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Restaurant Traffic Likely to Stay Stable in Second Half After Depressed Quarterly Trends, UBS Says
US Markets

Restaurant Traffic Likely to Stay Stable in Second Half After Depressed Quarterly Trends, UBS Says

Traffic at US restaurants remained depressed in the second quarter amid a difficult consumer environment, though there are signs that point to a stable performance in the second half, UBS Securities said in a note sent Friday.Restaurants reported "solid" comparable sales in the quarter, with growth accelerating to 1.7% from 1.1% in the first quarter, UBS analyst Dennis Geiger wrote. But that was driven by a sequential improvement in the amount spent by consumers even as traffic fell 1.9%, Geiger said.The traffic weakness came despite a boost from the US co-hosting the FIFA Men's World Cup, UBS said.Restaurant demand remained pressured by affordability challenges amid high gas prices, according to Geiger, who recently attended a quarterly webinar hosted by restaurant industry data and market insights provider Black Box Intelligence."BBI believes (same-store sales) stability in recent months is likely driven by consumers protecting restaurant spending and improved consumer sentiment in June, (with) declining recession odds supporting expectations for stable (second-half) sales and traffic performance," Geiger wrote.Earlier this month, Restaurant Brands International (QSR) reported better-than-expected second-quarter earnings amid strong comparable sales growth at Burger King. McDonald's (MCD) second-quarter revenue fell short of market expectations as comparable sales growth in the US slowed on an annual basis. Wendy's (WEN) second-quarter earnings fell year over year amid weak traffic trends.Upscale casual restaurants led the industry in the second quarter, delivering 3.2% same-store sales growth even as traffic slipped 0.2%, according to UBS. Casual dining logged a 2.3% increase in sales and a 0.9% drop in traffic. The quick service and fast-casual segments also saw sales growth despite lower traffic, while family dining reported declines in both.The impact of high gas prices is still the most pressing concern for the restaurant industry."Elevated gas prices continue to pressure an already stressed consumer, (with) dining-out habits changing after prices surpassed the $3.50 (per) gallon threshold in early March," the UBS said.US retail gasoline prices averaged $4.0898 per gallon Friday, compared with $3.2103 a year ago, according to AAA motor club data.US consumer sentiment dropped in August amid concerns that inflation will continue to be high for the "foreseeable future," final results of a University of Michigan survey showed Friday.Price: $78.20, Change: $+0.13, Percent Change: +0.17%

$MCD$QSR$WEN
Wire

Rothschild & Co Redburn Adjusts Price Target on McDonald's to $285 From $306

McDonald's (MCD) has an average rating of overweight and mean price target of $314.30, according to analysts polled by FactSet.Price: $267.57, Change: $-0.53, Percent Change: -0.20%

$MCD
Brinker Issues Upbeat Outlook Amid Chili's Growth Momentum; Shares Surge
US Markets

