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Target Raises Full-Year Sales Growth Outlook as Fiscal First-Quarter Results Top Views

Target (TGT) raised its full-year sales growth outlook on Wednesday as the retailer recorded higher-than-expected fiscal first-quarter results.The company now expects sales to increase by 4% year over year in fiscal 2026, compared with its previous guidance for a 2% rise. The current consensus on FactSet is for $107.15 billion.Adjusted earnings are now expected to be at the high end of the company's previously issued outlook range of $7.50 to $8.50, it said Wednesday. The Street is looking for non-GAAP EPS of $8.12. Shares of the retailer were up 1.5% in the most recent premarket activity."As we look ahead, we're focused on staying disciplined and flexible in an uncertain operating environment," Chief Executive Michael Fiddelke said.For the three-month period ended May 2, Target's adjusted EPS advanced 32% to $1.71, surpassing the average analyst estimate on FactSet of $1.47. Sales improved to $25.44 billion from $23.85 billion in the prior-year quarter, exceeding the Street's view for $24.66 billion."First-quarter financial results were stronger than expected, providing encouraging early signs that our clarified strategy is resonating with our guests and driving broad-based growth across our business," according to Fiddelke. "While we're pleased with our (first-quarter) performance, our focus remains on building consistent, long-term growth, and we recognize there is much more work in front of us."Comparable sales inclined 5.6%, more than the market's forecast for a gain of 2.4%, reflecting comparable store and digital sales growth of 4.7% and 8.9%, respectively. The number of transactions increased 4.4%, rebounding from a 2.4% decline in the 2025 quarter."It was a solid quarter and investors will be trying to assess whether the improved performance is sustainable (against relatively easy comparisons) or overly fueled by short-term levers," Truist Securities said in an emailed client note. The brokerage has a hold rating on the company's stock.

$TGT

US Markets35d ago

Japanese Manufacturers' Confidence Recovers Slightly in May But Could Sour in August, Reuters Tankan Survey Shows

Japanese manufacturers' confidence recovered slightly in May following a drop in commodities due to the impact of the war in Iran, according to the Reuters Tankan survey.Sentiment grew to plus 8 in May from plus 7 in April, according to the poll, which is an indicator of the quarterly Bank of Japan's Tankan business survey.The indicator was still way below the plus 18 reading in March, which grew to a four-year high on a boost in the chemicals, petroleum and semiconductor sectors.The index for the materials industries recovered to a reading of plus 5 in May from minus 3 in April, according to Reuters.Chemicals swung to a plus 6 reading from minus 8, while the steel and nonferrous materials sector returned to zero from minus 25."Front-loaded demand due to the Middle East situation" helped boost manufacturers' bullish view, the report said, citing a chemicals company manager.Overall factory sentiment rebound stayed lukewarm, with transport machinery falling by half to plus 10 in May from plus 20 in April, which one survey respondent attributed to the closure of the Strait of Hormuz.Food processors' optimism plunged to a six-year low of minus 40 from minus 25, while the textiles, paper, and pulp index declined to minus 22 from zero.Manufacturers' forecast sentiment to sour further. The index is seen to fall to plus 5 in August due to an uncertain outlook on the Iran war and its supply chain impact, Reuters said.Non-manufacturers' sentiment decreased to plus 29 in May from plus 31 in the previous month amid a drop in real estate and construction, as well as in general services.Reuters conducted the poll from May 1 to 15, covering 492 major non-financial companies, with 220 responding anonymously.

Nikkei 225

US Markets35d ago

Stocks Gain Pre-Bell Ahead of Nvidia Earnings, Fed Meeting Minutes

The main US stock measures were pointing higher in Wednesday's premarket activity as traders await tech bellwether Nvidia's (NVDA) latest financial results and minutes of the Federal Reserve's last policy meeting.The S&P 500 rose 0.4%, the Dow Jones Industrial Average edged up 0.1% and the Nasdaq added 0.7% before the opening bell. The indexes finished Tuesday trading lower, with the Nasdaq and S&P 500 recording losses for a third consecutive session.Shares of Nvidia increased 1.8% pre-bell, with the chipmaker scheduled to report its fiscal first-quarter results after the markets close. The current consensus on FactSet is for the company to report non-GAAP earnings of $1.75 per share and revenue of $78.91 billion for the quarter.Nvidia's sales are expected to outperform market projections, with potential for "enhanced" cash returns likely to be among the key areas of focus, BofA Securities said in a note e-mailed Tuesday.The Fed is scheduled to post minutes of its last policy meeting at 2 pm, which will be assessed for fresh insight on the central bank's monetary policy. Last month, the central bank held interest rates steady, saying the Middle East war is fueling uncertainty around the US economic outlook.Markets widely expect the Fed to keep its benchmark lending rate unchanged at its next policy meeting in June, according to the CME FedWatch tool.Treasury yields were down before the open, with the two-year rate retreating 3.3 basis points to 4.09% and the 10-year rate declining 1.8 basis points to 5.16%.President Donald Trump reportedly said Tuesday that the US may need to resume military strikes against Iran. Earlier in the week, Trump said the US postponed a planned attack on Tehran after leaders of Saudi Arabia, Qatar and the United Arab Emirates urged restraint amid "serious" ongoing negotiations.West Texas Intermediate crude oil decreased 1.9% to $102.17 a barrel in premarket action, while Brent dropped 2% to $109.02.Wednesday's economic calendar also has the weekly mortgage applications bulletin at 7 am, followed by the EIA domestic petroleum inventories report at 10:30 am. Fed Governor Michael Barr is slated to speak at 9:15 am.Analog Devices (ADI), TJX (TJX), Lowe's (LOW), Target (TGT) and Hasbro (HAS) are expected to post their earnings before the bell, among others. Intuit (INTU), Nordson (NDSN) and Urban Outfitters (URBN) release their results after the markets close.Gold nudged 0.4% lower to $4,493 per troy ounce, while bitcoin gained 0.9% to $77,457.

