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Sectors

Sector Update: Financial

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 corporate news, PayPal (PYPL) raised its full-year adjusted earnings guidance after reporting Q2 results above consensus estimates. Its shares gained 4.1%.

$PYPL
PayPal Lifts Full-Year Adjusted Earnings Outlook Following Second-Quarter Beat
US Markets

PayPal Lifts Full-Year Adjusted Earnings Outlook Following Second-Quarter Beat

PayPal (PYPL) raised its full-year adjusted earnings guidance after reporting second-quarter results above Wall Street's views, sending the payments company's shares higher Tuesday.The company now expects 2026 non-GAAP earnings of about $5.38 a share, versus its prior outlook range of a low-single-digit decline to slightly positive. Analysts polled by FactSet are looking for $5.32. PayPal now projects transaction margin dollars to increase to about $15.6 billion, compared with its previous expectations of a "slight decline."Second-quarter non-GAAP EPS decreased to $1.38 from $1.40 a year earlier, beating the Street's $1.28 estimates. Net revenue rose 5% to $8.68 billion, also topping the Street's view for $8.47 billion. Payment volume surged 10% to $486.45 billion, while the number of payment transactions rose 8% to 6.75 billion."During the second quarter, we made meaningful progress on our reorganization and sharpened our view of the highest-impact actions needed to accelerate our growth strategy," Chief Financial and Operating Officer Jamie Miller said on an earnings conference call, according to a FactSet transcript"At the same time, we saw stronger-than-expected underlying business performance, including transaction margin trends," Miller told analysts. "Against that backdrop, we have invested more heavily in a number of high-priority areas, which helped drive higher non-transaction-related operating expense in the quarter and will continue into third quarter."PayPal shares were up 4.7% in afternoon trade."We are making good progress on our plan to deliver at least $1.5 billion of gross run-rate savings over the next two to three years," Chief Executive Enrique Lores said on the call. "This work will power our next chapter of growth by creating a more focused organization, modernizing our technology platform, and improving our cost structure."For the ongoing quarter, PayPal expects a low-single digit decline in non-GAAP EPS, while transaction margin dollars will be slightly positive.Earlier this month, Reuters reported, citing unnamed sources, that private equity firm Advent International and Stripe made a joint offer to acquire PayPal in a transaction that would value the payments company at north of $53 billion.Lores said Tuesday the company doesn't comment on market speculation or potential M&A discussion."Our board and management team are open and have a clear responsibility to objectively evaluate every opportunity that is presented to us, compare it with our own plan and choose the options that creates more value," Lores told analysts. "Today, because of all the work that we have done over the last three months and because of the status of the business, we have a very clear view of the value that we can create in the coming years."Price: $58.46, Change: $+2.39, Percent Change: +4.26%

$PYPL
Wire

RBC Capital Adjusts PayPal Price Target to $65 From $59

PayPal Holdings (PYPL) has an average rating of Hold and mean price target of $49.78, according to analysts polled by FactSet.Price: $58.60, Change: $+2.53, Percent Change: +4.51%

$PYPL
Wire

Top Midday Stories: Corning Shares Fall on Tepid Q3 Sales Guidance; Coca-Cola Rases EPS, Revenue Outlook, Shares Rise