Brinker Issues Upbeat Outlook Amid Chili's Growth Momentum; Shares Surge

Brinker International (EAT) shares jumped Wednesday after the company provided an upbeat fiscal 2027 financial guidance at the midpoint, confident that its Chili's brand will sustain the growth momentum that drove strong fourth-quarter results.The parent of Chili's Grill & Bar and Maggiano's Little Italy expects full-year non-GAAP earnings of $12.60 to $13.40 a share, which at the midpoint is ahead of the FactSet-polled consensus of $12.61. The company reported non-GAAP EPS of $10.74 for the just-concluded fiscal year, up from the $8.90 logged for 2025.Brinker expects fiscal 2027 revenue between $6.15 billion and $6.27 billion, while Wall Street is looking for $6.16 billion. Last year's top-line grew to $5.81 billion from $5.38 billion sequentially.Chili's fourth-quarter revenue rose to $1.42 billion from $1.34 billion a year earlier."Chili's continues to gain momentum through its strong, everyday value platform, led by the success of the Big Smasher, the Big QP and now the big crispy chicken sandwich," Brinker Chief Financial Officer Mika Ware said during an earnings call, according to a FactSet transcript, referring to Chili's popular menu offerings. "July sales and traffic have significantly accelerated versus the fourth quarter, further widening our lead over the casual dining industry."The company's shares were up 11% in afternoon trade, bringing its year-to-date gains to about 71%.For the quarter ended June 24, Brinker reported non-GAAP EPS of $3.07, compared with $2.49 a year earlier, while analysts expected $3.09. Revenue rose to $1.54 billion from $1.46 billion, topping the Street's $1.53 billion estimate.Consolidated comparable restaurant sales grew 5%, in line with analysts' projections. Comparable sales at Chili's increased 5.6%, driven by menu pricing and higher traffic, offsetting a 2.5% decline at Maggiano's."Third-party syndicated data confirms Chili's continues to be ranked in the top-tier across key measures like value, quality, service and overall experience," Chief Executive Kevin Hochman said on the call. "We still have room to improve, but our progress gives us confidence that we will sustain traffic gains and repeat business."UBS Securities expected Brinker to post another "solid" quarter. The brokerage saw Chili's well positioned for robust growth into fiscal 2027, with sales momentum supported by "industry-leading value and ongoing enhancements to food, service/atmosphere and marketing," it said in a note to clients earlier this week.Brinker's board authorized a total of $750 million under its current share repurchase program, effective Aug. 10, it said Wednesday.Last week, Restaurant Brands International (QSR) reported better-than-expected second-quarter earnings amid strong comparable sales growth at Burger King across domestic and international markets. McDonald's (MCD) second-quarter revenue fell short of market expectations, as comparable sales growth in the US slowed on a yearly basis amid a challenging consumer environment.Price: $242.86, Change: $+21.48, Percent Change: +9.70%

$EAT$MCD$QSR
Wendy's Earnings Fall Amid Traffic Headwinds; Fast-Food Chain Withdraws Outlook
US Markets

Wendy's Earnings Fall Amid Traffic Headwinds; Fast-Food Chain Withdraws Outlook

Wendy's (WEN) second-quarter earnings fell year over year amid weak traffic trends, while the fast-food chain withdrew its full-year outlook as a new leadership team pursues a turnaround plan.Wendy's adjusted EPS fell to $0.18 for the quarter ended Jun 28 from $0.29 a year earlier, but topped the FactSet-polled consensus of $0.16. Revenue increased 1.7% to $570.6 million, compared with the Street's estimate of $557.1 million.Global same-restaurant sales declined 6.3% year over year on a constant currency basis, compared with analysts' estimate that called for a 4.7% drop. The metric tumbled 7% in the US and was down 2.3% internationally. Systemwide sales fell 6.5% in the quarter, driven by weakness in the US."Our second-quarter performance fell short of prior expectations and reinforced the need for a thorough revision of the path forward," Chief Financial Officer Steve Cirulis said during the earnings call, according to a FactSet transcript. "Traffic in July was consistent with second quarter trends, and as a result, we expect continued traffic headwinds to impact our ability to return to year-over-year systemwide sales growth in either the third or fourth quarter."The company withdrew its full-year outlook and announced a dividend cut as its new management team formulates a turnaround plan. RBC Capital Markets anticipated an earnings guidance reduction and a dividend cut.Wendy's appointed Bob Wright as chief executive in May, while Cirulis joined in June."We are not performing at our potential," Wright said on the call. "Traffic is down. Our value proposition has slipped and franchisee economics are under pressure. That said, I've seen this brand at its best and I know we can fix these issues."Wendy's stock was up 1.3% in Friday trade, but has lost 10% so far this year.Trian Fund Management was seeking investor backing for a potential take-private bid for Wendy's, the Financial Times reported in May.Earlier in the week, Burger King parent Restaurant Brands International (QSR) reported better-than-expected second-quarter earnings, while McDonald's (MCD) posted mixed results.

$MCD$QSR$WEN
Wire

McDonald's to fix Softer US Same-Store-Sales Trends, Oppenheimer Says

McDonald's (MCD) plans to fix recent softer US same-store-sales trends, Oppenheimer said in a note Wednesday after attending a dinner meeting in New York City."Softer US SSS trends recently are being tied to missteps on value and execution," the report said.The report said the management highlighted plans in place to fix the dynamics and remains bullish on Red Bull Energizers rolling out this month in the US.On stock performance, the note said it has been lackluster, with baseline SSS improvements representing the primary catalyst.Oppenheimer kept its outperform rating and a $325 price target.Price: $275.35, Change: $+1.35, Percent Change: +0.49%

