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VF Shares Tumble After Reporting Wider-Than-Expected Fiscal First-Quarter Loss
US Markets

VF Shares Tumble After Reporting Wider-Than-Expected Fiscal First-Quarter Loss

VF (VFC) shares fell sharply Wednesday after the apparel and footwear company reported a wider-than-expected fiscal first-quarter loss despite topping Wall Street's revenue estimates.VF shares were down 17% in recent Wednesday trading and have fallen about 16% this year.The company's adjusted loss widened to $0.27 per share in the quarter ended June 27 from $0.24 a year earlier. The FactSet-polled consensus was for a non-GAAP loss of $0.22 per share.Revenue fell 5.1% to $1.67 billion but still topped the Street's view of $1.64 billion. Sales for The North Face and Timberland increased 6% and 4%, respectively, year over year, while Vans' revenue fell 8% as a drop in wholesale volumes offset growth in direct-to-consumer business in America."We began signaling a few quarters ago that the (Vans) business would turn around first in DTC, then wholesale. And that's exactly what continues to happen," Chief Executive Bracken Darrell said in prepared remarks. "We expected to be a little bit better in (first quarter) than we were, but this quarter doesn't at all change our indication of what we will see for the full year."The company raised its fiscal 2027 revenue guidance, now expecting constant-currency growth of 2% or better from fiscal 2026 revenue of $9.61 billion. It previously expected a 1% to 2% gain. Analysts estimate fiscal 2027 revenue of $9.48 billion."For The North Face and Timberland, we expect the full year to be in line with their respective growth rates from last year, plus or minus a point or two on either side. For Vans, we continue to expect revenue trends to improve relative to last fiscal year, down mid-single digits," Chief Operating Officer Abhishek Dalmia said.Truist Securities noted that despite growing momentum on TikTok for Vans' Pearlized and Souvenir Old Skool styles along with its Knu Skool collaboration with BAPE, "we still haven't seen a positive inflection for the broader assortment overall.""(We) believe that investors may be overly optimistic on (long-term) profitability improvements due to (near-term) tariff-refund related benefits," Truist said. The brokerage added that VF's fiscal 2027 margin guidance includes an estimated $41 million net boost from one-time tariff refunds, and many investors have misinterpreted the disclosures, viewing the outlook as sustainable run-rate profitability.The company named Dalmia as its and chief financial officer, effective Aug. 1. He succeeds Paul Vogel, who will step down to serve in an advisory role to assist with the transition.Elsewhere in the apparel sector, Nike (NKE) reported a fiscal fourth-quarter revenue beat on June 30, while Levi Strauss (LEVI) raised its full-year outlook earlier in the month as second-quarter results topped analysts' estimates.Price: $15.14, Change: $-3.12, Percent Change: -17.07%

$LEVI$NKE$VFC
Wire

Levi Strauss Shares Lower After Wells Fargo Downgrade

Levi Strauss & Co (LEVI) shares were down over 1% in Tuesday trading after Wells Fargo downgraded the stock to equal weight from overweight.Trading volume stood at more than 1.7 million shares, compared with a daily average of about 2.8 million.Price: $25.18, Change: $-0.35, Percent Change: -1.37%

$LEVI
Research

Wells Fargo Downgrades Levi Strauss & Co. to Equalweight From Overweight, Price Target is $25

Levi Strauss & Co. (LEVI) has an average rating of overweight and mean price target of $28.20, 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://finwires.com/en/contact)

$LEVI
Insider Trading

Levi Strauss Insider Sold Shares Worth $2,377,048, According to a Recent SEC Filing

Harmit J Singh, Executive Vice President, Chief Financial and Growth Officer, on July 23, 2026, sold 98,144 shares in Levi Strauss (LEVI) for $2,377,048. Following the Form 4 filing with the SEC, Singh has control over a total of 98,747 Class A common shares of the company, with 98,747 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/94845/000199937126015876/xslF345X05/singh-form4.xml