The Dow Jones Industrial Average and S&P 500 were up in late-morning trading Tuesday, while the Nasdaq Composite was roughly flat, as certain semiconductor stocks sold off.In company news, Corning (GLW) reported Q2 non-GAAP earnings Tuesday of $0.78 per diluted share, up from $0.60 a year earlier and above the FactSet consensus analyst estimate of $0.76. Second-quarter revenue was $4.74 billion, up from $4.05 billion a year ago and above the FactSet consensus of $4.63 billion. For Q3, Corning said it expects diluted EPS of $0.85 to $0.89, compared to the FactSet consensus of $0.85. The company said it expects Q3 sales of $4.9 billion to $5 billion, compared to the FactSet consensus of $5 billion. Corning shares were down 15.5% around midday.Coca-Cola (KO) reported fiscal Q2 comparable diluted EPS Tuesday of $0.97, up from $0.87 a year earlier and above the FactSet consensus of $0.93. Net Q2 operating revenue was $13.38 billion, up from $12.54 billion a year ago and above the FactSet consensus of $13.17 billion. For 2026, the company said it expects comparable EPS growth of 9% to 10%, up from its previous guidance of 8% to 9%, and it raised its organic growth revenue outlook to about 5% from 4% to 5%. Coca-Cola shares were up 6.0%.Boeing (BA) reported a Q2 core loss Tuesday of $0.76 per share, narrowing from a loss of $1.24 a year earlier but below the FactSet consensus of a loss of $0.28. Second-quarter revenue was $24.56 billion, up from $2.75 billion a year ago and above the FactSet consensus of $24.26 billion. The company said Q2 deliveries increased 14% to 171 planes. Boeing shares were up 4.0%.Visa (V) confirmed toearlier Tuesday reports that it will trim around 2,600 jobs, or about 7% of it workforce, as part of Chief Executive Ryan McInerney's plan to streamline operations. The cuts will mainly impact its technology and product teams. Visa shares were up 1.2%.Apple (AAPL) saw its market capitalization surpass $5 trillion for the first time on Tuesday morning, Bloomberg reported. Separately, the company is planning to launch a number of home products, including a hub device built around the new Siri AI assistant, Bloomberg reported Tuesday, citing people with knowledge of the matter. Apple is also preparing a new TV set-top box and updated HomePod mini, the people reportedly told Bloomberg. Lastly, Apple said Tuesday it has partnered with Klarna Group (KLAR) on a new program that will allow US customers to lease an iPhone for $17.99 per month. In addition to the iPhone, the program, called Apple Upgrade, is offering 12- and 24-month leasing options for Apple Watch, Mac and iPad for $11.99, $24.99 and $11.99 per month, respectively. Apple shares were up 0.8%.Meta Platforms (META) and BlackRock (BLK) have agreed to form a strategic venture to develop and own a 1-gigawatt data center campus in El Pas, Texas, Meta said Tuesday. Funds managed by BlackRock will own an 80% interest in the joint venture, with Meta holding the remaining 20%, the tech giant said. Meta shares were flat, while BlackRock shares were up 3.2%.China's Moonshot AI is seeking more Nvidia (NVDA) Blackwell chips, as it discusses plans for Kimi K4, its next model that will be larger than its recently released Kimi K3, The Information reported Tuesday, citing two people familiar with the matter. Nvidia shares were up 0.7%.Two of Amazon's (AMZN) data centers in Bahrain sustained damage following missile strikes last week that Iran claimed to carry out, Bloomberg reported Tuesday, citing satellite imagery. Amazon shares were down 0.4%.PayPal (PYPL) reported Q2 non-GAAP EPS Tuesday of $1.38, down from $1.40 a year earlier but above the FactSet consensus of $1.28. Net Q2 revenue was $8.68 billion, up from $8.29 billion a year ago and above the FactSet consensus of $8.47 billion. For Q3, the company said it expects to post a roughly low-single-digit decline in non-GAAP EPS from $1.34 a year earlier. Analysts polled by FactSet expect $1.33. For 2026, PayPal expects non-GAAP EPS of about $5.38, above the FactSet consensus of $5.31. Separately, the company said it will offer installment payments for up to 48 months for eligible Amazon customers in Germany and Austria starting in August. PayPal shares were up 3.9%.Price: $88.98, Change: $+4.91, Percent Change: +5.84%

$AMZN$BA$BLK$GLW$KO$META$NVDA$PYPL$V
Wire

Keefe Bruyette & Woods Adjusts PayPal Price Target to $70 From $55, Maintains Outperform Rating

PayPal (PYPL) has an average rating of Hold and mean price target of $49.66, according to analysts polled by FactSet.Price: $58.31, Change: $+2.24, Percent Change: +3.99%

$PYPL
Wire

Susquehanna Adjusts PayPal Price Target to $67 From $63, Maintains Positive Rating

PayPal (PYPL) has an average rating of Hold and mean price target of $49.66, according to analysts polled by FactSet.Price: $58.33, Change: $+2.26, Percent Change: +4.02%

