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Update: Wall Street Trims Weekly Losses With Friday's Gains
US Markets

Update: Wall Street Trims Weekly Losses With Friday's Gains

(Updates with market moves at the end of the day, and other changes, if any.)US stocks rose Friday, trimming losses for the week on Wall Street, as bond yields continued to march higher.The Dow Jones Industrial Average climbed 1% to 53,277.01. The S&P 500 and the Nasdaq Composite each rose 0.4% to close at 7,674.37 and 26,180.46, respectively. Most sectors were in the green, led by materials, while utilities saw the steepest decline.The three indexes dropped to their lowest levels in more than two weeks on Thursday.This week, the Nasdaq shed 2.1%, while the S&P 500 lost 1.4%, with both indexes logging their first weekly declines following three consecutive weekly advances. The Dow saw a loss of 0.9%, marking its second consecutive weekly fall.US Treasury yields were higher, with the two-year yield increasing 4.9 basis points to 4.23% and the 10-year rate gaining 3.4 basis points to 4.73%. The 30-year rate was up 3.6 basis points at 5.27%.The Treasury Department on Wednesday surprised markets with an announcement that it will at least double the size of its buybacks for longer-dated Treasuries, to $4 billion per operation.The 10-year yield fell on Wednesday, but "the market pushed back on this 'mini twist' idea on Thursday and Friday," Jefferies said in a note.Treasury Secretary Scott Bessent told CNBC on Thursday that the planned buybacks could be worth more than $4 billion per issue."Despite Bessent's threat to ramp up buybacks further on Thursday, the move mostly glosses over the fundamental problem of too much debt and could complicate the (Federal Reserve's) efforts to rein in inflation," Scott Anderson, chief US economist at BMO, said in a report. "Bond investors will be looking toward Kevin Warsh's first Jackson Hole speech as Fed chair next week to bring more clarity on his view of inflation and plans for monetary policy."West Texas Intermediate crude oil was down 0.2% at $86.67 a barrel in Friday late-afternoon trade, while Brent edged up 0.1% to $93.91. The benchmarks were on track to log their second consecutive weekly gains.In economic news, US private-sector output growth hit a 52-month high amid a surge in services activity, while price pressures eased and employment rose sharply, S&P Global's (SPGI) flash purchasing managers' index showed.In company news, Ross Stores (ROST) jumped 4.4% as the off-price apparel and home fashion chain lifted its full-year earnings outlook on the back of stronger-than-expected fiscal second-quarter results.BJ's Wholesale Club's (BJ) fiscal second-quarter results came in ahead of Wall Street's estimates, prompting the warehouse club operator to lift its full-year earnings outlook. The stock advanced 5.6%.Spot gold advanced 2.2% to $4,617.45 per troy ounce, while silver climbed 1.9% to $70.21 per ounce.

Dow JonesNasdaq CompositeS&P 500$BJ$ROST$SPGI
Asia Markets

US Equity Indexes Rise Despite Surging Bond Yields as US Nears Tariff Deal With Canada

US equity indexes rose markedly on Friday, even as bond yields continued to rise after Canada's trade minister Dominic LeBlanc reportedly said the countries are "very close" to finalizing a deal before the Saturday midnight deadline.LeBlanc met US trade representative Jamieson Greer on Thursday and said the two sides were close to finalizing a deal, but added that more work was required, according to a Friday Reuters report.President Donald Trump said in a Thursday Truth Social post that he paused tariffs on certain Canadian goods, adding that the canceled Keystone XL Pipeline may also be revived.In a separate Truth Social post on Friday, Trump said that he had closed a deal to "substantially" lower the price of ground beef for US consumers and will allow up to 300,000 metric tons of the commodity to be imported with no out-of-quota tariff.The Nasdaq Composite rose 0.4% to 26,180.4, and the S&P 500 gained 0.4% to 7,674.3. The Dow Jones Industrial Average rose 0.9% to 53,276.8. Materials and financial sectors led the gainers, while utilities and energy led the decliners.The yield on 30-year Treasuries rose 3.7 basis points to 5.274%, while the 10-year yield gained 3.8 basis points to 4.736%.The US West Texas Intermediate crude oil contract fell 0.2% to $86.64 per barrel.In economic news, Bureau of Labor Statistics data revealed that the unemployment rate fell in 10 US States in July and remained steady elsewhere. The largest unemployment rate declines were observed in South Carolina, Ohio, Illinois, Washington, Pennsylvania, New York, and Rhode Island.The August flash reading of manufacturing conditions from S&P Global fell to 53.2 from 53.9 in July, compared with expectations for no change in a survey compiled by Bloomberg. The index for services conditions rose to 56.8 in August from 54.6 in July, compared with expectations for a decrease to 54.Gold futures gained 2.3% to $4,677.3 per ounce, and silver futures rose 2% to $69.495.Jupiter Neurosciences (JUNS) shares rose 16% after it said it priced a direct offering of 307,692 shares for gross proceeds of $2 million. The offering is expected to occur Aug. 24, with D. Boral Capital as placement agent.In equity news, Ross Stores (ROST) shares rose 4.4%, a day after the company posted a Q2 beat and raise. The company reported fiscal Q2 earnings late Thursday of $2.66 per diluted share, up from $1.56 a year earlier. Analysts polled by FactSet expected $1.95. Revenue for the three months ended Aug. 1 rose to $6.26 billion from $5.53 billion a year earlier. Analysts projected $6.16 billion. The company boosted its full-year EPS guidance to $8.61 to $8.77 from the prior forecast of $7.50 to $7.74. Analysts project $7.89.RF Acquisition Corp II (RFAI) shares rose more than 350% after the company's shareholders approved its merger with Nanyang Biologics at an extraordinary general meeting, according to a US Securities and Exchange Commission filing.

