 in the previous weekend, according to a Reuters report that cited data from analytics firm Kpler.Iran's foreign minister Abbas Araghchi said that the nation has not yet decided to restart talks with the US, according to multiple reports. President Donald Trump reiterated in a post on Truth Social that Iran "cannot have, in any way, shape, or form, a Nuclear Weapon."Expected to report financial results this week are Walmart (WMT), Home Depot (HD), Analog Devices (ADI), Alibaba Group (BABA), The TJX Companies (TJX), and Lowe's (LOW).Oil prices were lower, with front-month global benchmark North Sea Brent crude down 1.9% at $62.12 per barrel and US West Texas Intermediate crude 2% lower at $58.28 per barrel.The August Empire State manufacturing index, slated for release at 8:30 a.m. ET, is seen coming in at 10.0 versus 15.6 previously, according to estimates compiled by Bloomberg. The August US housing market index, slated for 10 am ET, is expected at 33, compared with 34 from the prior month.

Dow JonesNasdaq CompositeS&P 500$ADI$BABA$HD$LOW$TJX$WMT
Stocks Mostly Up Pre-Bell as Traders Await Fed Meeting Minutes, Retail Earnings
US Markets

Stocks Mostly Up Pre-Bell as Traders Await Fed Meeting Minutes, Retail Earnings

The benchmark US stock measures were mostly pointing higher before the opening bell Monday as traders await minutes of the Federal Reserve's last policy meeting and the latest quarterly results from some of the biggest retail companies.The S&P 500 rose 0.2% and the Nasdaq added 0.6% in premarket activity, while the Dow Jones Industrial Average edged down 0.1%. All three major indexes finished Friday trading in the red.The Fed is scheduled to post minutes of its July policy meeting Wednesday, which will be assessed for fresh insight on the central bank's monetary policy. At the meeting, policymakers left interest rates unchanged in a divided decision, with three regional presidents calling for policy tightening.Last week, the Bureau of Labor Statistics published benign consumer inflation data for July that lowered bets for a Fed interest-rate hike next month. Government data also showed that producer prices held steady last month, defying expectations for a monthly rise.Markets are currently pricing in a 69% probability that the Fed will keep its benchmark rate steady next month, with the remaining odds in favor of a 25-basis-point hike, according to the CME FedWatch tool.Treasury yields were down in premarket action, with the two-year rate retreating 1.3 basis points to 4.16% and the 10-year rate off 0.8 basis points to 4.69%.Retail giant Walmart (WMT) is scheduled to release its latest financial results later this week, along with Home Depot (HD), TJX (TJX), Lowe's (LOW), Target (TGT), Ross Stores (ROST) and BJ's Wholesale Club (BJ).On Friday, official data showed that retail sales unexpectedly decreased in July, registering the largest monthly drop in more than a year.West Texas Intermediate crude oil increased 0.8% to $83.08 a barrel before the open, while Brent gained 1.2% to $89.61.Iranian Foreign Minister Abbas Araghchi reportedly said over the weekend that Iran hasn't decided to resume talks with the US, according to CNBC. Shipping traffic through the Strait of Hormuz slowed over the weekend, with five vessels transiting the crucial waterway on Saturday and none on Sunday, Reuters reported Monday, citing shiptracking data from Kpler.Monday's economic calendar has the Empire State manufacturing index for August at 8:30 am ET, followed by the housing market index for the same month at 10 am.Shares of Broadcom (AVGO) rebounded 1.2% pre-bell after closing Friday trading with a 5.9% drop. Micron Technology (MU) advanced 3.4%, while Advanced Micro Devices (AMD) ticked up 1%. Sandisk (SNDK) inclined 5.1%.Gold nudged 0.3% higher to $4,452 per troy ounce, while bitcoin traded up 0.2% at $63,239.

