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$MSFT
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436 stories mentioning MicrosoftUpdated 2d ago

Rose with tech stocks in a broad rally; its Xbox studio Compulsion Games is reportedly planning to shut down.

Japan

Update: Consumer Discretionary Helps Push US Equity Indexes Higher in Midday Trading

(Updates with index/price moves, macroeconomic data, and company/political news from the first paragraph.)US equity indexes rose amid gains in consumer discretionary and as crude oil prices extended declines to levels seen before the Iran war.The Nasdaq Composite climbed 0.3% to 25,428.3 after midday Friday. The S&P 500 edged up 0.2% to 7,372.4, and the Dow Jones Industrial Average advanced 0.3% to 52,049.7.Technology and industrials led the four declining sectors intraday. Health care, consumer discretionary, and real estate were among the top gainers.IBM's (IBM) technology capable of producing chips smaller than one nanometer represents a "major moment" for the semiconductor industry amid increasing artificial intelligence workloads, Wedbush Securities said in a note on Friday. IBM has created what it calls the "world's first sub-1 nanometer chip technology," the company said Thursday. IBM shares jumped 4.1%, making it the Dow's leader.Microsoft-backed (MSFT) OpenAI is leaning toward delaying its initial public offering until next year, the New York Times reported Thursday, citing three people involved in the company's deliberations. The ChatGPT maker hired bankers and lawyers, eyeing an IPO as soon as Q3 or Q4, with CEO Sam Altman pushing for a $1 trillion valuation, according to the report. Shares of Microsoft advanced 5%, among the Dow's top gainers.In geopolitical news, 115 vessels and 2,500 seafarers have been evacuated from the Strait of Hormuz since Tuesday, said Arsenio Dominguez, the secretary-general of the UN's International Maritime Organization, according to a report from Al Jazeera.The front-month global benchmark North Sea Brent fell 4.2% to $72.13 per barrel, and the US West Texas Intermediate 3.9% to $69.11 per barrel, extending their declines to the lowest since the beginning of the Iran war.

Dow JonesNasdaq CompositeS&P 500$IBM$MSFT
Wire

Top Midday Stories: OpenAI Weighs Pushing Back IPO to 2027; ON Semiconductor Acquires Synaptics for $7 Billion

The Nasdaq Composite was down in late-morning trading Friday, while the S&P 500 Index and Dow Jones Industrial Average were roughly flat, as reports that Microsoft-backed (MSFT) OpenAI is considering pushing back its initial public offering date caused a tech sell-off.In company news, OpenAI is weighing an initial public offering as early as in 2027, after the expected IPO of its rival, Amazon-backed (AMZN) Anthropic, Bloomberg reported Friday, citing people familiar with the matter. Earlier, The New York Times reported that the performance of Space(X) in the immediate aftermath of its IPO influenced OpenAI's decision. Microsoft's shares were up 4.6% around midday, while Amazon's were up 2.1%.ON Semiconductor (ON) said late Thursday it will acquire Synaptics (SYNA) in an all-stock deal with an enterprise value of about $7 billion. Under the agreement, Synaptics shareholders will receive 1.35 ON shares for each Synaptics share. The deal is expected to close in mid-2027. ON shares were down 21.2%, while Synaptics shares were up 0.2%.SpaceX plans to build a natural gas pipeline called "Starpipe" starting next month to help ramp up launches of its next-generation Starship rocket, Reuters reported late Thursday, citing court filings. Separately, SpaceX has told investors it's considering launching a Starlink retail mobile service for US consumers, the Financial Times reported Friday, citing people familiar with the matter. Lastly, Quantum Cyber (QUCY) said Friday its board has approved the engagement of investment banking professionals to pursue an equity stake in SpaceX. Shares of SpaceX were up 2.3%, while Quantum shares were up 26.4%.Price: $94.00, Change: $-24.75, Percent Change: -20.84%

$AMZN$MSFT$ON$SPCX$SYNA
Wire

Market Chatter: OpenAI Considering IPO in 2027

Microsoft-backed (MSFT) OpenAI is weighing an initial public offering as early as in 2027, after the expected IPO of rival Amazon-backed (AMZN) Anthropic, Bloomberg reported Friday, citing people familiar with the matter.OpenAI had been targeting a fall listing, more in line with Anthropic's possible October IPO, the report said.OpenAI didn't immediately reply to a request 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: $369.78, Change: $+16.95, Percent Change: +4.80%

