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Equities Fall Intraday, Oil Soars as Trump Reinstates Iranian Shipping Blockade in Hormuz
US Markets

Equities Fall Intraday, Oil Soars as Trump Reinstates Iranian Shipping Blockade in Hormuz

US benchmark equity indexes were lower intraday, while oil prices jumped as President Donald Trump said Washington was reinstating a blockade of Iranian shipping through the Strait of Hormuz amid rising tensions in the Middle East.The Nasdaq Composite was down 1.3% at 25,939.2 after midday Monday, while the S&P 500 fell 0.7% to 7,526.4. The Dow Jones Industrial Average shed 0.3% to 52,507. Among sectors, technology saw the steepest decline, while energy paced the gainers.West Texas Intermediate crude was up 7.4% at $76.72 a barrel, while Brent gained 7.5% to $81.76.The US and Iran continued to exchange airstrikes over the weekend, with Tehran targeting American military facilities across several Middle Eastern countries, news outlets reported. Iran's Islamic Revolutionary Guard Corps reportedly said it closed the crucial Strait of Hormuz until further notice, though the US military disputed the claim.The strait is open and will remain so "with or without Iran," Trump said in a social media post Monday, adding that the US was reinstating a blockade of Iranian shipping through the narrow waterway."The USA will be, from this point forward, known as 'the guardian of the Hormuz strait,' but as such, and as a matter of fairness, will be reimbursed, at the rate of 20% on all cargo shipped," Trump said.Hostilities between the US and Iran resumed recently, weeks after they signed a memorandum of understanding to end their war. The Strait of Hormuz is the world's most important chokepoint for crude flows.The growing US-Iran conflict threatens to derail the recovery of global oil inventories and further diminishes the chances of a diplomatic breakthrough, Saxo Bank said in a note.The Organization of the Petroleum Exporting Countries on Monday reduced its global oil demand growth outlook for this year while upgrading its projection for 2027.US Treasury yields were higher intraday, with the two-year rate up 5.7 basis points at 4.27% and the 10-year rate rising 4.5 basis points to 4.61%.In company news, First Hawaiian (FHB) agreed to acquire TriCo Bancshares (TCBK) in an all-stock deal to create one of the largest banks headquartered in the western US, with combined assets of about $34 billion. First Hawaiian shares were down 4%, while TriCo jumped 11%.US banking giants JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS), Wells Fargo (WFC), Morgan Stanley (MS), and Citigroup (C) are expected to report their latest quarterly financial results later this week, along with other major corporations, including Johnson & Johnson (JNJ), UnitedHealth (UNH) and Netflix (NFLX).Gold fell 2.7% to $4,004.80 per troy ounce, while silver lost 3.7% to $57.92 per ounce.

Dow JonesNasdaq CompositeS&P 500$BAC$C$FHB$GS$JNJ$JPM$MS$NFLX$TCBK$UNH$WFC
Asia Markets

Update: US Equity Futures Drop Pre-Bell as Iran Says Strait of Hormuz Closed Once Again, Oil Prices Jump

(Updates with recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were lower pre-bell Monday as hostilities continued to re-escalate in the Middle East and Iran declared the Strait of Hormuz once again closed, driving up oil prices.Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were down 0.4%, and Nasdaq futures were 1.2% lower.The US and Iran traded heavy missile and drone attacks over the weekend, with the US military saying they hit Iranian military facilities, while Iran's Revolutionary Guards said they had struck US installations in Bahrain, Kuwait, Oman and Jordan.Iran, which is seeking to set up a permanent fee and permit system for ships transiting the Strait of Hormuz, said Sunday that the waterway remains closed until "stability and calm" is restored.In a post on X, US Central Command said that its forces are "postured and prepared to ensure that freedom of navigation remains available to commercial shipping."Traders await a slew of earnings releases this week, including results from major US banks JPMorgan (JPM), Bank of America (BAC), Wells Fargo (WFC), Goldman Sachs (GS), and Citigroup (C) on Tuesday; Johnson & Johnson (JNJ), Morgan Stanley (MS), and BlackRock (BLK) on Wednesday; and Taiwan Semiconductor Manufacturing (TSM), UnitedHealth Group (UNH), GE Aerospace (GE), and Netflix (NFLX) on Thursday.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 4.3% at $79.27 per barrel and US West Texas Intermediate crude 4.2% higher at $74.41 per barrel.Federal Reserve board members Michelle Bowman and Christopher Waller are slated to speak on Monday.In other world markets, Japan's Nikkei closed 1.9% lower, Hong Kong's Hang Seng ended 0.2% higher, and China's Shanghai Composite finished 2.1% lower. 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, Micron Technology (MU), AMD (AMD), and Intel (INTC) stocks were lower as part of a broader decline in the semiconductor sector. Micron shares fell 5.5%, AMD stock was down 2.9%, and Intel shares were 3.5% lower.On the winning side, the increase in oil prices lifted energy-related stocks. TotalEnergies (TTE) shares were up 1.6%, ConocoPhillips (COP) stock was 1.9% higher, and BP (BP) shares rose 1.6%. Accenture (ACN) stock was up 1% after the company said its subsidiary Accenture Capital on Friday closed the sale of five tranches of notes totaling approximately $5 billion.

