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Sectors

Sector Update: Consumer Stocks Advance Late Afternoon

Consumer stocks were higher late Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 1.2%.In corporate news, YETI (YETI) shares rose 3.3% after the company said it is targeting annual adjusted earnings per share growth of low double-digit to high teens and annual net sales growth of mid-single-digit to high-single-digit through fiscal 2030.Mondelez International (MDLZ), Hershey (HSY), Kraft Heinz (KHC), General Mills (GIS) and other food companies will continue to face potential sales declines due to the rising use of GLP-1 treatment for weight loss, but the introduction of pills could lower the impact on sales, Bloomberg reported, citing Bloomberg Intelligence research. Mondelez shares were down 0.3%, Hershey was shedding 0.8%, Kraft rose 0.7%, and General Mills was fractionally lower.Lucid (LCID) CEO Silvio Napoli said Thursday on Bloomberg Television that the company finalized its work with restructuring advisers. Lucid's work with AlixPartners concluded after the adviser was brought in to help the electric-vehicle maker achieve $1.4 billion in cash savings this year, the report said. Lucid shares jumped past 6%.XPeng (XPEV) plans to offer its technology to foreign automakers other than its partner Volkswagen as it looks for new revenue streams, Reuters reported. XPeng shares added 3%.

$GIS$HSY$KHC$LCID$MDLZ$XPEV$YETI
Sectors

Sector Update: Consumer

Consumer stocks were higher late Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 1.2%.In corporate news, Mondelez International (MDLZ), Hershey (HSY), Kraft Heinz (KHC), General Mills (GIS) and other food companies will continue to face potential sales declines due to the rising use of GLP-1 treatment for weight loss, but the introduction of pills could lower the impact on sales, Bloomberg reported, citing Bloomberg Intelligence research. Mondelez shares were down 0.3%, Hershey was shedding 0.8%, Kraft rose 0.7%, and General Mills was fractionally lower.

$GIS$HSY$KHC$MDLZ
Wire

Market Chatter: Use of GLP-1 Pills Seen to Ease Impact on Sales of Food Companies

Mondelez International (MDLZ), Hershey (HSY), Kraft Heinz (KHC), General Mills (GIS) and other food companies will continue to face potential sales declines due to the rising use of GLP-1 treatment for weight loss, but the introduction of pills could lower the impact on sales, Bloomberg reported Thursday, citing Bloomberg Intelligence research.According to the report, users of GLP-1 pills curbed their snacking less than those using the injectable form.A survey of 1,001 people in the US in July showed that 74% of those taking pills were eating fewer salty snacks and 76% were eating fewer baked goods, compared with 80% and 82%, respectively, of those taking the treatment through shots, Bloomberg said.Mondelez, Hershey, Kraft Heinz and General Mills did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $61.83, Change: $-0.53, Percent Change: -0.85%

$GIS$HSY$KHC$MDLZ
Kraft Heinz Positioned for 2027 Growth Rebound, Initiated at Outperform, RBC Says
US Markets

Kraft Heinz Positioned for 2027 Growth Rebound, Initiated at Outperform, RBC Says

