Financial News · Live Terminal

Page 41 of 91

Japan's Capacity Utilization Slides in April on Fall in Electronic Components

Japan's capacity utilization fell on a monthly basis due to a decline in the electronic components and devices industry, according to data from the Ministry of Economy, Trade and Industry (METI) released on Friday.The indicator slipped 0.8% month on month to 102.9 in April against the 2020 baseline of 100, reflecting that capacity use remained above its baseline level despite slowing from 103.7 in the previous month.It missed market expectations for a 2% rise, according to Trading Economics.Capacity utilization in the electronic components and devices industry slid 5.2%, according to the ministry.Electrical machinery capacity utilization fell 5.2%, while capacity in the electrical and information and communication machinery industry slipped 1.1%.In the non-ferrous metal segment, capacity utilization slipped 1.7%, while the general-purpose and business-oriented machinery segment saw a 1.5% fall.Japan's industrial production rose 2% year over year in April, slowing from the 2.4% expansion in March.On a month-over-month basis, factory output edged up 0.5% to 102.5 during the month, reversing the 0.4% drop in the previous month.The reading missed market expectations of a 0.8% increase tracked by Investing.com.Transport equipment saw industrial production jump 15.2% year over year, while business-oriented machinery industrial production increased 15.1% year over year.General-purpose and business-oriented machinery grew 8.2%.Inorganic and organic chemicals slid 18.5% year over year, while that of petroleum and coal products fell 10.8%.

Nikkei 225

US Markets58d ago

Hong Kong Industrial Production Sees Slower Growth in Q1

Hong Kong's index of industrial production for manufacturing industries saw slower growth in the first quarter as an increase in output of the computers sector failed to offset a deceleration in the textile sector.The figure increased 3.1% year over year to 107.7 in the first quarter of 2026, above the baseline of 100 set in 2015, according to data from the city's Census and Statistics Department released FridayThe performance decelerated from the 5.8% expansion to 109.5 recorded in the previous quarter. It also missed a forecast of 3.8% tracked by Trading Economics.The corresponding producer price index jumped 17.7% year over year in the first three months of 2025, faster than the 9.5% rise in the previous quarter.By major sector, output volume was driven by a 6.6% rise in the metal, computer, electronic and optical products, machinery and equipment industry to 92.2, but below the baseline of 100.Miscellaneous manufacturing industries increased 5% to an index reading of 111.3.The food, beverages and tobacco sector grew by 2.1% to 99.2, still below the baseline.Conversely, output in the textiles and wearing apparel sector fell 4.7% year over year to an index of 69.3, the department said.The paper products sector slipped 2.6% from the same period last year to an index reading of 87.9.Hong Kong's sewerage, waste management, and remediation activities fell 1.6% in the first quarter, slower than the 2% decline recorded in the fourth quarter of 2025.The corresponding producer price index jumped 3.5% year over year in the first three months of 2025, faster than the 0.2% rise in the previous quarter.On a seasonally adjusted quarter-on-quarter basis, manufacturing production decreased 2.6% quarter on quarter, down from an increase of 1.3% in the previous quarter.

Hang Seng

US Markets58d ago

Thailand's Foreign Reserves Rise in May

Thailand's international reserves rose at the end of May, quelling fears of a currency crisis.Foreign reserves rose to $287.5 billion in the week ended May 29, according to data released by the Bank of Thailand (BOT) on Friday.The reading was higher than $285.6 billion in the week ending May 22 and $287.2 billion in the week that ended April 24.The Thai baht logged the biggest current-account deficit on record in April at $7.6 billion, triggering concerns of a currency crisis, according to a Wednesday report on The Nation.Don Nakornthab, the Bank of Thailand's assistant governor of the monetary policy group, eased these worries, saying that energy imports and the government's work in sustaining fuel reserves drove the deficit bigger. He said Thailand would be unlikely to experience a currency crisis like Indonesia, the report said.This week, Indonesia's rupiah dipped to record lows, prompting its central bank to raise the seven-day reverse repo rate by 25 basis points to 5.5%. The rupiah slumped more than 8% against the U.S. dollar to a record 18,190 on June 8.Meanwhile, Thailand's central bank does not see the need to raise rates yet despite the risk of rising inflation. Earlier this month, BOT Governor Witai Rattanaporn signaled that the rise in inflation is temporary after benchmark rates were kept at 1% at the end of April.Official data showed inflation in May slowed, with the consumer price index rising 2.79% year on year, compared with 2.89% in April.However, on a general trend, growth across Asia is weakening, while inflation continues to grow. Monetary policies are being shaped by the widening gap in foreign exchange. A sustained strength in the U.S. dollar has also driven broad-based weakness across various Asian currencies, according to ING's head of research for Asia-Pacific, Deepali Bhargava."Central banks are likely to prioritize anchoring inflation expectations and stabilizing exchange rates, even as growth risks mount," Bhargava said. "As elevated oil prices continue to tilt inflation risks upwards, we expect most Asian central banks to raise rates in the third quarter."

