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Asia Markets

Update: US Equity Futures Mixed Pre-Bell as Traders Assess August Employment Report

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were mixed pre-bell Friday as traders parsed the employment report for August for a view on how the labor market is faring.Dow Jones Industrial Average futures were 0.3% lower, S&P 500 futures were down 0.3%, and Nasdaq futures were 0.1% higher.Federal Reserve Governor Christopher Waller told Reuters Thursday he is leaning toward keeping interest rates steady at the central bank's September meeting if upcoming inflation data shows that price pressures are continuing to moderate. However, he added, "If inflation comes in hot, I would consider a rate hike."The EU has formally joined US-led economic sanctions on Iran. In a post on X, US Treasury Secretary Scott Bessent said, "The world is sending a clear message to the Iranian regime: We will not stop until every remaining financial lifeline has been severed."Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.7% at $94.89 per barrel and US West Texas Intermediate crude 0.9% lower at $90.48 per barrel.The August national unemployment rate was reported at 4.1%, unchanged from the prior month and meeting expectations according to estimates compiled by Bloomberg.In other world markets, Japan's Nikkei closed 1.3% higher, Hong Kong's Hang Seng ended 1.7% higher, and China's Shanghai Composite finished 0.3% lower. Meanwhile, the UK's FTSE 100 was flat, and Germany's DAX index was 0.4% higher in Europe's early afternoon session.In equities, Tesla (TSLA) shares dropped 3.1% after the US National Highway Traffic Safety Administration said that the company's Cybercab is under investigation over the process used to claim compliance with federal vehicle safety standards. BHP Group (BHP) stock was down 1.8% after the company said it was aware of recent media speculation regarding a potential partnership involving part of its Western Australia Iron Ore business. Lululemon Athletica (LULU) shares fell more than 20% after the company reported late Thursday a decline in its fiscal Q2 results and cut its full-year outlook.On the winning side, Nvidia (NVDA) shares rose 1.1% after a CNBC report that the company has increased its equity investments more than ten-fold in the past year to $99 billion as of July 26. United Microelectronics (UMC) stock was up 2.3% after the company reported sales of 25.04 billion New Taiwan dollars ($790.6 million) in August, up 30.71% from a year earlier.

Dow JonesNasdaq CompositeS&P 500$BHP$LULU$NVDA$TSLA$UMC
Lululemon Athletica Shares Plunge as Retailer Cuts Outlook Amid Tough Market Dynamics
US Markets

Lululemon Athletica Shares Plunge as Retailer Cuts Outlook Amid Tough Market Dynamics

Lululemon Athletica (LULU) shares tumbled in premarket trading on Friday after the athletic apparel retailer lowered its full-year outlook amid challenging market dynamics and continued pressure on the brand.The company now anticipates per-share earnings in the range of $9.48 to $9.73 for fiscal 2026, it said late Thursday, down from prior projections of $10.95 to $11.15. Revenue is expected in the range of $10.35 billion to $10.5 billion, compared with the previous guidance of $11 billion to $11.15 billion.The current FactSet consensus is for EPS of $10.11 and sales of $10.57 billion for the ongoing fiscal year. Lululemon's stock plunged 20% in most recent premarket activity, and had lost 41% this year through Thursday close.The overall response to Lululemon's product launches remained "inconsistent" heading into the third quarter, interim co-Chief Executive Meghan Frank said during an earnings call, according to a FactSet transcript."We've continued to see pressure on the brand in both of our largest markets," Frank said, pointing to North America and China. "Based on our assessment of these current trends, we've updated our guidance for the remainder of the year."Lululemon appointed industry veteran Heidi O'Neill as its new chief executive in April. She is set to take the helm next week.Last month, UBS Securities said it expected weak sales growth for Lululemon in China and the US. The growing demand risk in China is driven by self-inflicted public relations blunders, including a social media backlash over its Great Wall event and concerns around polyfluoroalkyl substances in products, the brokerage said at the time."We faced negative commentary in the media and social channels, which impacted traffic and softer-than-planned response to some new product launches, which contributed to a moderating sales trend," Frank told analysts.For the current quarter, Lululemon expects EPS between $0.93 and $0.98. Revenue is set to be in a range of $2.29 billion to $2.32 billion, representing an annual decline of 10% to 11%. The Street is looking for EPS of $1.21 and sales of $2.34 billion.The second-half guidance assumes a slower trend in North America relative to the second quarter, while international performance is expected to remain broadly consistent with second-quarter trends, Frank said.Comparable sales in the quarter ended Aug. 2 fell 9%, versus the market's forecast that called for a 4.6% decrease. The metric slid 12% in the Americas, and 2% in China. Revenue fell 4% year on year to $2.42 billion, below the Street's view of $2.46 billion.Lululemon's earnings slipped to $2.92 per share in the second quarter from $3.10 the year before, but came in ahead of the average analyst estimate of $1.79.In August, sportswear maker Under Armour (UAA, UA) lowered its full-year revenue outlook amid weak demand in North America and Asia Pacific.

