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Wire

Update: Market Chatter: Taiwan Semiconductor Manufacturing, Toyota Operations Hit by Japan Earthquake

(Updates to include a statement from Taiwan Semiconductor Manufacturing in the fourth paragraph.)Taiwan Semiconductor Manufacturing (TSM) and Toyota Motor (TM) were among manufacturers whose operations were disrupted after a powerful earthquake struck Japan's Kumamoto prefecture, Nikkei Asia reported Wednesday.Taiwan Semiconductor Manufacturing evacuated personnel from its JASM semiconductor plant in Kumamoto after the quake triggered mandatory evacuation procedures, while some construction work at JASM's second fab was temporarily suspended as a precaution, a company spokesperson told Nikkei Asia.Toyota will halt production at three plants in Fukuoka prefecture from Wednesday evening through Friday while it assesses safety, logistics and supplier conditions, the report said, citing the automaker.Taiwan Semiconductor Manufacturing toldthat JASM structures are safe following structural inspections and it is now inspecting equipment and doing recovery works. The company also said it is still assessing the earthquake's impact.Toyota Motor did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $383.08, Change: $-9.23, Percent Change: -2.35%

$TM$TSM
Commodities

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Monday as Oil Prices Fall

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.9%, and the actively traded Invesco QQQ Trust (QQQ) advanced 1.4% in Monday's premarket activity, as oil prices fell amid hopes of a US-Iran truce.US stock futures were also higher, with S&P 500 Index futures up 0.9%, Dow Jones Industrial Average futures advancing 1.2%, and Nasdaq futures gaining 1.4% before the start of regular trading.New orders for US durable goods rose by 0.3% in June following a decline of 4.0% in May, compared with the expectations for a larger increase of 1.8% in a survey compiled by Bloomberg.The Dallas Federal Reserve's manufacturing index for July will be released at 10:30 am ET.In premarket action, bitcoin was up by 0.6%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.5% higher, Ether ETF (EETH) rose 5.4%, and Bitcoin & Ether Market Cap Weight ETF (BETH) retreated marginally by 0.01%.Power Play:EnergyThe iShares US Energy ETF (IYE) declined by 2.1%, while the State Street Energy Select Sector SPDR ETF (XLE) fell 2.6%.TotalEnergies (TTE) stock was down more than 3% before market open after the company said it has decided to appeal a June 25 ruling by the Paris Judicial Court in a climate-related duty-of-vigilance case.Winners and Losers:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.9%, the Vanguard Industrials Index Fund (VIS) gained 0.8%, and the iShares US Industrials ETF (IYJ) was 0.3% higher.United Airlines (UAL) stock was up more than 3%, while Delta Air Lines (DAL) shares rose 2.7% before the opening bell, a day after The Wall Street Journal reported that United pitched a merger deal to Delta last year, but the talks fizzled out without a deal after Delta declined to pursue the proposal.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.8%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.8%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 2.2% lower.Northern Trust (NTRS) shares traded up 2% in early hours activity after the company said it has been selected to provide fund administration and related services to alternative asset manager Dawson Partners.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 1.6%, the iShares US Technology ETF (IYW) was 1.6% higher, and the iShares Expanded Tech Sector ETF (IGM) was up 0.2%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained 2.6%, while the iShares Semiconductor ETF (SOXX) rose by 2.2%.Broadcom (AVGO) shares were up more than 2% in premarket activity after the company and Samsung Electronics said they signed a memorandum of understanding to expand their strategic collaboration across memory and foundry technologies to support next-generation artificial intelligence infrastructure.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.6%, the Vanguard Health Care Index Fund (VHT) was up 1.6%, while the iShares US Healthcare ETF (IYH) slipped 0.01%. The iShares Biotechnology ETF (IBB) was 0.5% higher.AstraZeneca (AZN) stock was up 1% premarket after the company reported higher Q2 core earnings and revenue.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.1%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) advanced 0.1%, and the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rose 1.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 1.2% higher.Toyota Motor (TM) shares were up more than 1% pre-bell after the company said it signed a binding agreement with Volvo Group and Daimler Truck to acquire a one-third stake in fuel-cell joint venture cellcentric.CommoditiesFront-month US West Texas Intermediate crude oil declined by 5.7% to $84.24 per barrel on the New York Mercantile Exchange. Natural gas was down by 3.1% to $2.80 per 1 million British Thermal Units. The United States Oil Fund (USO) was down 6.2%, while the United States Natural Gas Fund (UNG) was 3.7% lower.Gold futures for November gained 0.7% to $4,156.50 an ounce on the Comex. Silver futures were up 0.8% to $59.35 an ounce. SPDR Gold Shares (GLD) increased 0.7%, and the iShares Silver Trust (SLV) was 1.3% higher.