Dow JonesNasdaq CompositeS&P 500$ACN$AMD$BAC$BLK$BP$C$COP$GE$GS$INTC$JNJ$JPM$MS$MU$NFLX$TSM$TTE$UNH$WFC
Japan

US Equity Futures Drop Pre-Bell as Iran Says Strait of Hormuz Closed Once Again, Oil Prices Jump

US equity futures were lower pre-bell Monday as hostilities continued to re-escalate in the Middle East and Iran declared the Strait of Hormuz once again closed, driving up oil prices.Dow Jones Industrial Average futures were down 0.1%, S&P 500 futures were down 0.3%, and Nasdaq futures were 0.9% lower.The US and Iran traded heavy missile and drone attacks over the weekend, with the US military saying they hit Iranian military facilities, while Iran's Revolutionary Guards said they had struck US installations in Bahrain, Kuwait, Oman and Jordan.Iran, which is seeking to set up a permanent fee and permit system for ships transiting the Strait of Hormuz, said Sunday that the waterway remains closed until "stability and calm" is restored.In a post on X, US Central Command said that its forces are "postured and prepared to ensure that freedom of navigation remains available to commercial shipping."Traders await a slew of earnings releases this week, including results from major US banks JPMorgan (JPM), Bank of America (BAC), Wells Fargo (WFC), Goldman Sachs (GS), and Citigroup (C) on Tuesday; Johnson & Johnson (JNJ), Morgan Stanley (MS), and BlackRock (BLK) on Wednesday; and Taiwan Semiconductor Manufacturing (TSM), UnitedHealth Group (UNH), GE Aerospace (GE), and Netflix (NFLX) on Thursday.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 3.4% at $78.59 per barrel and US West Texas Intermediate crude 3.4% higher at $73.88 per barrel.Federal Reserve board members Michelle Bowman and Christopher Waller are slated to speak on Monday.

Dow JonesNasdaq CompositeS&P 500$BAC$BLK$C$GE$GS$JNJ$JPM$MS$NFLX$TSM$UNH$WFC
Equity Futures Down Amid Middle East Tensions; Key Earnings on Deck
US Markets

