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Asia Markets

Update: US Equity Futures Mixed Pre-Bell as 60-Day US-Iran Ceasefire Expires

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were mixed pre-bell Monday as the ceasefire between the US and Iran reaches its expiration date after 60 days, with the two countries still locked in a stalemate.Dow Jones Industrial Average futures were 0.3% lower, S&P 500 futures were up 0.1%, and Nasdaq futures were 0.4% higher.Vessels transiting the Strait of Hormuz dropped over the weekend at five ships compared with 31 in the previous weekend, according to a Reuters report that cited data from analytics firm Kpler.Iran's foreign minister Abbas Araghchi said that the country has not yet decided to restart talks with the US, according to multiple reports. President Donald Trump reiterated in a post on Truth Social that Iran "cannot have, in any way, shape, or form, a Nuclear Weapon."Companies expected to report financial results this week include Walmart (WMT), Home Depot (HD), Analog Devices (ADI), Alibaba Group (BABA), TJX (TJX), and Lowe's (LOW).Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.7% at $89.14 per barrel and US West Texas Intermediate crude 0.7% higher at $82.05 per barrel.The New York Federal Reserve's Empire State manufacturing index increased to 20.6 in August versus 15.6 in July, compared with expectations for a decline to a reading of 10.0 in a survey compiled by Bloomberg.The August US housing market index, slated for 10 am ET, is expected at 33, compared with 34 from the prior month.In other world markets, Japan's Nikkei closed 0.7% higher, Hong Kong's Hang Seng ended 1.3% higher, and China's Shanghai Composite finished 1.4% higher. Meanwhile, the UK's FTSE 100 was down 0.2%, and Germany's DAX index was flat in Europe's early afternoon session.In equities, stocks of Micron Technology (MU) and Sandisk (SNDK) shares were up 2.8% and 3.6%, respectively, after regulatory filings on Friday showed that AI-focused hedge fund Situational Awareness increased its stakes in the companies. Alibaba Group shares were up 1.7% after a Bloomberg report that Qwen artificial intelligence models have exceeded 3 billion in downloads globally over the last six months, topping that of Meta Platforms (META) and Alphabet's (GOOG,GOOGL) Google.On the losing side, L3Harris Technologies (LHX) stock was down 2.7% after the company said it appointed Sam Mehta as CEO to replace Christopher Kubasik, who stepped down as chairman and CEO following an investigation into his conduct the company said was inconsistent with its Code of Conduct. Dynatrace (DT) shares were 1.4% lower after the company said its unit Dynatrace LLC is planning a $1.25 billion private placement of exchangeable senior unsecured notes due Sept. 1, 2031.

Dow JonesNasdaq CompositeS&P 500$ADI$BABA$DT$GOOG$GOOGL$HD$LHX$LOW$META$MU$SNDK$TJX$WMT
Japan

US Equity Futures Mixed Pre-Bell as 60-Day US-Iran Ceasefire Expires

US equity futures were mixed pre-bell Monday as the fragile ceasefire between the US and Iran reaches its expiration date after 60 days, with the two nations still locked in a stalemate.Dow Jones Industrial Average futures were 0.2% lower, S&P 500 futures were up 0.1%, and Nasdaq futures were 0.5% higher.Vessels transiting the Strait of Hormuz dropped over the weekend at five ships compared with 31 in the previous weekend, according to a Reuters report that cited data from analytics firm Kpler.Iran's foreign minister Abbas Araghchi said that the nation has not yet decided to restart talks with the US, according to multiple reports. President Donald Trump reiterated in a post on Truth Social that Iran "cannot have, in any way, shape, or form, a Nuclear Weapon."Expected to report financial results this week are Walmart (WMT), Home Depot (HD), Analog Devices (ADI), Alibaba Group (BABA), The TJX Companies (TJX), and Lowe's (LOW).Oil prices were lower, with front-month global benchmark North Sea Brent crude down 1.9% at $62.12 per barrel and US West Texas Intermediate crude 2% lower at $58.28 per barrel.The August Empire State manufacturing index, slated for release at 8:30 a.m. ET, is seen coming in at 10.0 versus 15.6 previously, according to estimates compiled by Bloomberg. The August US housing market index, slated for 10 am ET, is expected at 33, compared with 34 from the prior month.