Dow JonesNasdaq CompositeS&P 500$AVGO$AZN$BETH$BITO$DAL$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$NTRS$PMR$QQQ$RTH$SLV$SOXX$SPY$TM$TTE$UAL$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Japan

Update: US Equity Futures Rise Pre-Bell as Oil Prices Drop Amid Pause in Middle East Hostilities

US equity futures rose pre-bell Monday as oil prices declined amid a pause in hostilities between the US and Iran over the weekend.Dow Jones Industrial Average futures were 1.1% higher, S&P 500 futures were up 0.8%, and Nasdaq futures were 1.3% higher.The US did not strike any Iranian targets on Saturday or Sunday after 13 consecutive nights of attacks. The US ambassador to the United Nations, Mike Waltz, told Fox News that President Donald Trump has halted the attacks for the meantime to allow more time for diplomacy. Iran said it will suspend its own attacks as long as the US does the same, Reuters reported Sunday, citing a senior Iranian official.Traders anticipate another round of earnings this week, kicked off by AstraZeneca (AZN), which posted higher Q2 core earnings and revenue.Microsoft (MSFT), Meta Platforms (META), Apple (AAPL), Amazon.com (AMZN), Lam Research (LRCX), and Arm (ARM) are set to release their financial results this week. Anticipated earnings also include Seagate Technology (STX), Qualcomm (QCOM), Procter & Gamble (PG), Visa (V), and Mastercard (MA).Traders also look forward to the Federal Reserve's policy session and rate statement, slated for Wednesday.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 5.2% at $86.94 per barrel and US West Texas Intermediate crude 6% lower at $83.97 per barrel.Durable goods new orders rose 0.3% in June after a 4.0% decline in the prior month, compared with expectations for a 1.8% increase in a survey compiled by Bloomberg. The Dallas Fed manufacturing survey for July will be released at 10:30 am ET.In other world markets, Japan's Nikkei closed 0.5% higher, Hong Kong's Hang Seng ended 1% higher, and China's Shanghai Composite finished 1.2% higher. Meanwhile, the UK's FTSE 100 was up 0.4%, and Germany's DAX index was 1.6% higher in Europe's early afternoon session.In equities, energy-related stocks were on the downswing due to the drop in oil prices. Exxon Mobil (XOM) shares fell 3.4%, Chevron (CVX) stocks were down 2.7%, and Shell (SHEL) shares were 2.3% lower.On the winning side, Broadcom (AVGO) stock was up 2.1% after the company and Samsung Electronics said they signed a memorandum of understanding to expand their strategic collaboration across memory and foundry technologies to support next-generation artificial intelligence infrastructure. Advanced Micro Devices (AMD) shares rose 2.2% after a Korea Times report cited the Ministry of Science and ICT as saying that the company partnered with South Korea to establish an artificial intelligence research facility and expand computing infrastructure. Toyota Motor (TM) stock was up 1.6% after the company said it signed a binding agreement with Volvo Group and Daimler Truck to acquire a one-third stake in fuel-cell joint venture Cellcentric.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMD$AMZN$ARM$AVGO$AZN$CVX$LRCX$MA$META$MSFT$PG$QCOM$SHEL$STX$TM$V$XOM
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) falling 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 0.9%.In corporate news, Conagra Brands (CAG) laid out a plan to streamline operations, including reviewing its non-core assets, as the packaged food company seeks to restore margins and invest more aggressively in supply chains. Chief Executive John Brase, who joined the company on June 1, announced the restructuring initiative Wednesday, alongside fiscal Q4 results. Conagra Brands shares were down 1.4%.The US Federal Communications Commission is expected to repeal a nationwide TV audience cap in what would be a win for Nexstar Media's (NXST) acquisition of rival Tegna, Bloomberg reported. A Nexstar-Tegna combination would reach roughly 80% of US households, significantly above the historic threshold of 39%, the report said. Nexstar shares jumped 4.2%.Ford (F) Executive Chairman Bill Ford said Tuesday that the US automotive industry has to prepare for competition from China's carmakers when they eventually enter the market. "It's astonishing how quickly the Chinese auto companies have just taken Europe by storm. Because they're being subsidized by the Chinese government, and you know the Chinese government decided that their domestic economy was in tough straits, so they were going to export the heck out of things, and they have," Ford said at an event sponsored by Axios. Ford shares were up 1.7%.Toyota Motor (TM) could lose its title as the world's largest automaker by sales to BYD without the Chinese competitor entering the US market, The Financial Times reported, citing BYD executive Stella Li and Founder Wang Chuanfu. The electric-vehicle manufacturer plans to surpass Toyota within five years through organic expansion and rapid advances in charging technology, the news outlet reported. Toyota shares increased 0.3%.

