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Lululemon Athletica Shares Plunge as Retailer Cuts Outlook Amid Tough Market Dynamics
US Markets

Lululemon Athletica Shares Plunge as Retailer Cuts Outlook Amid Tough Market Dynamics

Lululemon Athletica (LULU) shares tumbled in premarket trading on Friday after the athletic apparel retailer lowered its full-year outlook amid challenging market dynamics and continued pressure on the brand.The company now anticipates per-share earnings in the range of $9.48 to $9.73 for fiscal 2026, it said late Thursday, down from prior projections of $10.95 to $11.15. Revenue is expected in the range of $10.35 billion to $10.5 billion, compared with the previous guidance of $11 billion to $11.15 billion.The current FactSet consensus is for EPS of $10.11 and sales of $10.57 billion for the ongoing fiscal year. Lululemon's stock plunged 20% in most recent premarket activity, and had lost 41% this year through Thursday close.The overall response to Lululemon's product launches remained "inconsistent" heading into the third quarter, interim co-Chief Executive Meghan Frank said during an earnings call, according to a FactSet transcript."We've continued to see pressure on the brand in both of our largest markets," Frank said, pointing to North America and China. "Based on our assessment of these current trends, we've updated our guidance for the remainder of the year."Lululemon appointed industry veteran Heidi O'Neill as its new chief executive in April. She is set to take the helm next week.Last month, UBS Securities said it expected weak sales growth for Lululemon in China and the US. The growing demand risk in China is driven by self-inflicted public relations blunders, including a social media backlash over its Great Wall event and concerns around polyfluoroalkyl substances in products, the brokerage said at the time."We faced negative commentary in the media and social channels, which impacted traffic and softer-than-planned response to some new product launches, which contributed to a moderating sales trend," Frank told analysts.For the current quarter, Lululemon expects EPS between $0.93 and $0.98. Revenue is set to be in a range of $2.29 billion to $2.32 billion, representing an annual decline of 10% to 11%. The Street is looking for EPS of $1.21 and sales of $2.34 billion.The second-half guidance assumes a slower trend in North America relative to the second quarter, while international performance is expected to remain broadly consistent with second-quarter trends, Frank said.Comparable sales in the quarter ended Aug. 2 fell 9%, versus the market's forecast that called for a 4.6% decrease. The metric slid 12% in the Americas, and 2% in China. Revenue fell 4% year on year to $2.42 billion, below the Street's view of $2.46 billion.Lululemon's earnings slipped to $2.92 per share in the second quarter from $3.10 the year before, but came in ahead of the average analyst estimate of $1.79.In August, sportswear maker Under Armour (UAA, UA) lowered its full-year revenue outlook amid weak demand in North America and Asia Pacific.

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Lululemon Athletica Set to Top Second Quarter Earnings Expectations on Cost Control, Share Repurchases, UBS Says
US Markets

Lululemon Athletica Set to Top Second Quarter Earnings Expectations on Cost Control, Share Repurchases, UBS Says

Lululemon Athletica (LULU) is poised to top Wall Street's view for its second-quarter earnings per share, driven by cost control and buybacks despite soft global demand, UBS Securities said in a client note Tuesday.UBS expects earnings of $1.84 per share in the second quarter, compared with the analyst consensus of $1.82."We believe global demand softened during the quarter and likely fell short of Street expectations," UBS analysts Jay Sole and Mauricio Serna said. "We anticipate disciplined cost management and greater than expected share repurchase activity drives (Lululemon's second quarter) EPS to come in above expectations."The athletic apparel retailer is expected to lower its fiscal 2026 earnings guidance by $1.25 to $9.70 to $9.90 per share due to "weak" China and US sales growth outlooks, the UBS analysts said. The Street estimate is $10.93.There is little chance that Lululemon's earnings will positively impact investors' sentiment around the direction of the company's US and international businesses, the firm said. "We note (Lululemon) sentiment already leans bearish and thus likely limits price-to-earnings ratio downside," Sole and Serna wrote. "This is why we see only a moderately tilted upside/ downside skew around the event."UBS said that weak online trends in Mainland China point to softer demand for Lululemon and second-quarter gross merchandise value will likely drop 48% year-over-year. "This is a key reason we anticipate below-consensus China Mainland sales growth in (second quarter) and in (second-half)," the note added.The growing demand risk in China is driven by self-inflicted public relations blunders, including a social media backlash over its Great Wall event and concerns around polyfluoroalkyl substances in products, according to the note."We see risk as Alo Yoga continues to sell on Tmall and begins to roll out stores in the region that it further pressures (Lululemon's) China sales growth rate trajectory," UBS said. Alo Yoga is a high-end American sports and lifestyle brand.The brokerage reduced its price target on Lululemon's stock to $120 from $124 and reiterated a neutral rating."While we see a negative risk/reward over the (second quarter) event, we expect Lululemon to perform in-line with peers over (the next twelve months)," Sole and Serna added.The company's second quarter results are scheduled for Sept. 3. Heidi O'Neill joins Lululemon as chief executive on Sept. 8 and will replace interim co-CEOs Meghan Frank and Andre Maestrini.Earlier in August, sportswear maker Under Armour (UAA, UA) reported a fiscal first-quarter sales miss and reduced fiscal 2027 revenue outlook to a mid-single-digit percentage rate decline from a slight drop previously.Lululemon shares were down 4.2% in Tuesday trading and have fallen 43% this year.Price: $117.96, Change: $-4.83, Percent Change: -3.93%

