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S&P 500 Companies' Earnings Season Off to Solid Start, Oppenheimer Says

Quarterly results of an initial batch of S&P 500 companies indicated a solid start to the reporting season, Oppenheimer Asset Management said in a report on Monday.Some 46 companies, or 9% of the large-cap index' constituents, have so far reported financial results in the current cycle, with earnings and sales up around 32% and 13% year over year, respectively, according to the report.Ahead of the reporting season, FactSet put expected earnings growth at 12.6% from a year earlier, according to Oppenheimer."It's too early to draw conclusions about first quarter results, but the quarter appears to be off to a good start," Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus said.The brokerage highlighted "outsized" results at some companies.The technology sector led the earnings growth so far, with reports from five companies showing a 134% surge in profits year over year, followed by communication services' 84% jump, the Oppenheimer note showed. Technology was also ahead of all other sectors in terms of revenue, so far delivering growth of about 44%.Some 94 S&P 500 companies are scheduled to release their quarterly financials this week, according the brokerage. Those include Tesla (TSLA), Intel (INTC), IBM (IBM), Texas Instruments (TXN), Philip Morris International (PM), Procter & Gamble (PG), GE Aerospace (GE), UnitedHealth Group (UNH), and RTX (RTX).On Friday, the S&P 500 and the Nasdaq Composite notched new peaks after Iran announced a temporary reopening of the Strait of Hormuz, sending oil prices tumbling. Oil prices rose Monday following an apparent flare-up between the US and Iran ahead of the expiration of their ceasefire agreement this week."Our view remains that the recent positive returns of the major US equity indices continue to find support in the overall resilience of the US economy and corporate earnings reports even as some sensitivity to headline risk remains while (peace) negotiations move ahead," Stoltzfus said.The US is sending negotiators to Pakistan for a second round of peace talks, but Iran said it didn't plan to participate in those negotiations.Price: $392.47, Change: $-8.15, Percent Change: -2.03%

$GE$IBM$INTC$PG$PM$RTX$TSLA$TXN$UNH

US Markets19d ago

Oil Prices Climb Following US-Iran Flare-Up as Ceasefire Expiration Looms

Oil prices rose Monday following an apparent flare-up between the US and Iran ahead of the expiration of their ceasefire agreement this week.West Texas Intermediate crude oil jumped 4.7% at $86.43 per barrel, while Brent rose 4.6% to $94.52.Oil prices plunged on Friday as Iran declared that the Strait of Hormuz was open, a key US demand. Tehran, however, took back control of the waterway on Saturday. Both sides have accused each other of violating a two-week ceasefire that is due to expire Tuesday.The US Navy on Sunday seized an Iranian-flagged vessel that tried to move past a naval blockade, President Donald Trump said in a Truth Social post."Oil prices are being whipsawed by developments in the Middle East once again, with what appears to be de-escalation quickly turning to re-escalation," ING Head of Commodities Strategy Warren Patterson said in a note on Monday.The US is sending negotiators to Pakistan for a second round of peace talks, but Iran said it doesn't plan to participate in those negotiations.Energy prices have surged as the Middle East conflict disrupted shipments through the Strait of Hormuz, the world's most important chokepoint for crude flows."After the US seized an Iranian-flagged vessel, there will be doubts over planned peace talks," Patterson said.

US Markets19d ago

Cleveland-Cliffs Beats First-Quarter Forecasts as Loss Narrows; CEO Signals Profit Ahead

Cleveland-Cliffs (CLF) first-quarter loss narrowed more than expected with revenue exceeding market estimates, while CEO Lourenco Goncalves said the steel producer anticipates a return to profit in the second quarter.The company said Monday its adjusted loss narrowed to $0.40 a share in the March quarter from the loss of $0.93 a year earlier, compared with the consensus on FactSet for a loss of $0.43. Revenue rose to $4.92 billion from $4.63 billion, topping the Street's view for $4.81 billion.First-quarter results "reflected the impact of short-term headwinds like energy prices and price realization lags," Goncalves said in a statement. "As we move through the year, each quarter is expected to improve sequentially, as the momentum already visible in both our order book and pricing continues to translate into earnings and cash flow."The company expects to "generate healthy positive free cash flow" in the second quarter, marking a return to earnings, Goncalves added.Steel product sales volume fell to 4.11 million net tons in the first quarter from 4.14 million a year earlier. Steelmaking revenue climbed to $4.76 billion from $4.47 billion.The conflict in the Middle East has strengthened Cleveland-Cliffs' "competitive position," Goncalves said, though it hasn't improved the timeline for a potential deal with South Korean steelmaker POSCO In October, Cleveland-Cliffs announced a memorandum of understanding with POSCO to explore a partnership focusing on US steel production."We continue to negotiate in good faith within the framework of our MOU toward a transaction that is accretive for our shareholders and fully reflects the value of our assets, our market position, and the strength of the US steel demand," Goncalves said.In 2026, Cleveland-Cliffs continues to expect steel shipment volumes of about 16.5 to 17 million net tons.The stock fell 4.7% in Monday trading. The shares have declined 29% this year.Price: $9.48, Change: $-0.47, Percent Change: -4.68%