^SET.BK

US Markets58d ago

Data Center Construction Demand May Boost Inflation, Drive Building Boom

Surging demand for data center construction may contribute to a rise in U.S. inflation and be a factor in changing the Federal Open Market Committee's policy bias to neutral at next week's meeting, according to Macquarie Group strategists.The buildout of data centers has created a "gold rush" for construction workers, pushing up wages and "lucrative perks," Macquarie Global FX and Rates Strategist Thierry Wizman said in an email to.That may boost inflation due to higher wages, growing demand for workers, and corporate investment in the centers, while also increasing demand for materials and commodities such as copper, Wizman said."As hyperscalers race against condensed timelines, an industry-wide shortage of hundreds of thousands of skilled tradespeople has forced developers to pay a premium for labor," he said. "It may be a factor in helping the FOMC change its policy bias from easing to neutral on June 17."CME's FedWatch Tool puts the odds of a rate reduction next week at only 3.6%.Private employment will increase by 4% to 5% in the first five or six years in counties where data centers open, according to The Brookings Institution, a Washington-based public policy think tank.Construction employment will jump 11%, and IT employment will grow by 22%. Wages are forecast to rise by 3% to 4%, Brookings said.Building firms will be among the beneficiaries of increased spending on AI data centers as demand for the facilities continues to grow, company executives and analysts said.Spending on data center construction in the U.S. in April jumped to a seasonally adjusted annual rate of $50.7 billion, up 28% from the same month a year earlier, according to an Associated Builders and Contractors analysis of data published by the Census Bureau. Global spending on buildouts may rise to $7 trillion by 2030, according to a report from consulting firm McKinsey & Co.The largest construction companies will likely benefit the most from the buildout, which requires large amounts of land, energy, and water, and have jumped at the opportunity to erect the massive facilities as well as adjacent projects such as roads, power sources, and water storage.About 42% of Associated Builders and Contractors members with more than $100 million in annual revenue are under contract to work on data centers, ABC Chief Economist Anirban Basu said in a May report."Those data center projects have buoyed the ABC Construction Backlog Indicator and kept ABC members confident about their outlooks, at least on the whole," Basu said later in a June 1 report.Many contractors expect construction of the facilities to boost their revenues throughout the next five to 10 years."Generally speaking, we continue to see hyperscalers signaling a multi-year surge in demand for data center and power infrastructure," Fluor Corp. (FLR) Chief Executive Officer James Breuer told analysts on a conference call on May 8. Proposed sites, however, are increasingly being met with opposition from the public, shifts in the regulatory landscape, and rising borrowing costs.Seven in 10 Americans oppose local construction of AI data centers, with 48% of those polled saying they "strongly" oppose, according to a Gallup survey conducted in early-to-mid March.Power demand from data centers in the U.S. is expected to more than double to 66 gigawatts in 2027 from 31 gigawatts in 2025 due to increased AI infrastructure, Goldman Sachs Commodities Research said in a report last month.Increased water and energy consumption and the effects of the data centers on the environment were among the top reasons given by those who opposed construction.Almost 500 legislative bills have been filed in more than 40 states this year so far, marking a shift to regulatory oversight from incentive-focused policies, and several states have established moratoriums to give time to study the impacts, according to Multistate, a government relations company. Including legislation that carried over from 2025, more than 700 bills are active."Even this number understates the activity slightly because states which did not have a regular session this year are considering action in the interim (such as Texas) and governors have been increasingly weighing in absent legislative action," Multistate vice president Morgan Scarboro said in an email.Rising borrowing costs also may be giving AI companies pause.The yield on 10-year Treasuries spiked in May, rising to its highest level in more than a year, increasing interest rates for borrowers for large-scale projects and causing hesitancy among companies looking to construct facilities.Still, the data center boom is coming at the right time as construction companies are facing a lull in other private-sector projects. Total construction spending in April totaled $2.17 trillion, up 0.4% from March and up 0.9% on an annual basis, according to Census Bureau data.Benj Harding, vice president of the Industrial and Energy Division for Granite Construction (GVA), said the AI buildout is an "accelerated growth sector" that will benefit the entire industry."It's a boom," Harding toldin an interview. "In general, we have quite a bit of work in the pipeline, quite a few opportunities that we're seeing, leads and opportunities, as well as active bids right now. And they really span the entire country from the East Coast to the West Coast."Granite shares are up 54% in the past year at roughly $139 per share and are hovering around all-time highs. Analysts polled by FactSet see shares rising as high as $167.20 and the company's third-quarter revenue increasing 25% year over year to $1.41 billion.Harding declined to say how many projects related to data centers the company has in the works due to nondisclosure agreements.Still, he said, Granite has been involved in about 100 such projects and adjacent endeavors in the U.S. since around 2019. The burgeoning sector now accounts for around 5% of the company's revenue."It's a major initiative of ours," Harding said. "We want to grow the company so we see it as, certainly, an avenue to grow the company immediately."Marcy Nicholson

$FLR$GVA

US Markets58d ago

Lennar Issues Weak Home Deliveries Outlook as Fiscal Second-Quarter Revenue Misses Estimates

