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May Annual Home Price Growth Accelerates as Affordability Woes Persist, S&P Says
US Markets

May Annual Home Price Growth Accelerates as Affordability Woes Persist, S&P Says

US home price growth accelerated annually in May, though values dropped in real terms for a 12th straight month amid continued affordability headwinds, S&P Global (SPGI) division S&P Dow Jones Indices said Tuesday.The national S&P Cotality Case-Shiller Index rose 1.1% year over year in May without seasonal adjustments, up from a 0.9% gain the month prior. The 10- and 20-city composites advanced 2.4% and 1.6%, respectively. The two measures accelerated from April's growth rates of 1.8% and 1.2%, respectively."May's data suggests that US home prices continue to decline in real terms," said Rebecca Kaufman, associate director of commodities at S&P Dow Jones Indices. "At the same time, inflation peaked at 4.2% in May, its highest level in over three years."Chicago logged the highest annual price gain for a third consecutive month among the 20 cities, rising 6.9% in May. New York and Cleveland were next on the list. Las Vegas posted the lowest return of a 1.9% drop, the data showed.Sequentially, pre-seasonally adjusted national home prices increased 0.6% in May, compared with 0.8% growth the month prior. The 10- and 20-city composite indexes were up 0.9% each in May. In April, the two composites advanced 1% each, the report showed.Persistent inflation and 30-year mortgage rates reaching 6.5% in May continued to weigh heavily on housing affordability, Kaufman said. "Against this backdrop, housing demand remains constrained, elevated borrowing costs continue to discourage potential homebuyers, and housing values decline in real terms for existing homeowners."Separately, the Federal Housing Finance Agency said US home prices increased 0.3% sequentially in May, following a 0.1% drop the previous month. Annually, prices rose 2.2% in May, according to the report.Earlier this month, Redfin.com said US housing payments in June rose for the first time in eight months as home prices hit a record high and mortgage rates remained elevated.Price: $428.03, Change: $-11.80, Percent Change: -2.68%

$SPGI
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
Sectors

Sector Update: Financial

Financial stocks were advancing premarket Tuesday, with the State Street Financial Select Sector SPDR ETF (XLF) 0.6% higherThe Direxion Daily Financial Bull 3X Shares (FAS) was up 1.8% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 1.8% lower.S&P Global (SPGI) shares were down more than 4% after the company provided fiscal 2026 adjusted earnings per share outlook that fell short of market expectations.

$SPGI
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
Update: Equities Mixed Amid Middle East Uncertainty; Wall Street Extends Weekly Losing Streak
US Markets

Update: Equities Mixed Amid Middle East Uncertainty; Wall Street Extends Weekly Losing Streak

(Updates with market moves at the end of the day and weekly index changes.)US stocks closed mixed Friday at the end of another bruising week, while oil prices retreated amid uncertainty around the Middle East situation.The Dow Jones Industrial Average rose 0.5% to 51,947.25, while the Nasdaq Composite fell 0.6% to 24,975.82. The S&P 500 edged up 0.1% to 7,411.98. Barring technology, all sectors advanced, led by real estate.This week, the Nasdaq fell 2.1% and the S&P 500 shed 0.6%, logging their second consecutive weekly losses. The Dow lost 0.4% to mark its third straight weekly decline.West Texas Intermediate crude was down 2.4% at $90.01 a barrel in Friday late-afternoon trade, while Brent fell 3% to $97.67. Both benchmarks were still on track for sharp gains for the week and this month.Pakistan has held exploratory discussions with Iran's Interior Minister Eskandar Momeni as it seeks to renew talks between Washington and Tehran, Reuters reported Friday, citing Pakistani sources. Islamabad has discussed the Middle East situation with China, according to the report.Bahrain, Jordan and Kuwait fended off Iranian attacks on Friday, CNN reported. US President Donald Trump told Axios on Thursday that he was "considering a massive attack" against Iran.US Treasury yields were mixed, with the two-year rate little changed at 4.35% and the 10-year rate down 1.7 basis points at 4.68%.The US on Thursday announced new tariffs on 60 economies over alleged forced labor failures, effectively replacing President Donald Trump's temporary 10% global tariffs, CNBC reported."The snap-back in oil prices, as well as another turn of the screw in tariffs, complicates the job of central bankers everywhere, and lands with a thud ahead of the (Federal Open Market Committee) meeting," BMO said in a report Friday.The probability that the US Federal Reserve will leave its benchmark lending rate unchanged next week moved to 62% on Friday from 87% a week ago, according to the CME FedWatch tool. The odds of a quarter-percentage-point increase shot up to 38% from 13%.In economic news, US private-sector output growth reached an eight-month high in July amid services boost, though price pressures intensified due to disruptions caused by the Middle East conflict, S&P Global's (SPGI) flash purchasing managers' index showed Friday.New-home sales in the US increased last month for the first time since March as house prices continued to fall, though inventory remained elevated at more than a nine-month supply, official data showed.In corporate news, Verizon Communications (VZ) raised its full-year earnings outlook amid phone subscriber gains in the second quarter. The company's shares jumped 5.8%.American Express (AXP) was the worst performer on the Dow, down 4.3%. The payments company's second-quarter earnings topped Wall Street's estimates, but revenue missed expectations.Gold was up 0.1% at $4,054.60 per troy ounce, while silver gained 0.6% to $58.40 per ounce.