Dow JonesNasdaq CompositeS&P 500$ADI$BABA$HD$LOW$TJX$WMT
Stocks Mostly Up Pre-Bell as Traders Await Fed Meeting Minutes, Retail Earnings
US Markets

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

The benchmark US stock measures were mostly pointing higher before the opening bell Monday as traders await minutes of the Federal Reserve's last policy meeting and the latest quarterly results from some of the biggest retail companies.The S&P 500 rose 0.2% and the Nasdaq added 0.6% in premarket activity, while the Dow Jones Industrial Average edged down 0.1%. All three major indexes finished Friday trading in the red.The Fed is scheduled to post minutes of its July policy meeting Wednesday, which will be assessed for fresh insight on the central bank's monetary policy. At the meeting, policymakers left interest rates unchanged in a divided decision, with three regional presidents calling for policy tightening.Last week, the Bureau of Labor Statistics published benign consumer inflation data for July that lowered bets for a Fed interest-rate hike next month. Government data also showed that producer prices held steady last month, defying expectations for a monthly rise.Markets are currently pricing in a 69% probability that the Fed will keep its benchmark rate steady next month, with the remaining odds in favor of a 25-basis-point hike, according to the CME FedWatch tool.Treasury yields were down in premarket action, with the two-year rate retreating 1.3 basis points to 4.16% and the 10-year rate off 0.8 basis points to 4.69%.Retail giant Walmart (WMT) is scheduled to release its latest financial results later this week, along with Home Depot (HD), TJX (TJX), Lowe's (LOW), Target (TGT), Ross Stores (ROST) and BJ's Wholesale Club (BJ).On Friday, official data showed that retail sales unexpectedly decreased in July, registering the largest monthly drop in more than a year.West Texas Intermediate crude oil increased 0.8% to $83.08 a barrel before the open, while Brent gained 1.2% to $89.61.Iranian Foreign Minister Abbas Araghchi reportedly said over the weekend that Iran hasn't decided to resume talks with the US, according to CNBC. Shipping traffic through the Strait of Hormuz slowed over the weekend, with five vessels transiting the crucial waterway on Saturday and none on Sunday, Reuters reported Monday, citing shiptracking data from Kpler.Monday's economic calendar has the Empire State manufacturing index for August at 8:30 am ET, followed by the housing market index for the same month at 10 am.Shares of Broadcom (AVGO) rebounded 1.2% pre-bell after closing Friday trading with a 5.9% drop. Micron Technology (MU) advanced 3.4%, while Advanced Micro Devices (AMD) ticked up 1%. Sandisk (SNDK) inclined 5.1%.Gold nudged 0.3% higher to $4,452 per troy ounce, while bitcoin traded up 0.2% at $63,239.

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

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

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

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

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

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

S&P 500$ADI$APP$DE$DINO$HD$KMI$LOW$NTES$PSX$ROST$TGT$TJX$TPR$WMT
TJX Poised for In-Line Second-Quarter Earnings Amid 'Ok' Sales Momentum, UBS Says
US Markets

TJX Poised for In-Line Second-Quarter Earnings Amid 'Ok' Sales Momentum, UBS Says

TJX (TJX) is expected to post fiscal second-quarter earnings in line with Wall Street's estimates amid "Ok" sales momentum, likely prompting the off-price retailer to raise its full-year outlook, UBS Securities said Tuesday.The brokerage expects the parent of TJ Maxx and Marshalls to log earnings of $1.19 a share for the quarter when it reports results Aug. 19. That would match the Street's views and be above the company's own guidance range of $1.15 to $1.17. UBS projects revenue at $15.16 billion, reflecting roughly 2.4% comparable sales growth and benefit from 145 net store openings over the last 12 months."We believe TJX had Ok sales momentum through July, and we believe this sets TJX up to deliver an in-line (second-quarter) EPS report," UBS analysts, including Jay Sole, said in a note to clients. "We expect sales growth to be strong across all banners."This could prompt TJX to lift its fiscal 2027 EPS guidance to between $5.10 and $5.17 from its current outlook range of $5.08 to $5.15, according to the note. The Street is looking for $5.23."Google data highlights TJX's US search growth trends accelerating (quarter over quarter), particularly for HomeGoods," the analysts said. "We view these as positive signals for HomeGoods' sales growth trends leading into (the third quarter)."For the ongoing quarter, TJX is expected to "maintain its habit of providing beatable quarterly guidance" and provide an EPS estimate of $1.30 to $1.32, compared with the Street's $1.35 view, UBS said."Our conversations with investors indicate they view TJX as having the best combination of defensiveness and growth among softlines stocks," the analysts wrote. "While TJX probably doesn't deliver great Marmaxx division (second-quarter) comp growth, we don't believe this will change the market's TJX thesis."Overall, UBS sees TJX's sales growing at a 7.5% compound annual growth rate through 2030, driven by store expansion and market share gains. "We believe this should drive solid (mid-single-digit percentage) comp sales growth," the analysts said.Discount retailers Dollar Tree (DLTR) and Dollar General (DG) are scheduled to report their respective fiscal second-quarter results Aug. 27.Price: $156.43, Change: $-2.39, Percent Change: -1.50%