$LULU$UA$UAA
Stocks Mostly Down Pre-Bell as Investors Monitor Latest Middle East Developments
US Markets

Stocks Mostly Down Pre-Bell as Investors Monitor Latest Middle East Developments

US equity markets were mostly pointing lower before the opening bell Thursday as traders continue to monitor the latest developments in the Middle East.The S&P 500 edged down 0.1%, and the Nasdaq was off 0.2% in premarket activity, while the Dow Jones Industrial Average nudged 0.1% higher. The indexes finished the previous trading session in the green, snapping a three-day losing streak.President Donald Trump told reporters on Wednesday that renewed attacks against Iran aren't likely to last "too long," according to multiple media outlets. US forces struck Iranian military targets earlier in the week."We took out all of the new equipment that they tried to build along the Strait of Hormuz -- some defensive, some offensive," Trump reportedly said, according to Bloomberg News. "It was a very heavy attack last night, and we're prepared to do another one any time we want."Top officials in the Trump administration are seeking to prevent the war with Iran from escalating ahead of November's midterm elections, while considering ramping up military action after the vote, Reuters reported Wednesday, citing people familiar with the discussions.Kuwait's army said Thursday it was intercepting missile and drone attacks from Iran targeting US bases in the country, CNBC reported.West Texas Intermediate crude oil rose 1.7% to $92.52 a barrel before the open, while Brent increased 1.6% to $97.16.Treasury yields were trending lower in premarket action, with the two-year rate retreating 1.1 basis points to 4.38% and the 10-year rate decreasing 0.8 basis points to 4.79%.Federal Reserve Bank of New York President John Williams told CNBC in an interview on Wednesday that the recent spike in Treasury yields reflects a strong economy, not market dysfunction.Employers in the US announced 52,881 layoffs in August, up 58% from the month prior but down 38% year over year, according to Challenger, Gray & Christmas' latest report. US private sector employment grew at its slowest pace in seven months in August, ADP (ADP) data showed Wednesday.Thursday's economic calendar also has the weekly jobless claims bulletin and the international trade in goods and services report for July at 8:30 am ET. The purchasing managers' index composite final report from S&P Global (SPGI) for August is out at 9:45 am, followed by the Institute for Supply Management's services index for the same month at 10 am.Federal Reserve Governor Christopher Waller is scheduled to speak at 8:30 am, while Cleveland Fed President Beth Hammack speaks at 3 pm.Shares of Broadcom (AVGO) and Hewlett Packard Enterprise (HPE) declined 3.3% and 3.7%, respectively, pre-bell after reporting their latest financial results. Snowflake (SNOW) jumped 24% as the firm lifted its full-year product revenue outlook.Ciena (CIEN), Toro (TTC), Campbell's (CPB) and Victoria's Secret (VSXY) are expected to release their quarterly earnings before the bell, among others. Zscaler (ZS), Guidewire Software (GWRE), Lululemon Athletica (LULU), DocuSign (DOCU) and UiPath (PATH) post their results after the markets close.Gold gained 1.2% to $4,469 per troy ounce, while bitcoin increased 0.5% to $77,597.

Dow JonesNasdaq CompositeS&P 500$AVGO$CIEN$CPB$DOCU$GWRE$HPE$LULU$PATH$SNOW$TTC$VSXY$ZS
Asia Markets

Update: US Equity Indexes Rise With Tech While Treasury Yields, Crude Oil Slide as Process to Tighten Noose Around Iran Begins