Lennar (LEN) shares fell early Friday as the homebuilder issued a fiscal third-quarter delivery outlook below market estimates, while its revenue trailed expectations in the previous three-month period amid persistent housing market headwinds.The company anticipates delivering between 20,500 and 21,500 homes in the ongoing quarter, it said late Thursday. The current consensus on FactSet is for 22,103 home deliveries. The group delivered 20,519 units in the second quarter, up 2% from a year ago, but shy of the Street's view for 20,541 homes.The stock was down 2.7% in the most recent premarket activity.For the 2026 full year, Lennar now expects to deliver around 82,000 to 83,000 homes, amid current pressure on interest rates and geopolitical uncertainty, Chief Executive Stuart Miller said in a statement. The company previously projected to deliver 85,000 homes, while the current average analyst estimate is for 83,366 units."Our strategy consistently has been to execute around the affordability challenge rather than wait it out," according to Miller. "We have prioritized volume to create durable scale advantages, to deliver that volume at lower prices, and ultimately improve margins."New orders are pegged to be in a range of 21,000 to 22,000 homes for the third quarter, while the market is looking for 22,630 units. The group also expects gross margin on home sales to be about 16% and forecasts an average sales price of $375,000 to $380,000 for the current quarter.Per-share earnings came in at $1.24 for the three months through May, down from $1.81 a year earlier, in line with the Street's view for $1.24. Revenue decreased to $7.94 billion from $8.38 billion, trailing the market's expectation for $8.09 billion."Our second quarter of fiscal year 2026 was defined by the same stubborn headwinds that have challenged the housing market for the past several years - persistently elevated mortgage rates, constrained affordability, and cautious consumer sentiment, exacerbated by geopolitical uncertainty creating a resurgent inflation reading of 4.2% driven by higher energy prices," Miller said.Homebuilding revenue slipped to $7.62 billion from $7.84 billion in the prior-year quarter. The average sales price moved down to $371,000 from $389,000 last year due to persistent market weakness. New orders declined 4% to 21,749 homes.Gross margin on home sales was 15.6%, down from 17.8% a year ago, just shy of analysts' estimate for 15.7%, amid lower revenue per square foot and higher land costs.Lennar's lower home delivery outlook was "somewhat" offset by positive incentive trends and in-line margin guidance despite weaker volumes, Truist Securities said in a note."Overall, we are fairly neutral on these results with some good and some not so good, but we do think it takes a worst-case margin scenario off the table at least for now," the brokerage added.

$LEN

US Markets58d ago

Flutter Entertainment to Scrap London Listing

Flutter Entertainment (FLTR.L) decided to delist its shares from the London Stock Exchange, leaving the New York Stock Exchange as its sole primary trading venue.The online betting giant, which owns FanDuel, Paddy Power, Betfair and Sky Bet, announced Friday that it has initiated the regulatory approval process for the delisting, which is expected to take effect Aug. 3.Flutter moved its primary listing to New York in May 2024 after relocating its operational headquarters to the city. At the time, Chief Executive Peter Jackson described the move as "an important milestone in the evolution of Flutter," reflecting "the increasing importance of the US sports betting and iGaming market to our business.""We have a fantastic position in the US, with FanDuel the clear number one operator, and we look forward to this next step on our journey," Jackson added at the time.The company initiated the review regarding its London listing in May this year. According to the latest disclosure, the delisting decision was driven by several factors, including trading volumes in its UK-listed shares and the additional costs associated with maintaining the listing.Flutter "concluded that it is in the best interests of the company and its shareholders to proceed with the LSE delisting."Shares in the company were slightly lower during early Friday trading in London.

$FLTR.L

US Markets58d ago

UK Economy Contracts in April as Iran War Impacts Bite

The British economy contracted for the first time in eight months as the impact of the ongoing war in the Middle East began to be felt more broadly across businesses.The UK's gross domestic product fell 0.1% month over month in April 2026, following a 0.3% increase in March 2026, data from the Office for National Statistics showed Friday. The reading, which matched the market forecast, marks the first monthly fall in GDP since August 2025.A 0.2% fall in services drove the decline in GDP, offsetting a 0.1% rise in construction, largely due to a negative contribution from administrative and support service activities and from arts, entertainment and recreation. The ONS said some of the declines "are likely to be attributed to the outbreak of conflict in the Middle East affecting UK-based businesses."Meanwhile, production showed no growth in April, following a 0.2% fall in March."We expect this slowdown to intensify as higher energy costs feed through the economy, with the impact likely to be felt most accurately in the third quarter as the energy price cap rises," said Fergus Jimenez-England, associate economist at the National Institute of Economic and Social Research, following the data release. "That said, we expect the Bank of England to leave interest rates unchanged at next week's meeting."On a yearly basis, the British economy grew 1.2% in April, against the prior 1.2% expansion and the consensus estimate of a 1.3% gain.Separately, the country's goods and services trade deficit rose by 7.7 billion pounds sterling to 9.9 billion pounds in the three months to April, ONS data showed the same day. The goods deficit increased by 7.6 billion pounds to 62.5 billion pounds, while the services surplus declined by 200 million pounds to 52.6 billion pounds.