$DG$DLTR$TJX
Wire

TJX Expected to Post 'In-Line' Q2 EPS Report, Raise Full-year Guidance, UBS Says

TJX Companies (TJX) is set to deliver "in-line" Q2 EPS report and raise guidance, with limited impact expected on its valuation, UBS said in a note Tuesday.The company is scheduled to report the results on Aug. 19.The analysts said TJX had sales momentum through July, which they expect to support an in-line fiscal Q2 earnings per share, compared with the Street's $1.19 estimate. They also expect the company to lift its fiscal 2027 EPS guidance from $5.08- $5.15 to $5.10-$5.17."We believe the market expects a similar outcome and thus doubt TJX's print changes the stock's [price-to-earnings ratio] much. This is why we see a balanced upside/downside skew around the event," the analysts added.The analysts said investors they spoke with see TJX as having the best combination of defensiveness and growth among Softlines stocks. Even if the Marmaxx division reports weaker-than-expected fiscal Q2 comparable sales, the analysts do not think this will significantly change the market's view of TJX.UBS kept its buy rating and a $197 price target on TJX.Price: $156.81, Change: $-2.01, Percent Change: -1.27%

$TJX
Wire

TJX Keeps Quarterly Dividend at $0.48 a Share, Payable Sept. 3 to Holders of Record Aug. 13

TJX Keeps Quarterly Dividend at $0.48 a Share, Payable Sept. 3 to Holders of Record Aug. 13

$TJX
Wire

TJX Positioned for Continued Market Share Gains From Department Stores, UBS Says

TJX (TJX) is well positioned to continue taking market share from department stores over the next several years, UBS Securities said in a note Tuesday.The analysts said the company's growth potential is based on newer businesses such as HomeSense and Sierra, as well as international expansion, including the recent launch of the TK Maxx banner in Spain. UBS also forecasts about 10.5% annual earnings per share growth for TJX over the next five years.UBS's ninth annual US Off-Price and Department Store Consumer Survey reinforces this positive view, the analysts said, adding that 71% of consumers associate the brand with "good value for money," compared with roughly 47% for department store peers such as Macy's (M)."This roughly 24 percentage point perception gap is decisive - it demonstrates TJX owns the core consumer decision driver, underpinning sustained traffic capture and reinforcing a durable competitive moat that should support ongoing share gains from Department Stores," the analysts added.The investment firm expect TJX's earnings per share to be $5.40 in fiscal 2027, compared with consensus estimates of $5.23, $6 in fiscal 2028 versus consensus of $5.76, and $6.65 in fiscal 2029 versus consensus of $6.30.UBS has a buy rating and a $197 price target on TJX.Price: $163.65, Change: $+3.90, Percent Change: +2.44%

$TJX
Ollie's Bargain Lifts Full-Year Earnings Guide, Trims Revenue Outlook
US Markets