Equity Futures Down Amid Middle East Tensions; Key Earnings on Deck

The benchmark US equity measures were pointing lower before the opening bell Monday amid rising tensions in the Middle East, as markets awaited key inflation data and some major corporate earnings due later this week.The S&P 500 declined 0.4% and the Nasdaq was off 1.2% in premarket activity, while the Dow Jones Industrial Average lost 0.1%. The three main indexes closed higher Friday.The US and Iran continued to exchange airstrikes over the weekend, news outlets reported.On Sunday, the US Central Command said it completed a new wave of strikes against Tehran at multiple locations, after conducting attacks a day earlier in response to the country targeting another commercial ship transiting through the Strait of Hormuz.Iran responded by targeting US military facilities in Jordan, Kuwait, Bahrain, Qatar and Oman, according to local state media. Iran's Islamic Revolutionary Guard Corps also reportedly said it closed the strait until further notice, though the US military disputed the claim."The Strait of Hormuz is open to all vessels seeking to lawfully transit the international waterway," CENTCOM said on the X platform. "Iran does not control the strait."West Texas Intermediate crude oil was up 3.4% at $73.81 a barrel before the open, while Brent gained 3.3% to $78.50.With no major economic data scheduled for Monday, traders await the official US consumer price index for June, scheduled for Tuesday, followed by data on wholesale prices and retail sales for the same month on Wednesday and Thursday, respectively.Federal Reserve Vice Chair for Supervision Michelle Bowman is scheduled to speak at 5:25 am ET Monday, while Fed Governor Christopher Waller speaks at 12:30 pm. Fed Chair Kevin Warsh's testimony is due later in the week.US Treasury yields were mixed in premarket action Monday, with the 10-year rate little changed at 4.57% and the two-year rate rising one basis point to 4.22%.Banking giants JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS), Wells Fargo (WFC), Morgan Stanley (MS), Citigroup (C) are all expected to release their latest financial results later this week, along with other major corporations, including Johnson & Johnson (JNJ), UnitedHealth (UNH) and Netflix (NFLX).Taiwan Semiconductor Manufacturing's (TSM) US-listed shares were up 0.1% pre-bell. Micron Technology (MU) fell 5.6%, while Nvidia (NVDA) decreased 1.7%.Gold dipped 0.9% to $4,075 per troy ounce, while bitcoin dropped nearly 2% to $62,893.

Dow JonesNasdaq CompositeS&P 500$BAC$C$GS$JNJ$JPM$MS$MU$NFLX$NVDA$TSM$UNH$WFC
Asia Markets

Strait of Hormuz Squeezes Wall Street Pre-Bell; Asia, Europe Off

Wall Street futures pointed lower pre-bell Monday as the status of the Strait of Hormuz remained uncertain, and as crude prices gained.Tehran said the key waterway is closed, but US officials have said they are keeping shipping lanes open.In the futures, the S&P 500 fell 0.3%, the Nasdaq declined 0.9% and the Dow Jones was steady.West Texas Intermediate crude oil traded up 3.2% at $73.72 in morning action.Meanwhile, traders gird for a heavy week of earnings releases, including premarket reports on Tuesday from financial behemoths JPMorgan (JPM), Bank of America (BAC), Wells Fargo (WFC), Goldman Sachs (GS), and Citigroup (C).In addition, Federal Reserve Chair Kevin Warsh's first semi-annual monetary policy reports to Congress are slated for Tuesday and Wednesday, possibly signal events for gauging the mood of the central banker.Investors are also looking ahead to the June consumer price index (CPI) release from Washington on Tuesday, and the June national retail sales bulletin on Thursday.Asian exchanges traded mostly lower overnight, led by a 9% decline on Seoul's KOSPI Index, when semiconductor giants Samsung Electronics and SK Hynix took hits.European bourses tracked modestly south midday on the continent.Federal Reserve board members Michelle Bowman and Christopher Waller are slated to speak on Monday.In premarket action, Bitcoin traded at $63,035, and 10-year US Treasuries offered 4.57%. Spot gold commanded $4,068 an ounce.

Dow JonesNasdaq CompositeS&P 500$BAC$C$GS$JPM$WFC
Asia Markets

US Equity Investors to Focus on Banks Kicking Off Q2 Earnings, Warsh's Take on Inflation, Worsening Geopolitics This Week

US equity investors will focus on Q2 earnings this week, with big money-centre banks kicking off the earnings season in earnest, and consumer price inflation data amid an escalation of tensions with Iran.* JPMorgan Chase (JPM), Citibank (C), Bank of America (BAC), Goldman Sachs (GS), Morgan Stanley (MS), and Wells Fargo (WFC) are among banks reporting quarterly earnings, with investors expecting results to help counter tense geopolitics. ASML (ASML) and Taiwan Semiconductor Manufacturing (TSM) are among the others reporting, giving investors a fresh take on the state of the so-called AI trade.* Investors will look out for consumer and wholesale price inflation data amid the market pricing in at least one interest rate increase this year. Additionally, Federal Chair Kevin Warsh's testimony is due, alongside retail sales, Michigan consumer sentiment, and inflation expectations.* The combined probability that rates will be higher by 25 or 50 basis points from current levels by December is around 70%, according to the CME FedWatch tool. Investors will parse Warsh's testimony, which comes amid a worsening geopolitical environment and higher crude oil prices. Fed's June meeting minutes, released last week, showed "quite a divide" on the rate path given the impact of the war in Iran on inflation, a Stifel note said on Friday.* The US and Iran each asserted Monday they controlled the Strait of Hormuz after a weekend of attacks stretching across the wider Middle East, further threatening any diplomacy to end the war, the Associated Press reported early Monday.* Iran and the US are nearly at the midway point of a 60-day period that was supposed to result in a permanent end to the war, the news report said. Instead, it has devolved into a series of attacks over the strait and its future, worrying world leaders that the Iran war could fully resume, it added.* Early Monday, West Texas Intermediate crude oil futures jumped 3.4% to $73.87 a barrel.

