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Wire

Update: Mastercard Shares Fall After Appointment of Ling Hai as CFO

(Updates with the latest stock movement in the headline and first paragraph.)Mastercard (MA) shares were down 2.6% in Tuesday afternoon trading after the company said it has appointed Ling Hai, president of Asia Pacific, Europe, Middle East and Africa, as the company's chief financial officer, effective Aug. 3.He succeeds Sachin Mehra, who will move into a newly created role as chief business officer, responsible for country operations across the globe, Mastercard said.Additionally, President of the Americas Linda Kirkpatrick will become chief services officer, succeeding Craig Vosburg, the firm said, adding that Vosburg will transition to vice chair and serve as a global ambassador for the company.Dimi Dosis, president of Eastern Europe, Middle East and Africa, will become chief commercial payments officer, succeeding Raj Seshadri, who will become a senior strategic advisor to the chief executive officer, Mastercard said.Price: $482.51, Change: $-12.74, Percent Change: -2.57%

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Wire

Mastercard Appoints Ling Hai as CFO; Sachin Mehra to Become Chief Business Officer

Mastercard (MA) said Tuesday it has appointed Ling Hai, president of Asia Pacific, Europe, Middle East and Africa, as the company's chief financial officer, effective Aug. 3.He succeeds Sachin Mehra, who will move into a newly created role as chief business officer, responsible for country operations across the globe, Mastercard said.Additionally, President of the Americas Linda Kirkpatrick will become chief services officer, succeeding Craig Vosburg, the firm said, adding that Vosburg will transition to vice chair and serve as a global ambassador for the company.Dimi Dosis, president of Eastern Europe, Middle East and Africa, will become chief commercial payments officer, succeeding Raj Seshadri, who will become a senior strategic advisor to the chief executive officer, Mastercard said.Price: $483.78, Change: $-11.47, Percent Change: -2.32%

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Wire

Mastercard Transaction Services Obtains BitLicense From New York Regulator

Mastercard (MA) said Wednesday its subsidiary Mastercard Transaction Services was granted a BitLicense by the New York State Department of Financial Services, allowing it to engage in virtual currency activities in the state.New York's BitLicense framework establishes comprehensive requirements related to consumer protection, cybersecurity, financial integrity, and operational resilience, according to a statement.Price: $494.94, Change: $+1.72, Percent Change: +0.35%

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Sectors

Sector Update: Financial Stocks Rise Late Afternoon

Financial stocks rose in late Friday afternoon trading, with the NYSE Financial Index increasing 0.3% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.4%.The Philadelphia Housing Index advanced 0.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 0.3%.Bitcoin (BTC-USD) was falling 2.3% to $75,797, and the yield for 10-year US Treasuries declined 2.8 basis points to 4.558%.In economic news, Kevin Warsh was sworn in as chair of the US Federal Reserve in a ceremony at the White House, media outlets reported Friday. Warsh returns to the Fed after serving as a board member from 2006 to 2011, the reports said.The University of Michigan consumer sentiment index was revised down to 44.8 for May from 48.2 preliminary, compared with expectations for a no revision in a Bloomberg survey and a drop from the final 49.8 in April.The Conference Board's measure of leading indicators rose by 0.1% in April following a 0.6% decrease in March.In corporate news, JPMorgan Chase (JPM) is in discussions with investors over a deal to offload some of its risk exposure to over $4 billion in private equity-linked net asset value loans, the Financial Times reported. JPMorgan shares rose 1.1%.Brookfield (BN) is among the companies exploring a potential deal that could value fertility clinic operator Fakih IVF at about $1 billion, the Financial Times reported. Brookfield shares were fractionally higher.Citigroup (C) plans to direct a substantial portion of its wealth management hiring toward Asia, Reuters reported, citing an interview with Andy Sieg, head of the bank's global wealth business. Citi shares were fractionally lower.Mastercard (MA) is looking to minimize its losses from Banco Master's failure by asking some of Brazil's largest payment processors to help foot the bill, Bloomberg reported. Mastercard shares were slightly lower.

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Sectors

Sector Update: Financial

Financial stocks rose in late Friday afternoon trading, with the NYSE Financial Index increasing 0.3% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.4%.The Philadelphia Housing Index was gained 0.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 0.3%.Bitcoin (BTC-USD) fell 1.6% to $76,303, and the yield for 10-year US Treasuries declined 2.8 basis points to 4.558%.In corporate news, Mastercard (MA) is looking to minimize its losses from Banco Master's failure by asking some of Brazil's largest payment processors to help foot the bill, Bloomberg reported. Mastercard shares eased 0.2%.

