$TCOM

Asian Equities Traded in the US as American Depositary Receipts Decline in Thursday Trading

Asian equities traded in the US as American depositary receipts were lower on Thursday morning, shedding 0.6% to 2,938.98 on the S&P Asia 50 ADR Index.From North Asia, the gainers were led by semiconductor company ChipMOS Technologies (IMOS) and carmaker Honda (HMC), which rose 6.2% and 3.2% respectively.They were followed by tech giant Baidu (BIDU), which climbed 3.3%.The decliners from North Asia were led by semiconductor company United Microelectronics (UMC) and radiotherapy and diagnostic imaging operator Concord Medical Services (CCM), which fell 8.9% and 0.7% respectively.They were followed by fabless semiconductor manufacturer Himax Technologies (HIMX), which shed 4.7%.From South Asia, the gainers were led by tech firm Sify Technologies (SIFY) and travel agency Trip.com (TCOM), which rose 3.2% and 1.9% respectively. They were followed by telecom PLDT (PHI), which added 1.6%.The decliners from South Asia were led by tech company Wipro (WIT), which shed 1.9%.

Asian Equities Traded in the US as American Depositary Receipts Rise in Tuesday Trading

Asian equities traded in the US as American depositary receipts were higher on Tuesday morning, adding 0.9% to 2,938.12 on the S&P Asia 50 ADR Index.From North Asia, the gainers were led by private education company New Oriental Education & Tech (EDU) and financial services company Mitsubishi UFJ Financial Group (MUFG), which advanced 3.6% and 3.5%, respectively.They were followed by solar module manufacturer JinkoSolar (JKS) and semiconductor company United Microelectronics (UMC), which climbed 2.2% and 1.2%, respectively.The decliners from North Asia were led by semiconductor services company ChipMOS Technologies (IMOS) and tech company Baidu (BIDU), which dropped 6.8% and 5%, respectively.They were followed by tech and gaming firm NetEase (NTES) and semiconductor maker Himax (HIMX), which shed 2.3% and 1%, respectively.From South Asia, the gainers were led by telecom PLDT (PHI) and online travel agency Trip.com (TCOM), which rose 0.8% and 0.2%, respectively.The decliners from South Asia were led by tech company Infosys (INFY), which fell 3.2%, followed by bank HDFC (HDB), which was down 1.3%.

China Renaissance Downgrades Trip.com Group to Hold From Buy, Adjusts PT to $42 From $88

Correction: Exchange-Traded Funds, Equity Futures Decline Pre-Bell Friday as Investors Shift Focus From Middle East to Technology Stocks

(Corrects the third paragraph to state that May advance trade deficit widened.)The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.7%, and the actively traded Invesco QQQ Trust (QQQ) retreated 1.6% in Friday's premarket activity, as investors shifted their focus from the US-Iran conflict in the Middle East to technology stocks.US stock futures were also lower, with S&P 500 Index futures down 0.5%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures retreating 1.4% before the start of regular trading.The US advance international trade in goods deficit widened to $105.76 billion in May from $83.01 billion in April, according to data released by the US Census Bureau.June's final University of Michigan consumer sentiment report is slated for a 10 am ET release, followed by the weekly Baker Hughes oil-and-gas rig count at 1 pm ET.Federal Reserve Bank of Minneapolis President Neel Kashkari is scheduled to speak on Friday.In premarket action, bitcoin was down 0.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was down 0.2%, ProShares Ether ETF (EETH) declined by 1.3%, and Bitcoin & Ether Market Cap Weight ETF (BETH) lost 0.01%.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.5%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was down 0.8%, and the iShares US Consumer Staples ETF (IYK) was 0.1% lower. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was flat.Trip.com (TCOM) shares were down more than 3% pre-bell as multiple analyst price target cuts followed the company's Q1 earnings announcement.Winners and Losers:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.6%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.2% lower.HIVE Digital Technologies (HIVE) shares traded down 6.1% in early hours activity after the company priced an offering of $115 million worth of 0% exchangeable senior notes due 2031 in a private offering.HealthcareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.03%, the Vanguard Health Care Index Fund (VHT) was up 1.1%, while the iShares US Healthcare ETF (IYH) rose 0.5%. The iShares Biotechnology ETF (IBB) was 0.1% lower.Nuvation Bio (NUVB) stock was down nearly 1% premarket, extending losses from the previous day's 10% fall. The company said late Thursday it priced an underwritten offering of $250 million of 0.75% convertible senior notes due in 2032.EnergyThe iShares US Energy ETF (IYE) was marginally higher, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.5%.Equinor (EQNR) stock was down nearly 2% before market open after the company said it is ending its offshore wind business activities in Japan and shutting its Tokyo office by the end of the year.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.2%, while the Vanguard Industrials Index Fund (VIS) gained by 0.2% and the iShares US Industrials ETF (IYJ) was flat.AerCap (AER) stock was up more than 2% before the opening bell after the company said it delivered the first of three Airbus A321neo aircraft to Azerbaijan Airlines.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 2.1%, and the iShares US Technology ETF (IYW) was 1.4% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 2%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined by 2.9%, while the iShares Semiconductor ETF (SOXX) fell by 4.3%.Microsoft (MSFT) shares were up 1.4% in premarket activity after closing the prior day with a 3.5% fall. The Italian Competition Authority said the company faces a formal regulatory investigation into whether it engaged in deceptive marketing during a recent price increase for Microsoft 365.CommoditiesFront-month US West Texas Intermediate crude oil fell by 3.1% to $69.70 per barrel on the New York Mercantile Exchange. Natural gas gained by 2.9% to $3.44 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 3.2%, while the United States Natural Gas Fund (UNG) was 2.5% higher.Gold futures for July were up by 0.4% to $4,063.80 an ounce on the Comex. Silver futures gained by 0.1% to $58.83 an ounce. SPDR Gold Shares (GLD) advanced by 0.4%, and the iShares Silver Trust (SLV) was 0.5% higher.