Dow JonesNasdaq CompositeS&P 500$ASML$BAC$C$GS$JPM$MS$TSM$WFC
Sectors

Sector Update: Financial Stocks Rise Friday Afternoon

Financial stocks were higher in Friday afternoon trading, with the NYSE Financial Index rising 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) increasing 0.2%.The Philadelphia Housing Index was climbing 2.4%, while the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.1%.Bitcoin (BTC-USD) was increasing 1.3% to $63,977, and the yield for 10-year US Treasuries was rising 1.2 basis points to 4.57%.In corporate news, Apollo Global Management (APO) launched a $7.65 billion bid for London-based airline EasyJet on Friday, modestly outbidding rival financial house Castlelake, Reuters and Bloomberg reported. Separately, Apollo has agreed to invest 3 billion euros ($3.4 billion) for a minority stake in a newly established entity holding Bayer's long-acting reversible contraceptives business, the companies said Friday. Apollo's shares were up 1.2%.Circle Internet Group (CRCL) received approval from the Office of the Comptroller of the Currency to establish First National Digital Currency Bank, which will operate under the name Circle National Trust. Circle shares gained 4.5%.JPMorgan Chase (JPM) has been testing results of an AI model that allocates assets between stocks and bonds, Bloomberg reported. JPMorgan shares added 0.3%.

$APO$CRCL$JPM
Sectors

Sector Update: Financial Stocks Rise Pre-Bell Friday

Financial stocks were rising pre-bell Friday, with the State Street Financial Select Sector SPDR ETF (XLF) advancing by 0.5%.The Direxion Daily Financial Bull 3X Shares (FAS) was up 1.7% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1.4% lower.Circle Internet Group (CRCL) received approval from the Office of the Comptroller of the Currency to establish First National Digital Currency Bank, which will operate under the name Circle National Trust. Circle Internet Group shares were up more than 12% premarket.JPMorgan Chase (JPM) has been testing results of an AI-model that allocates assets between stocks and bonds, Bloomberg reported. JPMorgan Chase stock was 0.8% higher pre-bell.Apollo Global Management (APO) has agreed to invest 3 billion euros ($3.4 billion) for a minority stake in a newly established entity holding Bayer's long-acting reversible contraceptives business, the companies said. Shares of Apollo Global Management were nearly 1% higher premarket.

$APO$CRCL$FAS$FAZ$JPM$XLF
Commodities

China's Gas Storage Expansion to Create Structural LNG Demand, JP Morgan Says

China's efforts to expand its natural gas storage capacity are set to create strong structural demand for global LNG, according to J.P. Morgan Chase (JPM) analysts.Speaking at the bank's LNG Speakers Series webinar on Thursday, Parsley Ong, J.P. Morgan's head of Asia Energy and Chemicals Equity Research, said Beijing's push to strengthen energy security will require continued injections into newly built storage facilities, supporting gas demand even as broader consumption growth slows."There is one part of demand that will be there regardless of what the price is, and it's a mid-to-long term structural trend. And that is demand for gas storage," she said.Ong noted that China had already increased storage capacity under its 14th five-year plan, with current storage capacity amounting to about 8% of its 2025 annual gas consumption.The country now plans to raise this ratio to 13% by 2030, which, according to Ong, implies an annual incremental gas demand of between 3.5 billion and 5.0 billion cubic meters to fill the additional storage.Meanwhile, JPMorgan expects China's overall natural gas demand growth to slow to just 1% in 2026, down significantly from earlier forecasts, amid weaker economic activity and fuel substitution following disruptions caused by the Middle East conflict.Nonetheless, Ong expects the expansion of strategic storage to turn the tide for China's natural gas import momentum, which is expected to decline by 10.8% this year.