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US Markets19d ago

Malaysian Total Trade Rises 9.3% in March on Higher Exports, Imports

Malaysia's total trade in goods rose 9.3% annually to about 273 billion ringgit in March as both exports and imports grew during the month, the Department of Statistics Malaysia said Monday.Exports increased 8.3% year on year to 148.8 billion ringgit. Re-exports and domestic exports helped prop up the indicator during the month, the department said.However, the conflict between the U.S. and Iran could drag Malaysian exports due to global supply chain disruptions, Dow Jones reported the same day.Imports rose 10.4% to 124.2 billion ringgit, according to the department.A poll by Wall Street expected exports to rise 14% and imports to grow 13.9%, Dow Jones reported.As a result, the trade surplus stood at 24.6 billion ringgit, slightly lower by 215.5 million ringgit compared with a year earlier.Analysts polled by Wall Street forecast the trade surplus to reach 25.9 billion ringgit.Manufactured goods exports accounted for 88% of total exports. The indicator rose 9.6% year over year to 130.8 billion ringgit.

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US Markets19d ago

China Keeps Key Lending Rates Steady in April

China kept its benchmark lending rates --- loan prime rate or LPR --- unchanged in April after posting a better-than-expected economy during the first quarter despite the ongoing Middle East conflict.The People's Bank of China held the one-year LPR at 3% and the LPR of five years or more at 3.5% for the 11th consecutive month, according to a Monday press release from the central bank.Analysts from ING expected no changes to the LPR, following the country's first-quarter economy, which remained within the year's target range of 4.5% and 5%.Official gross domestic product grew 5% during the period, according to last week's data from the National Bureau of Statistics. It came after inflationary growth in March slightly eased 1% from the 1.3% hike in February.Yu Song, UBS Securities' China economist, said the government might be taking a "wait-and-see" approach as it takes time to evaluate the impact of the conflict between the U.S. and Iran, according to a Sunday report from CNBC.In an April 16 note, ING's chief economist for greater China, Lynn Song, said China would likely need to introduce more financial stimulus if external demand starts to weaken.Official data from the NBS showed that exports in March rose 2.5% but have been a drag compared to the 21.8% surge in the period between January and February.Still, China outperformed its international counterparts amid the oil price shock brought by the Iran war, ING's Song said."This came despite widening U.S.-China yield spreads. The main factor in the near term is likely the People's Bank of China signaling tolerance for further appreciation after briefly pushing back on it before the Iran war," Song said. "Sentiment may also have been buoyed by renewed talk of a potential 'petroyuan' emergence after reports that Iran wished to collect tolls on passage through the Strait of Hormuz in CNY (renminbi)."

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US Markets19d ago

Japan's Service Sector Mixed in February

Japan's services sector shrank slightly on a seasonally adjusted basis in February from January, but still grew on year, reported the Ministry of Economy, Trade & Industry on Monday.Japan's service sector index declined by 0.2% in February from January, but still expanded by 1.9% on year, reported METI.The sub-category of broad-ranging personal services declined by 0.3% on month in February, but grew by 1% on year, added the agency.Meanwhile, the sub-category of broad-ranging business services grew by 0.1% on month in February, and expanded by 2.6% on year, said METI.Japan's financial services industries have been especially strong, growing in February by 12.2% on year, according to official figures.In contrast, the retail trade sector declined by 0.8% on year in February, pulled down by slow auto sales, reported METI.The February report from METI was somewhat more tempered than recent service-sector reports from S&P Global.Japan's headline service-sector purchasing managers index (PMI) logged at 53.4 in March, down from 53.8 in February, but still struck above the 50-mark that separates growth from contraction, recently reported S&P Global.