$AMZN$MSFT
Commodities

Correction: Exchange-Traded Funds, Equity Futures Decline Pre-Bell Friday as Investors Shift Focus From Middle East to Technology Stocks

(Corrects the third paragraph to state that May advance trade deficit widened.)The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.7%, and the actively traded Invesco QQQ Trust (QQQ) retreated 1.6% in Friday's premarket activity, as investors shifted their focus from the US-Iran conflict in the Middle East to technology stocks.US stock futures were also lower, with S&P 500 Index futures down 0.5%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures retreating 1.4% before the start of regular trading.The US advance international trade in goods deficit widened to $105.76 billion in May from $83.01 billion in April, according to data released by the US Census Bureau.June's final University of Michigan consumer sentiment report is slated for a 10 am ET release, followed by the weekly Baker Hughes oil-and-gas rig count at 1 pm ET.Federal Reserve Bank of Minneapolis President Neel Kashkari is scheduled to speak on Friday.In premarket action, bitcoin was down 0.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was down 0.2%, ProShares Ether ETF (EETH) declined by 1.3%, and Bitcoin & Ether Market Cap Weight ETF (BETH) lost 0.01%.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.5%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was down 0.8%, and the iShares US Consumer Staples ETF (IYK) was 0.1% lower. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was flat.Trip.com (TCOM) shares were down more than 3% pre-bell as multiple analyst price target cuts followed the company's Q1 earnings announcement.Winners and Losers:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.6%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.2% lower.HIVE Digital Technologies (HIVE) shares traded down 6.1% in early hours activity after the company priced an offering of $115 million worth of 0% exchangeable senior notes due 2031 in a private offering.HealthcareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.03%, the Vanguard Health Care Index Fund (VHT) was up 1.1%, while the iShares US Healthcare ETF (IYH) rose 0.5%. The iShares Biotechnology ETF (IBB) was 0.1% lower.Nuvation Bio (NUVB) stock was down nearly 1% premarket, extending losses from the previous day's 10% fall. The company said late Thursday it priced an underwritten offering of $250 million of 0.75% convertible senior notes due in 2032.EnergyThe iShares US Energy ETF (IYE) was marginally higher, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.5%.Equinor (EQNR) stock was down nearly 2% before market open after the company said it is ending its offshore wind business activities in Japan and shutting its Tokyo office by the end of the year.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.2%, while the Vanguard Industrials Index Fund (VIS) gained by 0.2% and the iShares US Industrials ETF (IYJ) was flat.AerCap (AER) stock was up more than 2% before the opening bell after the company said it delivered the first of three Airbus A321neo aircraft to Azerbaijan Airlines.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 2.1%, and the iShares US Technology ETF (IYW) was 1.4% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 2%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined by 2.9%, while the iShares Semiconductor ETF (SOXX) fell by 4.3%.Microsoft (MSFT) shares were up 1.4% in premarket activity after closing the prior day with a 3.5% fall. The Italian Competition Authority said the company faces a formal regulatory investigation into whether it engaged in deceptive marketing during a recent price increase for Microsoft 365.CommoditiesFront-month US West Texas Intermediate crude oil fell by 3.1% to $69.70 per barrel on the New York Mercantile Exchange. Natural gas gained by 2.9% to $3.44 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 3.2%, while the United States Natural Gas Fund (UNG) was 2.5% higher.Gold futures for July were up by 0.4% to $4,063.80 an ounce on the Comex. Silver futures gained by 0.1% to $58.83 an ounce. SPDR Gold Shares (GLD) advanced by 0.4%, and the iShares Silver Trust (SLV) was 0.5% higher.

