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Sectors

Sector Update: Financial

Financial stocks were advancing in Wednesday afternoon trading, with the NYSE Financial Index up 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.9%.The Philadelphia Housing Index was falling 2.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was decreasing 0.2%.Bitcoin (BTC-USD) was shedding 0.2% to $74,031, and the yield for 10-year US Treasuries was rising 2.7 basis points to 4.28%.In corporate news, Morgan Stanley (MS) on Wednesday posted stronger-than-expected Q1 results as sharp gains in investment banking and trading activity helped boost revenue to a record. Its shares climbed past 4%.

$MS
Asia Markets

US Equity Indexes Mixed as Trump Aims to Cool Geopolitical Risk

US equity indexes traded mixed in midday trading on Wednesday as investors weighed President Donald Trump's attempts to downplay the possibility of an extended war in Iran.The Nasdaq Composite advanced 0.8% to 23,836.9, and the S&P 500 rose 0.3% to 6,990.45. The Dow Jones Industrial Average, however, declined 0.4% to 48,346.9. S&P traded within a hair's breadth of its all-time high of 7,002.28.Technology, consumer discretionary, communication services, and financials were the gainers. Industrials and materials led the decliners.Trump said the war with Iran was close to over, telling the world to brace for an "amazing two days," as the army chief of mediator Pakistan arrived in Tehran in a bid to prevent a renewed conflict, Reuters reported. Pakistan's military confirmed Field Marshal Asim Munir had arrived in Tehran, the news report said. A senior Iranian source told Reuters that Munir, who had mediated the last round of talks, was heading to Iran "to narrow gaps" between the two sides.Meanwhile, Iran's military has threatened shipping in the Red Sea if the US continues its blockade of Iranian ports, after US Central Command said the blockade has "completely halted" Tehran's economic sea trade, CNN reported.West Texas Intermediate crude oil futures rose 0.6% to $91.86, and Brent crude futures climbed 0.9% to $95.69, off their respective session highs."The bottom line is that despite the market's rally since last week, the current ceasefire remains fragile," Thierry Wizman, global foreign-exchange and rates strategist at Macquarie Group, said in a note. "It is currently not letting the oil flow anyway. And if agreement is not reached on the nuclear issue, hostilities may restart, including in the Red Sea."Most US Treasury yields rose, with the 10-year up 2.7 basis points to 4.28% and the two-year higher by 1.9 basis points to 3.77% as elevated crude oil futures risked firing up the inflation rate.In precious metals, gold futures fell 0.5%% to $4,826.60 and silver futures declined 0.2% to $79.42.In company news, Morgan Stanley (MS) posted stronger-than-expected Q1 results as sharp gains in investment banking and trading activity helped boost revenue to a record.Tesla (TSLA) has completed the tape-out of its AI5 chip and is advancing development of AI6 and Dojo3, CEO Elon Musk said on X on Wednesday. Tape-out marks the final design stage before a chip is sent to manufacturing. Shares of the electric vehicle manufacturer surged 6.3% intraday, among the top gainers on the S&P 500 and Nasdaq.In economic news, the New York Federal Reserve's Empire State manufacturing index rebounded to 11.0 in April from minus 0.2 in March, above the expectations for a 0.0 print in a Bloomberg-compiled survey. The Empire State index is the first manufacturing sector reading for April and suggests a return to expansion.The National Association of Home Builders' monthly housing market index fell to 34 in April from a revised 38 in March, compared with expectations for 37 in a survey compiled by Bloomberg. The index was below 40 a year ago and is at its lowest since September 2025.

Dow JonesNasdaq CompositeS&P 500$MS$TSLA
Wire

Top Midday Stories: Allbirds to Pivot to AI From Shoes, Stock Soars; Morgan Stanley, Bank of America Q1 Earnings Top Estimates