$CAG$F$NXST$TM
Sectors

Sector Update: Consumer Stocks Rise Wednesday Afternoon

Consumer stocks were higher Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.6% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 1.4%.In corporate news, the US Federal Communications Commission is expected to repeal a nationwide TV audience cap in what would be a win for Nexstar Media's (NXST) acquisition of rival Tegna, Bloomberg reported. A Nexstar-Tegna combination would reach roughly 80% of US households, significantly above the historic threshold of 39%, the report said. Nexstar shares jumped 4.2%.Ford (F) Executive Chairman Bill Ford said Tuesday that the US automotive industry has to prepare for competition from China's carmakers when they eventually enter the market. "It's astonishing how quickly the Chinese auto companies have just taken Europe by storm. Because they're being subsidized by the Chinese government, and you know the Chinese government decided that their domestic economy was in tough straits, so they were going to export the heck out of things, and they have," Ford said at an event sponsored by Axios. Ford shares were up 2.2%.Toyota Motor (TM) could lose its title as the world's largest automaker by sales to BYD without the Chinese competitor entering the US market, The Financial Times reported, citing BYD executive Stella Li and Founder Wang Chuanfu. The electric-vehicle manufacturer plans to surpass Toyota within five years through organic expansion and rapid advances in charging technology, the news outlet reported. Toyota shares were fractionally higher.

$F$NXST$TM
Wire

Toyota, Repsol, BMW, Bosch Launch 100% Renewable Fuel Vehicle Pilot in Spain

Toyota Motor (TM), Repsol, BMW Group and Bosch launched a six-month pilot project in Spain to demonstrate passenger vehicles running exclusively on 100% renewable gasoline, Repsol said Wednesday.The initiative, which began in early July, uses a fleet of about 20 Toyota and BMW vehicles powered by Repsol's Nexa 95 renewable gasoline and supported by Bosch's digital fuel-tracking technology, Repsol said in a statement.Data and findings from the pilot will be shared with EU policymakers to support regulations that recognize renewable fuels alongside electrification, Repsol said."The pilot will provide real-world evidence that renewable fuels can be deployed at scale today using existing vehicles, refueling infrastructure and digital certification technologies," the statement said.Price: $176.05, Change: $-0.17, Percent Change: -0.10%

$TM
Sectors

Sector Update: Consumer Stocks Lower in Afternoon Trading

Consumer stocks were lower Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) dropping 2%.In corporate news, Tesla's (TSLA) expansion into Miami saw Robotaxis being debuted with fewer drivers and without people acting as safety monitors and sitting in passenger seats for early rides, The Information reported. The launch represents Tesla CEO Elon Musk's strategy of rapidly expanding Robotaxi service without the kind of market-by-market training as seen in rival Alphabet's (GOOG, GOOGL) Waymo, the report said. Tesla shares were down 2.5%.Estee Lauder (EL) approved an additional $197 million in restructuring and related charges, bringing total costs under a recovery and growth plan to $1.75 billion. The latest charges comprise $74 million in employee-related costs, $87 million in asset-related costs and smaller contract termination and exit costs, the company said Tuesday in a regulatory filing. Estee shares fell 3.3%.Toyota Motor's (TM) decision to move production of its Tacoma pickup truck from Mexico to Texas has raised concerns that more automakers could shift production out of Mexico amid growing uncertainty over US-Mexico trade ties, Bloomberg reported. Toyota shares were down 1.4%.

