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Sectors

Sector Update: Financial Stocks Advance Premarket Thursday

Financial stocks were advancing premarket Thursday, with the State Street Financial Select Sector SPDR ETF (XLF) 0.5% higher.The Direxion Daily Financial Bull 3X Shares (FAS) was up 1.4% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1.4% lower.Equity Bancshares (EQBK) has agreed to acquire Lincoln Bancorp in a deal valued at approximately $123.8 million, the companies said. Equity Bancshares stock was up 0.8% pre-bell.PayPal (PYPL) has laid off around 600 employees across its India operations as part of a global restructuring and cost-cutting drive, MoneyControl reported, citing unnamed people familiar with the matter. Shares of PayPal were 0.5% higher premarket.Intercontinental Exchange (ICE) said its New York Stock Exchange subsidiary and Korea Exchange signed a memorandum of understanding to collaborate on expanding access to global capital markets. Intercontinental Exchange shares were up 0.7% pre-bell.

$EQBK$FAS$FAZ$ICE$PYPL$XLF
Update: Equities Fall as Warsh's Remarks Boost Rate-Hike Bets
US Markets

Update: Equities Fall as Warsh's Remarks Boost Rate-Hike Bets

(Updates with market moves at the end of the day, and other changes, if any.)US stocks fell Friday, though they still locked in weekly gains, as bets for a September interest rate hike increased after Federal Reserve Chair Kevin Warsh expressed worries about inflation.The Nasdaq Composite declined 0.5% to close at 26,402.42, while the S&P 500 dipped 0.3% to 7,711.76. The Dow Jones Industrial Average ended just below the flatline at 53,559.99. Among sectors, technology led the laggards, while consumer discretionary saw the biggest gain.Despite Friday's declines, all three indexes logged weekly gains, with the Nasdaq up 0.9%. The Dow and the S&P 500 advanced 0.5% each.In his debut Jackson Hole speech as Fed chief, Warsh said Friday that inflation numbers were concerning, citing the Fed's preferred metric -- the personal consumption expenditure price index -- which was unchanged at 3.7% year over year in July."The comparable measures from the consumer price index are also elevated, as are the core measures of both PCE and CPI inflation," Warsh said. "None of these measures are perfect, but they all tell a similar story: Inflation is running above our 2% target. So the Fed's predominant focus right now should be on prices."The odds of a quarter-point rate hike next month rose to about 58% on Friday from 35% the day before, according to the CME FedWatch tool. The probability that the Federal Open Market Committee will keep the benchmark rate steady fell to about 43% from 65%.US Treasury yields jumped, with the two-year yield up 12.6 basis points at 4.36% and the 10-year yield rising 5.6 basis points to 4.73%."Warsh came out blazing with a mostly hawkish message and interpretation of the recent data. In essence, he said that the 2% target on PCE prices was firm and there was work to be done to get there, since policy is not restrictive," BMO Chief Economist Douglas Porter said in a report. "The net result of Warsh's stern remarks was that the market is now back to pricing in roughly 50-50 odds of a hike at the mid-September FOMC meeting."US consumer sentiment dropped in August amid concerns that inflation will continue to be high for the "foreseeable future," final results of a University of Michigan survey showed Friday.In company news, Paypal (PYPL) shares slumped nearly 13%, the worst performer on the S&P 500, after Bloomberg News reported that buyout firm Advent and payment-processor Stripe have ditched their bid to buy the company.Marvell Technology (MRVL) followed Paypal on the index, down 10%, despite reporting stronger-than-expected second-quarter results late Thursday.Marvell's (MRVL) fiscal third-quarter gross margin outlook came in a bit soft amid a higher custom product mix, B. Riley Securities said in a note e-mailed Friday.Workday (WDAY) was the top gainer on the S&P 500, up 5.8%. The finance and human resources solutions provider raised the low end of its full-year subscription revenue outlook after it recorded fiscal second-quarter results above Wall Street's estimates.West Texas Intermediate crude oil edged down 0.1% to $83.41 a barrel in Friday late-afternoon trade, while Brent dipped 0.4% to $89.31.Spot gold fell 3% to $4,459.42 per troy ounce, while silver lost 4.5% to $67.08 per ounce.