Dow JonesNasdaq CompositeS&P 500$AER$BETH$BITO$EEM$EETH$EQNR$EXI$FAS$FAZ$GLD$HIVE$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$MSFT$NUVB$PMR$QQQ$RTH$SLV$SOXX$SPY$TCOM$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Commodities

Exchange-Traded Funds, Equity Futures Decline Pre-Bell Friday as Investors Shift Focus From Middle East to Technology Stocks

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.7%, and the actively traded Invesco QQQ Trust (QQQ) retreated 1.6% in Friday's premarket activity, as investors shifted their focus from the US-Iran conflict in the Middle East to technology stocks.US stock futures were also lower, with S&P 500 Index futures down 0.5%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures retreating 1.4% before the start of regular trading.The US advance international trade in goods deficit narrowed to $105.76 billion in May from $83.01 billion in April, according to data released by the US Census Bureau.June's final University of Michigan consumer sentiment report is slated for a 10 am ET release, followed by the weekly Baker Hughes oil-and-gas rig count at 1 pm ET.Federal Reserve Bank of Minneapolis President Neel Kashkari is scheduled to speak on Friday.In premarket action, bitcoin was down 0.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was down 0.2%, ProShares Ether ETF (EETH) declined by 1.3%, and Bitcoin & Ether Market Cap Weight ETF (BETH) lost 0.01%.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.5%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was down 0.8%, and the iShares US Consumer Staples ETF (IYK) was 0.1% lower. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was flat.Trip.com (TCOM) shares were down more than 3% pre-bell as multiple analyst price target cuts followed the company's Q1 earnings announcement.Winners and Losers:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.6%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.2% lower.HIVE Digital Technologies (HIVE) shares traded down 6.1% in early hours activity after the company priced an offering of $115 million worth of 0% exchangeable senior notes due 2031 in a private offering.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.03%, the Vanguard Health Care Index Fund (VHT) was up 1.1%, while the iShares US Healthcare ETF (IYH) rose 0.5%. The iShares Biotechnology ETF (IBB) was 0.1% lower.Nuvation Bio (NUVB) stock was down nearly 1% premarket, extending losses from the previous day's 10% fall. The company said late Thursday it priced an underwritten offering of $250 million of 0.75% convertible senior notes due in 2032.EnergyThe iShares US Energy ETF (IYE) was marginally higher, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.5%.Equinor (EQNR) stock was down nearly 2% before market open after the company said it is ending its offshore wind business activities in Japan and shutting its Tokyo office by the end of the year.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.2%, while the Vanguard Industrials Index Fund (VIS) gained by 0.2% and the iShares US Industrials ETF (IYJ) was flat.AerCap (AER) stock was up more than 2% before the opening bell after the company said it delivered the first of three Airbus A321neo aircraft to Azerbaijan Airlines.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 2.1%, and the iShares US Technology ETF (IYW) was 1.4% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 2%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined by 2.9%, while the iShares Semiconductor ETF (SOXX) fell by 4.3%.Microsoft (MSFT) shares were up 1.4% in premarket activity after closing the prior day with a 3.5% fall. The Italian Competition Authority said the company faces a formal regulatory investigation into whether it engaged in deceptive marketing during a recent price increase for Microsoft 365.CommoditiesFront-month US West Texas Intermediate crude oil fell by 3.1% to $69.70 per barrel on the New York Mercantile Exchange. Natural gas gained by 2.9% to $3.44 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 3.2%, while the United States Natural Gas Fund (UNG) was 2.5% higher.Gold futures for July were up by 0.4% to $4,063.80 an ounce on the Comex. Silver futures gained by 0.1% to $58.83 an ounce. SPDR Gold Shares (GLD) advanced by 0.4%, and the iShares Silver Trust (SLV) was 0.5% higher.

Dow JonesNasdaq CompositeS&P 500$AER$BETH$BITO$EEM$EETH$EQNR$EXI$FAS$FAZ$GLD$HIVE$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$MSFT$NUVB$PMR$QQQ$RTH$SLV$SOXX$SPY$TCOM$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Update: Nasdaq Extends Losing Streak; Apple Plunges After Price Hikes
US Markets

