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Update: Equities Rise as SpaceX Soars; Wall Street Logs Weekly Gain Amid Iran Deal Optimism
US Markets

Update: Equities Rise as SpaceX Soars; Wall Street Logs Weekly Gain Amid Iran Deal Optimism

(Updates with market moves at the end of the day.)US equities advanced Friday to lock in a weekly gain for Wall Street as Space Exploration Technologies' (SPCX) blockbuster debut and a potential Middle East peace deal buoyed sentiment.The Dow Jones Industrial Average closed 0.7% higher at 51,202.3, while the S&P 500 rose 0.4% to 7,431.4. The Nasdaq Composite added 0.3% to 25,888.8. Barring healthcare, all sectors ended in the green, led by materials.SpaceX -- Elon Musk's rocket and satellite company -- ended its first trading day 19% above its initial public offering price of $135. The rally pushed the company's market capitalization above $2 trillion, placing it among the 10 most valuable public companies in the US, even more valuable than Musk's electric vehicle maker, Tesla (TSLA).The three major Wall Street indexes posted a weekly gain of 0.7% each, rebounding after last week's declines."It was a dizzying week in financial markets," Sal Guatieri, senior economist at BMO Capital Markets, said in a report. "After closing above 7,600 for the first time ever on June 2, the S&P 500 was headed for a second weekly decline, until Thursday afternoon. That's when President (Donald) Trump called off plans to strike Iran "very hard" as a potential peace deal emerged, with hopes of both sides signing off in Geneva this weekend.""Investor spirits were also stoked by the world's largest initial public offering, SpaceX, which blasted off on Friday," Guatieri said.West Texas Intermediate crude oil was down 3.9% at $84.30 a barrel in Friday late-afternoon trade, while Brent fell 4% to $86.79. The benchmarks were headed for weekly falls after last week's gains.The US and Iran are edging closer to an interim agreement to reopen the Strait of Hormuz, Bloomberg News reported Friday, citing senior officials. The agreement would extend the existing ceasefire by around two months and open further negotiations over Iran's nuclear program, according to the report.Pakistani Prime Minister Shehbaz Sharif said Friday that "final" text of a peace deal has been reached."Pakistan is now working closely with both sides to finalize the next steps," Sharif said in a social media post Friday. "Peace has never been this close as it is now."US Treasury yields were higher, with the 10-year rate last up 1.5 basis points at 4.49% and the two-year rate rising 1.9 basis points to 4.09%.In economic news, US consumer sentiment rebounded in June as gasoline prices eased, while the inflation outlook dropped, the University of Michigan's latest survey showed."Sentiment and spending have become disconnected," Oxford Economics said in a note. "Still, higher gas prices will take a bite out of consumers' real disposable incomes, forcing them to reel in spending."In other company news, Adobe (ADBE) shares fell 6.8%, the second-steepest drop on the S&P 500. The software maker reported solid quarterly results that were overshadowed by the departure of its finance chief and lingering questions about the company's growth trajectory, RBC Capital Markets said in a note.Lennar (LEN) dropped 4.9%, among the worst performers on the S&P 500, as the homebuilder issued a downbeat fiscal third-quarter home delivery outlook.Gold was last up 2.9% at $4,231,10 per troy ounce, while silver jumped 6.1% to $67.90 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADBE$LEN$SPCX$TSLA
Sectors

Sector Update: Consumer Stocks Mixed Late Afternoon

Consumer stocks were mixed late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.1%.US consumer sentiment has rebounded in June as gasoline prices eased, while the inflation outlook dropped, the University of Michigan's preliminary survey showed Friday. The main sentiment index rose 9.2% sequentially to 48.9 this month, following three consecutive drops. The consensus was for a 46 print in a Bloomberg poll.In corporate news, Target (TGT) is showing early signs of a potential multiyear turnaround after a strong start to 2026, with UBS Securities saying the retailer's transformation has multiple stages beyond the initial comp recovery. UBS has a buy rating on the stock and a price target of $144. Target shares climbed 2.1%.Lennar (LEN) shares fell 4.3% after the homebuilder issued a fiscal Q3 delivery outlook below market estimates, while its revenue trailed expectations in the previous three-month period amid persistent housing market headwinds.Uber (UBER) is contacting parties interested in Delivery Hero's regional businesses as it seeks regulatory approval for its planned takeover of the German food delivery company, Bloomberg reported. Uber shares were down 1.5%.Pilgrim's Pride (PPC) shares added 1.5% after it said Friday it is investing $75 million to expand and overhaul its poultry facility in Ellijay, Georgia.