Dow JonesNasdaq CompositeS&P 500$AXP$SPGI$VZ
Update: Equity Markets Mostly Rise Intraday; Oil Retreats
US Markets

Update: Equity Markets Mostly Rise Intraday; Oil Retreats

(Updates with latest market prices and developments.)US benchmark equity indexes were mostly higher intraday as oil prices pulled back, with traders apparently shaking off worries over heightened tensions in the Middle East and President Donald Trump's new phase of global tariffs.The Dow Jones Industrial Average was up 0.5% at 51,989 after midday Friday, while the S&P 500 rose 0.4% to 7,437.9. The Nasdaq Composite edged down 0.1% to 25,109.9. Barring technology, all sectors were in the green, led by real estate.West Texas Intermediate crude was down 4% at $88.51 a barrel, while Brent fell 4.7% to $96. Both benchmarks advanced earlier in the day and were still on track for sharp gains for the week.Pakistan has held exploratory discussions with Iran's Interior Minister Eskandar Momeni as it seeks a path towards a resumption of stalled talks between Washington and Tehran, Reuters reported, citing Pakistani sources. Islamabad recently also discussed the Middle East situation with China, according to the report.Bahrain, Jordan and Kuwait were fending off Iranian attacks again Friday, while Iran's military claimed it launched attack drones targeting US assets in Bahrain's Sheikh Isa Air Base and Jordan's Al-Azraq Air Base, CNN reported, citing local press.US Treasury yields were lower intraday, with the two-year rate down 3.4 basis points at 4.33% and the 10-year rate falling 2.8 basis points to 4.68%.In a fact sheet published Thursday, the Office of the US Trade Representative announced new tariffs of 10% or 12.5% on 60 economies that it said have failed to prohibit or effectively enforce bans on imports made with forced labor, including China, India, the UK and the European Union.The duties took effect at 12:01 am ET Friday, replacing Trump's temporary 10% global tariffs, which expired at the same time, CNBC reported.Earlier this week, Trump signed three proclamations to impose 50% tariffs on the imports of motor vehicles, alcohol and dairy products from Canada."The snap-back in oil prices, as well as another turn of the screw in tariffs, complicates the job of central bankers everywhere, and lands with a thud ahead of the (Federal Open Market Committee) meeting," BMO said in a report Friday.The probability that the US Federal Reserve will leave its benchmark lending rate unchanged next week stood at 64% Friday, down from 87% a week ago, according to the CME FedWatch tool. The odds of a quarter-percentage-point increase moved up to 36% from 13%.In economic news, US private-sector output growth reached an eight-month high in July amid services boost, though price pressures intensified due to disruptions caused by the Middle East conflict, S&P Global's (SPGI) flash purchasing managers' index showed Friday.New-home sales in the US increased last month for the first time since March as house prices continued to fall, though inventory remained elevated at more than a nine-month supply, official data showed.In corporate news, Verizon Communications (VZ) raised its full-year earnings outlook amid phone subscriber gains in the second quarter. The company's shares were up 4.1% intraday Friday.American Express (AXP) was the worst performer on the Dow, down 5.1%. The payments company's second-quarter earnings topped Wall Street's estimates, but revenue missed expectations.Gold was up 0.7% at $4,068.20 per troy ounce, while silver gained 1.3% to $58.83 per ounce.

Dow JonesNasdaq CompositeS&P 500$AXP$SPGI$VZ
Private-Sector Output Growth Hits 8-Month High as Price Pressures Intensify, S&P Survey Shows
Wire

Private-Sector Output Growth Hits 8-Month High as Price Pressures Intensify, S&P Survey Shows