Dow JonesNasdaq CompositeS&P 500$AMD$AVGO$BJ$HD$LOW$MU$ROST$SNDK$TGT$TJX$WMT
Asia Markets

US Equity Investors to Focus on Fed Policy Minutes, PMIs Alongside Trump's Move to Inflict Intense Economic Pain on Iran

US equity investors are expected to focus on macroeconomic data this week following recent soft prints that reduced the urgency for monetary policy tightening, while keeping an eye on any announcements that significantly ratchet up economic pain in Iran and quarterly earnings.* Economic data due this week includes the July minutes of the Federal Open Market Committee meeting, S&P Global manufacturing and services purchasing managers' indexes, industrial production, building permits and housing starts. Last week, both headline and core consumer and wholesale price inflation rates for July declined from a year ago, and retail sales slid unexpectedly in the month, the most since May 2025.* Watch for a potentially major escalation of trade and market tensions beginning this week, according to a note from Scotiabank late Friday. That's because US Treasury Secretary Bessent pledged to introduce "measures like have never been seen in the history of economic isolation of a country," referring to Iran.* Home Depot (HD), Analog Devices (ADI), TJX Companies (TJX), Lowe's Companies (LOW), Target (TGT), Walmart (WMT), Deere (DE), Ross Stores (ROST), NetEase (NTES) are among the companies reporting quarterly results next week.* The 60-day deadline for the conclusion of peace talks in the memorandum of understanding the US and Iran signed in June ended on Monday without any formal announcements so far to end the war.* Talks between Iran and Oman regarding the Strait of Hormuz are complex but continuing "in all seriousness," CNN reported, citing Iran's Foreign Ministry spokesman Esmaeil Baghaei on Monday.* Baghaei said a "transit route map" has been agreed upon, but a final agreement including a joint statement has not been finalized, CNN cited reporting from Tasnim. Referring to one of the reasons for the delay, Baghaei said some "malevolent parties" want the region to "always be in a state of conflict and chaos."

Dow JonesNasdaq CompositeS&P 500$ADI$DE$HD$LOW$NTES$ROST$TGT$TJX$WMT
Wire

S&P 500 Ekes Out Weekly Gain Amid Growing Probability of Fed Pause Extension

The Standard & Poor's 500 index rose 0.4% this week after cooling inflation and an unexpected drop in retail sales boosted the odds for a sixth straight monetary policy pause in September.The market benchmark ended the week at 7,785.76. The index is now up 3.8% quarter-to-date and 14% this year.The probability of the Federal Reserve extending its policy pause next month jumped after July's consumer and wholesale price inflation rates, both headline and core, declined and retail sales for the month unexpectedly slumped the most since May 2025. There's now a 67% chance that the Fed will leave interest rates unchanged, up from 56% a week ago, according to the CME FedWatch tool.Treasury Secretary Scott Bessent said on CNN that the US plans to announce measures on Iran next week that have "never been seen."Defense Secretary Pete Hegseth said the US can sustain its blockade against Iran "indefinitely," Al Jazeera reported.The energy sector in the S&P 500 had the largest percentage gain of the week, up 7.3%, followed by a 1.5% advance in utilities and 1% increases for both consumer staples and health care. Financials, industrials, real estate and tech also rose week to week.Phillips 66 (PSX) is expected to accelerate share repurchases in H2 this year, supported by ongoing balance sheet deleveraging, UBS said in a note. Separately, Phillips 66, Kinder Morgan (KMI), and HF Sinclair (DINO) said they have reached a final investment decision to move forward with a joint venture to build the $5 billion Western Gateway Pipeline system. Shares of Phillips 66 surged 15% this week.Three S&P 500 sectors that declined this week were consumer discretionary, communication services and materials, down 2%, 1% and 0.9%, respectively.Tapestry (TPR) shares tumbled 21% this week after the company set out a fiscal 2027 revenue outlook below the midpoint of Wall Street's forecast range, taking the shine off stronger-than-expected fiscal Q4 adjusted earnings and revenue.AppLovin's (APP) 30% long-term annual revenue growth target lacks sufficient evidence, with uncertainty rising around the sustainability of its self-learning growth, BofA Securities said in a report. BofA downgraded its rating on AppLovin stock to neutral from buy and lowered its price target to $400 from $430. Shares of Applovin slumped 9% this week.Home Depot (HD), Analog Devices (ADI), TJX Companies (TJX), Lowe's Companies (LOW), Target (TGT), Walmart (WMT), Deere (DE), Ross Stores (ROST), NetEase (NTES) are among the companies reporting quarterly results next week.Economic data due next week includes the July minutes of the Federal Open Market Committee meeting, S&P Global manufacturing and services purchasing managers' indexes, industrial production, building permits and housing starts.