Dow JonesNasdaq CompositeS&P 500$JUNS$RFAI$ROST
Sectors

Sector Update: Consumer Stocks Higher Late Afternoon

Consumer stocks were rising late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.6% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 1.4%.In corporate news, Ross Stores (ROST) raised its full-year earnings outlook as the off-price apparel and home fashion chain reported stronger-than-expected fiscal Q2 results. Its shares gained 4.6%.BJ's Wholesale Club's (BJ) fiscal Q2 results came in ahead of Wall Street's estimates, prompting the warehouse club operator to lift its full-year earnings outlook. Its shares climbed 4.4%.Walmart (WMT) said Friday it will add Tap to Pay technology to payment options at some Walmart stores and Sam's Club locations starting Monday. The retail giant will roll out the feature to all US stores and clubs by the end of the year and to fuel stations by the middle of next year, it said. Separately, Walmart's mixed Q2 performance has raised questions around the trajectory of its core US business, though its new business model could drive growth in the long term, UBS said in a note. UBS trimmed its price target for Walmart to $130 from $141, but reiterated its buy rating. Walmart shares were down 0.3%.Wynn Resorts' (WYNN) Encore Boston Harbor casino and hotel face a possible labor action after two unions voted on Thursday to authorize a strike, news outlets reported. Wynn shares were up 1.1%.

$BJ$ROST$WMT$WYNN
Japan

US Equity Indexes Rise Despite Surging Bond Yields

US equity indexes rose markedly ahead of the close on Friday after a sharp selloff in the previous session, even as the rise in bond yields shows no signs of slowing down.The Nasdaq Composite rose 0.4% to 26,184.9, and the S&P 500 gained 0.5% to 7,679.5. The Dow Jones Industrial Average rose 1% to 53,335. Materials and the health sectors led the gainers.The yield on 30-year Treasuries rose 3.9 basis points to 5.276%, while the 10-year yield gained 3.8 basis points to 4.736%.The US West Texas Intermediate crude oil contract fell 0.05% to $86.79 per barrel.In economic news, Bureau of Labor Statistics data revealed that the unemployment rate fell in 10 US States in July and remained steady elsewhere. The largest unemployment rate declines were observed in South Carolina, Ohio, Illinois, Washington, Pennsylvania, New York, and Rhode Island. The national unemployment rate was reported at 4.1% in July, down from 4.2% in June.The August flash reading of manufacturing conditions from S&P Global fell to 53.2 from 53.9 in July, compared with expectations for no change in a survey compiled by Bloomberg. The index for services conditions rose to 56.8 in August from 54.6 in July, compared with expectations for a decrease to 54.Gold futures gained 2.3% to $4,679.8 per ounce, and silver futures rose 2.1% to $69.57.Jupiter Neurosciences (JUNS) shares rose 16% after it said it priced a direct offering of 307,692 shares for gross proceeds of $2 million. The offering is expected to occur Aug. 24, with D. Boral Capital as placement agent.In equity news, Ross Stores (ROST) shares rose 4.5%, a day after the company posted a Q2 beat and raise. The company reported fiscal Q2 earnings late Thursday of $2.66 per diluted share, up from $1.56 a year earlier. Analysts polled by FactSet expected $1.95. Revenue for the three months ended Aug. 1 rose to $6.26 billion from $5.53 billion a year earlier. Analysts projected $6.16 billion. The company boosted its full-year EPS guidance to $8.61 to $8.77 from the prior forecast of $7.50 to $7.74. Analysts project $7.89.