US private-sector output growth reached an eight-month high in July amid services boost, though price pressures intensified due to disruptions caused by the Middle East conflict, S&P Global's (SPGI) flash purchasing managers' index showed Friday.The composite output index increased to 53.6 this month from 51.9 in June, marking the fastest growth since November, the data provider said. The consensus was for a 52.2 reading in a Bloomberg-compiled survey. The 50-point mark separates expansion from contraction.The gauge for services also rose to an eight-month high of 53.6 in July from last month's 51.2, while Wall Street expected a print of 51.5. The manufacturing PMI ticked down to a four-month low of 53.8 from 53.9. The Street projected a reading of 54.4."Some of this improvement may prove short-lived, as July saw hospitality spend boosted by the FIFA World Cup and USA 250 anniversary activities," S&P Global Market Intelligence Chief Business Economist Chris Williamson in a report. "It was also worrying -- though not unexpected -- to see manufacturing growth weaken as some of the stock building seen in prior months showed signs of fading."Renewed tensions in the Middle East amid the US-Iran war saw supplier delays worsen to "the greatest extent" in almost four years, S&P said, adding that input cost inflation hit a 14-month high, while selling price inflation was close to a four-year peak."July saw a concerning intensification of supply chain delays and accompanying renewed upturn in price pressures, constraining growth and subduing demand," Williamson said. "Events over recent days in the Middle East will have only further exacerbated these supply chain and price worries and raise downside risks to the near-term outlook for the economy, hinting that July's upturn may not be the start of an improving trend,"Employment increased "marginally" this month following two months of drops, with both manufacturing and services sectors seeing "modest gains," according to the report.Business confidence in the year-ahead outlook reached an eight-month high in July. Services firms logged the strongest 12-month outlook since September, while manufacturing optimism hit the lowest since October, reflecting headwinds such as weaker demand growth and global trade concerns, the report showed.Price: $424.57, Change: $+4.57, Percent Change: +1.09%

$SPGI
Stocks Rise Pre-Bell as Traders Assess New US Tariffs, Latest Middle East Developments
US Markets

Stocks Rise Pre-Bell as Traders Assess New US Tariffs, Latest Middle East Developments

The benchmark US stock measures were trending higher before the open Friday as investors assess Washington's new phase of global tariffs and the latest developments in the Middle East.The S&P 500 and the Nasdaq gained 0.2% each in premarket activity, while the Dow Jones Industrial Average added 0.5%. The indexes ended the previous trading session lower, with the Nasdaq and S&P 500 recording their biggest one-day declines since June 23.In a fact sheet published on Thursday, the Office of the US Trade Representative announced new tariffs of 10% or 12.5% on 60 economies that it said have failed to prohibit or effectively enforce bans on imports made with forced labor, including China, India, the UK and the European Union.The duties took effect at 12:01 a.m. ET Friday, replacing President Donald Trump's temporary 10% global tariffs, which expired at the same time, CNBC reported.Earlier this week, Trump signed three proclamations to impose 50% tariffs on the imports of motor vehicles, alcohol and dairy products from Canada.West Texas Intermediate crude oil dropped 3.5% to $88.99 a barrel before the opening bell, while Brent fell 3.6% to $97.13.Trump told Axios on Thursday that he is seriously considering restarting major combat operations against Iran. The US Central Command said it completed its 13th consecutive night of strikes against Tehran on Thursday.The Iran-backed Houthi militants in Yemen recently claimed attacks on two Saudi Arabian oil tankers in the Red Sea, sparking concerns over a potential closure of the Bab el-Mandeb Strait, an alternate shipping route to the Strait of Hormuz.In a social media post, Trump said the US will hold Iran responsible and threatened "major military punishment" if its Houthi proxies continued to attack commercial ships.Treasury yields were down in premarket action, with the two-year rate retreating 3.4 basis points to 4.33% and the 10-year rate off 2 basis points to 4.68%."Rising oil prices have revived talk of a (Federal Reserve) rate hike, with rates markets now beginning to treat next week's (Federal Open Market Committee) meeting as a live decision after the 10-year yield pushed back toward its year-to-date high," Saxo Bank said in a report Thursday.The probability that the Fed will leave its benchmark lending rate unchanged next week stood at 71% on Friday, up from 66% the day before, according to the CME FedWatch tool. The odds of a quarter-percentage-point increase moved down to 29% from 34%.Shares of Intel (INTC) advanced 5.3% pre-bell after the chipmaker reported second-quarter results ahead of Wall Street's estimates. Oracle (ORCL) inclined 2.6% as the cloud computing giant secured a 10-year enterprise software contract worth nearly $7 billion with the US Department of War.American Express (AXP), Verizon Communications (VZ), HCA Healthcare (HCA), SLB (SLB), Charter Communications (CHTR), Booz Allen Hamilton (BAH) and Lamb Weston (LW) 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 July at 9:45 am ET, followed by the new home sales report for June at 10 am. The weekly Baker Hughes oil-and-gas rig count is out at 1 pm.Gold nudged up 0.3% to $4,061 per troy ounce, while bitcoin increased 0.2% to $64,949.