S&P 500$ADI$APP$DE$DINO$HD$KMI$LOW$NTES$PSX$ROST$TGT$TJX$TPR$WMT
Home Depot, Lowe's Quarterly Results Unlikely to Show Signs of Recovery Amid Macro Pressures, Oppenheimer Says
US Markets

Home Depot, Lowe's Quarterly Results Unlikely to Show Signs of Recovery Amid Macro Pressures, Oppenheimer Says

Home improvement retailers Home Depot (HD) and Lowe's (LOW) second-quarter results are unlikely to show meaningful signs of recovery amid persistent macroeconomic pressures, Oppenheimer said in a Friday note.Oppenheimer is projecting second-quarter earnings per share of $4.66 for Home Depot, which would indicate a 0.5% decline year over year. The brokerage expects Home Depot's comparable sales for the quarter to be flat to up 1%. Analysts polled by FactSet expect adjusted EPS of $4.73 and same-store sales growth of 0.9%.Oppenheimer expects Lowe's second-quarter EPS to match Wall Street's estimate, which it put at $4.24, while projecting comparable sales growth of 1%, in line with management's expectations, which the brokerage described as "subdued."The market is eager to turn more constructive on Home Depot and the broader sector on the prospect of a long-awaited cyclical recovery, Oppenheimer said. However, the brokerage believes the recent increase in Home Depot's shares could prove "premature" given continued softness in sector data.Home Depot is scheduled to release its results on Aug. 18, while Lowe's reports the following day."We are hard-pressed to envision second quarter results from the chains yielding meaningful 'green shoots' suggestive of long-awaited, sustained demand recovery within home improvement," analysts Brian Nagel and Andrew Chasanoff said in the note.The brokerage said it previously highlighted the potential for moderating interest rates as a tailwind for Home Depot and Lowe's. However, it is now turning "less optimistic" about rates declining meaningfully in the near term.Price: $338.26, Change: $-3.44, Percent Change: -1.01%

$HD$LOW
Update: Nasdaq, S&P 500 Bounce Following Benign Inflation Report
US Markets

Update: Nasdaq, S&P 500 Bounce Following Benign Inflation Report

(Updates with market moves at the end of the day, and other changes, if any.)The Nasdaq Composite and the S&P 500 rebounded Wednesday after a two-day decline, as tame consumer inflation in July prompted traders to trim bets for a Federal Reserve interest rate hike next month.The technology-heavy Nasdaq rose 0.5% to close at 26,588.49, while the S&P 500 climbed 0.3% to 7,748.50. The Dow Jones Industrial Average ended little changed at 53,770.27. Most sectors advanced, led by real estate and tech, while consumer discretionary saw the steepest decline.US annual consumer inflation came in at 3.4% in July, easing from 3.5% the month prior and marking the slowest pace of price growth since March, official data showed. Core inflation, which excludes volatile food and energy items, eased to 2.5% from June's 2.6%. Both prints matched the forecasts in a Bloomberg-compiled survey.On a month-on-month basis, consumer prices rose 0.1% in July following a 0.4% drop the month prior. Core prices rose to 0.2% after holding steady in June."Both the headline and core CPI in July were benign enough to reinforce our baseline forecast for a prolonged pause by the Federal Reserve over the remainder of the year," Oxford Economics said in a note. "Market expectations for a September rate hike have also downshifted on the back of the July CPI."The probability of the Fed keeping its benchmark lending rate unchanged next month increased to 60% Wednesday from 52% Tuesday, according to the CME FedWatch tool. The odds that the central bank will hike interest rates by 25 basis points fell to 40% from 48%.US Treasury yields were mixed, with the two-year yield down 1.5 basis points at 4.2% and the 10-year yield marginally higher at 4.69%.In company news, Super Micro Computer (SMCI) shares jumped 19%, the top performer on the S&P 500. Late Tuesday, the company issued an upbeat fiscal 2027 revenue outlook.Lumentum (LITE) followed Super Micro on the S&P 500, up nearly 14%. Late Tuesday, Lumentum delivered a fiscal fourth-quarter beat.Home Depot (HD) shares fell 3.1%, the biggest decline on the Dow, after the company said Chief Executive Ted Decker is taking a temporary medical leave of absence.West Texas Intermediate crude oil was down 0.3% at $82.99 a barrel in Wednesday late-afternoon trade, while Brent fell 0.2% to $88.71.The International Energy Agency projected a larger decline in global oil demand this year than previously estimated as the continued closure of the Strait of Hormuz weighs on consumption. Separately, the Organization of the Petroleum Exporting Countries lowered its global oil demand growth outlook for 2026 while projecting a stronger rebound for next year than previously estimated.Iran could "prolong" war with Washington until US President Donald Trump is out of office, CNN reported Wednesday, citing a top adviser to the commander of Tehran's Islamic Revolutionary Guard Corps.Spot gold rose 0.9% to $4,410.90 per troy ounce, while silver advanced 0.9% to $65.54 per ounce.