(Updates with index/price moves, macroeconomic data, analyst comments and company/geopolitical news from the first paragraph.)US equity indexes rose as technology topped sector charts while government bond yields and crude oil extended declines after the Treasury Department began a campaign to tighten sanctions on Iran.The Nasdaq Composite advanced 0.5% to 26,151.30, the S&P 500 climbed 0.3% to 7,677.28, and the Dow Jones Industrial Average edged up 0.3% to 53,577.40 on Tuesday. Communication services was one of the biggest gainers, while energy and consumer staples led decliners at the close. Nvidia's (NVDA) quarterly earnings are due after the bell on Wednesday.The Treasury Department is targeting aviation, shipping, technology, gold and digital assets such as cryptocurrency to choke off Iran's economy, CNN reported. The US is also threatening to impose damaging new sanctions on countries that refuse to cut economic ties with Tehran.Iran pledged to fight back against expanded US sanctions, expressing confidence that major trading partners would resist the pressure campaign and saying that Washington was keen to revive talks, Reuters reported.Hours after the US sanctioned dozens of Chinese entities and threatened to target an unspecified "major financial institution" for its dealings with Tehran, Beijing responded by saying its relationship with Iran "should not be disrupted or undermined," Bloomberg reported. China will take "all necessary measures" to safeguard its interests, Foreign Ministry spokesperson Lin Jian was cited as saying.China is the number one buyer of Iranian oil and has insisted it will keep buying about 1.4 million barrels per day, or more than 80% of Iran's crude it currently imports despite US sanctions, according to a Stifel note.The front-month US West Texas Intermediate crude oil contract sank 5.5% to $80.34 per barrel, and global benchmark North Sea Brent plunged 6.5% to $86.18 per barrel.US Treasury yields fell on Tuesday. The 30-year slumped 7.4 basis points to 5.16%, the 10-year dropped 8.1 basis points to 4.62%, and the two-year retreated six basis points to 4.19%.Treasury Secretary Scott Bessent's surprise plan to tamp down US borrowing costs by expanding bond buybacks is having an impact as Treasuries have outperformed equivalent-maturity swaps, narrowing the 30-year spread between the two to the smallest since February, Bloomberg reported.The US administration may be trying to create space for more corporate bond issuance in H2, with the specific goal of helping accelerate the AI infrastructure build-out, bringing the benefits of that build-out sooner and at a lower financial cost than otherwise would have been possible, a Macquarie note said.Meanwhile, the Conference Board's measure of consumer confidence fell to 89.4 in August from 90.2 in July, compared with expectations for no change in a survey compiled by Bloomberg. New home sales fell to a 607,000 annual rate in July from an upwardly revised 678,000 in June, below the 620,000 expected in a survey compiled by Bloomberg. Home sales were down 6.3% from a year ago.July's personal consumption expenditures, or PCE, a key data point in monetary policy formulation, is due Wednesday.Dick's Sporting Goods (DKS) lowered its full-year outlook amid a challenging athletic footwear and apparel marketplace while fiscal Q2 results missed market estimates. Shares sank 31%. Among the steepest decliners on the Dow and the S&P 500 were sports goods retailers Nike (NKE) and Lululemon Athletics (LULU).

Dow JonesNasdaq CompositeS&P 500$DKS$LULU$NKE$NVDA
Asia Markets

Update: Technology Helps Push US Equity Indexes Higher Amid Declines in Treasury Yields, Crude Oil