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Wire

Market Chatter: Mastercard Asks Brazil's Payment Processors to Help Pay for Banco Master Failure

Mastercard (MA) is looking to minimize its losses from Banco Master's failure by asking some of Brazil's largest payment processors to help foot the bill, Bloomberg reported Friday, citing people familiar with the matter and documents it viewed.Mastercard was the network for the cards issued by Banco Master's fintech, Will Financeira, which collapsed and left the payment company responsible for reimbursing merchant acquirers that processed about 5 billion reais ($997 million) of cardholder payments, the report said.Mastercard has already paid back payment processors for about half of that amount, but it's now proposing that it will use any money collected from card customers to reimburse itself before passing further funds to those merchant acquirers, the report said, citing the people and the documents.Mastercard didn't immediately reply to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $500.31, Change: $+0.69, Percent Change: +0.14%

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Wire

Mastercard Asks Brazil's Payment Processors to Help Pay for Banco Master Failure, Bloomberg Reports

Mastercard Asks Brazil's Payment Processors to Help Pay for Banco Master Failure, Bloomberg Reports

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Wire

Mastercard, PayPal, Visa Face Investigation Under Competition Act by UK's Financial Conduct Authority

Mastercard (MA), PayPal (PYPL), and Visa (V) are facing an investigation by UK's Financial Conduct Authority under the Competition Act 1998 for suspected anti-competitive conduct liked to funding and usage of PayPal's digital wallet, the government body said Wednesday.The Financial Conduct Authority added that it has reached no conclusions nor made any findings with regard to competition law having been broken.A Mastercard spokesperson toldthat the company has received an information notice from the FCA requesting details about to its contractual relationship with PayPal and will be will be cooperating fully and transparently with the FCA.A Visa spokesperson also said in an emailed response tothat the FCA has informed the company that it has opened an inquiry into certain contractual provisions regarding the PayPal digital wallet.PayPal did not immediately respond to' request for comment.Price: $497.14, Change: $+0.06, Percent Change: +0.01%

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Wire

Mastercard's Guidance Raises Concerns on Assumption of Q2 End to Middle East Conflict, RBC Says

Mastercard's (MA) recent guidance has assumed that the Middle East conflict will be resolved in Q2, raising investor concern around potential risks to H2 in case the hostilities extend beyond the quarter, RBC Capital Markets said in a note emailed Friday.The company posted a Q1 adjusted earnings and revenue beat, as well as a slight boost to full-year 2026 guidance, RBC analysts said. Value-added services provides diversification with revenue continuing to scale, and almost all of its cards globally are enabled for Mastercard Agent Pay, the analysts noted.However, cross-border and travel-related volumes dropped to 9% and 2% in April month-to-date due to the Middle East conflict, portfolio shifts, and a one-time calendar timing of Ramadan and Easter, according to the note.Mastercard's full-year 2026 guidance relies on the assumption that Middle Eastconflict ends in Q2, painting a picture where that particular quarter is the weakest one, and then recovery, the analysts said. They said that if the conflict prolongs, investors would debate how the guidance will be impacted.RBC kept the company's stock rating at outperform and reduced the price target to $629 from $656.Price: $493.17, Change: $-9.75, Percent Change: -1.94%

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Wire

RBC Cuts Price Target on Mastercard to $629 From $656, Keeps Outperform Rating

Mastercard (MA) has an average rating of buy and mean price target of $653.88 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: $502.26, Change: $-0.79, Percent Change: -0.16%

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Research

Research Alert: CFRA Keeps Buy Opinion On Shares Of Mastercard

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:After reviewing Q1 results, we maintain our 12-month target at $690, valuing shares at 30.0x our 2027 EPS estimate of $23.00, a discount to MA's five-year historical average of 34.5x given a rise in geopolitical uncertainty and a regulatory overhang as regulators look to increase competition for U.S. networks. We raise our FY 26 EPS estimate to $20.11 from $19.97 and increase FY 27's to $23.00 from $22.48. After blowout earnings from Visa, we were somewhat disappointed with MA's more muted Q1 results. However, MA continues to demonstrate strong innovation capabilities. Value-added services now represent nearly 40% of total revenue, making the business less sensitive to economic cycles. The company is also positioning itself for emerging opportunities in two key areas: agentic commerce, where it is prepared to capitalize on expected rapid growth, and stablecoins, where its proposed acquisition of BVNK would provide critical technology to send, receive, convert, and hold digital currencies.