$JPM
Oil & Energy

JP Morgan Sees Higher TTF, JKM Prices in Q3, Remains Bullish on Q4

Analysts at J.P. Morgan Chase (JPM) expect European and Asian natural gas prices to rise in Q3 as Europe competes with Asia for LNG cargoes to replenish storage ahead of winter.Speaking during J.P. Morgan's LNG Speakers Series webinar, vice president Otar Dgebuadze said the bank also remains bullish on gas prices in Q4, as current European prices were insufficient to attract cargoes by outbidding Asian buyers."We expect prices to go higher for a simple reason that Europe will need to outbid Asia, and we don't see it happening at the 45 euros ($51.40) price level," he said.The Dutch Title Transfer Facility benchmark will average 55 euros ($62.87) per megawatt-hour in Q3, with the Asian Japan-Korea Marker benchmark expected to follow suit, according to the bank's forecasts.J.P. Morgan also remained bullish in its outlook for Q4, while noting that it would largely depend on Qatari LNG supply, weather conditions and the strength of El Nino-related demand.Dgebuadze also warned that if the bank's outlook for Q3 did not materialize, it would mean that European natural gas inventories were set to end the injection season with critically low storage.

$JPM
Major US Banks' Second-Quarter Earnings Poised for Upside, BofA Says
US Markets

Major US Banks' Second-Quarter Earnings Poised for Upside, BofA Says

Major US banks could top second-quarter earnings expectations amid gains from capital markets activity, with JPMorgan Chase (JPM) and Wells Fargo (WFC) seen as having the "most interesting" setups heading into the results, BofA Securities said Tuesday.JPMorgan, Wells Fargo, Citigroup (C), Goldman Sachs (GS), Morgan Stanley (MS), Bank of New York Mellon (BNY), State Street (STT), and Northern Trust (NTRS) may also raise their guidance for the second half of the year and 2027, the brokerage said. Several mega-cap banks are scheduled to release their quarterly results next week.BofA revised its second-quarter earnings-per-share estimates for the eight banks by 1.8% on average, indicating year-over-year growth of 27%."Capital markets should drive EPS beats, but it is the non-capital markets results that are more likely to drive stock price action," BofA analyst Ebrahim Poonawala said in a note to clients. "While (Wall) Street tends to look past trading/investment banking beats, potential for positive net interest income revisions and stronger wealth management flows likely get rewarded despite a high bar."JPMorgan and Wells Fargo have the "most interesting" setups heading into the latest prints, according to the note.JPMorgan's stock offers "the most asymmetric risk/reward," BofA said. The brokerage revised its second-quarter EPS estimate for the banking giant to $5.59 from $5.48 amid robust capital markets revenue growth. BofA raised its price target on the stock to $408 from $362.For Wells Fargo, the brokerage continues to expect second-quarter EPS of $1.72. It raised its price target on the lender's shares to $102 from $95. BofA, however, said investors must regain confidence that Wells Fargo can deliver superior growth without materially deviating from its 17% to 18% ROTCE guidance.Citigroup's stock is discounting a "significant" improvement in its return on tangible common equity, which could lead investors to seek better entry points for the stock, BofA said. The brokerage is now projecting second-quarter EPS of $2.65 for the bank, up from $2.60 previously. BofA raised its price target on the stock to $176 from $170.For Goldman, the brokerage now expects second-quarter EPS of $14.11, up from $13.18 previously. BofA boosted its price target on the stock to $1,150 from $1,050. "While there is little disagreement on the strong revenue backdrop for (Goldman), we believe investors will need to gain confidence in EPS/ROE defensibility, in order to gain comfort in holding the stock following the (year-to-date) outperformance," Poonawala said.BofA raised its second-quarter EPS forecast for Morgan Stanley to $2.81 from $2.71, also citing stronger capital markets revenue growth. The brokerage lifted its price target on the shares to $250 from $225.Price: $337.84, Change: $+0.11, Percent Change: +0.03%

