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Sectors

Sector Update: Tech Stocks Decline Premarket Thursday

Technology stocks were declining premarket Thursday, with the State Street Technology Select Sector SPDR Fund (XLK) down 0.4% and the State Street SPDR S&P Semiconductor ETF (XSD) 0.9% lower.Palo Alto Networks (PANW) and NTT DATA signed a multiyear alliance targeting $1 billion in joint business by the end of 2029 to support organizations' adoption of artificial intelligence and modernization of cybersecurity, the companies said. Shares of Palo Alto Networks were down 1.6% pre-bell.CrowdStrike's (CRWD) global Chief Technology Officer Elia Zaitsev has stepped down from his role to launch an early-stage venture capital fund focused on cybersecurity, Zaitsev said in a LinkedIn post. CrowdStrike stock was down 2.7% premarket.NetEase (NTES) shares were down 3.8% after the company reported lower Q2 non-GAAP earnings, which also fell short of analysts' expectations.

$CRWD$NTES$PANW$XLK$XSD
Asia Markets

US Equity Investors to Focus on Fed Policy Minutes, PMIs Alongside Trump's Move to Inflict Intense Economic Pain on Iran

US equity investors are expected to focus on macroeconomic data this week following recent soft prints that reduced the urgency for monetary policy tightening, while keeping an eye on any announcements that significantly ratchet up economic pain in Iran and quarterly earnings.* Economic data due this week includes the July minutes of the Federal Open Market Committee meeting, S&P Global manufacturing and services purchasing managers' indexes, industrial production, building permits and housing starts. Last week, both headline and core consumer and wholesale price inflation rates for July declined from a year ago, and retail sales slid unexpectedly in the month, the most since May 2025.* Watch for a potentially major escalation of trade and market tensions beginning this week, according to a note from Scotiabank late Friday. That's because US Treasury Secretary Bessent pledged to introduce "measures like have never been seen in the history of economic isolation of a country," referring to Iran.* Home Depot (HD), Analog Devices (ADI), TJX Companies (TJX), Lowe's Companies (LOW), Target (TGT), Walmart (WMT), Deere (DE), Ross Stores (ROST), NetEase (NTES) are among the companies reporting quarterly results next week.* The 60-day deadline for the conclusion of peace talks in the memorandum of understanding the US and Iran signed in June ended on Monday without any formal announcements so far to end the war.* Talks between Iran and Oman regarding the Strait of Hormuz are complex but continuing "in all seriousness," CNN reported, citing Iran's Foreign Ministry spokesman Esmaeil Baghaei on Monday.* Baghaei said a "transit route map" has been agreed upon, but a final agreement including a joint statement has not been finalized, CNN cited reporting from Tasnim. Referring to one of the reasons for the delay, Baghaei said some "malevolent parties" want the region to "always be in a state of conflict and chaos."

Dow JonesNasdaq CompositeS&P 500$ADI$DE$HD$LOW$NTES$ROST$TGT$TJX$WMT
Wire

S&P 500 Ekes Out Weekly Gain Amid Growing Probability of Fed Pause Extension

The Standard & Poor's 500 index rose 0.4% this week after cooling inflation and an unexpected drop in retail sales boosted the odds for a sixth straight monetary policy pause in September.The market benchmark ended the week at 7,785.76. The index is now up 3.8% quarter-to-date and 14% this year.The probability of the Federal Reserve extending its policy pause next month jumped after July's consumer and wholesale price inflation rates, both headline and core, declined and retail sales for the month unexpectedly slumped the most since May 2025. There's now a 67% chance that the Fed will leave interest rates unchanged, up from 56% a week ago, according to the CME FedWatch tool.Treasury Secretary Scott Bessent said on CNN that the US plans to announce measures on Iran next week that have "never been seen."Defense Secretary Pete Hegseth said the US can sustain its blockade against Iran "indefinitely," Al Jazeera reported.The energy sector in the S&P 500 had the largest percentage gain of the week, up 7.3%, followed by a 1.5% advance in utilities and 1% increases for both consumer staples and health care. Financials, industrials, real estate and tech also rose week to week.Phillips 66 (PSX) is expected to accelerate share repurchases in H2 this year, supported by ongoing balance sheet deleveraging, UBS said in a note. Separately, Phillips 66, Kinder Morgan (KMI), and HF Sinclair (DINO) said they have reached a final investment decision to move forward with a joint venture to build the $5 billion Western Gateway Pipeline system. Shares of Phillips 66 surged 15% this week.Three S&P 500 sectors that declined this week were consumer discretionary, communication services and materials, down 2%, 1% and 0.9%, respectively.Tapestry (TPR) shares tumbled 21% this week after the company set out a fiscal 2027 revenue outlook below the midpoint of Wall Street's forecast range, taking the shine off stronger-than-expected fiscal Q4 adjusted earnings and revenue.AppLovin's (APP) 30% long-term annual revenue growth target lacks sufficient evidence, with uncertainty rising around the sustainability of its self-learning growth, BofA Securities said in a report. BofA downgraded its rating on AppLovin stock to neutral from buy and lowered its price target to $400 from $430. Shares of Applovin slumped 9% this week.Home Depot (HD), Analog Devices (ADI), TJX Companies (TJX), Lowe's Companies (LOW), Target (TGT), Walmart (WMT), Deere (DE), Ross Stores (ROST), NetEase (NTES) are among the companies reporting quarterly results next week.Economic data due next week includes the July minutes of the Federal Open Market Committee meeting, S&P Global manufacturing and services purchasing managers' indexes, industrial production, building permits and housing starts.