$PYPL
Wire

PayPal to Offer Installment Payments for Amazon Customers in Germany, Austria

PayPal (PYPL) will offer installment payments for up to 48 months for eligible Amazon.com (AMZN) customers in Germany and Austria beginning in August, the companies said Tuesday.PayPal Ratenzahlung enables customers to split purchases of 30 euros ($34.14) to 10,000 euros into fixed monthly installments over three to 24 months with exclusive 36- and 48-month options for Amazon customers.The installment service will be integrated into Amazon.de's checkout process and rolled out to eligible customers over the coming weeks.PayPal shares rose 3.1% in Tuesday trading, and Amazon fell 1.2%.Price: $57.78, Change: $+1.71, Percent Change: +3.05%

$AMZN$PYPL
Wire

Street Color: PayPal, Amazon Introducing Buy Now, Pay Later in Austria, Germany

Street Color: PayPal, Amazon Introducing Buy Now, Pay Later in Austria, Germany

$AMZN$PYPL
Sectors

Sector Update: Financial Stocks Advance Premarket Tuesday

Financial stocks were advancing premarket Tuesday, with the State Street Financial Select Sector SPDR ETF (XLF) 0.7% higherThe Direxion Daily Financial Bull 3X Shares (FAS) was up 1.6% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1.4% lower.S&P Global (SPGI) shares were down more than 3% after the company cut its 2026 adjusted earnings per share outlook.Barclays (BCS) stock was down more than 6% even after the company reported higher Q2 earnings and total income, and raised its 2026 total income guidance.PayPal (PYPL) shares were up 1% after the company reported Q2 non-GAAP earnings and net revenue that topped analysts' expectations.

$BCS$FAS$FAZ$PYPL$SPGI$XLF
Stocks Mostly Down Pre-Bell Amid Chip Sell-Off; Traders Await More Earnings
US Markets

Stocks Mostly Down Pre-Bell Amid Chip Sell-Off; Traders Await More Earnings

US equity futures were mostly tracking in the red on Tuesday amid a selloff in chip stocks over concerns about artificial intelligence financing, while traders await the latest batch of corporate earnings.The S&P 500 declined 0.2% and the Nasdaq fell 0.9% in premarket activity, while the Dow Jones Industrial Average edged up 0.1%. The indexes finished the previous trading session mixed.Shares of Nvidia (NVDA) were down 0.9% pre-bell after closing Monday with a nearly 5% decrease. The tech bellwether is reportedly in talks to provide a roughly $250 billion backstop for OpenAI as part of a data-center project, raising concerns about "circular financing," in which suppliers are also major investors in their customers.Sandisk (SNDK) slipped 7.2% while Intel (INTC) was off 4.1%. Marvell Technology (MRVL) shed 4.9% and Qualcomm (QCOM) declined 2.9%. Advanced Micro Devices (AMD) dropped about 4%.West Texas Intermediate crude oil declined 2.2% to $80.86 a barrel before the opening bell, while Brent slid 2.3% to $86.32.US President Donald Trump told Axios on Monday that the US is in "very deep talks" with Iran, though he said military action could resume if diplomacy fails. His remarks came as the US apparently halted strikes against Iran."While this is the first tangible signal of de-escalation, the reasons behind it are less clear," ING Bank said in a report on Monday. "There's little explanation from the US. Also, it hasn't yet led to any meaningful pickup in vessel flows through the Strait of Hormuz."Tehran's foreign ministry continued to hold discussions with Saudi Arabia and Oman on Tuesday over the future of the Strait of Hormuz, CNBC reported.Coca-Cola (KO), Boeing (BA), S&P Global (SPGI), United Parcel Service (UPS), Royal Caribbean Cruises (RCL), Sherwin-Williams (SHW) and PayPal (PYPL) are some of the major companies scheduled to report their latest financial results Tuesday. Visa (V), NXP Semiconductors (NXPI) and automaker Ford (F) are expected to release their earnings after the markets close.The Federal Reserve's monetary policy committee is set to kick off its meeting on interest rates today, with a decision due Wednesday. The probability of the central bank leaving its benchmark lending rate unchanged currently stands at 64%, with the remaining odds in favor of a quarter-percentage-point increase, according to the CME FedWatch tool.UBS Securities said Monday it expects three dissents as a base case, but won't be surprised to see two more pushing for a rate hike.Treasury yields were down in premarket action, with the two- and 10-year rates retreating 1.9 basis points each to 4.3% and 4.62%, respectively.Tuesday's economic calendar also has the international trade in goods data, as well as the retail and wholesale inventories reports, all for June, at 8:30 am ET. The Case-Shiller Home Price Index and the Federal Housing Finance Agency House Price Index, both for May, post at 9 am.The consumer confidence report for July is out at 10 am, along with the Richmond Fed manufacturing index for the same month.Gold moved down 1.4% to $4,021 per troy ounce, while bitcoin dropped 2.2% to $63,463.