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Wire

Sector Update: Financial Stocks Advance Late Afternoon

Financial stocks were higher late Thursday afternoon, with the NYSE Financial Index rising 1.3% and the State Street Financial Select Sector SPDR ETF (XLF) up 0.5%.The Philadelphia Housing Index climbed 1.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 1.5%.Bitcoin (BTC-USD) rose 0.9% to $76,409, and the yield for 10-year US Treasuries decreased 2.8 basis points to 4.39%.In economic news, the core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, rose to 3.2% year-on-year in March from 3%, meeting expectations. It climbed 0.3% month-over-month, down from the 0.4% reported in February.US economic growth, measured by gross domestic product, rose by 2.0% in Q1 after a 0.5% gain in Q4, slower than a 2.3% increase expected in a survey compiled by Bloomberg.US initial jobless claims fell to 189,000 in the week ended April 25 from an upwardly revised 215,000 in the previous week, against expectations for a rise to 212,000 in a Bloomberg survey.In corporate news, Citigroup (C) is stepping back from physical trading in industrial metals and has notified a number of staff from the commodities team about potential redundancies, Bloomberg reported. Citi shares were up 0.2%.KKR (KKR) is considering selling the Flora Food Group spreads business, seeking to strike a deal at a valuation of up to $10 billion, the Financial Times reported. KKR shares climbed 4.8%.Mastercard's (MA) Q1 results outpaced Wall Street's estimates, but the company said that the Middle East conflict was impacting spending on cross-border travel. Its shares fell nearly 4%.AvalonBay Communities (AVB) and Equity Residential (EQR) have held discussions over a potential merger, which would be one of the biggest real estate deals ever, Bloomberg reported. AvalonBay shares were down 1.1%, and Equity Residential was fractionally lower.

$AVB$C$EQR$KKR$MA
Sectors

Sector Update: Financial Stocks Advance Thursday Afternoon

Financial stocks were higher Thursday afternoon, with the NYSE Financial Index rising 0.8% and the State Street Financial Select Sector SPDR ETF (XLF) up 0.3%.The Philadelphia Housing Index was up 1.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 1%.Bitcoin (BTC-USD) rose 0.6% to $76,227, and the yield for 10-year US Treasuries was decreasing 2.4 basis points to 4.39%.In economic news, the core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, rose to 3.2% year-on-year in March from 3%, meeting expectations. It climbed 0.3% month-over-month, down from the 0.4% reported in February.US economic growth, measured by gross domestic product, rose by 2.0% in Q1 after a 0.5% gain in Q4, slower than a 2.3% increase expected in a survey compiled by Bloomberg.US initial jobless claims fell to 189,000 in the week ended April 25 from an upwardly revised 215,000 in the previous week, against expectations for a rise to 212,000 in a Bloomberg survey.In sector news, the US Senate unanimously passed Thursday a rule prohibiting its members from trading on prediction markets, effective immediately, CNBC reported.In corporate news, KKR (KKR) is considering selling the Flora Food Group spreads business, seeking to strike a deal at a valuation of up to $10 billion, the Financial Times reported. KKR shares climbed 4.2%.Mastercard's (MA) Q1 results outpaced Wall Street's estimates, but the company said that the Middle East conflict was impacting spending on cross-border travel. Its shares fell 4.7%.Brookfield Asset Management (BAM) is preparing to file draft documents as early as May for an initial public offering of Indian telecommunications tower operator Altius Telecom Infrastructure Trust, Bloomberg reported. Brookfield shares rose 3.9%.

$BAM$KKR$MA
Sectors

Sector Update: Financial

Financial stocks were advancing in Thursday afternoon trading, with the NYSE Financial Index rising 1% and the State Street Financial Select Sector SPDR ETF (XLF) up 0.2%.The Philadelphia Housing Index was climbing 1.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 1%.Bitcoin (BTC-USD) rose 0.6% to $76,227, and the yield for 10-year US Treasuries was decreasing 2.4 basis points to 4.39%.In corporate news, Mastercard's (MA) Q1 results outpaced Wall Street's estimates, but the company said that the Middle East conflict was impacting spending on cross-border travel. Its shares fell 4.3%.