Dow JonesNasdaq CompositeS&P 500$HD$LITE$SMCI
Sectors

Sector Update: Consumer Stocks Mixed Late Afternoon

Consumer stocks were mixed late Wednesday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 0.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 1%.In corporate news, Brinker International (EAT) shares jumped 11% after the company provided an upbeat fiscal 2027 financial guidance at the midpoint, confident that its Chili's brand will sustain the growth momentum that drove strong Q4 results.Uber (UBER) is working on a rides option for children 10 to 12 years old, Bloomberg reported Wednesday, citing publicly available code from the latest version of Uber's iOS app. Uber shares were down 3.4%.Home Depot (HD) said CEO Ted Decker is taking a temporary medical leave of absence and is expected to return within the next few months. Senior Executive Vice President Ann-Marie Campbell and Chief Financial Officer Richard McPhail will oversee the operations of the office of the CEO during Decker's absence. Home Depot shares fell 2.7%.Nelson Peltz's Trian Fund Management is building a consortium of investors for a take-private bid for Wendy's (WEN), the Financial Times reported. The consortium, which may include Flynn Group and BlueFive, may submit its bid in the coming weeks, the report said. Wendy's shares jumped past 13%.

$EAT$HD$UBER$WEN
Update: Benign Inflation, Upbeat Earnings Reports Help Lift Equities Intraday
US Markets

Update: Benign Inflation, Upbeat Earnings Reports Help Lift Equities Intraday

(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday as traders digested a benign consumer inflation report and the latest batch of corporate earnings.The Nasdaq Composite was up 0.6% at 26,609.2 after midday Wednesday, while the S&P 500 rose 0.3% to 7,752.9. The Dow Jones Industrial Average advanced 0.1% to 53,829.5. The three indexes finished Tuesday trading lower for a second consecutive session.Among sectors, technology led the gainers intraday Wednesday, while communication services and consumer discretionary saw the steepest declines.US annual consumer inflation came in at 3.4% in July, easing from 3.5% the month prior and marking the slowest pace of price growth since March, official data showed. Core inflation, which excludes volatile food and energy items, eased to 2.5% from June's 2.6%. Both prints matched the forecasts in a Bloomberg-compiled survey.On a month-on-month basis, consumer prices rose 0.1% in July following a 0.4% drop the month prior. Core prices rose to 0.2% after holding steady in June. Both readings were in line with market projections."Both the headline and core CPI in July were benign enough to reinforce our baseline forecast for a prolonged pause by the Federal Reserve over the remainder of the year," Oxford Economics said in a note. "Market expectations for a September rate hike have also downshifted on the back of the July CPI."The probability of the Fed keeping its benchmark lending rate unchanged next month increased to 62% Wednesday from 52% Tuesday, according to the CME FedWatch tool. The odds that the central bank will hike interest rates by 25 basis points fell to 38%.US Treasury yields were lower intraday, with the two-year yield down 2.1 basis points at 4.2% and the 10-year yield falling one basis point to 4.67%.In company news, Super Micro Computer (SMCI) shares jumped nearly 18% intraday, the top performer on the S&P 500. Late Tuesday, the company issued an upbeat fiscal 2027 revenue outlook.Lumentum (LITE) followed Super Micro on the S&P 500 intraday Wednesday, up 17%. Late Tuesday, Lumentum delivered a fiscal fourth-quarter beat.Home Depot (HD) shares were down 2.9% intraday Wednesday, the biggest decline on the Dow, after the company said Chief Executive Ted Decker is taking a temporary medical leave of absence.Cisco Systems (CSCO) is scheduled to report its latest financial results after the closing bell Wednesday, along with others.West Texas Intermediate crude oil was down 0.2% at $83.06 a barrel intraday, while Brent fell 0.3% to $88.64.The International Energy Agency projected a larger decline in global oil demand this year than previously estimated as the continued closure of the Strait of Hormuz weighs on consumption. Separately, the Organization of the Petroleum Exporting Countries lowered its global oil demand growth outlook for 2026 while projecting a stronger rebound for next year than previously estimated.Iran could "prolong" war with Washington until US President Donald Trump is out of office, CNN reported Wednesday, citing a top adviser to the commander of Tehran's Islamic Revolutionary Guard Corps.Yemen's Iran-aligned Houthis killed six people in an attack on a container ship in the Bab el-Mandeb Strait, an alternative route to the Strait of Hormuz, CNBC reported. The US Central Command said in a post on X that its forces disabled the steering gear of a cargo vessel that allegedly attempted to transit the Gulf of Oman and breach its Iranian blockade.Gold was up 0.7% to $4,402.62 per troy ounce, while silver rose 1.1% to $65.48.