Dow JonesNasdaq CompositeS&P 500$JUNS$ROST
Update: Equities Rebound Intraday as Yields Rise
US Markets

Update: Equities Rebound Intraday as Yields Rise

(Updates with latest market prices and developments.)US equities rebounded intraday following Thursday's steep losses, but Wall Street was still headed for weekly declines amid rising bond yields.The Dow Jones Industrial Average was up 0.8% at 53,169.5 after midday Friday. The S&P 500 and the Nasdaq Composite each rose 0.5% to 7,678.1 and 26,187.6, respectively. Among sectors, materials paced the gainers, while utilities saw the steepest decline.The three indexes dropped to their lowest levels in more than two weeks on Thursday.The Dow was on track for its second consecutive weekly fall, while both the S&P 500 and the Nasdaq headed toward their first weekly losses following three consecutive weekly advances.US Treasury yields were higher intraday, with the two-year yield increasing 4.5 basis points to 4.23% and the 10-year rate gaining 3.4 basis points to 4.73%. The 30-year rate was up 3.7 basis points at 5.27%."The past 24 hours saw renewed pressure in bond markets as the rally following the US Treasury's announcement on Wednesday that it would expand its buyback operations faded," Deutsche Bank said in a report.The Treasury Department earlier this week said it will at least double the size of its buybacks for longer-dated Treasuries, to $4 billion per operation.Treasury Secretary Scott Bessent told CNBC on Thursday that his department could increase its planned buybacks to more than $4 billion per issue.West Texas Intermediate crude oil was up 0.4% at $87.18 a barrel, while Brent rose 0.9% to $94.59. The benchmarks were on track to log their second consecutive weekly gains.In economic news, US private-sector output growth hit a 52-month high amid a surge in services activity, while price pressures eased and employment rose sharply, S&P Global's (SPGI) flash purchasing managers' index showed.In company news, Ross Stores (ROST) jumped 5.8% intraday as the off-price apparel and home fashion chain lifted its full-year earnings outlook on the back of stronger-than-expected fiscal second-quarter results.BJ's Wholesale Club's (BJ) fiscal second-quarter results came in ahead of Wall Street's estimates, prompting the warehouse club operator to lift its full-year earnings outlook. The stock was up 5% intraday.Walmart (WMT) was down 0.9%, the worst performer on the Dow, after a 9.2% slump in the previous session. The retailer's mixed second-quarter performance has raised questions around the trajectory of its core US business, though its new business model could drive growth in the long term, UBS said in a note.Spot gold advanced 2.4% to $4,622.94 per troy ounce, while silver climbed 2.6% to $70.70 per ounce.

Dow JonesNasdaq CompositeS&P 500$BJ$ROST$SPGI$WMT
Asia Markets

US Equity Indexes Rise as Markets Attempt Rebound After Sharp Selloff Amid Elevated Oil Prices, Treasury Yields

US equity indexes rose after midday on Friday as markets attempted to rebound following a sharp selloff in the previous session due to surging Treasury yields and oil prices.The Nasdaq Composite rose 0.5% to 26,188.4, and the S&P 500 gained 0.4% to 7,676.7. The Dow Jones Industrial Average rose 0.8% to 53,184.6. Materials and health sectors led the gainers, while utilities led the decliners.The yield on 30-year Treasuries rose 3.7 basis points to 5.274%, while the 10-year yield gained 3.4 basis points to 4.732%.The US West Texas Intermediate crude oil contract rose 0.5% to $87.28 per barrel.President Donald Trump said in a Truth Social post that he closed a deal to "substantially" lower the price of ground beef for US consumers, and will allow up to 300,000 metric tons of the commodity to be imported with no out-of-quota tariff. "We have a commitment that this beef will be sold at 25% below current market prices," according to the post.In economic news, the Bureau of Labor Statistics said the US unemployment rate fell in 10 states in July and held steady elsewhere. The largest declines were in South Carolina, Ohio, Illinois, Washington, Pennsylvania, New York, and Rhode Island, while South Dakota recorded the lowest at 2%. The national unemployment rate was reported at 4.1% in July, down from 4.2% in June.The August flash reading of manufacturing conditions from S&P Global declined to 53.2 from 53.9 in July, compared with expectations for no change in a survey compiled by Bloomberg.The index for services conditions rose to a 20-month high reading of 56.8 in August from 54.6 in July, compared with expectations for a decrease to 54.0.Gold futures gained 2.4% to $4,681.8 per ounce, and silver futures rose 2.4% to $69.75.In equity news, Ross Stores (ROST) shares rose 5.4%, a day after the company posted a fiscal Q2 beat and raise. The company reported fiscal Q2 earnings late Thursday of $2.66 per diluted share, up from $1.56 a year earlier. Analysts polled by FactSet expected $1.95. Sales for the three months ended Aug. 1 rose to $6.26 billion from $5.53 billion a year earlier. Analysts projected $6.16 billion. The company boosted its full-year EPS guidance to $8.61 to $8.77 from the prior forecast of $7.50 to $7.74. Analysts project $7.89.RF Acquisition Corp II (RFAI) shares rose nearly 200% after company shareholders approved its merger with Nanyang Biologics at an extraordinary general meeting, according to a US Securities and Exchange Commission filing.Broadcom (AVGO) shares rose 0.5% after a Bloomberg report said the company is in discussions with lenders to raise up to $100 billion in debt for an AI chip financing deal.