Kraft Heinz (KHC) is positioned to return to growth in 2027 as results from strategic operational changes gain traction, RBC Capital Markets said in a note Thursday.RBC initiated coverage of Kraft Heinz stock with an outperform rating and a $32 price target.The investment firm expects fiscal year 2026 organic net sales to decline by 1% year over year, compared to Kraft Heinz's guidance for a fall of 2% to 0.5%. The company will return to growth in 2027 with a 0.9% rebound, while consensus is for a 0.4% increase, according to the note.RBC expects earnings per share to increase from $2.05 in 2026 to $2.12 in 2027, placing its current-year estimate in line with the consensus and its next-year view ahead of Wall Street's $2.07 projection. Kraft Heinz guides for adjusted 2026 EPS of $2.03 to $2.09."Early evidence would suggest the company's reinvestment in price, innovation and marketing is already having a positive impact, and we expect further improvement over the remainder of 2026 with more of a step function change in 2027," Nik Modi, co-head of global consumer and retail research, wrote in the note.Earlier this year, Kraft Heinz paused work related to its planned split into two public companies and announced plans for a $600 million investment to drive a recovery in its US business. In August, the company expanded it to about $700 million in 2026.The returns from the company's changes to its research and development process, resource allocation and incentive program will come later, as investments remain in progress, new product rollouts are completed, and organizational changes continue to take hold, RBC said."We believe Kraft Heinz has more improvement ahead of it than behind it," Modi added.Shares of the company were down 0.4% Thursday. The stock has gained 1.6% this year.Nearly a decade ago, Procter & Gamble (PG) faced similar issues -- market share losses, stagnant innovation, and pressure from more agile competitors -- prompting it to boost R&D spending and overhaul its go-to-market structure, which yielded financial results within 12 to 18 months, RBC noted."Kraft Heinz will be squarely in this 18 month window as we roll into 2027," Modi said.The company reported better-than-expected fiscal second-quarter results last month and narrowed it full year-earnings per share outlook.In August, owner of the Planters snack nuts brand Hormel Foods (HRL) lowered its fiscal 2026 sales outlook as it reported mixed third-quarter results, with the top line pressured amid a challenging consumer environment.Price: $24.67, Change: $-0.07, Percent Change: -0.26%

$HRL$KHC$PG
Research

RBC Initiates Kraft Heinz at Outperform With $32 Price Target

Kraft Heinz (KHC) has an average rating of hold and mean price target of $24.33, according to analysts polled by FactSet.

$KHC
Hormel Foods Trims Full-Year Sales Guidance Amid Weak Consumer Demand
US Markets

Hormel Foods Trims Full-Year Sales Guidance Amid Weak Consumer Demand

Hormel Foods (HRL) lowered its fiscal 2026 sales outlook on Thursday as it reported mixed third-quarter results, with the top line pressured amid a challenging consumer environment.The owner of the Planters snack nuts brand now projects full-year sales of $12.1 billion to $12.2 billion, compared with $12.2 billion to $12.5 billion previously. The revised guidance falls short of the FactSet-polled consensus of $12.22 billion. The company tightened its organic net sales growth forecast to 1% to 2%, from 1% to 4%.Hormel narrowed and raised its guidance range for full-year adjusted per-share earnings to $1.45 to $1.51, from $1.43 to $1.51. But that's also lower at the midpoint compared with Wall Street's $1.50 estimate.For the third quarter ended July 26, net sales declined 2.3% year over year to $2.96 billion, while analysts expected a flat top line. Organic net sales fell 2%. Adjusted EPS rose to $0.37 from $0.35 a year earlier, exceeding the consensus of $0.35."While there were several moving pieces during the quarter, we remained focused on disciplined execution and delivered adjusted earnings growth," John Ghingo, who will take over as Hormel chief executive starting Oct. 26, said during an earnings conference call, according to a FactSet transcript. "Net sales declined modestly, reflecting portfolio shaping actions, softer commodity markets and a challenged consumer environment."The company's shares were down 8.8% in Thursday morning trade. The stock is down more than 8% this year so far."Lower volumes and some operational inefficiencies negatively impacted margin improvement for the quarter but we believe that we remain on track for improving margins over time," interim Chief Financial Officer Paul Kuehneman told analysts. "On cost of goods sold, over the long-term, lower commodity prices (should) help our margin profile. On a short-term basis, however, the benefits of lower input costs can take some time to be realized as we work through our inventory positions."Hormel has announced the apppointment of Ash Bhumbla as its next CFO, effective Sept. 8.Third-quarter revenue from the retail segment declined 4.3% to $1.78 billion as volume fell 9%, with declines in commodity turkey and private label snack nuts partially offset by gains in value-added turkey offerings, contract manufacturing and Planters snack nuts. Foodservice sales increased 1.6% to $1 billion.Earlier this month, Tyson Foods (TSN), which is Hormel's competitor in the meat and poultry business, reported mixed fiscal third-quarter results, with profit coming in stronger than expected despite a surprise decline in revenue.Also reporting earlier this month, packaged food company Kraft Heinz (KHC) narrowed its full-year EPS outlook after posting better-than-expected fiscal second-quarter results.Price: $21.60, Change: $-2.12, Percent Change: -8.92%