Exchange-Traded Funds, Equity Futures Decline Pre-Bell Friday as Investors Shift Focus From Middle East to Technology Stocks

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.7%, and the actively traded Invesco QQQ Trust (QQQ) retreated 1.6% in Friday's premarket activity, as investors shifted their focus from the US-Iran conflict in the Middle East to technology stocks.US stock futures were also lower, with S&P 500 Index futures down 0.5%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures retreating 1.4% before the start of regular trading.The US advance international trade in goods deficit narrowed to $105.76 billion in May from $83.01 billion in April, according to data released by the US Census Bureau.June's final University of Michigan consumer sentiment report is slated for a 10 am ET release, followed by the weekly Baker Hughes oil-and-gas rig count at 1 pm ET.Federal Reserve Bank of Minneapolis President Neel Kashkari is scheduled to speak on Friday.In premarket action, bitcoin was down 0.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was down 0.2%, ProShares Ether ETF (EETH) declined by 1.3%, and Bitcoin & Ether Market Cap Weight ETF (BETH) lost 0.01%.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.5%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was down 0.8%, and the iShares US Consumer Staples ETF (IYK) was 0.1% lower. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was flat.Trip.com (TCOM) shares were down more than 3% pre-bell as multiple analyst price target cuts followed the company's Q1 earnings announcement.Winners and Losers:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.6%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.2% lower.HIVE Digital Technologies (HIVE) shares traded down 6.1% in early hours activity after the company priced an offering of $115 million worth of 0% exchangeable senior notes due 2031 in a private offering.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.03%, the Vanguard Health Care Index Fund (VHT) was up 1.1%, while the iShares US Healthcare ETF (IYH) rose 0.5%. The iShares Biotechnology ETF (IBB) was 0.1% lower.Nuvation Bio (NUVB) stock was down nearly 1% premarket, extending losses from the previous day's 10% fall. The company said late Thursday it priced an underwritten offering of $250 million of 0.75% convertible senior notes due in 2032.EnergyThe iShares US Energy ETF (IYE) was marginally higher, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.5%.Equinor (EQNR) stock was down nearly 2% before market open after the company said it is ending its offshore wind business activities in Japan and shutting its Tokyo office by the end of the year.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated by 0.2%, while the Vanguard Industrials Index Fund (VIS) gained by 0.2% and the iShares US Industrials ETF (IYJ) was flat.AerCap (AER) stock was up more than 2% before the opening bell after the company said it delivered the first of three Airbus A321neo aircraft to Azerbaijan Airlines.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 2.1%, and the iShares US Technology ETF (IYW) was 1.4% lower, while the iShares Expanded Tech Sector ETF (IGM) was down 2%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) declined by 2.9%, while the iShares Semiconductor ETF (SOXX) fell by 4.3%.Microsoft (MSFT) shares were up 1.4% in premarket activity after closing the prior day with a 3.5% fall. The Italian Competition Authority said the company faces a formal regulatory investigation into whether it engaged in deceptive marketing during a recent price increase for Microsoft 365.CommoditiesFront-month US West Texas Intermediate crude oil fell by 3.1% to $69.70 per barrel on the New York Mercantile Exchange. Natural gas gained by 2.9% to $3.44 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 3.2%, while the United States Natural Gas Fund (UNG) was 2.5% higher.Gold futures for July were up by 0.4% to $4,063.80 an ounce on the Comex. Silver futures gained by 0.1% to $58.83 an ounce. SPDR Gold Shares (GLD) advanced by 0.4%, and the iShares Silver Trust (SLV) was 0.5% higher.