(Updates with index/price moves, macroeconomic data, and company news from the first paragraph.)US equity indexes rose as technology topped sector charts while government bond yields and crude oil extended declines after Iran vowed to retaliate against the Trump administration's plans to choke its fragile economy.The Nasdaq Composite advanced 0.6% to 26,141.5, the S&P 500 climbed 0.3% to 7,675.6 and the Dow Jones Industrial Average edged up 0.1% to 53,493.8. Consumer staples and energy led the decliners.Among companies with market capitalizations exceeding $200 billion each, more than half of the top 10 names by intraday returns were in the technology sector, according to data compiled by Finviz. Of those seven firms, five were related to the semiconductor industry. Marvell Technology (MRVL) led the pack, up 5.6%.US Treasury yields dropped after midday. The 30-year slumped 5.8 basis points to 5.17%, the 10-year dropped 5.9 basis points to 4.64% and the two-year retreated 5.3 basis points to 4.2%.Iran pledged to fight back against expanded US sanctions aimed at isolating its economy, expressing confidence that major trading partners would resist the pressure campaign and saying that Washington was keen to revive talks, Reuters reported.Hours after the US sanctioned dozens of Chinese entities and threatened to target an unspecified "major financial institution" for its dealings with Tehran, Beijing responded by saying its relationship with Iran "should not be disrupted or undermined," Bloomberg reported. China will take "all necessary measures" to safeguard its interests, Foreign Ministry spokesperson Lin Jian was cited as saying.The front-month US West Texas Intermediate crude oil contract retreated 3.4% to $82.09 per barrel, and global benchmark North Sea Brent slumped 3.8% to $88.69 per barrel.A Canada-US trade deal could still be reached by year-end despite renewed tariff tensions, Commerzbank Research said in a Tuesday note. Monday's US tariffs on Canadian vehicles, auto parts and steel are set to take effect from the start of next year.Meanwhile, in economic news, the Conference Board's measure of consumer confidence fell to 89.4 in August from 90.2 in July, compared with expectations for no change in a survey compiled by Bloomberg.New-home sales fell to a 607,000 annual rate in July from an upwardly revised 678,000 in June, below the 620,000 expected in a survey compiled by Bloomberg. Home sales were down 6.3% from a year ago.The Richmond Fed's manufacturing index fell to 4 in August from 5 in July, below expectations for 7 in a survey compiled by Bloomberg. In contrast, other regional manufacturing data already released have suggested a faster pace of expansion.Redbook US same-store sales surged 9.1% from a year earlier in the week ended Aug. 22 after a 7.6% jump in the prior week. Redbook noted strong back-to-school sales.In company news, Dick's Sporting Goods (DKS) lowered its full-year outlook amid a challenging athletic footwear and apparel marketplace while fiscal Q2 results missed market estimates. Shares sank 29%. Among the steepest decliners on the Dow and the S&P 500 were sports goods retailers Nike (NKE) and Lululemon Athletics (LULU), down 2.7% and 4.2%, respectively.

Dow JonesNasdaq CompositeS&P 500$DKS$LULU$MRVL$NKE
Wire

Lululemon Athletica Expected to Cut Fiscal 2026 Outlook on Weak US, China Sales, UBS Says

Lululemon Athletica (LULU) is expected to cut its fiscal 2026 earnings per share outlook due to weaker US and China sales, UBS Securities said in a note Tuesday.The company is scheduled to report fiscal Q2 results on Sept. 3.The analysts said they project Lululemon to lower its fiscal 2026 earnings per share guidance by about $1.25 to $9.70 to $9.90, driven by weaker China and US sales growth. This would be below the $10.93 Street estimate and the market's expected $10.20 to $10.40 bar.They added that they also do not expect major changes to the company's US action plan, as the new chief executive officer starts just one week after the fiscal Q2 results.The analysts said they see limited upside to Lululemon's US and international business outlook from the fiscal Q2 results. "However, we note Lululemon sentiment already leans bearish and thus likely limits price-to-earnings downside. This is why we see only a moderately tilted upside/downside skew around the event."The options market is pricing in a 9.9% move in either direction following fiscal Q2 EPS, compared with a 9.5% historical average, the analysts said, adding that they expect the actual move to be smaller than 9.9%.UBS lowered its price target to $120 from $124 and kept its neutral rating.Price: $117.50, Change: $-5.29, Percent Change: -4.30%

$LULU
Wire

Update: UBS Adjusts Price Target on lululemon athletica to $120 From $124, Keeps Neutral Rating

(Updated to include UBS commentary)UBS lowered its price target on lululemon athletica (LULU) to $120 from $124 ahead of the company's Q2 earnings report, expecting a moderately bearish upside/downside skew.The brokerage believes weak China and US sales growth outlooks will prompt the company to reduce its 2026 EPS guide by roughly $1.25, to a range of $9.70-$9.90, below the Street consensus of $10.93.The brokerage doesn't expect management to announce material changes to its US action plan, because the new chief executive is scheduled to start just one week after the Q2 report.lululemon athletica has an average rating of hold and mean price target of $121.57, according to analysts polled by FactSet.Price: $117.71, Change: $-5.07, Percent Change: -4.13%

$LULU
Lululemon Athletica Set to Top Second Quarter Earnings Expectations on Cost Control, Share Repurchases, UBS Says
US Markets

Lululemon Athletica Set to Top Second Quarter Earnings Expectations on Cost Control, Share Repurchases, UBS Says