Dow JonesNasdaq CompositeS&P 500$AXP$BAH$CHTR$HCA$INTC$LW$ORCL$SLB$SPGI$VZ
Wire

S&P Dow Jones Indices, Pantera Launch New Index for Digital Assets

S&P Global (SPGI) said Tuesday its division S&P Dow Jones Indices, in collaboration with Pantera Capital, has launched the S&P Pantera Digital Asset Index.The new index uses a rules-based approach similar to traditional finance benchmarks and only includes tokens and companies with real-world use cases that generate actual revenue, the company said.Shares of S&P Global were down 3.5% in Tuesday trading.Price: $432.97, Change: $-15.38, Percent Change: -3.43%

$SPGI
Update: Dow Snaps Record Stretch Following Labor Data, Warsh Remarks
US Markets

Update: Dow Snaps Record Stretch Following Labor Data, Warsh Remarks

(Updates with market moves at the end of the day.)The Dow Jones Industrial Average snapped its record run Wednesday as traders assessed fresh labor market data and comments from Federal Reserve Chair Kevin Warsh.The Dow ended the session just below the flatline at 52,305.2 after logging closing highs in the past two sessions. The Nasdaq Composite fell 0.7% to 26,040, while the S&P 500 slipped 0.2% to 7,483.2.Among sectors, technology saw the steepest decline, while communication services paced the gainers.In economic news, employment in the US private sector increased less than expected in June, according to ADP (ADP) data released Wednesday, a day before the Bureau of Labor Statistics is scheduled to release its widely watched nonfarm payrolls report."The pace of hiring is telling a story of both supply and demand. We know it's taking people longer to find work, but there also are signs of labor supply constraints in certain industries," ADP Chief Economist Nela Richardson said. "For now, the overall effect is a slowdown in job creation."Separately, Challenger Gray & Christmas said American employers announced 45,849 layoffs last month, down 53% from May and 4% from a year earlier. The reading marked the lowest monthly total since December 2025.The US economy is projected to have added 115,000 jobs in June, according to a Bloomberg-compiled survey. The monthly nonfarm payrolls report, which is usually released on a Friday, will be published on Thursday as US stock and bond markets will be closed Friday for the Independence Day holiday.Warsh, speaking at a European Central Bank forum in Portugal Wednesday, said inflation risks have eased, suggesting the central bank may be headed for another policy pause.The Fed remains committed to deliver price stability in the US, he said, reiterating what the Federal Open Market Committee said in its June policy statement."Inflation risks have come down," Warsh said. "If there were people in household or the business sector or the financial markets who thought that this central bank was going to be comfortable with an inflation objective above 2%, well, I guess they'd be disappointed."Markets expect the Fed to keep rates unchanged again when it meets toward the end of July, according to the CME FedWatch tool."The chairman's more favorable assessment of price pressures suggests an underlying support for maintaining the current level of policy as opposed to rate hikes," Stifel Chief Economist Lindsey Piegza said in a note.US Treasury yields were mixed, with the two-year yield down 1.7 basis points at 4.18% and the 10-year yield up 1.7 basis points at 4.49%.West Texas Intermediate crude oil was down 2.1% at $68.01 a barrel in Wednesday late-afternoon trade, while Brent fell 2.5% to $71.16.In company news, Meta Platforms (META) is building a cloud infrastructure business to sell access to AI computing power and models, setting up a new area of competition with Amazon (AMZN) Web Services, Microsoft (MSFT) Azure, and Alphabet's (GOOG, GOOGL) Google Cloud, Bloomberg reported.Meta shares jumped 8.8%, the third-top gainer on the S&P 500, while Microsoft rose 3%, the third-best performer on the Dow. Amazon advanced 1.4% and Alphabet's class A shares added 1.1%.Nike (NKE) climbed 4.9%, the best performer on the Dow, after the sportswear giant reported fourth-quarter results late Tuesday.The company's latest quarterly results and sales guidance indicate a "choppy" turnaround for the sportswear company amid continued headwinds in China, BofA Securities said.Gold was last up 0.2% at $4,048.20 per troy ounce, while silver fell 0.4% to $59.69 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADP$AMZN$GOOG$GOOGL$META$MSFT$NKE$SPGI
Update: US Equities Mixed as Traders Parse Labor Data, Warsh Remarks
US Markets