$LEN$PPC$TGT$UBER
Update: Equities Rise Intraday Amid SpaceX's Blockbuster Debut, US-Iran Deal Prospects
Wire

Update: Equities Rise Intraday Amid SpaceX's Blockbuster Debut, US-Iran Deal Prospects

(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday as Space Exploration Technologies (SPCX) rallied on its market debut, while oil prices fell as traders tracked reports of a potential deal between Washington and Iran.The Dow Jones Industrial Average was up 0.8% at 51,260.8 after midday Friday, while the S&P 500 rose 0.6% to 7,436.6. The Nasdaq Composite added 0.5% to 25,930.1. Barring consumer discretionary and healthcare, all sectors were in the green, led by materials.SpaceX -- Elon Musk's rocket and satellite company -- opened trade at $150 and moved as high as $176.52, after having priced its initial public offering at $135. The rally pushed the company's market capitalization above $2 trillion, placing it among the 10 most valuable public companies in the US, even more valuable than Musk's electric vehicle maker, Tesla (TSLA).The IPO drew more than $350 billion in orders from institutions and retail investors, with the former accounting for over $250 billion, Bloomberg News reported, citing unnamed sources. The IPO, which would raise a record $75 billion, is expected to close Monday.West Texas Intermediate crude oil was down 3.4% at $84.67 a barrel intraday Friday, while Brent fell 3.5% to $87.20.The US and Iran are edging closer to an interim agreement to reopen the Strait of Hormuz, Bloomberg News reported Friday, citing senior officials. The agreement would extend the existing ceasefire by around two months and open further negotiations over Iran's nuclear program, according to the report."We can confirm that a final, agreed upon text of the peace deal has been reached, and Pakistan is now working closely with both sides to finalize the next steps," Pakistani Prime Minister Shehbaz Sharif said in a social media post Friday. "Peace has never been this close as it is now.""Unlike previous (potential US-Iran deal) announcements that were met with considerable skepticism, markets this time appear increasingly willing to price in a meaningful probability of success," Saxo Bank said in a report.US Treasury yields were higher intraday, with the 10-year rate up 1.4 basis points at 4.48% and the two-year rate rising one basis point to 4.08%.In economic news, US consumer sentiment rebounded in June as gasoline prices eased, while the inflation outlook dropped, the University of Michigan's latest survey showed."Sentiment and spending have become disconnected," Oxford Economics said in a note. "Still, higher gas prices will take a bite out of consumers' real disposable incomes, forcing them to reel in spending."In other company news, Adobe (ADBE) shares were down 7.2% intraday, the second-steepest drop on the S&P 500. The software maker reported solid quarterly results that were overshadowed by the departure of its finance chief and lingering questions about the company's growth trajectory, RBC Capital Markets said in a note.Lennar (LEN) was down 4.3%, among the worst performers on the S&P 500, as the homebuilder issued a downbeat fiscal third-quarter home delivery outlook.Gold was up 3% at $4,237.50 per troy ounce, while silver jumped 6% to $67.86 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADBE$LEN$SPCX$TSLA
Sectors

Sector Update: Consumer Stocks Mixed Friday Afternoon

Consumer stocks were mixed Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.1%.US consumer sentiment has rebounded in June as gasoline prices eased, while the inflation outlook dropped, the University of Michigan's preliminary survey showed Friday. The main sentiment index rose 9.2% sequentially to 48.9 this month, following three consecutive drops. The consensus was for a 46 print in a Bloomberg poll.In corporate news, Lennar (LEN) shares fell 4.5% after the homebuilder issued a fiscal Q3 delivery outlook below market estimates, while its revenue trailed expectations in the previous three-month period amid persistent housing market headwinds.Uber (UBER) is contacting parties interested in Delivery Hero's regional businesses as it seeks regulatory approval for its planned takeover of the German food delivery company, Bloomberg reported. Uber shares were down 2.2%.General Motors (GM) was awarded a $623.8 million firm-fixed-price Army contract for infantry squad vehicles and winch kits, the US Department of Defense said Thursday. GM shares rose 0.8%.

$GM$LEN$UBER
Sectors

Sector Update: Consumer

Consumer stocks were mixed Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) fractionally higher and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.5%.In corporate news, Lennar (LEN) shares fell 4.7% after the homebuilder issued a fiscal Q3 delivery outlook below market estimates, while its revenue trailed expectations in the previous three-month period amid persistent housing market headwinds.