FTSE 100

US Markets59d ago

Malaysia's Retail Sales Rise 6.3% in April, Industrial Output Posts Fastest Growth Since 2022

Malaysia's retail sales growth slowed in April, while industrial production recorded its strongest expansion in more than three years.Retail trade sales rose 6.3% year over year in April, according to data released by the Department of Statistics Malaysia on Friday.The increase was slower than the 7.5% growth recorded in March and fell short of the 7.7% forecast in a Trading Economics poll.The sector's performance was driven primarily by a 6.1% increase in retail sales at non-specialized stores.Sales of other goods in specialized stores rose 6.8%, while sales of other household equipment in specialized stores increased 3.5%.Total wholesale and retail trade sales rose 15.3% year over year to 174.8 billion ringgit in April.Wholesale trade sales climbed to 83.5 billion ringgit, retail trade sales increased to 71 billion ringgit, and motor vehicle sales advanced to 20.4 billion ringgit.Separate data released Friday showed Malaysia's Industrial Production Index rose 8.2% year over year in April, accelerating from 3.1% in March.The performance "marked the highest growth registered since September 2022, bolstered by the expansion across all sectors," the Department of Statistics Malaysia said.Manufacturing output increased 8.3%, mining production rebounded 6.8% after contracting 6.5% in March, while electricity output rose 10.5%.Export-oriented industries, which account for about two-thirds of the manufacturing sector, expanded, supported by increased production of computer, electronic, and optical products.Domestic-oriented industries grew, driven by increases in motor vehicle production and food manufacturing.The latest data comes as inflationary pressures show signs of picking up. Malaysia's consumer prices rose 1.7% year over year in March, the fastest pace in more than a year, while Economy Minister Rafizi Ramli has cautioned that prices could rise further in the coming months.The government has largely contained inflation through fuel subsidies, including a gasoline quota system and targeted diesel assistance, and is considering additional measures to help cushion households and businesses from rising costs.Higher global commodity prices stemming from the conflict in the Middle East are expected to increase domestic cost pressures and push inflation higher, Bank Negara Malaysia said.However, the central bank said, "the impact on both headline and core inflation in 2026 is expected to remain contained."

FTSE Bursa Malaysia KLCI

US Markets59d ago

World Bank Cuts Growth Forecasts for Japan, China as Middle East Conflict Weighs on Asia

The World Bank trimmed its 2026 growth forecasts for Japan and China on Thursday, citing rising energy prices, disrupted trade, and weakening demand stemming from the conflict in the Middle East.Global growth is forecast to slow to 2.5% in 2026, down from 2.9% in 2025, the weakest pace since the onset of the COVID-19 pandemic, according to the organization's June 2026 Global Economic Prospects report.The World Bank cut its 2026 growth forecast for Japan to 0.7% from its January estimate of 0.8% as rising energy prices weigh on consumption and exports. In 2025, the economy grew by an estimated 1.1%.GDP growth is expected to recover modestly to 0.9% in 2027 before easing again to 0.8% in 2028 as domestic demand improves on the back of lower inflation and higher wages.Meanwhile, growth in East Asia and the Pacific is projected to moderate to 4.2% in 2026 from 5% in 2025, with China's deceleration driven by subdued domestic demand amid low consumer confidence, the continued property sector adjustment, and a soft labor market, the World Bank said.Growth in China is projected to ease to 4.2% in 2026 from the estimated 5% increase in 2025. The latest forecast is down from the 4.4% estimate the World Bank issued in January.Momentum is expected to accelerate to 4.3% in 2027 before decelerating again in 2028 to 4.2%, "as energy prices ease while diminishing returns to capital, high debt, and demographic pressures continue to lower China's potential growth."Elsewhere, in South Asia, growth is projected to soften to 6.3% in 2026 from 7% in 2025, mainly reflecting the adverse impact of the Middle East conflict, including shortages of energy and agricultural products that put upward pressure on energy and food prices, according to the World Bank.However, the latest forecast for the region was up from 6.2% in January.Growth in India is projected to moderate to 6.6% in fiscal year 2026/27 from 7.7% in 2025, reflecting a slowdown in private demand growth as a result of higher energy prices and other input costs, though a reduction in Goods and Services Tax rates is expected to provide some support for consumer spending.In January, the World Bank estimated India's GDP growth for 2026 at 6.5%."Developing countries have faced a series of challenges over the last decade," said Ajay Banga, President of the World Bank Group."In response to the current shock, we are providing liquidity where it is needed now - and we are ready with additional financing, guarantees, and private-sector solutions if pressures deepen. Our job is to help countries steady the ship, keep reforms moving, and emerge stronger on the other side."Brent crude oil prices are projected to average $94 a barrel in 2026, 36% above 2025 levels, assuming that shipping through the Strait of Hormuz remains severely disrupted through July, the World Bank said.The institution warned that if energy supply disruptions prove more severe than currently assumed and are exacerbated by substantial financial stress, global growth could fall to 1.3% in 2026, with inflation forecast to rise to 4.4%.