S&P 500$ADI$APP$DE$DINO$HD$KMI$LOW$NTES$PSX$ROST$TGT$TJX$TPR$WMT
Asia Markets

Asian Equities Traded in the US as American Depositary Receipts Rise in Tuesday Trading

Asian equities traded in the US as American depositary receipts were higher on Tuesday morning, adding 0.9% to 2,938.12 on the S&P Asia 50 ADR Index.From North Asia, the gainers were led by private education company New Oriental Education & Tech (EDU) and financial services company Mitsubishi UFJ Financial Group (MUFG), which advanced 3.6% and 3.5%, respectively.They were followed by solar module manufacturer JinkoSolar (JKS) and semiconductor company United Microelectronics (UMC), which climbed 2.2% and 1.2%, respectively.The decliners from North Asia were led by semiconductor services company ChipMOS Technologies (IMOS) and tech company Baidu (BIDU), which dropped 6.8% and 5%, respectively.They were followed by tech and gaming firm NetEase (NTES) and semiconductor maker Himax (HIMX), which shed 2.3% and 1%, respectively.From South Asia, the gainers were led by telecom PLDT (PHI) and online travel agency Trip.com (TCOM), which rose 0.8% and 0.2%, respectively.The decliners from South Asia were led by tech company Infosys (INFY), which fell 3.2%, followed by bank HDFC (HDB), which was down 1.3%.

$BIDU$EDU$HDB$HIMX$IMOS$INFY$JKS$MUFG$NTES$PHI$TCOM$UMC
Asia Markets

Asian Equities Traded in the US as American Depositary Receipts Advance in Monday Trading

Asian equities traded in the US as American depositary receipts were slightly higher on Monday morning, up 0.2% to 2,938.75 on the S&P Asia 50 ADR Index.From North Asia, the gainers were led by technology company NetEase (NTES) and financial group Mitsubishi UFJ Financial (MUFG), which advanced 3.4% and 1.4% respectively. They were followed by private education service provider New Oriental Education & Tech (EDU), which added 0.7%.The decliners from North Asia were led by solar technology companies Daqo New Energy (DQ) and JinkoSolar (JKS), which fell 4.5% and 2.9% respectively.From South Asia, the gainers were led by technology company Infosys (INFY) and tech conglomerate Sea (SE), which rose 3.7% and 2.8% respectively.The decliners from South Asia were led by technology company Sify Technologies (SIFY), which fell 3.3%, followed by pharmaceutical company Dr. Reddy's Laboratories (RDY), which was down 1.5%.

$DQ$EDU$INFY$JKS$MUFG$NTES$RDY$SE$SIFY
Insider Trading

Netease Insider Sold Shares Worth $1,283,000, According to a Recent SEC Filing

Paul William Boltz Jr, General Counsel, on June 29, 2026, sold 10,000 shares in Netease (NTES) for $1,283,000. Following the Form 4 filing with the SEC, Boltz has control over a total of 12,223 American depositary shares of the company, with 12,223 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1110646/000110465926079068/xslF345X05/tm2619402-1_4seq1.xml

$NTES
Asia Markets

Easing Bond Yields Lift US Equity Futures Pre-Bell Amid Ongoing Middle East Peace Talks

