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Wire

Sector Update: Financial Stocks Decline in Afternoon Trading

Financial stocks were lower in Thursday afternoon trading, with the NYSE Financial Index decreasing 0.3% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.2%.The Philadelphia Housing Index was fractionally higher, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was adding 0.6%.Bitcoin (BTC-USD) was declining 0.9% to $74,152, and the yield for 10-year US Treasuries was rising 2.3 basis points to 4.305%.In economic news, US initial jobless claims fell to a level of 207,000 in the week ended April 11 from a downwardly revised 218,000 level in the previous week, compared with expectations for a smaller decrease to 213,000 in a survey of analysts compiled by Bloomberg.US industrial production fell by 0.5% in March, compared with expectations for a 0.1% increase in a Bloomberg-compiled survey, and following an upwardly revised 0.7% increase in February.The Philadelphia Federal Reserve's monthly manufacturing index rose further to 26.7 in April after increasing to 18.1 in March, compared with expectations for a decline to a reading of 10 in a survey compiled by Bloomberg.The New York Federal Reserve's services index improved to minus 14.0 in April from minus 22.6 in March, compared with a smaller expected increase to a reading of minus 20.0 in a survey compiled by Bloomberg.In corporate news, Charles Schwab's (SCHW) Q1 results rose year over year amid a surge in client assets, even as revenue fell short of Wall Street's estimates. Its shares fell nearly 6%.Goldman Sachs (GS) rates trading business faced pressure in Q1 as Iran-related market volatility led to losses on certain positions, Reuters reported. The bank posted a 10% drop in fixed-income, currencies and commodities revenue to $4 billion, driven by weaker results in interest rate trading, mortgages, and credit products, according to the report. Goldman shares were up 0.6%.The National Basketball Association is in early discussions with private credit firms, including Apollo Global Management (APO), Ares Management (ARES) and Sixth Street about funding a potential European basketball league expansion, Bloomberg reported. Apollo shares rose 1.2%, and Ares was down 1.5%.

$APO$ARES$GS$SCHW
Asia Markets

US Equity Indexes Mixed Following Israel-Lebanon Ceasefire Agreement

US equity indexes were mixed in midday trading on Thursday after Israel and Lebanon agreed to a 10-day ceasefire, removing an obstacle to diplomacy in the Middle East for extending the Iran truce deal.The Nasdaq Composite rose 0.1% to 24,046.2, with the S&P 500 up less than 0.1% to 7,024.3, and the Dow Jones Industrial Average steady at 48,454.77. All three gauges traded higher earlier in the session. Energy and technology led the gainers. Health care was the worst performer.President Donald Trump said Thursday on Truth Social that Lebanon and Israel have agreed to a 10-day ceasefire starting 5 pm ET. Lebanese Prime Minister Nawaf Salam said he welcomed the announcement. Following the announcement of a two-week truce between Iran and the US on April 7, Israel continued bombing Iranian proxy groups in Lebanon - a move that Tehran saw as a violation of the ceasefire agreement with the US.Meanwhile, Iranian officials and Pakistan's army chief Asim Munir are meeting in Tehran on Thursday to discuss messages between Tehran and Washington, according to a report from CNN. The White House has expressed optimism about reaching a deal, saying the second round of talks would likely be held in Pakistan.US Defense Secretary Pete Hegseth said Thursday that the naval blockade of Iran is an example of "polite" behavior during the ongoing ceasefire, and US forces are ready to strike power plants and the energy industry in the country, if ordered, according to a report from Reuters.West Texas Intermediate crude oil futures rose 3.6% to $94.61, and Brent crude futures jumped 4.8% to $99.52.In precious metals, gold futures fell 0.2%% to $4,812.20 and silver futures declined 1.2% to $78.71.US Treasury yields traded mixed, with the 10-year up 3.4 basis points to 4.31%.In company news, Charles Schwab (SCHW) shares dropped 5.8% intraday, among the steepest decliners in the SP 500, after the company reported Q1 net revenue below analysts' expectations.Boeing (BA) is ramping up its hiring, reaching about 100 to 140 factory workers a week, in a bid to replace retiring workers and support increasing production rates, Reuters reported Thursday, citing an interview with a union leader. Shares of the aircraft manufacturer dropped 3% intraday, the Dow's worst performer.In economic news, US initial jobless claims fell to a level of 207,000 in the week ended April 11 from a downwardly revised 218,000 level in the previous week, compared with expectations for a smaller decrease to 213,000 in a survey of analysts compiled by Bloomberg.US industrial production fell by 0.5% in March, compared with expectations for a 0.1% increase in a Bloomberg-compiled survey, and following an upwardly revised 0.7% increase in February.The Philadelphia Federal Reserve's monthly manufacturing index rose further to 26.7 in April after increasing to 18.1 in March, compared with expectations for a decline to a reading of 10 in a survey compiled by Bloomberg.The New York Federal Reserve's services index improved to minus 14.0 in April from minus 22.6 in March, compared with a smaller expected increase to a reading of minus 20.0 in a survey compiled by Bloomberg. The index is the first services sector reading for April and suggests a slower pace of contraction.