Dow JonesNasdaq CompositeS&P 500$AMD$BA$F$INTC$KO$MRVL$NVDA$NXPI$PYPL$QCOM$RCL$SHW$SNDK$SPGI$UPS$V
Wire

Meta Platforms Appoints Assaf Keren as Chief Information Security Officer

Meta Platforms (META) has named Assaf Keren as its new chief information security officer to succeed Guy Rosen, effective later this year, Keren said in a LinkedIn post Wednesday.Keren was most recently the chief security officer at Qualtrics and has previously worked at PayPal (PYPL), according to his LinkedIn profile.Price: $629.00, Change: $-14.81, Percent Change: -2.30%

$META$PYPL
Research

Barclays Upgrades PayPal to Equalweight From Underweight, Adjusts Price Target to $55 From $42

PayPal Holdings (PYPL) has an average rating of hold and mean price target of $48.52, according to analysts polled by FactSet.

$PYPL
Research

Barclays Upgrades PayPal to Equalweight From Underweight

PayPal (PYPL) has an average rating of hold and mean price target of $48.11, according to analysts polled by FactSet.Price: $57.35, Change: $+1.83, Percent Change: +3.30%

$PYPL
Update: Wall Street Extends Gains on Further Signs of Cooling Inflation
US Markets

Update: Wall Street Extends Gains on Further Signs of Cooling Inflation

(Updates with market moves at the end of the day.)US equities rose Wednesday, driving major indexes higher for a second straight day as traders digested another softer-than-expected inflation report.The Nasdaq Composite closed 0.6% higher at 26,269.2, while the S&P 500 advanced 0.4% to 7,572.4. The Dow Jones Industrial Average added 0.3% to settle at 52,658.6. Among sectors, communication services saw the biggest gain, while utilities led the laggards.Technology giant Apple (AAPL) was the best performer on the Dow, up 4%. The iPhone maker has held talks with bankers in recent months about possible acquisitions of chip companies, The Information reported, citing unnamed sources.Other tech majors also advanced, with Alphabet's (GOOGL) class A shares, Amazon.com (AMZN), and Microsoft (MSFT) following Apple on the Dow as the top performers.In economic news, US producer prices unexpectedly dropped on a monthly basis in June amid a steep decline in the cost of energy products, official data showed."We expect to see another weak reading for the July (producer prices index), even though global oil prices have moved higher in the past week," Oxford Economics said in a note.On Tuesday, government data showed that US consumer prices decreased last month for the first time in more than six years amid lower energy costs."While still nominally elevated at a dangerously high level, the relative improvement in inflation in June emboldens the more dovish argument that price pressures are already cooling and could retreat further into year-end as the lingering impact from tariffs falls off and energy prices potentially normalize amid -- still tentative -- but ongoing, US-Iran peace negotiations," Stifel said in a note Wednesday.The probability that the Fed will leave its benchmark lending rate unchanged later this month rose to nearly 90% Wednesday from 84% Tuesday, according to the CME FedWatch tool.Inflation should ease in the next few quarters as energy prices are expected to trend back closer to where they were before the US-Iran war began, New York Fed President John Williams said.Inflation is more likely to accelerate than cool given price pressures arising from an artificial intelligence boom and major supply shocks, Federal Reserve Governor Lisa Cook said. Separately, New York Fed President John Williams said that inflation should ease in the next few quarters as energy prices retreat.West Texas Intermediate crude oil was up 1.2% at $80.29 a barrel in Wednesday late-afternoon trade, while Brent rose 1.3% to $85.80.The US military conducted fresh strikes on Iran on Wednesday as tensions flare over the Strait of Hormuz, the world's most important chokepoint for crude flows, the US Central Command said.US Treasury yields were lower, with the two-year rate down 5.2 basis points at 4.14% and the 10-year rate falling 3.2 basis points to 4.55%.In other company news, PayPal (PYPL) shares jumped 17%, the top gainer on the S&P 500, after Reuters reported that Stripe and Advent International have offered to acquire PayPal in a deal that would value the payments giant at more than $53 billion.Pentair (PNR) shares slid 15%, the worst performer on the S&P 500. The water treatment company late Tuesday reported preliminary second-quarter results below market estimates and lowered its full-year outlook amid headwinds related to its pool segment.Gold edged down 0.2% to $4,060.80 per troy ounce, while silver lost 1.6% to $58.17 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMZN$GOOGL$MSFT$PNR$PYPL
Japan