Ollie's Bargain Lifts Full-Year Earnings Guide, Trims Revenue Outlook

Ollie's Bargain Outlet (OLLI) raised its full-year earnings outlook on Wednesday, while the discount retailer trimmed its revenue expectations.The company raised its fiscal 2026 adjusted earnings guidance to between $4.45 and $4.55 per share from $4.40 to $4.50 previously projected. Analysts polled by FactSet expect $4.44 per share.Ollie's revenue is pegged at $2.98 billion to $3 billion, compared with the prior outlook that called for $2.985 billion to $3.013 billion. Wall Street is modeling for $3 billion."We are cognizant of the state of the consumer right now," Chief Financial Officer Robert Helm said during an earnings call, according to a FactSet transcript. "They are prioritizing their spending around their needs and driving a little less if they can. Weather is still a bit of a lingering factor and we don't have the benefit of higher tax refunds to offset some of these pressures in the second quarter."Gasoline prices in the US have surged as the Iran war pushed crude oil costs higher due to the near-complete closure of the Strait of Hormuz.Dollar General (DG), Dollar Tree (DLTR), TJX (TJX) and Burlington Stores (BURL) recently raised their full-year earnings guidance.Shares of Ollie's rose 0.9% intraday Wednesday. The stock is down 27% so far this year.For the first quarter ended May 2, adjusted EPS rose to $0.91 from $0.75 a year earlier, ahead of the Street's $0.87 estimate. Sales jumped 14% to $658.9 million, but fell short of the FactSet consensus of $661.7 million.Comparable sales grew 1.7%, decelerating from the prior-year quarter's 2.6% rise but topping analysts' 1.6% growth view."Our comp target remains a positive 2% for the full fiscal year," Helm told analysts. "Our current trends are running below this level, primarily reflecting continued weather volatility and ongoing pressure on the lower income consumer."Wall Street expects Ollie's full-year comparable sales to increase 1.7%.Price: $79.44, Change: $+0.19, Percent Change: +0.24%

$BURL$DG$DLTR$OLLI$TJX
Softline Retailers Likely to Benefit From US Data Center Boom, UBS Says
US Markets

Softline Retailers Likely to Benefit From US Data Center Boom, UBS Says

US softline retailers are expected to take advantage of an ongoing data center construction boom, with Abercrombie & Fitch (ANF), Urban Outfitters (URBN), and Macy's (M) among those likely to see "outsized" benefits, UBS Securities said in a note e-mailed Monday.US commercial data center capacity has increased at a nearly 30% to 40% annual pace over the last two years, with installed capacity seen rising 20% to 30% annually in the near term, the brokerage said, citing industry experts.The data center construction boom is expected to lift the economy and boost the consumer spending backdrop for apparel and footwear in the concerned regions. However, the data center buildout is not expected to be distributed evenly across the country, UBS analysts Jay Sole and Mauricio Serna said in the note to clients."We believe retailers with a high percentage of stores located in areas with strong data center growth will benefit more than retailers with less exposure to these areas will," the analysts wrote.Abercrombie & Fitch, Urban Outfitters, Macy's, and Steven Madden (SHOO) are among the retailers poised to see "outsized" benefits, Sole and Serna said. On the other hand, Kohl's (KSS), Bath & Body Works (BBWI), Buckle (BKE), Boot Barn (BOOT), and American Eagle Outfitters (AEO) have "the most relevant low exposure," the duo wrote.Among off-price retailers, Ross Stores (ROST) has the "most relevant high exposure," while TJX (TJX) is on the other side of the spectrum, according to the note."While some regions have embraced data centers, other localities have not," UBS said. "Some municipalities reject data center proposals because the long-term local economic payoff is perceived as limited. They also have concerns about resource and infrastructure strain."The brokerage expects all softline stocks to benefit from their use of AI, as well as the technology's impact on the overall economy."Softline companies are taking AI very seriously and AI is likely already having a positive impact on the industry's financial performance," Sole and Serna said. "We believe the meaningful returns companies are already and will continue to achieve on their AI investments will drive upside (earnings-per-share) surprises."Price: $75.30, Change: $-1.92, Percent Change: -2.49%

$AEO$ANF$BBWI$BKE$BOOT$KSS$M$ROST$SHOO$TJX$URBN
Wire

Argus Research Lifts TJX Price Target to $187 From $182, Maintains Buy Rating

TJX (TJX) has an average rating of overweight and mean price target of $180.17, according to analysts polled by FactSet.Price: $158.91, Change: $+0.64, Percent Change: +0.40%

$TJX
Research

Research Alert: CFRA Maintains Sell Opinion On Shares Of The Tjx Companies

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 price target by $11 to $141, based on 27.1x our FY 27 EPS estimate and above the company's three-year average forward P/E multiple of 26.6x, reflecting our view the company is well positioned to win dollars in a soft macroeconomic backdrop for low- and middle-income consumers. We raise our FY 27 and FY 28 EPS estimates by $0.15 to $5.20 and $0.10 to $5.35, respectively. We continue to believe the company is deserving of an above-peer multiple due to management's consistent execution, the company's position in off-price, and growth profile compared to other retailers. The company posted strong FQ1 results and raised its full-year guidance as well as its buyback expectations. Our opinion is based on the elevated valuation at 31x consensus EPS estimates for FY 27, which is above the company's guidance, as well as elevated oil prices that could pressure margins over the course of the year. We remain negative on the stretched valuation and elevated earnings expectations.