Dow JonesNasdaq CompositeS&P 500$ADI$HAS$INTU$LOW$NDSN$NVDA$TGT$TJX$URBN

US Markets35d ago

Keysight Technologies Issues Strong Outlook Following Fiscal Second-Quarter Beat

Keysight Technologies (KEYS) shares rose early Wednesday after the electronics test and measurement equipment manufacturer issued an upbeat fiscal third-quarter outlook, while its results for the previous three-month period topped market expectations.The company anticipates adjusted earnings to be in a range of $2.43 to $2.49 per share for the ongoing quarter, it said late Tuesday. Revenue is pegged at $1.73 billion to $1.75 billion, representing annual growth of about 29% at the midpoint. The current consensus on FactSet is for non-GAAP EPS of $2.23 and sales of $1.67 billion."Given the strong results we have delivered in the first half of the fiscal year, combined with our guidance for fiscal (third quarter), we are on track for revenue growth in the high-20% range for fiscal 2026," Chief Financial Officer Neil Dougherty said during an earnings call, according to a FactSet transcript. "With the visibility we currently have, we would expect to see a historically typical sequential revenue increase into (the fiscal fourth quarter)."Shares of the company were up 2.4% in the most recent premarket activity.Keysight posted adjusted EPS of $2.87 for the first quarter ended April, up from $1.70 the year before, topping the Street's view for $2.32. Revenue climbed to $1.72 billion from $1.31 billion, just ahead of the average analyst estimate for $1.71 billion."We delivered outstanding results in fiscal (second quarter), setting new company records for orders, revenue and earnings per share," Dougherty said on the call. "Our teams capitalized on the robust and dynamic demand environment, resulting in strong double-digit growth across all our business groups."Revenue in the communications solutions group segment advanced 35% to $1.23 billion, driven by gains of 40% in commercial communications and 24% in aerospace, defense and government. Electronic industrial solutions sales rose to $486 million from $393 million, buoyed by double-digit gains across all semiconductor, general electronics and automotive and energy end markets, according to the company.Orders surged 56% on a reported basis, with acquisitions and currency adding 700 and 100 basis points, respectively, according to Dougherty. Core orders rose 48%, the CFO added.Keysight said it recorded a $100 million receivable in the second quarter related to court rulings on President Donald Trump's tariffs this year, resulting in a $97 million reduction in costs and expenses and a $40 million decrease in revenue amid customer refunds.In February, the US Supreme Court invalidated Trump's reciprocal tariffs imposed in 2025 under the International Emergency Economic Powers Act. Subsequently, the US Court of International Trade directed US Customs and Border Protection to set up a process to refund certain tariffs that were previously collected, according to Keysight.

$KEYS

US Markets35d ago

Bank Indonesia Boosts Rates to Strengthen Currency in FX Markets

Citing a weakening national currency in foreign exchange markets, Bank Indonesia raised its benchmark interest rate by 50 basis points to 5.25%, at the conclusion of a policy session on Wednesday.The hike marked the central bank's first rate increase in nearly two years, as monetary authorities sought to strengthen the rupiah, reduce import bills, and keep general inflation within targets.The rate increase is intended "to strengthen the stabilization of the rupiah exchange rate from the high impact of global turmoil due to the war in the Middle East and as a preemptive measure to keep inflation in 2026 and 2027 within the target range of 2.5% plus or minus 1%," said Bank Indonesia, in a prepared statement.In the last 12 months, the rupiah has lost about 7.7% of its exchange value against the US dollar, and had been hitting fresh record lows recently, although on Wednesday the Indonesian currency edged higher against the greenback.In addition to lifting rates, Bank Indonesia also vowed to defend the national currency directly in foreign exchange markets, by using bank reserves to buy rupiahs.The central said it will be "increasing the intensity of foreign exchange interventions to strengthen the stabilization of the rupiah exchange rate through non-deliverable forward overseas market as well as spot transactions and domestic non-deliverable forward transactions in the domestic market."With import and fuel bills rising, Bank Indonesia officials also had eyes on domestic inflation rates.Indonesia's consumer price index (CPI) in April rose 2.42% on year, easing from 3.48% in March, and striking in the middle of the central bank's target range. However, as recently as February the CPI rose by 4.76% on year, and had generally been running hotter by month since early 2025, a possible warning of inflation pressures building up in the economy.Indonesia's economy has been growing, and Bank Indonesia's most-recent forecast was optimistic, perhaps giving the central bank room to tighten.After expanding by 5.39% on year in the fourth quarter of 2025, the nation's gross domestic product (GDP) is expected to grow by 4.9% to 5.7% in 2026, the central bank forecast in March.