Macquarie Downgrades Trip.com to Neutral From Outperform, Adjusts Price Target to $44.30 From $70.90

Trip.com Group (TCOM) has an average rating of buy and mean price target of $62.90, 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)

Macquarie Downgrades Trip.com to Neutral From Outperform, Adjusts PT to $44.30 From $70.90

Trip.com (TCOM) has an average rating of buy and mean price target of $62.90, 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)

Citigroup Adjusts Price Target on Trip.com to $64 From $82, Maintains Buy Rating

Trip.com Group (TCOM) has an average rating of buy and mean price target of $67.84, 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: $40.11, Change: $-6.20, Percent Change: -13.38%

Sector Update: Consumer Stocks Declining Pre-Bell Thursday

Consumer stocks were declining premarket Thursday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) retreating 0.3%.Trip.com (TCOM) shares were down more than 12% pre-bell after the company reported lower Q1 non-GAAP earnings.Darden Restaurants (DRI) stock lost more than 3% after the restaurant operator reported lower-than-expected fiscal Q4 sales.Dollar Tree (DLTR) shares declined by 4.4% after the company said that several investment funds tied to Mantle Ridge are executing a secondary block trade to sell 12.8 million common shares.

Update: Continued Oil Price Decline, Micron Earnings Beat Drive US Equity Futures Higher

US equity futures were higher pre-bell Thursday as oil prices fell to their lowest since the start of the US-Iran war and memory chip manufacturer Micron Technology (MU) posted strong fiscal Q3 financial results and issued upbeat guidance.Dow Jones Industrial Average futures were 0.3% higher, S&P 500 futures were up 0.8%, and Nasdaq futures were 2.3% higher.Oil prices dropped to their lowest level since Feb. 28 as more oil tankers have started exiting the Strait of Hormuz. Around 20 million barrels of crude have passed through the waterway in the last 24 hours, Reuters cited US Energy Secretary Chris Wright as saying.Front-month global benchmark North Sea Brent crude was down 0.9% to $73.18 per barrel and US West Texas Intermediate crude was 1.1% lower at $69.55 per barrel, slipping below $70 a barrel for the first time since March 2, Reuters said.Micron Technology shares rose 18% in premarket activity after the company overnight reported a fiscal Q3 earnings and revenue beat, and issued fiscal Q4 guidance above market expectations.The May core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, gained 0.3%, matching the increase in the prior month and in line with expectations in a survey compiled by Bloomberg. Durable goods new orders fell 4.5% in May after an 8.5% gain in the prior month, compared with expectations for a 5% decrease.Initial jobless claims dropped to 215,000 in the week ended June 20 from 227,000 in the previous week, compared with expectations for a smaller decrease to 225,000. Q1 GDP growth was revised up to a 2.1% annual rate from 1.6% previously, compared with expectations for no change.Federal Reserve New York President John Williams and Chicago President Austan Goolsbee are slated to speak on Thursday.In other world markets, Japan's Nikkei closed 4.6% higher, Hong Kong's Hang Seng ended 1.4% lower, and China's Shanghai Composite finished 0.2% higher. Meanwhile, the UK's FTSE 100 was up 0.9%, and Germany's DAX index was 1% higher in Europe's early afternoon session.In equities, joining Micron in the technology sector rally are semiconductor firms Broadcom (AVGO), AMD (AMD), and Intel (INTC), which were up 1.9%, 1%, and 1.4%, respectively.On the losing side, Alphabet's (GOOG, GOOGL) Google shares fell 1.8% after Bloomberg reported that the company is poised to lose two leading AI researchers to Anthropic. Alibaba (BABA) stock was down 2.6% after Bloomberg reported that Anthropic has alleged that Alibaba attempted to "illicitly" access its Claude artificial intelligence model through thousands of fraudulent accounts. Trip.com (TCOM) shares were down more than 12% after the company posted lower Q1 non-GAAP earnings.