Dow JonesNasdaq CompositeS&P 500$BA$SCHW
Sectors

Sector Update: Financial

Financial stocks were lower in Thursday afternoon trading, with the NYSE Financial Index decreasing 0.1% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.3%.The Philadelphia Housing Index was fractionally higher, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was adding 0.6%.Bitcoin (BTC-USD) was declining 0.9% to $74,152, and the yield for 10-year US Treasuries was rising 2.3 basis points to 4.305%.In corporate news, Charles Schwab's (SCHW) Q1 results rose year over year amid a surge in client assets, even as revenue fell short of Wall Street's estimates. Its shares fell 5.3%.

$SCHW
Research

Research Alert: CFRA Keeps Strong Buy Rating On Shares Of The Charles Schwab Corporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We hold our target price at $125, 18.2x our 2027 EPS estimate, a premium to the peer average (16.6x) given SCHW's healthy earnings power. We increase our 2026 EPS view by $0.08 to $5.81 and 2027's by $0.27 to $6.85. Following Q1 earnings, we believe investors are reacting negatively to the top-line miss. Yet, we remain constructive on SCHW's strategic framework and its ability to drive long-term value. Management's key messages from the call reinforce our thesis, highlighting that its "Through Clients' Eyes" strategy is delivering record client growth, its platform is proving uniquely capable in volatile markets, and its pace of innovation is accelerating. This rapid innovation, particularly in digital assets, AI-powered tools, and the new Schwab Investor Teen Account, supports our long-held view that SCHW is building a competitive moat with younger generations. By capturing these clients early with relevant technology and a mission-driven approach, SCHW is positioning itself as the primary financial partner.

$SCHW
Wire

Top Midday Stories: TSMC Earnings, Guidance Top Estimates But Shares Fall; PepsiCo Shares Rise Following Q1 Earnings Report

All three major US stock indexes were up in late-morning trading Thursday, as investors take in updates on the war in Iran as well as the latest large-company earnings reports.In company news, Taiwan Semiconductor Manufacturing (TSM), or TSMC, reported Q1 earnings Thursday of 22.08 New Taiwan dollars ($0.70) per diluted share, up from NT$13.94 a year earlier and above the FactSet consensus analyst estimate of NT$20.92. First-quarter net revenue was NT$1.134 trillion, up from NT$839.25 billion a year ago and above the FactSet consensus of NT$1.121 trillion. For Q2, the chipmaker said it expects net revenue of $39 billion to $40.2 billion, above the FactSet consensus of $38.09 billion. TSMC shares were down 1.9% around midday.PepsiCo (PEP) reported fiscal Q1 core earnings Thursday of $1.61 per diluted share, up from $1.48 a year earlier and above the FactSet consensus of $1.54. Fiscal Q1 net revenue was $19.44 billion, up from $17.92 billion a year ago and above the FactSet consensus of $18.95 billion. For fiscal 2026, PepsiCo said it continues to expect core constant currency EPS growth of 4% to 6% and organic revenue growth of between 2% and 4%. PepsiCo shares were up 2.1%.Abbott Laboratories (ABT) reported Q1 adjusted earnings Thursday of $1.15 per diluted share, up from $1.09 a year earlier and above the FactSet consensus of $1.14. First-quarter net sales were $11.16 billion, up from $10.36 billion a year ago and above the FactSet consensus of $11.00 billion. For Q2, Abbott said it expected adjusted diluted EPS of $1.25 to $1.31, below the FactSet consensus of $1.36. For full-year 2026, the company said it expects adjusted EPS of $5.38 to $5.58, down from its prior guidance of $5.55 to $5.80 and below the FactSet consensus of $5.60. Full-year 2026 comparable sales are expected to grow 6.5% to 7.5%, the company said. Abbott shares were down 4.4%.Charles Schwab (SCHW) reported Q1 adjusted earnings Thursday of $1.43 per diluted share, up from $1.04 a year earlier and above the FactSet consensus of $1.40. First-quarter net revenue was $6.48 billion, up from $5.60 billion a year ago but below the FactSet consensus of $6.50 billion. The company also said Thursday it will launch a spot cryptocurrency trading service for retail customers in the coming weeks. For a fee of 75 basis points per transaction, the platform will provide direct trading of bitcoin and ethereum alongside traditional investments, the company said. Shares of Schwab were down 4.8%.Stellantis (STLA) and Microsoft (MSFT) said Thursday they have signed a five-year strategic collaboration deal to co-develop advanced artificial intelligence, cybersecurity and engineering capabilities for the automaker's vehicles. Separately, Stellantis is planning a 100-million-euro ($117.9 million) investment to update its Poissy assembly plant near Paris, Bloomberg reported Thursday. The company will continue making vehicles at the facility through at least the end of 2028, the report said. Stellantis shares were down 0.8%, while Microsoft shares were up 1.6%.Oracle (ORCL) said Thursday it plans to expand its multicloud networking capabilities to provide high-performance connectivity between Oracle Cloud Infrastructure and Amazon's (AMZN) Amazon Web Services. Oracle shares were up 4.1%, while Amazon shares were down 0.3%.Sales of Tesla's (TSLA) Cybertruck were boosted by purchases from Elon Musk's other companies, Bloomberg reported Thursday, citing S&P Global Mobility registration data. Tesla shares were down 1.1%.Price: $368.08, Change: $-7.02, Percent Change: -1.87%