Dow JonesNasdaq CompositeS&P 500$MRVL$PYPL$WDAY
Japan

US Equity Markets End Lower After Govt Bond Yields Rise Following Fed Chair Warsh's Comments on Inflation

US equity indexes ended lower Friday after government bond yields rose following Federal Reserve Chairman Kevin Warsh's statement that inflation is the more concerning part of the central bank's dual mandate.* "The Fed's price-stability objective of 2%, as measured by the personal consumption expenditures price index, is a firm, fixed target," Warsh said, speaking at the annual Jackson Hole Economic Policy Symposium.* Mediators in the Iran war are stepping up efforts to get the Strait of Hormuz reopened, with Tehran agreeing to draw up a list of conditions to restore normal traffic after the Qatari prime minister asked the Iranians to respect freedom of navigation, Reuters reported.* The University of Michigan consumer sentiment index was revised upward on Friday to 51.7 for August from 51.0 in the preliminary estimate, compared with expectations of no revision in a survey compiled by Bloomberg.* October West Texas Intermediate crude oil fell $0.15 to settle at $83.38 per barrel, while October Brent crude, the global benchmark, was last seen down $0.33 at $89.37.* Workday (WDAY) shares were up about 5.8%, the top gainer on the S&P 500, after it raised the low end of its full-year subscription revenue outlook following fiscal Q2 results above Wall Street's estimates.* Paypal (PYPL) shares were down roughly 13%, the worst performer on the S&P 500, after Bloomberg News reported that Advent and Stripe have backed out of their bid to buy the company.

Dow JonesNasdaq CompositeS&P 500$PYPL$WDAY
Sectors

Sector Update: Financial Stocks Advance Friday

Financial stocks rose Friday as the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each gained 0.4%.The Philadelphia Housing Index climbed 0.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 0.5%.Bitcoin (BTC-USD) fell 3.3% to $77,629, and the yield for 10-year US Treasuries rose 4.8 basis points to 4.72%.In economic news, Federal Reserve Chair Kevin Warsh said the central bank's primary focus should be on prices, given that the US is doing well on the employment front. Delivering his debut Jackson Hole speech as Fed chief, Warsh said inflation numbers were concerning. "The comparable measures from the consumer price index are also elevated, as are the core measures of both PCE and CPI inflation," Warsh said. "None of these measures are perfect, but they all tell a similar story: Inflation is running above our 2% target. So the Fed's predominant focus right now should be on prices."Separately, US consumer sentiment dropped in August amid concerns that inflation will continue to be high for the "foreseeable future," final results of a University of Michigan survey showed. The main sentiment index fell 6.3% to 51.7 from July. The gauge for current economic conditions dropped to 51.9 from 54.8, while the index of consumer expectations slid 7% to 51.5.In corporate news, Klarna (KLAR) shares rose 1.2% after a $9.95 million share purchase by CEO Sebastian Siemiatkowski.PayPal (PYPL) shares fell 13% after Bloomberg reported that Advent and Stripe abandoned their $50 billion takeover bid.Affirm (AFRM) shares rose 0.4%, paring earlier gains a day after the company reported a surge in fiscal Q4 earnings and sales and issued an upbeat fiscal Q1 sales outlook.UBS (UBS) raised 2 billion yuan ($297.5 million) via its debut panda bond in China's onshore market, highlighting growing demand among international issuers for lower borrowing costs, Bloomberg reported. UBS shares rose 1%.

$AFRM$KLAR$PYPL$UBS
Update: Equities Mostly Lower Intraday as Traders Weigh Warsh's Remarks
US Markets