The S&P 500 and Nasdaq Composite were up, while the Dow Jones Industrial Average was down in late-morning trading Wednesday, as investors remained hopeful that war in Iran could end soon.In company news, Allbirds (BIRD) said Wednesday it has executed a definitive agreement with an institutional investor for a $50 million convertible financing facility that will enable it to pivot its business to artificial intelligence compute infrastructure. The long-term goal is for the company to become a fully integrated "GPU-as-a-Service" and AI-native cloud solutions provider under the new name of NewBird AI, Allbirds said. Shares of Allbirds were up 616.3% around midday.Morgan Stanley (MS) reported Q1 earnings Wednesday of $3.43 per diluted share, up from $2.60 a year earlier and above the FactSet consensus estimate of $3.00. First-quarter net revenue was $20.58 billion, up from $17.74 billion a year ago and above the FactSet consensus of $19.74 billion. Morgan Stanley shares were up over 5%.Bank of America (BAC) reported Q1 earnings Wednesday of $1.11 per diluted share, up from $0.89 a year earlier and above the FactSet consensus of $1.01. First-quarter net revenue was $30.27 billion, up from $28.25 billion a year ago and above the FactSet consensus of $29.95 billion. Bank of America shares were up 1.7%.Snap (SNAP) said Wednesday it's cutting its workforce by 16%, or roughly 1,000 jobs. The cuts are expected to generate $500 million in annualized cost savings, Snap said. The company also updated its Q1 revenue outlook to about $1.53 billion, above the FactSet consensus analyst estimate of $1.52 billion. Snap shares were up 8.5%.CoreWeave (CRWV) will receive about $6 billion from Jane Street in exchange for use of its AI cloud platform, the companies said Wednesday. Jane Street has also made an equity investment of $1 billion at $109 per share, the companies said. CoreWeave shares were slightly up.Broadcom (AVGO) and Meta Platforms (META) said late Tuesday they have entered into a multiyear, multi-generation strategic partnership to support Meta's rapidly scaling AI compute infrastructure. Under the expanded partnership, Broadcom will deliver technology supporting Meta Training and Inference Accelerator chips, with plans to extend the deal through 2029, the companies said. Broadcom shares were up 3%, while Meta shares were up 1.8%.Price: $17.84, Change: $+15.35, Percent Change: +616.27%

$AVGO$BAC$BIRD$CRWV$META$MS$SNAP
US Markets

Morgan Stanley's Quarterly Results Beat Estimates Amid Investment Banking, Trading Gains

Morgan Stanley (MS) on Wednesday posted stronger-than-expected first-quarter results as sharp gains in investment banking and trading activity helped boost revenue to a record.Earnings per share jumped to $3.43 for the March quarter from $2.60 a year earlier and surpassed the FactSet-polled consensus of $3. Revenue climbed 16% to $20.58 billion, while analysts expected $19.74 billion.Revenue in the institutional securities division rose to $10.72 billion from $8.98 billion in the prior-year period, driven by a 36% surge in investment banking to $2.12 billion. Equity and fixed income groups also posted strong gains, at 25% and 29%, respectively.Wealth management revenue advanced 16% to a record $8.52 billion."Institutional securities benefited from robust client engagement and strength globally," Chief Executive Ted Pick said in a statement. "Wealth Management demonstrated continued momentum, with net new assets of $118 billion and fee-based asset flows of $54 billion."Shares of Morgan Stanley were up 5.5% intraday. The stock has risen 8.9% so far this year.Bank of America (BAC) reported its first-quarter performance on Wednesday, with both earnings and revenue topping market estimates amid double-digit gains in investment banking and asset management fees.JPMorgan Chase (JPM) and Citigroup (C) reported better-than-expected first-quarter results on Tuesday, while Wells Fargo's (WFC) revenue missed market views. On Monday, Goldman Sachs (GS) posted financials above Street projections.Price: $192.50, Change: $+9.16, Percent Change: +5.00%

$BAC$C$GS$JPM$MS$WFC
Research

Research Alert: Morgan Stanley Delivers Strong Q1 2026 Results, Beating Estimates

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:MS posted outstanding Q1 2026 results with EPS of $3.43, beating consensus of $3.01, up 14% Y/Y, while total revenue was $20.6B, up 16% Y/Y, leading to pretax income of $7.0B. Two of its three main segments contributed to growth, with strong regional performance led by Asia up 43% Y/Y and North America up 11% Y/Y. We remain bullish on MS as it stands to significantly benefit from a potential upturn in investment banking as a market leader, with rebound in global markets for trading and capital raising expected to benefit the firm. Management did not provide specific numerical guidance for future periods. AUM grew to $1.9T, up 13% Y/Y, with Alternatives and Solutions reaching $770B, up 184% Y/Y. Consolidated loans rose 17% Y/Y to $515B, with no high credit risks evident. We believe MS can deliver durable revenue and earnings growth that supports a higher valuation multiple, though risks remain from the Iran-U.S. conflict potentially slowing economies. MS returned $1.75B to shareholders via share repurchases.

$MS
Sectors

Sector Update: Financial Stocks Rise Premarket Wednesday

Financial stocks were rising premarket Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) advancing by 0.4%.The Direxion Daily Financial Bull 3X Shares (FAS) was 1.4% higher and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was down 1.4%.Bank of America (BAC) stock was up 2.2% after the company reported higher Q1 earnings and net revenue.Morgan Stanley (MS) shares were up 2.8% after the company posted higher Q1 earnings and net revenue.First Horizon (FHN) stock was up about 3% after the company reported higher Q1 adjusted earnings and revenue.