^JKSE

US Markets35d ago

EU Parliament, Council Strike Provisional Deal to Honor US Trade Pact

The European Council and Parliament on Wednesday provisionally agreed on regulations that will fulfill the EU's commitments in a trade deal reached with the US in July 2025.Welcomed by the European Commission, the political agreement will see the removal of remaining customs duties on US industrial goods and the provision of preferential market access for certain US seafood and non-sensitive agricultural products. The duty suspension for lobster imports, including processed lobster, will also be retroactively extended from Aug. 1, 2025.The concessions are in exchange for the US maintaining a maximum tariff ceiling of 15% for most EU exports, including cars and car parts, and exempting additional tariffs for several important product groups such as unavailable natural resources, aircraft and parts, and generic pharmaceuticals."A deal is a deal, and the EU honours its commitments," Ursula von der Leyen posted on X, writing that the bloc will soon deliver its part of the EU-US deal. "I now call on the co-legislators to move swiftly and finalise the process."The new regulation also features a safeguard mechanism that allows the European Commission to partially or completely suspend the implementation in case sufficient evidence shows "serious injury" to domestic producers from significant increases in imports. The commission may also halt concessions for steel and aluminum products to the US if the latter continues to levy over 15% tariffs by Dec. 31, 2026."Today's agreement ensures that the key objectives of the EU-US Joint Statement - maintaining stable, fair, predictable and mutually beneficial transatlantic trade and investment - are achieved, and opens the path to boosting transatlantic trade by exploring further areas for reducing tariffs for EU exports," the commission said.The Parliament and Council are expected to formally adopt the agreed final texts over the coming weeks.

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US Markets35d ago

Marks and Spencer Targets Return to Profit Growth in Fiscal 2027 After Cyber Attack

Marks and Spencer Group (MKS.L) raised its full-year dividend by 16.7% and said it expects to return to profit growth in fiscal 2027 as its transformation program gains momentum.The British retailer said Wednesday that profit growth resumed in the second half of fiscal 2026 after a cyber incident weighed on its first-half performance. For the 52 weeks ended March 28, its attributable profit declined to 259.4 million pounds sterling from 295.7 million pounds a year earlier, while revenue climbed to 17.27 billion pounds from 13.82 billion pounds.The food division remained the company's strongest-performing segment, with sales rising 7% year over year. Sales in fashion, home and beauty declined 7.7%, while international sales slipped 7.2%.M&S said it expects profit growth to resume in fiscal 2027 as it accelerates investment and expands cost-cutting initiatives. Capital expenditure will increase to between 650 million pounds and 750 million pounds, two-thirds of which will be used to pursue long-term growth opportunities in the food business."Retailers face a triple whammy of headwinds with increased taxation, a greater regulatory burden and ongoing global conflict. At M&S we are unshaken by short-term events," the company said. "We have a clear plan and there is much within our control as we reinvest in value and quality for our customers."The retailer will pay a full-year dividend of 0.042 pound per share, up from the 0.036 pound per share paid previously.The company's stock was up more than 3% in early morning trading.

$MKS.L

US Markets35d ago

OpenAI to Invest SG$300 Million to Set Up AI Laboratory in Singapore

OpenAI, the maker of ChatGPT, will establish an applied artificial intelligence laboratory in Singapore for SG$300 million as part of its partnership with the government, the company announced in a press release Tuesday.The laboratory, which is OpenAI's first outside of the U.S., will create over 200 new technical jobs."Through the partnership, the Lab will support work aligned with Singapore's AI Mission priorities, particularly in areas such as public service, finance, healthcare and digital infrastructure," OpenAI said.The Singaporean government is partnering with international AI companies to help its citizens adapt with the evolving AI landscape. In 2023, the government launched the National AI Strategy, which has been upgraded in May this year to add ten refreshed priorities."Two and a half years on, much has changed. The AI story is no longer just about technology. It has expanded considerably to include our economies and societies, with serious implications for security and governance," Singapore's Minister for Digital Development and Information, Josephine Teo, said in her foreword in the NAIS updated guideline.OpenAI's rivals, such as Google, also partnered with the Singaporean government for the development of AI systems.Google did not give specific plans on how it would boost the AI landscape in Singapore, but it said in a Tuesday news release that it will develop AI technologies that would assist the public healthcare sphere through DeepMind, and equip Google Cloud's AI-enabled tools to support scientific research and analysis.The U.S.-based tech giant also said it will develop a running agent for blind and low vision athletes in partnership with SG Enable, Singapore's main agency for disability.Google will also assist in improving AI capabilities of the educational sector and the business industry.Singapore's initiative is giving American AI firms the chance to set up business without the risk of bumping into stringent regulations. It is also becoming a hub for Chinese tech startups that look to operate outside the mainland.Brad Gastwirth, Circular Technology's global head of research, said Singapore is becoming a "neutral hub for AI companies from both the U.S. and China," according to an April 24 report on Reuters.