US Equity Markets End Higher After Unexpected Decline in Producer Price Index

US equity indexes closed higher Wednesday after an unexpected drop in producer prices.* The US producer price index fell 0.3% in June following a 0.6% increase in May, below the flat consensus in a Bloomberg survey.* The US intensified airstrikes against Iran following Tehran's attacks on ships attempting to pass through the Strait of Hormuz, the Associated Press reported.* August West Texas Intermediate crude oil rose $0.92 to settle at $80.26 per barrel, while September Brent crude, the global benchmark, was last seen up $1.02 at $85.75.* Payments firm Stripe and Advent International offered to acquire PayPal (PYPL) for $60.50 a share in a deal valuing the company at more than $53 billion, Reuters reported. PayPal shares jumped 17%, the top gainer on the S&P 500.* Pentair (PNR) shares fell 15%, the biggest drop on the S&P, a day after the company reported preliminary Q2 results below market estimates and lowered its full-year outlook.

Dow JonesNasdaq CompositeS&P 500$PNR$PYPL
Wire

Sector Update: Financial Stocks Rise Late Afternoon

Financial stocks were advancing in late Wednesday afternoon trading, with the NYSE Financial Index rising 0.8% and the State Street Financial Select Sector SPDR ETF (XLF) up 0.7%.The Philadelphia Housing Index was adding 0.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 0.1%.Bitcoin (BTC-USD) shed 0.4% to $64,721, and the yield for 10-year US Treasuries declined 4 basis points to 4.545%.In economic news, the US Producer Price Index fell by 0.3% in June following a 0.6% increase in May, below expectations for a flat reading in a Bloomberg survey. Excluding food and energy prices, core PPI rose 0.2%, slower than the 0.3% gain expected and a 0.1% rise in May.In corporate news, BlackRock (BLK) shares jumped 6.3% after the company posted Q2 results that were better than analysts' expectations.Stripe and Advent International have offered to acquire PayPal (PYPL) for $60.50 per share in a deal that would value the company at more than $53 billion, Reuters reported. PayPal shares surged past 17%.Blackstone (BX), Anthropic and Hellman & Friedman said Wednesday they are launching AI services firm Ode with Anthropic. Blackstone shares climbed 1.9%.Morgan Stanley's (MS) Q2 revenue surpassed Wall Street's projections, with robust investment banking and trading gains driving the top-line higher year on year. Shares added 0.3%.Goldman Sachs (GS) has raised $10 billion from a high-grade bond sale, with the offering drawing orders of about $32 billion at its peak, Bloomberg reported. Goldman shares were up 0.9%.