Update: Nasdaq Extends Losing Streak; Apple Plunges After Price Hikes

(Updates with market moves at the end of the day.)The Nasdaq Composite extended its losing streak to a fourth session on Thursday as a sell-off in Apple (AAPL) shares soured sentiment on Wall Street.The Nasdaq fell 0.5% to 25,358.6, while the S&P 500 ended just below the flatline at 7,357.5. The Dow Jones Industrial Average rose 0.1% to 51,920.9.Among sectors, consumer discretionary saw the steepest decline, while industrials paced the gainers.Apple shares slumped 6.1%, the biggest drop on the S&P 500 and the Dow. The tech giant increased iPad and MacBook prices amid surging memory and storage chip costs.Wedbush Securities said Apple is unlikely to lose customers as a result of the price hikes.Microsoft (MSFT) followed Apple on the Dow, shedding 3.5%. Microsoft announced price increases for the Xbox 512 gigabyte console and the Xbox 1 terabyte model, effective Aug. 1.Micron shares jumped nearly 16%, the third-biggest gainer on the S&P 500. Late Wednesday, the semiconductor manufacturer provided a fiscal fourth-quarter outlook above Wall Street's estimates and reported stronger-than-expected results for the prior three-month period.Darden Restaurants (DRI) issued a full-year earnings outlook below market estimates Thursday, while the restaurant operator's fiscal fourth-quarter sales fell short of expectations. Shares of the Olive Garden and LongHorn Steakhouse parent fell 0.3%.US Treasury yields were mixed, with the two-year rate down 2.5 basis points at 4.13%, while the 10-year rate was little changed at 4.40%.In economic news, US consumer spending rose more than projected in May, while the Federal Reserve's preferred inflation metric accelerated to the fastest reading in more than two years, government data showed.Demand for US durable goods decreased less than estimated in May despite a plunge in civilian aircraft orders, government data showed.US real gross domestic product increased at a 2.1% annualized rate in the first quarter, up from 1.6% growth reported in the second estimate, according to latest official data released Thursday."For the Fed, still nominally elevated inflation remains unfavorable to say the least and clearly justifies a higher policy target," Stifel said in report e-mailed to. "However, with a still solid pace of activity thanks to a resilient consumer and stable labor market conditions, any expectation of a temporary, or 'transitory', impact can quickly derail a hawkish conviction at the Fed to reverse course and simply reinforces the (Federal Open Market) Committee's position on the sidelines."West Texas Intermediate crude oil was up 2.4% at $72.03 a barrel in Thursday late-afternoon trade, while Brent rose 2.2% to $75.39.Gold was last up 0.8% at $4,041.40 per troy ounce, while silver fell 0.3% to $57.90 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$DRI$MSFT$MU
Wire

Microsoft Raises Prices on Xbox Consoles

Microsoft (MSFT) is raising the price of the Xbox 512 GB console by $100 and the Xbox 1 TB model by $150, effective Aug. 1."Unfortunately, console storage and memory prices have increased by more than 2.5x and we expect another doubling by the fall of 2027," Microsoft said Thursday in a statement.The company is sunsetting the 2 TB model and introducing programs to make consoles more affordable, including buy-now, pay-later options, interest-free financing and certified refurbished models.Price: $351.01, Change: $-14.44, Percent Change: -3.95%

$MSFT
Wire

Microsoft Raises Prices of Xbox Consoles

Microsoft Raises Prices of Xbox Consoles

$MSFT
Take-Two Interactive's 'GTA VI' Pricing Suggests Incremental Upside to Financials, B. Riley Says
US Markets

Take-Two Interactive's 'GTA VI' Pricing Suggests Incremental Upside to Financials, B. Riley Says

Take-Two Interactive Software's (TTWO) financials are poised to get a boost from the higher-than-expected pricing of the "Grand Theft Auto VI" video game, B. Riley Securities said in a note e-mailed Thursday.In a Wednesday update, the video game publisher's Rockstar Games said pre-orders for the highly anticipated title would begin Thursday, with the base edition introduced at $79.99. The game will be available on Sony's (SONY) PlayStation and Microsoft's (MSFT) Xbox platforms.B. Riley said the game's price is $10 higher than originally modeled and the industry standard for a new triple A game on current-generation console systems."We view this update favorably given it insinuates confidence in the quality of the game (and) suggests incremental upside to financials -- keeping unit volume unchanged implies an incremental ($300 million-plus) to net bookings in our model," B. Riley analyst Drew Crum said in a note to clients.The brokerage now projects Take-Two's non-GAAP earnings at $8 per share for 2027 and $9.75 for 2028, compared with its prior outlooks of $7.52 and $9.36, respectively. B. Riley's unit estimates for GTA VI are unchanged at 37 million and 28.9 million for 2027 and 2028, respectively, according to the note.The latest update from Rockstar also offers another data point that confirms the game's Nov. 19 launch date remains intact, Crum said.GTA VI was originally slated to come out in 2025, but was delayed first to May 26 this year and then to Nov. 19.B. Riley sees Rockstar's update favorably for Turtle Beach (TBCH) and the video game industry. It is neutral in terms of impact to Corsair Gaming (CRSR) and Roblox (RBLX), and "potentially negative for other parts of our universe as the game consumes mindshare and limited entertainment time," Crum wrote.Price: $233.81, Change: $-1.91, Percent Change: -0.81%