^STI

US Markets35d ago

UK Inflation Slows in April Amid Lower Gas, Electricity Prices

The UK's annual inflation rate dropped more than expected in April, driven by lower household gas and electricity bills after the UK's Office of Gas and Electricity Markets lowered its energy price cap.Consumer prices rose 2.8% year over year in April, down from 3.3% a month before, according to data from the Office for National Statistics released Wednesday. The latest figure was below the consensus estimate of 3%."There was a notable fall in annual inflation led by lower electricity and gas prices. This was due to the government's energy bill support package reducing variable and fixed tariffs, along with lower global wholesale energy prices before the conflict in the Middle East, which fed through to the reduction in the Ofgem cap," ONS Chief Economist Grant Fitzner said. Electricity and gas prices fell by 8.4% and 4.4% respectively, reversing the prior year's increases of 2.9% and 7.5%.Excluding energy, food, alcohol and tobacco, the annual inflation rate edged down to 2.5% from the prior month's 3.1%, just below the consensus estimate of 2.6% and marking the lowest core inflation reading since July 2021.In response to the latest inflation print, the Confederation of British Industry noted that inflation was expected to moderate in April due to smaller annual price adjustments relative to last year's figures."However, the data does not yet fully capture the inflationary impact of developments in the Middle East. While fuel prices rose again through much of the month, higher global energy costs have yet to feed through more broadly into energy-intensive parts of the inflation basket, particularly food and household utility bills. As a result, inflation is likely to rise again in the months ahead, potentially peaking around the turn of the year," said Alpesh Paleja, deputy chief economist at the CBI, noting that amid a "very different" economic backdrop, headline inflation should remain "far below" the double-digit peaks of 2022 and 2023.Meanwhile, ING believes the "benign" UK inflation data lowers the chances of a June rate hike from the Bank of England. "Yes, UK inflation is set to rise again later this year, having dipped below 3% in April. But the data should reassure the Bank of England that last year's food price spike hasn't triggered a wave of second-round effects across the inflation basket. Like yesterday's jobs numbers, the data questions the need for aggressive rate hikes," ING wrote.During its April 30 meeting, the central bank held its key rate at 3.75% while flagging that energy price hikes caused by the Iran war are threatening to drive inflation higher. The Monetary Policy Committee said in the minutes of that meeting that it is closely monitoring the situation and remains prepared to intervene to ensure inflation stays on track to meet its 2% medium-term target.

FTSE 100

US Markets35d ago

China Keeps Benchmark Lending Rates Steady as Expected in May

The People's Bank of China (PBOC) maintained its benchmark lending rates for the 12th consecutive month on Wednesday, matching market forecasts.The central bank kept the one-year loan prime rate (LPR) -- the benchmark for most corporate and household loans -- at 3.00% and the five-year LPR at 3.50%. The five-year LPR is the reference rate for property mortgages.The decision aligned with a unanimous consensus among market participants polled by Reuters. Analysts widely expected the hold as policymakers balance cooling domestic demand against rising factory-gate inflation.Data from the National Bureau of Statistics last week showed that April consumer prices rose 1.2% year-on-year, while the producer price index increased 2.8%, a 45-month high, driven by commodity cost pressures tied to conflicts in the Middle East."Luckily for China, this rising inflation backdrop stems from a near-deflationary environment over the past few years. Thus, the People's Bank of China doesn't face the rate hike pressure that many global central banks are now facing," Lynn Song, ING's chief economist for Greater China, said in a May 15 note.Despite a slowdown in China's economic indicators in April, Beijing continues to hold off on rolling out new stimulus.Retail sales rose 0.2%, the lowest since December 2022, while industrial output jumped 4.1%, lower than the previous month's 5.7%."The monetary policy tone suggests that rate cuts are conditional. With liquidity still ample, it looks increasingly likely that any potential easing won't take place until the second half of the year," Song said in a separate note.Geopolitical factors continue to influence market expectations. While Beijing refrained from introducing major economic stimulus following its late-April Politburo meeting, a recent high-stakes summit between U.S. President Donald Trump and Chinese President Xi Jinping yielded modest trade developments including commitments for U.S. agricultural purchases and the renewal of export licenses for U.S. beef enterprises.Economists from TD Securities and Huatai Securities (HKG:6886, SHA:601688) expect Beijing to prioritize targeted, sector-specific intervention over broad monetary easing, Reuters reported."We foresee the PBOC being more hesitant to cut rates to stimulate growth after the surge in producer prices, which may reflect a more worrying inflation backdrop," analysts from TD Securities were quoted by The Standard (Hong Kong) as saying.Huatai said the central bank's decision to retain rates signal "that the case for broad-based easing has weakened," The Standard reported.