Lululemon Athletica (LULU) is poised to top Wall Street's view for its second-quarter earnings per share, driven by cost control and buybacks despite soft global demand, UBS Securities said in a client note Tuesday.UBS expects earnings of $1.84 per share in the second quarter, compared with the analyst consensus of $1.82."We believe global demand softened during the quarter and likely fell short of Street expectations," UBS analysts Jay Sole and Mauricio Serna said. "We anticipate disciplined cost management and greater than expected share repurchase activity drives (Lululemon's second quarter) EPS to come in above expectations."The athletic apparel retailer is expected to lower its fiscal 2026 earnings guidance by $1.25 to $9.70 to $9.90 per share due to "weak" China and US sales growth outlooks, the UBS analysts said. The Street estimate is $10.93.There is little chance that Lululemon's earnings will positively impact investors' sentiment around the direction of the company's US and international businesses, the firm said. "We note (Lululemon) sentiment already leans bearish and thus likely limits price-to-earnings ratio downside," Sole and Serna wrote. "This is why we see only a moderately tilted upside/ downside skew around the event."UBS said that weak online trends in Mainland China point to softer demand for Lululemon and second-quarter gross merchandise value will likely drop 48% year-over-year. "This is a key reason we anticipate below-consensus China Mainland sales growth in (second quarter) and in (second-half)," the note added.The growing demand risk in China is driven by self-inflicted public relations blunders, including a social media backlash over its Great Wall event and concerns around polyfluoroalkyl substances in products, according to the note."We see risk as Alo Yoga continues to sell on Tmall and begins to roll out stores in the region that it further pressures (Lululemon's) China sales growth rate trajectory," UBS said. Alo Yoga is a high-end American sports and lifestyle brand.The brokerage reduced its price target on Lululemon's stock to $120 from $124 and reiterated a neutral rating."While we see a negative risk/reward over the (second quarter) event, we expect Lululemon to perform in-line with peers over (the next twelve months)," Sole and Serna added.The company's second quarter results are scheduled for Sept. 3. Heidi O'Neill joins Lululemon as chief executive on Sept. 8 and will replace interim co-CEOs Meghan Frank and Andre Maestrini.Earlier in August, sportswear maker Under Armour (UAA, UA) reported a fiscal first-quarter sales miss and reduced fiscal 2027 revenue outlook to a mid-single-digit percentage rate decline from a slight drop previously.Lululemon shares were down 4.2% in Tuesday trading and have fallen 43% this year.Price: $117.96, Change: $-4.83, Percent Change: -3.93%

$LULU$UA$UAA
Wire

UBS Adjusts Price Target on lululemon athletica to $120 From $124, Keeps Neutral Rating

lululemon athletica (LULU) has an average rating of hold and mean price target of $121.57, according to analysts polled by FactSet.Price: $118.24, Change: $-4.55, Percent Change: -3.70%

$LULU
Dick's Sporting Goods Lowers Full-Year Outlook Following Second-Quarter Miss
US Markets

Dick's Sporting Goods Lowers Full-Year Outlook Following Second-Quarter Miss

Dick's Sporting Goods (DKS) lowered its full-year outlook on Tuesday amid a challenging athletic footwear and apparel marketplace, while the company's fiscal second-quarter results fell short of market estimates.The athletic goods retailer now expects adjusted earnings to come in between $11 and $12 per share for fiscal 2026, down from its previous projections of $13.50 to $14.50. Sales are pegged to be in a range of $21.9 billion to $22.2 billion, compared with the prior guidance of $22.1 billion to $22.4 billion. The current consensus on FactSet is for non-GAAP EPS of $14.28 and sales of $22.33 billion.Shares of the company tanked 18% in the most recent premarket activity.Conditions across parts of the athletic footwear and apparel marketplace "became increasingly promotional" as the second quarter progressed, prompting Dick's to keep prices competitive, Executive Chairman Ed Stack said in a statement. The environment had a significant impact on Foot Locker, which Dick's acquired last year, resulting in fewer launches in the quarter, according to Stack."As a result, we are taking a more cautious view of the balance of the year," Stack said. "While these near-term dynamics have led us to revise our expectations for 2026, our confidence in the long-term opportunities ahead for both Dick's and Foot Locker remains unchanged."The retailer continues to forecast comparable sales for the Dick's business to rise by 2.5% to 4% for the ongoing fiscal year. The average analyst estimate is for same-store sales growth of 3.6%. Comparable sales for Foot Locker are now anticipated to be flat to down 2% versus the previous outlook for growth of 1.5% to 3%.Last week, Oppenheimer said in an emailed client note that it expected Dick's to deliver second-quarter results at least in line with its plan and potentially provide a positive update to its full-year outlook.For the three months through Aug. 1, the retailer's adjusted EPS fell to $3.53 from $4.38 the year before, below the Street's view for $3.76. Sales jumped 53% to $5.59 billion, but were shy of the market's estimate of $5.64 billion.Comparable sales for the Dick's business increased 4.9%, despite "growing pressure across portions of the athletic footwear and apparel marketplace," Chief Executive Lauren Hobart said. Analysts surveyed by FactSet had modeled a gain of 4%.On a pro forma basis, consolidated same-store sales were up 2.1%."Our (second-quarter) results reflect the strength of our athlete-focused strategy, broad differentiated assortment, strong brand partnerships and continued focus on profitable growth opportunities," according to Hobart. "We invested significantly around the FIFA World Cup, and our team delivered outstanding results."Rival Academy Sports and Outdoors (ASO) and luxury athletic apparel retailer Lululemon Athletica (LULU) are scheduled to release their latest financial results next month. In June, sportswear giant Nike (NKE) posted a year-over-year decline in its fiscal fourth-quarter revenue.