Dow JonesNasdaq CompositeS&P 500$AVGO$RFAI$ROST
Sectors

Sector Update: Consumer Stocks Rise Friday Afternoon

Consumer stocks were rising Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 1.1%.In corporate news, Ross Stores (ROST) raised its full-year earnings outlook as the off-price apparel and home fashion chain reported stronger-than-expected fiscal Q2 results. Its shares gained 5.8%.BJ's Wholesale Club's (BJ) fiscal Q2 results came in ahead of Wall Street's estimates, prompting the warehouse club operator to lift its full-year earnings outlook. Its shares climbed 4.9%.Walmart (WMT) said Friday it will add Tap to Pay technology to payment options at some Walmart stores and Sam's Club locations starting Monday. The retail giant will roll out the feature to all US stores and clubs by the end of the year and to fuel stations by the middle of next year, it said. Separately, Walmart's mixed Q2 performance has raised questions around the trajectory of its core US business, though its new business model could drive growth in the long term, UBS said in a note. UBS trimmed its price target for Walmart to $130 from $141, but reiterated its buy rating. Walmart shares were down 0.9%.

$BJ$ROST$WMT
Japan

US Equity Indexes Rise Despite Further Uptick in Treasury Yields, Firm Oil Prices

US equity indexes rose in midday trading on Friday, rebounding from a sharp-selloff in the previous session despite a further uptick in Treasury yields and still firm oil prices.The Nasdaq Composite rose 0.5% to 26,202.1, and the S&P 500 gained 0.5% to 7,682.8. The Dow Jones Industrial Average rose 0.7% to 53,175.9. Materials and the health sectors led the gainers.The yield on 30-year Treasuries rose 3.8 basis points to 5.275%, while the 10-year yield gained 3.8 basis points to 4.734%.The US West Texas Intermediate crude oil contract rose 0.09% to $86.91 per barrel.In economic news, the Bureau of Labor Statistics said that the unemployment rate fell in 10 states in July and held steady elsewhere as the national jobless rate declined to 4.1% from 4.2% in June.The August flash reading of manufacturing conditions from S&P Global declined to 53.2 from 53.9 in July, compared with expectations for no change in a survey compiled by Bloomberg.The index for services conditions rose to a 20-month high reading of 56.8 in August from 54.6 in July, compared with expectations for a decrease to 54.0.Gold futures gained 2.1% to $4,670.4 per ounce, and silver futures rose 1.9% to $69.51.In equity news, Ross Stores (ROST) shares rose 5%, a day after the company posted a Q2 beat and raise. The company reported fiscal Q2 earnings late Thursday of $2.66 per diluted share, up from $1.56 a year earlier. Analysts polled by FactSet expected $1.95. Revenue for the three months ended Aug. 1 rose to $6.26 billion from $5.53 billion a year earlier. Analysts projected $6.16 billion. The company boosted its full-year EPS guidance to $8.61 to $8.77 from the prior forecast of $7.50 to $7.74. Analysts project $7.89.Broadcom (AVGO) shares rose nearly 1% after a Bloomberg report revealed that the company is in discussions with lenders to raise up to $100 billion in debt for an AI chip financing deal.

Dow JonesNasdaq CompositeS&P 500$AVGO$ROST
Wire

Ross Stores Posts 'Very Solid' Q2, UBS Says

Ross Stores (ROST) delivered a "very solid" Q2, backing expectations that it can outgrow Department Store peers over the next few years, UBS said in a report Friday.The retailer pointed to improved store execution, including better inventory recovery, stronger organization, and faster checkout times to its outperformance, the note said."These factors cause us to have improved confidence ROST can sustain solid comp momentum in 2H26," the note said.The report said ROST is forecast to grow at around 8% over a 5-year EPS compounded annual growth rate, justifying a price-earnings ratio of about 27 times.UBS raised its price target to $239 from $232 while keeping its neutral rating, expecting a balanced upside/downside skew.Price: $238.55, Change: $+9.55, Percent Change: +4.17%

$ROST
Asia Markets

Update: US Equity Futures Higher Pre-Bell as Traders Try to Rebound After Yield-Induced Sell-Off