$LEVI
Sectors

Sector Update: Consumer Stocks Mixed Late Afternoon

Consumer stocks were mixed late Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) increasing 1.2%.In sector news, the US Senate Commerce Committee is set to vote July 15 on a bipartisan legislation that tightens the ban on China-made vehicles' sale in the country, Reuters reported. The legislation proposes to codify a rule imposed by the Biden administration to ban Chinese companies from selling passenger vehicles in the US, the report said.In corporate news, Paramount's (PSKY) $110 billion acquisition of Warner Bros. Discovery (WBD) may face lawsuits from US states to block the deal as soon as next week, Reuters reported. Paramount shares fell 4%.Levi Strauss (LEVI) shares declined 2% after the company's new full-year earnings outlook fell short of Wall Street's estimates even as its fiscal Q2 results topped views.PepsiCo (PEP) reported fiscal Q2 results above Wall Street's estimates on Thursday, although soft consumer spending in the US weighed on its North American performance. Its shares were down 3.6%.Simply Good Foods (SMPL) lifted its full-year sales outlook on Thursday as it recorded better-than-expected fiscal Q3 results. Its shares rose 2.7%.

$LEVI$PEP$PSKY$SMPL
Sectors

Sector Update: Consumer

Consumer stocks were mixed late Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) increasing 1.3%.In corporate news, Levi Strauss (LEVI) shares fell 2% after the company's new full-year earnings outlook fell short of Wall Street's estimates even as its fiscal Q2 results topped views.

$LEVI
Wire

Levi Strauss' Transformation Should Drive Growth, UBS Says

Levi Strauss (LEVI) is transforming into a global, multi-channel lifestyle brand, a shift that should drive mid-single digit revenue growth and mid-teens margin growth over time, UBS Securities said in a note Thursday.UBS analysts said they model a 13% five-year EPS compound annual growth rate, with more beat-and-raise quarters expected as the turnaround plays out."This will drive not only upward EPS revisions, but also a rerating which sends LEVI's current ~14x P/E higher," the note said.Following its beat-and-raise Q2, the report said updated forecasts now also consider a stronger 2026 topline outlook given the company's momentum in US wholesale and Asia.UBS kept its buy rating with a price target of $34.Price: $24.89, Change: $+0.52, Percent Change: +2.11%

$LEVI
Commodities

Exchange-Traded Funds Higher, Equity Futures Mixed Pre-Bell Thursday as Chip Stocks Rebound Despite US-Iran Tensions

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.3%, and the actively traded Invesco QQQ Trust (QQQ) advanced 0.9% in Thursday's premarket activity, as investors returned to chip stocks while monitoring escalating tensions between Washington and Tehran.US stock futures were mixed, with S&P 500 Index futures up 0.2%, Dow Jones Industrial Average futures slipping 0.1%, and Nasdaq futures gaining 0.6% before the start of regular trading.US initial jobless claims fell to a level of 215,000 in the week ended July 4 from an upwardly revised 217,000 level in the previous week, compared with expectations for a level of 217,000 in a survey of analysts compiled by Bloomberg.The existing home sales data will be released at 10:00 am ET, followed by natural gas stocks data at 10:30 am ET.New York Federal Reserve President John Williams and Dallas Fed President Lorie Logan are slated to speak on Thursday.In premarket action, bitcoin was up by 0.8%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.8% higher, Ether ETF (EETH) advanced 0.1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.4%, while the Vanguard Industrials Index Fund (VIS) was up 0.3% and the iShares US Industrials ETF (IYJ) was flat.FuelCell Energy (FCEL) stock was up more than x% before the opening bell after the company and Siemens agreed to collaborate on fuel cell-based power generation.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.3%, the Vanguard Health Care Index Fund (VHT) was 0.9% higher, while the iShares US Healthcare ETF (IYH) gained by 0.2%. The iShares Biotechnology ETF (IBB) was up 0.8%.AstraZeneca (AZN) stock was down more than 8% premarket, and Ionis Pharmaceuticals (IONS) fell over 20% after the partners said a phase 3 trial for eplontersen in patients with transthyretin-mediated amyloid cardiomyopathy, or ATTR-CM, failed to meet the primary efficacy endpoint.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 1.8%, the iShares US Technology ETF (IYW) was 1.4% higher, and the iShares Expanded Tech Sector ETF (IGM) was up 1.5%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) increased by 3.9%, while the iShares Semiconductor ETF (SOXX) rose 4.9%.Applied Materials (AMAT) shares were up more than 4% in premarket activity after Nikkei Asia reported, citing CEO Gary Dickerson, that the company is seeing stronger long-term visibility into semiconductor equipment demand as major chipmakers share production plans extending well beyond 2027.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.4%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) retreated by 1.1%, and the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.3%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.3% lower.Levi Strauss (LEVI) shares were down nearly 4% early Thursday after the company's new full-year earnings outlook fell short of analyst estimates even as its fiscal Q2 results topped views.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.3%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.4% lower.Broadridge Financial Solutions (BR) shares traded up 1% in early hours activity after the company said that Centralised Raiffeisen International Services & Payments, the shared services center of Raiffeisen Bank International, has upgraded to its cloud-based BRx Match reconciliation platform.EnergyThe iShares US Energy ETF (IYE) gained 1.3%, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.3%.Sempra (SRE) stock was down more than 1% before market open. The company said Wednesday that its Sempra Infrastructure unit shipped the first liquefied natural gas cargo from the ECA LNG Phase 1 project in Mexico, marking a milestone ahead of the facility's expected commercial operations later this summer.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 0.4% to $73.82 per barrel on the New York Mercantile Exchange. Natural gas was down by 0.8% to $3.19 per 1 million British Thermal Units. The United States Oil Fund (USO) retreated by 0.4%, while the United States Natural Gas Fund (UNG) was 0.8% lower.Gold futures for July rose 1% to $4,122.20 an ounce on the Comex. Silver futures advanced by 1.9% to $59.67 an ounce. SPDR Gold Shares (GLD) increased 0.8%, and the iShares Silver Trust (SLV) was 1.8% higher.