$TJX
Wire

TJX Delivers 'Very Solid' Q1 Results, May Capture Major Market Share, UBS Securities Says

TJX (TJX) posted "very solid" fiscal Q1 results and the company is likely to take major market share from competitors in the department store space over the next few years, UBS Securities said in a note Wednesday.The company's new businesses like HomeSense and Sierra Trading Post as well as its international operations, particularly its entry into Spain through its TK Maxx banner, show "significant potential," the investment firm said.UBS said it expects TJX to deliver an about 10.5% earnings per share compound annual growth rate over five years.The firm highlighted that in its fiscal Q1 report, TJX raised its fiscal 2027 EPS guidance to between $5.08 and $5.15, from the $4.93 to $5.02 range previously, reflecting a better pre-tax margin outlook despite higher fuel costs.UBS reiterated its buy rating on TJX and lifted the price target to $197 from $193.Shares of TJX were down more than 1% in Thursday trading.Price: $156.90, Change: $-2.31, Percent Change: -1.45%

$TJX
Wire

TJX Uses Marketing, Merchandise, Store Experience to Support Comp Strength, Share Gains, BofA Says

TJX Companies (TJX) has strategies across marketing, merchandise, and store experience to ensure comparable-sales strength as well as continued share gains, BofA said in a Thursday research note.The company is using marketing to target a broad customer demographic, including younger shoppers by focusing on digital media, with this year set to feature fresh campaigns and partnerships across banners and channels like streaming, BofA said.TJX Companies also continues to see "outstanding" product availability, which is improving further as the company scales. Additionally, management remains focused on improving the in-store experience with investments in payroll and training, according to the note.Looking ahead, BofA said it is modeling gross margin to rise 20 basis points in Q2 and 30 basis points in fiscal 2027, including 20 basis points of pressure in Q2 through Q4 from fuel surcharges. Additionally, lower fuel costs will benefit margins relatively quickly given the company's fast inventory turnaround, BofA said.BofA raised its earnings per share estimates to $5.15 from $5.01 for 2027, $5.56 from $5.48 for 2028, and $6.09 from $6.00 for 2029.BofA reiterated its buy rating with a price target of $175.Price: $157.54, Change: $-1.67, Percent Change: -1.05%

$TJX
Equity Markets Rebound Following Fed Minutes; Yields Tumble
US Markets

Equity Markets Rebound Following Fed Minutes; Yields Tumble

US stocks rebounded Wednesday as traders parsed minutes of the Federal Reserve's latest monetary policy meeting, while Treasury yields slid.The Nasdaq Composite rose 1.5% to 26,270.4, while the S&P 500 advanced 1.1% to 7,433, both rising after a three-day fall. The Dow Jones Industrial Average added 1.3% to 50,009.4. Most sectors ended in the green, led by consumer discretionary, while energy saw the biggest drop.Fed officials flagged the possibility of higher interest rates if the Middle East conflict drags on and keeps inflation above the 2% goal, minutes from the central bank's April meeting showed.Meeting participants generally determined that elevated inflation, combined with uncertainty around the duration and impact of the Iran war, could justify holding rates for longer than previously anticipated, the meeting minutes showed.However, majority of Fed officials pointed out "that some policy firming would likely become appropriate if inflation were to continue to run persistently above 2%.""The discussion at the April meeting suggests the (Federal Open Market Committee) is becoming increasingly worried about the inflation outlook," Sal Guatieri, senior economist at BMO Capital Markets, said in a report. "While it is in no rush to raise rates, that possibility will only grow if inflation remains stubbornly high."Treasury yields plunged in Wednesday late-afternoon trade, with the 10-year yield rate declining 9.6 basis points to 4.58% and the two-year rate retreating 7.4 basis points to 4.05%.Bond yields have surged amid mounting concerns about inflation. Higher yields drove a sell-off in stocks on Tuesday, according to Macquarie."The state of play now and following the end of earnings season, is that stock indexes are likely to remain sensitive to what happens to long-term yields," Macquarie said in note Wednesday. "Should yields go higher (for whatever reason), stocks will slip further."West Texas Intermediate crude oil was last down 5.5% at $98.47 a barrel, while Brent fell 5.6% to $105.03.US President Donald Trump said on Wednesday that negotiations with Iran had reached the final stages, though he warned of further attacks if Tehran backs out, according to a Reuters report.Shares of airlines and cruise operators were notable gainers on Wednesday, with United Airlines (UAL) up 10%, the top gainer on S&P 500. Delta Air Lines (DAL) jumped 9.4%, among the best performers on the index, along with Carnival (CCL) and Norwegian Cruise Line (NCLH).In other company news, Hasbro (HAS) reported a first-quarter operating loss for the consumer products division even as the toymaker delivered stronger-than-expected results at the consolidated level. The stock slid 8.8%, the worst performer on the S&P 500.Target (TGT) shares fell 3.9%, among the steepest declines on the S&P 500. The retailer lifted its full-year sales growth outlook as it recorded higher-than-expected fiscal first-quarter results.TJX (TJX) raised its full-year outlook after posting stronger-than-expected fiscal first-quarter results, with comparable sales rising across all segments. The stock climbed 5.6%.Gold was last up 0.8% at $4,549.30 per troy ounce, while silver rose 1.8% to $76.48 per ounce.