$MCD
Restaurant Brands Second-Quarter Earnings Beat Estimates Amid Burger King Strength
US Markets

Restaurant Brands Second-Quarter Earnings Beat Estimates Amid Burger King Strength

Restaurant Brands International (QSR) reported better-than-expected second-quarter earnings on Thursday amid strong comparable sales growth at Burger King across domestic and international markets.The Tim Hortons parent's adjusted earnings came in at $1.07 a share for the quarter ended June, up from $0.94 the year before, topping the FactSet-polled consensus of $1.04. Revenue improved to $2.52 billion from $2.41 billion, in line with the Street's view.Comparable sales rose 3.8%, exceeding the average analyst estimate for growth of 3%."We built on our strong start to 2026 with another quarter of over 3% global comparable sales and double-digit earnings growth, led by Burger King's standout performance and continued strength at international," Chief Executive Josh Kobza said in a statement.Burger King same-store sales jumped 8.5% in the US and 5.4% internationally, compared with gains of 1.5% and 4.1%, respectively, in the prior-year quarter.Last month, RBC Capital Markets said it expected Burger King's momentum to have continued into the second quarter, partially driven by underlying improvement as the company revamped its marketing campaign. The brokerage saw "further runway for improvement" as the company continued to remodel stores, it said in a client note at the time.Earlier in the week, rival McDonald's (MCD) reported second-quarter revenue below market expectations as comparable sales growth in the US slowed amid a challenging consumer environment. The fast-food giant appointed Skye Anderson as president of McDonald's USA, as part of efforts to boost long-term profitable growth of its US business.Restaurant Brands' second-quarter comparable sales growth at Tim Hortons slowed to 0.1% from 3.4% in the year-ago quarter. The metric declined 5.1% at the Popeyes brand and edged up 0.4% at Firehouse Subs.International same-store sales advanced 5.5%.Restaurant Brands continues to project comparable sales growth of more than 3% from 2024 to 2028 and reach net restaurant growth north of 5% towards the end of its algorithm period. Net restaurant growth remained unchanged year over year at 2.9% in the second quarter.Last week, KFC owner Yum Brands (YUM) reported better-than-expected second-quarter earnings, although revenue missed estimates as a recent food-safety issue weighed on demand at Taco Bell.

$MCD$QSR$YUM
Wire

McDonald's Pressured US Results in Q2 Reflect Brand Specific Issues, UBS Says

McDonald's (MCD) Q2 results and commentary highlighted solid global same-store-sales growth, supported by international performance that is expected to improve further in H2, while pressured US results reflect brand specific issues that should be addressed in the coming quarters, UBS Securities said in a note Wednesday.US sales trends were hit by macro headwinds, inconsistent execution of value initiatives, operational inefficiencies resulting from a high number of sales initiatives during Q2, and less effective marketing campaigns, according to the note.Although US same-store-sales growth pressure continued in July, the brokerage expects greater focus on improving operations, effective marketing, menu innovation, and digital/loyalty gains to support improvement into 2027, the note added.The company noted poor execution of the everyday affordable price menu, reduced digital offers, and the removal of the Buy One, Add One for $1 feature weighed on Q2 performance, which contributed to two-thirds of the traffic underperformance relative to expectations, the brokerage noted.The implementation of McDonald's NEXT growth strategy should support better sales trends through H2 and into 2027, the brokerage added.UBS kept a buy rating on McDonald's with a price target of $340 per share.Price: $271.91, Change: $+3.57, Percent Change: +1.33%

$MCD
Wire

Guggenheim Adjusts Price Target on McDonald's to $290 From $320, Maintains Neutral Rating

McDonald's (MCD) has an average rating of overweight and mean price target of $315.69, according to analysts polled by FactSet.Price: $273.34, Change: $+5.00, Percent Change: +1.86%