$EL$TM$TSLA
Wire

Market Chatter: Toyota Tacoma Production Shift Raises Concerns Over Mexico Auto Output

Toyota Motor's (TM) decision to move production of its Tacoma pickup truck from Mexico to Texas has raised concerns that more automakers could shift production out of Mexico amid growing uncertainty over US-Mexico trade ties, Bloomberg reported Wednesday, citing two people familiar with the matter.Automakers with operations in Mexico are reviewing contingency production plans, trimming output and reassessing long-term plant expansion agreements, according to the report.Toyota Motor did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $175.59, Change: $-3.84, Percent Change: -2.14%

$TM
Wire

Toyota Motor's US Sales Rise 10% in June

Toyota Motor (TM) sold 212,793 vehicles in the US in June, up 10% year over year and pushing Q2 sales 1% higher to 673,971 vehicles, the company said Wednesday.US sales of electrified vehicles for the month rose 35% to 122,063, the company added.Price: $170.50, Change: $+2.08, Percent Change: +1.24%

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Wire

Joby Aviation, Toyota Motor Launch Manufacturing Joint Venture to Advance Electric Air Taxi Production

Joby Aviation (JOBY) and Toyota Motor (TM) launched the initial phase of their manufacturing alliance by setting up a joint venture to advance commercial production of Joby's electric air taxi aircraft, the companies said Tuesday.The venture will initially focus on establishing manufacturing processes and improving productivity, quality and costs, the companies said.The partnership will also support the expansion of Joby's production capacity to support aircraft certification and meet anticipated demand growth for Joby's electric vertical take-off and landing aircraft, according to the companies.Financial terms of the deal were not disclosed.Shares of Joby Aviation were 6.5% higher in Tuesday premarket trading, while Toyota Motor shares were 1.7% lower.

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Wire

Market Chatter: Toyota Motor Narrows Gap With General Motors in US as Hybrid Sales Grow

Toyota Motor (TM) is gaining ground on General Motors (GM) in US sales as demand for hybrid vehicles rises, Bloomberg reported Wednesday, citing a forecast from Cox Automotive.Toyota's US market share is projected to rise to 15.8% within H1, while General Motors' share is forecast to fall to 16.8%, according to the report.Toyota's electrified vehicle sales, driven largely by hybrids, rose 5.6% through May despite an expected decline in the broader US auto market, benefiting from consumer demand for fuel-efficient vehicles as gasoline prices near $4 per gallon, Bloomberg said.Toyota and General Motors didn't immediately respond to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $167.81, Change: $+0.58, Percent Change: +0.35%

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International

Tesla Auto Registrations in Europe Gain in May, Other Makers Mixed

EV-maker Tesla (TSLA) new automobile registrations in Europe rose to 28,610 in May, up 107.9% on year, while registrations struck 118,068 in the first five months of the year, up 57.2% on year, reported the European Automobile Manufacturers' Association (ACEA) on Tuesday.Other automakers had mixed results, although total new EU car registrations increased by 4% in the first five months of the year, led by EV-sales, said ACEA.Toyota Motors (TM) registrations on the continent slipped to 78,168 in May, off 0.6% on year, while 391,443 Toyota cars were registered in the January through May period, off 2% on year.Ford (F) registrations declined to 25,290 in May, down 28.3% on year, while 156,933 Ford cars were registered in the January-May period, off 16.9% on year.Honda Motor (HMC) registrations touched 5,695 in May, up 8.3% on year, and reached 33,527 for the first five months of the year, up 6.3% on year.Stellantis (STLA) car registrations struck 164,958 in May, off 2.3% on year, while there were 905,444 registrations in January through May, up 5.3% on year, reported the ACEA.

$F$HMC$STLA$TM$TSLA
Wire

Toyota Motor Recalls 16,200 Vehicles Over Risk of Power Loss

Toyota Motor (TM) said Thursday it is recalling about 16,200 model year 2026 bZ and Lexus RZ vehicles in North America due to a safety issue.The automaker said a potential error in the battery electronic control unit can shut down the electric drive system, possibly causing motive power loss while driving at a higher speed and increasing the risk of a crash.Dealers will update the battery ECU software free of charge and owners of affected vehicles will be notified by mid-August, the company said.Price: $174.73, Change: $+1.95, Percent Change: +1.13%

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Wire

Update: Market Chatter: Toyota Motor Secures Stake in Autonomous Driving Startup Tier IV

