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Intuit Shares Decline After Hours on Weak Outlook; Fourth-Quarter Results Beat Views
US Markets

Intuit Shares Decline After Hours on Weak Outlook; Fourth-Quarter Results Beat Views

Intuit's (INTU) shares tumbled late Tuesday after the company issued a soft fiscal 2027 outlook, even as it reported higher-than-expected fourth-quarter results.The tax and finance software maker expects full-year adjusted earnings of $22.88 to $23.12 per share. Analysts polled by FactSet expect $27.34. Revenue is pegged to grow 9% to 10%, at $23.28 billion to $23.51 billion for the fiscal year that began Aug. 1. The Street is looking for sales of $23.70 billion.Shares of Intuit plunged 9.3% in after-hours trading, and had fallen 46% this year through Tuesday close.For the fourth quarter ended July 31, Intuit's adjusted earnings rose to $4.03 per share from $2.75 in the prior-year period, compared with the $3.58 consensus view. Revenue climbed 14% annually to $4.35 billion, topping the average analyst estimate of $4.27 billion.Revenue in the global business solutions segment advanced 14% to $3.4 billion, led by a 20% increase in QuickBooks online accounting sales, Intuit said.The consumer division's revenue rose 14% to $930 million. Personal finance platform Credit Karma's revenue improved 16%, while tax-preparation software TurboTax sales increased 3%.For the ongoing three-month period, the firm expects adjusted EPS between $2.44 and $2.48 on revenue growth of 11%. The market's forecast is for non-GAAP EPS of $4.04 and sales growth of 12%.RBC Capital Markets said more than 80% of Intuit's revenue comes from recurring subscriptions, while the growing complexity of tax codes and regulations presents a tailwind for Intuit. In addition, generative artificial intelligence offers a major opportunity."More broadly, it is hard to see near-term catalysts for the stock despite management's constructive commitments on EPS and margin expansion," RBC said in a client note earlier in August. "We do not think margin expansion alone is enough for the stock to work; investors need top-line re-acceleration proof points to get constructive."Tax services provider H&R Block (HRB) reported fiscal fourth-quarter results above consensus estimates on Aug. 11, and issued a strong fiscal 2027 guidance.

$HRB$INTU
Update: Equities Rise Intraday, Oil Falls as Markets Monitor Trade Developments
US Markets

Update: Equities Rise Intraday, Oil Falls as Markets Monitor Trade Developments

(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday, while oil prices dropped as investors tracked Washington's new economic sanctions on Iran and a worsening trade conflict with Canada.The technology-heavy Nasdaq Composite was up 0.5% at 26,118.8 after midday Tuesday, while the S&P 500 rose 0.2% to 7,668.7. The Dow Jones Industrial Average edged up 0.1% to 53,484.3. Among sectors, tech paced the gainers, while consumer staples led the laggards.West Texas Intermediate crude oil fell 3.2% to $82.31 a barrel, while Brent dropped 3.7% to $88.81.On Monday, the US Treasury Department launched an economic campaign to cut off financial channels that support Iran. Countries doing business with Tehran will be given deadlines to shut down Iran-related activities, while entities aiding money laundering or sanctions evasion on behalf of Iran could be cut off from the US financial system.Iran vowed to retaliate and expressed confidence that its major trading partners will resist Washington's pressure campaign, according to CNBC. China, Russia, India, Pakistan, Qatar and Turkey, among others, still trade with Tehran, Axios reported Monday.China has warned that the new US sanctions on Iran "will only further intensify tensions" and that Beijing's cooperation with Tehran should not be disrupted, CNN reported Tuesday."The market seems largely unfazed by Washington's push for tighter economic pressure on Iran, with traders treating the US effort to nudge partners away from Iranian trade as marginal rather than market-moving," ING Bank said in a report.Canada unveiled retaliatory tariffs against Washington, matching "dollar for dollar" the 50% duties recently imposed by US President Donald Trump, news outlets reported Tuesday. Canada's new tariffs reportedly cover more than 700 US goods and are worth roughly $20 billion.Trade talks between the US and Canada collapsed late last week.US Treasury yields were lower intraday Tuesday, with the 10-year yield down 5.9 basis points at 4.65% and the two-year yield falling 2.8 basis points to 4.21%. Yields on long-term maturities also eased.In economic news, US consumer confidence fell in August amid a decline in the expectations index, with a "more pessimistic" outlook for business conditions and the labor market ahead, the Conference Board said.The Federal Reserve may have to tighten its monetary policy soon, unless inflation continues to cool, Boston Fed President Susan Collins said."Given the many possible scenarios, policy will need to be nimble," she said. "Should evidence of sustained inflation progress not materialize, I believe it will be appropriate to tighten policy soon to ensure we deliver price stability in a reasonable time frame."Markets are currently pricing in a 60% probability that the Fed will keep its benchmark rate steady in September, with the remaining odds in favor of a 25-basis-point hike, according to the CME FedWatch tool.In company news, Dick's Sporting Goods (DKS) shares sank 29% intraday. The athletic goods retailer lowered its full-year outlook amid a challenging athletic footwear and apparel marketplace, while its fiscal second-quarter results fell short of market estimates.McKesson (MCK) agreed to acquire Precision Medicine in a transaction worth roughly $2.25 billion as part of the drug distributor's efforts to strengthen its clinical research and commercialization services. McKesson shares were up 2.3%.Intuit (INTU) is among the companies that are scheduled to report their latest quarterly financial results after the closing bell Tuesday.Spot gold was down 0.3 at $4,640.49 per troy ounce, while silver edged up 0.1% to $69.43 per ounce.