$HRL$KHC$TSN
Sectors

Sector Update: Consumer Stocks Softer Late Afternoon

Consumer stocks were lower late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) fractionally lower and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 0.6%.In corporate news, Nike (NKE) shares fell 2.2% after Truist downgraded the company to hold from buy while cutting its price target to $42 from $47.Bath & Body Works (BBWI) shares jumped past 7% after it raised its full-year earnings outlook following a fiscal Q2 beat amid tariff refund tailwinds.Abercrombie & Fitch (ANF) raised its full-year outlook on Wednesday as tariff-related refund benefits helped the apparel retailer post fiscal Q2 results above Wall Street's estimates. Abercrombie shares surged 38%.J.M. Smucker (SJM) lifted its full-year outlook on Wednesday as the food producer reported stronger-than-expected fiscal Q1 results, with earnings getting a boost from tariff refunds. Its shares gained 5.6%.Kraft Heinz (KHC) said Wednesday that it will transfer the listing of its stock to the New York Stock Exchange. The company said the shares are expected to begin trading on the NYSE on Sept. 14 under its existing ticker symbol KHC. Kraft Heinz shares were down 1.9%.

$ANF$BBWI$KHC$NKE$SJM
Sectors

Sector Update: Consumer Stocks Decline in Afternoon Trading

Consumer stocks were lower Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 0.7%.In corporate news, Kraft Heinz (KHC) said Wednesday that it will transfer the listing of its stock to the New York Stock Exchange. The company said the shares are expected to begin trading on the NYSE on Sept. 14 under its existing ticker symbol KHC. Kraft Heinz shares were down 3.3%.Abercrombie & Fitch (ANF) raised its full-year outlook on Wednesday as tariff-related refund benefits helped the apparel retailer post fiscal Q2 results above Wall Street's estimates. Abercrombie shares surged 31%.J.M. Smucker (SJM) lifted its full-year outlook on Wednesday as the food producer reported stronger-than-expected fiscal Q1 results, with earnings getting a boost from tariff refunds. Its shares gained 4.1%.

$ANF$KHC$SJM
Sectors

Sector Update: Consumer

Consumer stocks were lower Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 0.9%.In corporate news, Kraft Heinz (KHC) said Wednesday that it will transfer the listing of its stock to the New York Stock Exchange. The company said the shares are expected to begin trading on the NYSE on Sept. 14 under its existing ticker symbol KHC. Kraft Heinz shares were down 3%.

$KHC
J.M. Smucker Raises Full-Year Outlook Following First-Quarter Beat
US Markets