$LEN
Commodities

Exchange-Traded Funds, Equity Futures Mixed Pre-Bell Friday Ahead of SpaceX Debut

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.2% and the actively traded Invesco QQQ Trust (QQQ) fell 0.3% in Friday's premarket activity, ahead of the debut of Elon Musk's Space Exploration Technologies after markets open.US stock futures were also mixed, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures advancing 0.4%, and Nasdaq futures easing 0.3% before the start of regular trading.The preliminary University of Michigan consumer sentiment report for June will be released at 10 am ET, while the weekly Baker Hughes oil-and-gas rig count posts at 1 pm ET.In premarket action, bitcoin was up by 0.6%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.5% lower, Ether ETF (EETH) retreated 1.5%, and Bitcoin & Ether Market Cap Weight ETF (BETH) lost 0.02%.Power Play:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.6%, and the iShares US Technology ETF (IYW) was 0.3% lower, while the iShares Expanded Tech Sector ETF (IGM) was up 0.1%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) increased by 0.5%, while the iShares Semiconductor ETF (SOXX) declined by 1.2%.Adobe (ADBE) shares were down more than 9% in premarket activity as multiple analyst price target cuts followed the software maker's latest quarterly results and announcement that Chief Financial Officer Dan Durn had resigned.Winners and Losers:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.7%, and the Vanguard Industrials Index Fund (VIS) was 0.3% higher, while the iShares US Industrials ETF (IYJ) retreated by 0.04%.Rocket Lab (RKLB) stock was up more than 2% before the opening bell after the company said it has been added to the Nasdaq-100 Index, effective June 22.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.1%, the Vanguard Health Care Index Fund (VHT) was down 1%, while the iShares US Healthcare ETF (IYH) gained by 1.6%. The iShares Biotechnology ETF (IBB) was 0.3% higher.Enliven Therapeutics (ELVN) stock was down more than 3% premarket after the company priced an upsized public offering of 8.9 million shares at $37.50 per share and pre-funded warrants to purchase up to 1.73 million shares at $37.499 each.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.4%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.5% lower.Barclays (BCS) shares were up nearly 2% pre-bell after the British financial services giant agreed to acquire the UK operations of GoHenry, a money-management education platform, from Acorns Grow.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.1% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) gained 1.4%. The iShares US Consumer Staples ETF (IYK) retreated by 0.1%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained by 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.3% higher.Lennar (LEN) shares were down nearly 2% pre-bell after the homebuilder issued a downbeat fiscal Q3 delivery outlook.EnergyThe iShares US Energy ETF (IYE) was down 0.4%, while the State Street Energy Select Sector SPDR ETF (XLE) was 0.5% lower.Venture Global (VG) stock was down more than 1% before market open after the company closed an offering of $1.13 billion of 6.375% senior secured notes due Dec. 15, 2034, and $1.13 billion of 6.625% senior secured notes due June 15, 2036.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 2.7% to $85.37 per barrel on the New York Mercantile Exchange. Natural gas advanced by 0.3% at $3.10 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 1.3%, while the United States Natural Gas Fund (UNG) was 0.4% higher.Gold futures for July advanced by 2.4% to $4,213.40 an ounce on the Comex. Silver futures rose by 4.2% to $66.69 an ounce. SPDR Gold Shares (GLD) was down by 0.3%, and the iShares Silver Trust (SLV) decreased by 0.8%.

Dow JonesNasdaq CompositeS&P 500$ADBE$BCS$BETH$BITO$EEM$EETH$ELVN$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$LEN$PMR$QQQ$RKLB$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VG$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Stocks Rise Pre-Bell Amid Media Reports of US-Iran Peace Deal Progress
US Markets