$CRSR$MSFT$RBLX$SONY$TBCH$TTWO
Wire

Morningstar's PitchBook Expanding AI Integrations With Microsoft 365 Copilot

Morningstar's (MORN) PitchBook said Thursday is it launching a federated Copilot connector with Microsoft (MSFT) to provide private capital market data into Microsoft 365 Copilot, including Copilot in Excel.Users of both Microsoft 365 Copilot and PitchBook will be able to use the PitchBook Copilot agent to get insights, build models, and other tasks, the company said.Financial details were not provided.Price: $151.73, Change: $-1.51, Percent Change: -0.98%

$MORN$MSFT
Wire

Chevron's Project Kilby Could Expand Beyond Initial Capacity for Microsoft, UBS Says

Chevron's (CVX) Project Kilby, a planned 2.7-gigawatt power project for Microsoft's (MSFT) data centers in West Texas, could be expanded over time as Microsoft's power needs exceed the project's initial capacity, UBS Securities said following meetings with the company at an industry conference.UBS said in a Tuesday note that the phased and modular nature of the project would allow for incremental expansion and noted that the 20-year agreement with Microsoft is longer than many comparable contracts. The brokerage added that the project could become one of the largest behind-the-meter power developments to date.Chevron views rising power demand as a structural market shift and expects the business to compete for capital by targeting mid-teen returns. The project has been incorporated into the company's existing capital guidance, and management sees the potential for the business to generate billions of dollars in free cash flow over time.Chevron is also leaning into the exploration space to reduce costs and improve the probability of success when drilling its first exploration well, the note added.UBS has a buy rating on Chevron with a price target of $220.Price: $171.66, Change: $-4.32, Percent Change: -2.45%

$CVX$MSFT
Wire

Market Chatter: Over 275 Temporary, Permanent Bans on Data Center Development Have Passed This Year

More than 275 temporary and permanent bans on data center development have been passed this year by state and local governments across the US, The Information reported Wednesday, citing its own research.Since 2023, more than 300 such bans have been enacted, and over 75 more are under consideration, the report said.(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: $239.62, Change: $+5.51, Percent Change: +2.35%

$AMZN$DLR$EQIX$GOOG$META$MSFT$ORCL
Wire

Over 275 Temporary, Permanent Data Center Bans Have Passed This Year, The Information Reports

Over 275 Temporary, Permanent Data Center Bans Have Passed This Year, The Information Reports

$AMZN$DLR$EQIX$GOOG$META$MSFT$ORCL
Commodities

TPL Expands Data Center Footprint With Project Kilby Agreement in Texas, TPH Energy Says

Texas Pacific Land (TPL) agreement to provide land and water solutions for Chevron's (CVX) Project Kilby development marks another step in West Texas data center expansion, though meaningful revenue may not arrive before 2028, TPH Energy said in a Wednesday note.The company announced Tuesday that it will provide land for cash consideration and grant exclusive rights to source aquifer-derived water for a power generation facility and related infrastructure at the Reeves County, Texas, project.Chevron's participation and Microsoft's (MSFT) role as data center operator strengthen the project's profile, although the agreement appears to overlap with land and water supply arrangements disclosed alongside first-quarter 2026 earnings, the note said.Previous partner disclosures pointed to a final investment decision by the end of 2026, with developers planning to invest over multiple years before delivering the first power from the project in 2028, according to TPH Energy.The water supply agreement is unlikely to generate a meaningful financial contribution until at least 2028 because the project still faces a lengthy development and construction timeline.TPH Energy views the latest deal as evidence that West Texas data center projects continue to advance and expects TPL to remain involved in future developments.Price: $372.00, Change: $+2.10, Percent Change: +0.57%

$CVX$MSFT$TPL
Wire

Chevron's Microsoft Power Deal Highlights 'Underappreciated' Fuel Cost Economics, UBS Securities Says