$ABT$AMZN$MSFT$ORCL$PEP$SCHW$STLA$TSLA$TSM
US Markets

Charles Schwab Misses First-Quarter Revenue View Despite Client Asset Growth

Charles Schwab's (SCHW) first-quarter results rose year over year amid a surge in client assets, even as revenue fell short of Wall Street's estimates.Per-share adjusted earnings rose to $1.43 for the March quarter from $1.04 a year earlier and surpassed the FactSet-polled consensus of $1.40. Revenue climbed 16% to $6.48 billion, while analysts expected $6.50 billion.The financial services provider's stock was down 4.8% intraday, and has fallen 4.5% since the start of the year."Client cash followed typical seasonal trends to begin the year," Chief Financial Officer Mike Verdeschi said during an earnings call, according to a FactSet transcript. "However, as volatility increased during the back half of the quarter, clients took a slightly more defensive posture."Client assets soared 19% annually to $11.768 trillion, with the company adding 1.3 million new brokerage accounts during the March quarter. That helped grow active brokerage accounts by 6% to 39.1 million."Clients continue to turn to us for more of their financial lives, helping wealth and banking solutions reach record levels in (the first quarter," Chief Executive Rick Wurster said in a statement.Net new assets surged to $139.9 billion from $132.4 billion a year earlier.Net interest revenue jumped 16% to $3.14 billion. Asset management and administration fees increased 15% to $1.76 billion, while trading revenue grew 20%, the company said.Charles Schwab is tracking higher than the $5.70 to $5.80 EPS range implied by the scenario outlined in January, Verdeschi told analysts."For the second quarter, we still anticipate the typical drawdown in client cash due to tax payments in April. And, similar to past years, we expect this activity to impact both transactional sweep cash, as well as other liquid cash alternatives, such as money market funds," Verdeschi said. "Beyond seasonal considerations, continued market volatility could influence client cash allocations."In a separate statement, Charles Schwab said it will soon start offering Schwab Crypto to retail clients interested in spot trading of bitcoin and ethereum. The company eventually intends to add additional cryptocurrencies to the platform.Price: $94.55, Change: $-5.72, Percent Change: -5.70%

$SCHW
Wire

Charles Schwab to Introduce Spot Cryptocurrency Trading for Retail Clients

Charles Schwab (SCHW) said Thursday it will launch a spot cryptocurrency trading service for retail customers in the coming weeks.The platform will initially provide direct trading of bitcoin and ethereum alongside traditional investments for a fee of 75 basis points per transaction, the company said.Clients will hold a separate digital asset account through Charles Schwab Premier Bank, while Paxos will manage trade execution and sub-custody services, it added.Price: $94.86, Change: $-5.41, Percent Change: -5.40%