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were edging higher pre-bell Friday as traders moved to recover after a losing session on Wall Street as Treasury yields continued to rise.Dow Jones Industrial Average futures were 0.5% higher, S&P 500 futures were up 0.5%, and Nasdaq futures were 0.7% higher.Iran said that it would have a "devastating" response to any new US threats, Reuters reported Friday. US Treasury Secretary Scott Bessent said he would give more details on Monday regarding the planned "toughest sanctions in history" on Iran.President Donald Trump said that he had closed a deal to "substantially" lower the price of ground beef for US consumers and will allow up to 300,000 metric tons of the commodity to be imported with no out-of-quota tariff. "We have a commitment that this beef will be sold at 25 percent below current market prices," Trump said in a post on Truth Social.Oil prices were slightly higher, with front-month global benchmark North Sea Brent crude up 0.3% at $94.04 per barrel and US West Texas Intermediate crude 0.2% higher at $86.97 per barrel.The August S&P Global Composite Purchasing Managers' Index, due at 9:45 am ET, is seen at 54.0, down from 54.5 previously, according to estimates compiled by Bloomberg.In other world markets, Japan's Nikkei closed 0.3% lower, Hong Kong's Hang Seng ended 1.2% higher, and China's Shanghai Composite finished flat. Meanwhile, the UK's FTSE 100 was up 0.2%, and Germany's DAX index was 0.3% higher in Europe's early afternoon session.In equities, Broadcom (AVGO) shares rose 1.3% after a Bloomberg report that the company is in discussions with a group of lenders to raise as much as $100 billion in debt for an artificial intelligence chip financing deal. SK Hynix (SKHY) stock was up 2.6% after a report from news outlet Hankyoreh that the company is moving forward with construction of a memory chip fab in the northeastern Japanese prefecture of Miyagi. Ross Stores (ROST) shares were 7.5% higher after the company reported on late Thursday better-than expected fiscal Q2 earnings and revenue, as well as boosted its full-year EPS guidance.On the losing side, OSI Systems (OSIS) stock was down 9.6% after the company on late Thursday posted fiscal Q4 revenue that missed analysts' consensus estimates.

Dow JonesNasdaq CompositeS&P 500$AVGO$OSIS$ROST$SKHY
Stocks Rise Pre-Bell as Investors Eye Recovery Following Sharp Selloff
US Markets

Stocks Rise Pre-Bell as Investors Eye Recovery Following Sharp Selloff

The benchmark US stock measures were tracking in the green before the open Friday following a sharp selloff in the previous session, when Treasury yields climbed despite the government's efforts to ease pressure in the bond market.The S&P 500 and the Dow Jones Industrial Average rose 0.3% each in premarket activity, while the Nasdaq added 0.6%. The Dow ended the previous session with its lowest close since July 31, while the S&P 500 and Nasdaq finished at their lowest levels since Aug. 3.Treasury yields were trending higher in premarket action, with the two-year rate increasing 0.4 basis points to 4.19% and the 10-year rate gaining 0.2 basis points to 4.7%. The 30-year rate was up 0.7 basis points to 5.24%.Treasury Secretary Scott Bessent told CNBC in an interview on Thursday that his department could increase its planned buybacks of longer-dated Treasuries to more than $4 billion per issue."Part of it is signaling here and to show that we believe that the yields don't reflect the underlying fundamentals," Bessent said.The Treasury Department earlier this week said it will at least double the size of its buybacks for longer-dated Treasuries, to $4 billion per operation."The $4 billion size of the buybacks is vanishingly small relative to the size of the US treasury market but is a loud symbolic signal that the Treasury does not want higher yields," Saxo Bank said in a report Thursday. "Shaping the yield curve and buying treasuries is normally a policy area for the (Federal Reserve), so it sets up an interesting tension with Fed Chair Kevin Warsh, who will speak at next week's Fed symposium at Jackson Hole, Wyoming."West Texas Intermediate crude oil nudged up to $86.83 a barrel before the opening bell, while Brent dipped 0.1% to $93.70.Bessent also told CNBC on Thursday that the US is looking to implement the "toughest sanctions in history" against Iran. Earlier in the week, President Donald Trump threatened to launch "economic warfare" against Iran and financial consequences for countries that seek to provide any form of support to Tehran.Shares of Walmart (WMT) fell 0.2% pre-bell after the retail giant closed Thursday trading down 9.2% as fiscal second-quarter US comparable sales growth decelerated more than Wall Street expected, while the company issued a soft earnings outlook for the ongoing three-month period.Ross Stores (ROST) jumped nearly 8% as the off-price apparel and home fashion chain lifted its full-year earnings outlook on the back of stronger-than-expected fiscal second-quarter results. Flowers Foods (FLO) fell 3.7% as the packaged bakery food producer cut its fiscal 2026 outlook amid a challenging operating environment.KE Holdings (BEKE), BJ's Wholesale Club (BJ) and Buckle (BKE) are scheduled to report their latest financial results before the bell, among others.Friday's economic calendar has the S&P Global's (SPGI) flash purchasing managers' index for August at 9:45 am ET, followed by the weekly Baker Hughes oil-and-gas rig count at 1 pm.Gold inclined 1.7% to $4,650 per troy ounce, while bitcoin climbed 7.1% to $77,811.