Update: Equities Mostly Lower Intraday as Traders Weigh Warsh's Remarks

(Updates with latest market prices and developments.)US benchmark equity indexes were mostly lower intraday, while bond yields rose, as investors assessed Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole economic policy symposium.The Nasdaq Composite was down 0.4% at 26,438.2 after midday Friday, while the S&P 500 fell 0.2% to 7,716.9. The Dow Jones Industrial Average was little changed at 53,564.9. The indexes finished the previous trading session in the green, with the Nasdaq recording its biggest single-day percentage gain since Aug. 4.Among sectors, utilities led the laggards intraday Friday, while consumer discretionary and communication services saw the biggest gains.In his debut Jackson Hole speech as Fed chief, Warsh said Friday that inflation numbers were concerning, citing the Fed's preferred metric -- the personal consumption expenditure price index -- which was unchanged at 3.7% year over year in July."The comparable measures from the consumer price index are also elevated, as are the core measures of both PCE and CPI inflation," Warsh said. "None of these measures are perfect, but they all tell a similar story: Inflation is running above our 2% target. So the Fed's predominant focus right now should be on prices."The odds of a quarter-point rate hike next month rose to about 58% on Friday from 35% the day before, according to the CME FedWatch tool. The probability that the Federal Open Market Committee will keep the benchmark rate steady fell to 43% from 65%.US Treasury yields jumped intraday Friday, with the two-year yield up 10.9 basis points at 4.34% and the 10-year yield rising 5.4 basis points to 4.73%."With core inflation above target for more than five years and, in our view likely to stay elevated, markets responded (to Warsh's remarks) accordingly," Stifel said in a note e-mailed to. "For equities, we would anticipate a hawkish message continuing to tighten financial conditions as investors once again embrace the 'Don't Fight the Fed' playbook."US consumer sentiment dropped in August amid concerns that inflation will continue to be high for the "foreseeable future," final results of a University of Michigan survey showed Friday.In company news, Paypal (PYPL) shares were down 12% intraday, the worst performer on the S&P 500, after Bloomberg News reported that buyout firm Advent and payment-processor Stripe have ditched their bid to buy the company.Marvell Technology (MRVL) followed Paypal on the index, down 10%, despite reporting stronger-than-expected second-quarter results late Thursday.Workday (WDAY) was the top gainer on the S&P 500, up 6.1%. The finance and human resources solutions provider raised the low end of its full-year subscription revenue outlook after it recorded fiscal second-quarter results above Wall Street's estimates.West Texas Intermediate crude oil edged down 0.1% to $83.47 a barrel intraday Friday, while Brent dipped 0.4% to $89.39.Spot gold fell 2.7% to $4,476.72 per troy ounce, while silver lost 4.2% to $67.32 per ounce.

Dow JonesNasdaq CompositeS&P 500$MRVL$PYPL$WDAY
Sectors

Sector Update: Financial Stocks Advance Friday Afternoon

Financial stocks advanced in Friday afternoon trading, with the NYSE Financial Index rising 0.5% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 0.4%.The Philadelphia Housing Index was decreasing 0.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.6%.Bitcoin (BTC-USD) was falling 3.1% to $77,812, and the yield for 10-year US Treasuries was rising 5.6 basis points to 4.728%.In economic news, Federal Reserve Chair Kevin Warsh said Friday that the central bank's primary focus should be on prices, given that the US is doing well on the employment front. Delivering his debut Jackson Hole speech as Fed chief, Warsh said inflation numbers were concerning. "The comparable measures from the consumer price index are also elevated, as are the core measures of both PCE and CPI inflation," Warsh said. "None of these measures are perfect, but they all tell a similar story: Inflation is running above our 2% target. So the Fed's predominant focus right now should be on prices."Separately, US consumer sentiment dropped in August amid concerns that inflation will continue to be high for the "foreseeable future," final results of a University of Michigan survey showed Friday. The main sentiment index fell 6.3% sequentially to 51.7 this month. The gauge for current economic conditions decreased to 51.9 from 54.8, while the index of consumer expectations slid 7% to 51.5, according to the survey.In corporate news, PayPal (PYPL) shares fell past 12% after Bloomberg reported Friday that Advent and Stripe have abandoned their $50 billion bid to buy the company.Affirm (AFRM) shares gained 4.7% after it reported late Thursday a surge in fiscal Q4 earnings and sales, and issued an upbeat fiscal Q1 sales outlook.UBS (UBS) raised 2 billion yuan ($297.5 million) via its debut panda bond in China's onshore market, highlighting growing demand among international issuers for lower borrowing costs, Bloomberg reported. UBS shares rose 0.9%.Iren (IREN) shares fell nearly 14% after the company reported late Thursday Q4 revenue of $137.2 million, down from $187 million a year ago.

$AFRM$IREN$PYPL$UBS
Sectors

Sector Update: Financial

Financial stocks advanced in Friday afternoon trading, with the NYSE Financial Index rising 0.5% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 0.4%.The Philadelphia Housing Index was decreasing 0.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.6%.Bitcoin (BTC-USD) was falling 3.1% to $77,812, and the yield for 10-year US Treasuries was rising 5.6 basis points to 4.728%.In economic news, Federal Reserve Chair Kevin Warsh said Friday that the central bank's primary focus should be on prices, given that the US is doing well on the employment front. Delivering his debut Jackson Hole speech as Fed chief, Warsh said inflation numbers were concerning. "The comparable measures from the consumer price index are also elevated, as are the core measures of both PCE and CPI inflation," Warsh said. "None of these measures are perfect, but they all tell a similar story: Inflation is running above our 2% target. So the Fed's predominant focus right now should be on prices."In corporate news, PayPal (PYPL) shares fell past 12% after Bloomberg reported Friday that Advent and Stripe have abandoned their $50 billion bid to buy the company.