$MCD
Sectors

Sector Update: Consumer Stocks Advance Late Afternoon

Consumer stocks were higher late Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 0.1%.Redbook US same-store sales rose by 8.7% from a year earlier in the week ended Aug. 1 after an 8.3% year-over-year increase in the previous week. "Shoppers took advantage of the annual sales tax holidays for school supplies and clothing in Arkansas, New Mexico, Tennessee, and West Virginia," Redbook said.In corporate news, McDonald's (MCD) Q2 revenue fell short of market expectations on Tuesday as comparable sales growth in the US slowed on a yearly basis amid a challenging consumer environment. Its shares were still up 1.2%.Nike (NKE) shares fell 2.3% after JPMorgan downgraded the stock to underweight from neutral, and cut the price target to $40 from $47.Spotify (SPOT) issued a stronger-than-expected Q3 revenue outlook, even though it said certain free-tier limitations in emerging markets could impact active users. Its shares were down 1.1%.Abercrombie & Fitch (ANF) is considering options for its China business, including finding local partners to help grow the business, Bloomberg reported. The company is working with an adviser to review its Chinese assets, and it may sell a stake in the unit, which could be valued at several hundred million dollars, the report said. Abercrombie shares rose 1.1%.

$ANF$MCD$NKE$SPOT
Sectors

Sector Update: Consumer Stocks Rise in Afternoon Trading

Consumer stocks were higher Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) each adding 0.2%.Redbook US same-store sales rose by 8.7% from a year earlier in the week ended Aug. 1 after an 8.3% year-over-year increase in the previous week. "Shoppers took advantage of the annual sales tax holidays for school supplies and clothing in Arkansas, New Mexico, Tennessee, and West Virginia," Redbook said.In corporate news, McDonald's (MCD) Q2 revenue fell short of market expectations on Tuesday as comparable sales growth in the US slowed on a yearly basis amid a challenging consumer environment. Its shares were still up 1.1%.Spotify (SPOT) issued a stronger-than-expected Q3 revenue outlook, even though it said certain free-tier limitations in emerging markets could impact active users. Its shares were down 0.7%.Abercrombie & Fitch (ANF) is considering options for its China business, including finding local partners to help grow the business, Bloomberg reported. The company is working with an adviser to review its Chinese assets, and it may sell a stake in the unit, which could be valued at several hundred million dollars, the report said. Abercrombie shares rose 0.5%.

$ANF$MCD$SPOT
Sectors

Sector Update: Consumer

Consumer stocks were edging up Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) each fractionally higher.In corporate news, McDonald's (MCD) Q2 revenue fell short of market expectations on Tuesday as comparable sales growth in the US slowed on a yearly basis amid a challenging consumer environment. Its shares were up 0.8%.

$MCD
McDonald's Second-Quarter Revenue Misses Views as US Comparable Growth Decelerates
US Markets

McDonald's Second-Quarter Revenue Misses Views as US Comparable Growth Decelerates

McDonald's (MCD) second-quarter revenue fell short of market expectations on Tuesday as comparable sales growth in the US slowed on a yearly basis amid a challenging consumer environment.The fast-food giant's revenue rose to $7.1 billion for the June quarter from $6.84 billion the year before, just shy of the FactSet-polled consensus of $7.13 billion. Adjusted earnings increased to $3.38 per share from $3.19, ahead of Wall Street's $3.32 view.Global comparable sales rose 1.3%, in line with the average analyst estimate, but decelerating from a 3.8% gain in the year-ago quarter. Growth slowed to 0.8% in the US from 2.5%, weighed down by "negative comparable guest counts," McDonald's said.The results reflected a "challenging consumer environment that saw (the quick service restaurant) industry traffic in several of our largest markets continue to be flat to negative," Chief Financial Officer Ian Borden said during an earnings call, according to a FactSet transcript.US comparable sales were "slightly" negative in April, Borden said on the call. Certain execution factors such as pulling back on digital offers and removing the "buy one, add one for $1" feature hurt customer visits, the CFO added."We're acting with urgency to improve our baseline guest traffic and put the US business in a stronger position as we exit 2026," Borden told analysts.Last week, RBC Capital Markets said a weak consumer environment could weigh on McDonald's same-store sales growth in the second and third quarters, though the brokerage expected tailwinds from factors including FIFA World Cup promotions.In a separate statement, McDonald's said it appointed Skye Anderson as president of McDonald's USA, effective Tuesday, as part of efforts to boost long-term profitable growth of the US business. Anderson, who previously served as chief operating officer of the US division, will succeed Joe Erlinger, who will leave the company.The fast-food heavyweight now expects to reach 50,000 restaurants globally in 2028, compared with its previous plans to reach that level by the end of next year, Borden said on the call. The delay is attributable to the pressured consumer environment and the inflationary impact on development costs, he said.Last week, KFC owner Yum Brands (YUM) reported better-than-expected second-quarter earnings, although revenue missed estimates as a recent food-safety issue weighed on demand at Taco Bell.Price: $267.84, Change: $+2.61, Percent Change: +0.98%