Sector Update: Consumer

Consumer stocks were declining premarket Thursday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) retreating 0.8% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 0.4%.Trip.com (TCOM) shares were down more than 12% pre-bell after the company reported lower Q1 non-GAAP earnings.

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Thursday as Investors Embrace AI Growth Themes, Reduced Middle East Risks

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.7%, and the actively traded Invesco QQQ Trust (QQQ) advanced 2.1% in Thursday's premarket activity, as investors welcomed signs of stability in the Middle East, while technology shares rallied on expectations for continued AI spending.US stock futures were also higher, with S&P 500 Index futures up 0.7%, Dow Jones Industrial Average futures advancing 0.1%, and Nasdaq futures gaining 2.1% before the start of regular trading.Reports releasing at 8:30 am ET include the personal income and outlays report for May, the third and final estimate report of Q1 gross domestic product, the weekly jobless claims bulletin, the durable goods orders report, and the Chicago Fed national activity index, both for last month.The Kansas City Fed manufacturing index for June posts at 11 am ET.New York Fed President John Williams and Chicago Fed President Austan Goolsbee are slated to speak on Thursday.In premarket action, bitcoin was down by 2.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.1% higher, Ether ETF (EETH) advanced 3.1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 0.01%.Power Play:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated by 0.2%, the Vanguard Health Care Index Fund (VHT) was down 0.4%, while the iShares US Healthcare ETF (IYH) was flat, and the iShares Biotechnology ETF (IBB) was up 0.1%.Bio-Techne (TECH) stock rose more than 19% premarket after the company signed a definitive agreement to be acquired by Germany's Merck KGaA for $73 a share, representing an enterprise value of $11.3 billion.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) rose 2.8%, and the iShares US Technology ETF (IYW) was 3.2% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 2.7%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained 4.4%, while the iShares Semiconductor ETF (SOXX) rose by 5.1%.Micron Technology (MU) shares were up over 17% in premarket activity after the company overnight reported a fiscal Q3 earnings and revenue beat, and its guidance for the next quarter also came in above market expectations.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.4%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat, and the iShares US Consumer Staples ETF (IYK) was marginally lower. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) fell by 0.2%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was flat.Trip.com (TCOM) shares were down more than 11% pre-bell after the company reported lower Q1 non-GAAP earnings.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.4%, while the Vanguard Industrials Index Fund (VIS) gained 1.7% and the iShares US Industrials ETF (IYJ) was flat.MDA Space (MDA) stock was up 2.7% before the opening bell after the company said it would provide digital payload, antennas, and subsystems for Japan's defense communications satellite program under contracts from Mitsubishi Electric.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) fell 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was up 0.2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% higher.Barclays (BCS) shares traded up 2% in early hours activity after the company said that the projected capital ratios for its US business remained above the regulatory minimum levels across all nine quarters of the Federal Reserve's stress test.EnergyThe iShares US Energy ETF (IYE) gained 0.03%, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.4%.TotalEnergies (TTE) stock was down more than 1% before market open after closing the previous session with a 2% fall. The company said Wednesday it acquired a 10% stake in the Bab Gas Cap Concession in Abu Dhabi, joining an international consortium to develop the major onshore gas field.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 0.7% to $69.84 per barrel on the New York Mercantile Exchange. Natural gas was down by 1.4% to $3.27 per 1 million British Thermal Units. The United States Oil Fund (USO) declined by 0.4%, while the United States Natural Gas Fund (UNG) was 1.3% higher.Gold futures for July were down by 0.2% to $4,000.90 an ounce on the Comex. Silver futures retreated by 1.3% to $57.74 an ounce. SPDR Gold Shares (GLD) declined by 0.2%, and the iShares Silver Trust (SLV) was 0.1% higher.

