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Sectors

Sector Update: Consumer Stocks Rise Late Afternoon

Consumer stocks were higher late Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.2%.In corporate news, Paramount Skydance (PSKY) had its Monday meeting with California officials canceled after State Attorney General Rob Bonta accused the entertainment company of leaking details and negotiating in bad faith over its proposed multi-billion merger with Warner Bros. Discovery (WBD), The New York Times reported. Paramount shares were up 0.9%, and Warner Bros. added 0.7%.Walmart (WMT) is launching a new women's clothing, bag and accessories store brand this week aimed at younger shoppers, The Wall Street Journal reported Sunday. Most of the items under the new Scenario line will cost less under $25, the report said. Walmart shares gained 2.7%.Polestar Automotive (PSNY) said it still does not understand why it must stop US sales while its corporate cousin, Volvo Cars, was allowed to continue, The Wall Street Journal reported, citing an Aug. 18 letter from Polestar to its US dealers. The Trump administration is implementing a new rule to prevent China from spying through connected-vehicle technology, with Polestar becoming the first carmaker effectively blocked from selling vehicles in the US under the rule, the report said. Polestar shares fell 4.7%.PDD (PDD) reported Q2 earnings ahead of Wall Street estimates on Monday even as operating expenses rose annually, though revenue fell short of expectations. PDD shares were down 1.1%.

$PDD$PSKY$PSNY$WBD$WMT
Sectors

Sector Update: Consumer Stocks Rise Monday Afternoon

Consumer stocks were higher Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.4%.In sector news, the US will raise tariffs on all cars, trucks, automotive parts and steel from Canada to 50%, effective Jan. 1, 2027, President Donald Trump said Monday on Truth Social.In corporate news, Paramount Skydance (PSKY) had its Monday meeting with California officials canceled after State Attorney General Rob Bonta accused the entertainment company of leaking details and negotiating in bad faith over its proposed multi-billion merger with Warner Bros. Discovery (WBD), The New York Times reported. Paramount shares were up 0.2%, and Warner Bros. added 0.6%.Walmart (WMT) is launching a new women's clothing, bag and accessories store brand this week aimed at younger shoppers, The Wall Street Journal reported Sunday. Most of the items under the new Scenario line will cost less under $25, the report said. Walmart shares rose 1.4%.PDD (PDD) reported Q2 earnings ahead of Wall Street estimates on Monday even as operating expenses rose annually, though revenue fell short of expectations. PDD shares were down 1.1%.Expedia (EXPE) shares were rising 3.7%. Wedbush Securities said in a note Thursday the company delivered its fifth consecutive beat and raise in Q2, with full-year guidance raised on all three lines, as the business-to-consumer segment continues to see solid top-line improvement and stronger margin expansion.

$EXPE$PDD$PSKY$WBD$WMT
Wire

Top Midday Stories: Treasury Reportedly Could Use General Account to Fund Buybacks; Trump Raises Tariffs on Canadian Cars and Steel to 50% on Jan. 1