$PYPL
Wire

Top Midday Stories: Warsh Says Inflation Data 'Concerning'; Advent, Stripe Drop $50 Billion Bid to Buy PayPal

All three major US stock indexes were up in late-morning trading Friday, as market participants parsed Federal Reserve Chairman Kevin Warsh's speech at the Jackson Hole Economic Policy Symposium in Wyoming.In the speech, Warsh said inflation is the more concerning part of the Fed's dual mandate while recommitting to the central bank's 2% policy target. The new chair also restated his belief that forward guidance can handcuff the Fed, preventing it from making key decisions.In company news, Advent and Stripe have abandoned their $50 billion bid to buy PayPal (PYPL), Bloomberg reported Friday, citing people familiar with the matter. PayPal shares were down 11.5% around midday.Marvell Technology (MRVL) reported fiscal Q2 adjusted earnings late Thursday of $0.94 per diluted share, up from $0.67 a year earlier and above the FactSet consensus estimate of $0.93. Fiscal Q2 revenue was $2.74 billion, up from $2.01 billion a year ago and above the FactSet consensus of $2.72 billion. For fiscal Q3, the company said it expects adjusted EPS of $1.10, plus or minus $0.05, on revenue of $3.15 billion, plus or minus 5%. Analysts polled by FactSet expect $1.08 and $3.04 billion, respectively. Marvell shares were down 8.2%.Chevron (CVX) is nearing a deal to expand its operations in Venezuela by adding two new heavy-oil fields to its portfolio, The Wall Street Journal reported Friday, citing people familiar with the matter. Halliburton (HAL) is also in discussions to provide its suite of equipment to oil producers in Venezuela, the report said, citing the people. Chevron and Halliburton shares were up 0.6% and 1%, respectively.BioNTech (BNTX) said Friday that it terminated its phase 2 trial evaluating autogene cevumeran as an adjuvant monotherapy in patients with high-risk stage II or stage III colorectal cancer. The trial's independent safety board recommended discontinuing treatment and ending the trial, as further continuation was unlikely to change the efficacy outcome, the company said. BioNTech shares were down 7.5%.Amazon.com (AMZN) has signed a power purchase agreement in Germany and invested in four Swedish wind energy projects, the company said Friday. The e-commerce giant said it agreed to buy 600 megawatts of electricity from the planned Gennaker offshore wind farm in the Baltic Sea. Shares of Amazon were up 4.2%.Price: $54.41, Change: $-7.06, Percent Change: -11.49%

$AMZN$BNTX$CVX$HAL$MRVL$PYPL
Affirm Continues to Stand Out From Peers in Buy Now, Pay Later Space, RBC Says
US Markets

Affirm Continues to Stand Out From Peers in Buy Now, Pay Later Space, RBC Says

Affirm (AFRM) continues to widen its lead over peers in the buy now, pay later space, RBC Capital Markets said in a client note following the company's latest quarterly results.On Thursday, the buy-now, pay-later service provider reported per-share earnings of $4.62 for the fiscal fourth quarter, up from $0.20 a year earlier. Revenue climbed 33% to $1.17 billion. Both metrics topped Wall Street's estimates.Gross merchandise volume, or GMV, jumped 36% to $14.1 billion in the fiscal fourth quarter, about 5% ahead of the market's forecast, according to RBC. For fiscal 2027, the company expects GMV of more than $64 billion. Revenue less transaction costs is pegged at around 4.16% of GMV for the fiscal year.RBC estimates Affirm to record GMV of $64.3 billion, revenue of $5.5 billion and revenue less transaction costs of $2.7 billion for fiscal 2027, up from its prior projections of $62 billion, $5.1 billion and $2.6 billion, respectively.Shares of Affirm rose 9% in Friday trading.The company's ability to drive GMV growth, stable take rates and improving funding costs, among other factors, indicate its unique ability to satisfy various stakeholders, including consumers, merchants and capital markets funding participants.Affirm's fourth-quarter results, full-year guidance and overall resilience of its consumer base show that there are several "points of distinction" between the company and other players in the BNPL space, RBC said.RBC has a sector perform rating on Affirm's stock and lifted its price target to $96 from $80.Last month, rival PayPal (PYPL) raised its full-year adjusted earnings guidance after reporting second-quarter results above Wall Street's views.Price: $84.42, Change: $+6.93, Percent Change: +8.94%