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US Markets19d ago

USA Rare Earth to Acquire Brazil's Serra Verde in $2.8 Billion Deal

USA Rare Earth (USAR) on Monday agreed to acquire Brazilian rare earths miner Serra Verde in a cash-and-stock deal with an equity value of about $2.8 billion, as the critical minerals producer aims to boost its rare earth operations.The transaction comprises $300 million in cash and about 126.8 million newly issued USA Rare Earth shares, the company said in a statement. USA Rare Earth's stock increased 2.2% in the most recent premarket activity.In a separate statement, Serra Verde, the owner of the Pela Ema rare earth mine and processing plant in Brazil, said the deal with USA Rare Earth will establish a multinational mine-to-magnets rare earths company with eight operations in Brazil, the US, France and the UK and operating capabilities across mining, processing, separation, metallization and magnet making."Serra Verde's Pela Ema mine is a one-of-a-kind asset and the only producer outside Asia capable of supplying all four magnetic rare earths at scale," USA Rare Earth Chief Executive Barbara Humpton said. "By combining Serra Verde's world-class operations and team with our processing, separation, metallization and magnet-making capabilities, we are advancing our goal of creating a fully integrated platform that will serve as a cornerstone of global rare earth supply security for decades to come."The deal, which requires approval from regulators, is expected to complete in the third quarter."We are excited to contribute our operational expertise, government partnerships, and significant growth potential to this combined platform," according to Serra Verde CEO Thras Moraitis. "We believe the combined company will deliver a fully integrated rare earth solution at scale, accelerate growth, and create enhanced value for all stakeholders."Additionally, the companies announced that Serra Verde has secured a $565 million financing package from the US International Development Finance Corporation for its optimization and expansion initiatives. The Brazilian firm also entered into a 15-year offtake agreement to supply a special purpose vehicle capitalized by various US government agencies, as well as private capital sources, with all four magnetic rare earths.Serra Verde is estimated to produce an average of about 6,400 metric tons of total rare earth oxide per year by the end of 2027 as part of its phase 1 capacity.As part of the deal, Moraitis and Serra Verde Chairman Mick Davis will join the USA Rare Earth's board.

$USAR

US Markets19d ago

Stocks Down Pre-Bell Amid Renewed US-Iran Tensions

The benchmark US stock measures were tracking in the red before the opening bell Monday amid renewed tensions between the US and Iran, while investors prepare for a busy week of corporate earnings.The S&P 500, the Dow Jones Industrial Average and the Nasdaq declined 0.5% each in premarket activity. The indexes finished Friday's trading session higher, with the Nasdaq achieving its longest winning streak since 1992.In a social media post on Sunday, President Donald Trump said the US navy intercepted and seized an Iranian-flagged cargo ship in the Gulf of Oman. The US Central Command confirmed in a statement that its forces disabled the Iranian vessel following its attempts to sail toward an Iranian port.Last week, the US enforced a blockade of all maritime traffic entering and exiting Iranian ports after peace talks between Washington and Tehran in Pakistan failed to materialize a conclusive deal.In a separate post on social media, Trump said Iran violated its ceasefire agreement with the US by firing bullets at a French ship and a British freighter in the crucial Strait of Hormuz. Trump urged Iran to accept a "very fair and reasonable deal" offered by the US."If they don't, the United States is going to knock out every single power plant, and every single bridge, in Iran," Trump wrote.Iran on Sunday denied it would participate in a fresh round of negotiations with the US in Pakistan this week, CNBC reported, citing Tehran's state news agency. Trump said his representatives will be in Pakistan on Monday for talks.Over the weekend, Iran reversed its earlier decision to reopen the Strait of Hormuz for all commercial vessels, citing Trump's decision to keep the blockade of Iranian ports.West Texas Intermediate crude oil increased 5.9% to $88.76 a barrel in recent premarket action, while Brent rose 6% to $87.48.Treasury yields were trending upwards before the open, with the two-year rate inclining 2.7 basis points to 3.73% and the 10-year rate adding 2.2 basis points to 4.27%.Several major companies are scheduled to release their latest quarterly results this week, including electric vehicle manufacturer Tesla (TSLA), health insurance giant UnitedHealth (UNH), chipmaker Intel (INTC) and consumer goods company Procter & Gamble (PG).Cleveland-Cliffs (CLF) and Bank of Hawaii (BOH) are expected to post their earnings pre-bell, among others. Steel Dynamics (STLD) and Alaska Air (ALK) report their results after the markets close.TopBuild's (BLD) shares jumped 18% before the bell as the company agreed to be acquired by QXO (QXO) in a deal worth about $17 billion. USA Rare Earth (USAR) rose 3.4% after it agreed to purchase Serra Verde, the owner of the Pela Ema rare earth mine and processing plant in Brazil, in a deal worth about $2.8 billion.With no major economic reports scheduled for Monday, traders will be awaiting last month's retail sales report on Tuesday.Gold fell 1.3% to $4,816 per troy ounce, while bitcoin nudged up 0.5% to $75,342.