Dow JonesNasdaq CompositeS&P 500$CSCO$HD$LITE$SMCI
Walmart Among Big-Box Retailers That May Miss Comparable Sales Expectations, RBC Says
US Markets

Walmart Among Big-Box Retailers That May Miss Comparable Sales Expectations, RBC Says

Major US retailers such as Walmart (WMT) will likely miss consensus expectations for second-quarter comparable sales, though Target (TGT) is seen delivering a beat, RBC Capital Markets said in a Wednesday note.Home Depot (HD) is scheduled to release its results Aug. 18, followed by Target and Lowe's (LOW) on Aug. 19. Walmart reports Aug. 20.For the second quarter, RBC raised Home Depot's same-store sales growth expectations to 0.7% from 0.2%, lower than Wall Street's 1% consensus. RBC cut estimates for Lowe's to show a flat performance, compared with a 0.5% rise previously penciled in. Analysts expect a 0.7% increase at Lowe's.RBC left its estimates for Walmart's US operations unchanged, having trimmed projections in July to 3.5% from 4%, versus the 3.8% market view.Target's comparable sales growth outlook moved higher to 3% from 2%, exceeding the consensus estimate of 2.2%.RBC raised Home Depot's price target to $343 from $340, citing stable housing trends, market share gains and easy compares in the second half. "We remain sector perform as we continue to struggle with the catalyst for improved housing turnover, which is likely to keep (earnings per share) growth muted," RBC analyst Steven Shemesh said.Home Depot said Wednesday that Chief Executive Ted Decker is taking a temporary medical leave of absence. Ann-Marie Campbell, senior executive vice president, will oversee the home improvement retailer's day-to-day operations, while Chief Financial Officer Richard McPhail will provide oversight of the company's financial management and Pro subsidiaries.RBC pointed to softness in the do-it-yourself segment at Lowe's, whose price target slipped to $231 from $232. "We'd argue that the low-end of (2026) guidance now feels more likely," Shemesh said.The brokerage kept Walmart's price target unchanged at $137.RBC increased Target's price target to $166 from $153, saying its full-year adjusted EPS guide could be raised to around $8.20 to $8.80, versus market expectations of $8.48."While we're encouraged by the progress being made at (Target), we think a beat/raise is already embedded in shares and as such would argue the bar for outperformance on the print is very high," Shemesh said. "We believe reinvestment and advertising momentum should drive modestly better comp in (the second half)."Price: $153.60, Change: $+2.47, Percent Change: +1.63%

$HD$LOW$TGT$WMT
Sectors

Sector Update: Consumer Stocks Mixed Wednesday Afternoon

Consumer stocks were mixed Wednesday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 0.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 1%.In corporate news, Home Depot (HD) said CEO Ted Decker is taking a temporary medical leave of absence and is expected to return within the next few months. Senior Executive Vice President Ann-Marie Campbell and Chief Financial Officer Richard McPhail will oversee the operations of the office of the CEO during Decker's absence. Home Depot shares fell 2.8%.Nelson Peltz's Trian Fund Management is building a consortium of investors for a take-private bid for Wendy's (WEN), the Financial Times reported. The consortium, which may include Flynn Group and BlueFive, may submit its bid in the coming weeks, the report said. Wendy's shares jumped 13%.President Donald Trump was sued by The Intercept and the Freedom of the Press Foundation over Trump Media & Technology's (DJT) plan to charge as much as $100,000 per month for early access to his social media posts, The Intercept reported. Trump Media shares fell 6.2%.