Update: US Equities Mixed as Traders Parse Labor Data, Warsh Remarks

(Updates with latest market prices and developments.)US benchmark equity indexes were mixed intraday as traders parsed fresh labor market data ahead of a key jobs report due out Thursday and comments from Federal Reserve Chair Kevin Warsh.The Dow Jones Industrial Average was up 0.4% at 52,512.9 after midday Wednesday. The index hit new all-time highs in the past two days. The S&P 500 rose 0.1% to 7,510 intraday Wednesday, while the Nasdaq Composite fell 0.2% to 26,170.6.Among sectors, communication services paced the gainers, while utilities and technology were leading the laggards.In economic news, employment in the US private sector increased less than expected in June, according to ADP (ADP) data released Wednesday, a day before the Bureau of Labor Statistics is scheduled to release its widely watched nonfarm payrolls report."The pace of hiring is telling a story of both supply and demand. We know it's taking people longer to find work, but there also are signs of labor supply constraints in certain industries," ADP Chief Economist Nela Richardson said. "For now, the overall effect is a slowdown in job creation."Separately, Challenger Gray & Christmas said American employers announced 45,849 layoffs last month, down 53% from May and 4% from a year earlier. The reading marked the lowest monthly total since December 2025.The US economy is projected to have added 115,000 jobs in June, according to a Bloomberg-compiled survey. The monthly nonfarm payrolls report, which is usually released on a Friday, will be published on Thursday as US stock and bond markets will be closed Friday for the Independence Day holiday.Warsh, speaking at a European Central Bank forum Wednesday, said inflation risks had eased."Inflation risks have come down," The New York Times quoted Warsh as saying during the event in Portugal.Warsh reiterated commitment to price stability."If people thought this central bank was going to be comfortable with an inflation objective above 2%, they would be disappointed," Warsh said, as reported by Reuters.The US manufacturing sector continued to expand last month, though the pace of growth moderated as higher raw material costs kept input inflation elevated, separate surveys by the Institute for Supply Management and S&P Global (SPGI) showed.US Treasury yields were higher intraday, with the two-year yield up 2.1 basis points at 4.16% and the 10-year yield up 4.5 basis points at 4.47%.West Texas Intermediate crude oil was down 1.8% at $68.28 a barrel intraday, while Brent fell 2.3% to $71.27.In company news, Meta Platforms (META) is building a cloud infrastructure business to sell access to AI computing power and models, setting up a new area of competition with Amazon (AMZN) Web Services, Microsoft (MSFT) Azure, and Alphabet's (GOOG, GOOGL) Google Cloud, Bloomberg reported.Meta shares were up 9.7% intraday, the third-top gainer on the S&P 500, while Microsoft rose 3.9%, the second-best performer on the Dow. Amazon was up 2.4% and Alphabet's class A shares added 0.5%.Nike (NKE) advanced 2.1%, after the sportswear giant reported fourth-quarter results late Tuesday. The company's latest quarterly results and sales guidance indicate a "choppy" turnaround for the sportswear company amid continued headwinds in China, BofA Securities said.Gold was up 1.1% at $4,083.60 per troy ounce, while silver advanced 1% to $60.51 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADP$AMZN$GOOG$GOOGL$META$MSFT$NKE$SPGI
Wire

Goldman Sachs Adjusts Price Target on S&P Global to $490 From $539, Maintains Buy Rating

S&P Global (SPGI) has an average rating of buy and mean price target of $502.85, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $400.13, Change: $+15.27, Percent Change: +3.97%

$SPGI
Sectors

Sector Update: Financial

Financial stocks were declining pre-bell Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) 0.1% lower.The Direxion Daily Financial Bull 3X Shares (FAS) was up 0.4% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was slightly higher.S&P Global (SPGI) stock was up more than 2% after the company said it has completed the spinoff of its Mobility division into an independent publicly traded company, Mobility Global.

$SPGI
Update: Equity Markets Rise Intraday, Poised for Strong Quarterly Gains
US Markets

Update: Equity Markets Rise Intraday, Poised for Strong Quarterly Gains

(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday, led by gains in the technology sector, and poised to close out a winning quarter and first half of the year.The Nasdaq Composite was up 1.4% at 26,172.6 after midday Tuesday -- the last trading session of June -- while the S&P 500 rose 0.7% to 7,495.2. The Dow Jones Industrial Average added 0.3% to 52,362.8, following a record-high close in the previous session.The S&P 500 and the Nasdaq were headed for their best quarter in six years, while the Dow was on track for its best quarterly gain since 2022, news outlets reported. The Dow was poised for its best first-half performance since 2021, while the S&P 500 and the Nasdaq were also higher, CNBC reported.Among sectors, tech paced the gainers intraday Tuesday with a 2.2% jump, while real estate saw the steepest decline.Within tech, chip-related stocks mainly led gains, with Intel (INTC) up 7.7%, among the top performers on the S&P 500. Nvidia (NVDA) rose 1.7%, the third-best performer on the Dow. Advanced Micro Devices (AMD), Sandisk (SNDK), and Marvell Technology (MRVL) were also notable gainers on the S&P 500.AeroVironment (AVAV) shares jumped nearly 19% as the drone maker overnight reported stronger-than-expected fiscal fourth-quarter results and issued an upbeat full-year revenue outlook at the midpoint.Zimmer Biomet (ZBH) shares were down 6.9% intraday Tuesday, the worst performer on the S&P 500.Sportswear giant Nike (NKE) and beer and wine company Constellation Brands (STZ) are expected to release their latest quarterly results after the closing bell Tuesday.West Texas Intermediate crude oil was down 1.4% at $69.75 a barrel intraday, while Brent slipped 0.3% to $72.95.WTI and Brent were headed for a steep decline for the month of June as oil prices sold off after the US and Iran agreed to a memorandum of understanding to end their war. In May, crude prices tumbled about 17%."Oil prices traded within a relatively tight range near recent lows while remaining on track for their biggest quarterly decline since the pandemic," Saxo Bank said in a report Tuesday.US special envoys Steve Witkoff and Jared Kushner, who are in Doha, will meet Qatari mediators, not Iranian officials, CNN reported, citing Qatar's Foreign Ministry.US Treasury yields were higher intraday, with the 10-year rate up 3.3 basis points at 4.41% and the two-year rate rising 2.2 basis point to 4.14%.In economic news, US consumer confidence edged higher in June as falling oil prices amid an extended US-Iran ceasefire eased inflation fears, the Conference Board said.US home price growth accelerated annually in April, though the value of homes continued to deteriorate in real terms as high inflation outpaced price gains, S&P Global (SPGI) division S&P Dow Jones Indices said.Gold was little changed at $4,039.40 per troy ounce, while silver climbed 2.1% to $59.86 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMD$AVAV$INTC$MRVL$NKE$NVDA$SNDK$SPGI$STZ$ZBH
April Home Price Growth Accelerates Annually But Remains Constrained Amid Inflation, S&P Says
US Markets