$BAC$FAS$FAZ$FHN$MS$XLF
Commodities

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Wednesday as Investors Turn to Corporate Earnings

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.1% and the actively traded Invesco QQQ Trust (QQQ) was 0.01% higher in Wednesday's premarket activity as investors shift focus from geopolitical risks to earnings updates.US stock futures were also higher, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures advancing 0.1%, and Nasdaq futures gaining 0.01%before the start of regular trading.US mortgage applications increased 1.8% in the week ended April 10 as a rise in refinancing tied to lower rates offset a slight decline in purchase activity, Mortgage Bankers Association data showed Wednesday.US import prices increased 0.8% in March, below expectations, as a surge in petroleum costs drove most of the gain, government data showed. Excluding fuel, import prices edged up 0.1%, missing forecasts and slowing from the prior month.The National Association of Home Builders sentiment reading for April is due to be released at 10 am ET, followed by weekly petroleum stocks data at 10:30 am ET.The Fed's Beige Book report is due to be released at 2 pm ET.Fed Vice Chair for Supervision Michelle Bowman is slated to speak on Wednesday.In premarket activity, bitcoin was down by 0.1%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was flat, the Ether ETF (EETH) advanced 0.9%, and Bitcoin & Ether Market Cap Weight ETF (BETH) rose 11.6%.Power Play:EnergyThe iShares US Energy ETF (IYE) gained 0.2%, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.2%.DHT (DHT) stock was up more than 4% before Wednesday's opening bell after the company said it expects Q1 time charter equivalent earnings of $78,800 per day.Winners and Losers:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.1% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat. The iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.1% higher.Stellantis (STLA) shares were up more than 2% pre-bell after the company said its Q1 estimated consolidated shipments totaled 1.4 million units, up 12% from a year earlier.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.1%, the Vanguard Health Care Index Fund (VHT) was up 0.7%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) was inactive.Spyre Therapeutics (SYRE) stock was up more than 2% premarket after the company said late Tuesday it priced its upsized underwritten public offering of 6.5 million shares at $62 apiece for gross proceeds of about $403 million.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.9%, while its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.8% lower.Morgan Stanley (MS) shares were up more than 2% pre-bell after the company posted higher Q1 earnings and revenue.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.04%, and the iShares US Technology ETF (IYW) was flat, while the iShares Expanded Tech Sector ETF (IGM) was up 0.02%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained 0.02%, while the iShares Semiconductor ETF (SOXX) retreated by 0.5%.ASML Holding (ASML) shares were down more than 2% in premarket activity after the company reported higher Q1 earnings and sales.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.1%, while the Vanguard Industrials Index Fund (VIS) gained 0.3% and the iShares US Industrials ETF (IYJ) was inactive.CommoditiesFront-month US West Texas Intermediate crude oil gained by 0.4% to reach $91.66 per barrel on the New York Mercantile Exchange. Natural gas advanced by 0.9% to $2.62 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 0.1%, while the United States Natural Gas Fund (UNG) was 1.1% lower.Gold futures for May were down by 0.3% at $4,834.40 an ounce on the Comex. Silver futures declined by 0.8% to $78.95 an ounce. SPDR Gold Shares (GLD) was 2.2% higher, and the iShares Silver Trust (SLV) advanced by 5.5%.

Dow JonesNasdaq CompositeS&P 500$ASML$BETH$BITO$DHT$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$MS$PMR$QQQ$RTH$SLV$SOXX$SPY$STLA$SYRE$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Asia Markets

US Equity Futures Flat Pre-Bell as Traders Remain Optimistic About Potential US-Iran Deal