Dow JonesNasdaq CompositeS&P 500$DKS$INTU$MCK
Asia Markets

Update: US Equity Futures Higher Pre-Bell as Tech Stocks Bounce Back From Selloff

(Updates with economic data, recent oil price movement, world markets' overview, and corporate stock movements.)US equity futures were edging higher pre-bell Tuesday as technology-related stocks bounced back from a selloff in the previous session.Dow Jones Industrial Average futures were 0.5% higher, S&P 500 futures were up 0.5%, and Nasdaq futures were 1% higher.In a Monday announcement of new economic sanctions against Iran, US Treasury Secretary Scott Bessent said that other countries would need to stop doing business with the Middle Eastern nation or risk being cut out of the dollar-based financial system. He did not identify the countries involved but added that they have a defined timeline to comply with the new directive.Traders digested the latest round of earnings, with Bank of Montreal (BMO) reporting higher fiscal Q3 adjusted earnings and revenue.Intuit (INTU) is expected to report its fiscal Q4 earnings after the market closes. Analysts polled by FactSet expect adjusted earnings of $3.58 per share on revenue of $4.27 billion.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 2.9% at $87.88 per barrel and US West Texas Intermediate crude 3.1% lower at $82.37 per barrel.The June S&P Case-Shiller home price index is scheduled for release at 9 am ET. The August consumer confidence index, due at 10 am ET, is projected to drop to 90.2 from 90.8, according to estimates compiled by Bloomberg. July new home sales are seen at a 620,000 annual rate, down from 628,000 previously. The Richmond Fed manufacturing index for August is also scheduled to be released at 10 am ET.Federal Reserve Richmond President Thomas Barkin is slated to speak at 4 pm ET.In other world markets, Japan's Nikkei closed 0.5% higher, Hong Kong's Hang Seng ended flat, and China's Shanghai Composite finished 0.2% higher. Meanwhile, the UK's FTSE 100 was up 0.1%, and Germany's DAX index was 0.8% higher in Europe's early afternoon session.In equities, stocks of Nvidia (NVDA), Micron Technology (MU), and Advanced Micro Devices (AMD) were higher as part of a wider upswing in the technology sector. Nvidia shares rose 1.3%, Micron Technology stock was up 2.2%, and Advanced Micro Devices shares were 3% higher.On the losing side, stocks of Exxon Mobil (XOM), Chevron (CVX), and ConocoPhillips (COP) were down as oil prices declined. Exxon Mobil shares fell 1.3%, Chevron stock was down 1%, and ConocoPhillips shares were 1.7% lower. Dick's Sporting Goods (DKS) stock plunged 19% after the company posted lower-than expected fiscal Q2 non-GAAP earnings and net sales, as well as reduced its fiscal 2026 outlook.

Dow JonesNasdaq CompositeS&P 500$AMD$BMO$COP$CVX$DKS$INTU$MU$NVDA$XOM
Japan

US Equity Futures Higher Pre-Bell as Tech Stocks Bounce Back From Selloff

US equity futures were edging higher pre-bell Tuesday as technology-related stocks bounced back from a selloff in the previous session.Dow Jones Industrial Average futures were 0.5% higher, S&P 500 futures were up 0.4%, and Nasdaq futures were 0.9% higher.In a scheduled announcement of new economic sanctions against Iran, US Treasury Secretary Scott Bessent said in a statement that other countries would need to stop doing business with the Middle Eastern nation or risk being cut out of the dollar-based financial system. He did not identify the countries involved but added that they have a defined timeline to comply with the new directive.Traders digested the latest round of earnings, with Bank of Montreal (BMO) reporting higher fiscal Q3 adjusted earnings and revenue.Intuit (INTU) is expected to report its fiscal Q4 earnings after the market closes. Analysts polled by FactSet expect adjusted earnings of $3.58 per share on revenue of $4.27 billion.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 2.8% at $88.03 per barrel and US West Texas Intermediate crude 3.2% lower at $82.26 per barrel.The June S&P Case-Shiller home price index is scheduled for release at 9 am ET. The August consumer confidence index, due at 10 am ET, is projected to drop to 90.2 from 90.8, according to estimates compiled by Bloomberg. July new home sales are seen at a 620,000 annual rate, down from 628,000 previously. The Richmond Fed manufacturing index for August is also scheduled to be released at 10 am ET.Federal Reserve Richmond President Thomas Barkin is slated to speak on Tuesday.