US equity futures were higher pre-bell Friday as traders mulled easing bond yields and monitored developments in the Middle East peace negotiations.Dow Jones Industrial Average futures were 0.6% higher, S&P 500 futures were up 0.4%, and Nasdaq futures were 0.4% higher.Treasury yields declined after a spike earlier in the week. The yield on the 10-year US Treasury note fell more than 2 basis points to 4.56%.Iranian Foreign Minister Abbas Araghchi met with Pakistani Interior Minister Syed Mohsin Naqvi in Tehran to discuss proposals aimed at ending the US-Iran conflict, according to Iranian media reports. US and Iran are still in disagreement over the issue of uranium enrichment and control over the Strait of Hormuz.Traders noted the latest round of earnings, with BJ's Wholesale Club (BJ) posting lower fiscal Q1 adjusted earnings on higher revenue.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1% at $103.58 per barrel and US West Texas Intermediate crude 0.3% higher at $96.64 per barrel.The final University of Michigan consumer sentiment report for May, scheduled at 10 am ET, is expected to show consumer sentiment index coming in at 48.2, unchanged from the preliminary reading, according to estimates compiled by Bloomberg.Federal Reserve Governor Christopher Waller is slated to speak on Friday.In other world markets, Japan's Nikkei closed 2.7% higher, Hong Kong's Hang Seng ended 0.9% higher, and China's Shanghai Composite finished 0.9% higher. Meanwhile, the UK's FTSE 100 was up 0.3%, and Germany's DAX index was 1.1% higher in Europe's early afternoon session.In equities, Workday (WDAY) shares rose 6.3% after the company's fiscal Q1 results surpassed market expectations. Dell Technologies (DELL) stock was up 4.4% after Wells Fargo raised its price target to $270 from $180. Nokia (NOK) shares were up 3.2% after the company said it launched an AI networking innovation lab in California.On the losing side, UBS (UBS) stock was down 0.9% after the company said it expects the voluntary review of historic World War II operations at Credit Suisse to conclude by the end of the year. NetEase (NTES) shares fell 2.6% after the company posted lower Q1 non-GAAP earnings. Copart (CPRT) stock was down 2.5% despite posting higher fiscal Q3 earnings and revenue.

Dow JonesNasdaq CompositeS&P 500$BJ$CPRT$DELL$NOK$NTES$UBS$WDAY
Research

Research Alert: CFRA Maintains Hold Recommendation On Adss Of Netease Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We keep our target price at USD128, implying 14x our 2026 EPADS forecast. We think the premium valuation fairly reflects improving earnings visibility, cost discipline, and expanding global game monetization, though execution must remain strong to justify current multiples. We lift our EPADS forecasts to CNY62 (from CNY58) for 2026 and to CNY68.50 (from CNY63.50) for 2027. Management expressed confidence in its established gaming portfolio and highlighted progress in its pipeline and international expansion. We see a strong gaming portfolio ahead, with contributions from relisted Blizzard titles expected to support MAU and ARPPU growth, while continued traction from Where Winds Meet and Sword of Justice should provide further tailwinds. We expect mid-to-high single-digit revenue growth and disproportionate profit growth in 2026-2027, supported by strong cash generation of CNY13.7B in operating cash flow and continued capital returns through dividends and buybacks.

$NTES
Research

Research Alert: Netease Q1 2026: Steady Gaming Revenue Growth Amid Global Expansion

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:NetEase reported Q1 2026 net revenues of CNY30.6B, up 6.1% Y/Y and 11.1% sequentially, led by gaming segment growth to CNY25.7B (+6.9% Y/Y, +16.8% Q/Q). Gross margin improved significantly to 69.4% from 64.2% in Q1 2025, primarily due to lower revenue-sharing costs and reduced product costs. We believe the revenue growth is strong and are encouraged by global expansion through Where Winds Meet and Marvel Rivals, plus stable Blizzard operations in China providing revenue diversification. Management emphasized strategic priorities including strengthening gaming franchises, advancing global expansion, and leveraging in-house R&D capabilities, though it provided no specific numerical guidance for Q2 or full-year 2026. The company maintains exceptional financial strength with net cash of CNY167.5B and approved a dividend of USD0.144 per share. We expect continued operating leverage from favorable content mix shifts and global market penetration.

$NTES
Wire

Update: NetEase Shares Drop After Q1 Non-GAAP Earnings Fall

(Updates with stock movement in headline and first paragraph.)NetEase (NTES) shares fell 5.7% in Thursday trading after the company posted lower Q1 non-GAAP earnings.In the quarter ended March 31, earnings fell to 17.46 Chinese renminbi ($2.57) per diluted American depositary share, down from 17.51 renminbi a year earlier.Analysts polled by FactSet expected 15.12 renminbi.Net revenue rose to 30.59 billion renminbi from 28.83 billion renminbi a year earlier.Analysts polled by FactSet expected 29.34 billion renminbi.Price: $110.15, Change: $-6.67, Percent Change: -5.71%