$DJT$HD$WEN
Sectors

Sector Update: Consumer

Consumer stocks were mixed Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 0.9%.In corporate news, Home Depot (HD) said Wednesday that Chair, President and CEO Ted Decker is taking a temporary medical leave of absence and is expected to return within the next few months. Senior Executive Vice President Ann-Marie Campbell and Chief Financial Officer and EVP Richard McPhail will oversee the operations of the office of the CEO during Decker's absence, the company said. Home Depot shares fell 2.4%.

$HD
Wire

Top Midday Stories: Consumer Prices Rise 3.4% YoY in July; CoreWeave Q2 Loss Narrower Than Expectations

The S&P 500 Index and Nasdaq Composite were up slightly, while the Dow Jones Industrial Average was roughly flat in late-morning trading Wednesday, after the consumer price index for July matched expectations.The US seasonally adjusted CPI rose by 0.1% in July, as expected and following a 0.4% decrease in June, the Bureau of Labor Statistics said Wednesday. Core CPI, which excludes food and energy prices, rose by 0.2%, matching expectations and after holding steady in June.The year-over-year rates for overall CPI decreased to 3.4% in July from 3.5% in the previous month and that for core CPI fell to 2.5% from 2.6% in the previous month.In company news, CoreWeave (CRWV) reported a Q2 loss late Tuesday of $1.14 per diluted share, widening from a loss of $0.60 a year earlier but narrower compared with the FactSet consensus estimate of a loss of $1.46. Second-quarter revenue was $2.58 billion, up from $1.21 billion a year ago and above the FactSet consensus of $2.55 billion. CoreWeave shares were up 17.9% around midday.Blackstone (BX) and La Caisse are leading a 2.5 billion Canadian dollars ($1.8 billion) minority equity investment in Air Canada's Aeroplan loyalty program, valuing the business at CA$10 billion, the airline said Tuesday. Blackstone shares were down 0.8%.Goldman Sachs (GS) said Wednesday it has agreed to buy exchange-traded fund provider NEOS Investments for up to $2.25 billion in cash and equity. Goldman shares were up 1%.Alphabet's (GOOG, GOOGL) Google introduced its newest line of Pixel devices, including four phones, a watch and its first-ever tag. The phones are designed for Gemini Intelligence, are more durable and include major camera upgrades, the company said Wednesday. Pixel Watch 5 features proactive Gemini Intelligence capabilities, personalized strength coaching and Google's most accurate GPS route tracking. It also includes Health Guardian features that track blood pressure and insulin resistance trends, as well as Breathing Emergency Detection, the company said. Alphabet's Class C and Class A shares were both down 0.5%.Home Depot (HD) said Wednesday that Chair, President and Chief Executive Ted Decker is taking a temporary medical leave of absence and is expected to return within the next few months. Senior Executive Vice President Ann-Marie Campbell and Chief Financial Officer and EVP Richard McPhail will oversee the operations of the office of the CEO during Decker's absence, the company said. Greg Brenneman, the board's independent lead director, will chair the board while Decker is away, the company said. Home Depot shares were down 2.4%.Definium Therapeutics (DFTX) said Wednesday its phase 3 study of DT120 lysergide orally disintegrating tablets in adults with generalized anxiety disorder met its primary endpoint. Definium shares were up 7.3%.Price: $106.46, Change: $+16.14, Percent Change: +17.87%