J.M. Smucker Raises Full-Year Outlook Following First-Quarter Beat

J.M. Smucker (SJM) lifted its full-year outlook on Wednesday as the food producer reported stronger-than-expected fiscal first-quarter results, with earnings getting a boost from tariff refunds.The Jif peanut butter maker now anticipates adjusted earnings of $10.50 to $11 per share for fiscal 2027, up from its previous guidance of $9.75 to $10.25. The current FactSet consensus is non-GAAP EPS of $10.07."Our updated guidance reflects stronger-than-anticipated momentum across the business and a favorable net benefit of approximately $0.60 related to the receipt of tariff refunds," Chief Financial Officer Tucker Marshall said in prepared remarks.The company received about $115 million in tariff refunds in the first quarter, reflecting a $0.84-per-share benefit.Earlier this year, the US Supreme Court ruled that the Trump administration lacked authority under the International Emergency Economic Powers Act to impose certain tariffs, paving the way for refunds to companies that had paid the duties.Sales are now expected to decline by 1% to 2% for the ongoing fiscal year, compared with prior projections for a 3% to 4% decrease. The Street is looking for sales of $8.78 billion, reflecting a 3% drop. The revised sales outlook reflects improvements in volume and mix, as well as net price realization, Marshall said.The stock gained 3.2% in Wednesday trade.For the quarter ended July, the Folgers and Cafe Bustelo coffee brands owner's adjusted EPS jumped 71% year over year to $3.24, including the $0.84 benefit from tariff-related refunds. The average analyst estimate called for $2.22.Sales rose 5% to $2.22 billion, ahead of the market's forecast for $2.13 billion. Price and volume gains in coffee, as well as unit growth in the company's Uncrustables sandwich brand, helped drive topline higher. Comparable net sales grew 5%.RBC Capital Markets expected J.M. Smucker to deliver quarterly results above Wall Street's estimates, reflecting strength in the coffee segment and the Uncrustables sandwich brand, according to a note sent Tuesday.By segment, revenue rose 13% in US retail coffee and 3% in frozen handheld and spreads. Pet food sales ticked up 1% in the US, while sweet baked snacks recorded a 7% decline in revenue.For the ongoing three-month period, the company expects adjusted EPS to increase in the low-20% range, with sales seen falling 3% to 4%, Marshall said in the prepared remarks. The Street is looking for non-GAAP EPS of $2.56 and sales to decrease by 4.1%.Earlier in August, packaged food company Kraft Heinz (KHC) narrowed its full-year EPS outlook after reporting better-than-expected fiscal second-quarter results. Beverage company Keurig Dr Pepper (KDP) reiterated its 2026 guidance as its second-quarter results topped market expectations.Price: $131.94, Change: $+6.49, Percent Change: +5.17%

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J.M. Smucker to Top First-Quarter Views Amid Strength in Coffee, Uncrustables, RBC Says
US Markets

J.M. Smucker to Top First-Quarter Views Amid Strength in Coffee, Uncrustables, RBC Says

J.M. Smucker's (SJM) is likely to deliver stronger-than-expected fiscal first-quarter results that reflect strength in the coffee segment and its Uncrustables sandwich brand, RBC Capital Markets said in a note sent Tuesday.The Jif peanut butter maker is scheduled to release quarterly results on Wednesday.Circana data show J.M. Smucker's organic revenue growth of 4% year over year, compared with the consensus for a 0.6% rise, RBC said."Consumption trends look solid (particularly for coffee and Uncrustables) and our channel checks have come back positive throughout the quarter," RBC Co-Head of Global Consumer and Retail Research Nik Modi wrote in the note.The coffee segment's sales likely grew about 10%, the brokerage said. The frozen handhelds and spreads division's revenue is seen accelerating to 4.8% from 0.8% in the previous quarter, driven by Uncrustables and slight improvement in nut butters.The owner of coffee brands including Folgers has apparently not reduced prices for coffee, according to RBC."Given our understanding that (J.M. Smucker) has reverted its decision to cut list prices on coffee, we believe that this is a tailwind to (full-year) organic growth," Modi said. "On the bottom line, we believe this will have a neutral to slightly positive impact, depending on the level of promotions that the company decides to run (which may change based on competitive dynamics and commodity prices)."RBC is looking at earnings per share of $2.18 on net sales of $2.12 billion. The brokerage put consensus estimates at $2.21 for EPS and $2.13 billion for revenue.In June, J.M. Smucker Chief Financial Officer Tucker Marshall said first-quarter adjusted EPS was expected to increase by a mid-teen percentage, driven partly by gross profit gains in US retail coffee. Net sales were projected to be flat, with higher prices offsetting unfavorable volume and mix, he said.General Mills (GIS) and Kraft Heinz (KHC) have reported higher-than-expected results for their most recent quarter.J.M. Smucker's guidance issued in June includes adjusted EPS between $9.75 and $10.25 for fiscal 2027. The midpoint of the range is below the current FactSet-polled consensus of $10.07. The company reported adjusted EPS of $9.15 for fiscal 2026.The company has guided for full-year sales to drop by 3% to 4% from the previous fiscal year's $9.05 billion print. Analysts are looking for sales of $8.78 billion.RBC has an outperform rating on the stock, with a $135 price target. J.M. Smucker's shares were down 0.7% intraday Tuesday, but have risen 28% so far this year."We believe (J.M. Smucker's) current valuation does not give enough credit to the company's brands and the categories it plays in, resulting in a risk-to-reward that skews positive," Modi said.Price: $125.10, Change: $-0.78, Percent Change: -0.62%