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Sneaker maker On Tempers 2026 Sales Growth Outlook as Second-Quarter Top-Line Misses Views
US Markets

Sneaker maker On Tempers 2026 Sales Growth Outlook as Second-Quarter Top-Line Misses Views

On Holding (ONON) tempered its full-year constant-currency sales growth outlook on Tuesday as the Swiss sneaker maker's second-quarter revenue fell short of market estimates.The company now anticipates sales to rise by a low-20% figure at constant currency terms for 2026, compared with prior projections for growth of at least 23%.The revised guidance implies 3.47 billion Swiss francs ($4.28 billion) to 3.56 billion francs at current spot rates, while the consensus on FactSet is for 3.56 billion francs. It previously projected reported sales of at least 3.51 billion francs, based on then spot rates.On's New York Stock Exchange-listed shares plunged 19% in Tuesday trade, taking their year-to-date loss to 33%.The group's direct-to-consumer channel is expected to "strongly" outperform the wholesale segment in the second half, according to On."On is deliberately managing wholesale sell-in to protect full-price integrity in a promotional marketplace, ensuring a clean runway for On's upcoming breakthrough innovations leading into 2027," the company said.For the three months through June, On's sales advanced to 850.3 million francs from 749.2 million francs last year, but trailed the Street's view for 878.4 million francs. On a constant currency basis, sales climbed 22%.Revenue in the direct-to-consumer channel added 26% to 388.4 million francs, while the wholesale channel recorded a 4.8% increase to 461.9 million francs.Shoe revenue rose 11% to 781.6 million francs in the second quarter, while apparel and accessories jumped 48% and 88%, respectively. Net sales gained 4.5% in the Americas, with double digit gains in Europe, the Middle East and Africa and Asia Pacific.The company swung to adjusted earnings of 0.35 francs per class A share from a loss of 0.09 francs annually, topping the average analyst estimate that called for EPS of 0.34 francs.Last week, Truist Securities said sentiment around On leaned "bearish" following a surprise CEO change announcement earlier this year. In March, On appointed co-founders David Allemann and Caspar Coppetti as co-CEOs, effective May 1, succeeding Martin Hoffmann.On is "advantageously" positioned due to its comparatively low brand awareness in international markets, high-income consumer base and a solid product pipeline, Truist said in a note.Last week, Under Armour (UAA, UA) reported an annual drop in its fiscal first-quarter footwear revenue and lowered its consolidated full-year sales outlook amid weak demand in North America and Asia Pacific. Footwear maker Crocs (CROX) issued a downbeat third-quarter earnings guidance in July, while its second-quarter results topped Wall Street's estimates.In June, sportswear giant Nike (NKE) posted a year-over-year decline in its fiscal fourth-quarter revenue.Price: $31.30, Change: $-7.49, Percent Change: -19.30%

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Research

Barclays Downgrades Under Armour to Underweight From Equalweight, Price Target is $5

Under Armour (UAA) has an average rating of hold and mean price target of $6.07, according to analysts polled by FactSet.