$MCD
Wire

Piper Sandler Cuts Price Target on McDonald's to $286 From $305

McDonald's (MCD) has an average rating of overweight and mean price target of $321.48, according to analysts polled by FactSet.Price: $267.93, Change: $+2.69, Percent Change: +1.02%

$MCD
Wire

Top Midday Stories: Bessent Says US, Iran Could Soon Reach Hormuz Deal; Palantir Shares Soar on Strong Q2 Results, Guidance

All three major US stock indexes were up in late-morning trading Tuesday, as investors grew more optimistic on a potential deal between the US and Iran to reopen the Strait of Hormuz.The US and Iran could reach a deal Tuesday or Wednesday to reopen the Strait of Hormuz for commercial ships, Treasury Secretary Scott Bessent said Tuesday in an interview with CNBC.In company news, Palantir Technologies (PLTR) reported Q2 adjusted earnings late Monday of $0.41 per diluted share, above the FactSet consensus estimate of $0.34. Second-quarter revenue was $1.94 billion, up from $1.00 billion a year earlier and above the FactSet consensus of $1.81 billion. For Q3, the company expects revenue of $2.160 billion to $2.164 billion, above the FactSet consensus of $2.00 billion. For full-year 2026, the company expects revenue of $8.150 billion to $8.158 billion, above its previous guidance of $7.650 billion to $7.662 billion and above the FactSet consensus of $7.725 billion. Palantir shares were up 27.2% around midday.Caterpillar (CAT) reported Q2 adjusted profit of $8.17 per share, up from $4.72 a year earlier and above the FactSet consensus of $6.22. Total Q2 sales and revenue were $20.54 billion, up from $16.57 billion a year ago and above the FactSet consensus of $19.34 billion. Caterpillar shares were up 6.5%.Anthropic has signed a $10 billion deal for computing capacity with Volta Infra, a new infrastructure startup backed by Nvidia (NVDA), Bloomberg reported Tuesday, citing people familiar with the matter. Separately, Blackstone (BX) has held early talks with investors to assess their interest in a second massive debt package to finance Anthropic's use of chips from Alphabet's (GOOG, GOOGL) Google, Bloomberg reported, citing people with knowledge of the matter. One early proposal was for at least $36 billion, but the size, structure and whether Blackstone will lead the financing remain unknown, the report said, citing the people. Nvidia shares were up 2%. Blackstone shares were up 1.5%, while Alphabet Class C and Class A shares were up 0.2% and 0.5%, respectively.Amazon.com (AMZN) founder Jeff Bezos indicated plans to sell 15 million shares of the company valued at $4.07 billion, according to a regulatory filing. Separately, Amazon was sued Tuesday by New Jersey Attorney General Jennifer Davenport, who accused the online retailer of abusing its market power over independent delivery drivers, Davenport's office confirmed to. Amazon shares were down 2.2%.McDonald's (MCD) reported Q2 non-GAAP diluted EPS Tuesday of $3.38, up from $3.19 a year earlier and above the FactSet consensus of $3.32. Total Q2 revenue was $7.10 billion, up from $6.84 billion a year ago but below the FactSet consensus of $7.13 billion. The company said Skye Anderson was appointed as president of McDonald's USA, effective Tuesday, succeeding Joe Erlinger. McDonald's shares were up 1.5%.Merck (MRK) reported a Q2 non-GAAP loss Tuesday of $0.13 per share, swinging from earnings of $2.13 per share a year earlier but narrower than the FactSet consensus of a loss of $0.27 per share. Second-quarter sales were $16.61 billion, up from $15.81 billion a year ago and above the FactSet consensus of $16.37 billion. For full-year 2026, the company expects non-GAAP EPS of $2.66 to $2.76, below its prior outlook of $5.04 to $5.16 and below the FactSet consensus of $2.79. Merck shares were down 1.1%.Price: $159.84, Change: $+34.19, Percent Change: +27.21%

$AMZN$BX$CAT$GOOG$GOOGL$MCD$MRK$NVDA$PLTR
Sectors

Sector Update: Consumer Stocks Fall Premarket Tuesday

Consumer stocks were falling premarket Tuesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) 0.4% lower and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) down 0.5%.McDonald's (MCD) shares were down 0.9% even after the company posted higher Q2 non-GAAP earnings and revenue.Coca-Cola Europacific Partners (CCEP) reported an increase in Q2 revenue. Coca-Cola Europacific Partners stock was down more than 2% pre-bell.Kimberly-Clark (KMB) reported higher Q2 adjusted earnings and revenue. Kimberly-Clark shares were 0.6% lower premarket.