$NTES
Sectors

Sector Update: Tech Stocks Decline Premarket Thursday

Technology stocks were declining premarket Thursday, with the State Street Technology Select Sector SPDR Fund (XLK) down 0.6% and the State Street SPDR S&P Semiconductor ETF (XSD) 0.6% lower.IBM (IBM), GlobalFoundries (GFS) and D-Wave Quantum (QBTS) are among the major quantum companies set to receive billions in proposed US government backing as the Trump administration ramps up efforts to cement America's lead in quantum computing. IBM shares were up more than 4%, GlobalFoundries stock was advancing past 12%, and D-Wave Quantum shares were up nearly 13% pre-bell.NetEase (NTES) shares were down more than 3% after the company posted a decline in Q1 non-GAAP earnings.Cognizant Technology Solutions (CTSH) has signed accelerated share repurchase agreements with Truist Bank and BNP Paribas covering $500 million of the company's class A common stock, the company said. Shares of Cognizant Technology Solutions were up more than 1% premarket.

$CTSH$GFS$IBM$NTES$QBTS$XLK$XSD
Stocks Down Pre-Bell as Traders Monitor US-Iran Developments, Parse Nvidia Earnings
US Markets

Stocks Down Pre-Bell as Traders Monitor US-Iran Developments, Parse Nvidia Earnings

US equity markets were trending lower before the opening bell Thursday as traders monitor the latest developments in the US-Iran conflict and digest tech bellwether Nvidia's (NVDA) quarterly earnings.The S&P 500 fell 0.4% and the Dow Jones Industrial Average slipped 0.3% in premarket activity, while the Nasdaq was down 0.5%. The indexes finished the previous trading session higher, with the Nasdaq and S&P 500 snapping a three-day losing streak.Iranian Foreign Ministry spokesperson Esmaeil Baghaei said Thursday that Tehran is reviewing the latest US proposal to end the war in the Middle East, CNBC reported, citing state-run agency Nour News.President Donald Trump told reporters on Wednesday that negotiations with Iran had reached the final stages, though he warned of further attacks if Tehran backs out, according to several media outlets. "We'll either have a deal or we're going to do some things that are a little bit nasty," Trump said, according to a Bloomberg News report. "But hopefully that won't happen."Earlier on Wednesday, Iran's Islamic Revolutionary Guard Corps reportedly said that it would retaliate beyond the Middle East if the US or Israel resumed their military attacks against the country.West Texas Intermediate crude oil slipped 0.2% to $98.01 a barrel before the open, while Brent decreased 0.6% to $104.42.Shares of Nvidia (NVDA) slipped 0.2% pre-bell after the chipmaking giant reported fiscal first-quarter revenue above Wall Street's estimates, as data center sales outperformed expectations amid an artificial intelligence boom. For the current quarter, Nvidia said it anticipates revenue of $91 billion, plus or minus 2%.Intuit's (INTU) stock dropped 14% after the financial technology platform reported better-than-expected fiscal third-quarter results and disclosed plans to reduce its workforce by about 17%. Urban Outfitters (URBN) declined 1.4% after its financial results.Federal Reserve officials flagged the possibility of higher interest rates if the Middle East conflict drags on and keeps inflation above the 2% goal, minutes from the central bank's April meeting showed on Wednesday.Meeting participants generally determined that elevated inflation, combined with uncertainty around the duration and impact of the Iran war, could justify holding rates for longer than previously anticipated. However, majority of Fed officials pointed out that "some policy firming would likely become appropriate if inflation were to continue to run persistently above 2%."Treasury yields were rising before the open, with the two-year rate gaining 6.6 basis points to 4.1% and the 10-year rate adding 5.1 basis points to 4.62%.Thursday's economic calendar has the housing starts and permits report for April at 8:30 am ET, along with the weekly jobless claims bulletin and the Philadelphia Fed manufacturing index for May. The S&P Global's (SPGI) flash purchasing managers' index for May is out at 9:45 am, followed by the Kansas City Fed manufacturing index for the same month at 11 am.Richmond Fed President Thomas Barkin is scheduled to speak at 12:20 pm.Walmart (WMT), Deere (DE), NetEase (NTES), Williams-Sonoma (WSM), Ralph Lauren (RL), Nio (NIO) and Advance Auto Parts (AAP) report their latest financial results before the bell, among others. Ross Stores (ROST), Take-Two Interactive Software (TTWO), Workday (WDAY), Zoom Communications (ZM) and Deckers Outdoor (DECK) release their earnings after the markets close.Gold was down 0.4% at $4,519 per troy ounce, while bitcoin fell 0.3% to $77,255.

Dow JonesNasdaq CompositeS&P 500$AAP$DE$DECK$INTU$NIO$NTES$NVDA$RL$ROST$SPGI$TTWO$URBN$WDAY$WMT$WSM$ZM

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