$UAA
Under Armour Lowers Full-Year Sales Outlook as Fiscal First-Quarter Revenue Misses Street Views
US Markets

Under Armour Lowers Full-Year Sales Outlook as Fiscal First-Quarter Revenue Misses Street Views

Under Armour (UAA, UA) lowered its full-year revenue outlook on Friday amid weak demand in North America and Asia Pacific, while the sportswear maker's fiscal first-quarter sales fell short of market estimates.The company now expects revenue to decline by a mid-single-digit percentage for fiscal 2027, compared with its previous projections for a "slight" decrease. The consensus on FactSet is for sales of $4.94 billion, representing a year-over-year decline of 0.6%.Under Armour's Class A and Class C shares were down more than 5% during Friday trading.Under Armour attributed the guidance revision to soft demand, particularly in North America and Asia Pacific. It now expects a mid-single-digit sales decline in North America and a low-single-digit decline in Asia Pacific, compared with its previous forecast for a low-single-digit decline and a low-single-digit increase, respectively.The company said it remains focused on balancing short-term revenue opportunities with disciplined marketplace management and full-price selling."As we navigate a challenging consumer demand environment, we continue to make progress in building a more focused Under Armour, despite updating our full-year revenue outlook," Chief Executive Kevin Plank said in the earnings release. "By simplifying the business, we are operating with greater discipline and better positioned to protect profitability, while still investing in a sharper product portfolio."The sportswear maker continues to anticipate adjusted earnings of $0.08 to $0.12 per share for the current fiscal year, while Wall Street is looking for $0.11.For the quarter ended June 30, Under Armour's revenue moved down 3% to $1.1 billion, just shy of the average analyst estimate of $1.11 billion. Adjusted EPS rose to $0.05 from $0.02 in the year-ago quarter, in line with the Street's view.North America sales dropped 9%, while Europe, the Middle East and Africa climbed 12%. Revenue in Asia Pacific fell 6.6% and Latin America inclined 7.7%.Wholesale revenue slipped 1.6% to $638.5 million, while direct-to-consumer sales were off 5.8% to $436.5 million. Apparel revenue declined 1.7% to $734 million, footwear retreated 7.7% to $245.3 million, while accessories shed 4.4% to $95.7 million.For the ongoing quarter, Under Armour expects an adjusted loss of between $0.01 and $0.03 per share, compared with the market's current forecast of non-GAAP EPS of $0.05.Last month, UBS Securities said it expected Under Armour's first-quarter report to be largely in line with expectations. The brokerage at the time said it sees the company driving considerable product innovation over the next few years, supporting a potential recovery in its revenue growth over the long term.Footwear maker Crocs (CROX) last month issued downbeat third-quarter earnings guidance. At the end of June, Nike (NKE) reported a year-over-year decline in its fiscal fourth-quarter revenue.Price: $6.08, Change: $-0.32, Percent Change: -4.98%

$UAA
Stocks Rise Pre-Bell Ahead of Key Jobs Report; Investors Assess Iran's Hormuz Draft Plan
US Markets

Stocks Rise Pre-Bell Ahead of Key Jobs Report; Investors Assess Iran's Hormuz Draft Plan

The benchmark US stock measures were tracking in the green before the open Friday as traders await a key employment report for July and assess media reports on Iran's restrictive draft plan for the Strait of Hormuz.The S&P 500 rose 0.2%, the Nasdaq increased 0.5% and the Dow Jones Industrial Average edged up in premarket activity. The indexes finished the previous trading session lower, with the Dow snapping a three-day streak of record closing highs.The nonfarm payrolls report for last month is scheduled to be released at 8:30 am ET. Government data is expected to show that the US economy added 80,000 jobs in July, compared with a 57,000 gain reported for the month prior, according to a Bloomberg poll.Job cuts hit a two-year low in July even as downsizing in the tech sector continued, outplacement firm Challenger Gray & Christmas said Thursday. Earlier in the week, ADP (ADP) data showed that private-sector employment in the US increased less than expected last month as gains were concentrated in services.Treasury yields were down in premarket action, with the two-year rate retreating 1.2 basis points to 4.23% and the 10-year rate off 0.8 basis points to 4.66%.Iranian state news agency Fars published on Thursday Iran's initial draft proposal for a potential deal over the Strait of Hormuz under which US and Israeli ships would be barred from transiting the key waterway, CNBC reported. The plan is reportedly under review by an Iranian parliamentary committee.Iranian Deputy Foreign Minister Kazem Gharibabadi earlier in the week said that an "understanding" between Iran and Oman regarding the Strait of Hormuz is close to being finalized. The proposed Iran-Oman agreement would not automatically reopen the strait, Gharibabadi told the state-run Islamic Republic News Agency, according to CNN.West Texas Intermediate crude oil nudged 0.1% lower to $77.27 a barrel before the opening bell, while Brent dipped 0.2% to $82.29.Shares of Cloudflare (NET) jumped 17% pre-bell as the cloud company lifted its full-year outlook following better-than-expected second-quarter results. Airbnb (ABNB) advanced 8.1% after the vacation rental company's second-quarter results topped Wall Street's estimates amid strong demand fueled by the FIFA World Cup.Vistra (VST), Take-Two Interactive Software (TTWO), Oklo (OKLO), Fluor (FLR), Under Armour (UAA, UA), Spectrum Brands (SPB) and Wendy's (WEN) report their latest financial results before the bell, among others.Friday's economic calendar also has the weekly Baker Hughes oil-and-gas rig count at 1 pm. Federal Reserve Bank of Richmond President Thomas Barkin is scheduled to speak at 10 am.Gold advanced 1.7% to $4,374 per troy ounce, while bitcoin gained 0.8% to $64,793.