$GIS$KHC$SJM
Wire

Update: Kraft Heinz Shares Fall After Q2 Adjusted Earnings, Sales Decline

(Updates with recent stock movement in the headline and the first paragraph.)Kraft Heinz (KHC) shares fell nearly 4% in Wednesday afternoon trading after the company reported lower Q2 adjusted earnings and net sales from a year earlier and narrowed its full-year adjusted earnings guidance range.The company reported fiscal Q2 adjusted earnings Wednesday of $0.56 per diluted share, down from $0.69 a year earlier.Analysts surveyed by FactSet expected $0.53.Net sales for the fiscal quarter ended June 27 were $6.26 billion, down from $6.35 billion a year earlier.Analysts expected $6.13 billion.The company narrowed its fiscal 2026 adjusted EPS guidance to between $2.03 and $2.09, compared with $1.98 to $2.10 previously. Analysts expect $2.06.Price: $25.61, Change: $-1.03, Percent Change: -3.87%

$KHC
Stocks Rise Pre-Bell Amid Growing Hopes for Hormuz Deal; Traders Await More Corporate Earnings
US Markets

Stocks Rise Pre-Bell Amid Growing Hopes for Hormuz Deal; Traders Await More Corporate Earnings

The benchmark US stock measures were trending higher in Wednesday's premarket activity amid growing optimism over a potential deal to reopen the Strait of Hormuz, while investors await the latest batch of corporate earnings.The S&P 500 and the Dow Jones Industrial Average rose 0.3% each before the opening bell, while the Nasdaq edged up 0.1%. The S&P 500 and the Dow recorded fresh all-time highs on Tuesday, while the Nasdaq advanced for a fourth consecutive session.President Donald Trump reportedly said late Tuesday that an agreement to reopen the Strait of Hormuz, the world's most important chokepoint for crude flows, is imminent, following "very good discussions" with Iran, according to CNBC.Treasury Secretary Scott Bessent told CNBC on Tuesday that a potential deal to open the crucial waterway could be reached this week. Qatar's Foreign Ministry spokesperson Majed al-Ansari reportedly said that efforts to resolve the US-Iran conflict are "in very progressive stages."West Texas Intermediate crude oil increased 1.1% to $76.58 a barrel in premarket action, while Brent gained 1.7% to $80.73.Yemen's Iran-aligned Houthis reportedly claimed an attack on a Saudi Arabian tanker near the coast of Yanbu, a major port for Saudi crude oil exports, according to a separate CNBC report.Treasury yields were mixed before the open, with the two-year rate rising 1.2 basis points to 4.21% while the 10-year rate retreated 1 basis point to 4.62%.Eli Lilly (LLY), Walt Disney (DIS), Shopify (SHOP), Uber Technologies (UBER), CVS Health (CVS), Phillips 66 (PSX), Kraft Heinz (KHC) and Global Payments (GPN) are scheduled to report their latest financial results before the bell, among others.Sandisk (SNDK), AppLovin (APP), McKesson (MCK), DoorDash (DASH), eBay (EBAY) and Expedia (EXPE) post their earnings after the markets close.Shares of SpaceX (SPCX) dropped 12% pre-bell after the rocket and satellite company reported quarterly results for the first time since going public. Advanced Micro Devices (AMD) fell 8.6% even though it recorded fiscal second-quarter results above market estimates. Arista Networks (ANET) jumped 16%.Wednesday's economic calendar has the weekly mortgage applications bulletin at 7 am ET, followed by the ADP Employment report for July at 8:15 am. The purchasing managers' index composite final report from S&P Global (SPGI) for July is out at 9:45 am, followed by the Institute for Supply Management's services index for the same month at 10 am.The domestic EIA petroleum inventories report is due at 10:30 am.Federal Reserve Governor Lisa Cook is scheduled to speak at 4:05 pm, while San Francisco Fed President Mary Daly speaks at 8:35 pm.Gold gained 1.5% to $4,215 per troy ounce, while bitcoin slipped 0.2% to $64,146.