Stocks Rise Pre-Bell Amid Media Reports of US-Iran Peace Deal Progress

The benchmark US stock measures were pointing higher before the open Friday amid media reports that the US and Iran are nearing a peace deal, while investors prepare for SpaceX's (SPCX) market debut.The S&P 500 rose 0.4%, the Dow Jones Industrial Average increased 0.6% and the Nasdaq added 0.2% in premarket activity. All three indexes finished the previous trading session with their biggest one-day percentage gains since April 8.The US and Iran are nearing a tentative peace deal, with a potential signing possibly coming as soon as Sunday, Bloomberg News reported, citing people familiar with the matter. Iranian state media reported a draft of the deal included a commitment from Washington to lift oil sanctions on Tehran, while Iran would agree to reopen the Strait of Hormuz within 30 days, according to CNBC.In a social media post on Thursday, President Donald Trump said he cancelled scheduled strikes and bombings against Iran after talks with Tehran were brought to the "highest level" of Iranian leadership and "approved.""Discussions and final points have been, in both concept and great detail, approved by all parties involved, including the US, Israel, Saudi Arabia, UAE, Qatar, Turkey, Pakistan, Bahrain, Kuwait, Jordan, Egypt, and others," according to Trump. "The naval blockade will remain in full force and effect until this transaction is finalized."West Texas Intermediate crude oil dropped 3.2% to $84.95 a barrel before the opening bell, while Brent declined 3.1% to $87.62.The Organization of the Petroleum Exporting Countries lowered its global oil demand growth forecast for this year, but raised its expectations for 2027.Space Exploration Technologies, widely known as SpaceX, on Thursday priced its initial public offering at about $135 per share for 555.6 million Class A shares, raising gross proceeds of nearly $75 billion.The company is scheduled to begin trading Friday.US producer prices rose more than projected in May, matching the previous month's pace, while the annual increase reached the highest since late 2022 amid surging energy costs, government data showed Thursday. Earlier in the week, consumer price data showed inflation accelerating to the fastest pace in about three years last month.Treasury yields were down in premarket action, with the two-year rate retreating 1.2 basis points to 4.06%, while the 10-year rate was off 0.8 basis points to 4.46%.Friday's economic calendar also has the preliminary University of Michigan consumer sentiment report for June at 10 am ET, while the weekly Baker Hughes oil-and-gas rig count is out at 1 pm.Shares of Adobe (ADBE) fell 6.4% pre-bell after the software maker reported its latest quarterly results and announced the departure of its Chief Financial Officer Dan Durn. Lennar (LEN) decreased 2.4% as the homebuilder issued a downbeat fiscal third-quarter home delivery outlook.Gold advanced 3% to $4,236 per troy ounce, while bitcoin was slightly in the green at $63,620.

Dow JonesNasdaq CompositeS&P 500$ADBE$LEN$SPCX$TSLA
Lennar Issues Weak Home Deliveries Outlook as Fiscal Second-Quarter Revenue Misses Estimates
US Markets

Lennar Issues Weak Home Deliveries Outlook as Fiscal Second-Quarter Revenue Misses Estimates

Lennar (LEN) shares fell early Friday as the homebuilder issued a fiscal third-quarter delivery outlook below market estimates, while its revenue trailed expectations in the previous three-month period amid persistent housing market headwinds.The company anticipates delivering between 20,500 and 21,500 homes in the ongoing quarter, it said late Thursday. The current consensus on FactSet is for 22,103 home deliveries. The group delivered 20,519 units in the second quarter, up 2% from a year ago, but shy of the Street's view for 20,541 homes.The stock was down 2.7% in the most recent premarket activity.For the 2026 full year, Lennar now expects to deliver around 82,000 to 83,000 homes, amid current pressure on interest rates and geopolitical uncertainty, Chief Executive Stuart Miller said in a statement. The company previously projected to deliver 85,000 homes, while the current average analyst estimate is for 83,366 units."Our strategy consistently has been to execute around the affordability challenge rather than wait it out," according to Miller. "We have prioritized volume to create durable scale advantages, to deliver that volume at lower prices, and ultimately improve margins."New orders are pegged to be in a range of 21,000 to 22,000 homes for the third quarter, while the market is looking for 22,630 units. The group also expects gross margin on home sales to be about 16% and forecasts an average sales price of $375,000 to $380,000 for the current quarter.Per-share earnings came in at $1.24 for the three months through May, down from $1.81 a year earlier, in line with the Street's view for $1.24. Revenue decreased to $7.94 billion from $8.38 billion, trailing the market's expectation for $8.09 billion."Our second quarter of fiscal year 2026 was defined by the same stubborn headwinds that have challenged the housing market for the past several years - persistently elevated mortgage rates, constrained affordability, and cautious consumer sentiment, exacerbated by geopolitical uncertainty creating a resurgent inflation reading of 4.2% driven by higher energy prices," Miller said.Homebuilding revenue slipped to $7.62 billion from $7.84 billion in the prior-year quarter. The average sales price moved down to $371,000 from $389,000 last year due to persistent market weakness. New orders declined 4% to 21,749 homes.Gross margin on home sales was 15.6%, down from 17.8% a year ago, just shy of analysts' estimate for 15.7%, amid lower revenue per square foot and higher land costs.Lennar's lower home delivery outlook was "somewhat" offset by positive incentive trends and in-line margin guidance despite weaker volumes, Truist Securities said in a note."Overall, we are fairly neutral on these results with some good and some not so good, but we do think it takes a worst-case margin scenario off the table at least for now," the brokerage added.