Dow JonesNasdaq CompositeS&P 500$BEKE$BJ$BKE$FLO$ROST$WMT
Ross Stores Lifts Earnings Outlook After Second-Quarter Beat
US Markets

Ross Stores Lifts Earnings Outlook After Second-Quarter Beat

Ross Stores (ROST) raised its full-year earnings outlook as the off-price apparel and home fashion chain reported stronger-than-expected fiscal second-quarter results.The company now anticipates earnings between $8.61 and $8.77 per share for fiscal 2026, Chief Executive Jim Conroy said in a statement late Thursday. The retailer previously projected the metric to be in a range of $7.50 to $7.74, compared with the current consensus on FactSet for $7.83."We believe we are well positioned to capture additional market share and drive profitable growth over the long term," Conroy said.Ross Stores' EPS climbed to $2.66 for the three-month period ended Aug. 1 from $1.56 the year before, topping the average analyst estimate of $1.94. The results included an approximate $0.60 benefit from tariff refunds, the company said.Revenue advanced 13% to $6.26 billion, ahead of Wall Street's view for $6.16 billion. Comparable store sales increased 10% in the fiscal second quarter, driven by customer traffic. Analysts had modeled for 7.7% comparable sales growth.Ross Stores' stock was up 7% in after-hours trading. It's up 27% this year through market close Thursday.Earlier in the week, Tuist Securities said second-quarter card trends looked the strongest for Ross Stores among off-price retailers. "But comparisons for the company get meaningfully more difficult in (the third quarter)," the brokerage said in an emailed note.For the current quarter, Ross Stores expects EPS to be $1.75 to $1.83 and comparable sales to increase by 6% to 7%. The Street was looking for EPS of $1.75 and same store sales growth of 3.1%.The company forecast EPS between $2.17 and $2.26 for the fiscal fourth quarter and same store sales to climb 4% to 5%. Analysts expect $2.11 and 2.4%, respectively."Despite facing significantly more challenging year-over-year comparisons in the back half, we are raising our outlook for both the third and fourth quarters," Conroy said.Retail giant Walmart (WMT) issued a soft earnings outlook for the ongoing three-month period after its fiscal second-quarter US comparable sales growth decelerated more than the Street expected.Target (TGT) lifted its full-year outlook on Wednesday as tariff refunds helped double the retailer's fiscal second-quarter earnings year over year.On Wednesday, off-price retailer TJX (TJX) raised its full-year earnings outlook , though its third-quarter comparable sales guidance fell short of analysts' estimates. Burlington Stores (BURL) is scheduled to report its second-quarter results on Aug. 27.

$BURL$ROST$TGT$TJX$WMT
Wire

Ross Stores Fiscal Q2 Earnings, Revenue Rise; Shares Gain After Hours

Ross Stores (ROST) reported fiscal Q2 earnings late Thursday of $2.66 per diluted share, up from $1.56 a year earlier.Analysts polled by FactSet expected $1.95.Revenue in the three months ended Aug. 1 rose to $6.26 billion from $5.53 billion a year earlier.Analysts projected $6.16 billion.The company expects fiscal Q3 EPS of $1.75 to $1.83. Analysts project $1.75.Ross Stores expects fiscal Q4 EPS of $2.17 to $2.26. Analysts project $2.14.The company lifted full-year EPS guidance to $8.61 to $8.77 from the prior forecast of $7.50 to $7.74. Analysts project $7.89.Ross Stores shares rose 4.7% in after-hours trading.