$AFRM$PYPL
Sectors

Sector Update: Financial Stocks Mixed Pre-Bell Friday

Financial stocks were mixed pre-bell Friday, with the State Street Financial Select Sector SPDR ETF (XLF) up 0.1%.The Direxion Daily Financial Bull 3X Shares (FAS) rose by 0.3%, and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.1% lower.PayPal (PYPL) fell as much as 14% after Bloomberg News reported that buyout firm Advent and payment-processor Stripe have abandoned their bid to buy the company.Affirm (AFRM) shares were up more than 11% after the company reported late Thursday a surge in fiscal Q4 earnings and sales, and issued an upbeat fiscal Q1 sales outlook.Iren (IREN) shares dropped 6% after the company reported late Thursday Q4 revenue of $137.2 million, down from $187 million a year ago.

$AFRM$FAS$FAZ$IREN$PYPL$XLF
Asia Markets

Update: US Equity Futures Mostly Flat Pre-Bell as Traders Await Fed Chair's Keynote Speech

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were mostly flat pre-bell Friday as traders awaited a highly anticipated keynote speech from Federal Reserve Chair Kevin Warsh.Dow Jones Industrial Average futures were 0.2% higher, S&P 500 futures were up 0.1%, and Nasdaq futures were 0.2% lower.Warsh is slated to speak at 10 am ET at the central bank's annual symposium in Jackson Hole, Wyoming, and traders will be looking for signals on where interest rates could go next.President Donald Trump on Thursday told reporters that the US is not talking to Iran. The US has turned to elevated economic pressure to force a reopening of the Strait of Hormuz and threatened Iran's trading partners. Iran's foreign ministry, in a letter published on Telegram, urged other countries not to implement US sanctions against it, calling the measures illegal.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.9% at $87.72 per barrel and US West Texas Intermediate crude 1% lower at $82.67 per barrel.The Chicago purchasing managers index for August, due at 9:45 am ET, is seen coming in at 57.9, up from its prior value of 57.6, according to estimates compiled by Bloomberg.The final University of Michigan consumer sentiment report for August, scheduled at 10 am ET, is expected to show consumer sentiment index coming in at 51.0, unchanged from the prior period.In other world markets, Japan's Nikkei closed 0.4% higher, Hong Kong's Hang Seng ended 0.1% higher, and China's Shanghai Composite finished 0.1% lower. Meanwhile, the UK's FTSE 100 was up 0.2%, and Germany's DAX index was 0.5% higher in Europe's early afternoon session.In equities, Marvell Technology (MRVL) shares fell 7.7% after the company reported fiscal Q2 financial results late Thursday. PayPal (PYPL) stock was down more than 14% after Bloomberg reported that buyout firm Advent and payment-processor Stripe have abandoned their bid to buy the company. Autodesk (ADSK) shares were down 4.8% after the company issued lower-than-expected Q3 adjusted EPS guidance.On the winning side, Gap (GAP) stock rose over 17% after the company lifted its fiscal 2026 adjusted earnings guidance. Affirm (AFRM) shares were more than 13% higher after the company reported an increase in fiscal Q4 earnings and sales in addition to issuing an upbeat fiscal Q1 sales outlook.

Dow JonesNasdaq CompositeS&P 500$ADSK$AFRM$GAP$MRVL$PYPL
Commodities

Exchange-Traded Funds, Equity Futures Mixed Pre-Bell Friday Ahead of Warsh Speech