Dow JonesNasdaq CompositeS&P 500$BMO$INTU
Stocks Rise Pre-Bell as Traders Weigh US Trade Measures Against Iran, Canada
US Markets

Stocks Rise Pre-Bell as Traders Weigh US Trade Measures Against Iran, Canada

US equity futures were pointing higher on Tuesday as investors assess new US trade measures against Iran and Canada.The S&P 500 and the Dow Jones Industrial Average rose 0.5% each in premarket activity, while the Nasdaq increased 1%. The S&P 500 and Nasdaq finished the previous trading session lower, while the Dow closed higher.On Monday, the Treasury Department launched an economic campaign to cut off financial channels that support Iran."We are launching an economic onslaught against Iran's financial connections around the globe," Treasury Secretary Scott Bessent said Monday. "Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone."Countries doing business with Iran will be given deadlines to shut down Iran-related activities, while entities aiding money laundering or sanctions evasion on behalf of Tehran could be cut off from the US financial system, according to a statement.Iran reportedly promised to retaliate against the expanded US sanctions and expressed confidence that its major trading partners will resist Washington's pressure campaign, according to CNBC. China, Russia, India, Pakistan, Qatar and Turkey, among others, still trade with Tehran, Axios reported Monday.West Texas Intermediate crude oil dropped 3% to $82.5 a barrel before the opening bell, while Brent fell 2.9% to $89.53.In a social media post on Monday, President Donald Trump said the US will increase tariffs on imports of certain goods, including cars and trucks, from Canada to 50% starting next year, after trade talks between the two countries collapsed late last week.Canadian Prime Minister Mark Carney said last week that Canada will match the US tariffs "dollar for dollar."Treasury yields were down in premarket action, with the two-year retreating 1.7 basis points to 4.22% and the 10-year rate off 3.4 basis points to 4.67%.Federal Reserve Chair Kevin Warsh's debut Jackson Hole speech on Friday is unlikely to help clear up investor confusion over the Treasury Department's bond market intervention, Morgan Stanley said in a note sent Monday. The firm's economists view the expansion in bond buybacks announced last week as evidence that the Treasury had become uncomfortable with a rise in long-term interest rates.Markets are currently pricing in a 60% probability that the Fed will keep its benchmark rate steady in September, with the remaining odds in favor of a 25-basis-point hike, according to the CME FedWatch tool.Tuesday's economic calendar has the Case-Shiller Home Price Index and the Federal Housing Finance Agency House Price Index, both for June, at 9 am ET. The consumer confidence and the Richmond Fed manufacturing index, both for August, are out at 10 am, along with the new home sales report for July.Richmond Fed President Thomas Barkin is scheduled to speak at 8 am and later at 4 pm.Dick's Sporting Goods (DKS) is set to release its latest financial results before the bell, among others. Intuit (INTU), Heico (HEI) and Zoom Communications (ZM) post their earnings after the markets close.Gold dipped 0.1% to $4,692 per troy ounce, while bitcoin inclined 0.6% to $79,298.

Dow JonesNasdaq CompositeS&P 500$DKS$HEI$INTU$ZM
Update: Nasdaq, S&P 500 Fall as New Sanctions Plan Targets Iran's Trading Partners
US Markets

Update: Nasdaq, S&P 500 Fall as New Sanctions Plan Targets Iran's Trading Partners