$BNY$C$GS$JPM$MS$NTRS$STT$WFC
Sectors

Sector Update: Financial Stocks Advance Late Afternoon

Financial stocks were higher in late Thursday afternoon trading, with the NYSE Financial Index rising 1% and the State Street Financial Select Sector SPDR ETF (XLF) adding 1.1%.The Philadelphia Housing Index was 0.1% lower, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.8%.Bitcoin (BTC-USD) was climbing 2.3% to $61,570, and the yield for 10-year US Treasuries rose 1 basis point to 4.485%.In economic news, the June employment report showed nonfarm payrolls rose by 57,000, according to the Bureau of Labor Statistics, below the 113,000 jump expected in a Bloomberg-compiled survey. May payrolls were revised downward to a 129,000 gain, and April payrolls were revised down to a 148,000 expansion, for a net downward revision of 74,000 jobs.In corporate news, CME (CME) said its average daily volume in June rose 19% to a record for the month of 30.6 million contracts from a year earlier, while Q2 ADV reached 29.8 million contracts, the second-highest for the period in the exchange operator's history. Its shares added 2.3%.Blackstone's (BX) QTS is scrapping its plans to build a portion of a large data center campus in Virginia after receiving significant pushback from residents there, Bloomberg reported. Blackstone shares were up 1.8%.Goldman Sachs (GS) said Thursday it will provide a $1,000 matching contribution to federal Trump Accounts, a new tax-deferred federal investment vehicle, for eligible children of its US employees. Goldman shares were down 0.4%.JPMorgan Chase (JPM) will join Gulf banks in helping arrange roughly $7 billion of debt financing for a Qatari company's projects in Syria, Bloomberg reported. JPMorgan shares were decreasing 0.2%.

$BX$CME$GS$JPM
Sectors

Sector Update: Financial Stocks Rise in Afternoon Trading

Financial stocks were advancing in Thursday afternoon trading, with the NYSE Financial Index rising 0.8% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.9%.The Philadelphia Housing Index increased 0.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.7%.Bitcoin (BTC-USD) was climbing 2.9% to $61,823, and the yield for 10-year US Treasuries was higher at 4.488%.In economic news, the June employment report showed nonfarm payrolls rose by 57,000, according to the Bureau of Labor Statistics, below the 113,000 jump expected in a Bloomberg-compiled survey. May payrolls were revised downward to a 129,000 gain, and April payrolls were revised down to a 148,000 expansion, for a net downward revision of 74,000 jobs.In corporate news, Two Blue Owl Capital (OWL) business development companies received large redemption requests for the second consecutive quarter, Bloomberg reported. Blue Owl Credit Income, or OCIC, received requests amounting to 18.8% of shares, or $3.6 billion, while Blue Owl Technology Income received shareholder requests totaling 38.1%, or $1.1 billion, the report said. Blue Owl Capital shares were up 4.5%.JPMorgan Chase (JPM) will join Gulf banks in helping arrange roughly $7 billion of debt financing for a Qatari company's projects in Syria, Bloomberg reported. JPMorgan shares were down 0.3%.Deutsche Bank (DB) shares gained 5% after the company said it has reached a new collective bargaining package for Postbank workers with trade unions.

$DB$JPM$OWL
Sectors

Sector Update: Financial Stocks Advance Late Afternoon

Financial stocks rose in late Wednesday afternoon trading, with the NYSE Financial Index increasing 1.5% and the State Street Financial Select Sector SPDR ETF (XLF) adding 2.2%.The Philadelphia Housing Index was falling 1.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.7%.Bitcoin (BTC-USD) was increasing 2.9% to $60,189, and the yield for 10-year US Treasuries rose 5.7 basis points to 4.475%.In economic news, outplacement firm Challenger, Gray & Christmas said companies planned to cut 45,849 jobs in June, down from 97,006 in May and 47,999 a year ago. The largest layoff counts in June were in the technology and services sectors.ADP's monthly measure of private payrolls showed a 98,000 increase in June, below expectations for an increase of 120,000 in a Bloomberg-compiled survey.The Institute for Supply Management's US manufacturing index fell to 53.3 in June from 54.0 in May, compared with forecasts for 53.9 in a Bloomberg-compiled poll, indicating a slower pace of expansion.The S&P Global US manufacturing index for June was revised down to 53.9 from the flash reading of 55.7, versus expectations for an unrevised reading in a Bloomberg-compiled survey.In sector news, US banks are expected to report double-digit growth in Q2 core earnings, buoyed by factors including net interest revenue and core noninterest income, RBC Capital Markets said in a Wednesday note. RBC is projecting a 19% annual jump in banks' median core earnings per share from a year earlier. Consensus estimates point to a 21% increase, according to the brokerage.In corporate news, Robinhood (HOOD) launched perpetual futures with no expiry date tied to commodities like gold, silver, and crude oil, as well as exchange-traded funds, and currencies in Europe, multiple media outlets reported Wednesday. Robinhood shares jumped past 8%.Phil Tseng, chief executive of BlackRock's (BLK) troubled private credit fund, is leaving the company, Bloomberg reported. Tseng remains an employee of the company for now, and the time of his departure hasn't been finalized, the report said. BlackRock shares were up 1.9%.Klarna (KLAR) said a court ruled in favor of its PriceRunner unit, awarding it $1.97 billion in damages in an antitrust lawsuit against Alphabet's (GOOGL) Google. Klarna said the award compensates the company for lost revenue due to Google's preference of its own comparison-shopping service over independent services. Klarna shares rose 1.8%.JPMorgan Chase's (JPM) asset management unit is the leading bidder to buy Idex, Antin Infrastructure Partners' French heating and cooling network operator, Bloomberg reported. Idex could be valued at between 3 billion euros ($3.4 billion) and 4 billion euros, including debt, in a potential acquisition, the report said. JPMorgan shares added 1.8%.