Dow JonesNasdaq CompositeS&P 500$CCL$DAL$HAS$NCLH$NVDA$TGT$TJX$UAL
Sectors

Sector Update: Consumer Stocks Mixed Late Afternoon

Consumer stocks were mixed late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.6% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 2.3%.In corporate news, GameStop (GME) increased its stake in eBay (EBAY) to about 6.6%, according to a Schedule 13D filed with the Securities and Exchange Commission. GameStop shares rose 2.6%, and eBay gained 3.9%.TJX (TJX) raised its full-year outlook Wednesday after posting stronger-than-expected fiscal Q1 results, with comparable sales rising across all segments. Its shares popped 5.6%.Lowe's (LOW) reported fiscal Q1 results above market estimates, while the home improvement retailer affirmed its full-year outlook. Shares rose 0.9%.Hasbro (HAS) shares dropped past 9%. The company reported a Q1 operating loss for the consumer products division amid largely flat sales even as the toymaker delivered stronger-than-expected results at the consolidated level.

$EBAY$GME$HAS$LOW$TJX
Equities Higher Ahead of Fed Minutes, Nvidia Earnings
US Markets

Equities Higher Ahead of Fed Minutes, Nvidia Earnings

US benchmark equity indexes were higher intraday as traders awaited minutes of the Federal Reserve's last policy meeting and tech bellwether Nvidia's (NVDA) results.The Nasdaq Composite was up 1.2% at 26,185.8 after midday Wednesday, while the Dow Jones Industrial Average advanced 1.1% to 49,894.5. The S&P 500 rose 0.9% to 7,417.3. Among sectors, consumer discretionary paced the gainers, while energy saw the biggest drop.The Federal Open Market Committee is scheduled to publish minutes of its most recent policy meeting at 2 pm. Last month, the central bank held interest rates steady, saying the Middle East conflict is fueling uncertainty around the US economic outlook.Three FOMC officials opposed including an easing bias in the April monetary policy statement."The minutes will no doubt offer further insight into the conversation and discussion around the latest statement language, which led to a plethora of dissents, as well as the committee's assessment of current conditions amid the ongoing international conflict and the outlook for policy and rates in the coming months," Stifel said in a note.Shares of Nvidia were up 1.8% intraday, with the chipmaker scheduled to report its fiscal first-quarter results after the closing bell.Nvidia's sales are expected to outperform market projections, BofA Securities said in a note e-mailed Tuesday."Markets are still supported by (artificial intelligence) expectations, but higher yields are putting pressure on expensive growth stocks, making Nvidia's earnings later today one of the week's most important catalysts for the broader technology sector," Saxo Bank said in a report Wednesday.Bond yields have surged amid mounting concerns about inflation. Higher yields drove a sell-off in stocks on Tuesday, according to Macquarie.Treasury yields were down intraday Wednesday, with the 10-year yield rate declining 7.9 basis points to 4.59% and the the two-year rate retreating 5.7 basis points to 4.07%."The state of play now and following the end of earnings season, is that stock indexes are likely to remain sensitive to what happens to long-term yields," Macquarie said in note Wednesday. "Should yields go higher (for whatever reason), stocks will slip further."West Texas Intermediate crude oil declined 6.1% to $97.80 a barrel intraday, while Brent fell 6% to $104.60.US President Donald Trump said on Wednesday that negotiations with Iran had reached the final stages, though he warned of further attacks if Tehran backs out, according to a Reuters report."Either have a deal or we're going to do some things that are a little bit nasty, but hopefully that won't happen," Trump was quoted as saying in the report.In other company news, Hasbro (HAS) reported a first-quarter operating loss for the consumer products division even as the toymaker delivered stronger-than-expected results at the consolidated level. The stock was down 8.3% intraday, the worst performer on the S&P 500.Target (TGT) shares fell 3.8%, among the steepest declines on the S&P 500. The retailer lifted its full-year sales growth outlook as it recorded higher-than-expected fiscal first-quarter results.TJX (TJX) raised its full-year outlook after posting stronger-than-expected fiscal first-quarter results, with comparable sales rising across all segments. The stock was advancing by 6.2%.Gold was up 0.6% at $4,536.50 per troy ounce, while silver rose 1.4% to $76.24 per ounce.