Dow JonesNasdaq CompositeS&P 500$ABNB$FLR$NET$OKLO$SPB$TTWO$UA$UAA$VST$WEN
Wire

Under Armour to Deliver 'In-Line' Q1 Results, UBS Says

Under Armour (UAA) is expected to deliver an "in-line" Q1 report, which will lead to the company reiterating its fiscal 2027 EPS guidance, UBS said in a note Tuesday.While sentiment is bearish, the firm said its conversations with investors and the stock's recent positive move made it to think this type of outcome is mostly priced in. UBS said it does not expect the company's Q1 to drive big changes in consensus EPS estimates.UBS said the company's North America business to remain adversely impacted by soft e-commerce traffic, but also expects significant gross margin expansion on tariff refunds.UBS believes the company's fundamentals will improve more than what the market expects over the next twelve months, according to the note.UBS maintained its buy rating on the stock with $10 price target.Price: $7.12, Change: $+0.04, Percent Change: +0.49%

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Research

Research Alert: CFRA Maintains Hold Opinion On Shares Of Under Armour Inc.

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 price target by $1 to $6, based on 17.1x our FY 28 (Mar.) EPS estimate and well below the company's three-year average forward P/E multiple of 31.4x. We lower our FY 27 EPS estimate by $0.30 to $0.15 and initiate our FY 28 EPS estimate at $0.35. UAA's revenue declined 0.8% to $1.17B, in line with consensus estimates (down 4.2% in constant currency), as a 7% decline in North America was partially offset by 10% international growth. The company posted adjusted diluted loss per share of $0.03 compared to a loss per share of $0.08 in the year prior and in line with consensus estimates. Gross margin compression of 470 bps to 42.0% represented the most significant headwind, primarily attributable to elevated tariff costs, along with pricing pressures, higher product costs, and unfavorable regional mix. This more than offset benefits from disciplined expense management, as SG&A declined 15% to $518M, reflecting lower marketing spend due to timing shifts and reduced compensation.

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Wire

Under Armour Faces Uncertainty Around Sales Recovery, BofA Securities Says

Under Armour (UA, UAA) faces uncertain sales recovery, with limited near-term visibility on a meaningful turnaround in North America demand and continued pressure on revenue trends, BofA Securities said in a note Wednesday.Management's fiscal 2027 outlook assumes a stabilization year, with North America sales still declining in the low-single digits following a sharper drop in fiscal 2026, while overall guidance reflects a wide range of outcomes, according to the note.BofA said that while adjusted operating income is expected to rise about 40% year over year at the midpoint, most of the improvement is driven by one-off tariff refunds, with underlying margin expansion more limited once those effects are excluded.Analysts also highlighted ongoing SKU reductions, improved product focus, and lower discounting, but said there is still limited evidence these steps will drive a sustained demand recovery. The investment firm lowered its fiscal 2027 and 2028 earnings per share estimates by 58% and 46% to $0.10 and $0.17, respectively.BofA maintained its neutral rating on the stock and lowered its price target to $6.40 from $8.Price: $4.94, Change: $+0.04, Percent Change: +0.82%

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Research

Stifel Downgrades Under Armour to Hold From Buy, Adjusts Price Target to $6 From $9

Under Armour (UAA) has an average rating of hold and mean price target of $6.32, according to analysts polled by FactSet.