Shanghai Composite^SZSEHKG:6886SHA:601688

US Markets36d ago

Nasdaq, S&P 500 Fall For Third Day as Yields Jump

The Nasdaq Composite and the S&P 500 fell for a third consecutive session on Tuesday and Treasury yields jumped, while traders assessed US President Donald Trump's latest remarks on the conflict with Iran.The Nasdaq declined 0.8% to close at 25,870.7, while the S&P 500 lost 0.7% to 7,353.7. The Dow Jones Industrial Average dropped 0.7% to 49,363.9. Six of the 11 sectors ended in the red, led by materials' 2.3% decline, while healthcare paced the gainers."Investors are still navigating a market shaped by geopolitics, oil prices, and rising bond yields," Saxo Bank said in a report.US Treasury yields were higher in Tuesday late-afternoon trade, with the 10-year rate up 4.2 basis points at 4.67% and the two-year rate rising 2.6 basis points to 4.12%.Global bond yields have climbed, which could be attributed to the rise in long-term inflation expectations, particularly in the US, Macquarie said in a report."That's making nominal coupon-paying assets less attractive, and putting upward pressure on long-term yields," Thierry Wizman, global foreign exchange and rates strategist at Macquarie, said. "Aggravating this move in the US is that the (Federal Reserve) has been late to signal that it has moved toward a neutral policy bias, let alone a tightening bias."West Texas Intermediate crude was last down 0.8% at $107.77 per barrel, while Brent fell 0.9% to $111.09.Trump told reporters Tuesday that the US may need to strike Iran again, Reuters reported.That followed his statement on Monday that the US had postponed a planned military strike on Iran amid ongoing negotiations.The delay would last for "a limited period of time," CNN reported, citing Trump."Oil prices are gyrating between yesterday's increase after tough talk from Trump over the weekend and today's slight pullback after Trump said he held off on launching additional attacks on Iran following appeals from Gulf states," Scotiabank said in a note earlier in the day.Washington and Tehran have had a series of talks, but are yet to finalize a framework on a peace deal."The net effect is that oil prices have been higher since Friday and this reflects the general perception that there is no traction in negotiations," Scotiabank said. "Nor should any progress be expected in what is likely to be a stalemate."In company news, Home Depot (HD) reported fiscal first-quarter results above market expectations despite consumer uncertainty, while the home improvement retailer reiterated its full-year outlook. The company's shares rose 0.9%.Nvidia (NVDA) shares ended a choppy session 0.8% lower. The chipmaking giant is scheduled to report results after the closing bell Wednesday.Nvidia's fiscal first-quarter sales are expected to outperform market projections, with potential for "enhanced" cash returns likely to be among the key areas of focus, BofA Securities said in a note e-mailed Tuesday.Gold was down 1.2% at $4,504.40 per troy ounce, while silver lost 3.6% to $74.65 per ounce.

Dow JonesNasdaq CompositeS&P 500$HD$NVDA

US Markets36d ago

NextEra-Dominion Merger Likely Faces Lengthy Virginia Review, RBC Says

The NextEra Energy (NEE) and Dominion Energy (D) merger likely faces a lengthy regulatory review in Virginia, RBC Capital Markets said in a note emailed Tuesday.The companies announced an all-stock deal on Monday that would create the largest regulated electric utility in the world. Dominion's shareholders will hold a 25.5% stake in the combined entity.The expected statutory timeline in Virginia is up to six months, Dominion Chief Executive Robert Blue said during a conference call on Monday, according to a FactSet transcript. "If we expect to file in July, then you're looking at a decision from the Virginia (State Corporation) Commission in January," he said.RBC expects the Virginia commission to take the full time before deciding on the application, in line with how it has handled past deals, analyst Stephen D'Ambrisi said in the note. Dominion unit Virginia Electric and Power Co.'s size relative to companies involved in prior mergers is another reason this regulatory process may take time.The companies said they plan to offer $2.25 billion in bill credits for Dominion customers in Virginia, North Carolina and South Carolina over a two-year period after the deal completes.That move is aimed at trying to get ahead of "potential regulatory pushback," D'Ambrisi said.Regulators are also expected to scrutinize the combined company's New England Power Pool position for potential divestiture requirements, RBC said.NextEra's Seabrook facility in New Hampshire and Dominion's Millstone facility in Connecticut control more than 10% of the New England Power Pool's generating capacity, according to the RBC note.RBC reiterated its sector perform rating on Dominion's stock and raised the price target to $72 from $66 to reflect the implied deal consideration.Price: $89.67, Change: $+0.63, Percent Change: +0.71%

$D$NEE

US Markets36d ago

First-Quarter Down Payment Hits Lowest Since 2021 as Housing Market Tilts Toward Buyers, Realtor.com Says