Dow JonesNasdaq CompositeS&P 500$AMAT$AZN$BETH$BITO$BR$EEM$EETH$EXI$FAS$FAZ$FCEL$GLD$IBB$IGM$IGV$IONS$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$LEVI$PMR$QQQ$RTH$SLV$SOXX$SPY$SRE$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Levi Strauss' Upgraded Fiscal 2026 Earnings Outlook Falls Short of Street Views; Shares Down Pre-Bell
US Markets

Levi Strauss' Upgraded Fiscal 2026 Earnings Outlook Falls Short of Street Views; Shares Down Pre-Bell

Levi Strauss (LEVI) shares were down early Thursday after the company's new full-year earnings outlook fell short of Wall Street's estimates even as its fiscal second-quarter results topped views.The denim maker now projects fiscal 2026 adjusted earnings at $1.46 to $1.52 a share, up from its previous outlook range of $1.42 to $1.48, the company said late Wednesday. The Street is looking for $1.53.Levi Strauss shares were down 5.3% in premarket activity Thursday. The stock has jumped nearly 18% so far in 2026.The company now expects full-year net revenue to grow by 7% to 7.5%, compared with its prior guidance range of 5.5% to 6.5% growth."Based on our strong first-half performance and business momentum, we are raising our full-year outlook," Chief Financial and Growth Officer Harmit Singh said during an earnings call, according to a FactSet transcript. "The tariff environment continues to be uncertain, and our updated guidance continues to assume incremental US tariffs on imports from China at a 30% rate and the rest-of-the-world at 20%."The guidance doesn't assume any benefit from potential tariff-related refunds, which are roughly $80 million paid to date, according to Singh.For the three months through May, Levi Strauss' adjusted EPS increased to $0.28 from $0.22 a year earlier, topping the Street's $0.24 views. Net revenue advanced 8% to $1.56 billion, ahead of the $1.52 billion modeled by analysts. Organic net revenue rose 5.7%."We delivered another strong quarter driven by broad-based growth across markets, channels and categories," Singh said in an earnings release. "That growth translated into higher profitability through gross margin expansion and disciplined (selling, general and administrative expenses) leverage."For the ongoing quarter, the denim maker expects adjusted EPS of $0.34 to $0.36 on revenue growth of 4% to 5%, Singh said on the call. The bottom-line guidance includes a $0.02 to $0.03 per-share headwind from a higher tax rate and foreign exchange, according to Singh. The Street is looking for third-quarter non-GAAP EPS of $0.36.Levi Strauss raised its quarterly dividend by $0.02 to $0.16 per share, payable Aug. 5 to shareholders of record July 22.