$BLK$HOOD$JPM$KLAR
Sectors

Sector Update: Financial Stocks Higher Wednesday Afternoon

Financial stocks were advancing in Wednesday afternoon trading, with the NYSE Financial Index rising 1.7% and the State Street Financial Select Sector SPDR ETF (XLF) adding 2.4%.The Philadelphia Housing Index was falling 1.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.9%.Bitcoin (BTC-USD) was increasing 3.2% to $60,134, and the yield for 10-year US Treasuries was rising to 4.47%.In economic news, outplacement firm Challenger, Gray & Christmas said companies planned to cut 45,849 jobs in June, down from 97,006 in May and 47,999 a year ago. The largest layoff counts in June were in the technology and services sectors.In sector news, US banks are expected to report double-digit growth in Q2 core earnings, buoyed by factors including net interest revenue and core noninterest income, RBC Capital Markets said in a Wednesday note. RBC is projecting a 19% annual jump in banks' median core earnings per share from a year earlier. Consensus estimates point to a 21% increase, according to the brokerage.In corporate news, Klarna (KLAR) said a court ruled in favor of its PriceRunner unit, awarding it $1.97 billion in damages in an antitrust lawsuit against Alphabet's (GOOGL) Google. Klarna said the award compensates the company for lost revenue due to Google's preference of its own comparison-shopping service over independent services. Klarna shares rose 0.8%.BlackRock (BLK), KKR (KKR) and Macquarie Asset Management have met with Mexican government officials, as President Claudia Sheinbaum seeks to jump-start private investment in infrastructure projects, Bloomberg reported. BlackRock shares gained 1.9%, and KKR added 1.1%.JPMorgan Chase's (JPM) asset management unit is the leading bidder to buy Idex, Antin Infrastructure Partners' French heating and cooling network operator, Bloomberg reported. Idex could be valued at between 3 billion euros ($3.4 billion) and 4 billion euros, including debt, in a potential acquisition, the report said. JPMorgan shares rose 1.9%.

$BLK$JPM$KKR$KLAR
Banks Set for Second-Quarter Profit Growth Amid Net Interest, Noninterest Income Gains, RBC Says
Wire

Banks Set for Second-Quarter Profit Growth Amid Net Interest, Noninterest Income Gains, RBC Says

US banks are expected to report double-digit growth in second-quarter core earnings, buoyed by factors including net interest revenue and core noninterest income, RBC Capital Markets said in a Wednesday note.RBC is projecting a 19% annual jump in banks' median core earnings per share from a year earlier. Consensus estimates point to a 21% increase, according to the brokerage."Year-over-year, the increase should be driven by higher net interest revenue and core noninterest income, lower loan loss provisions and positive operating leverage," RBC co-Head of Global Financials Research Gerard Cassidy wrote.Net interest income is seen rising nearly 9.6%, with noninterest income estimates pointing to an 8.7% year-over-year advance. The brokerage assumes 9.5% loan growth, driven by commercial and industrial, as well as consumer loans.Provision for credit losses is expected to fall 2.2% annually."Credit losses should remain manageable in the (second quarter) and we expect that trend to continue into (year-end) 2026," Cassidy said.JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS), Citigroup (C) and Morgan Stanley (MS) are projected to report a 15% jump in market revenue and a 25% surge in investment banking.RBC's 12-month outlook on banks continues to be positive amid expectations for stronger loan and NII growth.Bank earnings, including results from Wells Fargo (WFC), are due out mid-July.Price: $329.42, Change: $+2.09, Percent Change: +0.64%