$ROST
Update: Equities Fall, Oil Rallies as US-Iran Ceasefire Expires
US Markets

Update: Equities Fall, Oil Rallies as US-Iran Ceasefire Expires

(Updates with market moves at the end of the day, and other changes, if any.)Stocks on Wall Street fell Monday and oil prices advanced as a ceasefire between the US and Iran expired, with both sides showing no interest in an extension.The S&P 500 and the Dow Jones Industrial Average shed 0.5% each to close at 7,745.06 and 53,459.78, respectively. The Nasdaq Composite lost 0.3% to 26,644.91. Except energy, all sectors were in the red, led by communication services and consumer staples.West Texas Intermediate crude oil was up 2.4% at $84.41 a barrel in Monday late-afternoon trade, while Brent rose 2.4% to $90.64.In June, the US and Iran agreed to a memorandum of understanding to end their war and negotiate a final deal. However, the truce apparently collapsed as tensions over the control of the Strait of Hormuz escalated.Iranian Foreign Ministry spokesman Esmail Baghaei ruled out extending the memorandum of understanding, according to a CNBC report that cited state news agency Tasnim.President Donald Trump warned that the US could attack Oman if the Gulf nation interferes with the blockade of Iranian ships in the Strait of Hormuz, The Wall Street Journal reported, citing an interview with Fox News.On Saturday, Israeli strikes in southern Lebanon left at least 11 people dead, Reuters reported, citing the Lebanese health ministry. Traffic through the strategic waterway slowed as three vessels operated by Abu Dhabi National Oil Co. were attacked in transit last week."Prices remained supported by renewed fighting in Lebanon and attacks on vessels in the Strait of Hormuz, raising concerns over regional supply disruptions and complicating prospects for a US-Iran deal," ING Bank said in a report Monday.US Treasury yields were higher, with the 10-year rate up 3.2 basis points at 4.73% and the two-year rate rising 1.3 basis points to 4.18%.In company news, JetBlue Airways (JBLU) shares slumped 7.3%, as Seaport Research Partners downgraded its rating on the air carrier's stock. JetBlue's balance sheet woes could worsen as the Strait of Hormuz appears unlikely to reopen anytime soon, potentially prolonging jet fuel volatility, Seaport said in a note.Shares of American Airlines Group (AAL), Southwest Airlines (LUV), United Airlines (UAL) and Delta Air Lines (DAL) were also in the red.Retail giant Walmart (WMT) is scheduled to release its latest financial results later this week, along with Home Depot (HD), TJX (TJX), Lowe's (LOW), Target (TGT), Ross Stores (ROST) and BJ's Wholesale Club (BJ).S&P 500 companies' annual growth in second-quarter earnings and revenue largely held steady week over week, Oppenheimer Asset Management said Monday.The Federal Reserve is scheduled to post minutes of its July policy meeting Wednesday, which will be assessed for fresh insight on the central bank's monetary policy. At the meeting, policymakers left interest rates unchanged in a divided decision, with three regional presidents calling for policy tightening.In economic news, homebuilder confidence in the US unexpectedly ticked higher this month, though builders continued to deal with rising construction costs amid a renewed surge in gas and diesel prices, the National Association of Home Builders and Wells Fargo said.Gold was up 0.9% at $4,475.40 per troy ounce, while silver advanced 1.7% to $66.20 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAL$BJ$DAL$HD$JBLU$LOW$LUV$ROST$TGT$TJX$UAL$WMT
Update: Equity Markets Fall Intraday, Oil Rises Amid Middle East Tensions
US Markets

Update: Equity Markets Fall Intraday, Oil Rises Amid Middle East Tensions

(Updates with latest market prices and developments.)US benchmark equity indexes were lower intraday, while oil prices rose as a ceasefire between Washington and Iran expired, with no indications of near-term engagement prospects.The Dow Jones Industrial Average was down 0.5% at 53,484.5 after midday Monday, while the S&P 500 fell 0.4% to 7,756.7. The Nasdaq Composite dropped 0.3% to 26,647.9. Among sectors, communication services saw the steepest decline, while energy led the gainers.West Texas Intermediate crude oil was up 1.3% at $83.44 a barrel, while Brent rose 1.4% to $89.77.In June, the US and Iran agreed to a memorandum of understanding to end their war and negotiate a final deal. However, the truce apparently collapsed as tensions over the control of the Strait of Hormuz escalated.Iranian Foreign Ministry spokesman Esmail Baghaei ruled out extending the memorandum of understanding, according to a CNBC report that cited state news agency Tasnim.President Donald Trump warned that the US could attack Oman if the Gulf nation interferes with the blockade of Iranian ships in the Strait of Hormuz, The Wall Street Journal reported, citing an interview with Fox News.On Saturday, Israeli strikes in southern Lebanon left at least 11 people dead, Reuters reported, citing the Lebanese health ministry. Traffic through the strategic waterway slowed as three vessels operated by Abu Dhabi National Oil Co. were attacked in transit last week."Prices remained supported by renewed fighting in Lebanon and attacks on vessels in the Strait of Hormuz, raising concerns over regional supply disruptions and complicating prospects for a US-Iran deal," ING Bank said in a report Monday.US Treasury yields were mixed intraday, with the 10-year rate up 2.4 basis points at 4.72% and the two-year rate little changed at 4.17%.In company news, JetBlue Airways (JBLU) shares were down 6.4%, as Seaport Research Partners downgraded its rating on the air carrier's stock. JetBlue's balance sheet woes could worsen as the Strait of Hormuz appears unlikely to reopen anytime soon, potentially prolonging jet fuel volatility, Seaport said in a note.Shares of American Airlines Group (AAL), Southwest Airlines (LUV), United Airlines (UAL) and Delta Air Lines (DAL) were also in the red intraday.Retail giant Walmart (WMT) is scheduled to release its latest financial results later this week, along with Home Depot (HD), TJX (TJX), Lowe's (LOW), Target (TGT), Ross Stores (ROST) and BJ's Wholesale Club (BJ).The Federal Reserve is scheduled to post minutes of its July policy meeting Wednesday, which will be assessed for fresh insight on the central bank's monetary policy. At the meeting, policymakers left interest rates unchanged in a divided decision, with three regional presidents calling for policy tightening.In economic news, homebuilder confidence in the US unexpectedly ticked higher this month, though builders continued to deal with rising construction costs amid a renewed surge in gas and diesel prices, the National Association of Home Builders and Wells Fargo said.Gold was up 0.9% at $4,475.40 per troy ounce, while silver advanced 1.7% to $66.20.