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US Markets19d ago

GSK's Blenrep Gets Chinese Regulatory Nod Amid Doubling of Multiple Myeloma Incidence

GSK (GSK.L) received approval from China's National Medical Products Administration for Blenrep, providing a new treatment option for patients with relapsed or refractory multiple myeloma amid the continued rise in cases in the country.In a Monday filing, the biopharma company noted that China's multiple myeloma cases have doubled to 30,000 annually, with mortality rising 50% over three decades. Globally, the "treatable but incurable" disease is considered the third most common blood cancer, with 180,000 new cases diagnosed yearly.Following a priority review by the Chinese regulator, the monoclonal antibody-drug conjugate was cleared for use in combination with bortezomib and dexamethasone to treat adult patients who have undergone at least one prior line of therapy.The approval was backed by data from the Dreamm-7 phase 3 study, with the Blenrep regimen delivering "statistically significant and clinically meaningful" progression-free survival and overall survival results against the daratumumab-based triplet combination with bortezomib and dexamethasone. Additionally, the Blenrep combination maintained a consistent safety profile with the documented safety characteristics of the individual medications involved."Today's approval of Blenrep brings anti-[B-cell maturation antigen] therapy to patients in China with relapsed or refractory multiple myeloma in 2L+, introducing a differentiated mechanism of action with the potential to help slow disease progression and extend survival. Further, Blenrep, as the only anti-BCMA ADC, is fully outpatient administered, so patients can be treated at any site of care without complex pre-administration regimens or hospitalisation," said Hesham Abdullah, senior vice president, global head oncology, research & development at GSK.With more than 15 authorizations internationally, Blenrep is an established treatment for second-line plus multiple myeloma across markets, including the European Union, the UK, and Japan. The approved combinations include dexamethasone and either bortezomib or pomalidomide.GSK's London-listed stock was marginally down by Monday midday trade.

$GSK.L

US Markets19d ago

QXO to Acquire TopBuild in $17 Billion Deal

QXO (QXO) has agreed to acquire insulation products company TopBuild (BLD) in a cash-and-stock deal worth roughly $17 billion, as the roofing products distributor aims to expand its building products portfolio.Shareholders of TopBuild will have the option to receive $505 per share in cash or 20.2 shares of QXO, subject to proration, with the cash portion capped at 45% of the consideration, according to a Sunday statement. The per-share cash consideration represents a premium of about 23% to TopBuild's closing price on Friday.TopBuild's stock jumped 20% in Monday's most recent premarket activity, while QXO declined 1.5%."TopBuild will be our most significant acquisition yet, making QXO the second largest publicly traded building products distributor in North America," QXO Chief Executive Brad Jacobs said in a statement. "The TopBuild transaction will also give us critical mass in the insulation sector and expand our exposure to large, complex projects like data centers, where scale matters."The companies expect the deal to combine QXO's position in roofing, waterproofing and lumber-related building materials with TopBuild's insulation capabilities, creating an entity with $18 billion in combined revenue, according to Jacobs.The transaction, which requires approval from both companies' shareholders, is expected to complete in the third quarter. Following completion, QXO expects to have 28,000 employees and 1,150 locations across the US and seven Canadian provinces."We're excited to join QXO and combine our leadership in insulation installation and specialty distribution with QXO's scale, technology, and procurement capabilities," according to TopBuild CEO Robert Buck. "Together, we'll enhance customer service, unlock meaningful cross-selling opportunities, and drive continued growth and operating efficiency."QXO estimates the deal to be immediately and substantially accretive to its earnings. It also forecasts roughly $300 million in synergies from the integration of TopBuild by 2030, including revenue synergies from cross-selling an expanded range of integrated solutions."We see the deal adding 15%+ in (earnings per-share) accretion in 2027 given a combination of very high QXO valuation, strong margins at (TopBuild) and a potential for a better market for all in 2027," Truist Securities said in a Sunday client note.TopBuild projects to record annual revenue of $9 billion to $10 billion by 2030, according to the statement. In 2025, the company recorded adjusted sales of around $6.2 billion.In February, TopBuild said it expected sales to come in between $5.93 billion and $6.23 billion for 2026, while the current consensus on FactSet is for $6.05 billion.

$BLD$QXO

US Markets19d ago

Eni Discovers Gas at Exploration Well Offshore Indonesia, Mulls Accelerated Development Options

Eni (ENI.MI) is considering accelerated development options after declaring a "giant" gas discovery at its Geliga‑1 exploration well offshore Indonesia, according to a Monday release.Located in Eni's 82%-owned Ganal block in the Kutei Basin, the well was drilled to a total depth of 5,100 meters. Based on initial estimates, the Italian energy company found in-place resources of 5 trillion cubic feet of gas and 300 million barrels of condensate in the Miocene interval.Eni scheduled a drill stem test to gauge the productivity of the reservoir. Given Geliga‑1's proximity to existing and planned infrastructures, Eni anticipates potential synergies in terms of time‑to‑market and cost optimization.Additionally, the latest finding sits next to the Gula gas discovery, which is not yet developed but has 2 tcf of gas and 75 million barrels of condensate in place. Combined, the Geliga and Gula resources offer the possibility of a third production hub in the Kutei Basin with the capacity to produce 1 billion standard cubic feet per day of gas and 80,000 barrels per day of condensate, according to preliminary evaluations.Moving ahead, the Geliga discovery boosts the value of its planned valorization of a 10% stake in the Eni Indonesia portfolio to a third party in 2026. Besides the sale, the Ganal production sharing contract is part of a 19-block portfolio that will be transferred to Searah, a company jointly controlled by Eni and and Malaysia-based oil giant Petronas.In the Kutei Basin, Eni will drill another well in 2026 and two wells in 2027, after completing drilling of four other exploration wells over the past six months.Eni shares gained over 3% in Milan, Italy, at midday Monday.