$ASO$DKS$LULU$NKE
Sectors

Sector Update: Consumer Stocks Rise Late Afternoon

Consumer stocks were higher late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 1.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 1.9%.In corporate news, Target (TGT) lifted its full-year outlook on Wednesday as tariff refunds helped double the retailer's fiscal Q2 earnings year over year. Its shares gained 5%.Estee Lauder (EL) shares rallied 18% after the cosmetics maker bumped up its fiscal 2027 operating margin outlook and set sales guidance in line with its preliminary views.TJX (TJX) issued a fiscal Q3 comparable store sales forecast that fell short of market expectations on Wednesday, but raised its full-year earnings outlook. TJX shares fell 4%.Lululemon Athletica's (LULU) Chief Communications Officer Bill Chandler is leaving the company, Bloomberg reported, citing an internal memo. Chandler's last day at the company will be Sept. 4, according to the report. Lululemon shares were up 1%.

$EL$LULU$TGT$TJX
Sectors

Sector Update: Consumer

Consumer stocks were higher late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 1.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 1.8%.In corporate news, Lululemon Athletica's (LULU) Chief Communications Officer Bill Chandler is leaving the company, Bloomberg reported, citing an internal memo. Chandler's last day at the company will be Sept. 4, according to the report. Lululemon shares were up 0.6%.

$LULU
Wire

Update: Lululemon's Chief Communications Officer to Depart

(Updates with the company's statement starting in the first paragraph.)Lululemon Athletica (LULU) Chief Communications Officer Bill Chandler is leaving the company on Sept. 4 to pursue other opportunities, a company spokesperson said Wednesday in an emailed statement to."We are grateful for his many contributions to our growth over the past eight years," the spokesperson said.Chandler's exit was reported earlier by Bloomberg News.Price: $119.83, Change: $+0.82, Percent Change: +0.69%

$LULU
Wire

Lululemon Athletica Shares Rise After Shareholders Approved Two New Board Members

lululemon athletica (LULU) shares rose 3.9% in Friday afternoon trading after shareholders approved the appointment of Laura Gentile and Marc Maurer to the company's board of directors, expanding the board from nine to 11 members.Both have been appointed to the audit committee and corporate responsibility, sustainability and governance committee, and each qualifies as an independent director under Nasdaq listing standards, the company said in a Friday filing.Price: $116.48, Change: $+4.42, Percent Change: +3.94%

$LULU
Sectors

Sector Update: Consumer Stocks Decline Late Afternoon

Consumer stocks fell late Wednesday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) dropping 2.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) declining 2.6%.In corporate news, JetBlue Airways (JBLU) will shut down its flight attendant base at Newark Liberty International Airport and tech-operations bases at Newark and New York's LaGuardia Airport in autumn to cuts costs and bolster service in Fort Lauderdale, Florida. JetBlue shares fell 1%.Lululemon Athletica (LULU) apologized after a promotional yoga event held on the Great Wall of China drew criticism on Chinese social media over the alleged use of a Japanese drum during the performance, the Financial Times reported. Lululemon shares fell 2%.CarMax's (KMX) fiscal Q1 earnings fell as comparable used-vehicle sales declined. The shares dropped 9.8%.La-Z-Boy's (LZB) shares jumped 15% after the company reported fiscal Q4 earnings rose and said it expects sales to outperform the industry in the current quarter.