$LEVI
US Stocks Fall Pre-Bell After Trump Reportedly Says Ceasefire Deal With Iran 'Over'
US Markets

US Stocks Fall Pre-Bell After Trump Reportedly Says Ceasefire Deal With Iran 'Over'

US stock prices were falling in Wednesday's premarket session as oil prices jumped after President Trump reportedly said the US ceasefire agreement with Iran was "over."S&P 500 futures declined 0.7%, Dow Jones Industrial Average futures fell 0.9% and Nasdaq futures were off 1% before the opening bell. The indexes finished the previous trading session lower.During a North Atlantic Treaty Organization summit in Turkey on Wednesday, Trump said the memorandum of understanding signed with Iran last month to end the war in the Middle East was "over," according to several media outlets."To me, I think it's over," Trump said, according to CNBC. "I don't want to deal with them anymore."Trump's comments came after the US Central Command said Tuesday its forces completed a "new round of offensive strikes" against Tehran, following its attacks on commercial vessels transiting through the Strait of Hormuz. Iran's Islamic Revolutionary Guard Corps launched strikes on US military targets across Bahrain and Kuwait in response to Washington's attacks, CNN reported, citing the IRGC.The US Treasury Department also revoked a general license that authorized the sale of Iranian oil, petrochemicals and petroleum products, according to a Tuesday statement from the Office of Foreign Assets Control.West Texas Intermediate crude oil jumped 5% to $73.99 a barrel before the open, while Brent spiked 5.2% to $78.02.The Federal Reserve is scheduled to post minutes of its last policy meeting in June at 2 pm ET, which will be assessed for fresh insight on the central bank's monetary policy. At the meeting, policymakers kept their benchmark lending rate steady for a fourth consecutive time.US Treasury yields were moving higher in premarket action, with the two-year rate increasing 4.8 basis points to 4.21% and the 10-year rate adding 4.2 basis points to 4.57%.Wednesday's economic calendar also includes the weekly mortgage applications bulletin at 7 am, followed by the weekly EIA domestic petroleum inventories report at 10:30 am.Shares of SpaceX (SPCX) rebounded 1.2% pre-bell after falling 6.8% at the close of Tuesday's session. Alibaba Group's (BABA) US-listed stock climbed 9.1%.MasTec (MTZ) edged up 0.5% as the infrastructure engineering and construction company agreed to acquire electrical contractor Superior Group in a cash and stock deal worth roughly $1.65 billion.Levi Strauss (LEVI) is scheduled to release its latest financial results before the bell, while PriceSmart (PSMT) and AZZ (AZZ) post their earnings after the markets close.Gold dropped 2.3% to $4,062 per troy ounce, while bitcoin slipped 2.6% to $62,068.

Dow JonesNasdaq CompositeS&P 500$AZZ$BABA$LEVI$MTZ$PSMT$SPCX
Wire

Levi Strauss Insider Sold Shares Worth $4,855,606, According to a Recent SEC Filing

Robert D. Haas, 10% Owner, on June 12, 2026, sold 202,135 shares in Levi Strauss (LEVI) for $4,855,606.SEC Filing:https://www.sec.gov/Archives/edgar/data/94845/000149315226028673/xslF345X05/ownership.xmlPrice: $24.01, Change: $-0.01, Percent Change: -0.02%

$LEVI
Insider Trading

Levi Strauss Insider Sold Shares Worth $11,860,121, According to a Recent SEC Filing

Robert D. Haas, 10% Owner, on June 10, 2026, sold 492,033 shares in Levi Strauss (LEVI) for $11,860,121.SEC Filing:https://www.sec.gov/Archives/edgar/data/94845/000149315226028329/xslF345X05/ownership.xml

$LEVI
Insider Trading

Levi Strauss Insider Sold Shares Worth $4,505,437, According to a Recent SEC Filing

Robert D. Haas, 10% Owner, on May 26, 2026, sold 198,283 shares in Levi Strauss (LEVI) for $4,505,437.SEC Filing:https://www.sec.gov/Archives/edgar/data/94845/000149315226025569/xslF345X05/ownership.xmlPrice: $23.87, Change: $+0.48, Percent Change: +2.07%

$LEVI
Insider Trading

Levi Strauss Insider Sold Shares Worth $4,567,914, According to a Recent SEC Filing

Robert D. Haas, 10% Owner, on May 21, 2026, sold 207,549 shares in Levi Strauss (LEVI) for $4,567,914.SEC Filing:https://www.sec.gov/Archives/edgar/data/94845/000149315226025191/xslF345X05/ownership.xmlPrice: $22.71, Change: $+0.69, Percent Change: +3.13%