Stocks were mixed in late-morning trading Monday, with the Dow Jones Industrial Average up and the S&P 500 Index and Nasdaq Composite down, as Treasury yields fell after CNBC reported that the US Treasury Department may tap its General Account to help fund its buyback operation.The US will raise tariffs on all cars, trucks, automotive parts and steel from Canada to 50%, effective Jan. 1, 2027, President Donald Trump said Monday on Truth Social.In company news, Nvidia (NVDA) customers are facing price increases of over 15% on servers equipped with its artificial intelligence chips due to rising memory costs, Bloomberg reported Saturday, citing people familiar with the matter. The price hikes will impact systems shipped early next year, including those with Vera Rubin and Grace Blackwell chips, the report said, citing the people. Separately, Nvidia is discussing an investment in AI startup Perplexity as part of a funding round that would value the company at more than $30 billion, The Information reported Sunday, citing people familiar with the talks. The round could be worth billions of dollars and would increase Perplexity's valuation by more than 50% from its last financing, the report said. Nvidia shares were down 2.2% around midday.Alibaba (BABA) has officially rolled out its Wan3.0 AI video generation tool, Reuters reported Monday, citing a post on China's WeChat platform. The new model is able to produce 30-second videos from documents, spreadsheets, slides and web pages, the report said. Separately, Alibaba Chief Executive Eddie Wu bought 350,000 shares of the company for about $5 million, according to a regulatory filing with the US Securities and Exchange Commission. Alibaba shares were up 0.7%.PDD (PDD) reported Q2 non-GAAP earnings Monday of 19.33 Chinese renminbi ($2.88) per diluted American depositary share, down from 22.07 renminbi a year earlier but above the FactSet consensus analyst estimate of 18.45 renminbi. Second-quarter revenue was 112.36 billion renminbi, up from 103.99 billion renminbi a year ago but below the FactSet consensus of 115.09 billion renminbi. PDD shares were down 1.9%.Shell (SHEL) has drawn interest from potential bidders including ExxonMobil (XOM), LyondellBasell (LYB) and Apollo Global Management (APO) for its US chemicals assets, which could fetch up to $8 billion, the Financial Times reported Monday, citing people familiar with the matter. Shell shares were down 0.5%, while Exxon, LyondellBasell and Apollo shares were down 1.6%, down 2.2% and up 0.2%, respectively.H.B. Fuller's (FUL) board has rejected Ancora's bid to acquire its building adhesives unit for up to $1.2 billion, the company said Monday. The board concluded Ancora's bid undervalued the unit and failed to take into account its potential to be a significant driver of earnings in the future, the company said. H.B. Fuller shares were down 0.9%.Braskem (BAK) filed for out-of-court restructuring Monday, which involved more than $10 billion in debt, Reuters reported, citing people familiar with the matter. The filing, which comes as the petrochemical company's 60-day creditor protection period expires, provides an extra 90 days to negotiate a final restructuring plan with creditors, according to the report. Braskem shares were down 4.3%.Paramount Skydance's (PSKY) Monday meeting with California officials was canceled after State Attorney General Rob Bonta accused the company of leaking details and negotiating in bad faith over its proposed acquisition of Warner Bros. Discovery (WBD), The New York Times reported. Paramount shares were down 0.8%, while Warner Bros. shares were up 0.7%.Zillow Group (Z) said Monday it has resolved a lawsuit brought by the US Federal Trade Commission and five states over its partnership with Redfin. Under the agreement, Zillow and Redfin are allowed to continue their partnership, which aims to provide multifamily rental listings from both companies. Zillow shares were up 2.3%.Price: $210.12, Change: $-4.60, Percent Change: -2.14%

$APO$BABA$BAK$FUL$LYB$NVDA$PDD$PSKY$SHEL$WBD$XOM$Z
Temu Parent PDD Second-Quarter Earnings Top Views; Revenue Falls Short
US Markets

Temu Parent PDD Second-Quarter Earnings Top Views; Revenue Falls Short

PDD (PDD) reported second-quarter earnings ahead of Wall Street estimates on Monday even as operating expenses rose annually, though revenue fell short of expectations.The Chinese e-commerce platform posted adjusted earnings of 19.33 renminbi ($2.88) per American depositary share for the June quarter, down from 22.07 renminbi the year before. The FactSet-polled consensus was for 18.45 renminbi.PDD's Nasdaq-listed American depositary receipts edged 0.5% higher in Monday trade. The company owns the Pinduoduo social commerce platform in China and Temu, an e-commerce marketplace in North America.Revenue gained 8% to 112.36 billion renminbi, but trailed the Street's view of 115.09 billion renminbi. Revenue from online marketing services improved to 57.64 billion renminbi from 55.7 billion renminbi in the prior-year period, while transaction services climbed 13% to 54.72 billion renminbi."Total revenue came in below consensus mainly due to softer transaction service partially offset by better online marketing," Jefferies equity analysts Thomas Chong and Zoey Zong said in a note emailed toon Monday. The consensus for transaction services revenue growth was about 22%, according to the brokerage.Total operating expenses rose 13% to 36.58 billion renminbi, mainly due to higher sales and marketing costs, PDD said."We stepped up our ecosystem investments in the second quarter," Vice President of Finance Jun Liu said. "At this stage, our priority is helping merchants thrive and strengthening the broader industry ecosystem."Last week, Chinese e-commerce giant Alibaba (BABA) reported weaker-than-expected fiscal first-quarter earnings as it continued to spend heavily to build artificial intelligence infrastructure. Earlier in August, JD.com (JD) recorded second-quarter results above expectations.In the US, Amazon.com (AMZN) reported second-quarter results ahead of market views last month amid cloud-computing business strength. E-commerce company eBay (EBAY) beat quarterly estimates earlier in August.Price: $88.42, Change: $+0.04, Percent Change: +0.04%