US equity futures were mostly unchanged pre-bell Wednesday as traders continue to be optimistic on the possibility of a US-Iran agreement being finalized soon.Dow Jones Industrial Average futures were up 0.1%, S&P 500 futures were flat, while Nasdaq futures were down 0.1%.Negotiations between the US and Iran could resume as early as this week, with the New York Post quoting President Donald Trump as saying it could happen "over the next two days."Traders digested earnings from Bank of America (BAC) and Morgan Stanley (MS), which posted higher Q1 earnings and revenue. Progressive (PGR) also reported higher Q1 net income and net premiums earned.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.6% at $95.39 per barrel and US West Texas Intermediate crude 0.4% higher at $91.64 per barrel.The April Empire State manufacturing index, released at 8:30 am ET, came in at 11.0, up from negative 0.2 in March and above estimates compiled by Bloomberg for a reading of 0.0.The March import price index, released at 8:30 am ET, showed a 0.8% month-over-month increase, falling short of estimates compiled by Bloomberg for a 2.3% gain. Export prices increased 1.6%, slightly higher than expectations for a 1.5% gain.The April US housing market index, slated for 10 am ET, is seen coming in at 37 versus 38 previously.In other world markets, Japan's Nikkei closed 0.4% higher, Hong Kong's Hang Seng ended 0.3% higher, and China's Shanghai Composite finished flat. Meanwhile, the UK's FTSE 100 was up 0.1%, and Germany's DAX index was also 0.1% higher in Europe's early afternoon session.In equities, Bank of America shares were up 1.6%, while Morgan Stanley stock was 2.8% higher. Snap (SNAP) shares were up 7.6% after the company said it planned to cut around 16% of its global workforce, or roughly 1,000 employees.On the losing side, Terawulf (WULF) shares were down 4.7% after the company said late Tuesday that it priced a public offering of 47.4 million shares at $19 each for gross proceeds of about $900 million. BRP (DOO) stock was 26% lower after the company overnight said it suspended its fiscal 2027 guidance following a recent amendment to US rules for tariffs on steel, aluminum, and copper imports.

Dow JonesNasdaq CompositeS&P 500$BAC$DOO$MS$PGR$SNAP$WULF
Japan

US Equity Futures Flat Pre-Bell as Traders Remain Optimistic About Potential US-Iran Deal

US equity futures were mostly unchanged pre-bell Wednesday as traders continue to be optimistic about the possibility of a US-Iran agreement.Dow Jones Industrial Average futures, S&P 500 futures, and Nasdaq futures were all flat.Negotiations between the US and Iran could resume as early as this week, with the New York Post quoting President Donald Trump as saying it could happen "over the next two days."Traders digested earnings from Bank of America (BAC) and Morgan Stanley (MS), which posted higher Q1 earnings and revenue. Progressive Corp. (PGR) is also expected to report earnings pre-bell.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.8% at $95.56 per barrel and US West Texas Intermediate crude 0.6% higher at $91.87 per barrel.The April Empire State manufacturing index, scheduled for release at 8:30 am ET, is seen coming in at zero versus negative 0.2 previously, according to estimates compiled by Bloomberg.The March import price index, scheduled for release at 8:30 am ET, is expected to show a 2.3% month-over-month increase after a 1.3% gain previously. The export price index is also projected to rise 1.5% to match the previous month's gain.The April US housing market index, slated for 10 am ET, is seen coming in at 37 versus 38 previously.

Dow JonesNasdaq CompositeS&P 500$BAC$MS$PGR
US Markets

Stocks Down Pre-Bell as Traders Monitor Developments on US-Iran Peace Talks

The main US stock measures were pointing lower in Wednesday's premarket activity as traders monitor updates on the potential revival of peace talks between the US and Iran and await more bank earnings.The S&P 500, the Dow Jones Industrial Average and the Nasdaq declined 0.2% each before the opening bell. The indexes finished Tuesday trading higher, with the Nasdaq extending its winning streak to a tenth consecutive session.President Donald Trump told the New York Post on Tuesday that additional negotiations with Iran over a peace deal "could be happening over next two days" in Pakistan. A second round of talks between Washington and Tehran is currently under discussion, although nothing has been officially scheduled yet, CNBC reported Tuesday, citing a White House official.In a Fox Business interview, Trump said he views the Iran war as "very close to over."Over the weekend, US-Iran peace negotiations in Pakistan ended without a deal. Following that setback, the US navy started a blockade of Iranian ports in the crucial Strait of Hormuz. A two-week ceasefire between the US and Iran, however, still holds.West Texas Intermediate crude oil inclined 1.8% to $92.96 a barrel in premarket action, while Brent rose 2.2% to $90.13.The International Energy Agency on Tuesday forecast global oil demand to turn negative this year due to the Middle East conflict, penciling in the sharpest consumption decline in the second quarter since the COVID-19 pandemic.Treasury Secretary Scott Bessent reportedly said at an event on Tuesday that the Trump administration's tariffs may be restored by July to the levels in place before the Supreme Court invalidated them in February.Treasury yields were moving upwards before the open, with the two-year rate gaining 0.4 basis points to 3.76% and the 10-year rate adding 0.6 basis points to 4.26%.Bank of America (BAC), Morgan Stanley (MS), Progressive (PGR), PNC Financial Services (PNC), M&T Bank (MTB) and First Horizon (FHN) are all scheduled to post their quarterly earnings before the bell, among others. J.B. Hunt Transport Services (JBHT) releases its results after the markets close.ASML's (ASML) US-listed stock nudged 0.8% lower pre-bell after the Dutch chip equipment maker reported its quarterly results. Broadcom (AVGO) gained 3.1% as the chipmaker expanded its partnership with Meta Platforms (META) to support the technology giant's artificial intelligence compute infrastructure.Government data on Tuesday showed that producer prices growth steadied in March as wholesale costs of energy surged amid volatility stemming from the Iran war.Wednesday's economic calendar has the weekly mortgage applications bulletin at 7 am ET, followed by the Empire State manufacturing index for April and the import and export prices report for March, both at 8:30 am. The housing market index for this month is out at 10 am, while the EIA domestic petroleum inventories report is due at 10:30 am.The Federal Reserve's Beige Book, a compilation of economic and business reports from the 12 regional Fed branches, posts at 2 pm.Fed Governor Michael Barr is slated to speak at 8:30 am, while Fed Vice Chair for Supervision Michelle Bowman speaks at 1:45 pm.Gold slipped 0.7% to $4,818 per troy ounce, while bitcoin ticked down 0.2% to $74,132.