^BSENikkei 225^NSENifty 50Shanghai Composite^SZSE

US Markets59d ago

New Zealand's Manufacturing Sector Fights On Despite Contraction

New Zealand's manufacturing sector is seeing the impact of weakening customer demand and higher fuel prices, but remains above the lows seen a few years ago.Four out of five components that make up the BusinessNZ Performance of Manufacturing Index are still in expansion, even though the index crossed contraction territory to 49.9 in May from 50.4 in April and 52.8 in March.A reading over 50 shows that the sector is expanding, but a number below that points to a contraction.Head of Research Stephen Toplis said that the New Zealand economy can gain back momentum by the end of the year, given a possible resolution to the Middle East conflict, leading to a recovery for manufacturers.BusinessNZ flagged the risk of excess inventories as a wide gap was seen between finished goods stocks and new orders, which it said is "bad news" for future production.According to a Wednesday report by Westpac, the manufacturing sector is expected to increase by 2.8% of gross domestic product in the first quarter. It remains one of the biggest contributors to GDP as the impact of the Middle East conflict is yet to flow through into activity.The Reserve Bank of New Zealand on Tuesday reported that manufacturing operating income fell to NZ$35.7 billion in the March quarter, compared with NZ$36.8 billion in the December 2025 quarter.

^NZ50

US Markets59d ago

Adobe Second-Quarter Results Top Estimates; CFO Resigns

Adobe's (ADBE) fiscal second-quarter results surpassed Wall Street's estimates amid strong artificial intelligence-driven demand, while the Photoshop maker said Chief Financial Officer Dan Durn resigned.Adjusted earnings per share rose to $5.96 in the three months ended May 29 from $5.06 a year earlier, compared with the FactSet-polled consensus of $5.82. Revenue jumped 13% to $6.62 billion, higher than the Street's $6.45 billion view.Adobe's record revenue in the second quarter reflected "strong AI-driven demand across our customer groups," Chief Executive Shantanu Narayen said in a statement.Annualized recurring revenue exiting the quarter was $27.10 billion. Analysts expected $26.60 billion. AI-first ARR tripled year over year to more than $500 million, according to the company.RBC Capital Markets expected Adobe to deliver "solid" results and ARR above consensus expectations.Subscription revenue jumped 14% year-over-year to $6.42 billion.Durn will leave the company on June 15, Adobe said. Its customer experience orchestration business unit CFO, Steve Day, will serve as interim CFO.Adobe's shares were down 6% in after-hours trading. The stock declined nearly 38% so far this year through Thursday close.Marvell Technology (MRVL) said late Thursday that it appointed Durn as CFO, effective June 15.As announced in March, Narayen plans to step down as Adobe's CEO after a successor has been appointed.Adobe raised its fiscal 2026 adjusted EPS outlook to between $24.35 and $24.45 from the prior guidance of $23.30 to $23.50. Revenue is pegged at $26.50 billion to $26.60 billion, up from $25.90 billion to $26.10 billion previously expected.Analysts are modeling non-GAAP EPS of $23.54 and revenue of $26.06 billion.For the third quarter, Adobe projected adjusted EPS of $6.05 to $6.10 on revenue between $6.67 billion and $6.72 billion. The market consensus indicates $5.77 and $6.52 billion, respectively.

$ADBE$MRVL

US Markets59d ago

Update: Wall Street Logs Best Day in 2 Months as Trump Sparks Hope For Iran Deal

(Updates with market moves at the end of the day and any new developments.)US equities rallied Thursday, pushing major indexes to their best day in more than two months, while oil prices tumbled after President Donald Trump signaled a breakthrough in talks with Iran to end the war.The Nasdaq closed 2.5% higher at 25,809.7, while the Dow Jones Industrial Average advanced 1.9% to 50,848.8. The S&P 500 climbed 1.8% to 7,394.3. All three indexes notched their biggest one-day percentage gains since April 8. Most sectors were in the green, led by materials and industrials, while energy saw the biggest drop.West Texas Intermediate crude oil was down 4% at $86.39 a barrel in Thursday late-afternoon trade, while Brent fell 4.4% to $89.03.Trump said on Thursday that the US "just made a great settlement of the war with Iran," subject to the "finalization of documents," CNBC reported.A deal is expected to be signed "over the next few days," he reportedly said.Earlier in the day, Trump canceled scheduled strikes against Iran following increased hostilities, including US strikes in response to Tehran shooting down an American Apache helicopter.The Organization of the Petroleum Exporting Countries lowered its global oil demand growth forecast for this year, but raised its expectations for 2027.US Treasury yields tumbled, with the 10-year rate last down nine basis points at 4.47% and the two-year rate falling 9.8 basis points to 4.06%.In economic news, US producer prices rose more than projected in May, matching the previous month's pace, while the annual increase reached the highest since late 2022 amid surging energy costs, government data showed.On Wednesday, consumer price data showed inflation accelerating to the fastest pace in about three years last month, reinforcing expectations that the Federal Reserve will keep interest rates on hold for some time."A fresh multiyear high in consumer and producer prices underscores the pain befallen on consumers resulting from disruptions in the global energy market," Stifel said in a note. "For the Fed, dangerously high levels of inflation suggest additional accommodation is off the table, at least for now."In company news, Eaton (ETN) will combine its mobility business with auto parts supplier Dana (DAN), creating a global powertrain entity valued at more than $10 billion. Eaton shares advanced 4.8%, while Dana slumped 15%.Oracle (ORCL) shares slumped 8.5%, the second-worst performer on the S&P 500. Late Wednesday, the cloud computing company's fiscal fourth-quarter results surpassed Wall Street's estimates, driven by rising demand for cloud infrastructure amid an artificial intelligence boom.UBS Securities said Thursday the sell-off in Oracle's shares could be due in part to its higher-than-expected capital expenditure outlook for the year.Gold was up 0.9% at $4,169.10 per troy ounce, while silver rose 1.9% to $66 per ounce.