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 down 0.2% in Friday's premarket activity as markets traded mixed ahead of Fed Chair Kevin Warsh's speech.US stock futures were mixed, with S&P 500 Index futures down 0.03%, Dow Jones Industrial Average futures gaining 0.02%, and Nasdaq futures slipping 0.3% before the start of regular trading.The Chicago PMI for August will be released at 9:45 am ET.Fed Chair Warsh is scheduled to deliver a presentation at the central bank's annual Jackson Hole symposium in Wyoming at 10 am ET.The University of Michigan consumer sentiment report for August is due at 10 am ET.The weekly Baker Hughes domestic oil-and-gas rig count posts at 1 pm ET.In premarket activity, bitcoin was down by 0.4%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.5% lower, Ether ETF (EETH) advanced 0.3%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was 3.3% higher.Power Play:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) was flat Direxion Daily Financial Bull 3X Shares (FAS) was down 0.2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% higher.PayPal (PYPL) stock was down more than 14% after Bloomberg News reported that buyout firm Advent and payment-processor Stripe have abandoned their bid to buy the company.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.5%, the iShares US Technology ETF (IYW) was 0.1% lower, and the iShares Expanded Tech Sector ETF (IGM) was up 0.3%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was down 1.2%, while the iShares Semiconductor ETF (SOXX) declined by 0.9%.Marvell Technology (MRVL) shares were down 7% following the company's fiscal Q2 results.EnergyThe iShares US Energy ETF (IYE) was up 3%, while the State Street Energy Select Sector SPDR ETF (XLE) advanced 0.2%.BW LPG (BWLP) stock was down more than 4% before market open after the company reported lower Q2 revenue.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.3%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) gained 0.4%, and the iShares US Consumer Staples ETF (IYK) advanced 0.1%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) was 0.1% higher. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) increased 0.1%.Toyota Motors (TM) shares were up more than 1% pre-bell after Nikkei Asia reported late Thursday that the company is planning to build an electric Sports Utility Vehicle in China.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.3%, the Vanguard Health Care Index Fund (VHT) was up 0.03%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was 0.1% lower.Eli Lilly (LLY) stock was up nearly 1% premarket after the company said that the US Food and Drug Administration approved Mounjaro to lower the risk of major adverse cardiovascular events in adults with type 2 diabetes who are at high risk for those events.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.4%, while the Vanguard Industrials Index Fund (VIS) was flat and the iShares US Industrials ETF (IYJ) was inactive.Saia (SAIA) stock was up more than 1% before the opening bell after Deutsche Bank raised its price target to $370 from $340.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 0.9% to $82.81 per barrel on the New York Mercantile Exchange. Natural gas was down 2.4% at $2.85 per 1 million British Thermal Units. The United States Oil Fund (USO) fell 1%, while the United States Natural Gas Fund (UNG) was 2.2% lower.Gold futures for November were down by 0.4% at $4,647.30 an ounce on the Comex. Silver futures gained 1.5% to reach $71.29 an ounce. SPDR Gold Shares (GLD) decreased 0.1%, and the iShares Silver Trust (SLV) was 1.7% higher.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$BWLP$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$LLY$MRVL$PMR$PYPL$QQQ$RTH$SAIA$SLV$SOXX$SPY$TM$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Affirm Poised for Slight Upside Amid Consumer Spending Strength, RBC Says
US Markets

Affirm Poised for Slight Upside Amid Consumer Spending Strength, RBC Says

Affirm (AFRM) is positioned to slightly beat fiscal fourth-quarter expectations amid resilient US consumer spending, RBC Capital Markets said in a client note e-mailed Monday.The buy-now, pay-later service provider is scheduled to release its latest results on Thursday. RBC is projecting fourth-quarter revenue of $1.11 billion and adjusted operating income of $314 million."We expect slight upside from (Affirm), given the resilience in consumer spending shown across the payments sector in (second-quarter) earnings, along with intra-quarter check-ins with the company suggesting continued strength in consumer demand and credit performance," RBC analysts Daniel Perlin and Matthew Inglis said in the report.Last month, PayPal (PYPL) raised its full-year adjusted earnings guidance after reporting second-quarter results above Wall Street's views.Affirm's The Big Nothing event in May featured thousands of financing options at zero interest for eligible shoppers.That resulted in 35% sales growth compared with a similar event held in October, according to RBC."Amid the inflationary environment, we believe that the combination of pressure on consumers' cash flows with strong employment continues to bode well for Affirm's product offering and expect continued momentum into the (fiscal fourth-quarter) print," Perlin and Inglis wrote.RBC lowered Affirm's earnings-per-share estimates for 2026 and 2027, reflecting a higher tax rate. That drove its fiscal fourth-quarter EPS forecast to $0.36 from $0.38.Price: $76.78, Change: $-0.25, Percent Change: -0.32%