$CCEP$KMB$MCD$XLP$XLY
Sectors

Sector Update: Consumer

Consumer stocks were mixed premarket Tuesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) marginally higher and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) down 0.3%.McDonald's (MCD) shares were up 0.6% after the company posted higher Q2 non-GAAP earnings and revenue.

$MCD
Stocks Rise Pre-Bell Ahead of Latest Round of Earnings; Investors Gauge Uncertainty Over Potential US-Iran Deal
US Markets

Stocks Rise Pre-Bell Ahead of Latest Round of Earnings; Investors Gauge Uncertainty Over Potential US-Iran Deal

US equity futures were tracking in the green on Tuesday as traders await the latest batch of corporate earnings and assess ongoing uncertainty over a potential resolution to the Middle East conflict.The S&P 500 rose 0.2% in premarket activity, while the Dow Jones Industrial Average and the Nasdaq gained 0.3% each. All three main indexes finished Monday trading up, with the Dow notching a record closing high.Caterpillar (CAT), Merck (MRK), McDonald's (MCD), Pfizer (PFE), Spotify Technology (SPOT), Transdigm (TDG), Rockwell Automation (ROK), Archer-Daniels-Midland (ADM), Kimberly-Clark (KMB), BioNTech (BNTX) and DuPont de Nemours (DD) are all scheduled to report their latest financial results before the bell.SpaceX (SPCX) shares were up 2% pre-bell with the rocket and satellite company expected to release its first quarterly results since going public after the markets close, along with Advanced Micro Devices (AMD), Arista Networks (ANET), Amgen (AMGN) and Gilead Sciences (GILD).Palantir Technologies' (PLTR) stock jumped 15% early Tuesday as the company lifted its full-year revenue guidance on the back of stronger-than-expected second-quarter results. Snap (SNAP) climbed 7.3% after the social media company announced second-quarter results above Wall Street's estimates.President Donald Trump reportedly said Monday that the latest round of talks between the US and Iran is the "last chance" for Tehran to "sign a good document." Trump recently called off a planned attack on Iran.However, Iranian Foreign Ministry spokesperson Esmail Baghaei reportedly ruled out an immediate plan to negotiate with Washington. Tehran was in talks with Oman regarding the Strait of Hormuz, the world's most important chokepoint for crude flows, Baghaei reportedly said.West Texas Intermediate crude oil inclined 1.6% to $81.64 a barrel before the opening bell, while Brent advanced 2.3% to $85.66."Hopes of a peace deal in the Middle East weighed on crude prices," D.A. Davidson said in a Monday client note.Treasury yields were trending higher in premarket action, with the two-year rate ticking up 1 basis point to 4.27% and the 10-year rate adding 2.2 basis points to 4.71%.Tuesday's economic calendar has the international trade in goods and services report for June at 8:30 am ET, followed by the Job Openings and Labor Turnover Survey for the same month at 10 am.Gold moved up 0.3% to $4,103 per troy ounce, while bitcoin declined 0.7% to $63,441.

Dow JonesNasdaq CompositeS&P 500$ADM$AMD$AMGN$ANET$BNTX$CAT$DD$GILD$KMB$MCD$MRK$PFE$ROK$SPCX$SPGI$SPOT$TDG
Update: Dow Hits Record High as Oil Prices Slide on Iran Deal Hopes
US Markets