$SCHW
Sectors

Sector Update: Financial Stocks Advance Premarket Thursday

Financial stocks were advancing premarket Thursday, with the State Street Financial Select Sector SPDR ETF (XLF) up 0.1%.The Direxion Daily Financial Bull 3X Shares (FAS) was 0.4% higher and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was down 0.1%.Charles Schwab (SCHW) shares were down more than 3% after the company reported higher Q1 adjusted earnings and net revenue, with net revenue missing analysts' expectations.U.S. Bancorp (USB) stock was down more than 1% even after the company posted higher Q1 earnings and revenue.Travelers (TRV) reported higher Q1 core income and revenue. Travelers shares were down more than 1% pre-bell.

$FAS$FAZ$SCHW$TRV$USB$XLF
Research

Research Alert: Schw Q1: Margin Expansion Powers Eps Beat, Revenue Slightly Below Estimates

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:The Charles Schwab Corporation (SCHW) posted a Q1 earnings beat of $1.43 vs. $1.39 consensus and $1.04 in the prior year, with quarterly net revenues of $6.48B (+16%) reaching a company record. Revenue growth was broad-based, with net interest revenue +16%, asset management and administration fees +15%, and trading revenue +20%. We think these results demonstrate the strength of SCHW's diversified business model amid market uncertainty. Asset gathering was strong, with 1.3M new brokerage accounts and $140B of core net new assets in Q1. Client engagement reached record levels, with daily average trading volume hitting 9.9M trades (+34%), while total client assets stood at $11.77T (+19% Y/Y). Net interest margin expanded to 2.88% from 2.53% in the prior year due to higher yields and improved funding. The firm's strong capital position enabled $2.4B in share repurchases and a 19% dividend increase to $0.32 per share. We believe SCHW's diversified model and deepening client relationships support continued growth.

$SCHW
Sectors

Sector Update: Financial

Financial stocks were advancing premarket Thursday, with the State Street Financial Select Sector SPDR ETF (XLF) up 0.1%.The Direxion Daily Financial Bull 3X Shares (FAS) was 0.5% higher and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was down 0.5%.Charles Schwab (SCHW) shares were down 0.1% after the company reported higher Q1 adjusted earnings and net revenue, with net revenue missing analysts' expectations.

$SCHW
Asia Markets

Hopes for Middle East Peace Nudge US Equity Futures Higher Pre-Bell

US equity futures were edging higher pre-bell Thursday as optimism for an end to the Middle East conflict continues to grow, with a second round of talks and a ceasefire extension on the horizon.Dow Jones Industrial Average futures were 0.2% higher, S&P 500 futures were up 0.1%, and Nasdaq futures were 0.2% lower.Israel's security cabinet met on Wednesday to discuss a potential ceasefire in Lebanon that could remove a key hurdle in securing a broader peace agreement.A series of solid earnings so far this week has also allayed concerns about the economy. Taiwan Semiconductor Manufacturing (TSM) and Charles Schwab (SCHW) posted higher Q1 earnings and net revenue. Netflix (NFLX) is due to report after market close.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.3% at $96.16 per barrel and US West Texas Intermediate crude up 0.7% at $91.93 per barrel.Initial jobless claims dropped to 207,000 in the week ended April 11 from 218,000 in the previous week, compared with expectations for a decrease to 213,000 in a survey of analysts compiled by Bloomberg.The March industrial production report, due at 9:15 am ET, is forecast to show a 0.1% increase following a 0.2% gain in the prior month.In other world markets, Japan's Nikkei closed 2.4% higher, Hong Kong's Hang Seng ended 1.7% higher, and China's Shanghai Composite finished 0.7% higher. Meanwhile, the UK's FTSE 100 was up 0.7%, and Germany's DAX index was 0.6% higher in Europe's early afternoon session.In equities, Charles Schwab (SCHW) stock was 2% lower after the company posted Q1 net revenue below analyst estimates. Paypal (PYPL) shares were down 1.7% after Mizuho downgraded the company's stock to neutral from outperform.On the winning side, Alibaba (BABA) stock was 3.3% higher after the company launched a new AI model that creates 3D environments and interactive videos, according to a Bloomberg report. TotalEnergies (TTE) shares were up 3.5% after the company said its Q1 exploration and production results are expected to rise significantly, supported by higher oil prices and contributions from new projects. Adobe (ADBE) stock was 2.7% higher after the company launched its new artificial intelligence tool, Firefly AI Assistant.