Dow JonesNasdaq CompositeS&P 500$ASML$AVGO$BAC$FHN$JBHT$META$MS$MTB$PGR$PNC
US Markets

Stocks Rise Pre-Bell Amid Hopes of Renewed US-Iran Peace Talks; Big Bank Earnings, PPI Data on Deck

US equity futures were trending higher on Tuesday amid media reports that the US and Iran may revive their peace talks, while investors await the latest financial results of some of Wall Street's largest banks and data on wholesale prices.The S&P 500 rose 0.2%, the Dow Jones Industrial Average edged up 0.1% and the Nasdaq added 0.4% in premarket activity. The indexes finished the previous trading session higher, with the Nasdaq recording gains for the ninth consecutive day.The US and Iran are considering holding another round of negotiations before their current two-week ceasefire expires next week, Bloomberg News reported Tuesday, citing people familiar with the matter.President Donald Trump reportedly said Monday that "the right people" have reached out to Washington "and they want to work a deal." Delegations from the US and Iran were unable to reach a deal during negotiations in Pakistan over the weekend.In an interview with Fox News, Vice President JD Vance said it was up to Iran to make the next move on peace talks with the US, according to CNBC. "Whether we have further conversations, whether we ultimately get to a deal, I really think the ball is in the Iranian court, because we put a lot on the table," Vance reportedly said.The US navy on Monday started a blockade of Iranian ports in the crucial Strait of Hormuz.West Texas Intermediate crude oil declined 2.6% to $96.53 a barrel before the opening bell, while Brent decreased 1.2% to $91.88.The International Energy Agency said Tuesday it expects oil demand to fall by 80,000 barrels per day this year as the Middle East war "upends" its global outlook. "Demand destruction will spread as scarcity and higher prices persist," the IEA said.On Monday, the Organization of the Petroleum Exporting Countries lowered its second-quarter oil demand forecast due to the Middle East conflict, but maintained its full-year estimates amid expectations for a rebound in the second half.JPMorgan Chase (JPM), Wells Fargo (WFC) and Citigroup (C) are some of the banking giants scheduled to report their latest quarterly earnings before the bell, along with Johnson & Johnson (JNJ), BlackRock (BLK) and Albertsons (ACI).Goldman Sachs (GS) posted first-quarter results above market estimates on Monday, while Chief Executive David Solomon said a protracted Middle East conflict could pose upside risks to inflation. Bank of America (BAC) and Morgan Stanley (MS) post their results on Wednesday.Last month's producer price index, a measure of wholesale prices, is slated to be released at 8:30 am ET. Last week, government data showed that consumer inflation accelerated to its highest monthly reading in nearly four years in March as the Middle East conflict sent energy prices sharply higher.Treasury yields were down in premarket action, with the two-year rate retreating 1.9 basis points to 3.76% and the 10-year rate off 1.6 basis points to 4.28%.Federal Reserve Governor Michael Barr is set to speak at 12:45 pm, while Chicago Fed President Austan Goolsbee speaks earlier at 12:15 pm.Shares of Oracle (ORCL) added 4.2% pre-bell after closing the previous trading session up 13% as the company said it introduced artificial intelligence-focused updates to its utilities software suite. Avanos Medical (AVNS) surged 68% after the firm agreed to be acquired by American Industrial Partners affiliates in a deal worth $1.27 billion.Gold inclined 0.8% to $4,804 per troy ounce pre-bell, while bitcoin advanced 2% to $74,609.