Chevron's (CVX) partnership with Microsoft (MSFT) to build a co-located power facility for a data center highlights fuel cost economics as a "key and underappreciated" aspect of its power solutions business, UBS Securities said in a note Monday.Chevron subsidiary Energy Forge One finalized the agreement to develop a 2.67-gigawatt natural gas-fired power plant to supply dedicated electricity to a Microsoft-operated data center under a 20-year power purchase agreement. Chevron will combine cycle gas turbines from GE Vernova (GEV) and simple cycle gas turbines from Caterpillar (CAT) to engineer the best system for its clients, the brokerage noted.By placing power generation near its upstream operations, Chevron is creating demand for associated gas that would otherwise be flared, curtailed, or sold cheaply, UBS analysts said. The company is improving its upstream realizations as well as boosting integration across its value chain, they added.The project's phased and modular approach allows incremental expansion over time, the brokerage said, adding that Microsoft is also seen increasing the initial order as its power needs are more than the capacity of the project.UBS Securities has a buy rating on Chevron's stock, with a price target of $220.Shares of Chevron were up 0.6% in Tuesday trading.Price: $176.11, Change: $+1.05, Percent Change: +0.60%

$CAT$CVX$GEV$MSFT
Japan

Update: US Equity Indexes Mixed as Communication Services Sector Slides, Treasury Yields Surge

(Updates with index/price moves and political news from the first paragraph.)US equity indexes traded mixed ahead of Monday's close amid steep declines in communication services and rising government bond yields.The Nasdaq Composite dropped 1.4% to 26,160.44, with the S&P 500 down 0.5% to 7,465.9, while the Dow Jones Industrial Average rose 0.2% to 51,654.7. Communication services sank 4%, and consumer discretionary dropped 2%.Alphabet's (GOOG, GOOGL) Google DeepMind data scientist and Nobel Prize winner John Jumper is leaving to join Amazon (AMZN) and Alphabet-backed Anthropic, he said Friday. Shares of Alphabet slumped 5.5%, one of the steepest decliners on the S&P 500 and the Nasdaq.Netflix (NFLX) is looking to pursue additional partnerships with traditional broadcasters following the launch of its agreement with French broadcaster TF1, Chief Executive Officer Greg Peters told the Financial Times on Friday. Shares of Netflix dropped 5.8%, among the worst performers on the Nasdaq and the S&P 500.In geopolitical news, the US issued a 60-day license allowing Iran to sell oil on the international market, giving Tehran an economic lifeline as the two adversaries continued talks for a permanent peace deal, Bloomberg reported Monday.Vice President Vance and US officials claimed progress on multiple fronts, according to the Associated Press. It included the establishment of "mechanisms" to ensure the Strait of Hormuz stays open and to address fighting between Israel and Iranian-backed Hezbollah militants in southern Lebanon, the news report added.Front-month global benchmark North Sea Brent slumped 3.1% to $78.04 per barrel. The US West Texas Intermediate dropped 2.4% to $74.04 per barrel.Most US Treasury yields jumped, with the 10-year up 5.8 basis points to 4.51%. The two-year rate advanced 5.7 basis points to 4.23%.

Dow JonesNasdaq CompositeS&P 500$ABBV$ACA$AMZN$APGE$CRH$CVX$GOOG$GOOGL$MSFT$NFLX
Asia Markets

Update: US Equity Indexes Mixed Amid Steep Decline in Communication Services, Surging Treasury Yields