$JBLU$KMX$LULU$LZB
Equities

S&P 500 Posts First Weekly Loss Since March as Rate Worries Climb Amid May Jobs Beat

The Standard & Poor's 500 index fell 2.6% this week, its first weekly loss since March, as stronger-than-anticipated May payrolls boosted bets that the Federal Reserve will raise rates this year.The S&P 500 ended Friday's session at 7,383.74, breaking a winning streak that had gone on for nine weeks, the market benchmark's longest such run since 2023. The S&P 500 is now up 7.9% this year.The S&P 500 on Tuesday set new intraday and closing highs over 7,600. The gains were erased later in the week after the Labor Department released its May employment data on Friday.The jobs report showed nonfarm payrolls rose by 172,000, well above the 88,000 increase expected in a survey compiled by Bloomberg. April and March payrolls also received upward revisions for a net upward revision of 93,000 jobs. However, the May unemployment rate remained at 4.3%, as expected.The probability of a 25-basis-point increase in interest rates in December rose to 43%, from 36% a week ago, according to the CME FedWatch tool. The comparisons for September were 33% versus 20%. For October, the data showed an increase to 39% from 25%.The consumer discretionary sector had the largest percentage drop of the week, falling 6.2%, followed by a 5.4% loss in technology and a 3.9% slide in communication services. Materials shed 1.2% while utilities edged lower.Ford Motor (F) was hit hardest in consumer discretionary, losing 15%. The automaker reported its total US vehicle sales fell 13.6% year over year in May to 190,828 vehicles. Internal combustion vehicle sales fell 12.3% while hybrid and electric vehicle sales were down 15.7% and 43.9%, respectively, the company said.Also weighing on consumer discretionary, Lululemon Athletica (LULU) shares fell 13%. The athletic apparel retailer forecast fiscal Q2 earnings per share and revenue below analysts' expectations despite its fiscal Q1 results slightly topped Street views. Lululemon Athletica also trimmed its 2026 guidance.In the technology sector, Ciena (CIEN) had the largest percentage drop of the week, falling 16%. The drop came even as the networking systems and software company provided an upbeat fiscal third-quarter revenue outlook and its results topped market estimates.Broadcom (AVGO) also weighed on the technology sector as its stock declined 14%. The chip designer reported fiscal second-quarter results above Wall Street's estimates as its artificial intelligence revenue more than doubled on the back of increased demand for custom accelerators and networking solutions. However, analysts at RBC Capital Markets and UBS said investors were disappointed that the company only reiterated its its 2027 artificial intelligence guidance rather than raising it.On the upside, the energy sector rose 2.5%, followed by a 2.3% gain in health care, a 1.5% rise in real estate and a 1.3% increase in financials. Consumer staples and industrials also edged higher.Marathon Petroleum (MPC) had the largest weekly percentage increase in the energy sector, climbing 5.3%. The company reported it swung to a larger-than-expected Q1 adjusted net profit from a year-earlier loss while revenue also topped expectations.Next week, earnings are expected from companies including Oracle (ORCL) and Adobe (ADBE).Economic data will include the May consumer price index as well as the May producer price index.

Dow JonesNasdaq CompositeS&P 500$AVGO$CIEN$F$LULU$MPC
Asia Markets

US Equity Indexes Plummet as Dwindling Expectations for Monetary Policy Easing Decimate Mega-Cap Technology