Dow JonesNasdaq CompositeS&P 500$DAN$ETN$ORCL

US Markets59d ago

Pending Home Sales See Fourth Straight Weekly Decline as Prices Hit Record High, Redfin Says

Pending home sales in the US fell for a fourth consecutive week amid record-high prices and elevated mortgage rates, Redfin said Thursday.Sales dropped 0.6% sequentially in the week ended June 7, marking the fourth straight weekly decrease, according to the online real estate brokerage. The median home-sale price rose 1.5% year over year to $400,894, the first time the typical existing home has sold for more than $400,000, according to the report."Crossing the $400,000-threshold is a reminder of how difficult it is to break into homeownership for many Americans -- and rising prices of other things is making it even harder," Chen Zhao, Redfin's head of economics research, said in a report. "The high costs of purchasing a home are keeping many buyers out of the market, which has led to a historic buyer's market in most of the country."The elevated home prices, along with mortgage rates in the mid-6% range, are pushing up monthly housing payments, according to the report."Widespread economic uncertainty is also driving prospective buyers away," Redfin said. "Many Americans are jittery about the Iran war (with the US and Israel), inflation and the possibility of a (Federal Reserve) rate hike, among other financial ups and downs."Earlier in the week, official data showed that US annual inflation accelerated to the highest in about three years last month, fueling expectations that the Fed will keep interest rates on hold for some time.On Tuesday, another Redfin report showed that US home sellers outnumbered buyers by almost half a million in May, indicating buyers hold the power in the housing market."Even though there are more sellers than buyers in the market, new supply is tight enough that prices are staying propped up as some would-be sellers opt to keep their homes off the market as demand slows," the brokerage said in the Thursday report.

US Markets59d ago

Gold Rebounds From Six-Month Low as Uncertainty Persists

Gold rebounded from a six-month low on Thursday as markets tracked interest rate expectations and geopolitical headlines.Gold futures rose 0.9% to $4,172.3 per troy ounce, having declined to $4,046.20 earlier in the day. CNBC said that was the lowest level since November.Spot gold gained 1.9% to $4,148.75, also off the session low of $4,024.01.US annual inflation jumped to the highest level in about three years, official data showed Wednesday, fueling expectations that the Federal Reserve will maintain interest rates at current levels for a while.Gold prices generally have an inverse relationship with interest rates. A strong labor market and rising prices have weakened the case for near-term monetary policy easing.Last week, Cleveland Fed President Beth Hammack said the US central bank may need to raise interest rates should inflationary pressures persist. Hammack was one of the three Federal Open Market Committee voters that supported its April policy decision, but opposed including an easing bias in the statement.President Donald Trump canceled scheduled strikes against Iran Thursday following increased hostilities, including US strikes in response to Tehran shooting down an American Apache helicopter.Iran launched its own retaliatory attacks in recent days.Bullion has now lost $1,570 in value from its January peak, Saxo Bank said in a report on Thursday.The yellow metal has corrected 38% of its 2022 to 2026 rally, according to the report."While the longer-term supportive themes are likely to reassert themselves once the inflation outlook stabilizes, the near-term outlook remains clouded by speculative selling, long liquidation, and rate hike fears," Saxo Bank said.

US Markets59d ago

Update: Equities Rise Intraday, Oil Drops as Trump Cancels Iran Strikes

(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday, while oil prices fell as President Donald Trump called off the latest round of strikes against Iran.The Dow Jones Industrial Average was up 1.5% at 50,687.4 after midday Thursday, while the Nasdaq Composite rose 1.6% to 25,563.4. The S&P 500 increased 1.2% to 7,352.8. Barring energy and communication services, all sectors were in the green, led by industrials.West Texas Intermediate crude oil was down 3.5% at $86.91 a barrel, while Brent fell 3.9% to $89.52.Trump said he has cancelled the strikes and bombings against Iran that were scheduled for later in the day."Discussions and final points have been, in both concept and great detail, approved by all parties involved," Trump said in a social media post. "The naval blockade will remain in full force and effect until this transaction is finalized -- time and place of the signing to be announced shortly."US forces launched airstrikes against Iran Tuesday after Tehran shot down an American Apache helicopter. The US fired additional missiles Wednesday.Iran's strait authority said earlier in the day that the Strait of Hormuz will be closed "until further notice" following an exchange of fire with the US, CNN reported Thursday.The Organization of the Petroleum Exporting Countries lowered its global oil demand growth forecast for this year, but raised its expectations for 2027.US Treasury yields were lower intraday, with the 10-year rate down 6.5 basis points at 4.48% and the two-year rate falling five basis points to 4.08%.In economic news, US producer prices rose more than projected in May, matching the previous month's pace, while the annual increase reached the highest since late 2022 amid surging energy costs, government data showed.On Wednesday, consumer price data showed inflation accelerating to the fastest pace in about three years last month, reinforcing expectations that the Federal Reserve will keep interest rates on hold."A fresh multiyear high in consumer and producer prices underscores the pain befallen on consumers resulting from disruptions in the global energy market," Stifel said in a note. "For the Fed, dangerously high levels of inflation suggest additional accommodation is off the table, at least for now."In company news, Eaton (ETN) will combine its mobility business with auto parts supplier Dana (DAN), creating a global powertrain entity valued at more than $10 billion. Eaton shares were up 4.6% intraday, while Dana slumped 15%.Oracle (ORCL) shares were down nearly 12%, the worst performer on the S&P 500. Late Wednesday, the cloud computing company's fiscal fourth-quarter results surpassed Wall Street's estimates, driven by rising demand for cloud infrastructure amid an artificial intelligence boom.UBS Securities said Thursday the sell-off in Oracle's shares could be due in part to its higher-than-expected capital expenditure outlook for the year.Adobe (ADBE), Lennar (LEN) and RH (RH) are expected to report results after the closing bell Thursday, along with others.Gold was up 0.9% at $4,169.10 per troy ounce, while silver rose 1.9% to $66 per ounce.