Update: Dow Hits Record High as Oil Prices Slide on Iran Deal Hopes

(Updates with market moves at the end of the day, and other changes, if any.)The Dow Jones Industrial Average hit an all-time high on Monday as Wall Street extended its rally into the third day, while hopes for a US-Iran deal sent oil prices lower.The Dow rose 1.3% to 53,178.41, notching a record closing high. The Nasdaq Composite advanced 2.1% to 25,913.90, while the S&P 500 climbed 1.5% to 7,600.50. Most sectors were in the green, led by communication services' 4.3% jump, while energy led the laggards.West Texas Intermediate crude oil tumbled 5.2% to $80.29 a barrel in Monday late-afternoon trade, while Brent dropped 4.7% to $83.80.President Donald Trump said Monday that the US is in talks with Iran. He previously called off a planned attack against Tehran."Hopes of a peace deal in the Middle East weighed on crude prices," D.A. Davidson said Monday in a note.However, Iranian Foreign Ministry spokesperson Esmail Baghaei on Monday ruled out an immediate plan to negotiate with Washington, according to news reports. Tehran was in talks with Oman regarding the Strait of Hormuz, the world's most important chokepoint for crude flows, Baghaei reportedly said.Treasury yields were lower, with the 10-year rate down 6.1 basis points at 4.68% and the two-year rate falling 3.7 basis points to 4.25%.In company news, Boeing (BA) shares jumped 8%, the best performer on the Dow. The planemaker has received the US Federal Aviation Administration's clearance for its 737 Max 7, paving the way for the model's launch after nearly a decade of regulatory review.Atkore (ATKR) jumped 28% after the electrical products manufacturer announced a $3.8 billion deal to be acquired by Italian cable maker Prysmian.Marriott International (MAR) was the worst performer on the S&P 500, down 7%. The hotel giant reported second-quarter revenue below Wall Street's estimates amid headwinds related to the Middle East conflict, while it provided a downbeat earnings outlook for the ongoing three-month period.Major companies including SpaceX (SPCX), Eli Lilly (LLY), Advanced Micro Devices (AMD), Caterpillar (CAT), Merck (MRK), McDonald's (MCD), Walt Disney (DIS), Shopify (SHOP) and Uber Technologies (UBER) are slated to release their quarterly results this week.In economic news, the US manufacturing sector continued to grow in July, with Institute for Supply Management data indicating the fastest expansion rate in more than four years and S&P Global (SPGI) signaling steady growth pace.Spot gold edged up 0.2% to $4,052.94 per troy ounce, while silver rose 1% to $58.34 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMD$ATKR$BA$CAT$DIS$LLY$MAR$MCD$MRK$SHOP$SPCX$SPGI$UBER
Update: Equities Rise Intraday, Oil Slides Amid Middle East Deal Optimism
US Markets

Update: Equities Rise Intraday, Oil Slides Amid Middle East Deal Optimism

(Updates with latest market prices and developments.)US stocks climbed intraday as oil prices fell after President Donald Trump renewed hopes for a diplomatic breakthrough in the Middle East conflict.The Nasdaq Composite was up 2% at 25,877.1 after midday Monday, while the S&P 500 rose 1.3% to 7,586.4. The Dow Jones Industrial Average climbed 0.9% to 52,962.1. Among sectors, communication services paced the gainers, while energy led the laggards.West Texas Intermediate crude oil tumbled 5.8% to $79.77 a barrel, while Brent dropped 4.8% to $83.70.Over the weekend, Trump said negotiations with Iran would begin Monday, without revealing venue details, news outlets reported. In a social media post, Trump said that he called off a planned attack against Iran because the "perimeters of a deal has been agreed to.""Hopes of a peace deal in the Middle East weighed on crude prices," D.A. Davidson said Monday in a note.However, Iranian Foreign Ministry spokesperson Esmail Baghaei on Monday ruled out an immediate plan to negotiate with Washington, according to news reports. Tehran was in talks with Oman regarding the Strait of Hormuz, the world's most important chokepoint for crude flows, Baghaei reportedly said.Treasury yields were lower intraday, with the 10-year rate down 5.5 basis points at 4.69% and the two-year rate falling 3.1 basis points to 4.26%.In company news, Atkore (ATKR) jumped 28% intraday after the electrical products manufacturer announced a $3.8 billion deal to be acquired by Italian cable maker Prysmian.Lantheus (LNTH) will become a private company following the completion of an up to $8 billion deal with Curium. Lantheus shares were up 2.7% intraday.Integer (ITGR) agreed to be acquired and taken private by investment firm KKR (KKR) in an all-cash deal with an enterprise value of about $5.7 billion. Integer rose 2.7%, while KKR advanced 2.1%.Marriott International (MAR) shares were the worst performer on the S&P 500, down 7.1%. The hotel giant reported second-quarter revenue below Wall Street's estimates amid headwinds related to the Middle East conflict, while it provided a downbeat earnings outlook for the ongoing three-month period.Major companies including SpaceX (SPCX), Eli Lilly (LLY), Advanced Micro Devices (AMD), Caterpillar (CAT), Merck (MRK), McDonald's (MCD), Walt Disney (DIS), Shopify (SHOP) and Uber Technologies (UBER) are slated to release their quarterly results this week.Palantir Technologies (PLTR) is scheduled to release its latest quarterly results after markets close Monday.Spot gold fell 0.2% to $4,038.48 per troy ounce, while silver was up 0.1% at $57.83 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMD$CAT$DIS$ITGR$KKR$LLY$LNTH$MAR$MCD$MRK$PLTR$SHOP$SPCX$UBER
Stocks Rise Pre-Bell as Trump Calls Off Planned Iran Strikes; Labor Market Data, Corporate Earnings on Deck
US Markets