(Updates with market moves at the end of the day, and other changes, if any.)The Nasdaq Composite and the S&P 500 fell Monday as the US unveiled a global sanctions plan targeting countries that have an economic relationship with Iran.The Nasdaq shed 0.8% to close at 25,980.19, while the S&P 500 declined 0.3% to 7,652.86. The Dow Jones Industrial Average rose 0.3% to 53,417.16. Technology led the laggards, while most sectors were in the green, led by consumer staples.The Treasury Department on Monday launched a campaign to close all financial resources that support Iran."We are launching an economic onslaught against Iran's financial connections around the globe," Treasury Secretary Scott Bessent said in a statement. "Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone."Countries doing business with Iran will be given deadlines to shut down Iran-related activities, according to the statement. Entities aiding money laundering or sanctions evasion on behalf of Iran could be cut off from the US financial system.China, Russia, India, Pakistan, Qatar and Turkey, among others, still trade with Tehran, Axios reported."No one is above the reach of US sanctions," Bessent said Monday in response to a question at a press conference on whether the Trump administration would target Chinese banks, CNBC reported.West Texas Intermediate crude oil was down 2.3% at $85.07 a barrel in Monday late-afternoon trade, while Brent dropped 2.5% to $92.06.Iran's state-controlled Persian Gulf Strait Authority warned on X that vessels breaching its protocols in the Strait of Hormuz could face restrictions on future passages.US Treasury yields were mixed, with the 10-year yield down 3.2 basis points at 4.71%, while the two-year yield was little changed at 4.24%.Federal Reserve Chair Kevin Warsh's debut Jackson Hole speech on Friday is unlikely to help clear up investor confusion over the Treasury Department's bond market intervention, Morgan Stanley said in a note sent Monday. The firm's economists view the expansion in bond buybacks announced last week as evidence that the Treasury had become uncomfortable with a rise in long-term interest rates.Markets are currently pricing in a 58% probability that the Fed will keep its benchmark rate steady in September, with the remaining odds in favor of a 25-basis-point hike, according to the CME FedWatch tool.In company news, Nvidia (NVDA) shares fell 2.9%, the worst performer on the Dow. The technology bellwether is scheduled to release its latest quarterly earnings on Wednesday.Some Nvidia customers are facing price increases of over 15% on servers equipped with its artificial intelligence chips due to rising memory costs, Bloomberg News reported Saturday, citing people familiar with the matter.Chip-related stocks were among the notable laggards on the S&P 500, with SanDisk (SNDK) down 6.5%, the second-steepest decline on the index. Micron Technology (MU), Super Micro Computer (SMCI) and Western Digital (WDC) shed more than 5% each.Marvell Technology (MRVL), CrowdStrike (CRWD), Salesforce (CRM) and Intuit (INTU) are also slated to post their results this week.Spot gold rose 1.1% to $4,654.89 per troy ounce, while silver lost 1% to $69.65 per ounce.

Dow JonesNasdaq CompositeS&P 500$CRM$CRWD$INTU$MRVL$MU$NVDA$SMCI$SNDK$WDC
Update: Equities Mixed Intraday as US Discloses Anti-Iran Global Sanctions Plan
US Markets

Update: Equities Mixed Intraday as US Discloses Anti-Iran Global Sanctions Plan

(Updates with latest market prices and developments.)US benchmark equity indexes were mixed intraday as Treasury Secretary Scott Bessent announced a global sanctions plan targeting countries doing business with Iran.The Nasdaq Composite was down 0.6% at 26,036.8 after midday Monday, while the Dow Jones Industrial Average edged up 0.1% to 53,342.9. The S&P 500 declined 0.3% to 7,653.6. Among sectors, technology led the laggards, while consumer staples and communication services saw the biggest gains.The US will reportedly impose sanctions on countries that do business with Iran. China, Russia, India, Pakistan, Qatar and Turkey, among others, still trade with Tehran, Axios reported."No one is above the reach of US sanctions," Bessent said Monday in response to a question on whether the Trump administration would target Chinese banks, CNBC reported.Last week, President Donald Trump threatened to launch "economic warfare" against Iran and impose financial consequences for countries that seek to provide any form of support to Tehran.The US will raise tariffs on Canadian cars, trucks and steel to 50%, effective Jan. 1, 2027, Trump said Monday on Truth Social.West Texas Intermediate crude oil fell 2.3% to $85.02 a barrel, while Brent dropped 2.2% to $92.33.Iran's state-controlled Persian Gulf Strait Authority warned on X that vessels breaching its protocols in the Strait of Hormuz could face restrictions on future passages.US Treasury yields were mixed intraday, with the 10-year yield down 4.8 basis points at 4.69%, while the two-year yield was unchanged at 4.23%.Federal Reserve Chair Kevin Warsh's debut Jackson Hole speech on Friday is unlikely to help clear up investor confusion over the Treasury Department's bond market intervention, Morgan Stanley said in a note sent Monday. The firm's economists view the expansion in bond buybacks announced last week as evidence that the Treasury had become uncomfortable with a rise in long-term interest rates.Markets are currently pricing in a 58% probability that the Fed will keep its benchmark rate steady in September, with the remaining odds in favor of a 25-basis-point hike, according to the CME FedWatch tool.In company news, Nvidia (NVDA) shares fell 2.4% intraday, the second-worst performer on the Dow. The technology bellwether is scheduled to release its latest quarterly earnings on Wednesday.Some Nvidia customers are facing price increases of over 15% on servers equipped with its artificial intelligence chips due to rising memory costs, Bloomberg News reported Saturday, citing people familiar with the matter.Chip-related stocks were among the notable laggards on the S&P 500 intraday, with SanDisk (SNDK) down 7%, the steepest decline on the index. Micron Technology (MU) and Western Digital (WDC) shed more than 5% each.Marvell Technology (MRVL), CrowdStrike (CRWD), Salesforce (CRM) and Intuit (INTU) are also slated to post their results this week.Spot gold rose 1% to $4,648.43 per troy ounce, while silver lost 1% to $69.63 per ounce.