(Updates with Tier IV's response in the fourth paragraph.)Toyota Motor (TM) has formed a capital and commercial partnership with Japanese autonomous driving startup Tier IV, Nikkei Asia reported late Tuesday, citing internal information.The automotive group bought a 1% interest in the startup for an estimated 1 billion yen ($6.2 million) through its Toyota Invention Partners unit, the report said.The manufacturer plans to use Tier IV's technology to implement Level 4 autonomous capabilities into its e-Palette electric shuttle vehicle by fiscal 2027, the report said.Toyota Motor did not immediately respond to' request for comment, while Tier IV declined to comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $175.17, Change: $-0.61, Percent Change: -0.35%

$TM
Wire

Toyota Motor May US Sales at 238,800 Units, Down 0.6% Year Over Year, Bloomberg Says

Toyota Motor May US Sales at 238,800 Units, Down 0.6% Year Over Year, Bloomberg Says

$TM
Asia Markets

US Equity Futures Rise Pre-Bell Despite Renewed US-Iran Clashes

US equity futures were edging higher pre-bell Monday despite the shaky Middle East ceasefire being tested once again by a new exchange of attacks, even as President Donald Trump stated that Iran wants to come to an agreement.Dow Jones Industrial Average futures were 0.21% higher, S&P 500 futures were up 0.2%, and Nasdaq futures were 0.2% higher.The US said that it struck radar and drone sites in Iran after an American drone was shot down over the weekend. Iran then said it launched its own strike, while Kuwait reported that it intercepted incoming drone and missile fire."Iran really wants to make a deal, and it will be a good one for the U.S.A. and those that are with us," Trump said in a post on Truth Social. He has not yet decided on whether to move forward on an agreement to extend the ceasefire and reopen the Strait of Hormuz.Among the companies reporting financial results this week are Palo Alto Networks (PANW), Broadcom (AVGO), and CrowdStrike (CRWD).Oil prices were higher, with front-month global benchmark North Sea Brent crude up 2.3% at $93.24 per barrel and US West Texas Intermediate crude 2.9% higher at $89.92 per barrel.The final S&P Global manufacturing purchasing managers index for May, due at 9:45 am ET, is seen coming in at 55.3, unchanged from its prior value, according to estimates compiled by Bloomberg.The May Institute for Supply Management's services index, due at 10 am ET, is projected at 53.0, versus 52.7 previously. The April construction spending report is also due at 10 am ET.In other world markets, Japan's Nikkei closed 0.9% higher, Hong Kong's Hang Seng ended 0.9% higher, and China's Shanghai Composite finished 0.3% lower. Meanwhile, the UK's FTSE 100 was down 0.3%, and Germany's DAX index was 0.6% higher in Europe's early afternoon session.In equities, Nvidia (NVDA) and Microsoft (MSFT) shares were up 2.4% and 3.6%, respectively, after Nvidia said it launched RTX Spark, a new chip for Microsoft Windows PC personal AI agents. Dell Technologies (DELL) stock was up 1.2% after the company said it launched its XPS 13 compact laptop. Salesforce (CRM) shares rose nearly 5% after the company said it plans to invest $2 billion in France through 2030 and expand its AI and cloud operations.On the losing side, Toyota Motor (TM) stock was down 3% after a Wall Street Journal report that the Trump administration is expected to propose a tweak to the US-Mexico-Canada Agreement that would require half of all automobile components and materials to come from sources in the US. Constellation Energy (CEG) stock was down 2.7% after the company said certain shareholders launched a public offering of 11 million of its common shares.

Dow JonesNasdaq CompositeS&P 500$AVGO$CEG$CRM$CRWD$DELL$MSFT$NVDA$PANW$TM
Wire

Market Chatter: Toyota Motor to Discontinue Development of Next Generation Lexus EV Model

Toyota Motor (TM) will discontinue development of a next-generation Lexus electric vehicle and instead focus on SUVs and other vehicles, Nikkei Asia reported Thursday.Development is expected to be halted on a mass-production version of the Lexus LF-ZC sedan, the report said, adding that production was originally scheduled to begin late this year before being postponed to mid-2027.The company is expected to continue research and development into gigacasting technology and solid-state batteries, while also exploring future applications of next-generation EV technology, according to the news outlet.Toyota did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $192.30, Change: $+2.19, Percent Change: +1.15%