Dow JonesNasdaq CompositeS&P 500$ACI$AVNS$BAC$BLK$C$GS$JNJ$JPM$MS$ORCL$WFC
US Markets

Nasdaq Extends Rally to 9th Day as Tech Stocks Jump

The Nasdaq Composite advanced for the ninth straight session on Monday as US equity markets benefited from a jump in technology stocks.The Nasdaq climbed 1.2% to 23,183.7, while the S&P 500 added 1% to 6,886.2. The Dow Jones Industrial Average rose 0.6% to 48,218.3. Barring utilities and consumer staples, all sectors ended in the green, led by tech and financials.Oracle (ORCL) shares surged nearly 13%, the top gainer on the S&P 500. The company said it introduced artificial intelligence-focused updates to its utilities software suite at its customer edge summit, targeting improvements in billing, grid operations, and asset management.ServiceNow (NOW), Dell Technologies (DELL), Salesforce (CRM) and Microsoft (MSFT) were among tech stocks that registered gains.US earnings growth expectations appear to have shrugged off uncertainty around the Iran war, with markets betting on stronger corporate results this year than those projected before the war began, BlackRock Investment Institute said in a note on Monday.BlackRock upgraded its rating on US stocks to overweight from neutral, saying the Middle East conflict will likely drive limited economic damage.Oil prices, which jumped above $100 per barrel earlier on Monday amid a US blockade of maritime traffic around Iran's ports, pared gains, with West Texas Intermediate crude oil last up 1.3% at $97.83. Brent advanced 3.1% to $98.18.The blockade started at 10 am ET Monday. The development came after the US and Iran failed to reach a deal during negotiations in Pakistan over the weekend, fueling concerns over an already fragile ceasefire between Washington and Tehran.US President Donald Trump said Iran called this morning and that "they'd like to work a deal," according to a Reuters report. Despite the failed peace talks, a two-week ceasefire announced last week still holds.Trump's remarks come as Iran has vowed to retaliate following the US blockade, CNN reported. The Iran-controlled strait has been effectively shut since the war began at the end of February.Trump is mulling over limited strikes against Iran following the failed negotiations, The Wall Street Journal reported, citing people familiar with the situation."As the conflict with Iran enters its seventh week, persistent concern about the time it will take to arrive at an effective resolution to the conflict will, however, likely remain for now as a negative overhang for market participants to navigate," said John Stoltzfus, chief investment strategist at Oppenheimer Asset Management.Meanwhile, the Organization of the Petroleum Exporting Countries lowered its second-quarter oil demand forecast due to the Middle East conflict, but maintained its full-year estimates amid expectations for a rebound in the second half.US Treasury yields were lower, with the 10-year rate last down 4.7 basis points at 4.29% and the two-year rate dropping 2.7 basis points to 3.78%.In company news, Goldman Sachs (GS) on Monday posted first-quarter results above market estimates, while Chief Executive David Solomon said a protracted Middle East conflict could pose upside risks to inflation. The lender's shares fell 1.9%, the worst performer on the Dow.JPMorgan Chase (JPM), Wells Fargo (WFC), and Citigroup (C) are scheduled to release their quarterly results on Tuesday, while Bank of America (BAC) and Morgan Stanley (MS) will announce their results on Wednesday. Outside the banking sector, Johnson & Johnson (JNJ), Netflix (NFLX) and PepsiCo (PEP) are set to release their results this week.In economic news, US existing home sales decreased in March as softening job growth and weaker consumer confidence continued to deter potential buyers, data from the National Association of Realtors showed.Gold was last down 0.4% at $4,766.30 per troy ounce, while silver dropped 1.1% to $75.67 per ounce.

Dow JonesNasdaq CompositeS&P 500$BAC$C$CRM$DELL$GS$JNJ$JPM$MS$MSFT$NFLX$NOW$ORCL$PEP$WFC
International

US Equity Indexes Rise Amid Gains in Tech, Financials; Crude Oil Pares Gains on Hopes for Iran Deal