April Home Price Growth Accelerates Annually But Remains Constrained Amid Inflation, S&P Says

US home price growth accelerated annually in April, though the value of homes continued to deteriorate in real terms as high inflation outpaced price gains, S&P Global (SPGI) division S&P Dow Jones Indices said Tuesday.The national S&P Cotality Case-Shiller Index rose 0.8% year over year in April without seasonal adjustments, up from a 0.7% increase the month prior. The 10- and 20-city composites advanced 1.8% and 1.1%, respectively. Those measures accelerated from March's growth rates of 1.5% and 0.9%, respectively, according to the report."April's figures confirm that US home prices remain essentially flat," said Nicholas Godec, head of fixed income tradables and commodities at S&P Dow Jones Indices. "With inflation accelerating to 3.8% in April, US home values have now declined in real terms for an 11th straight month, further eroding inflation-adjusted housing wealth."Markets in the Midwest and Northeast are "still leading moderate growth" in home prices, while much of the Sun Belt and Western regions continue to see declines, according to Godec.Among the 20 cities, Chicago logged the highest annual price gain of 6.5% in April, followed by New York and Cleveland. Prices in Seattle fell 2.3%, the steepest decline, the data showed.Sequentially, pre-seasonally adjusted national home prices increased 0.8% in April, compared with a 0.7% rise the month prior. The 10-city composite index was up 1.1%, while the 20-city composite increased 1%, the data showed. In March, the 10- and 20-city composites advanced 1.2% and 1.1%, respectively, according to the report."Monthly price movements show seasonal strength masking underlying softness," Godec said. "After dipping below 6% earlier this year, 30-year mortgage rates climbed back to 6.3% in April, keeping financing costs elevated."Home price growth continues to be constrained in a higher rate environment, with housing mainly "treading water in nominal terms and falling in real terms," Godec added.Separately, the Federal Housing Finance Agency said US home prices decreased 0.1% sequentially in April, following a 0.2% rise the month before, which was the consensus in a Bloomberg-compiled survey. Annually, prices increased 2% in April, the FHFA said.Earlier this month, a survey by Redfin showed that US home prices increased 0.3% in May on a seasonally adjusted basis, the fastest monthly gain since January.Price: $406.21, Change: $-2.35, Percent Change: -0.58%

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Update: Nasdaq Posts Sharpest Drop in 2 Weeks as Chip Stocks Slide
US Markets

Update: Nasdaq Posts Sharpest Drop in 2 Weeks as Chip Stocks Slide

(Updates with market moves at the end of the day.)The Nasdaq Composite fell the most in more than two weeks on Tuesday amid a sell-off in chip-related stocks, including Nvidia (NVDA) and Micron Technology (MU).The tech-heavy Nasdaq dropped 2.2% to 25,587, the sharpest decline since June 5. The S&P 500 fell 1.4% to 7,365.5, the biggest loss since June 10. The Dow Jones Industrial Average eased 0.1% to 51,665.8.Among sectors, tech posted the largest decline, shedding 3.7%, while consumer staples led the gainers.Nvidia shares slumped 4.1%, the biggest drop on the Dow. Sandisk (SNDK) tumbled 14%, the largest decline on the S&P, followed by Micron, down 13%. On Semiconductor (ON) and Marvell Technology (MRVL) also slumped.Tech stocks may face spillover impact from the recent sharp sell-off in South Korea, though the decline appears to be a "pullback/breather" in a market that almost doubled this year, Wedbush Securities said in a note.With Micron set to report earnings Wednesday, Wedbush cited "some added nervousness on the important memory chip trade.In company news, IBM (IBM) shares rose 5%, the biggest gain on the Dow. The computer maker joined the OpenAI Daybreak Cyber Partner Program and launched a new application-security service that uses OpenAI's models.Korn Ferry (KFY) reported higher fiscal fourth-quarter results, though the consulting firm issued an outlook calling for lower earnings in the current quarter. The shares jumped 5.8%.West Texas Intermediate crude oil slipped 0.7% to $73.31 a barrel, while Brent lost 1.1% to $77.08.US Secretary of State Marco Rubio arrived in the Gulf region, aiming to sell the Iran deal to three countries -- the United Arab Emirates, Bahrain and Kuwait -- that are likely to be among the biggest skeptics, CNN reported.US Treasury yields were lower, with the two-year rate last down 3.2 basis points at 4.21% and the 10-year rate falling two basis points to 4.50%.In economic news, US private-sector output rose in June at the fastest pace in five months amid a solid expansion in the manufacturing sector, S&P Global (SPGI) said."Brighter news out of the Middle East has helped restore some confidence among US businesses in June, though the overall rate of economic growth signaled by the flash PMI survey remains relatively sluggish compared to that seen earlier in the year in the lead up to the conflict," S&P Global said.Manufacturing activity in the US Mid-Atlantic region fell more than projected in June, with shipments, new orders and employment all weakening, data from the Federal Reserve Bank of Richmond showed.Gold was down 1.5% at $4,139.80 per troy ounce, while silver slumped 6% to $61.64 per ounce.