Dow JonesNasdaq CompositeS&P 500$ADBE$DAN$ETN$LEN$ORCL$RH

US Markets59d ago

SpaceX IPO Frenzy Builds as Analysts Warn of Volatility

Retail and institutional enthusiasm is building as SpaceX moves closer to its historic debut on Wall Street, but analysts cautioned that the sheer scale of the listing could fuel volatility.Elon Musk's rocket and satellite company plans to offer about 555.6 million shares at $135 apiece, for a record $75 billion that would eclipse oil giant Saudi Aramco's blockbuster IPO in 2019.SpaceX's IPO has drawn over $70 billion in orders from retail investors, Bloomberg News reported Thursday. Previously, Bloomberg said institutional demand for SpaceX shares was more than four times the amount available.SpaceX may be targeting a market value of under $1.8 trillion, placing it among the 10 most valuable public companies in the US.But just as SpaceX prepares to begin trading on the Nasdaq Friday, some on Wall Street have pointed to increased volatility."The SpaceX anticipation has caused some added volatility in the market especially in the tech sector as traders/investors anticipate the ripple impact of this historical IPO," Wedbush Securities analyst Dan Ives said in a note on Wednesday. "While there will be some worries that the mammoth SpaceX will take away some oxygen from the tech/semi trade as investors rotate into SpaceX, we believe this will be a short-term bump in the road as the market adjusts to this new tech titan as a public company."Oppenheimer also expects high price volatility for SpaceX shares due to an initial demand and supply imbalance amid strong retail demand.But there are other risks too."We note significant regulatory, technology, execution, keyman and investor expectation risks remain and that thermal management of chips for space applications in space within four years appears challenging," Oppenheimer said. "However, its space infrastructure appears structurally advantaged."Markets are also tracking other mega-cap IPOs of OpenAI and Anthropic."While strong investor sentiment is likely to support upcoming mega IPOs, their scale and current unprofitability introduce risks of short-term volatility," Wells Fargo Investment Institute said in a note on Wednesday.

US Markets59d ago

Oracle Sell-Off Could be Due to Higher-Than-Estimated Capex Outlook, UBS Says

Oracle's (ORCL) post-earnings sell-off could be due to its higher-than-expected capital expenditure outlook and its largely unchanged earnings and sales guidance for the year, UBS Securities said Thursday.Late Wednesday, the cloud computing company maintained its fiscal 2027 revenue outlook at $90 billion and raised its non-GAAP earnings guidance to $8.05 a share. Its fourth-quarter results surpassed Wall Street's estimates, driven by rising demand for cloud infrastructure amid an artificial intelligence boom.Oracle shares were down 11% in Thursday afternoon trade. The stock has lost 8.4% in value so far this year."The (latest) stock reaction may be rooted in a (2027) capex guide of ($90 billion to $95 billion) that was above the (roughly $85 billion) buy-side consensus," as well as its full-year top- and bottom-line projections, which were basically reaffirmed, UBS analysts Karl Keirstead and Radi Sultan said in a note to clients Thursday.The brokerage maintained its buy rating and a $285 price target on the Oracle stock."Importantly, Oracle said that peak dollar capex will be in (2027/2028), the first major cloud (infrastructure) provider to clarify this and motivating us to trim our (2029 onward) capex estimates," the UBS analysts said.The company's latest quarterly results showed constant currency revenue growth of 20%, which was at the high end of the guide. Its cloud infrastructure growth of 92% was in-line with expectations, while margins and EPS "solidly beat," Keirstead and Sultan said.For the ongoing quarter, Oracle expects reported revenue to grow by 27% to 29%, with cloud sales seen rising 58% and 64%."The real upside was in the (first-quarter) cloud guide, which assuming stable 9% (software-as-a-service) growth implies outstanding infra/OCI growth of (about) 120%, well above our (105% growth) estimate, as the pace of AI capacity additions accelerates to a full 1 (gigawatt) in the quarter," Keirstead and Sultan said Thursday.Price: $177.85, Change: $-23.41, Percent Change: -11.63%