US equity indexes rose, with financials and technology topping sector charts, and crude oil futures paring gains after President Donald Trump attempted to cool geopolitical tensions.The Nasdaq Composite jumped 1.2% to 23,183.74, the S&P 500 climbed 1% to 6,886.24, and the Dow Jones Industrial Average advanced 0.6% to 48,218.25. Defensive sectors -- consumer staples and utilities -- were the lone decliners.All three indexes clawed back intraday declines after President Trump said that "we've been called by the other side," referring to Iran. The US-Tehran talks in Pakistan's capital, Islamabad, over the weekend ended without a lasting peace pact, as uranium enrichment and the Strait of Hormuz remained the main sticking points."They'd like to make a deal very badly," Trump was cited as saying in media reports.West Texas Intermediate crude oil futures rose 1.6% to $98.14, and Brent crude futures climbed 3.2% to $98.27, after surging more than 7.5% each intraday.The CBOE Volatility Index slipped 0.6% to 19.12, after touching an intraday high of 21.58.US Treasury yields mostly fell, with the 10-year yield down 2.2 basis points to 4.30%, after rates rose across most of the yield curve earlier in the session.Trump's comments come as the US military blockade on all traffic entering and leaving Iranian ports came into effect on Monday, CNN reported.More than 15 US warships are in place to support the operation, The Wall Street Journal reported, citing a senior official."If any of these ships [that the president refers to as Iran's 'fast attack ships'] come anywhere close to our BLOCKADE, they will be immediately ELIMINATED," Trump said on his Truth Social post. Iran said no port in the Persian Gulf or the Sea of Oman would be safe if its ports are threatened, The Wall Street Journal reported Monday.A US blockade might stop Iran's flow of oil revenue without destroying or capturing Iran's Kharg Island oil loading point, and so "potentially avoid escalatory Iranian attacks on its Gulf neighbors," according to a note from the Wells Fargo Investment Institute.Meanwhile, Goldman Sachs (GS), which reported higher Q1 earnings and net revenue pre-bell, is launching a new three-tranche offering in the US investment-grade debt market, with bond maturities spanning four to eight years, Bloomberg said Monday, citing a person with direct knowledge of the matter.The Q1 earnings season has begun in earnest with the release of Goldman Sachs' quarterly results. Mega-cap banks, including JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), and Morgan Stanley (MS), will report this week.Further in company news, Oracle (ORCL) said Monday it introduced AI-focused updates to its utilities software suite at its customer edge summit, targeting improvements in billing, grid operations, and asset management. Shares of the technology giant were up 13%, the top gainer on the S&P 500.Microsoft (MSFT), Salesforce (CRM), and ServiceNow's (NOW) recent sell-offs amid the broader software disposal are disconnected from the artificial intelligence opportunities over the coming years, Wedbush said Monday. Shares of Salesforce and Microsoft were up 4.8% and 3.6%, respectively, the Dow's top gainers.

Dow JonesNasdaq CompositeS&P 500$BAC$C$CRM$GS$JPM$MS$MSFT$NOW$ORCL
Wire

Market Chatter: JPMorgan Chase, Morgan Stanley Working on Leo Pharma's Potential IPO in Denmark

JPMorgan Chase (JPM), Morgan Stanley (MS), and Danske Bank are working on Leo Pharma's potential initial public offering in Denmark, Bloomberg reported Monday, citing sources familiar with the matter.Sources told Bloomberg that the IPO could happen this year and Leo Pharma could hire more banks for the sale. Plans remain subject to change as no final decision has been made, according to the report.Bloomberg said Leo Pharma was valued at about 3 billion euros ($3.51 billion), including debt, in 2021.JPMorgan Chase, Morgan Stanley, Danske Bank, and Leo Pharma did not immediately respond to' requests for comments.(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: $307.98, Change: $-1.89, Percent Change: -0.61%

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US Markets

Stock Futures Down, Oil Rises as US Plans Blockade of Iranian Ports in Strait of Hormuz After Talks Fail