$ENI.MI

US Markets19d ago

ICICI Bank Reports Higher Profits in Fiscal Q4

ICICI Bank's (NSE:ICICIBANK, BOM:532174) fiscal fourth quarter profits after tax grew by 8.5% on-year to $1.4 billion, while total advances, or loans, grew 15.8% on-year in the same period, the financial house reported on Saturday.Bank ICICI reported that it extended loans heavily to the business side of its loan portfolio in the fiscal fourth period and year, ended March 31.While the bank's retail loan portfolio grew by 9.5% on-year in the fourth period, the ICICI business-loan portfolio grew by 24.4%on-year, reported ICICI.Meanwhile, total ICICI Bank deposits increased by 11.4% on-year to $189.2 billion, at the end of the fiscal fourth quarter.The bank operation is well-capitalized, said ICICI.The bank's total capital adequacy ratio at the end of the fourth period was 17.18% and the common equity tier 1 (CET1) ratiowas 16.35%, which was above the regulatory requirements of 11.70% and 8.20% respectively, advised ICICI.Based on the financial results, the ICICI board recommended a dividend equivalent to $ 0.25 per ADS (American Depositary Share)..Established in 1955, ICICI Bank is part of the ICICI Group. It was established by the World Bank, the Government of India, and industry representatives to foster industrial development.ICICI is one of India's largest financial houses, and is regarded as one of three domestic "systemically important banks" by the central bank Reserve Bank of India (RBI). The other two such banks are HDFC Bank (NSE:HDFCBANK, BOM:500180, HDB) and the State Bank of India (NSE:SBIN, BOM:500112).ICICI shares on Monday closed up 0.9%.

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US Markets21d ago

Nasdaq, S&P 500 Hit New Peaks as Iran Reopens Hormuz

The Nasdaq Composite and the S&P 500 notched new peaks on Friday after Iran announced a temporary reopening of the Strait of Hormuz, sending oil prices tumbling.The Nasdaq rose 1.5% to 24,468.5, while the S&P 500 added 1.2% to 7,126.1, notching record-high closing levels for the third straight day. The Nasdaq extended its advance to a 13th consecutive session, its longest winning streak since 1992, according to CNBC.The Dow Jones Industrial Average jumped 1.8% to 49,447.9.Barring energy and utilities, all sectors were in the green, led by consumer discretionary's 2% jump.The Nasdaq and the S&P 500 saw their biggest weekly gains since May last year, rising 6.8% and 4.5%, respectively, this week. The Dow advanced 3.2% this week, the most since June.West Texas Intermediate crude oil sank 11% to $84.68 a barrel in Friday late-afternoon trade, while Brent lost 8.7% to $90.71."In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire," Iranian Foreign Minister Seyed Abbas Araghchi said Friday in a post on the X platform.Vessels must move through a "coordinated route" announced by Iran's Ports and Maritime Organization, Araghchi said.On Thursday, US President Donald Trump said Lebanon and Israel agreed to a 10-day ceasefire that seeks to pause hostilities between Israel and Iran-backed Hezbollah in Lebanon. That was a key sticking point in peace negotiations between the US and Iran."Araghchi's statement represents a significant and unexpected diplomatic opening," Artem Abramov, deputy head of analysis at Rystad Energy, said in a note e-mailed to. "The Strait of Hormuz has been the single most consequential variable in global oil markets since the conflict escalated, and any credible signal that the chokepoint may reopen, even temporarily, is a market-moving development of the first order."Trump welcomed the reopening of the strait, though he said the US naval blockade of Iran's ports will continue until "our transaction with Iran is 100% complete.""The news that Iran will allow traffic to resume through the Strait of Hormuz could be an important turning point and the catalyst for upgrades to our economic forecasts, but not immediately," Oxford Economics said in a note. "The development increases the risk that a more lasting deal could be brokered, reducing the likelihood of extreme downside scenarios crystalizing."Shares of cruise line operators and airlines jumped, with Royal Caribbean Cruises (RCL) up 7.3%, the best performer on the S&P 500, followed United Airlines (UAL) and Carnival (CCL). Southwest Airlines (LUV) rose 5.1%.US Treasury yields were lower, with the 10-year rate down seven basis points at 4.25% and the two-year rate dropping 7.4 basis point to 3.71%.In company news, Netflix (NFLX) shares tumbled 9.7%, the third-worst performer on the S&P 500.The streaming giant late Thursday posted first-quarter revenue above Wall Street's estimates. However, the company disappointed investors by maintaining its margin outlook even though its cost base apparently would have benefited from its decision to walk away from a deal to acquire Warner Bros. Discovery (WBD), MoffettNathanson said in a note Friday.Gold was last up 1.3% at $4,871.10 per troy ounce, while silver gained 3.4% to $81.40 per ounce.