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US Markets

Mastercard Tops First-Quarter Views, Flags Headwinds From Middle East Conflict

Mastercard's (MA) first-quarter results outpaced Wall Street's estimates, though the payments giant said that the Middle East conflict was impacting spending on cross-border travel.Adjusted earnings rose to $4.60 a share for the three months through March from $3.73 a year earlier, topping the FactSet-polled consensus of $4.41. Revenue climbed 16% to $8.40 billion, ahead of the Street's view for $8.26 billion.Cross-border volume increased 13%, marking a slowdown from a 14% jump in the fourth quarter, according to an investor presentation.While travel and non-travel spending gained in the first quarter, the company experienced "some impact on cross-border travel" from the Iran war in March, Chief Financial Officer Sachin Mehra said during an earnings call, according to a FactSet transcript.Cross-border volume for the month of April through Tuesday grew 9% year-over-year, making a further deceleration compared with the first quarter's tally."We are operating in a period of heightened uncertainty, magnified by the ongoing conflict in the Middle East," Mehra told analysts. "Since the outbreak of the conflict at the end of February, we have seen restrictions on travel and a reduction in the world's energy supply."The stock fell 3.7% in Thursday trade, and is down 11% year to date.Gross dollar volume jumped 7.3% in local currency terms to $2.703 trillion in the first quarter.For the second quarter, Mastercard expects annual revenue growth at the low end of low double digits, on an adjusted basis, according to the slide deck. The Street is looking for $9.11 billion in sales."We assume the conflict ends in (the second quarter) and the related headwinds will be largest in (the second quarter), and then progressively recover as we move through the second half of the year," Mehra told analysts.Mastercard maintained its non-GAAP 2026 revenue growth outlook that assumes the company finishing the year at the high end of low double digits, the presentation showed. The market view is for revenue of $37 billion.Visa (V) lifted its full-year growth outlook on Tuesday and logged better-than-expected fiscal second-quarter results.Price: $507.29, Change: $-17.94, Percent Change: -3.42%

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Wire

Top Midday Stories: Tech Giants' Earnings Top Estimates, Reactions Mixed; Eli Lilly Lifts Outlook After Estimate-Beating Q1 Earnings