Dow JonesNasdaq CompositeS&P 500$AMD$ANET$APP$CVS$DASH$DIS$EBAY$EXPE$GPN$KHC$LLY$MCK$PSX$SHOP$SNDK$SPCX$SPGI$UBER
Wire

BofA Securities Adjusts Price Target on Kraft Heinz to $23 From $21

Kraft Heinz (KHC) has an average rating of hold and mean price target of $22.73, according to analysts polled by FactSet.Price: $24.95, Change: $+0.27, Percent Change: +1.07%

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Insider Trading

Kraft Heinz Insider Sold Shares Worth $426,532, According to a Recent SEC Filing

Diana Frost, Global Chief Growth Officer, on June 18, 2026, sold 18,502 shares in Kraft Heinz (KHC) for $426,532. Following the Form 4 filing with the SEC, Frost has control over a total of 102,667 common shares of the company, with 102,667 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1637459/000200640126000007/xslF345X05/wk-form4_1782161948.xml

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Research

Research Alert: CFRA Keeps Hold Opinion On Shares Of Kraft Heinz

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our 12-month target by $1 to $26, about 11.6x our 2027 EPS estimate of $2.24 (cut $0.11). We also cut our 2026 EPS by $0.07 to $2.07. We see 2026 as a heavy reinvestment year following the surprise announcement that KHC will pause its planned separation into two separate companies. The goal is to return KHC to profitable growth in 2027, with signs of a recovery expected in 2H 2026. We see risk in the outlook given intensifying competitive pressures and the possibility that these investments won't pay off as intended, though we think the company's full-year EPS outlook has appropriately de-risked near-term expectations (consensus estimates for 2026 have dropped by 18% over the last 90 days). Two metrics we're keeping an eye on are the dividend payout ratio, which will likely be ~80% in 2026 vs. the 50%-60% historical average, and leverage ratio (net debt/adjusted EBITDA), which is currently about 3.0x and matches KHC's long-term goal. We maintain our Hold rating.

$KHC
Sectors

Sector Update: Consumer Stocks Mixed Pre-Bell Wednesday

Consumer stocks were mixed premarket Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) retreating 0.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advancing 1.4%.Amazon (AMZN) shares were up more than 1% a day after The Information reported the company-backed Anthropic will pay Alphabet's (GOOG, GOOGL) Google Cloud about $200 billion over five years for computing capacity and processors.Diageo (DEO) stock was up over 5% after the company reported higher fiscal Q3 sales.Kraft Heinz (KHC) shares were up more than 2% after the company posted higher-than-expected fiscal Q1 adjusted earnings and net sales.