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US Markets21d ago

Industrial Demand Holds Strong Despite Iran War, Truist Securities Says

The industrial sector likely saw strong demand in the first quarter, despite concerns around the impact of the Iran war, Truist Securities said in a note on Friday.The broader momentum is attributable to improved demand in machinery markets and growth across data centers, aerospace, and heating, ventilation and air conditioning, according to the note."Rising input costs tied to the Iran war are manageable in the short term," Truist analysts, including Jamie Cook, said.While there are worries tied to tariffs, "we would be more concerned about a prolonged war with Iran and the potential macro repercussions," Cook said.Oil prices plunged on Friday after Iran opened the Strait of Hormuz following a ceasefire agreement between Lebanon and Israel. Energy prices have surged following the US-Israel war with Tehran. US President Donald Trump has expressed optimism over the prospects of a deal with Iran ahead of the expiration of a two-week ceasefire between the two sides."We see a positive setup for first-quarter prints across machinery, multi-industry and infrastructure services," Cook wrote.Within the machinery industry, the brokerage maintained 2026 estimates for Deere (DE), AGCO (AGCO) and CNH Industrial (CNH) amid order momentum. Caterpillar (CAT) is expected to deliver another strong quarter, Cook said.Infrastructure service companies AECOM (ACM) and Jacobs (J) must convince investors with sustainable organic growth and margin improvement, though Jacobs is seen posting a solid quarter.Multi industry player Parker-Hannifin (PH) is on track for continued earnings beats and raises, with signs that industrial organic growth is improving, Cook said. AMETEK (AME) is recovering and holds capacity for more deals, according to the research note.AMETEK completed its acquisition of Faro Technologies in 2025.

$ACM$AGCO$AME$CAT$CNH$DE$J$PH

US Markets22d ago

Equities Rally Intraday, Oil Plunges After Iran Declares Hormuz Strait Open

US benchmark equity indexes advanced intraday, while oil prices slumped after Iran declared the Strait of Hormuz "completely open" following a ceasefire deal between Lebanon and Israel.The Dow Jones Industrial Average was up 1.9% at 49,507.9 after midday Friday. The Nasdaq Composite jumped 1.4% to 24,447.8, while the S&P 500 rose 1.2% to 7,126.6. The two indexes notched their second consecutive record-high closes in the previous session.Barring energy and utilities, all sectors were in the green intraday Friday, led by consumer discretionary's 2.7% jump.West Texas Intermediate crude oil sank 11% to $84.20 a barrel, while Brent lost 9% to $90.44."In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire," Iranian Foreign Minister Seyed Abbas Araghchi said Friday in a post on the X platform.Vessels must move through a "coordinated route" announced by Iran's Ports and Maritime Organization, Araghchi said.On Thursday, US President Donald Trump said Lebanon and Israel agreed to a 10-day ceasefire that seeks to pause hostilities between Israel and Iran-backed Hezbollah in Lebanon. That was a key sticking point in peace negotiations between the US and Iran.Trump welcomed the reopening of the strait, though he said on Truth Social that the US naval blockade of Iran's ports will continue until "our transaction with Iran is 100% complete.""The news that Iran will allow traffic to resume through the Strait of Hormuz could be an important turning point and the catalyst for upgrades to our economic forecasts, but not immediately," Oxford Economics said in a note. "The development increases the risk that a more lasting deal could be brokered, reducing the likelihood of extreme downside scenarios crystalizing."A quarter-long closure of the strait will likely push US inflation higher by 0.6 percentage point this year, researchers at the Federal Reserve Bank of Dallas said in an article Friday.Shares of cruise line operators and airlines surged intraday, with Royal Caribbean Cruises (RCL) up 8.2%, the best performer on the S&P 500, followed by Carnival's (CCL) 7.8% gain. United Airlines (UAL) jumped 7.6%, while Southwest Airlines (LUV) climbed 6.5%, among the top gainers on the index.US Treasury yields were lower intraday, with the 10-year rate down 6.3 basis points at 4.25% and the two-year rate dropping 7.8 basis point to 3.69%.In company news, Netflix (NFLX) shares were down 10% intraday, the second-worst performer on the S&P 500.The streaming giant late Thursday posted first-quarter revenue above Wall Street's estimates. However, the company disappointed investors by maintaining its margin outlook even though its cost base apparently would have benefited from its decision to walk away from a deal to acquire Warner Bros. Discovery (WBD), MoffettNathanson said in a note Friday.Gold was up 1.5% at $4,881.40 per troy ounce, while silver gained 3.8% to $81.71 per ounce.