All three major US stock indexes were up in late-morning trading Thursday, as investors digest a slew of earnings reports from the giant tech companies as well as the Federal Reserve's decision Wednesday to leave interest rates unchanged.In company news, Meta Platforms (META) reported Q1 earnings late Wednesday of $10.44 per diluted share, up from $6.43 a year earlier and above the FactSet consensus analyst estimate of $6.67. Meta Q1 revenue was $56.31 billion, up from $42.31 billion a year ago and above the FactSet consensus of $55.56 billion. For Q2, Meta said it expects revenue of $58 billion to $61 billion, compared to the FactSet consensus of $59.48 billion. Full-year 2026 capital expenditures are expected to be between $125 billion and $145 billion, up from the prior outlook of $115 billion to $135 billion, Chief Financial Officer Susan Li said on a call with analysts. The daily active people average for March was 3.56 billion, up 4% year over year but down slightly quarter over year due to internet disruptions in Iran and WhatsApp restrictions in Russia, the company said. After the earnings report, Meta commenced a US investment-grade bond sale in as many as six parts through which it is looking to raise up to $25 billion. Meta shares were down 9.5% around midday.Alphabet (GOOG, GOOGL) reported Q1 earnings late Wednesday of $5.11 per diluted share, up from $2.81 a year earlier and above the FactSet consensus estimate of $2.63. Alphabet Q1 revenue was $109.9 billion, up from $90.2 billion a year ago and above the FactSet consensus of $106.96 billion. The tech giant raised it quarterly cash dividend to $0.22 per share from $0.21 per share, payable June 15 to shareholders of record as of June 8. Alphabet's Class C and Class A shares were up 7.2% and 7.3%, respectively.Amazon (AMZN) reported Q1 earnings late Wednesday of $2.78 per diluted share, up from $1.59 a year earlier and above the FactSet consensus of $1.63. Amazon Q1 revenue was $181.52 billion, up from $155.67 billion a year ago and above the FactSet consensus of $177.28 billion. For Q2, the company said it expects revenue of $194 billion to $199 billion, above the FactSet consensus of $188.96 billion. Amazon shares were down 1.2%.Microsoft (MSFT) reported fiscal Q3 adjusted earnings late Wednesday of $4.27 per diluted share, up from $3.54 a year earlier and above the FactSet consensus of $4.05. Fiscal Q3 revenue was $82.89 billion, up from $70.07 billion a year ago and above the FactSet consensus of $81.40 billion. Microsoft shares were down 4.5%.Eli Lilly (LLY) reported Q1 non-GAAP earnings Thursday of $8.55 per diluted share, up from $3.34 a year earlier and above the FactSet consensus of $6.97. Lilly Q1 revenue was $19.80 billion, up from $12.73 billion a year ago and above the FactSet consensus of $17.82 billion. For full-year 2026, the company said it expects adjusted EPS of $35.50 to $37.00, up from its previous guidance of $33.50 to $35.00 and above the FactSet consensus of $34.51. Full-year revenue is expected to be between $82 billion and $85 billion, up from its previous outlook of $80 billion to $83 billion and compared to the FactSet consensus of $82.07 billion. Eli Lilly shares were up 8.1%.Qualcomm (QCOM) reported fiscal Q2 adjusted earnings late Wednesday of $2.65 per diluted share, down from $2.85 a year earlier but above the FactSet consensus of $2.56. Fiscal Q2 revenue was $10.60 billion, down from $10.97 billion a year ago but above the FactSet consensus of $10.69 billion. For fiscal Q3, the company said it expects adjusted EPS of $2.10 to $2.30, below the FactSet consensus of $2.42. Fiscal Q3 revenue is expected to be between $9.20 billion to $10 billion, below the FactSet consensus of $10.19 billion. CFO Akash Palkhiwala said on the company's earnings call that the company expects shipments to Chinese Android customers to recover after inventory corrections. Qualcomm also said it has secured a "multi-generation engagement" with a leading hyperscaler, with initial shipments expected to begin later this year. Qualcomm shares were up 18.0%.Caterpillar (CAT) reported Q1 adjusted profit Thursday of $5.54 per share, up from $4.25 a year earlier and above the FactSet consensus of $4.65. Total Q1 sales and revenue were $17.42 billion, up from $14.25 billion a year ago and above the FactSet consensus of $16.53 billion. For full-year 2026, the company said it expects low double-digit sales and revenue growth, higher year-over-year free cash flow in its primary operating segment of machinery, power and energy, and adjusted operating profit margin near the bottom of the target range. Caterpillar shares were up 8.6%.Mastercard (MA) reported Q1 adjusted earnings Thursday of $4.60 per diluted share, up from $3.73 a year earlier and above the FactSet consensus of $4.41. Net Q1 revenue was $8.40 billion, up from $7.25 billion a year ago and above the FactSet consensus of $8.26 billion. Mastercard shares were down 3.6%.Stellantis (STLA) reported Q1 adjusted earnings Thursday of 40.21 per diluted share, upf rom $0.04 a year earlier and above the FactSet consensus of $0.19. Net Q1 revenue was $38.13 billion, up from $25.81 billion ay ear ago but below the FactSet consensus from four analysts of $44.95 billion. For full-year 2026, the company said it expects mid-single-digit net revenue growth. Stellantis shares were down 4.9%.Price: $606.15, Change: $-62.97, Percent Change: -9.41%

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Wire

Update: Mastercard Shares Fall After April Cross-Border Volumes Grow at Slower Pace, Q1 Results

(Updates with the latest stock move and in the headline and in the first paragraph, details on April-to-date data in the second paragraph.)Mastercard (MA) shares were down 3.5% in Thursday trading after the company posted a slowdown in April month-to-date cross-border volumes growth, even as it reported better than expected Q1 results.The company recorded April month-to-date cross-border volumes growth of 9% compared to 12% in March and 13% for the Q1. Meanwhile, April switched volume growth was 8% versus 9% in March and switched transactions growth were 9%, unchanged from the previous month.Additionally, Mastercard reported Q1 adjusted earnings of $4.60 per diluted share, up from $3.73 a year earlier.Analysts polled by FactSet expected $4.41.Net revenue for the quarter ended March 31 was $8.40 billion, up from $7.25 billion a year earlier.Analysts polled by FactSet expected $8.26 billion.Price: $508.00, Change: $-17.23, Percent Change: -3.28%