(Updates with index/price moves and political/company news from the first paragraph.)US equity indexes traded mixed amid steep declines in communication services and consumer discretionary and rising government bond yields after midday Monday.The Nasdaq Composite dropped 1.2% to 26,194.83, with the S&P 500 down 0.4% to 7,472, while the Dow Jones Industrial Average rose 0.3% to 51,696.7.All sectors, except communication services, consumer discretionary, consumer staples and technology, gained. Real estate and healthcare led the gainers. Communication services sank 4.4%, and consumer discretionary was down 2%.Alphabet (GOOG, GOOGL) Google DeepMind data scientist and Nobel Prize winner John Jumper is leaving to join Amazon (AMZN) and Alphabet-backed Anthropic, he said Friday. Shares of Alphabet slumped nearly 6%, one of the steepest decliners on the S&P 500 and the Nasdaq.Netflix (NFLX) is looking to pursue additional partnerships with traditional broadcasters following the launch of its agreement with French broadcaster TF1, Chief Executive Officer Greg Peters told the Financial Times on Friday. Shares of Netflix dropped 6%, among the worst performers on the Nasdaq and the S&P 500.In geopolitical news, US Vice President JD Vance said Monday that Iran agreed to allow International Atomic Energy Agency inspectors into the country, according to media reports. "That is a major milestone for the American people, and the first step in permanently denuclearizing or permanently ending a nuclear weapons program in Iran, and that's exactly what we wanted to do," Vance was cited as saying.Iran's Foreign Minister Araghchi and the country's top negotiator Mohammad Bagher Ghalibaf are traveling to Oman to discuss the management of the Strait of Hormuz, Al Jazeera reported on Monday. The two are set to discuss consolidating Iranian arrangements for managing the strait and enhancing bilateral coordination, Ghalibaf said on Telegram, according to the news report.Front-month global benchmark North Sea Brent slumped 3.4% to $77.87 per barrel. The US West Texas Intermediate dropped 3% to $73.66 per barrel.Most US Treasury yields jumped, with the 10-year up six basis points to 4.52%. The two-year rate jumped 4.9 basis points to 4.23%. Even as oil prices have been declining since an interim peace deal was signed between the US and Iran, the market is still pricing two interest rate increases -- 25 basis points each -- by the end of this year, according to the CME FedWatch tool, following the hawkish lean seen in the June monetary policy announcement last week.In precious metals, gold futures fell 0.9% to $4,209.1, while silver futures declined 1% to $65.68.In company news, Chevron (CVX) has agreed to build a power plant in West Texas to supply electricity to a data center operated by technology giant Microsoft (MSFT), as part of a 20-year power purchase deal. Shares of Microsoft dropped 2.5%, among the steepest decliners on the Dow.AbbVie (ABBV) agreed to acquire Apogee Therapeutics (APGE) in an all-cash deal of about $10.9 billion, as the drugmaker looks to strengthen its immunology portfolio and accelerate its clinical presence in the respiratory segment. Shares of AbbVie advanced nearly 7%, one of the top gainers on the S&P 500.CRH (CRH) said it agreed to acquire building materials rival Arcosa (ACA) in an all-cash transaction valued at about $8.5 billion, expanding its infrastructure products business and strengthening its position in North America.

Dow JonesNasdaq CompositeS&P 500$ABBV$ACA$AMZN$APGE$CRH$CVX$GOOG$GOOGL$MSFT$NFLX
Wire

Top Midday Stories: Treasury Authorizes Sale of Iranian Oil; SpaceX launches First Inaugural Bond Issuance

The Nasdaq Composite and S&P 500 were down, while the Dow Jones Industrial Average was up in late-morning trading Monday, as market participants assess the latest developments in negotiations between the US and Iran.The US Department of the Treasury on Monday said it has issued a general license authorizing the production, delivery, and sale of crude oil, petrochemical products and petroleum products of Iranian origin through Aug. 21.In company news, SpaceX (SPCX) has commenced its first offering of senior unsecured notes, the proceeds of which will be used to repay outstanding borrowings under its bridge loan facility and to pay related fees and expenses, the company said Monday in a regulatory filing. The remainder of the proceeds will go toward general corporate purposes, the filing said. Separately, SpaceX has signed a roughly $6.3 billion computing power agreement with Reflection AI, CNBC reported, citing materials it viewed. Under the deal, Reflection will get access to Nvidia (NVDA) GB300s and will pay SpaceX $150 million per month from July 1 through 2029, the report said. SpaceX shares were down 8.7% around midday, while Nvidia eased 0.3%.AbbVie (ABBV) has agreed to acquire Apogee Therapeutics (APGE) for $135.11 per share in cash for a total equity value of $10.9 billion, the companies said Monday. The acquisition includes Apogee's pipeline of multiple clinical-stage drug candidates for inflammatory and immunological diseases, they said. The deal is expected to close in Q3. AbbVie shares were up 5.9%, while Apogee shares were up 46.8%.Chevron (CVX) said Monday its Energy Forge One subsidiary has signed a 20-year power purchase agreement with Microsoft (MSFT) for a planned data center in West Texas to be operated by the tech giant. The data center, known as Project Kilby, is expected to eventually deliver about 2.67 gigawatts of capacity. Chevron shares were up 0.2%, while Microsoft was down 2.1%.Getty Images (GETY) said Sunday it has entered into a display agreement with OpenAI under which Getty content will be displayed within ChatGPT. Getty shares were up 110%.Meta Platforms (META) is investing $900 million in Cred, an Indian fintech startup, and it plans to appoint its founder, Kunal Shah, as the new leader of WhatsApp, Bloomberg reported Monday, citing a news release. Following the investment, Meta will own roughly 20% of Cred, which will be valued at $4.5 billion post-money, the report said. Meta shares were down 2.7%.Morgan Stanley (MS) has identified two sites within the city of Dallas for a phased approach to establishing a new large-scale operations hub, according to a city document. In the first phase, Morgan Stanley would invest about $96.9 million in real estate and business personal property improvements as part of a roughly 52-month lease of office space at a temporary location. For phase two, Morgan Stanley would invest about $684.2 million in real estate and business personal property improvements at a permanent location by the end of 2031. An additional estimated $650 million would then be expended by the developer/landlord to deliver the core and shell building at the permanent location, the document said. Morgan Stanley shares were up 1.7%.Price: $169.37, Change: $-15.64, Percent Change: -8.45%