$LEVI
Insider Trading

Levi Strauss Insider Sold Shares Worth $5,394,325, According to a Recent SEC Filing

Harmit J Singh, Executive Vice President & Chief Financial & Growth Officer, on April 20, 2026, sold 231,767 shares in Levi Strauss (LEVI) for $5,394,325. Following the Form 4 filing with the SEC, Singh has control over a total of 148,757 Class A common shares of the company, with 148,757 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/94845/000199937126008745/xslF345X05/singh-form4_042226.xml

$LEVI
US Markets

Most Softline Retailers Poised to Meet or Top Quarterly Earnings Views, UBS Says

Most US softline retailers are expected to report upcoming quarterly earnings either in line or above Wall Street's estimates, while consumer spending could rise notably if the Middle East conflict ends soon, UBS Securities said Monday.A survey conducted by the brokerage during the first two weeks of this month showed that consumer spending intentions remained "good," particularly for apparel and footwear despite headwinds from the US-Israel war with Iran that started at the end of February, UBS analysts, including Jay Sole said in a note to clients."We believe the market is overestimating the negative impact of high oil prices on softline company margins," UBS said. "We see most softline companies either meeting or beating (first-quarter) expectations during this upcoming earnings season."The war, which has impacted several Middle East countries, has sent energy prices soaring amid the closure of the Strait of Hormuz, the world's most important chokepoint for crude flows.US retail gasoline prices averaged $4.042 per gallon Monday, compared with $3.151 a year ago, according to data from AAA, a travel organization that tracks fuel prices in the country."US consumers' view of the economy has been somewhat impacted (month on month) by the Middle East conflict and rising gas prices," the UBS analysts said Monday. "Yet, the data show potential for a strong pop in US consumer spending if the Middle East conflict ends soon and gas prices return to pre-conflict levels. This is a main reason we remain bullish."On Holding (ONON), Deckers Outdoor (DECK), Gildan Activewear (GIL), Burlington Stores (BURL), Levi Strauss (LEVI), Ralph Lauren (RL), and TJX (TJX) are among the softline stocks that UBS said it likes and rates as buy. The brokerage said it likes these stocks over several big names such as Nike (NKE) and Lululemon Athletica (LULU), according to the note."We believe the market is significantly underestimating the potential for (artificial intelligence) to positively impact softline companies' sales and margins," the analysts said.On Saturday, Iran took back control the Strait of Hormuz after temporarily opening the waterway to commercial vessels Friday. The US and Iran have accused each other of violating a two-week ceasefire announced April 7, leaving the situation in the Middle East in limbo.Price: $37.24, Change: $+0.29, Percent Change: +0.78%

$BURL$DECK$GIL$LEVI$LULU$NKE$ONON$RL$TJX
Wire

Update: California AG Unseals Evidence of Amazon's Alleged Price Fixing

(Updates with Amazon's and Walmart's responses to requests for comment.)California Attorney General Rob Bonta on Monday publicly released evidence as part of an ongoing case against Amazon (AMZN) that he said shows the online retail giant, vendors and competing companies, like Target (TGT), Walmart (WMT), Chewy (CHWY), Best Buy (BBY) and Home Depot (HD), colluded to increase retail prices across their platforms."The evidence we've uncovered is clear as day: Amazon is working to make your life more unaffordable. The company is price fixing, colluding with vendors and other retailers to raise costs for Americans beyond what the market requires -- beyond what is fair," Bonta said in a statement."The Attorney General's motion is a transparent attempt to distract from the weakness of its case, coming more than three years after filing its complaint and based on supposedly 'new' evidence it has had for years," an Amazon spokesperson said in an emailed statement to. "Amazon is consistently identified as America's lowest-priced online retailer, and we're proud of the low prices customers find when shopping in our store. Amazon looks forward to responding in court at the appropriate time.""We do not comment on litigation in which we are not a party," a Walmart spokesperson said in an emailed statement to. "We will always work hard on behalf of our customers to keep our prices low."Target, Chewy, Best Buy and Home Depot didn't immediately reply to requests for comment from.Price: $247.75, Change: $-2.81, Percent Change: -1.12%