$AFRM$PYPL
Wire

Roper Technologies' Illumia Adds PayPal, Venmo for Tuition Payments

Roper Technologies' (ROP) Illumia unit said Wednesday that participating colleges and universities can now accept tuition and fee payments using PayPal (PYPL) or Venmo.The payment options will be accessible within the existing payment portals of participating schools.Users can complete transactions with a bank account, credit card, or PayPal or Venmo balance at select institutions, with additional schools expected to add the options throughout the year, Illumia added.Shares of the company were up 4.1% in Wednesday trading.Price: $410.26, Change: $+16.09, Percent Change: +4.08%

$PYPL$ROP
Fintech, Payments Firms Outperform Expectations Amid Solid Consumer Spending, RBC Says
US Markets

Fintech, Payments Firms Outperform Expectations Amid Solid Consumer Spending, RBC Says

Financial technology and payments companies outperformed quarterly estimates as consumer spending turned out to be better than expected, though the Middle East conflict weighed on certain guides, RBC Capital Markets said in a note emailed Thursday.The average revenue beat relative to consensus was 1.3% for 18 fintech and payments firms, with a 2.3% beat on earnings per share, according to the note. Twelve companies topped estimates, while three delivered a miss."Consumer spending data from the payments universe was broadly positive for the US in (the second quarter), with the card networks reporting their strongest domestic volumes in years," RBC analyst Daniel Perlin said.Payments giants Visa (V) and Mastercard (MA) reported annual volume gains in the most recent quarter, alongside an increase in PayPal's (PYPL) US total payment volume, according to the RBC note.The Iran war continued to weigh on several companies as the associated travel disruption persisted for longer than expected, Perlin wrote.Global Payments (GPN), which processes for 12 of the largest Middle Eastern airlines, was the most affected, while Shift4 Payments (FOUR) forecast a $25 million headwind for the third quarter. Visa said the impact moderated through the second quarter, though its rest-of-year guidance assumes current levels of disruption persist, RBC said.Mastercard, however, saw cross-border travel improve as the second quarter progressed.Factors such as tariff refunds, a lower tax rate and comparison issues create "some messiness" in the setup for the second half of the year, the brokerage said."A common guidance theme across the group was the expectation of (second half) acceleration, for various reasons such as the normalization of one-time items, the onboarding of newly signed contracts, the lapping of elevated prior-year non-recurring revenues, the deployment of cost synergies, and incremental contributions from (artificial intelligence)-driven efficiency programs," Perlin wrote.RBC highlighted Broadridge Financial Solutions (BR), Flywire (FLYW), Mastercard, Visa, SS&C Technologies (SSNC), and Block (XYZ) as best positioned post earnings.Buy-now-pay-later provider Affirm Holdings (AFRM), Jack Henry & Associates (JKHY), PicS (PICS), and Wealthfront (WLTH) are yet to report results.Price: $59.56, Change: $+0.36, Percent Change: +0.61%

$AFRM$BR$FLYW$FOUR$GPN$JKHY$MA$PICS$PYPL$SSNC$V$WLTH$XYZ
Wire

Update: Market Chatter: PayPal CEO Weighs Assigning Revenue Targets for 3 Main Units

(Updates with the company's response in the third paragraph.)PayPal (PYPL) CEO Enrique Lores plans to break out company results and assign revenue targets for its three main businesses, to give investors a clearer picture of each unit's potential, Bloomberg reported Wednesday, citing an interview.Lores said that the goal is to increase earnings per share by a percentage in the double digits, "supported by positive transaction margin growth over time," according to the report.A spokesperson for PayPal declined to comment on the Bloomberg report, and said that the company's intention to shift to segment reporting has been flagged by Chief Financial and Operating Officer Jamie Miller during Q1 earnings call in May.(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: $59.34, Change: $+1.41, Percent Change: +2.43%