Dow JonesNasdaq CompositeS&P 500$IBM$KFY$MRVL$MU$NVDA$ON$SNDK$SPGI
Update: Equity Markets Mostly Fall Intraday Amid Tech Sell-Off
US Markets

Update: Equity Markets Mostly Fall Intraday Amid Tech Sell-Off

(Updates with latest market prices and developments.)US benchmark equity indexes were mostly lower intraday amid a sell-off in the technology sector led by big names such as Nvidia (NVDA) and Micron Technology (MU).The tech-heavy Nasdaq Composite was down 1.5% at 25,767.5 after midday Tuesday, while the S&P 500 fell 1% to 7,400.6. The Dow Jones Industrial Average edged up 0.3% to 51,845.6. Among sectors, tech saw the steepest decline, down 2.8%, while consumer staples paced the gainers.Within tech, semiconductor stocks were the notable laggards, with Nvidia shares down 3.1%, the second-worst performer on the Dow. Sandisk (SNDK) slid 13%, the biggest drop on the S&P 500. On Semiconductor (ON) and Qualcomm (QCOM) were also sharply lower.Micron followed Sandisk on the S&P 500, down nearly 12%.Tech stocks may face spillover impact from the recent sharp sell-off in South Korea, though the decline appears to be a "pullback/breather" in a market that nearly doubled this year, Wedbush Securities said."With Micron set to report earnings this (Wednesday), there is some added nervousness on the important memory chip trade and, along with technical triggers, is adding to some nervousness among tech investors," the brokerage said in a note.In company news, IBM (IBM) shares were up 4.8% intraday Tuesday, the best performer on the Dow. The computer maker joined the OpenAI Daybreak Cyber Partner Program and launched a new application-security service that uses OpenAI's models to help enterprises identify and validate software vulnerabilities, it said late Monday.Korn Ferry (KFY) on Tuesday reported higher fiscal fourth-quarter results, although the consulting firm issued an outlook calling for lower earnings in the current quarter. The company's shares were up 5.4%.Parcel delivery giant FedEx (FDX) is scheduled to report results after the closing bell Tuesday.West Texas Intermediate crude oil slipped 0.8% to $73.27 a barrel intraday, while Brent lost 1% to $77.15.US President Donald Trump said 19 million barrels of oil flowed out of the Strait of Hormuz yesterday, marking an all-time record. "Oil prices are tumbling down," Trump said Tuesday.In a separate social media post, Trump said he has agreed to allow the strait to remain open, with no further naval blockade. "However, all ships are remaining in place should it be necessary to reinstitute the Blockade, which seems, at this point, highly unlikely," the president said.US Secretary of State Marco Rubio arrived in the Gulf region, aiming to sell the Iran deal to three countries -- the United Arab Emirates, Bahrain and Kuwait -- that are likely to be among its biggest skeptics, CNN reported.US Treasury yields were lower intraday, with the two-year rate down 4.3 basis points at 4.20% and the 10-year rate falling 2.8 basis points to 4.47%.In economic news, US private-sector output rose in June at the fastest pace in five months amid a solid expansion in the manufacturing sector, S&P Global (SPGI) said."Brighter news out of the Middle East has helped restore some confidence among US businesses in June, though the overall rate of economic growth signaled by the flash PMI survey remains relatively sluggish compared to that seen earlier in the year in the lead up to the conflict," S&P Global Market Intelligence Chief Business Economist Chris Williamson said.Manufacturing activity in the US Mid-Atlantic region fell more than projected in June, with shipments, new orders and employment all weakening sequentially, data from the Federal Reserve Bank of Richmond showed.Gold was down 1.3% at $4,147.80 per troy ounce, while silver slumped 5.4% to $62.02 per ounce.