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Sectors

Sector Update: Consumer Stocks Mixed Late Afternoon

Consumer stocks were mixed late Tuesday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.6% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1.2%.In sector news, Redbook US same-store sales last week rose 9.6% from a year earlier after a 7.8% increase in the previous week. Redbook cited higher sales of seasonal products including clothing, footwear and outdoor goods due to warmer temperatures and graduation sales.In corporate news, Under Armour (UAA) issued weaker-than-expected full-year guidance after the sportswear maker's fiscal Q4 adjusted loss narrowed less than analysts anticipated. The shares fell 18%.EBay (EBAY) rejected video game retailer GameStop's (GME) proposal to acquire the e-commerce company in what would have been a $55.5 billion deal. GameStop shares fell 3.2%, and eBay rose 2.3%.Wendy's (WEN) shares surged 17% after the Financial Times reported the company faces a potential take-private bid from Trian Fund Management.Sea (SE) reported Q1 revenue above market estimates as the Shopee parent saw growth across all core business segments. The shares climbed 13%.

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Sectors

Sector Update: Consumer

Consumer stocks were mixed late Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.9%.In corporate news, Under Armour (UAA) issued weaker-than-expected full-year guidance on Tuesday after the sportswear maker's fiscal Q4 adjusted loss narrowed less than analysts anticipated. Its shares fell more than 17%.

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Wire

Top Midday Stories: April CPI Rises 3.8% YoY, Highest Level Since May 2023; EBay Board Rejects GameStop's Acquisition Proposal

All three major US stock indexes were down in late-morning trading after April inflation data came in hotter than expected.The US seasonally adjusted consumer price index rose by 0.6% in April, as expected and following a 0.9% increase in March, the Bureau of Labor Statistics said Tuesday. Core CPI, which excludes food and energy prices, rose by 0.4%, higher than the consensus estimate of a 0.3% increase. Core CPI rose by 0.2% in March. Year over year rates for overall and core CPI rose to 3.8% and 2.8%, respectively from 3.3% and 2.6% in March. The overall year-over-year figure was the highest recorded since May 2023.In company news, eBay (EBAY) said Tuesday its board rejected GameStop's (GME) unsolicited, non-binding $55.5 billion buyout offer. The board concluded the company is better positioned to generate growth and shareholder value as a standalone business under its existing management, eBay said. Shares of eBay were up 0.2%, while GameStop shares were down 1.9% around midday.On Holding (ONON) reported Q1 adjusted earnings Tuesday of 0.37 Swiss francs ($0.47) per diluted share, up from 0.21 francs a year earlier and above the FactSet consensus analyst estimate of 0.27 francs. Net sales were 831.9 million francs, up from 726.6 million francs a year ago and above the FactSet consensus of 818.5 million francs. For full-year 2026, the company said it expects net sales to grow by at least 23% year over year on a constant-currency basis, implying reported sales of at least 3.51 billion francs at current spot rates, it said. On Holding shares were down 4.6%.Under Armour (UAA) reported a fiscal Q4 adjusted loss Tuesday of $0.03 per diluted share, narrowing from a loss of $0.08 a year earlier but below the FactSet consensus of a loss of $0.02. Fiscal Q4 net revenue was $1.17 billion, down from $1.18 billion a year ago but matching the FactSet consensus. For fiscal 2027, the company said it expects adjusted EPS of $0.08 to $0.12 on a slight decline in revenue. Analysts polled by FactSet expect adjusted EPS of $0.23 on revenue of $5.05 billion. Under Armour shares were down 17%.Wendy's (WEN) faces a potential take-private bid from Trian Fund Management, which is seeking investor backing for a takeover, the Financial Times reported Tuesday, citing people familiar with the matter. Wendy's shares were up 15%.Alphabet's (GOOG, GOOGL) Waymo is recalling 3,791 robotaxis in the US due to a software issue that could likely cause the vehicles to drive onto flooded roads, Reuters reported Tuesday, citing the National Highway Traffic Safety Administration. The recall pertains to certain fifth- and sixth-generation automated driving systems in the robotaxis, the report said. Alphabet's Class C and Class A shares were down 0.5% and 0.4%, respectively.JPMorgan Chase (JPM) Chief Executive Jamie Dimon said Tuesday on Bloomberg TV that financial markets may be showing "a little bit too much exuberance" given current inflation risks and geopolitical tensions. JPMorgan shares were up 0.5%.Price: $108.27, Change: $+0.14, Percent Change: +0.13%

$EBAY$GME$GOOG$GOOGL$JPM$ONON$UAA$WEN
Under Armour Guides Below Expectations After Q4 Miss; Shares Tumble
US Markets

