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Commodities

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Tuesday as Traders Prepare for Fed Meeting

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.2%, and the actively traded Invesco QQQ Trust (QQQ) was 0.1% lower in Tuesday's premarket activity as traders prepare for the Federal Open Market Committee's meeting.US stock futures were also lower, with S&P 500 Index futures down 0.4%, Dow Jones Industrial Average futures slipping 0.5%, and Nasdaq futures retreating 0.4% before the start of regular trading.The New York Federal Reserve's Empire State manufacturing index fell to 7.6 in September from 20.6 in August, compared with a smaller expected decrease to a reading of 15.0 in a survey compiled by Bloomberg.In premarket action, bitcoin was down by 2.7%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.7% lower, Ether ETF (EETH) declined 2.7%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was up 1.1%.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.3%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) and the iShares US Consumer Staples ETF (IYK) were inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.2%. The VanEck Retail ETF (RTH) and the State Street SPDR S&P Retail ETF (XRT) were inactive.Sysco (SYY) shares were down 2% after the company said late Monday it plans to launch an offering of $1 billion of its shares.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.1%, the Vanguard Health Care Index Fund (VHT) and the iShares US Healthcare ETF (IYH) were inactive. The iShares Biotechnology ETF (IBB) was 0.5% lower.Vera Therapeutics (VERA) stock was 13% higher after the company said its kidney disease drug met all prespecified endpoints in a phase 3 trial final efficacy analysis.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.9%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.9% higher.Enova International (ENVA) shares were down 17% after the company withdrew its applications with the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System for the proposed acquisition of Grasshopper Bancorp.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated 0.4%, while the Vanguard Industrials Index Fund (VIS) and the iShares US Industrials ETF (IYJ) were inactive.Forgent Power Solutions (FPS) shares were 8% higher after the company reported higher fiscal Q4 adjusted net income and revenue.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 0.01%, the iShares US Technology ETF (IYW) was 0.02% higher, and the iShares Expanded Tech Sector ETF (IGM) was inactive. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was inactive, while the iShares Semiconductor ETF (SOXX) rose by 0.9%.Teradyne (TER) stock was 1% higher after the company said it has opened an office in Bengaluru, India, in a bid to expand its footprint in the country.EnergyThe iShares US Energy ETF (IYE) was inactive, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.2%.Shell (SHEL) shares were advancing 0.3% after a similar retreat in the prior session. The company said it has started production at its new grease manufacturing plant in Indonesia with a capacity of up to 12 kilotonnes per year.CommoditiesFront-month US West Texas Intermediate crude oil was up by 1% at $102.41 per barrel on the New York Mercantile Exchange. Natural gas was down 0.6% at $2.88 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 0.5%, while the United States Natural Gas Fund (UNG) was 1.6% lower.Gold futures for November retreated by 0.7% to $4,322.00 an ounce on the Comex. Silver futures retreated by 0.7% to $63.69 an ounce. SPDR Gold Shares (GLD) was down by 0.1%, and the iShares Silver Trust (SLV) rose by 0.4%.

Dow JonesNasdaq CompositeS&P 500$ENVA$FAS$FAZ$FPS$GLD$IBB$IGM$IYE$IYH$IYJ$IYK$IYW$QQQ$RTH$SHEL$SLV$SOXX$SPY$SYY$TER$UNG$USO$VDC$VERA$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Asia Markets

Update: US Equity Futures Drop Pre-Bell as 10-Year Treasury Yield Surpasses 5% Ahead of Fed Decision

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were edging slightly lower pre-bell Tuesday as the 10-year Treasury yield hovered above 5% ahead of the Federal Reserve's interest-rate decision on Wednesday.Dow Jones Industrial Average futures were 0.3% lower, S&P 500 futures were down 0.1%, and Nasdaq futures were 0.1% lower.The benchmark 10-year Treasury yield climbed to its highest level since 2007, reaching as much as 5.041% before edging back to around 5%.President Donald Trump said that claims that artificial intelligence is "taking over the world" are a hoax, after tech leaders called for a slowdown in the advancement of AI models. "AI and Data Centers will be the Greatest Economic Development Engine in History -- Bigger than Oil, Gold, Diamonds, or even the Internet," Trump said in a post on Truth Social.The Federal Reserve policy session starts Tuesday and concludes with a rate announcement on Wednesday. There is a 92.5% chance the Fed will raise rates by 0.25%, according to the CME Group FedWatch indicator.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.7% at $106.38 per barrel and US West Texas Intermediate crude 1.3% higher at $102.73 per barrel.The New York Federal Reserve's Empire State manufacturing index decreased to 7.6 in September versus 20.6 in August, compared with expectations for a decline to a reading of 15.0 in a survey compiled by Bloomberg.In other world markets, Japan's Nikkei closed flat, Hong Kong's Hang Seng ended 1% lower, and China's Shanghai Composite finished 0.5% lower. Meanwhile, the UK's FTSE 100 was down 0.3%, and Germany's DAX index was 0.1% lower in Europe's early afternoon session.In equities, Accenture (ACN) stock was down 2.4% after a Bloomberg report Monday that the company has agreed to pay $25 million to resolve allegations by the US Department of Justice that it discriminated based on race and sex in hiring and promotion decisions. Sysco (SYY) shares fell 2% after the company said late Monday it priced a public offering of 12.3 million common shares at $81 each. Axon Enterprise (AXON) stock was 4.2% lower after the company said it intends to offer $1 billion of 0% convertible senior notes due 2031 in a registered public offering.On the winning side, Nokia (NOK) shares rose 2.4% after the company and Telxius said they are deploying 800G optical technology across terrestrial networks in Europe, the US and Latin America to meet rising cloud, AI and data-center connectivity demand. Teradyne (TER) stock was up 1.8% after the company said late Monday it opened an office in Bengaluru, India, in a bid to expand its footprint in the country. Rocket Lab (RKLB) shares were 1.7% higher after the company said it has completed its at-the-market equity offering, raising $1.94 billion in gross proceeds through the sale of 29.3 million shares to help fund its pending acquisition of Iridium Communications (IRDM).