Dow JonesNasdaq CompositeS&P 500$CRM$CRWD$INTU$MRVL$MU$NVDA$SNDK$WDC
Stocks Down Pre-Bell as Investors Await Key Inflation Data, Warsh Speech, Nvidia Earnings
US Markets

Stocks Down Pre-Bell as Investors Await Key Inflation Data, Warsh Speech, Nvidia Earnings

The benchmark US stock measures were tracking in the red before the opening bell Monday as traders prepare for a busy week that includes a key inflation report, remarks by Federal Reserve Chair Kevin Warsh, and Nvidia's (NVDA) latest financial results.The S&P 500 declined 0.2%, the Dow Jones Industrial Average edged down 0.1%, and the Nasdaq was off 0.6% in premarket activity. All three main indexes finished Friday trading higher.The personal income and outlays report for July is scheduled for release on Wednesday. The report includes the personal consumption expenditure core price index, the Fed's preferred inflation metric.Warsh is expected to speak at the Fed's annual economic symposium in Jackson Hole, Wyoming, on Friday. Investors are likely to closely monitor his comments for clues about the central bank's policy outlook.Warsh's keynote speech is "unlikely to give any significant hints" related to near-term policy, Oxford Economics said in remarks emailed toon Monday."But we suspect he could shed some light on his plans to overhaul the Fed's longer-term policies and operations," Oxford Economics said.Markets are currently pricing in a 64% probability that the Fed will keep its benchmark rate steady in September, 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 retreating 0.9 basis points to 4.23% and the 10-year rate off 0.3 basis points to 4.71%.Last week, the Treasury Department surprised markets by announcing it will at least double its buybacks for longer-dated Treasuries to $4 billion per operation. Treasury Secretary Scott Bessent reportedly said the planned buybacks could be worth more than $4 billion per issue.Technology bellwether Nvidia is scheduled to release its latest quarterly earnings on Wednesday. In a Monday client note, Wedbush Securities said it expects the company to "exceed its guidance" and issue third-quarter revenue guidance above market estimates, based on a strong hyperscale spending backdrop and a robust supply position.Marvell Technology (MRVL), CrowdStrike (CRWD), Salesforce (CRM) and Intuit (INTU) are also slated to post their results later this week.West Texas Intermediate crude oil dropped 2.4% to $85.02 a barrel before the open, while Brent fell 1.8% to $92.73.In an opinion piece for the Financial Times over the weekend, Bessent said the US would launch "the single greatest financial offensive ever" against Iran on Monday."Now we are entering the endgame," Bessent wrote. "At dawn begins an economic D-Day."Last week, President Donald Trump threatened to launch "economic warfare" against Iran and impose financial consequences for countries that seek to provide any form of support to Tehran.Iranian officials reportedly responded by warning Gulf neighbors not to join the US economic measures against the country, according to CNBC. Iran's state-controlled Persian Gulf Strait Authority warned on X that vessels breaching its protocols in the Strait of Hormuz could face restrictions on future passages, including fines, detention or confiscation.The US on Saturday imposed 50% tariffs on certain Canadian goods after the two countries failed to reach a trade agreement, as both sides blamed each other for the breakdown in negotiations, Reuters reported. Canadian Prime Minister Mark Carney said in a statement that Canada will match the US tariffs "dollar for dollar."Monday's thin economic calendar has the Chicago Fed national activity index for July at 8:30 am ET.Temu parent PDD (PDD) inched up 3% before the bell despite missing second-quarter revenue estimates.Chinese electric vehicle manufacturer Xpeng (XPEV) was down 6% in premarket trading after reporting its latest results.Gold inclined 0.5% to $4,701 per troy ounce, while bitcoin gained 0.8% to $77,971.