$AMZN$BABA$EBAY$JD$PDD
Sectors

Sector Update: Consumer Stocks Edge Higher Pre-Bell Monday

Consumer stocks were edging higher pre-bell Monday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advancing by 0.1%.PDD (PDD) shares were up more than 3% after the company reported higher Q2 revenue, while non-GAAP earnings topped analysts' expectations.Alibaba Group (BABA) stock was down more than 1% after the company priced a placement of 710 million new shares at 112.70 Hong Kong dollars ($14.38) apiece in Hong Kong for about HK$80 billion in proceeds.Philip Morris International (PM) entered into a contract manufacturing arrangement with Philip Morris USA, an operating company of Altria (MO), for combustible cigarettes, the company said. Philip Morris International shares were up 0.4% premarket.

$BABA$MO$PDD$PM$XLP$XLY
Sectors

Sector Update: Consumer

Consumer stocks were edging higher pre-bell Monday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.6% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advancing by 0.2%.PDD (PDD) shares were up more than 3% after the company reported higher Q2 revenue, while non-GAAP earnings topped analysts' expectations.

$PDD
Asia Markets

Update: US-Canada Tariff Situation Nudges US Equity Futures Lower Pre-Bell

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were lower pre-bell Monday as traders assessed the tariff situation between the US and Canada after trade negotiations between the two countries failed.Dow Jones Industrial Average futures were flat, S&P 500 futures were down 0.1%, and Nasdaq futures were 0.5% lower.Trade talks between the US and Canada failed and the US on Saturday imposed 50% tariffs on around $20 billion worth of imports from its neighbor in the north. Canadian Prime Minister Mark Carney said he planned to retaliate with tariffs starting Sept. 8. "Canada wants the benefits of being a State, without being one!!!" President Donald Trump said in a post Sunday on Truth Social.US Treasury Secretary Scott Bessent is set to give details at 2 pm ET on Monday about "economic D-Day" against Iran, which would be "greatest financial offensive ever," Reuters reported, citing an opinion piece by the official published in Financial Times on Sunday.Traders digested the latest round of earnings, with PDD (PDD) reporting lower Q2 non-GAAP earnings and higher revenue.Nvidia (NVDA) and CrowdStrike (CRWD), among others, are expected to report financial results this week.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 1.4% at $91.38 per barrel and US West Texas Intermediate crude 1.8% lower at $85.53 per barrel.The Chicago Fed national activity index for July came in at negative 0.08, compared with 0.06 previously and expectations for a reading of negative 0.05 in a survey compiled by Bloomberg.In other world markets, Japan's Nikkei closed 0.7% lower, Hong Kong's Hang Seng ended 1.9% lower, and China's Shanghai Composite finished 0.6% lower. Meanwhile, the UK's FTSE 100 and Germany's DAX index were flat in Europe's early afternoon session.In equities, PDD shares rose 3.2% after the company posted better-than-expected Q2 non-GAAP earnings. United Airlines (UAL) stock was up 1.4% after a CNBC report on Sunday citing Chief Executive Scott Kirby that the company is looking to expand its footprint internationally and at the John F. Kennedy International Airport in New York. InterContinental Hotels Group (IHG) shares were 2% higher after the company said it signed a 14-hotel portfolio conversion deal with GCP Hospitality, a unit of Gaw Capital Group.On the losing side, Alibaba Group (BABA) stock was down 2% after the company said Sunday it priced a placement 710 million new shares at 112.70 Hong Kong dollars ($14.38) apiece in Hong Kong for about HK$80 billion in proceeds. TotalEnergies (TTE) shares fell 1.1% after a Reuters report citing Chief Executive Patrick Pouyanne that the company will invest in the Fujairah oil export pipeline expansion in Abu Dhabi and continue investing in the Middle East despite ongoing conflict in the region.