Dow JonesNasdaq CompositeS&P 500$ACN$AXON$NOK$RKLB$SYY$TER
Wire

Sysco Shares Rise After Board Appointments, AI Transformation Initiatives

Sysco (SYY) shares rose 1.6% in Thursday trading after the company announced a series of business and corporate governance initiatives, including two new board members.The company included a $100 million cost-savings program in its fiscal 2027 outlook, enabled by AI-driven process improvements, automation initiatives and operating efficiencies.Sysco elected Jason Murray and Tom Ondrof as directors effective Sept. 1, increasing its board size to 13 directors.The company's board also approved changing its Technology Committee to the Artificial Intelligence Transformation & Technology Committee, which will continue to oversee technology strategy, Sysco added.Price: $83.80, Change: $+1.34, Percent Change: +1.63%

$SYY
Wire

JPMorgan Adjusts Sysco Price Target to $100 From $87, Maintains Overweight Rating

Sysco (SYY) has an average rating of overweight and mean price target of $90, according to analysts polled by FactSet.Price: $82.09, Change: $-0.90, Percent Change: -1.08%

$SYY
Insider Trading

Sysco Insider Sold Shares Worth $558,167, According to a Recent SEC Filing

Ronald L Phillips, Executive Vice President and Chief Human Resources Officer, on August 10, 2026, sold 6,652 shares in Sysco (SYY) for $558,167. Following the Form 4 filing with the SEC, Phillips has control over a total of 38,650 common shares of the company, with 38,650 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/96021/000186152426000007/xslF345X05/wk-form4_1786567262.xml

$SYY
Wire

Sysco's Stock Upside Opportunity Outweighs Risk, UBS Says

Sysco's (SYY) stock upside opportunity outweighs its risk at current levels, with plenty of focus to be on its ability to achieve strong earnings per share growth, along with developments in its acquisition of Restaurant Depot, UBS said in a note emailed Wednesday.The brokerage said the company showed that it is enhancing its foodservice distribution consistency, even if a slightly weaker-than-expected local case growth performance held back its shares post results.UBS also said the company is seeing productivity step changes across its sales force, helped by improved retention and good uptake of its AI 360 selling tool.UBS said the company expanded to its cost-out initiatives as it leans on tech and AI, which could help Sysco in $100 million total cost saves.UBS maintained a buy rating and raised price target to $95 from $90.Price: $84.89, Change: $+2.10, Percent Change: +2.54%

$SYY
Wire

Restaurant Sector Remains Mixed as Stronger Operators Outperform, Morgan Stanley Says

Restaurant and food companies continue to see mixed performance, as stronger operators outperform while weaker brands face ongoing challenges, Morgan Stanley said in a note Wednesday.Recent market shifts, including artificial intelligence and uncertainty around Iran, have led investors to better differentiate between companies still delivering and those that are not, the investment bank said, adding it does not expect any major near-term macroeconomic changes that would improve conditions for challenged brands.Across the industry, large quick-service restaurants remain a weak segment, while beverage companies continue to perform strongly, and fast-casual restaurants are mixed but showing modest improvement, according to the note. Full-service restaurants are also mixed but remain solid overall, and food distributors continue to demonstrate resilience, the investment bank said."Recent slowing in industry data will be a focus, though perhaps short lived and comparisons help as we head into late Q3/Q4 for many and the overall industry," the bank added.Morgan Stanley raised its price target on Starbucks (SBUX) to $111 from $110, Restaurant Brands International (QSR) to $79 from $78, CAVA Group (CAVA) to $90 from $86, and Dutch Bros (BROS) to $88 from $87, while lowering its price target on Domino's Pizza (DPZ) to $370 from $395, and McDonald's (MCD) to $322 from $331.The bank downgraded Black Rock Coffee Bar (BRCB) to equal-weight from overweight and cut its price target to $9 from $22, while upgrading CAVA Group (CAVA) to overweight from equal-weight and raising the price target to $90 from $86. Morgan Stanley downgraded Chefs' Warehouse (CHEF) to equal-weight from overweight while raising its price target to $97 from $83.The bank also increased its price targets on Performance Food Group (PFGC) to $131 from $120, Sysco (SYY) to $88 from $84, and US Foods (USFD) to $103 from $94.Price: $106.99, Change: $+0.82, Percent Change: +0.78%