$BAC$C$GS$JPM$MS$WFC
Wire

Top Midday Decliners

Unicycive Therapeutics (UNCY) said Tuesday it has received a Complete Response Letter from the US Food and Drug Administration over its resubmitted new drug application for oxylanthanum carbonate for treating hyperphosphatemia in patients with chronic kidney disease on dialysis.The letter relates to deficiencies previously identified at third-party manufacturing vendor, the firm said, adding that the FDA inspection of third-party facility did not occur during the resubmission review.Shares sank 37% amid a surge in intraday trading volume to over 17.2 million from a daily average of about 907,000 shares.JPMorgan Chase (JPM), which is running a stock and note offering from Sable Offshore (SOC), has seen limited investor demand for a loan paying 15%, Bloomberg reported Tuesday, citing people familiar with the matter.Sable shares sank 46% as intraday trading volume catapulted to over 45.0 million from a daily average of about 3.8 million.Pacira Biosciences (PCRX) has agreed to sell its Iovera cold-therapy pain relief system to Zimmer Biomet (ZBH) for up to $140 million.Zimmer shares dropped 7.5%, with intraday trading volume of over 2.31 million against a daily average of about 2.34 million.Price: $4.83, Change: $-2.87, Percent Change: -37.27%

$JPM$PCRX$SOC$UNCY$ZBH
Wire

Market Chatter: JPMorgan Sees Limited Investor Demand for Sable Loan Offering

JPMorgan Chase (JPM), which is running a stock and note offering from Sable Offshore (SOC), has seen limited investor demand for a loan paying 15%, Bloomberg reported Tuesday, citing people familiar with the matter.Sable shares sold off after the oil driller said earlier Tuesday it would raise $400 million through the combination offering, as it looks to repay debt owed to Exxon Mobil (XOM), the report said.The loan was originally sized at $1 billion but was cut for a second time on Tuesday to $675 million, the report said, citing a separate person.JPMorgan and Sable didn't immediately reply to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $328.90, Change: $-0.49, Percent Change: -0.15%

$JPM$SOC$XOM
Wire

JPMorgan Sees Limited Investor Demand for Sable Loan, Bloomberg Reports

JPMorgan Sees Limited Investor Demand for Sable Loan, Bloomberg Reports

$JPM$SOC
Sectors

Sector Update: Financial Stocks Rise Late Afternoon

Financial stocks increased in late Monday afternoon trading with the NYSE Financial Index up 0.2% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.4%.The Philadelphia Housing Index shed 0.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 1.1%.Bitcoin (BTC-USD) rose 1.4% to $60,264, and the yield for 10-year US Treasuries was little changed at 4.37%.In economic news, the Dallas Fed's monthly manufacturing index fell to 0.0 in June from 0.4 in May, missing expectations for an increase to 1.0.In sector news, the US Supreme Court on Monday upheld a federal court's injunction preventing President Donald Trump from firing Federal Reserve Governor Lisa Cook before the conclusion of litigation.In corporate news, Bank of America's (BAC) Merrill Lynch unit was fined $7.5 million by the US Securities and Exchange Commission for failing to file numerous reports to flag money laundering and other suspicious activity, Reuters reported. Bank of America shares were up 0.2%.Minted is working with JPMorgan Chase (JPM) as the stationery, art and home decor design platform explores a potential sale valued at about $1 billion, Reuters reported. JPMorgan shares added 0.4%.Intercontinental Exchange (ICE) plans to launch economic indicator futures contracts tied to global monetary policy decisions and US natural gas storage reports. ICE shares fell 0.9%.Korn Ferry (KFY) shares fell 2.6%. The company agreed to acquire UK-based talent solutions provider AMS for 850 million British pounds ($1.1 billion) in cash and stock.

$BAC$ICE$JPM$KFY

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