Dow JonesNasdaq CompositeS&P 500$BABA$CRWD$IHG$NVDA$PDD$TTE$UAL
Stocks Down Pre-Bell as Investors Await Key Inflation Data, Warsh Speech, Nvidia Earnings
US Markets

Stocks Down Pre-Bell as Investors Await Key Inflation Data, Warsh Speech, Nvidia Earnings

The benchmark US stock measures were tracking in the red before the opening bell Monday as traders prepare for a busy week that includes a key inflation report, remarks by Federal Reserve Chair Kevin Warsh, and Nvidia's (NVDA) latest financial results.The S&P 500 declined 0.2%, the Dow Jones Industrial Average edged down 0.1%, and the Nasdaq was off 0.6% in premarket activity. All three main indexes finished Friday trading higher.The personal income and outlays report for July is scheduled for release on Wednesday. The report includes the personal consumption expenditure core price index, the Fed's preferred inflation metric.Warsh is expected to speak at the Fed's annual economic symposium in Jackson Hole, Wyoming, on Friday. Investors are likely to closely monitor his comments for clues about the central bank's policy outlook.Warsh's keynote speech is "unlikely to give any significant hints" related to near-term policy, Oxford Economics said in remarks emailed toon Monday."But we suspect he could shed some light on his plans to overhaul the Fed's longer-term policies and operations," Oxford Economics said.Markets are currently pricing in a 64% probability that the Fed will keep its benchmark rate steady in September, with the remaining odds in favor of a 25-basis-point hike, according to the CME FedWatch tool.Treasury yields were down in premarket action, with the two-year retreating 0.9 basis points to 4.23% and the 10-year rate off 0.3 basis points to 4.71%.Last week, the Treasury Department surprised markets by announcing it will at least double its buybacks for longer-dated Treasuries to $4 billion per operation. Treasury Secretary Scott Bessent reportedly said the planned buybacks could be worth more than $4 billion per issue.Technology bellwether Nvidia is scheduled to release its latest quarterly earnings on Wednesday. In a Monday client note, Wedbush Securities said it expects the company to "exceed its guidance" and issue third-quarter revenue guidance above market estimates, based on a strong hyperscale spending backdrop and a robust supply position.Marvell Technology (MRVL), CrowdStrike (CRWD), Salesforce (CRM) and Intuit (INTU) are also slated to post their results later this week.West Texas Intermediate crude oil dropped 2.4% to $85.02 a barrel before the open, while Brent fell 1.8% to $92.73.In an opinion piece for the Financial Times over the weekend, Bessent said the US would launch "the single greatest financial offensive ever" against Iran on Monday."Now we are entering the endgame," Bessent wrote. "At dawn begins an economic D-Day."Last week, President Donald Trump threatened to launch "economic warfare" against Iran and impose financial consequences for countries that seek to provide any form of support to Tehran.Iranian officials reportedly responded by warning Gulf neighbors not to join the US economic measures against the country, according to CNBC. Iran's state-controlled Persian Gulf Strait Authority warned on X that vessels breaching its protocols in the Strait of Hormuz could face restrictions on future passages, including fines, detention or confiscation.The US on Saturday imposed 50% tariffs on certain Canadian goods after the two countries failed to reach a trade agreement, as both sides blamed each other for the breakdown in negotiations, Reuters reported. Canadian Prime Minister Mark Carney said in a statement that Canada will match the US tariffs "dollar for dollar."Monday's thin economic calendar has the Chicago Fed national activity index for July at 8:30 am ET.Temu parent PDD (PDD) inched up 3% before the bell despite missing second-quarter revenue estimates.Chinese electric vehicle manufacturer Xpeng (XPEV) was down 6% in premarket trading after reporting its latest results.Gold inclined 0.5% to $4,701 per troy ounce, while bitcoin gained 0.8% to $77,971.

Dow JonesNasdaq CompositeS&P 500$CRM$CRWD$INTU$MRVL$NVDA$PDD$XPEV
Japan

US-Canada Tariff Situation Nudges US Equity Futures Lower Pre-Bell

US equity futures were lower pre-bell Monday as traders assessed the tariff situation between the US and Canada after trade negotiations between the two countries failed.Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were down 0.2%, and Nasdaq futures were 0.5% lower.Trade talks between the US and Canada failed and the US on Saturday imposed 50% tariffs on around $20 billion worth of imports from its neighbor in the north. Canadian Prime Minister Mark Carney said he planned to retaliate with tariffs starting Sept. 8. "Canada wants the benefits of being a State, without being one!!!" President Donald Trump said in a post Sunday on Truth Social.US Treasury Secretary Scott Bessent is set to give details on 1 pm ET on Monday about "economic D-Day" against Iran, which would be "greatest financial offensive ever," Reuters reported, citing an opinion piece by the official published in Financial Times on Sunday.Traders digested the latest round of earnings, with PDD (PDD) reporting lower Q2 non-GAAP earnings and higher revenue.Nvidia (NVDA) and CrowdStrike (CRWD), among others, are expected to report financial results this week.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 1.7% at $91.07 per barrel and US West Texas Intermediate crude 2.2% lower at $85.15 per barrel.The Chicago Fed national activity index for July is seen coming in at negative 0.05, compared with negative 0.02 previously, according to estimates compiled by Bloomberg.