$TM
Wire

Toyota Motor Recalls 82,000 US Vehicles Over Instrument Display Software Issue

Toyota Motor (TM) said Wednesday it is recalling about 82,000 model year 2024-2025 Land Cruiser, Mirai, Lexus UX and GX vehicles in the US due to a software issue that could cause parts of the instrument cluster display to go blank during startup.The automaker said some warning lights and indicators may fail to appear, meaning the vehicles would not meet federal safety requirements and could increase the risk of a crash or injury if drivers do not receive critical alerts.Toyota said dealers will update the combination meter software free of charge. Notifications to owners are expected to begin by late July.Price: $189.40, Change: $-0.69, Percent Change: -0.36%

$TM
Asia Markets

US Equity Futures Fall Pre-Bell as US-China Summit Ends With No Significant Policy Developments

US equity futures were falling pre-bell Friday as traders noted that the summit between President Donald Trump and Chinese President Xi Jinping ended with no significant policy developments.Dow Jones Industrial Average futures were 0.9% lower, S&P 500 futures were down 1.2%, and Nasdaq futures were 1.7% lower.The two world leaders agreed that the Strait of Hormuz should remain open, according to a US readout from a White House official. Trump said that China agreed to 200 planes from Boeing (BA), with the promise to buy 750 "if they do a good job with the 200." Details of the agreement were not immediately available, including when and which type of jets would be delivered, but the initial figure was smaller than 500-plane package expected by investors.Traders also digested the latest round of earnings, with Applied Materials (AMAT) posting higher fiscal Q2 earnings and revenue late Thursday.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 2.5% at $108.34 per barrel and US West Texas Intermediate crude 3.2% higher at $104.43 per barrel.The New York Federal Reserve's Empire State manufacturing index rose to 19.6 in May from 11.0 in April, compared with expectations of a decrease to a reading of 7.2 in a survey compiled by Bloomberg.The April industrial production report, due at 9:15 am ET, is forecast to show a 0.3% increase following a 0.5% decline in the prior month.In other world markets, Japan's Nikkei closed 2% lower, Hong Kong's Hang Seng ended 1.6% lower, and China's Shanghai Composite finished 1% lower. Meanwhile, the UK's FTSE 100 was down 2%, and Germany's DAX index was 2% lower in Europe's early afternoon session.In equities, Nvidia (NVDA), Micron Technology (MU), and Taiwan Semiconductor Manufacturing (TSM) were part of broader technology stock sell-offs as traders took profits after the group saw sharp gains of late. Nvidia shares were 3% lower, Micron stock was down 4.2%, and Taiwan Semiconductor shares fell 3%.On the winning side, Toyota Motor (TM) shares were up 1.7% after the company sought approval to build a new vehicle assembly line at its manufacturing plant in Texas as part of a $2 billion expansion, according to a Reuters report citing a filing. Figma (FIG) stock was up 7.2% after the company posted higher Q1 adjusted earnings and revenue that beat analysts' estimates. Magnum Ice Cream (MICC) shares rose over 11% after Reuters reported that Blackstone (BX) and Clayton, Dubilier & Rice are in the early stages of considering bids to acquire the company.

Dow JonesNasdaq CompositeS&P 500$AMAT$BA$BX$FIG$MICC$MU$NVDA$TM$TSM
Research

Research Alert: CFRA Lowers Opinion On Ads Of Toyota Motor Corporation To Sell From Hold

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our 12-month target price to USD150 from USD260, implying a FY 27 (Mar.) P/B of 0.72x, as the latest financial reports and guidance confirm that the structural profit erosion is deeper and more prolonged than we previously anticipated. Our revised FY 27 EPS estimate of JPY2,830, reduced from JPY3,330, reflects the incremental headwind from the Middle East that management has acknowledged it cannot fully absorb on top of the persistent U.S. tariff burden. We initiate a FY 28 EPS forecast of JPY3,210, assuming some degree of stabilization in tariff and geopolitical conditions and a gradual benefit from cost-reduction and value-chain initiatives, but still well short of the levels that would support the previous valuation premium. Our de-rating reflects not only the immediate compression in earnings but also the heightened unpredictability of trade policy and the risk that Toyota's break-even volume remains structurally elevated. We downgrade our rating to Sell from Hold.

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