$PYPL
Sectors

Sector Update: Financial Stocks Advance Late Afternoon

Financial stocks were higher in late Wednesday afternoon trading, with the NYSE Financial Index rising 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) up 0.2%.The Philadelphia Housing Index was adding 0.8%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was shedding 0.4%.Bitcoin (BTC-USD) was rising 1.2% to $64,814, and the yield for 10-year US Treasuries decreased 1 basis point to 4.617%.In economic news, the Institute for Supply Management's US services index rose to 54.1 in July from 54.0 in June, compared with expectations for 54.5 in a Bloomberg-compiled survey. The reading suggests faster expansion, in line with other measures but in contrast with the Richmond Fed print signaling contraction.The S&P Global US services index was revised upwards to 54.6 in July from the 53.6 flash reading, compared with expectations for no revision in a survey compiled by Bloomberg. The July index is above the 51.2 reading in June and is the highest for nine months.ADP's monthly measure of private payrolls showed a 44,000 increase in July, below expectations in a Bloomberg-compiled poll for a gain of 65,000. The July increase followed a downwardly revised 95,000 jobs increase in June.In corporate news, PayPal (PYPL) CEO Enrique Lores plans to break out company results and assign revenue targets for its three main businesses to give investors a clearer picture of each unit's potential, Bloomberg reported Wednesday, citing an interview. PayPal shares were down 0.8%.JPMorgan Chase (JPM) Chief Executive Jamie Dimon has reached out to CEOs of other large banks and IT companies, urging them to join a group seeking to address risks posed by AI, Reuters reported. JPMorgan shares were up 0.7%.Morgan Stanley (MS) is leading a consortium of banks planning to refinance through bond sales $15 billion of debt linked to a Google-backed data center in Texas that has been leased to Anthropic, the Financial Times reported. Morgan Stanley shares rose 0.8%.Ares Management (ARES) and Three Hills Capital are in talks to provide loans to Toscafund Asset Management to help finance its acquisition of Spire Healthcare Group, Bloomberg reported. Ares shares were down 2.1%.

$ARES$JPM$MS$PYPL
Sectors

Sector Update: Financial

Financial stocks were advancing in late Wednesday afternoon trading, with the NYSE Financial Index rising 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) up 0.2%.The Philadelphia Housing Index was adding 0.8%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was shedding 0.4%.Bitcoin (BTC-USD) was rising 1.2% to $64,814, and the yield for 10-year US Treasuries decreased 1 basis point to 4.617%.In corporate news, PayPal (PYPL) CEO Enrique Lores plans to break out company results and assign revenue targets for its three main businesses to give investors a clearer picture of each unit's potential, Bloomberg reported Wednesday, citing an interview. PayPal shares were down 0.9%.

$PYPL
Wire

Market Chatter: PayPal CEO Weighs Assigning Revenue Targets for 3 Main Units

PayPal (PYPL) CEO Enrique Lores plans to break out company results and assign revenue targets for its three main businesses to give investors a clearer picture of each unit's potential, Bloomberg reported Wednesday, citing an interview.Lores said that the goal is to increase earnings per share by a percentage in the double digits, "supported by positive transaction margin growth over time," according to the report.PayPal did not immediately respond 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: $58.14, Change: $-0.40, Percent Change: -0.68%

$PYPL
Sectors

Sector Update: Financial Stocks Rise Late Afternoon

Financial stocks rose in late Tuesday afternoon trading with the NYSE Financial Index advancing 0.7% and the State Street Financial Select Sector SPDR ETF (XLF) gaining 1.1%.The Philadelphia Housing Index climbed 1.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 1.1%.Bitcoin (BTC-USD) increased 0.1% to $63,726, and the yield for 10-year US Treasuries fell 3.7 basis points to 4.604%.In economic news, the Conference Board's measure of consumer confidence decreased to 90.8 in July from 92.2 in June, below the 92.4 expected in a Bloomberg-compiled survey.The Case-Shiller National Home Price Index rose 0.6% in May, after a 0.8% increase in April, before seasonal adjustment. National home prices were up 1.1% year-over-year, up from 0.9% in April.In corporate news, Visa (V) plans to trim around 2,600 jobs as part of CEO Ryan McInerney's plan to streamline operations. The cuts, representing 7% of its workforce, will mainly affect technology and product teams. Visa shares rose 1.9%.PayPal (PYPL) raised its full-year adjusted earnings guidance after reporting Q2 results above consensus estimates. Its shares gained 4.5%.Brookfield Asset Management (BAM) plans to focus renewable energy investments in India on states with stronger power grids as transmission constraints limit wind and solar generation elsewhere, Bloomberg reported Tuesday. Brookfield shares added 0.9%.State Street (STT) said Tuesday it reached a preliminary deal to buy a securities services joint venture operating in Brazil, Mexico, and Colombia from Santander (SAN) and Caceis. The targeted business manages about $470 billion in assets under custody alongside $225 billion in assets under administration, the company said. State Street shares were down 1.1%, and Santander was shedding 0.2%.

$BAM$PYPL$SAN$STT$V

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