Dow JonesNasdaq CompositeS&P 500$CRWD$NVDA$PDD
Wire

PDD Shares Fall After Downgrade From Daiwa

PDD (PDD) shares were down more than 2% in Tuesday trading after Daiwa downgraded the company's stock to hold from buy and adjusted its price target to $80 from $145.Trading volume stood at over 5.6 million shares compared with a daily average of roughly 9 million.Price: $76.45, Change: $-1.66, Percent Change: -2.13%

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Research

Daiwa Downgrades PDD to Hold From Buy, Adjusts Price Target to $80 From $145

PDD (PDD) has an average rating of overweight and mean price target of $118.72, according to analysts polled by FactSet.Price: $76.35, Change: $-1.77, Percent Change: -2.26%

$PDD
Research

BNP Paribas Initiates PDD Holdings at Underperform

PDD Holdings (PDD) has an average rating of overweight and mean price target of $119.08, according to analysts polled by FactSet.

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Research

Research Alert: CFRA Maintains Sell Opinion On Adss Of Pdd Holdings Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our target to USD82 (from USD95), 4.3x 2026 EV/EBITDA (three-year mean: 8.9x), factoring in projected earnings and execution risks due to higher business investments amid strong competition. We expect earnings to remain volatile as PDD ramps up business investments, particularly around its new first-party brand initiative, which management has identified as a core strategic priority. Product launches are expected in Q3 2026 and PDD has committed CNY100B to support the initiative, which may include fixed investments, product subsidies, and promotional spending, in our view. In addition, PDD is continuing its separate CNY100B merchant support program launched in April 2025. While we think these investments could strengthen PDD's long-term value proposition, for example through more competitive value-for-money offerings, the substantial scale of the spending is likely to weigh on near-term profitability. We trim 2026 and 2027 EPADS forecasts to CNY59.13 and CNY80.73 (from CNY73.07/CNY92.14), respectively.

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Research

Macquarie Downgrades PDD Holdings to Neutral From Outperform, Adjusts PT to $87 From $151

PDD Holdings (PDD) has an average rating of overweight and mean price target of $133.48, according to analysts polled by FactSet.

$PDD
Research

Barclays Downgrades PDD Holdings to Equalweight From Overweight, Adjusts PT to $89 From $165

PDD Holdings (PDD) has an average rating of overweight and mean price target of $133.48, according to analysts polled by FactSet.

$PDD
Research

Nomura Downgrades PDD Holdings to Neutral From Buy, Adjusts PT to $97 From $136

PDD Holdings (PDD) has an average rating of overweight and mean price target of $135.68, according to analysts polled by FactSet.

$PDD
Wall Street Hits New Peaks, US Crude Slips Below $90 Amid Iran Deal Hopes
US Markets