First-quarter down payment in the US reached its lowest level since 2021 as the housing market slowly shifts toward more buyer-friendly conditions, News Corp's (NWS, NWSA) Realtor.com said Tuesday.The typical down payment dropped 19% year over year to $23,400 in the March quarter, marking the fourth straight quarterly decrease and the lowest level recorded since 2021, according to the online real estate portal."Down payments are falling as the housing market slowly tilts toward buyers," Realtor.com Senior Economist Hannah Jones said. "High prices and borrowing costs continue to test affordability, and while conditions are improving, some of the buyers re-entering the market are doing so via government-backed programs that have lower down payment requirements."In terms of key US regions, the softening in down payments was most pronounced in markets where inventory has recovered most fully and home prices have cooled most, with the South and West seeing the biggest drops. The Northeast continues to be the most competitive market, according to the report.Down payments in the US peaked at $32,700 in the second quarter of 2024 following years of soaring house prices and intense competition, but the pandemic-era highs are now steadily unwinding. Down payments reached their first-quarter high in 2025 with a median of $28,900 and an average of 14% of the purchase price before steadily easing lower, the report showed.The buyer pool is expanding with marginal improvement in affordability, though many are stretching their finances and increasingly relying on government-backed loan programs to finalize their deals, according to the report.Together, Federal Housing Administration and Veterans Affairs loans now account for more than a third of all purchase mortgages, Realtor.com said."Government-backed programs are serving as a critical pressure valve, keeping the door to homeownership open for buyers who might otherwise be shut out entirely," Jones said. "The growing reliance on FHA and VA financing also reflects how much the conventional path to homeownership has narrowed for buyers without significant cash reserves."Price: $30.22, Change: $-0.01, Percent Change: -0.03%

$NWS$NWSA

US Markets36d ago

Equity Markets Fall Intraday as Traders Monitor Middle East Developments

US benchmark equity indexes were lower and Treasury yields jumped after midday Tuesday as traders continued to monitor developments in the Middle East.The Nasdaq Composite was down 0.4% at 25,989.8 intraday, while the S&P 500 fell 0.2% to 7,385. The Dow Jones Industrial Average dropped 0.2% to 49,578.5. Among sectors, materials saw the biggest drop, while healthcare paced the gainers.US Treasury yields were higher intraday, with the 10-year rate up 8.2 basis points at 4.67% and the two-year rate rising 7.8 basis points to 4.14%.In a social media post on Monday, President Donald Trump said the US postponed a planned military strike on Iran amid "serious" ongoing negotiations. Trump, however, cautioned that the US will proceed with a large-scale attack if a deal is not reached.Trump told reporters Tuesday that the US may need to strike Iran again, Reuters reported.West Texas Intermediate crude was down 0.1% at $108.61 per barrel intraday Tuesday, while Brent fell 1.1% to $110.86."Oil prices are gyrating between yesterday's increase after tough talk from Trump over the weekend and today's slight pullback after Trump said he held off on launching additional attacks on Iran following appeals from Gulf states," Scotiabank said in a note.Washington and Tehran have had a series of talks, but are yet to finalize a framework on a peace deal."The net effect is that oil prices have been higher since Friday and this reflects the general perception that there is no traction in negotiations," Scotiabank said. "Nor should any progress be expected in what is likely to be a stalemate."In company news, Home Depot (HD) reported fiscal first-quarter results above market expectations despite consumer uncertainty, while the home improvement retailer reiterated its full-year outlook. The company's shares were up 0.4% intraday.Nvidia (NVDA) shares were up 0.7% intraday, recovering from a slide earlier in the session.The chipmaking giant's fiscal first-quarter sales are expected to outperform market projections, with potential for "enhanced" cash returns likely to be among the key areas of focus, BofA Securities said in a note e-mailed Tuesday. Nvidia is scheduled to report results after the closing bell Wednesday.Gold was down 1.2% at $4,504.40 per troy ounce, while silver lost 3.6% to $74.65 per ounce.

Dow JonesNasdaq CompositeS&P 500$HD$NVDA

US Markets36d ago

Nvidia Poised for First-Quarter Sales Outperformance, BofA Says

Nvidia's (NVDA) fiscal first-quarter sales are expected to outperform market projections, with potential for "enhanced" cash returns likely to be among the key areas of focus, BofA Securities said in a note e-mailed Tuesday.The brokerage expects the technology bellwether to outperform sales estimates by 2% to 4%, or about $2 billion to $4 billion, relative to current sell-side expectations for the three-month period, in line with historical trends.In February, Nvidia projected first-quarter consolidated revenue at $78 billion, plus or minus 2%. The current consensus on FactSet is for $78.91 billion.The chipmaking giant is scheduled to report results after the closing bell Wednesday.Beyond the company's key financial metrics, investor focus is expected to be on its potential for "enhanced" cash returns, among other things, BofA analyst Vivek Arya said in a note to clients."While (free cash flow) returns are not the only driver of stock performance, we do believe they expand ownership and signal durability, especially when investors start to get concerned about the sustainability of growth," Arya wrote. "(Nvidia's) FCF returns averaged only 47% in the past three years, well below peers returning on average 80% and even below (Nvidia's) own 80% average in the prior decade."Instead, the company's investments have been focused on the AI ecosystem and have been "unfairly" seen as circular or vendor financing, according to the note. "Boosting shareholder returns could expand ownership, close (Nvidia's) valuation gap and minimize circularity concerns."The company has several factors, such as its product and customer breadth, which help establish "an unparalleled standardized infrastructure" that would be tough for other merchant or custom chip competitors to overtake, BofA said. The company is expected to sustain a roughly 70% revenue share in an estimated $1.7 trillion AI total addressable market by 2030, according to the note.The brokerage maintained its buy rating on the Nvidia stock, with a $320 price objective, citing its "dominance in the fastest growing tech market and its compelling valuation."Nvidia shares were up 0.6% in Tuesday afternoon trade, bringing its year-to-date gains to 20%.Recently, Wedbush Securities and RBC Capital Markets projected Nvidia would deliver another strong quarter and issue an upbeat guidance for the current three-month period.Price: $222.77, Change: $+0.44, Percent Change: +0.20%