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US Markets22d ago

Quarter-Long Hormuz Closure to Push US Inflation Higher by 0.6 Percentage Points, Dallas Fed Says

A quarter-long closure of the crucial Strait of Hormuz will likely push US inflation higher by 0.6 percentage points this year, researchers at the Federal Reserve Bank of Dallas said in an article Friday.Energy prices have surged in the aftermath of the US-Israel war with Iran that spread across the Middle East. The Strait of Hormuz, a key trading route, was effectively blocked by Iran.Iranian Foreign Minister Seyed Abbas Araghchi said on Friday that the strait is "completely open" following a ceasefire between Israel and Lebanon. It will remain open during the 10-day ceasefire that began on Thursday, he said. Crude oil prices plunged following the announcement."The opening of Hormuz was made possible by a ceasefire between Israel and Lebanon," Viktor Shvets, head of global desk strategy at Macquarie Capital, said in a note. "However, this can be only described as a temporary and tenuous agreement."The Dallas Fed analysis assumed a 15% shortfall in global oil supplies due to a Strait of Hormuz closure that lasts for a quarter. Inflation figures in the article refer to the personal consumption expenditures price index."Under this current scenario, 2026 fourth-quarter-over-fourth quarter headline PCE inflation increases by 0.6 percentage points, while core PCE inflation increases by 0.2 percentage points," according to the authors of the article.Assuming that the Strait of Hormuz remains shut for three quarters, the Dallas Fed report showed US headline inflation increasing by 1.1 percentage points and core prices moving 0.3 points higher.In its latest Beige Book released Wednesday, the US central bank said that majority of its districts saw moderate price increases since the war broke out. Consumer inflation accelerated to its highest monthly reading in nearly four years in March, official data showed last week.The Fed should be "nimble" in adjusting monetary policy in light of heightened risks to inflation and employment driven by the Middle East conflict, minutes from its March 17-18 meeting showed."Our analysis covers a broad range of plausible outcomes," Dallas Fed researchers said. "The differences in inflation outcomes can be traced to differences in assumptions about the nature of the oil supply disruption, mirroring differences in public perceptions. How relevant each of these scenarios is may change as the geopolitical situation in the Middle East evolves."

US Markets22d ago

Most Homeowners Prefer Remodeling Rather Than Relocating Amid Affordability Woes, Redfin Survey Shows

A majority of US homeowners prefer upgrading their existing places instead of relocating to a new one as high mortgage rates and home prices have hit affordability, a survey by Redfin showed Friday.Roughly 43% of Americans renovated their home in the past year, while another 33% intend to renovate in the next 12 months. Some 65% who recently made renovations opted for upgrades rather than relocating. For those planning to renovate in the next year, 71% said they're remodeling instead of purchasing a new place, according to the survey.Redfin said the survey was fielded by Ipsos in November to 4,000 residents in the US."Homeowners are staying put because it is expensive to move," the online real estate brokerage said. "With high mortgage rates and home prices, moving isn't an affordable option for many Americans -- especially when about 80% of homeowners with a mortgage have an interest rate below current levels."In the week through Thursday, the average 30-year fixed mortgage rate retreated to 6.3% from a six-month high two weeks earlier, Redfin said in a recent report, citing Freddie Mac data. In the four weeks ended Sunday, the median US home-sale price was at $393,059, up 2.3% year over year and the biggest increase in a year, according to that report.A shortage of desirable, move-in ready homes for sale, especially those that are spacious enough for a family, is another factor behind people deciding to stay put, according to Redfin."Many Americans are choosing to stay put and make the home they already have work for them," Redfin Head of Economics Research Chen Zhao said. "That could mean improving outdated spaces, adding space for a growing family or reconfiguring the existing space so it works for everyone."Approximately 23% of people who renovated their home in the past year spent $10,000 to $20,000 on improvements, according to the report.