US equity indexes plunged amid a slide in mega-cap chip names and government bonds, as a strong jobs report slashed the odds for monetary policy easing this year.The Nasdaq Composite nosedived 4.2% to 25,709.43, with the S&P 500 down 2.6% to 7,383.74, and the Dow Jones Industrial Average lower by 1.4% to 50,866.78 on Friday.Technology sank with consumer discretionary, materials, and communication services. Consumer staples led the gainers.In a third straight month of growth, nonfarm payrolls surged by 172,000 in May, above the 88,000 jobs increase expected in a Bloomberg-compiled survey. April was revised upwards to a 179,000 increase, and March payrolls were revised upwards to a 214,000 increase, the Bureau of Labor Statistics said Friday. The net upward revision came in at 93,000 jobs, bringing the 3-month average of payroll increases to 188,000, the strongest pace since March 2024, according to notes from Morgan Stanley and Stifel."We read this employment report as indicating the Fed can and will remove its easing bias in June," a Morgan Stanley research note said. "Perhaps exaggerated by a surge in state gov't payrolls and in leisure, but unquestionably strong labor demand."The unemployment rate remained at 4.3% in May, per the BLS data, as expected. Hourly earnings rose by 0.3%, as expected, and faster than a 0.2% increase in April."We see the next move as a hike with our baseline timing being in 1Q27," said David Doyle, head of economics at Macquarie. "Risks to this have become skewed to an earlier hiking with markets now discounting a hike in 4Q26."The probability of a 25 basis-point increase in interest rates in December surged to 43%, from 36% a week ago, according to the CME FedWatch tool. The comparisons for September were 34% versus 20%, and, for October, the data showed an increase to 40% from 25%.US Treasury yields soared, with the 10-year up 6.1 basis points to 4.54% and the two-year higher by 10.6 basis points to 4.16%.In precious metals, gold futures dropped 3.3% to $4,356.8, and silver futures slumped 7% to $68.84.A potential peace deal between the US and Iran hinges on US President Donald Trump's administration agreeing to release $24 billion in frozen Iranian assets, Mohsen Rezaei, military adviser to Supreme Leader Ayatollah Mojtaba Khamenei, told CNN from Tehran, warning that the US would "enter into a dark corridor" should it resume fighting."The negotiations are at a deadlock and Trump must break this deadlock," Rezaei was cited as saying. "The ball is in Trump's court."West Texas Intermediate crude oil futures declined 2.4% to $90.62, and Brent crude futures fell 1.9% to $93.18.In company news, Lululemon Athletica (LULU) shares slumped 9.2%, among the worst performers on the S&P 500, after the company reported a decline in fiscal Q1 earnings and cut its 2026 guidance.Among the top gainers on the index was Cooper Companies (COO), up 7.1%, after the firm reported stronger-than-expected growth in fiscal Q2 adjusted earnings and sales, and lifted its fiscal 2026 outlook for non-GAAP diluted earnings per share.

Dow JonesNasdaq CompositeS&P 500$COO$LULU
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) up 1.9% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 2.1%.In corporate news, Chipotle Mexican Grill (CMG) shares were up 4.1% in Friday trading after JPMorgan upgraded the stock to overweight from neutral.Lululemon Athletica's (LULU) weak product assortment and soft traffic trends won't be resolved anytime soon, making any pullback following its disappointing Q1 results a poor buying opportunity, UBS Securities said Friday. Lululemon shares fell 7.5%.J.M. Smucker's (SJM) fiscal Q4 results and fiscal 2027 guidance are expected to be generally in line with expectations, RBC Capital Markets said in a Friday note. J.M. Smucker shares rose 2.7%.Six Flags Entertainment (FUN) expanded its membership program at six more parks beginning June 8, the company said Friday. Shares of Six Flags were down 1.9%.

$CMG$FUN$LULU$SJM
Wire

Lululemon's Earnings Pressure to Persist Into 2027, UBS Says

Lululemon athletica's (LULU) weak product assortment and soft traffic trends won't be resolved anytime soon, making any stock pullback following its disappointing Q1 results a poor buying opportunity, UBS Securities said Friday in a report.With new CEO Heidi O'Neill not starting until September, UBS said it sees no meaningful recovery before H2 2027, adding that higher marketing spending is unlikely to help this year given the company lacks compelling product to promote.Lululemon's growth trajectory may deteriorate further as the company pulls back on promotions in the back half of fiscal 2026, even as management's guidance assumes sales growth rates hold steady, the report said.UBS cuts its price target on lululemon stock to $124 from $153 and maintained its neutral rating.Price: $114.50, Change: $-10.42, Percent Change: -8.34%

$LULU
Wire

Top Midday Decliners

Lululemon Athletica's (LULU) shares slumped 8.1% amid heavy trading after the company overnight reported a decline in fiscal Q1 earnings and cut its full-year 2026 guidance.Intraday trading volume soared to over 11.6 million shares from a daily average of about 3.1 million.Nyxoah (NYXH) priced an underwritten public offering in the US, including a private placement to certain qualified and institutional investors outside the US, of about 55.2 million ordinary shares at $1.72 per share, targeting gross proceeds of about $95 million.Shares sank 49% following an increase in intraday trading volume to over 1.2 million from a daily average of about 44,000.Zumiez (ZUMZ) reported a wider fiscal Q1 loss from a year earlier despite a revenue beat late Thursday.Shares slumped 25% as intraday trading volume soared to more than 830,000 from a daily average of about 145,000.Price: $17.63, Change: $-5.85, Percent Change: -24.92%

$LULU$NYXH$ZUMZ

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