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Wire

Top Midday Stories: Target Beats Q1 Estimates, Ups Sales Guidance, But Shares Fall; Intuit Laying Off 17% of Global Workforce

All three major US stock indexes were up in late-morning trading Wednesday, a day after a jump in long-dated US Treasury yields caused equities to retreat, and ahead of Nvidia's (NVDA) highly anticipated earnings results in the afternoon.In company news, Target (TGT) reported fiscal Q1 adjusted earnings of $1.71 per diluted share, up from $1.30 a year earlier and above the FactSet consensus analyst estimate of $1.47. Fiscal Q1 net sales were $25.44 billion, up from $23.85 billion a year ago and above the FactSet consensus of $24.66 billion. For fiscal 2026, the company said it expects adjusted EPS to be near the high end of its prior guidance range of $7.50 to $8.50, compared to the FactSet consensus of $8.12. Full-year net sales are projected to grow around 4% from 2025, up from its prior guidance of 2% growth. Analysts expect net sales of $107.15 billion. Target shares were down 4.4% around midday.Intuit (INTU) is laying off about 17% of its global workforce, or roughly 3,000 workers, Reuters reported, citing an internal memo. The company also plans to close its Reno and woodland Hills offices, the report said. Intuit shares were down 3.5%.TJX (TJX) reported fiscal Q1 earnings Wednesday of $1.19 per diluted share, up from $0.92 a year earlier and above the FactSet consensus of $1.02. Fiscal Q1 net sales were $14.32 billion, up from $13.11 billion a year earlier and above the FactSet consensus of $14.02 billion. For fiscal Q2, the firm said it expects EPS of $1.15 to $1.17, compared with the consensus of $1.17. TJX expects comparable sales to grow 2% to 3% in fiscal Q2. For fiscal 2027, the company expects EPS of $5.08 to $5.15, up from its prior guidance of $4.93 to $5.02, and compared with the consensus of $5.13. Full-year comparable sales are expected to grow 3% to 4%, up from 2% to 3% previously. TJX shares were up 6%.Lowe's (LOW) reported fiscal Q1 adjusted earnings of $3.03 per diluted share, up 3.8% from a year earlier and above the FactSet consensus of $2.97. Fiscal Q1 net sales were $23.08 billion, up from $20.93 billion a year ago and above the consensus of $22.98 billion. Shares were down 0.4%.Analog Devices (ADI) reported fiscal Q2 adjusted earnings of $3.09 per diluted share, up from $1.85 a year earlier and above the FactSet consensus of $2.88. Fiscal Q2 revenue was $3.62 billion, up from $2.64 billion a year ago and above the FactSet consensus of $3.51 billion. For fiscal Q3, the firm expects adjusted EPS of $3.30, plus or minus $0.15, above the consensus of $2.99. Fiscal Q3 revenue is expected to be $3.9 billion, plus or minus $100 million, above the FactSet consensus of $3.61 billion. Analog Devices shares were down 5.8%.Price: $225.58, Change: $+4.97, Percent Change: +2.25%

$ADI$INTU$LOW$NVDA$TGT$TJX
Wire

JPMorgan Adjusts TJX Companies Price Target to $176 From $174, Maintains Overweight Rating

JPMorgan Adjusts TJX Companies Price Target to $176 From $174, Maintains Overweight Rating

$TJX

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