Wall Street Hits New Peaks, US Crude Slips Below $90 Amid Iran Deal Hopes

Wall Street's benchmark equity indexes reached fresh highs on Wednesday as US crude oil fell below $90 a barrel amid renewed optimism around prospects for an end to the Middle East conflict.The Dow Jones Industrial Average rose 0.4% to 50,644.3, its highest finish ever. The Nasdaq Composite gained 0.1% to 26,674.7, while the S&P 500 eked out a gain to end at 7,520.4 -- both notching new record closing highs for a second consecutive day.Six of the 11 sectors were in the red, led by energy, while consumer discretionary paced the gainers.West Texas Intermediate crude oil was last down 4.8% at $89.39 a barrel, while Brent fell 4.6% to $95.Secretary of State Marco Rubio said the US will give talks with Iran "every chance to succeed," according to a CNBC report.Israel reportedly launched fresh attacks in Lebanon, targeting Iran-backed Hezbollah. This could complicate peace talks as Tehran has demanded that any deal must ensure an end to fighting in Lebanon, Stifel said."Despite the latest clashes, however, markets remain somewhat hopeful an interim deal (between the US and Iran) may still be likely," Stifel Chief Economist Lindsey Piegza said in a note Wednesday.President Donald Trump on Wednesday expressed confidence that the US would be able to reach a deal to end the conflict, but he is not yet satisfied with the terms, CNN reported.Iranian state TV previously claimed that a draft memorandum on ending the conflict calls for the US to withdraw its military forces and lift the naval blockade in return for reopening the Strait of Hormuz within a month. However, the White House dismissed it as a "complete fabrication," CNN reported.US Treasury yields were mixed, with the 10-year rate down 1.1 basis points at 4.48% and the two-year rate little changed at 4.04%.In company news, JPMorgan Chase (JPM) Chief Executive Jamie Dimon said Wednesday at a conference that the bank's expenses this year could be "closer" to $106 billion, or $1 billion higher than previously projected. JPMorgan shares fell 2.4%.Dimon also said that "there might be in the next couple of years a chance to put $10 billion or $20 billion to work buying something," referring to a potential merger and acquisition opportunity, according to a FactSet transcript.Zscaler (ZS) shares tanked nearly 32% after the cloud security company provided a fiscal fourth-quarter revenue outlook below market estimates, even though it reported better-than-expected results for the prior three-month period.PDD's (PDD) first-quarter earnings unexpectedly declined year over year, while the Chinese e-commerce platform's revenue fell short of market estimates. The company's Nasdaq-listed stock slid 10%.Abercrombie & Fitch's (ANF) fiscal first-quarter earnings topped Wall Street's projections amid record sales for the apparel retailer. The company's shares jumped 8.9%.Gold was last down 1.2% at $4,450.70 per troy ounce, while silver lost 2.3% to $74.87 per ounce.

Dow JonesNasdaq CompositeS&P 500$ANF$JPM$PDD$ZS
Equities Mixed Intraday as Markets Track US-Iran Peace Talks
US Markets

Equities Mixed Intraday as Markets Track US-Iran Peace Talks

US benchmark equity indexes were mixed after midday Wednesday as traders continued to monitor US-Iran peace deal negotiations.The Dow Jones Industrial Average was up 0.4% at 50,646.7 intraday, while the Nasdaq Composite fell 0.2% to 26,611.6. The S&P 500 slipped 0.1% to 7,509.8. Both the Nasdaq and the S&P 500 notched new record closing highs in the previous session.Among sectors, consumer discretionary paced the gainers, while energy and financials saw the biggest drop.Iranian state TV reportedly claimed that a draft memorandum on ending the three-month-old conflict calls for the US to withdraw its military forces and lift the blockade of Iranian ports in return for the reopening of the Strait of Hormuz within a month. However, the White House dismissed it as a "complete fabrication," CNN reported.President Donald Trump on Wednesday expressed confidence that the US would be able to reach a deal to end the conflict, but he is not yet satisfied with the terms, CNN reported.West Texas Intermediate crude oil was down 4.4% at $89.77 a barrel intraday Wednesday, while Brent fell 4.1% to $95.54.US Treasury yields were mixed intraday Wednesday, with the 10-year rate down 1.1 basis points at 4.48% and the two-year rate little changed at 4.04%.In company news, JPMorgan Chase (JPM) Chief Executive Jamie Dimon said Wednesday at a conference that the bank's expenses this year could be "closer" to $106 billion, or $1 billion higher than previously projected. JPMorgan shares were down 3%.Dimon also said that "there might be in the next couple of years a chance to put $10 billion or $20 billion to work buying something," referring to a potential merger and acquisition story, according to a FactSet transcript.Zscaler (ZS) shares tanked nearly 32% intraday after the cloud security company provided a fiscal fourth-quarter revenue outlook below market estimates, even though it reported better-than-expected results for the prior three-month period.PDD's (PDD) first-quarter earnings unexpectedly declined year over year, while the Chinese e-commerce platform's revenue fell short of market estimates. The stock slid nearly 12% intraday.Abercrombie & Fitch's (ANF) fiscal first-quarter earnings topped Wall Street's projections amid record sales for the apparel retailer. The company's shares jumped nearly 12% intraday.Marvell (MRVL), Salesforce (CRM), Synopsys (SNPS), Snowflake (SNOW) and HP (HPQ) were scheduled to release their quarterly results after the markets close Wednesday.Gold was down 1.4% at $4,441 per troy ounce, while silver lost 2.2% $74.90 per ounce.