$BRCB$BROS$CAVA$CHEF$DPZ$MCD$PFGC$QSR$SBUX$SYY$USFD
Wire

Deutsche Bank Adjusts Sysco Price Target to $86 From $84

Sysco (SYY) has an average rating of overweight and mean price target of $86.36, according to analysts polled by FactSet.Price: $83.48, Change: $+0.33, Percent Change: +0.40%

$SYY
Research

Research Alert: CFRA Keeps Hold Opinion On Shares Of Sysco Corporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month target by $1 to $85, on 17x our FY 27 (Jun.) EPS estimate and in line with the company's three-year average forward P/E. We raise our FY 26 estimate to $4.63 from $4.58 and FY 27's to $5.03 from $4.96. Following Q3 FY 26 results that showed improving U.S. case volume growth of +2.3%, we reiterate our Hold view. SYY saw improved gross margins of 18.6% (+30 bps Y/Y), driven by an acceleration in higher-margin U.S. local case volume growth of +3.3%. However, our optimism is balanced by the potential for the Restaurant Depot acquisition to increase leverage, which management expects will push leverage to 4.5x. The deal includes a suspension of SYY's share buyback plan as well as planned equity issuance. While the acquisition is compelling from a total addressable market and margin standpoint, expanding SYY's presence in the independent restaurant segment, we believe the size of the deal comes with integration risks that could pressure near-term profitability and limit financial flexibility.

$SYY
Wire

Sysco Extends Q3 Momentum, Calms Restaurant Depot Concerns, UBS Says

Sysco's (SYY) momentum in fiscal Q3 remained intact as the company pushed back on concerns that its pending Jetro Restaurant Depot acquisition would require a costly overhaul, UBS Securities said Wednesday in a report.UBS said Sysco continued to post steady operational gains in the period, including its strongest US growth in case shipments to independent restaurants since Q3 2023. Questions around Restaurant Depot's condition may linger, though Sysco's third-party inspections of more than 160 stores helped ease investor concerns, the report said.International results also improved, and UBS expects that business to keep benefiting from supply-chain and private-label investments. Still, higher energy costs in Europe could pressure consumers if the Middle East conflict drags on, the report said.UBS maintained its buy rating on Sysco stock with a price target of $90.Price: $73.79, Change: $+0.42, Percent Change: +0.57%

$SYY
Wire

Morgan Stanley Adjusts Price Target on Sysco to $84 From $86, Maintains Equalweight Rating

Sysco (SYY) has an average rating of overweight and mean price target of $86.36, according to analysts polled by FactSet.Price: $73.67, Change: $+0.30, Percent Change: +0.41%

$SYY
Research

Deutsche Bank Downgrades Sysco to Hold From Buy, Adjusts Price Target to $84 From $90

Sysco (SYY) has an average rating of overweight and mean price target of $86.21, according to analysts polled by FactSet.

$SYY
Research

Research Alert: Syy: Volume Acceleration And Gross Margin Expansion Offset By Expense Pressure

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:SYY reported FQ3 adjusted EPS of $0.94 (-2.0% Y/Y), in line with consensus, while revenue of $20.5B (+4.7% Y/Y) was modestly below the $20.6B estimate. U.S. Foodservice case volumes grew 2.3% Y/Y with local volumes accelerating to 3.3%, validating sales force investments despite industry headwinds. We view the volume performance as encouraging and believe it supports SYY's market leadership position. Management maintained full-year FY26 adjusted EPS guidance of $4.50-$4.60, suggesting confidence in Q4 acceleration. Gross margin expanded to 18.6% (+30 bps Y/Y) despite 2.8% product cost inflation, demonstrating effective pricing discipline. However, operating margin compressed to 3.7% (-20 bps Y/Y) due to elevated operating expenses (+8.4% Y/Y), particularly International Foodservice (+15% Y/Y). We believe SYY's Recipe for Growth strategy and diversified customer base position the company well, though moderating expense growth will be key to margin recovery.

$SYY
Wire

BofA Adjusts Price Target on Sysco to $91 From $102

Sysco (SYY) has an average rating of overweight and mean price target of $87.57, according to analysts polled by FactSet.Price: $76.19, Change: $+0.38, Percent Change: +0.50%

$SYY

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