Dow JonesNasdaq CompositeS&P 500$FDX$IBM$KFY$MU$NVDA$ON$QCOM$SNDK$SPGI
June Mid-Atlantic Manufacturing Activity Eases More Than Expected
US Markets

June Mid-Atlantic Manufacturing Activity Eases More Than Expected

Manufacturing activity in the US Mid-Atlantic region fell more than projected in June, with shipments, new orders and employment all weakening sequentially, data from the Federal Reserve Bank of Richmond showed Tuesday.The composite manufacturing index decreased to 4 this month from 13 in May. The consensus was for a smaller drop to 8 in a survey compiled by Bloomberg."Fifth District manufacturing activity was flat in June," the Richmond Fed said.The shipments index decreased to 3 this month from 16 in May, while the new orders index fell to 9 from 17. The employment index swung to minus 1 from 3, while the prices paid and received measures advanced, according to the report."The average growth rate of prices paid increased notably, while growth in prices received increased somewhat in June," the regional Fed said.Six months out, the shipments index increased to 38 this month from 35 in May, while the new orders gauge fell to 32 from 36. The expectations index for employment dropped to 16 from 23, the data showed."Firms expected growth in prices paid to moderate over the next 12 months," the Fed branch said.Separately, a report by S&P Global (SPGI) showed Tuesday that US private-sector output rose in June at the fastest pace in five months amid a solid expansion in the manufacturing sector.Price: $402.04, Change: $-5.35, Percent Change: -1.31%

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US Private Sector Output Hits 5-Month High as Manufacturing Logs Strong Growth, S&P Survey Shows
US Markets

US Private Sector Output Hits 5-Month High as Manufacturing Logs Strong Growth, S&P Survey Shows

US private-sector output rose in June at the fastest pace in five months amid a solid expansion in the manufacturing sector, according to S&P Global's (SPGI) flash purchasing managers' index released Tuesday.The composite output index rose to 52.2 this month from 51.5 in May, compared with a 52.1 reading in a survey compiled by Bloomberg. The 50-point mark separates expansion from contraction.The manufacturing PMI hit a 49-month high of 55.7 from 55.1, while the gauge for services activity advanced to a four-month high of 51.3, up from 50.7. The consensus was for readings of 54.6 and 51.1, respectively."Brighter news out of the Middle East has helped restore some confidence among US businesses in June, though the overall rate of economic growth signaled by the flash PMI survey remains relatively sluggish compared to that seen earlier in the year in the lead up to the conflict," S&P Global Market Intelligence Chief Business Economist Chris Williamson said in the report.Last week, the US and Iran signed a memorandum of understanding to end their war and reopen the Strait of Hormuz -- the world's most important chokepoint for crude oil flows -- after more than three months of hostilities that fueled a rally in energy prices, stoking worries over inflation."The survey signals that current output levels are consistent with the economy struggling to grow much faster than a 1% annualized rate in the second quarter," Williamson said. "The service sector continues to grow at an especially subdued pace, reflecting push-back from customers over high prices amid low levels of consumer confidence in particular."Service providers saw only a modest improvement in output and new orders, though they received some boost from the World Cup event, according to the report.Manufacturing output expanded at the strongest pace since July 2021, buoyed by the largest rise in new orders in more than four years, the report said."While there is better news from the manufacturing sector, we remain concerned as factory growth continues to be temporarily buoyed by inventory building amid supply fears," Williamson said. "Supply delays grew more widespread in June."The manufacturing sector saw a further fall in employment, with factory job cuts seen running at the highest since 2009 if the pandemic is excluded, according to Williamson. On a positive note, he said that input cost inflation cooled this month partly due to lower energy prices seen before the survey data collection period ended.Last week, the Institute for Supply Management projected continued expansion this year for both the US manufacturing and services sectors despite macro and other headwinds.Price: $402.70, Change: $-4.69, Percent Change: -1.15%

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May Industrial Production Rises Less Than Expected
US Markets

May Industrial Production Rises Less Than Expected

US industrial production increased less than estimated in May as nondurable manufacturing fell, while mining output increased, Federal Reserve data showed Monday.Industrial output inched up 0.1% last month following a 0.9% rise in April, the Fed said. The consensus was for a 0.3% increase in a survey compiled by Bloomberg.Nondurable manufacturing output declined 0.9% in May amid drops in most categories, while the durable component increased 0.8%, led in part by a 1.2% rise in motor vehicles and parts production.Overall manufacturing output was unchanged last month following a 0.7% gain in April.Mining production rose 1.3% after a 0.2% gain, while utilities output decreased 0.4% following a 2.2% rise, Fed data showed.Capacity utilization rose to 76.2% last month from 76.1% in April, according to the report.Earlier this month, separate surveys by the Institute for Supply Management and S&P Global (SPGI) showed the US manufacturing sector expanded to its highest level in four years last month amid strength in demand and production, though price pressures remained elevated.Price: $429.11, Change: $+10.20, Percent Change: +2.43%

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