$AMZN$DEO$KHC$XLP$XLY
Research

Research Alert: Khc: A Q1 Beat Against Subdued Expectations

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:KHC posted Q1 adjusted EPS of $0.58 vs. $0.62 in the prior year, beating consensus by $0.08, with net sales up 0.8% to $6.05B, though organic sales declined 0.4% due to volume weakness in coffee and cold cuts. Geographic results were mixed, with North America sales down 0.7% while Emerging Markets showed resilience at 7.6% growth, and management highlighted early traction in the Taste Elevation portfolio, where 2025 investments are showing improving market share trends. The company maintained its challenging 2026 outlook, assuming continued organic sales declines of 1.5% to 3.5% and adjusted operating income down 14% to 18% as the investment program continues. The standout performance came from cash generation, with free cash flow rising 58.9% to $766M and conversion improving 46%-pts to 111%, attributed to working capital optimization efforts that provide financial flexibility during this reinvestment phase while supporting dividend maintenance.

$KHC
US Markets

Stocks Rise Pre-Bell, Oil Prices Fall After Report Says US, Iran Nearing Peace Agreement

The main US stock measures were pointing higher in Wednesday's premarket activity, while oil prices declined after a media report said the US and Iran are nearing a potential agreement to end their conflict.The S&P 500 and the Dow Jones Industrial Average rose 0.7% each before the opening bell, while the Nasdaq advanced 1.2%. The indexes finished the previous trading session in the green, with the S&P 500 and the Nasdaq closing with new highs.Washington is nearing an agreement with Tehran on a one-page memorandum of understanding to end their conflict in the Middle East and establish a framework for more detailed nuclear negotiations, Axios reported Wednesday, citing two US officials and two other sources familiar with the matter.In a social media post on Tuesday, President Donald Trump said the US is temporarily pausing "Project Freedom," its effort to guide neutral ships locked up in the Strait of Hormuz out of the crucial waterway. Trump noted that the US blockade on Iranian ports will remain in effect.US Defense Secretary Pete Hegseth reportedly said Tuesday that the ceasefire agreement with Iran remained intact despite recently renewed tensions in the Gulf region.West Texas Intermediate crude oil dropped 9.3% to $92.88 a barrel in premarket action, while Brent fell 8.3% to $100.77.Treasury yields slipped before the open, with the two-year rate retreating 7.3 basis points to 3.87% and the 10-year rate off 6.8 basis points to 4.35%.Walt Disney (DIS), Uber Technologies (UBER), CVS Health (CVS), Marriott International (MAR), Johnson Controls International (JCI), Restaurant Brands International (QSR), Kraft Heinz (KHC) and Performance Food Group (PFGC) are some of the major companies scheduled to report their latest financial results before the bell, among others.Arm Holdings (ARM), Applovin (APP), DoorDash (DASH) and Warner Bros. Discovery (WBD) post earnings after the markets close.Shares of Advanced Micro Devices (AMD) jumped 18% pre-bell after the chipmaker reported stronger-than-expected first-quarter results. Novo Nordisk's (NVO) US-listed stock climbed 7.5% as the Danish pharmaceutical giant issued an improved full-year sales outlook. Arista Networks (ANET) declined 8.1% after it issued a downbeat second-quarter revenue outlook.Wednesday's economic calendar has the weekly mortgage applications bulletin at 7 am ET, followed by the ADP Employment report for April at 8:15 am. The weekly EIA domestic petroleum inventories report is out at 10:30 am.Federal Reserve Bank of St. Louis President Alberto Musalem is slated to speak at 9:30 am, while Chicago Fed President Austan Goolsbee speaks at 1 pm.Gold increased 3.1% to $4,710 per troy ounce, while bitcoin moved up 0.8% to $82,210.

Dow JonesNasdaq CompositeS&P 500$AMD$ANET$APP$ARM$CVS$DASH$DIS$JCI$KHC$MAR$NVO$PFGC$QSR$UBER$WBD
Research

BTIG Initiates Kraft Heinz at Neutral

Kraft Heinz Company (KHC) has an average rating of hold and mean price target of $22.56, according to analysts polled by FactSet.

$KHC

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