Stocks Rise Pre-Bell as Trump Calls Off Planned Iran Strikes; Labor Market Data, Corporate Earnings on Deck

The benchmark US stock measures were pointing higher before the opening bell Monday as President Donald Trump said he called off a planned attack on Iran, while traders await fresh labor market data and more corporate earnings later in the week.The S&P 500 rose 0.5%, the Dow Jones Industrial Average increased 0.6% and the Nasdaq added 0.4% in premarket activity. All three main indexes finished Friday trading in the green.In a social media post over the weekend, Trump said he canceled a planned attack against Iran after being asked by Tehran and other Middle Eastern countries to hold off because the "perimeters of a deal has been agreed to." The proposed deal would include the "immediate, complete, and total opening" of the Strait of Hormuz, Trump wrote."I have agreed, for the future benefit of the world and, likewise, the survival of a successful and prosperous Iran, to cancel the attack, subject to being able to rapidly make a deal," Trump said. Media reports last week said Trump was preparing for a fresh round of strikes against Tehran.West Texas Intermediate crude oil dropped 5.8% to $79.77 a barrel before the open, while Brent fell 4.7% to $83.82.On Sunday, seven members of the Organization of the Petroleum Exporting Countries and its allies, or OPEC+, said they agreed to raise combined oil production by 188,000 barrels per day next month.Fresh labor market data is scheduled to be released later this week, beginning with the Job Openings and Labor Turnover Survey for June on Tuesday. Last month's ADP employment and Challenger Job Cut reports are due on Wednesday and Thursday, respectively. The government's nonfarm payrolls data for July is out on Friday.Treasury yields were trending lower in premarket action, with the two-year rate retreating 4.7 basis points to 4.24% and the 10-year rate declining 6.1 basis points to 4.68%.Monday's economic calendar has the final Purchasing Managers' manufacturing index for July at 9:45 am ET, followed by the Institute for Supply Management's manufacturing index for the same month at 10 am.Major companies including SpaceX (SPCX), Eli Lilly (LLY), Advanced Micro Devices (AMD), Caterpillar (CAT), Merck (MRK), McDonald's (MCD), Walt Disney (DIS), Shopify (SHOP) and Uber Technologies (UBER) are slated to release their latest quarterly results this week.Palantir Technologies (PLTR), Williams (WMB) and Snap (SNAP) post their earnings after the markets close Monday, while Marriott International (MAR), EchoStar (ECHO) and Tyson Foods (TSN) are expected to announce their financial statements before the bell, among others.AstraZeneca's (AZN) US-listed shares slipped 5.1% pre-bell following media speculation that the company is in talks with Bristol Myers Squibb (BMY) about a potential combination that would create a pharmaceutical company valued at nearly $400 billion. Bristol Myers' stock gained 6.4%.Atkore (ATKR) jumped 27% early Monday after the electrical products manufacturer agreed to be acquired by Italian cable maker Prysmian in an all-cash deal with an enterprise value of about $3.8 billion.Gold inched 0.1% higher to $4,109 per troy ounce, while bitcoin was down 1.2% at $62,596.

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