Dow JonesNasdaq CompositeS&P 500$CRM$CRWD$INTU$MRVL$NVDA$PDD$XPEV
Asia Markets

US Equity Investors to Focus on Nvidia's Earnings, Chair Warsh's Jackson Hole Speech, PCE Inflation This Week

US equity investors are expected to focus this week on Nvidia's (NVDA) earnings, Federal Reserve Chair Kevin Warsh's speech at the annual Jackson Hole symposium, and inflation data key to monetary policy formulation.* Nvidia is likely to report a beat on Q2 revenue driven by stable Blackwell demand, with FQ3 guidance potentially lifting confidence toward earnings targets in 2027 and 2028, a UBS note said. Management will likely spotlight growing backlog from robust AI compute demand and traction in open models.* Other quarterly reports due this week include Intuit (INTU), Zoom Communications (ZM), CrowdStrike (CRWD), Salesforce (CRM), Synopsys (SNPA), Agilent Technologies (A), Trip.com (TCOM), and Marvell Technologies (MRVL).* Investors will weigh Chair Warsh's speech at Jackson Hole on Friday as a litmus test for the new Fed, according to a Stifel note Sunday. Stifel's base case is that Warsh will signal progress in inflation and a continued policy pause even though core inflation remains above target.* "We view 3% core inflation as the new 2%, supported by sticky 'supercore' (core services ex-housing), and AI-capex and war disruptions sustaining goods inflation," per the Stifel note.* Macroeconomic data due this week include personal consumption expenditures, or PCE, price index for July, gross domestic product second estimate for Q2, non-farm payrolls annual revision preliminary, Michigan consumer sentiment and inflation expectations for August, durable goods orders for July, ADP employment change and initial jobless claims.* Iran dismissed the US threat of "the greatest financial offensive ever," vowing to shut down all oil exports from the Gulf "if the economic war continues" and issued a new warning not to use the Strait of Hormuz without its permission, Reuters reported.* Treasury auctions this week will include $69 billion of two-year notes on Tuesday, followed by a $70 billion auction of 5-year notes on Wednesday, according to a Jefferies note Friday.

Dow JonesNasdaq CompositeS&P 500$A$CRM$CRWD$INTU$MRCL$NVDA$SNPA$TCOM$ZM
Update: Equities Tumble Following Fed's Divided Decision to Stay on Hold
US Markets

Update: Equities Tumble Following Fed's Divided Decision to Stay on Hold

(Updates with market moves at the end of the day and the Fed decision.)US stocks slid Wednesday after the Federal Reserve left interest rates unchanged in a divided decision, with some policymakers calling for policy tightening.The Dow Jones Industrial Average tumbled 2.2% to close at 51,594.14 after a three-day advance, while the Nasdaq Composite dropped 1.7% to 24,442.94, extending its losing streak to a sixth day. The S&P 500 shed 1.5% to settle at 7,316.15, its first decline in the past four sessions.Most sectors were in the red, led by industrials, while energy paced the gainers.The US central bank's Federal Open Market Committee maintained the target range for the federal funds rate at 3.50% to 3.75%, marking its fifth consecutive pause. Three regional Fed presidents dissented from the majority at the meeting, with Beth Hammack of Cleveland, Neel Kashkari of Minneapolis and Lorie Logan of Dallas preferring to raise interest rates by a quarter percentage point, the FOMC said Wednesday."With further upside risks stemming from the ongoing conflict overseas, several Fed members appear willing to raise rates, or at least increasingly aware of the dangerous nature of leaving a lower level of policy in place," Stifel said in a note.Treasury yields were mixed, with the two-year rate down 3.7 basis points at 4.24% and the 10-year rate surging 6.7 basis points to 4.67%.In commodities, West Texas Intermediate crude oil increased 6.8% to $84.63 a barrel in late Wednesday afternoon trade, while Brent gained 7.6% to $90.48.President Donald Trump reportedly told Fox News that the US will hit Iran hard after its Revolutionary Guard launched ballistic missiles at US forces.Switching to the corporate sector, VF (VFC) plunged 17% after the apparel and footwear company reported a wider-than-expected fiscal first-quarter loss.Procter & Gamble (PG) fell 1.9%. The consumer goods giant reported weaker-than-expected fiscal fourth-quarter sales and said higher costs could weigh on its fiscal 2027 earnings.Tech stocks were among notable gainers, with Salesforce (CRM) up 3.8%, the top performer on the Dow. Cognizant Technology (CTSH) jumped 11%, the third-best performer on the S&P 500. Workday (WDAY) and Intuit (INTU) also logged gains.Gold rose 0.5% to $4,050.46 per troy ounce, while silver gained 0.1% to $57.57 per ounce.