$ORCL

US Markets59d ago

Weekly Jobless Claims, Continuing Applications Increase

Weekly applications for unemployment insurance and continuing claims in the US rose, according to latest official data, which Jefferies said largely point to "stable" labor market conditions.For the week through June 6, the seasonally adjusted number of initial claims increased by 4,000 to 229,000, the Department of Labor said Thursday. The consensus was for a 220,000 reading in a Bloomberg poll. The four-week moving average totaled 219,000, up by 4,250 from the prior week's unrevised average. Unadjusted claims increased by 39,713 to 228,276, according to the report.Seasonally adjusted continuing claims for the week ended May 30 reached about 1.8 million, compared with Wall Street's expectations of 1.79 million. Continuing claims climbed by 24,000 from the previous week's level, which was revised down by 6,000. The four-week moving average increased by 4,750 to about 1.78 million, according to the DOL."Despite extremely pessimistic views expressed in consumer confidence surveys regarding the economy overall, countless headlines describing job cuts from a variety of businesses, and the phantom job-stealing power of (artificial intelligence), the claims data suggests that labor market conditions are stable," Jefferies Chief US Economist Thomas Simons said in a note e-mailed to. "The labor market is much more resilient than many headlines suggest."Earlier this week, a survey by the Federal Reserve Bank of New York showed that US consumers' short-term inflation expectations decreased in May, while the labor market outlook "deteriorated somewhat."Last week, official data showed that the US economy added 172,000 nonfarm jobs in May, nearly double the 88,000 increase expected in a Bloomberg-compiled survey. The unemployment rate was steady at 4.3%."Our broad view remains intact, that the conflict in Iran is unlikely to cause significant disruptions in the US labor market, and instead that conditions are going to continue to improve from the (2025 third-quarter) trough," Simons said Thursday.

US Markets59d ago

OPEC Cuts 2026 Global Oil Demand Forecast, Lifts 2027 Estimate

The Organization of the Petroleum Exporting Countries on Thursday lowered its global oil demand growth forecast for this year but raised its expectations for 2027.The cartel now expects oil consumption to rise by 970,000 barrels a day this year, down from its prior estimate that called for an increase of 1.17 million barrels.For 2027, OPEC now expects world oil demand to rise by 1.73 million barrels a day, compared with its last month's forecast of a 1.54 million-barrel increase.OPEC continues to forecast an increase in liquids production from countries not participating in the Declaration of Cooperation, or DoC, by 630,000 barrels a day this year.The DoC is the name for OPEC+, which comprises OPEC and non-OPEC allies. Liquid production includes crude oil, condensate and natural gas liquids.Brent crude was up 0.4% to $93.49 a barrel in Thursday trade, while West Texas Intermediate rose 1.1% to $90.98.President Donald Trump said on Thursday that the US would again strike Iran tonight.US forces launched airstrikes against Iran Tuesday after Tehran shot down an American Apache helicopter. The US fired additional missiles on Wednesday."At some point in the not too distant future, we will be taking Kharg Island, and other oil infrastructure points, and assume total control of their oil and gas markets," Trump wrote in a social media post on Thursday.Kharg Island is Iran's central oil export hub.Iran's Islamic Revolutionary Guard Corps said they targeted US bases in the Middle East overnight for a second consecutive day, CNN reported.OPEC held its global economic growth forecasts steady at 3.1% for 2026 and 3.2% for 2027. US gross domestic product is seen rising 2.2% and 2% in 2026 and 2027, unchanged from prior projections."Global economic growth in (the second quarter of 2026) is expected to slightly moderate before gaining traction again towards the end of the year," OPEC said in its latest monthly report. "Geopolitical and global trade developments will remain the key aspects to monitor in the coming weeks."

US Markets59d ago

McGraw Hill Fiscal Fourth-Quarter Revenue Falls Amid K-12 Drag

McGraw Hill (MH) reported an annual drop in fiscal fourth-quarter sales on Thursday amid weakness in the K-12 business.The educational courses provider's revenue fell 2% to $463.7 million for the quarter ended March 31. Analysts surveyed by FactSet forecast sales of $439.9 million.Sales in the K-12 segment, which covers kindergarten through 12th grade, fell 10% to $126.2 million, while higher education revenue rose 1.6% to to $258.3 million"Fourth-quarter performance was also impacted by Middle East project delays that have shifted into the second half of fiscal year 2027," Chief Financial Officer Bob Sallmann said on a conference call, according to a FactSet transcript.The stock was down 2.1% intraday Thursday, recovering from a steeper loss earlier in the day.McGraw Hill reported adjusted earnings of $0.32 a share in the fourth quarter, swinging from an adjusted loss of $1.97 a year ago. Analysts polled by FactSet expected adjusted earnings of $0.17 per share.McGraw Hill is preparing to pilot a new agentic artificial intelligence version of its precision education platform, Chief Executive Philip Moyer said in a statement."We have achieved over 7.5 million users of our new AI personalized learning tools and now have an existing base of more than 100 million active student and educator curriculum licenses in over 100 countries," Moyer said.For fiscal 2027, the company expects revenue of $2.12 billion to $2.18 billion, compared with the FactSet consensus of $2.16 billion.Price: $12.59, Change: $-0.22, Percent Change: -1.68%

$MH

Showing 801-820 of 1802

US Markets58d ago

Data Center Construction Demand May Boost Inflation, Drive Building Boom

$FLR$GVA