Dow JonesNasdaq CompositeS&P 500$ANF$CRM$HPQ$JPM$MRVL$PDD$SNOW$SNPS$ZS
Wire

Top Midday Stories: White House Refutes Iran Report of Interim Peace Deal; Zscaler Shares Plunge After Fiscal Q4 Revenue Guidance Misses Estimates

The Dow Jones Industrial Average was up, while the S&P 500 and Nasdaq Composite were about flat in late-morning trading Wednesday after Iranian state media reported that an unofficial draft of a US-Iran interim peace deal says that maritime traffic through the Strait of Hormuz would return to normal within a month of the agreement being finalized. Later, the White House said the report of an interim peace deal was a "complete fabrication" and "not true."In company news, Zscaler (ZS) reported fiscal Q3 adjusted earnings late Tuesday of $1.08 per diluted share, up from $0.84 a year earlier and above the FactSet consensus analyst estimate of $1.01. Fiscal Q3 revenue was $850.5 million, up from $678 million a year ago and above the FactSet consensus of $835.6 million. For fiscal Q4, the company said it expects adjusted EPS of $1.08 to $1.09, above the FactSet consensus of $1.03. Fiscal Q4 revenue is expected to be between $875 million and $878 million, below the FactSet consensus of $878.6 million. For full-year 2026, the company said it expects adjusted EPS of $4.10 to $4.11, up from its previous guidance of $3.99 to $4.02 and above the FactSet consensus of $4.01. Full-year revenue is expected to be between $3.329 billion and $3.332 billion, above its previous guidance of $3.31 billion to $3.32 billion and above the FactSet consensus of $3.32 billion. Zscaler shares were down 31.6% around midday.Boston Scientific (BSX) Chief Executive Mike Mahoney mentioned possible short-term challenges facing the company during a presentation Wednesday at an industry conference. Mahoney said Boston Scientific is "not going to likely grow faster than our peer group in the short term, but as that Denali platform gets launched in our emblem with [subcutaneous implantable cardioverter defibrillator] leadless pacemaker, that will help our growth in our [cardiac rhythm management] business," according to the report. Boston Scientific shares were down 9.8%.PDD Holdings (PDD) reported Q1 non-GAAP earnings Wednesday of 9.51 Chinese renminbi ($1.38) per diluted American depositary share, down from 11.41 renminbi a year earlier and below the FactSet consensus of 16.56 renminbi. First-quarter revenue was 106.23 billion renminbi, up from 95.67 billion renminbi a year ago but below the FactSet consensus of 109.82 billion renminbi. PDD shares were down 11.0%.JPMorgan Chase (JPM) CEO Jamie Dimon said Wednesday at a conference that "there might be in the next couple of years a chance to put $10 billion or $20 billion to work buying" another company, according to a transcript. JPMorgan shares were down 3.0%.Dycom Industries (DY) reported fiscal Q1 adjusted net income Wednesday of $4.42 per diluted share, up from $2.39 a year earlier and above the FactSet consensus of $2.72. Fiscal Q1 contact revenue was $1.96 billion, up from $1.26 billion a year ago and above the FactSet consensus of $1.67 billion. For fiscal 2027, the company said it expects revenue of $7.38 billion to $7.65 billion, up from its previous guidance of $6.85 billion to $7.15 billion and above the FactSet consensus of $7.07 billion. Dycom shares were up 28.1%.Price: $126.28, Change: $-58.33, Percent Change: -31.60%

$BSX$DY$JPM$PDD$ZS
Research

Research Alert: Pdd: Q1 Profits Miss Amid Strategic Investments; Volatile Earnings To Persist

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:PDD's Q1 2026 EPADS declined 15% Y/Y to CNY8.48, weaker than expected, while revenue growth sustained at 11% Y/Y (Q4 2025: +12%), supported by transaction services revenue (+20% Y/Y). Operating margin improved to 18.4% from Q1 2025's 16.8%, though softer than Q4 2025 (-4.0%-pts Q/Q) amid significant supply chain and first-party business investments, with product launches expected in Q3 2026. We expect margin pressures ahead as PDD committed to invest CNY100B over three years in the first-party business initiative. Management emphasized Q1 2026 marks the start of deep transformations, with Co-CEO highlighting supply chain investments as core strategic priority for the next decade. PDD's stance that long-term value creation will take precedence over near-term profits remains unchanged, in our view. We expect revenue growth to remain moderate due to initiatives such as the CNY100B merchant support program, while earnings are likely to remain volatile amid continued investments.

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