$BLK$BX$GS$MS$PYPL
Wire

Market Chatter: PayPal Said to be Working With Goldman, Evercore Amid Stripe-Advent Pursuit

PayPal (PYPL) has been working with Goldman Sachs (GS) and Evercore (EVR) in recent months to evaluate a potential sale or breakup, as Stripe and Advent recently made a $53 billion acquisition offer, Bloomberg reported Wednesday, citing people familiar with the matter.PayPal 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: $55.42, Change: $+8.05, Percent Change: +16.99%

$EVR$GS$PYPL
Equity Markets Rise Intraday as Big Tech Gains
US Markets

Equity Markets Rise Intraday as Big Tech Gains

US benchmark equity indexes were higher intraday, aided by certain mega-cap technology stocks, as traders parsed the latest inflation data.The Nasdaq Composite was up 0.5% at 26,246.1 after midday Wednesday, while the S&P 500 advanced 0.3% to 7,568.2. The Dow Jones Industrial Average rose 0.2% to 52,620.4. Among sectors, communication services saw the biggest gain, while energy led the laggards.Tech giant Apple (AAPL) was the best performer on the Dow, up 4%. The iPhone maker has held talks with bankers in recent months about possible deals for chip companies, The Information reported, citing unnamed sources.Other tech majors Alphabet's (GOOGL) class A shares, Amazon.com (AMZN), and Microsoft (MSFT) followed Apple on the Dow as the top performers.In economic news, US producer prices unexpectedly dropped on a monthly basis in June amid a steep decline in the cost of energy products, official data showed."We expect to see another weak reading for the July (producer prices index), even though global oil prices have moved higher in the past week," Oxford Economics said in a note.On Tuesday, government data showed that US consumer prices decreased last month for the first time in more than six years amid lower energy costs."While still nominally elevated at a dangerously high level, the relative improvement in inflation in June emboldens the more dovish argument that price pressures are already cooling and could retreat further into year-end as the lingering impact from tariffs falls off and energy prices potentially normalize amid -- still tentative -- but ongoing, US-Iran peace negotiations," Stifel said in a note Wednesday.The probability that the Fed will leave its benchmark lending rate unchanged later this month rose to nearly 90% Wednesday from 84% Tuesday, according to the CME FedWatch tool.Inflation should ease in the next few quarters as energy prices are expected to trend back closer to where they were before the US-Iran war began, New York Fed President John Williams said.West Texas Intermediate crude oil was down 0.4% at $78.99 a barrel intraday, while Brent dropped 0.3% to $84.45.The US military conducted fresh strikes on Iran for 90 minutes, as tensions flare over the Strait of Hormuz, the world's most important chokepoint for crude flows, CNN reported Wednesday, citing the US Central Command.US Treasury yields were lower intraday, with the two-year rate down 6.1 basis points at 4.13% and the 10-year rate falling 3.8 basis points to 4.55%.In other company news, PayPal (PYPL) shares jumped 16%, the top gainer on the S&P 500, after Reuters reported that Stripe and Advent International have offered to acquire PayPal in a deal that would value the payments giant at more than $53 billion.Pentair (PNR) shares slid 15%, the worst performer on the S&P 500. The water treatment company late Tuesday reported preliminary second-quarter results below market estimates and lowered its full-year outlook amid headwinds related to its pool segment.Gold edged down 0.7% to $4,042.70 per troy ounce, while silver lost 3.2% to $57.22 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMZN$GOOGL$MSFT$PNR$PYPL
Wire

Top Midday Gainers

Electrovaya (ELVA) said Wednesday it is partnering with Amazon (AMZN) to deploy its infinity battery technology in Amazon's material handling operations.Shares surged 51% as intraday trading volume catapulted to over 26 million from a daily average of about 413,000.Aehr Test Systems (AEHR) reported late Tuesday it swung to fiscal Q4 earnings from a loss a year earlier, while revenue also increased.Shares soared 27% amid a jump in intraday trading volume to over 10.5 million from a daily average of roughly 2.5 million.Payments firm Stripe and Advent International have offered to acquire PayPal (PYPL) for $60.50 per share in a deal that would value the company at more than $53 billion, Reuters reported, citing two unnamed people familiar with the matter.Shares of PayPal jumped 16% as intraday trading volume soared to over 66.0 million from a daily average of about 15.3 million.Price: $11.75, Change: $+3.86, Percent Change: +48.94%