$AMZN$BBY$CHWY$HD$LEVI$WMT
Wire

California AG Unseals Evidence of Amazon's Alleged Price Fixing

California Attorney General Rob Bonta on Monday publicly released evidence he said shows Amazon (AMZN), vendors and competing companies, like Target (TGT), Walmart (WMT), Chewy (CHWY), Best Buy (BBY) and Home Depot (HD), colluded to increase retail prices across their platforms."The evidence we've uncovered is clear as day: Amazon is working to make your life more unaffordable. The company is price fixing, colluding with vendors and other retailers to raise costs for Americans beyond what the market requires -- beyond what is fair," Bonta said in a statement.None of the companies immediately replied to requests for comment from.Price: $247.68, Change: $-2.88, Percent Change: -1.15%

$AMZN$BBY$CHWY$HD$LEVI$WMT
US Markets

Stocks Rise, Oil Declines Pre-Bell as US, Iran Agree to Two-Week Ceasefire

US equity futures were pointing higher on Wednesday while oil prices fell as the US and Iran agreed to a two-week ceasefire, potentially paving the way for the reopening of the crucial Strait of Hormuz.The S&P 500 rose 2.6%, the Dow Jones Industrial Average increased 2.4% and the Nasdaq advanced 3.3% before the opening bell. The S&P 500 and the Nasdaq finished the previous trading session in the green, while the Dow closed lower.In a social media post on Tuesday, President Donald Trump announced that he agreed to suspend "the bombing and attack of Iran for a period of two weeks" based on conversations and requests from Pakistan's Prime Minister Shehbaz Sharif and Field Marshal Asim Munir. The suspension of hostilities is subject to Iran agreeing to the "complete, immediate, and safe opening" of the Strait of Hormuz, according to Trump."We received a 10 point proposal from Iran, and believe it is a workable basis on which to negotiate," Trump said in his post. "Almost all of the various points of past contention have been agreed to between the (US) and Iran, but a two week period will allow the agreement to be finalized and consummated."Trump had previously set an 8 pm ET deadline on Tuesday for Iran to fully reopen the strait or face destructive military attacks.In a separate statement shared on X, Iran's Foreign Minister Seyed Abbas Araghchi said Tehran will halt its defensive operations if attacks against it are stopped. Iran will also allow "safe passage" through the Strait of Hormuz, a key route for crude flows, during the two-week ceasefire through coordination with its armed forces and "with due consideration of technical limitations," according to Araghchi.Pakistan has invited US and Iranian delegations to Islamabad on Friday to further negotiate a "conclusive agreement to settle all disputes," Sharif said on X. Reuters reported earlier in the week that Pakistan put forward a proposal to both countries for an immediate ceasefire followed by a broader agreement to permanently end their war.The US-Israel war with Iran began at the end of February, disrupting shipments through the Strait of Hormuz and driving up energy prices. The conflict spread across the Middle East, with Gulf countries forced to intercept missiles and drones fired by Tehran.West Texas Intermediate crude oil dropped 16% to $94.39 a barrel in premarket action, while Brent fell 14% to $94.18.The Fed is scheduled to post minutes of its last policy meeting at 2 pm, which will be assessed for fresh insight on the central bank's monetary policy. Last month, the central bank held interest rates steady, saying the Middle East conflict poses uncertainty to the US economic outlook.Markets widely expect the Fed to keep its benchmark lending rate steady at its next policy meeting later in April, according to the CME FedWatch tool.Treasury yields plunged before the open, with the two-year rate declining 9.7 basis points to 3.74% and the 10-year rate falling 9.5 basis points to 4.25%.Wednesday's economic calendar also has the weekly mortgage applications bulletin at 7 am, followed by the weekly EIA domestic petroleum inventories report at 10:30 am.Delta Air Lines (DAL) and RPM International (RPM) report their latest financial results before the bell, among others. Constellation Brands (STZ) releases its earnings after the markets close.Shares of Levi Strauss (LEVI) jumped 11% pre-bell as the denim maker lifted its full-year outlook. Palo Alto Networks (PANW) inclined 2.1% while Trade Desk (TTD) was up nearly 4%.Gold gained 2.5% to $4,800 per troy ounce, while bitcoin climbed 4.3% to $71,663.

Dow JonesNasdaq CompositeS&P 500$DAL$LEVI$PANW$RPM$STZ$TTD

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