$NVDA

US Markets36d ago

Salesforce Likely to Meet Muted Quarterly Views Amid 'Tenuous' SaaS Backdrop, Deutsche Bank Says

Salesforce's (CRM) fiscal first-quarter results are expected to meet relatively modest projections amid a "tenuous" environment for the software-as-a-service industry, Deutsche Bank said Tuesday.The customer relationship management platform is scheduled to report results May 27. The current consensus on FactSet is for non-GAAP earnings of $3.13 a share on sales of $11.05 billion for the three-month period."We expect Salesforce to report a seasonally slow but steady start to (fiscal 2027), with results likely meeting muted expectations amidst a tenuous backdrop for SaaS," Deutsche Bank analyst Brad Zelnick said in a note to clients Tuesday.The brokerage's insights suggest less upside in the company's key metrics versus recent quarters. "Accordingly, we think (the first quarter) is unlikely to result in any meaningful estimate revisions, which we believe is required to sway sentiment and catalyze the stock," Zelnick wrote.Salesforce shares were little changed in Tuesday afternoon trade. So far this year, the stock has lost 32% in value.Commentary on the company's net new annual order value growth trajectory and incremental gains on its Agentforce artificial intelligence-powered agent platform will be a main area of focus, after being "disappointed" with the exclusion of any new leading metrics in its go-forward disclosure update intra-quarter, Zelnick said.The risk/reward "leans favorably," with Salesforce's shares having underperformed the iShares expanded tech-software sector exchange traded fund by about 21% since it posted its last financial results, with fiscal 2027 set for a second-half acceleration, according to Deutsche Bank.However, Salesforce's depressed valuation reflects long-term uncertainties surrounding AI and potentially limiting the stock's outperformance in the short term, barring "substantial estimate revisions," Zelnick said."We tend to believe AI-related concerns underappreciate the opportunity for software companies to adapt to new paradigms, in addition to the timeline over which any disruption might occur," the analyst wrote.Price: $180.48, Change: $+1.00, Percent Change: +0.55%

$CRM

US Markets36d ago

US Consumers' Air Travel Intentions Largely Steady Despite High Fuel Cost, UBS Survey Shows

US consumers' air travel intentions for leisure purposes leveled off in March year over year despite higher fuel costs and geopolitical concerns, UBS Securities said in a note sent Tuesday.The brokerage conducted a survey of 6,877 consumers across the world, including 1,754 in the US, from March to early April.Crude oil prices soared after the US and Israel launched attacks against Iran at the end of February, disrupting shipments through the crucial Strait of Hormuz.Plans to undertake leisure travel in the US over the next 12 months slipped to 82.8% from 83.1% a year ago, but remained above March 2024 levels, the survey results showed. Business travel intentions decreased on an annual basis, but rose from two years ago."The key takeaway was that intentions among US consumers to undertake leisure and business travel over the next 12 months remain high," UBS analysts, including Atul Maheswari, wrote in the note. "The survey results show that significantly more US consumers expect to increase spend in the next 12 months than spend less on their trips -- a trend that's consistent with last year's survey."There was an annual moderation in those citing plans to travel more with large US carriers Delta Air Lines (DAL), United Airlines (UAL), American Airlines (AAL), and Southwest Airlines (LUV), according to UBS. However, the number of consumers willing to travel about the same with each of the four airlines increased.Most consumers consider price as the most important factor when purchasing airline tickets for leisure travel, while about half of the survey respondents look at destination and airline brand, according to UBS."Airline brand was meaningfully more important than (three) years ago as was seat class. This should bode well for the larger airlines with a stronger loyalty/premium offering," Maheswari said, referring to Delta, United, American, and Alaska Air (ALK).Price: $68.35, Change: $-1.89, Percent Change: -2.69%