$BX$CRWV$DFTX$GOOG$GOOGL$GS$HD
Wire

Home Depot to Benefit From Professional Demand More than Lowe's in Q2, BofA Says

Home Depot's (HD) higher exposure to professional customers is expected to benefit it in Q2 more than Lowe's (LOW), BofA Securities said in a Monday note previewing the upcoming earnings of home improvement retailers.Based on aggregated spending data from Bank of America (BAC) credit and debit cards, spending on housing-related services, which BofA analysts used as a proxy for professional customer spending, continues to be higher than spending by do-it-yourself customers, and Housing-related services spending grew 5.5% in Q2 from 4% in the previous quarter, while home-improvement spending swung to 0.5% from negative 0.9% in the prior quarter, according to the note.Home Depot's Pro heavy business model should drive outperformance in Q2, and help it attain 2026 EPS near the midpoint of its guidance, the analysts said. Lowe's (LOW) is seen finishing the year at the lower end of its EPS outlook, given a downside risk to its margins in H2 if higher promotional rates are needed to attract customers.Further, the two companies are expected to use tariff refunds to help absorb supply chain costs, as well as potentially support promotions costs, the analysts said.BofA reiterated Home Depot's stock rating at buy and increased the price target to $412 from $374. The brokerage also reiterated Lowe's stock rating at neutral and lowered the price target to $256 from $257.Price: $349.32, Change: $-6.30, Percent Change: -1.77%

$BAC$HD$LOW
AI Likely to Become Functional Part Across Retail Operations, UBS Says
US Markets

AI Likely to Become Functional Part Across Retail Operations, UBS Says

Artificial intelligence will likely become a functional part across retail operations, with implications ranging from demand generation to cost structures, UBS Securities said in a note emailed Friday.The US hardline and food retail sector has mostly used AI in areas such as marketing, customer service chatbots and basic inventory optimization, the brokerage said.However, the technology is now being adopted more broadly across different functions, UBS analysts, including Michael Lasser, said."As consumers increasingly rely on large language models and agentic systems to discover, evaluate, and purchase goods, traditional traffic channels -- stores and websites -- may become less central," Lasser said. "This raises important questions around traffic monetization, particularly for high-margin businesses such as retail media."UBS expects higher-income consumers to influence demand dynamics, as the top 10% of households dictate about half of all spending.AI may exacerbate income inequality, benefiting premium categories and adding pressure on value-oriented segments, according to the UBS note. This means retailers may have to alter strategies to reflect "a more bifurcated consumer landscape."Retailers that use AI-driven marketing are likely to see improved customer acquisition efficiency, Lasser said.On the cost management front, he said working capital needs could drop due to the automation of repetitive processes and improved inventory management systems.While AI helps improve accuracy in stores and distribution centers, it introduces new costs, including cloud computing, data governance and cybersecurity, Lasser said.Retailers with integrated ecosystems are likely best positioned to benefit from mounting AI adoption, according to UBS. They include Walmart (WMT), Costco Wholesale (COST), Target (TGT), Home Depot (HD), Lowe's (LOW) and Kroger (KR).Also on that list are AutoZone (AZO), O'Reilly Automotive (ORLY), Wayfair (W) and Williams-Sonoma (WSM).Price: $120.42, Change: $-0.08, Percent Change: -0.07%

$AZO$COST$HD$KR$LOW$ORLY$TGT$W$WMT$WSM
Wire

Gordon Haskett Adjusts Price Target on Home Depot to $330 From $320

Home Depot (HD) has an average rating of overweight and mean price target of $371.68, according to analysts polled by FactSet.Price: $328.96, Change: $+2.95, Percent Change: +0.90%

$HD
Wire

Home Depot Faces Risk of Missing 2026 Guidance on Cost, Demand Outlook Headwinds, RBC Says

Home Depot (HD) is facing headwinds of stalled housing turnover and a weak cost and demand outlook, which creates a risk in attaining its reaffirmed 2026 guidance, RBC Capital Markets said in a Tuesday note.On the positive side, the company's Q1 total comparable sales grew 0.6% from a year ago, driven by higher average transaction values, partially offset by a decline in transactions. Home Depot is also poised to see an easier comparison in H2, assuming normal storm patterns, as the second half of last year had a historically light hurricane season, according to the note.However, RBC analysts believe there is a risk to meeting its reaffirmed 2026 guidance, given the deteriorating consumer backdrop and higher cost outlook. The company's gross margin decline of 80 basis points was driven by its acquisition of GMS rather than a significant deterioration in core gross margin, the analysts noted.RBC maintained the company's stock rating at sector-perform and reduced the price target to $340 from $377.Price: $307.57, Change: $+5.13, Percent Change: +1.70%

$HD

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