Trip.com Q1 Non-GAAP Earnings Decline, Revenue Increases; Q2 Revenue Growth Outlook Issued

Trip.com (TCOM) reported Q1 non-GAAP earnings Wednesday of 5.73 Chinese renminbi ($0.83) per diluted American depositary share, down from 5.96 renminbi a year earlier.Three analysts polled by FactSet expected 6.05 renminbi.Net revenue for the quarter ended March 31 was 16.21 billion renminbi, up from 13.83 billion renminbi a year earlier.Three analysts surveyed by FactSet expected 15.87 billion renminbi.For Q2, the online travel platform expects net revenue to grow by about 3% to 8% year-over-year, a slowdown due to increased energy pricing and geopolitical volatility.Shares of the company were down 13% in Thursday's premarket trading.Price: $40.24, Change: $-6.02, Percent Change: -13.00%

US Equity Investors to Watch Out for Micron Technology's Earnings, PCE Inflation, Iran Peace Talks This Week

US equity investors will focus this week on quarterly earnings from Micron Technology (MU) and inflation, while keeping a close eye on progress in talks between Iran and the US.* Earnings due this week include Micron Technology (MU), FedEx (FDX), Cerebras Systems (CBRS), Carnival (CCL), Trip.com (TCOM), Darden Restaurants (DRI), and Paychex (PAYX).* Looking ahead to Q2, consensus estimates call for earnings growth of more than 22%, according to a note from DA Davidson late Thursday. All of the S&P 500 constituents have reported Q1 results. Earnings surged almost 29% year-over-year, versus nearly 13% expected as of March 31, the strongest growth since Q4 2021. Information technology and communication services led the growth. Health Care was the only sector to see earnings fall in Q1.* Macroeconomic data due this week includes personal consumption expenditures, or PCE, price index, final read on Q1 gross domestic product, ADP employment change, S&P global composite PMI, durable goods orders, and Michigan consumer sentiment final, as well as inflation expectations.* "We used to think [PCE] was the Federal Reserve's favourite inflation gauge but now we're less sure given the arrival of a new Chair [Kevin Warsh] who launched five taskforces this past week including one to look at different measures of inflation," a Scotiabank note said late Thursday.* The US and Iran agreed to create a "de-confliction cell," facilitated by Qatar and Pakistan to ensure the end of military operations in Lebanon, CNN cited mediators in a news report early Monday. Fighting between Israel and Iran-backed Hezbollah has been a key obstacle to a deal, with Tehran insisting that deadly Israeli strikes must stop.* Iran's foreign minister, Abbas Araghchi, said sanctions on Tehran's oil were waived and some of its frozen assets released, CNN reported. Araghchi was also cited as saying a "reconstruction and development plan" was launched.

US Equity Investors to Focus on Inflation Data as April Ceasefire Tested Following Iran-Israel Overnight Strikes

US equity investors will focus on the inflation data, a worsening conflict in the Middle East, and the likely public listing of SpaceX this week.* The consumer and wholesale price indexes for May are due Wednesday and the Thursday, respectively, with initial jobless claims likely on the latter. Michigan consumer sentiment preliminary and inflation expectations is due Friday. Existing home sales and ADP employment change are set for Tuesday.* The strength in the CPI is largely coming from energy, with gasoline up roughly 8% on the month, alongside idiosyncratic pressures, Jefferies said in a note Friday. "Overall, the firm print looks somewhat skewed by energy and one-offs, but still keeps the inflation backdrop sticky in the near term."* "Seasonal adjustment factors have been haircutting seasonally unadjusted price changes more so in recent years than previously which could have a dampening effect," a Scotiabank note said Friday.* Israel and Iran exchanged fire that extended into Monday morning, in a resumption of violence that tested President Donald Trump's Middle East ceasefire, The Wall Street Journal reported Monday. Trump told The Financial Times that Israel would have to accept any deal the US reaches with Iran, saying "I call all the shots," CNN reported same day.* The overnight exchange will only worsen a "chaotic diplomatic process" with the US, Iran's Foreign Ministry spokesperson was cited as saying in a Reuters news report. Esmaeil Baghaei reportedly added that it would also further exacerbate Tehran's suspicion toward Washington.* SpaceX (SPCX), which likely IPO on June 12, Amazon-backed (AMZN) Anthropic, and Microsoft-backed (MSFT) OpenAI's upcoming public offerings may drag down broader stock markets, Research Affiliates founder Rob Arnott told Bloomberg News on Friday. Index funds will have to trim their current positions to make room for new entrants.* Quarterly earnings due include Oracle (ORCL), Adobe (ADBE), Lennar (LEN), and Trip.com (TCOM).