Dow JonesNasdaq CompositeS&P 500$ADBE$BABA$NFLX$PYPL$SCHW$TSM$TTE
Japan

Hopes for Middle East Peace Nudge US Equity Futures Slightly Higher Pre-Bell

US equity futures were higher pre-bell on Thursday as optimism for an end to the Middle East conflict continued to grow, with a second round of talks and a ceasefire extension on the horizon.Dow Jones Industrial Average futures were 0.1% higher, S&P 500 futures were up 0.1%, and Nasdaq futures were 0.2% lower.Israel's security cabinet met on Wednesday to discuss a potential ceasefire in Lebanon, which could remove a key hurdle in securing a broader peace agreement.A series of solid earnings so far this week has also allayed concerns about the economy. Taiwan Semiconductor Manufacturing (TSM) and Charles Schwab (SCHW) posted higher Q1 earnings and net revenue. Netflix (NFLX) is due to report after market close.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.7% at $95.60 per barrel and US West Texas Intermediate crude flat at $91.28 per barrel.Initial jobless claims are projected to have dropped to 213,000 in the week ended April 11 from 219,000 the prior week, according to estimates compiled by Bloomberg.The March industrial production report, due at 9:15 am ET, is forecast to show a 0.1% increase following a 0.2% gain in the prior month.

Dow JonesNasdaq CompositeS&P 500$NFLX$SCHW$TSM
Insider Trading

Schwab Charles Insider Sold Shares Worth $4,088,523, According to a Recent SEC Filing

Nigel J Murtagh, Chief Risk Officer, on April 14, 2026, sold 41,297 shares in Schwab Charles (SCHW) for $4,088,523. Following the Form 4 filing with the SEC, Murtagh has control over a total of 60,456 common shares of the company, with 57,972 shares held directly and 2,484 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/316709/000164959926000006/xslF345X05/wk-form4_1776297202.xml

$SCHW
Insider Trading

Schwab Charles Insider Sold Shares Worth $2,153,326, According to a Recent SEC Filing

Jonathan M. Craig, Managing Director, Head of Retail Investing, on April 14, 2026, sold 21,750 shares in Schwab Charles (SCHW) for $2,153,326.SEC Filing:https://www.sec.gov/Archives/edgar/data/316709/000173306526000007/xslF345X05/wk-form4_1776298156.xml

$SCHW
US Markets

Wealth Brokers, Investment Banks Faced Uneven First-Quarter Activity, UBS Says

Wealth brokers and investment banks faced uneven market activity in the first quarter due to geopolitical uncertainty, UBS Securities said in client note sent Wednesday.For the first quarter, UBS is projecting earnings per share to be down 7% quarter on quarter and up 22% annually for wealth brokers. For investment banks, the broker is looking at a 29% slump in EPS on a quarterly basis and an 11% jump year over year."For wealth brokers, growth was tempered by lower March market levels, though retail trading picked up on volatility," UBS analysts, including Michael Brown, wrote. "Organic growth was solid versus expectations, with the setup improving into (2026)."Meanwhile, momentum faded for investment banks during the quarter as pipelines shrank from the year end, "with some deals likely paused pending macro clarity, creating an activity air pocket," Brown said.Late Tuesday, the US and Iran agreed to a two-week ceasefire. The war, which began at the end of February, spread across the Middle East and curtailed shipments through the crucial Strait of Hormuz.UBS named Charles Schwab (SCHW) and Stifel Financial (SF) as its top picks heading into the first-quarter earnings season, saying Evercore (EVR) is "favorably positioned." Moelis (MC), Lazard (LAZ), and Raymond James Financial (RJF) are expected to "lag on a relative basis," according to the brokerage.UBS upgraded LPL Financial (LPLA) to buy, citing an attractive valuation.UBS lowered its price targets for wealth brokers and investment banks by 8% and 2% on average, respectively.The brokerage expects artificial intelligence to be a key topic at the upcoming earnings season for wealth brokers."In the wealth space, we expect AI to improve advisor productivity, though see risks to sweep cash economics and to market share of advised assets," Brown said. "Ultimately, we see these threats as slower moving than the bears think and see forward-looking firms as well positioned to adapt and thrive."

$EVR$LAZ$LPLA$MC$RJF$SCHW$SF

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