$ABBV$APGE$CVX$GETY$META$MS$MSFT$NVDA$SPCX
Chevron Strikes 20-Year Power Deal to Provide Electricity to Microsoft Data Center in West Texas
US Markets

Chevron Strikes 20-Year Power Deal to Provide Electricity to Microsoft Data Center in West Texas

Chevron (CVX) has agreed to build a power plant in West Texas to supply electricity to a data center operated by technology giant Microsoft (MSFT), as part of a 20-year power purchase deal.Chevron's subsidiary, Energy Forge One, entered into the agreement with Microsoft for the development of the project, known as Kilby, the oil giant said Monday. The companies didn't disclose the financial terms of the deal.The facility is expected to deliver about 2.67 gigawatts of capacity, with a majority of the generation to come from large turbines and related electrical infrastructure from GE Vernova (GEV), according to Chevron. Caterpillar (CAT) unit Solar Turbines will provide additional capacity, the company said.Chevron's shares dipped 0.2% in Monday trade, while Microsoft edged down 0.9%."Chevron is uniquely positioned to deliver power to customers with certainty, speed and at a competitive cost, leveraging Permian natural gas and our proven execution capabilities," said Jeff Gustavson, Chevron's president of new energies. "This project links Chevron's traditional strengths to emerging demand, creating differentiated value for our shareholders and the communities where we operate."Chevron said it's aiming for a final investment decision by the end of the year, with first power delivery expected in 2028. The project is anticipated to deliver mid-teen returns and generate diversified cash flow independent of oil and gas price cycles."The rapid growth we're experiencing in AI and cloud, driven by customer demand, requires energy infrastructure that can scale quickly and reliably," according to Noelle Walsh, Microsoft's president of cloud operations and innovation. "Our agreement with Chevron helps ensure we'll have dedicated, large-scale power to support the evolution and reliability of advanced compute."The project is estimated to generate more than $10 billion in state and local tax revenue, create nearly 2,000 jobs and boost wider economic growth, according to Chevron.Earlier this month, Amazon.com (AMZN) agreed to a multibillion-dollar deal with specialty glass maker Corning (GLW) to secure optical fiber, cable, and connectivity components for its US data center infrastructure.Price: $173.33, Change: $-0.30, Percent Change: -0.17%

$CAT$CVX$GEV$MSFT
Commodities

Chevron, Microsoft to Develop 2.7-GW Gas Power Plant in Texas

Chevron (CVX) said Monday that its subsidiary, Energy Forge One, has finalized an agreement with Microsoft (MSFT) to develop a 2.67-gigawatt natural gas-fired power plant in Texas to support data center operations for 20 years.Project Kilby will be co-located with a Microsoft-operated data center in West Texas. A final investment decision is likely by the end of this year, and first power by 2028, the company said.The project will use large turbines from GE Vernova (GEV) and will be equipped with additional capacity from Solar Turbines, a Caterpillar (CAT) subsidiary, according to the statement.Chevron also said it has collaborated with investment firm Engine No. 1 for the development of the project.Price: $173.80, Change: $+0.17, Percent Change: +0.10%

$CAT$CVX$GEV$MSFT

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