$LEN
Update: Equities Rise Intraday, Oil Drops as Trump Cancels Iran Strikes
US Markets

Update: Equities Rise Intraday, Oil Drops as Trump Cancels Iran Strikes

(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday, while oil prices fell as President Donald Trump called off the latest round of strikes against Iran.The Dow Jones Industrial Average was up 1.5% at 50,687.4 after midday Thursday, while the Nasdaq Composite rose 1.6% to 25,563.4. The S&P 500 increased 1.2% to 7,352.8. Barring energy and communication services, all sectors were in the green, led by industrials.West Texas Intermediate crude oil was down 3.5% at $86.91 a barrel, while Brent fell 3.9% to $89.52.Trump said he has cancelled the strikes and bombings against Iran that were scheduled for later in the day."Discussions and final points have been, in both concept and great detail, approved by all parties involved," Trump said in a social media post. "The naval blockade will remain in full force and effect until this transaction is finalized -- time and place of the signing to be announced shortly."US forces launched airstrikes against Iran Tuesday after Tehran shot down an American Apache helicopter. The US fired additional missiles Wednesday.Iran's strait authority said earlier in the day that the Strait of Hormuz will be closed "until further notice" following an exchange of fire with the US, CNN reported Thursday.The Organization of the Petroleum Exporting Countries lowered its global oil demand growth forecast for this year, but raised its expectations for 2027.US Treasury yields were lower intraday, with the 10-year rate down 6.5 basis points at 4.48% and the two-year rate falling five basis points to 4.08%.In economic news, US producer prices rose more than projected in May, matching the previous month's pace, while the annual increase reached the highest since late 2022 amid surging energy costs, government data showed.On Wednesday, consumer price data showed inflation accelerating to the fastest pace in about three years last month, reinforcing expectations that the Federal Reserve will keep interest rates on hold."A fresh multiyear high in consumer and producer prices underscores the pain befallen on consumers resulting from disruptions in the global energy market," Stifel said in a note. "For the Fed, dangerously high levels of inflation suggest additional accommodation is off the table, at least for now."In company news, Eaton (ETN) will combine its mobility business with auto parts supplier Dana (DAN), creating a global powertrain entity valued at more than $10 billion. Eaton shares were up 4.6% intraday, while Dana slumped 15%.Oracle (ORCL) shares were down nearly 12%, the worst performer on the S&P 500. Late Wednesday, the cloud computing company's fiscal fourth-quarter results surpassed Wall Street's estimates, driven by rising demand for cloud infrastructure amid an artificial intelligence boom.UBS Securities said Thursday the sell-off in Oracle's shares could be due in part to its higher-than-expected capital expenditure outlook for the year.Adobe (ADBE), Lennar (LEN) and RH (RH) are expected to report results after the closing bell Thursday, along with others.Gold was up 0.9% at $4,169.10 per troy ounce, while silver rose 1.9% to $66 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADBE$DAN$ETN$LEN$ORCL$RH
Stocks Rise Pre-Bell as Investors Assess Middle East Tensions, Await PPI Data
US Markets