Dow JonesNasdaq CompositeS&P 500$AAL$BJ$DAL$HD$JBLU$LOW$LUV$ROST$TGT$TJX$UAL$WMT
Stocks Mostly Up Pre-Bell as Traders Await Fed Meeting Minutes, Retail Earnings
US Markets

Stocks Mostly Up Pre-Bell as Traders Await Fed Meeting Minutes, Retail Earnings

The benchmark US stock measures were mostly pointing higher before the opening bell Monday as traders await minutes of the Federal Reserve's last policy meeting and the latest quarterly results from some of the biggest retail companies.The S&P 500 rose 0.2% and the Nasdaq added 0.6% in premarket activity, while the Dow Jones Industrial Average edged down 0.1%. All three major indexes finished Friday trading in the red.The Fed is scheduled to post minutes of its July policy meeting Wednesday, which will be assessed for fresh insight on the central bank's monetary policy. At the meeting, policymakers left interest rates unchanged in a divided decision, with three regional presidents calling for policy tightening.Last week, the Bureau of Labor Statistics published benign consumer inflation data for July that lowered bets for a Fed interest-rate hike next month. Government data also showed that producer prices held steady last month, defying expectations for a monthly rise.Markets are currently pricing in a 69% probability that the Fed will keep its benchmark rate steady next month, 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 rate retreating 1.3 basis points to 4.16% and the 10-year rate off 0.8 basis points to 4.69%.Retail giant Walmart (WMT) is scheduled to release its latest financial results later this week, along with Home Depot (HD), TJX (TJX), Lowe's (LOW), Target (TGT), Ross Stores (ROST) and BJ's Wholesale Club (BJ).On Friday, official data showed that retail sales unexpectedly decreased in July, registering the largest monthly drop in more than a year.West Texas Intermediate crude oil increased 0.8% to $83.08 a barrel before the open, while Brent gained 1.2% to $89.61.Iranian Foreign Minister Abbas Araghchi reportedly said over the weekend that Iran hasn't decided to resume talks with the US, according to CNBC. Shipping traffic through the Strait of Hormuz slowed over the weekend, with five vessels transiting the crucial waterway on Saturday and none on Sunday, Reuters reported Monday, citing shiptracking data from Kpler.Monday's economic calendar has the Empire State manufacturing index for August at 8:30 am ET, followed by the housing market index for the same month at 10 am.Shares of Broadcom (AVGO) rebounded 1.2% pre-bell after closing Friday trading with a 5.9% drop. Micron Technology (MU) advanced 3.4%, while Advanced Micro Devices (AMD) ticked up 1%. Sandisk (SNDK) inclined 5.1%.Gold nudged 0.3% higher to $4,452 per troy ounce, while bitcoin traded up 0.2% at $63,239.

Dow JonesNasdaq CompositeS&P 500$AMD$AVGO$BJ$HD$LOW$MU$ROST$SNDK$TGT$TJX$WMT
Asia Markets

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

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

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

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

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

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

Ross Stores' Sales Momentum in Q2 is Below Sell-Side Expectations, UBS Says

Ross Stores (ROST) had decent sales momentum in Q2 as channel checks suggest, but the momentum is below sell-side expectations, UBS said in a note emailed Wednesday.The company is scheduled to release its Q2 results on Aug. 20.The company's earnings per share could miss the Street's $1.94 view by about 7 cents, according to the note. The brokerage expects fiscal 2026 EPS guidance to narrow to $7.56-$7.68 from $7.50-$7.74.UBS pointed to industry data showing sales growth of 11% in May, 10% in June, and 11% in July, alongside a 31% year-over-year drop in August Google search interest for the retailer.The firm expects these trends, along with a Q2 comp at the midpoint of guidance, to lead Ross Stores to guide Q3 comp growth to a low-single-digit percentage rate, a deceleration from 17% growth in Q1.UBS kept a neutral rating on the stock, with a $232 price target.Price: $248.90, Change: $-2.91, Percent Change: -1.16%

$ROST
Research

William O'Neil Initiates Ross Stores at Buy

Ross Stores (ROST) has an average rating of overweight and mean price target of $261, according to analysts polled by FactSet.

$ROST

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