$AAL$ALK$DAL$LUV$UAL

US Markets36d ago

Amer Sports Lifts Full-Year Outlook After First-Quarter Beat

Amer Sports (AS) raised its full-year guidance on Tuesday after the Finnish sports equipment company reported better-than-expected first-quarter results.The maker of Wilson tennis rackets and Salomon ski boots projects adjusted earnings of $1.18 to $1.23 a share in 2026, up from the prior forecast of $1.10 to $1.15. Revenue is expected to rise 20% to 22%, compared with the increase of 16% to 18% seen previously.Analysts surveyed by FactSet expect non-GAAP EPS of $1.21 and sales of $7.77 billion."Given the momentum from our highest-margin Arc'teryx franchise, accelerating Salomon Softgoods growth, plus the solid foundation of our equipment franchises, we have the confidence to raise our 2026 sales, margin and EPS guidance," Chief Financial Officer Andrew Page said in a statement.The company's shares rose 4.7% in Tuesday trading in New York. They have dropped 7.7% this year.In the three months ended March 31, adjusted EPS rose to $0.38 from $0.27 a year earlier, topping Wall Street's $0.31 consensus. Revenue jumped 32% to $1.95 billion, ahead of expectations for $1.84 billion."The investments we have been making behind our biggest opportunities are paying off in terms of both sales growth and margin expansion," Page said.Technical apparel revenue increased 33% to $885 million. Outdoor-performance sales rose 42% to $713.6 million, and ball-and-racquet revenue gained 13% to $346.9 million.Technical apparel revenue in 2026 is expected to rise by 22% to 24%, up from the prior outlook for a gain of 18% to 20%, the company said. Estimates for the other two divisions were also boosted.Amer Sports expects adjusted EPS of $0.08 to $0.10 in the second quarter on revenue growth of 22% to 24%. Analysts project non-GAAP EPS of $0.08 and sales of $1.49 billion.Price: $34.65, Change: $+1.50, Percent Change: +4.52%

$AS

US Markets36d ago

Costco Seen Missing Quarterly Earnings Views, Oppenheimer Says

Costco Wholesale's (COST) fiscal third-quarter earnings are expected to fall short of consensus estimates, though the warehouse club operator is seen expanding its market share, Oppenheimer said in a Tuesday client note.The brokerage is projecting Costco's third-quarter earnings of $4.75 per share, compared with Wall Street's view that it put at $4.98. The company reported EPS of $4.28 in the year-ago period.Costco is scheduled to release its latest results on May 28.That report will likely show a "transitory earnings shortfall" amid mix headwinds related to fuel, ecommerce and pharmacy, Oppenheimer analysts including Rupesh Parikh wrote. "The wild cards for us are expense controls, along with any unexpected gross margin tailwinds that we haven't contemplated," according to the analysts.Costco shares have gained around 24% so far this year, compared with the S&P 500's 8% advance, Oppenheimer said, betting on further outperformance."We believe defensive characteristics of the model and (Costco's) superior value proposition on the omni-channel/fuel fronts should continue to drive outsized share gains," according to the research note.Earlier this month, Costco reported net sales of $23.92 billion for the four-week period ended May 3, up 13% year over year. For the five weeks to April 5, net sales grew 11% to $28.41 billion, it said last month.Oppenheimer lifted its price target on Costco shares to $1,160 from $1,100, while reiterating its outperform rating on stock, along with a "top pick" ranking."We would be positioned to take advantage of any weakness on the print (versus) playing for a positive catalyst," the analysts said. "Our longer-term thesis remains intact, but near term, we believe (Costco) could also benefit from higher levels of food at home inflation."Price: $1087.78, Change: $+11.31, Percent Change: +1.05%

$COST

US Markets36d ago

Home Depot Fiscal First-Quarter Results Top Views; Maintains Full-Year Outlook

Home Depot (HD) on Tuesday reported fiscal first-quarter results above market expectations despite consumer uncertainty, while the home improvement retailer reiterated its full-year outlook.The company's adjusted earnings came in at $3.43 per share for the three months through May 3, down from $3.56 the year before, but ahead of the FactSet-polled consensus of $3.41. Sales improved 4.8% to $41.77 billion, ahead of the Street's view for $41.59 billion."Our first-quarter results were in line with our expectations," Chief Executive Ted Decker said in a statement. "The underlying demand in our business was relatively similar to what we saw throughout fiscal 2025, despite greater consumer uncertainty and housing affordability pressure."For fiscal 2026, the retailer continues to anticipate adjusted EPS to be flat to up 4% versus last year's result of $14.69. The Street is looking for non-GAAP EPS of $15.01.Sales are still pegged to grow by about 2.5% to 4.5% for the ongoing fiscal year. The company reaffirmed its comparable sales forecast range of flat to up 2%. The Street is looking for sales of $171.16 billion and same-store sales growth of 1.4% for the fiscal year.Oppenheimer said Monday it expected Home Depot to lower its full-year guidance amid weak consumer sentiment.For the first quarter, the retailer's comparable sales edged up 0.6% but fell short of analyst estimates for a 0.8% gain. The metric nudged 0.4% higher in the US. The number of transactions decreased 0.9% to 391.1 million, while the average ticket prices rose 2.3% to $92.76.In an emailed client note on Tuesday, Truist Securities said Home Depot incurred "notable weather headwinds" in the quarter, but the brokerage's data suggested that sales improved throughout the period following a "tough early start."Truist believes Home Depot's sales trends remain stable even though it has yet to see a "sharp positive inflection" in revenue amid high interest rates and broader macroeconomic uncertainties. "We continue to think the risk/reward is skewed significantly more to the upside," the brokerage added.

$HD

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US Markets36d ago

Nasdaq, S&P 500 Fall For Third Day as Yields Jump

Dow JonesNasdaq CompositeS&P 500$HD$NVDA