US Markets22d ago

B. Riley Upgrades 2026 Box Office Outlook Following First-Quarter Beat

US box office revenue this year is set to come in higher than previously projected following a better-than-expected first quarter, B. Riley Securities said Friday.The industry raked in box office proceeds of about $1.74 billion in the first three months of the year, jumping 22% year over year and ahead of the brokerage's $1.59 billion view. The performance reflected a 14% increase in January, a "flattish" February and "healthy" gains in March, which benefited from the commercial success of the Amazon (AMZN) MGM-distributed film "Project Hail Mary," B. Riley said.Paramount Skydance's (PSKY) "Scream 7," Walt Disney's (DIS) "Hoppers" and Warner Bros. Discovery's (WBD) "Wuthering Heights" also contributed to the first-quarter outperformance, B. Riley analyst Drew Crum said in a note to clients.The brokerage now estimates domestic box office collections of $9.55 billion for 2026, up from its previous expectations of $9.40 billion, with the outperformance in the first quarter "serving as the key driver to this upward adjustment."The first-quarter domestic box office provided "some needed confidence following a shaky (second half of 2025), while this momentum has continued into early (second quarter)," Crum said.B. Riley reiterated its US box office revenue estimate of $2.70 billion for the current three-month period, reflecting an annual increase of 1%. For the third and fourth quarters, the brokerage is expecting proceeds of $2.70 billion and $2.40 billion, respectively."Improving box office trends could lead to quarterly beats, upward revisions to estimates, and hence multiple expansion," Crum said. "General optimism for the 2026-2027 slate, further progress on windowing, and encouraging developments regarding labor negotiations for Hollywood guilds, may help sentiment too."The brokerage raised its price targets on the stocks of AMC Entertainment (AMC) to $2 from $1.50 and on Cinemark (CNK) to $34 from $30, with neutral ratings. It continues to have a buy rating on Imax (IMAX) shares.Price: $1.90, Change: $+0.29, Percent Change: +17.70%

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US Markets22d ago

Oil Prices Plummet After Iran Declares Strait of Hormuz 'Completely Open'

Oil prices plunged Friday as Iran's foreign minister said the Strait of Hormuz is "completely open" following a ceasefire in Lebanon.West Texas Intermediate crude oil tumbled nearly 13% at $82.54 per barrel, while Brent sank 11% to $88.24. Energy prices have surged as the Middle East conflict disrupted shipments through the Strait of Hormuz, the world's most important chokepoint for crude flows."In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire," Iranian Foreign Minister Seyed Abbas Araghchi said Friday in a post on the X platform.Vessels must move through a "coordinated route" announced by Iran's Ports and Maritime Organization, Araghchi said."Markets are hailing the move as a step towards the prospect of a broader peace deal," Stifel Chief Economist Lindsey Piegza said in a note.US President Donald Trump said Thursday that Lebanon and Israel agreed to a 10-day ceasefire, which seeks to pause hostilities between Israel and Iran-backed Hezbollah in Lebanon. That was a key sticking point in peace negotiations between Washington and Tehran.Trump welcomed the reopening of the strait, though he said on Truth Social that the US naval blockade of Iran's ports will continue until "our transaction with Iran is 100% complete."Trump has expressed optimism over the prospects of a deal with Iran ahead of the expiration of a two-week ceasefire between the two sides, according to media reports.

US Markets22d ago

Netflix Investors Disappointed With Unchanged Margin Outlook, MoffettNathanson Says as Shares Plunge

Netflix (NFLX) disappointed investors by maintaining its margin outlook even though its cost base apparently would have benefited from its decision to walk away from a deal to acquire Warner Bros. Discovery (WBD), MoffettNathanson said in a report on Friday.The streaming giant late Thursday posted first-quarter revenue above Wall Street's estimates. It maintained the full-year revenue guidance at $50.7 billion to $51.7 billion and an operating margin outlook at 31.5%.The FactSet-polled consensus is for $51.33 billion in 2026 sales.Netflix in February abandoned its plan to acquire Warner Bros., handing it over to Paramount Skydance (PSKY). Last quarter, the company pointed to $275 million in M&A expenses this year, which most saw as fully attributable to the then-pending Warner Bros. deal, MoffettNathanson Senior Research Analyst Robert Fishman wrote.However, after incorporating the acquisition of AI filmmaking technology company InterPositive and the pull forward of Warner Bros. deal costs, total M&A expenses remained largely unchanged, Fishman said. Netflix Chief Financial Officer Spencer Neumann made similar remarks on an earnings call Thursday.Netflix acquired InterPositive in March.Some on Wall Street, including UBS Securities, were pricing in an upgrade to the revenue outlook due to earlier-than-expected price increases. But the unchanged margin guidance came as a "bigger surprise" than Netflix reiterating its revenue guidance, Fishman said.The stock plunged nearly 10% in Friday trade.The company announced pricing changes for all its US plans in March, including a new $8.99 monthly subscription for the ad-supported standard tier.MoffettNathanson said Netflix's long-term trajectory remains intact."Sure, the absence of a raise to 2026 guidance likely caught some ahead of their skis on near-term margin expectations; yet, the M&A costs in the 2026 expense base only create an easier comp for next year," Fishman wrote.Price: $97.90, Change: $-9.90, Percent Change: -9.18%

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US Markets21d ago

Nasdaq, S&P 500 Hit New Peaks as Iran Reopens Hormuz

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