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Research

Research Alert: Mastercard: Q1 Earnings Beat But Deceleration In Cross-border Volumes And Vas

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:MA posted mixed Q1 2026 results, with operating EPS of $4.60 vs. $3.73 in the prior year, beating consensus by $0.19. Revenue of $8.4B rose 12% CC, exceeding estimates by 2%. Operational metrics were mixed as steady gross dollar volume growth (+7% CC) was offset by decelerating cross-border volumes (+13% CC, slowing to +9% in April amid geopolitical uncertainty). Geographic performance varied, with Latin America leading (+14% CC) while U.S. growth remained weak at +4% CC. Value-added services (VAS) growth decelerated sequentially to 18% CC from the prior quarter's 22%, though continued outpacing payment volumes. We believe MA's diversification strategy beyond traditional payment processing remains compelling as clients increasingly value curated data and security offerings. Operating leverage delivered 150 bps margin expansion to 60.8%, demonstrating the attractive economics of MA's network business model and ability to scale efficiently despite a $202M restructuring charge.

$MA
US Markets

Stocks Mostly Up Pre-Bell as Traders Digest Big Tech Earnings, Await Key Inflation Report

US equity markets were mostly pointing higher before the opening bell Thursday as investors digest the latest financial results from some of the biggest technology companies and await a key inflation report.The S&P 500 rose 0.1% and the Nasdaq added 0.2% in premarket activity, while the Dow Jones Industrial Average declined 0.2%. The indexes finished the previous trading session mixed.Shares of Meta Platforms (META) fell 8.8% pre-bell after the Facebook parent lifted its full-year capital expenditure guidance mainly due to higher component pricing, even though it reported stronger-than-expected first-quarter results. Microsoft (MSFT) decreased 1.8% as the tech giant said its capital expenditures will be about $190 billion in 2026, while its fiscal third-quarter results topped market estimates."It's crystal clear to us that the (artificial intelligence) revolution is accelerating at a warp speed pace with 2026 being an inflection point year for AI with hyperscalers now investing over $700 billion in (capital expenditures) in (2026) to capitalize on the opportunities in the space," Wedbush Securities said in a Thursday client note.Alphabet's (GOOG, GOOGL) class A and C shares climbed more than 6% each amid upbeat first-quarter results. Amazon (AMZN) inclined 2.5% as the e-commerce giant issued a strong second-quarter revenue outlook.iPhone maker Apple (AAPL) is scheduled to release its quarterly earnings after the markets close. Eli Lilly (LLY), Mastercard (MA), Caterpillar (CAT), Merck (MRK), Royal Caribbean Cruises (RCL) and Hershey (HSY) are slated to announce their results before the bell, among others.The personal income and outlays report for March is due to be released at 8:30 am ET. The report includes the personal consumption expenditure core price index, the Federal Reserve's preferred inflation metric.The central bank's Federal Open Market Committee left its benchmark interest rate unchanged on Wednesday as policymakers saw the Middle East conflict fueling uncertainty around the US economic outlook. In a post-meeting press conference, Jerome Powell said he will stay on as a Fed governor for an indefinite period after his term as Fed chief expires on May 15.The US Senate Banking Committee on Wednesday voted to advance Kevin Warsh's nomination as Fed chair to the Republican-controlled Senate.Treasury yields were down in premarket action, with the two-year rate retreating 3.2 basis points to 3.9% and the 10-year rate off 1.8 basis points to 4.4%.President Donald Trump is expected to receive a briefing on fresh potential military options against Iran on Thursday, Axios reported, citing two sources with knowledge. Trump recently told the news outlet that he will maintain the US naval blockade of Iranian ports until Tehran agrees to a nuclear deal.West Texas Intermediate crude oil slipped 0.2% to $106.62 a barrel before the open, while Brent decreased 1.6% to $116.20.Thursday's economic calendar also has the initial estimate report for the first-quarter gross domestic product at 8:30 am, along with the weekly jobless claims bulletin. The Chicago purchasing managers' index for April posts at 9:45 am.Gold rose 1.8% to $4,642 per troy ounce, while bitcoin moved 0.7% higher to $75,974.

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