Dow JonesNasdaq CompositeS&P 500$CRM$CTSH$INTU$PG$VFC$WDAY
Equities Lower Intraday Ahead of Fed Decision, Major Tech Earnings
US Markets

Equities Lower Intraday Ahead of Fed Decision, Major Tech Earnings

US benchmark equity indexes fell intraday as traders awaited the Federal Reserve's policy decision and after-hours results from Microsoft (MSFT) and Meta Platforms (META).The Dow Jones Industrial Average was down 1.5% at 51,977.6 after midday Wednesday. The S&P 500 and the Nasdaq Composite fell 0.7% each, to 7,378.4 and 24,698.9, respectively. Most sectors were in the red, with industrials posting the biggest drop.The Federal Open Market Committee will announce its latest decision on interest rates at 2 pm ET. The probability of the central bank leaving its benchmark lending rate unchanged was at about 69% on Wednesday, with the remaining odds in favor of a quarter-percentage-point increase, according to the CME FedWatch tool.Fed Chair Kevin Warsh is scheduled to hold a press conference at 2:30 pm."One way or another -- including, perhaps, through dissent - the Fed's emerging tightening bias will find its way into the market today or in the next few days," Macquarie said in a report Wednesday. "That bias may not be clear in the text of today's Statement, but Warsh's presser and the various speeches and appearances by Fed officials in the next few days are likely to solidify a tightening bias that was already evident -- even the FOMC's "doves" -- prior to the blackout period."Microsoft and Meta, among others, report their financials after market close on Wednesday.For Microsoft, analysts are looking for about 15% year-over-year revenue growth in the fiscal fourth quarter, according to the FactSet-polled consensus.Meta is expected to report strong second-quarter results as improvements in advertising performance continue to drive spending by advertisers, Deutsche Bank said in a note Friday.West Texas Intermediate crude oil increased 6.8% to $84.63 a barrel intraday, while Brent gained 7.6% to $90.48.President Donald Trump reportedly told Fox News that the US will hit Iran hard after its Revolutionary Guard launched ballistic missiles at US forces.Treasury yields were higher intraday, with the two-year rate up 5.5 basis points at 4.33% and the 10-year rate rising 4.3 basis points to 4.65%.Elsewhere in the corporate sector, Procter & Gamble (PG) fell 2.7% and was among the worst performers on the Dow. The consumer goods giant reported weaker-than-expected fiscal fourth-quarter sales and said higher costs could weigh on its fiscal 2027 earnings.Tech stocks were among notable gainers intraday, with Salesforce (CRM) up 3.9%, the top performer on the Dow. Cognizant Technology (CTSH) jumped 11%, the second-best performer on the S&P 500. Workday (WDAY) and Intuit (INTU) also logged gains.Gold rose 0.2% to $4,106.20 per troy ounce, while silver gained 1% to $58.11 per ounce.Price: $395.74, Change: $+2.39, Percent Change: +0.61%

Dow JonesNasdaq CompositeS&P 500$CRM$CTSH$INTU$META$MSFT$PG$WDAY
Research

TD Cowen Downgrades Intuit to Hold From Buy, Adjusts Price Target to $304 From $504

Intuit (INTU) has an average rating of overweight and mean price target of $443.52, according to analysts polled by FactSet.

$INTU
Wire

Intuit's Competitive Moat Remains Strong Despite Near-Term Pressure, Morgan Stanley Says

Intuit (INTU) shares are likely to remain under pressure in the near term despite the company's strong competitive moat, as it will take time for investors to gain confidence in revenue acceleration, Morgan Stanley said in a note Tuesday.The primary investor debate centers around the viability of the TurboTax business, with concerns about AI disruption unlikely to be dispelled until fiscal Q3 results in May 2027.The brokerage said it sees risk around Intuit's upcoming fiscal Q4 results and the fiscal 2027 guidance. If management guides TurboTax in line with or above the Street's 6% consensus estimate, Morgan Stanley believes the market will view the guidance as aggressive and see downside risk due to perceived structural AI risks in tax.Intuit's accounting solutions should remain resilient against competition from large language models, benefiting from decades of proprietary data and context, according to the note.Morgan Stanley downgraded Intuit stock to equal weight from overweight and lowered its price target to $335 from $580.Price: $294.13, Change: $+0.31, Percent Change: +0.11%

$INTU
Research

Morgan Stanley Downgrades Intuit to Equal Weight From Overweight, Adjusts Price Target to $335 From $580

Intuit (INTU) has an average rating of overweight and mean price target of $458.86, according to analysts polled by FactSet.

$INTU
Wire

Intuit Shares Fall After Stifel Downgrade

Intuit (INTU) shares were down around 1.6% in recent Thursday trading after Stifel downgraded the stock to hold from buy and cut its price target to $275 from $375.Trading volume stood at over 3.7 million shares compared with a daily average of about 4.4 million shares.Price: $265.05, Change: $-4.03, Percent Change: -1.50%

$INTU
Research

Stifel Downgrades Intuit to Hold From Buy, Adjusts Price Target to $275 From $375

Intuit (INTU) has an average rating of overweight and mean price target of $474.64, according to analysts polled by FactSet.