Under Armour Guides Below Expectations After Q4 Miss; Shares Tumble

Under Armour (UAA) issued weaker-than-expected full-year guidance on Tuesday after the sportswear maker's fiscal fourth-quarter adjusted loss narrowed less than analysts anticipated.The company expects adjusted earnings of $0.08 to $0.12 per share in fiscal 2027, below the $0.23 consensus on FactSet. The outlook reflects continued investment and external cost pressures, partially offset by tariff-related refunds, the company said.Revenue is projected to decline "slightly" this year, compared with Wall Street's expectation for $5.05 billion. Under Armour anticipates a low-single-digit sales decline in North America, while EMEA and Asia Pacific are expected to grow at a similar rate."That outlook reflects both continued consumer uncertainty and the deliberate choices we're making to reshape the business," CEO Kevin Plank said on an earnings call, according to a FactSet transcript. "We are prioritizing revenue quality over volume, strengthening the foundation and positioning the company to return to growth with stronger profitability and a more consistent brand expression."Under Armour's shares slumped 19% in Tuesday trading.The company expanded its restructuring program launched in 2024, bringing total expected costs to about $305 million. It has incurred $261 million to date and aims to substantially complete the plan by December.In the three months ended March 31, the adjusted loss narrowed to $0.03 per share from $0.08 a year earlier, missing the $0.02 loss analysts expected. Revenue slipped 1% to $1.17 billion, roughly in line with estimates. North America sales fell 7%, while EMEA rose 7%, Asia Pacific gained 13%, and Latin America jumped 22%.Wholesale revenue declined 2.6% to $747.7 million, while direct-to-consumer sales rose 5.1% to $405.7 million. Apparel revenue eased 0.3% to $778 million, footwear was little changed at $281.8 million, and accessories increased 2.3% to $93.7 million.In the current quarter, the company expects adjusted EPS of breakeven to $0.02 and revenue to decline 2% to 3%, compared with Wall Street forecasts for $0.01 per share and $1.14 billion in sales."Overall, we expect the first quarter to represent the weakest revenue performance of the year, with growth rates improving progressively through the balance of fiscal 2027," Chief Financial Officer Reza Taleghani said on the call.Price: $4.92, Change: $-1.15, Percent Change: -18.89%

$UA$UAA
Stocks Down Pre-Bell as Trump Warns US-Iran Ceasefire Fragile; Inflation Data on Deck
US Markets

Stocks Down Pre-Bell as Trump Warns US-Iran Ceasefire Fragile; Inflation Data on Deck

US equity futures were pointing lower on Tuesday as investors assess President Donald Trump's latest comments on the US-Iran ceasefire and await a key inflation report.The S&P 500 declined 0.3%, the Dow Jones Industrial Average edged down 0.1% and the Nasdaq was off 0.7% in premarket activity. The indexes finished the previous trading session up, with the S&P 500 and the Nasdaq logging new closing highs.The ceasefire agreement between the US and Iran is on "massive life support," Trump told reporters on Monday, according to several media outlets. "I would call it the weakest, right now, after reading that piece of garbage they sent us - I didn't even finish reading it," Trump reportedly said.Trump on Sunday rejected Iran's counteroffer to end the war, extending uncertainty around oil flows through the Strait of Hormuz. Tehran's proposal, delivered via mediator Pakistan, reportedly sought an immediate end to hostilities, the lifting of the US naval blockade of its ports and assurances against further aggression.West Texas Intermediate crude oil increased 3.2% to $101.16 a barrel before the opening bell, while Brent advanced 2.9% to $107.27.Trump is scheduled to arrive in China Wednesday for a high-stakes state visit, with talks set to take place Thursday and Friday."The US will want China to use its influence with Tehran, especially because China is a major buyer of Iranian oil," Saxo Bank Chief Investment Strategist Charu Chanana said in a report Monday. "China, meanwhile, wants energy security and stable shipping lanes, but it is unlikely to appear as if it is acting under US instruction."The consumer price index report for April is scheduled for an 8:30 am ET release. Official data are expected to show that consumer inflation rose 0.6% and 3.7% on sequential and annual bases last month, according to a Bloomberg-compiled consensus.Treasury yields were trending higher in premarket action, with the two-year rate rising 2.4 basis points to 3.97% and the 10-year rate adding 1.9 basis points to 4.43%.The National Federation of Independent Business small business optimism index posted a 0.1-point increase for April to 95.9.Sea (SE), JD.com (JD), On Holding (ONON), Tencent Music Entertainment (TME), Aramark (ARMK) and Under Armour (UA, UAA) are scheduled to report their latest financial results before the bell, among others.Gold declined 0.6% to $4,701 per troy ounce, while bitcoin fell 1.5% to $80,679.

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