The benchmark US stock measures were pointing lower before the opening bell Monday, while oil prices rose as the US navy plans to begin a blockade of Iranian ports in the crucial Strait of Hormuz after Washington and Tehran failed to reach a conclusive agreement to end their war.The S&P 500 and the Nasdaq declined 0.6% each in premarket activity, while the Dow Jones Industrial Average was off 0.5%. The S&P 500 and the Dow finished Friday's trading session in the red, while the Nasdaq posted its eighth consecutive day of gains.The US Central Command announced Sunday that its forces will begin implementing a blockade of all maritime traffic entering and exiting Iranian ports on Monday at 10 am ET."The blockade will be enforced impartially against vessels of all nations entering or departing Iranian ports and coastal areas, including all Iranian ports on the Arabian Gulf and Gulf of Oman," according to a statement. "CENTCOM forces will not impede freedom of navigation for vessels transiting the Strait of Hormuz to and from non-Iranian ports."Earlier on Sunday, President Donald Trump said in a social media post that the US navy will block "any and all ships trying to enter, or leave, the Strait of Hormuz," the world's most important chokepoint for crude flows."I have also instructed our navy to seek and interdict every vessel in international waters that has paid a toll to Iran," according to Trump. "Other countries will be involved with this blockade. Iran will not be allowed to profit off this illegal act of extortion."Trump's statement came after delegations from the US and Iran were unable to reach a deal to end their war during negotiations in Pakistan over the weekend. US Vice President JD Vance, who led the US delegation, said the US didn't receive a firm commitment from Iran to stop its pursuit of nuclear weapons, according to multiple media outlets.Iran's parliamentary speaker Mohammad Bagher Ghalibaf said in a post on X that the US team "failed to gain the trust of the Iranian delegation in this round of negotiations."West Texas Intermediate crude oil jumped 7.8% to $104.05 a barrel before the open, while Brent advanced 7.1% to $101.93.Meanwhile, Trump on Sunday reportedly threatened to implement a 50% tariff on China, following speculation that Beijing is preparing to deliver a shipment of new air defense systems to Iran, according to CNBC. "If we catch them doing that, they get a 50% tariff, which is a staggering - that's a staggering amount," the US leader said.Traders await the latest financial results of Wall Street's biggest banks this week, beginning with Goldman Sachs (GS) on Monday. JPMorgan Chase (JPM), Bank of America (BAC), Wells Fargo (WFC), Morgan Stanley (MS) and Citigroup (C) are all due to post their quarterly earnings later in the week, along with major corporations, including Johnson & Johnson (JNJ), Netflix (NFLX) and PepsiCo (PEP).US consumer inflation accelerated to its highest monthly reading in nearly four years in March as the Middle East conflict sent energy prices sharply higher, official data showed Friday. Consumer sentiment hit the lowest on record this month, reflecting heightened worries about higher prices and the overall economic fallout from the Middle East conflict, according to a survey by the University of Michigan last week.Treasury yields were trending upwards in premarket action, with the two-year rate rising 1.5 basis points to 3.82% and the 10-year rate inclining 1.6 basis points to 4.33%.Monday's thin economic calendar has the existing home sales report for March at 10 am. Federal Reserve Governor Stephen Miran is scheduled to speak at 6:20 pm.Gold dropped 0.9% to $4,744 per troy ounce pre-bell, while bitcoin decreased 0.5% to $70,791.

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Asia Markets

US Equity Investors to Train Focus on Quarterly Earnings, Escalation of Iran War This Week

US equity investors will focus on Q1 earnings and developments in the Iran war following President Donald Trump's announcement of a blockade of the Strait of Hormuz after Iran peace talks in Pakistan ended with no agreement.* Q1 earnings season will begin this week in right earnest with the release of quarterly results from mega-cap banks, including JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), Morgan Stanley (MS), and Goldman Sachs (GS).* Trump and his advisers are looking at resuming limited military strikes in Iran in addition to the blockade as a way to break a stalemate in peace talks, The Wall Street Journal reported Monday, citing officials and people familiar with the situation.* The announcement of the blockade could draw American forces into a prolonged struggle to control the strategic chokepoint while compounding the global economic damage caused by the conflict, a separate report from the WSJ said.* West Texas Intermediate crude oil futures surged 8% to $104.59, and Brent crude futures soared 7.8% to $102.95 early Monday. US Treasury yields also rose, with the 10-year up 1.8 basis points to 4.34% and the two-year climbed 2.1 basis points to 3.82%. The ICE US Dollar index advanced 0.3% to 98.99, reflecting the greenback's strength against the world's major currencies.* Iran said no port in the Persian Gulf or the Sea of Oman would be safe if its ports are threatened, after Trump confirmed that the US blockade on ships entering or exiting Iranian ports would take effect at 10 a.m. ET Monday.* Macroeconomic data due this week includes producer price inflation, existing home sales, ADP employment change, and initial jobless claims.* Federal Reserve Governors Christopher Waller and Michelle W. Bowman, as well as New York Fed President John Williams, are among a plethora of central bank speakers due to share their views this week.

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Sectors

Sector Update: Financial Stocks Lean Lower Premarket Friday

Financial stocks were leaning lower premarket Friday, with the State Street Financial Select Sector SPDR ETF (XLF) declining by 0.1%.The Direxion Daily Financial Bull 3X Shares (FAS) was 0.3% lower and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was up 0.5%.Switzerland's criminal court said Friday it has discontinued a proceeding against UBS (UBS) in connection with alleged money laundering in a case involving Mozambican state-owned companies. UBS Group shares were 0.9% higher pre-bell.HSBC (HSBC) and Anchorpoint Financial, a Standard Chartered joint venture, have been granted stablecoin issuer licenses by the Hong Kong Monetary Authority, the regulator said. HSBC stock was 0.6% higher premarket.A Morgan Stanley (MS) affiliated entity is planning to participate as a cornerstone investor in Victory Giant Technology Huizhou's planned listing in Hong Kong that could raise about $2 billion, Bloomberg reported, citing people familiar with the matter. Morgan Stanley shares were slightly declining premarket.

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