$AEHR$ELVA$PYPL
Asia Markets

Update: US Equity Indexes Edge Up After Producer Price Inflation Unexpectedly Drops, Iran Signals Red Sea Disruption

(Updates with index/price moves, macroeconomic/rates data, and company/geopolitical news from the first paragraph.)US equity indexes ground higher following a surprise decline in the wholesale price inflation rate and a signal from Iran that its allies could shut the maritime gateway to the Red Sea.The Nasdaq rose 0.4% to 26,221.4, the S&P 500 climbed 0.3% to 7,564.7, and the Dow Jones Industrial Average advanced 0.3% to 52,643.8 after midday Wednesday. All three gauges briefly traded moderately lower earlier in the session. Communication services and consumer discretionary topped the gainers, while energy led the decliners.The US Producer Price Index fell 0.3% in June following a 0.6% increase in May, below the flat consensus in a Bloomberg-compiled survey. Excluding food and energy, core PPI rose 0.2%, slower than the 0.3% gain expected and a 0.1% rise in May. PPI was up 5.5% year-over-year in June, versus the 6% gain in May, while core PPI climbed 4.7%, up from 4.6% in May.The probability of the Federal Reserve leaving its policy unchanged in July rose to 90% following the PPI data, from 84% a day ago and 69% a week ago, the CME FedWatch tool showed Wednesday. The likelihood of a pause continuing across September, October, and December also jumped. On Tuesday, market expectations for an unchanged monetary policy surged after the June consumer price inflation rate declined the most since April 2020.Most US Treasury yields fell after midday, with the 10-year down 4.4 basis points to 4.54% and the two-year declining 6.9 basis points to 4.12%.US Central Command struck Iran's coastal defense systems and cruise missile storage and launch sites on Greater Tunb Island during the 90-minute wave on Wednesday, it said. "The strikes further degraded Iran's ability to attack commercial shipping in the Strait of Hormuz." The strikes followed attacks overnight.Iran is now signaling it could use Yemen's Houthi allies to shut the Bab el-Mandeb gateway to the Red Sea, opening a new front against Washington and putting two of the world's most important energy arteries at risk, Reuters reported. As US strikes deepen inside Iran and Houthi attacks escalate in tandem, analysts said Tehran is widening the conflict and seeking to increase pressure on Washington by extending the threat to global trade and energy supplies beyond the Gulf, the news report said.The front-month global benchmark North Sea Brent shed 0.2% to $84.53 a barrel, and the US West Texas Intermediate declined 0.4% to $79.05 a barrel, off session highs.Excluding inventories in the Strategic Petroleum Reserve, US commercial crude oil stocks fell by 1.7 million barrels in the week ended July 10, following the Labor Day weekend, versus a 1.8 million-barrel decline expected in a Bloomberg-compiled poll and a 3.0-million-barrel gain in the previous week. Gasoline stocks fell by 1.5 million barrels, smaller than the 2.0-million-barrel decrease expected. Further, distillate stocks rose by 4.6 million barrels, compared with an expected drop of 2.0 million barrels.In precious metal markets, gold futures retreated 0.2% to $4,060.90, and silver futures slumped 2.2% to $57.78.In company news, Dutch semiconductor equipment supplier ASML (ASML) reported year-over-year growth in Q2 earnings and sales and raised revenue guidance for the full-year 2026.Mega-cap banks continued to post strong results. Morgan Stanley's (MS) Q2 sales beat the outlook, with robust investment banking and trading driving the top line higher year over year. BlackRock (BLK) also reported higher Q2 adjusted earnings and revenue. The Bank of New York Mellon (BNY) reported its Q2 adjusted earnings and revenue above market expectations.Payments firm Stripe and Advent International have offered to acquire PayPal (PYPL) for $60.50 per share in a deal valuing the company at more than $53 billion, Reuters reported, citing two unnamed people familiar with the matter.

Dow JonesNasdaq CompositeS&P 500$ASML$BLK$BNY$MS$PYPL

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