$INTU
US May Layoffs Rise to Highest Since 2020 as AI-Linked Cuts Climb, Challenger Says
US Markets

US May Layoffs Rise to Highest Since 2020 as AI-Linked Cuts Climb, Challenger Says

Job cut announcements in May hit the highest for the month since 2020, Challenger, Gray & Christmas said Thursday, while US weekly applications for unemployment insurance rose unexpectedly.Employers announced 97,006 layoffs last month, up 16% from April and 3% from a year earlier, with the shift toward artificial intelligence still the leading reason for cuts, the outplacement firm said.While monthly job cuts rose for the third straight month, layoffs from January to May were down 43%, totaling 397,755."On top of the headline AI story, we're seeing a sharp rise in cuts tied to acquisitions and mergers and a jump in bankruptcy-related losses, which tells me companies are restructuring aggressively as they reposition for an AI-driven economy," Andy Challenger, the firm's chief revenue officer, said in a statement. "The labor market is being reshaped by technology in real time."Tech companies announced 38,242 job cuts in May, the highest monthly total for the sector since August 2024.Last month, financial software firm Intuit (INTU) said it planned to reduce its workforce by about 17%. Cloud connectivity firm Cloudflare (NET) said it expects to cut about 1,100 roles as part of a restructuring.The Challenger report arrives a day before the May nonfarm payrolls release. Economists surveyed by Bloomberg expect 85,000 new jobs, down from 115,000 in April, with the unemployment rate seen holding at 4.3%.On Wednesday, ADP reported stronger-than-expected private-sector hiring for May.Separately, the Department of Labor said initial jobless claims last week rose to 225,000 from a revised 212,000 the prior week and above the 215,000 consensus. Continuing claims fell by 8,000 to about 1.78 million in the week ended May 23.Price: $314.83, Change: $+3.39, Percent Change: +1.09%

$INTU$NET
Japan

US Equity Markets Extend Rally to Records on AI Momentum, Jobs Data

US equity indexes closed higher Tuesday as the three major gauges extended a rally to records, fueled by the AI boom and stronger-than-expected jobs data.* US job openings rose to 7.618 million in April, according to the Bureau of Labor Statistics, above the 6.866 million expected in a Bloomberg poll and up from the 6.887 million reported in March.* Redbook US same-store sales last week rose 9% from a year earlier, matching the pace in the previous week.* July West Texas Intermediate crude oil rose $1.56 to settle at $93.72 per barrel, while August Brent crude, the global benchmark, was last seen up $1.12 at $96.08 amid conflicting reports of the status of peace talks between Washington and Tehran.* Marvell Technology (MRVL) shares surged 32%, the biggest gain on the Nasdaq, after multiple news outlets reported the chipmaker was dubbed the next trillion-dollar company by Nvidia (NVDA) CEO Jensen Huang.Hewlett Packard Enterprise (HPE) shares jumped 19%, a day after as the company lifted its full-year outlook and reported stronger-than-expected fiscal second-quarter results.* Intuit (INTU) shares fell 9%, the second-largest drop on the Nasdaq, after Goldman Sachs downgraded the stock to sell from neutral and cut its price target to $276 from $519.

Dow JonesNasdaq CompositeS&P 500$INTU$MRVL$NVDA
Wire

Intuit Shares Fall After Goldman Sachs Downgrade

Intuit (INTU) shares were down about 8.5% in Tuesday trading after Goldman Sachs downgraded the stock to sell from neutral and cut its price target to $276 from $519.Trading volume stood at more than 5.2 million shares, compared with a daily average of about 4.1 million.Price: $323.57, Change: $-30.19, Percent Change: -8.53%

$INTU
Wire

Top Midday Decliners

Abivax (ABVX) faces an increasing risk of a black box warning for obefazimod due to malignancies reported from a recent trial, Wedbush Securities said in a note.Shares sank 42% following an increase in intraday trading volume to over 14 million from a daily average of about 1.1 million.Fulcrum Therapeutics (FULC) shares slumped 52% amid heavy trading after multiple analysts downgraded the stock and sharply lowered their price targets.Intraday trading volume soared to more than 23.3 million shares from a daily average of about 910,000.Goldman Sachs downgraded Intuit (INTU) to sell from neutral while adjusting its price target to $276 from $519.Shares dropped over 8%, with intraday trading volume rising to more than 5.1 million versus the stock's daily average of about 4.12 million.Price: $74.19, Change: $-55.50, Percent Change: -42.79%

$ABVX$FULC$INTU

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