Stocks Rise Pre-Bell as Investors Assess Middle East Tensions, Await PPI Data

US equity markets were tracking in the green before the opening bell Thursday as traders assess escalating hostilities between the US and Iran and await the latest data on wholesale prices.The S&P 500 rose 0.7%, the Dow Jones Industrial Average increased 0.8% and the Nasdaq gained 1.1% in premarket activity. The indexes finished the previous trading session in the red, with the Nasdaq and the S&P 500 closing at their lowest levels in about five weeks.The US Central Command said Wednesday its forces completed additional "self-defense" strikes against Iranian military surveillance capabilities, communication systems and air defense sites, in response to Tehran's "unwarranted and continued aggression."Iran's strait authority said on Thursday that the Strait of Hormuz will be closed "until further notice" following an exchange of fire with the US, CNN reported.On Wednesday, President Donald Trump said on social media that Iran will have to "pay the price" for taking too long to agree to a peace deal.US forces launched airstrikes against Iran after Tehran shot down an American Apache helicopter earlier in the week. Iran reportedly struck American military bases across Jordan, Kuwait, and Bahrain.West Texas Intermediate crude oil moved down 0.9% to $89.23 a barrel before the open, while Brent decreased 1.1% to $92.08.In a Wednesday post on Truth Social, Trump said the US military executed a "secret mission" last month to support oil tankers and other commercial ships through the Strait of Hormuz. The initiative led to "more than 100 million barrels of oil" passing through the strait and into the open market, according to Trump."With no imminent deal in sight and with the global oil market tightening significantly every day, we see upside to prices, particularly if these disruptions linger into the third quarter, a period of seasonally stronger oil demand," ING Bank said in a report Wednesday.Last month's producer price index, a measure of wholesale prices, is scheduled to be released at 8:30 am ET. The report comes a day after official data showed that US annual inflation accelerated to the highest in about three years, fueling expectations that the Federal Reserve will keep interest rates on hold for some time."US inflation continues to vault higher on the back of swiftly rising energy prices and four months of closure of the Strait of Hormuz," BMO Chief US Economist Scott Anderson said in a report.The two-year Treasury yield was unchanged at 4.13% before the open, while the 10-year rate retreated 1.4 basis points to 4.53%.Thursday's economic calendar also has the weekly jobless claims bulletin at 8:30 am.Shares of Oracle (ORCL) dropped 8% pre-bell as the cloud computing company said it plans to raise about $40 billion in fiscal 2027 through a mix of debt and equity financing, including its previously announced $20 billion stock sale. The firm reported fiscal fourth-quarter results above Wall Street's estimates.Adobe (ADBE), Lennar (LEN) and RH (RH) are expected to report their latest financial results after the markets close.Gold slipped 0.5% to $4,111 per troy ounce, while bitcoin advanced 1.6% to $62,833.

Dow JonesNasdaq CompositeS&P 500$ADBE$LEN$ORCL$RH
Research

Keefe Bruyette & Woods Downgrades Lennar to Underperform From Market Perform, Adjusts PT to $86 From $97

Lennar (LEN) has an average rating of underweight and mean price target of $87.85, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

$LEN
Asia Markets

US Equity Investors to Focus on Inflation Data as April Ceasefire Tested Following Iran-Israel Overnight Strikes

US equity investors will focus on the inflation data, a worsening conflict in the Middle East, and the likely public listing of SpaceX this week.* The consumer and wholesale price indexes for May are due Wednesday and the Thursday, respectively, with initial jobless claims likely on the latter. Michigan consumer sentiment preliminary and inflation expectations is due Friday. Existing home sales and ADP employment change are set for Tuesday.* The strength in the CPI is largely coming from energy, with gasoline up roughly 8% on the month, alongside idiosyncratic pressures, Jefferies said in a note Friday. "Overall, the firm print looks somewhat skewed by energy and one-offs, but still keeps the inflation backdrop sticky in the near term."* "Seasonal adjustment factors have been haircutting seasonally unadjusted price changes more so in recent years than previously which could have a dampening effect," a Scotiabank note said Friday.* Israel and Iran exchanged fire that extended into Monday morning, in a resumption of violence that tested President Donald Trump's Middle East ceasefire, The Wall Street Journal reported Monday. Trump told The Financial Times that Israel would have to accept any deal the US reaches with Iran, saying "I call all the shots," CNN reported same day.* The overnight exchange will only worsen a "chaotic diplomatic process" with the US, Iran's Foreign Ministry spokesperson was cited as saying in a Reuters news report. Esmaeil Baghaei reportedly added that it would also further exacerbate Tehran's suspicion toward Washington.* SpaceX (SPCX), which likely IPO on June 12, Amazon-backed (AMZN) Anthropic, and Microsoft-backed (MSFT) OpenAI's upcoming public offerings may drag down broader stock markets, Research Affiliates founder Rob Arnott told Bloomberg News on Friday. Index funds will have to trim their current positions to make room for new entrants.* Quarterly earnings due include Oracle (ORCL), Adobe (ADBE), Lennar (LEN), and Trip.com (TCOM).

Dow JonesNasdaq CompositeS&P 500$ADBE$LEN$ORCL$TCOM
Wire

Evercore ISI Adjusts Lennar Price Target to $82 From $89, Maintains Underperform Rating

Lennar (LEN) has an average rating of Underweight and mean price target of $89, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $88.09, Change: $-0.88, Percent Change: -0.99%

$LEN