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India's Services Growth Hits Six-Month High in May, Final PMI Shows

India's services sector expanded at its fastest pace in six months in May, supported by stronger demand and a quicker increase in new business, according to survey data released Wednesday.The HSBC India Services PMI Business Activity Index rose to 59.8 in May from 58.8 in April, marking the strongest rate of expansion since November 2025, beating the consensus forecast of 58.9.The increase was driven by healthy demand conditions, new client wins, and continued growth in new business. New orders rose at the fastest pace in six months, moving further away from the slowdown recorded in March.New export orders also increased, with firms reporting gains from Australia, Canada, France, Germany, Hong Kong, Malaysia, the UAE, and the UK."India's services PMI signaled an expansion in business activity in May, supported by a continued rise in new business," Pranjul Bhandari, chief India economist at HSBC, said."External demand for India-provided services also grew at a faster pace, rebounding after a sharp decline in April. Input cost inflation eased, which in turn reduced pressure on selling prices."Input costs continued to rise during the month, driven by higher prices for food, fuel, gas, labor, and materials. However, cost inflation eased to a four-month low, while charge inflation softened to its weakest level since January.Despite the strong demand environment, business confidence among service providers slipped to a three-month low and remained below the historical average.The broader private sector also strengthened. The HSBC India Composite PMI Output Index rose to 59.3 in May from 58.2 in April, while new business across the private sector increased at the fastest pace in six months.The survey comes as India faces growing pressure from higher energy costs linked to the conflict in Iran, which has pushed up fuel import bills and weighed on the rupee.To cushion the economic impact, authorities have raised fuel prices, curbed gold imports, and tightened foreign-exchange regulations.Bloomberg reported that the Reserve Bank of India is considering a range of measures to stabilize the currency, including a potential interest-rate increase, additional currency swaps, and efforts to attract more dollar inflows from overseas investors, after the rupee recently fell to a record low against the U.S. dollar.Markets are now awaiting the Reserve Bank of India's next monetary policy decision on June 5.Prime Minister Narendra Modi also urged citizens earlier in May to reduce fuel consumption and limit non-essential travel to help conserve foreign-exchange reserves.The outlook is also clouded by weather risks after India lowered its monsoon forecast to 90% of the long-term average, citing the likely emergence of El Niño.Reduced rainfall could hurt agricultural output, raising the risk of higher food inflation and stronger demand for fuel and power.

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US Markets67d ago

Vietnam Posts Record High Trade Deficit in May as US Sanctions Loom

Vietnam's trade deficit widened in May to a record high as imports surged 34% amid the ongoing conflict in the Middle East and possible tariffs from the U.S.The Southeast Asian country's trade deficit reached $5.21 billion in May, wider than the $3.28 billion recorded in the previous month, the National Statistics Office said Wednesday.The figure was the largest trade deficit since the beginning of records in 1990, and was worse than Trading Economics' forecast of a $3.41 billion deficit and Bloomberg economists' $3.98 billion deficit forecast.The domestic sector logged a trade deficit of $20.76 billion in the first five months, while the foreign investment sector, including crude oil, logged a $6.96 billion surplus.Imports surged to $52.14 billion during the month, higher than the $49.48 billion seen in the previous month.For the first five months of 2026, imports surged 31% to $229.46 billion, led by purchases from China with $92.6 billion, the NSO said.Exports grew 18% year over year to $46.93 billion but were slower than Bloomberg's growth forecast of 19.7%.For the January-May period, exports jumped 19.5% to $215.66 billion, with the U.S. as Vietnam's largest market at $69.6 billion.The data comes as the U.S. Trade Representative's office introduced a third probe into Vietnam's intellectual property protection and enforcement and its impact on American commerce.Trade Representative Jamieson Greer is looking to consult President Donald Trump for any "responsive action" regarding Vietnam, the office said May 29.The conflict in the Middle East could also cost Vietnam's export-driven economy as crude oil prices rise, Bloomberg reported separately Wednesday.

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US Markets67d ago

Asian Banking Sector Surges Past Automobiles to Lead May Activity Growth, S&P Global Survey Finds

Most Asian business sectors expanded in May, with banking overtaking the automobile industry, according to the S&P Global Asia Sector PMI released on Wednesday.Leading the upturn for the first time in seven months, the banking sector expanded at its second-steepest rate in over five and a half years. The growth follows a previous S&P Global forecast warning that credit losses in the Asia-Pacific banking sector could surge by approximately $180 billion due to the ongoing conflict in the Middle East.The automobile sector, last month's top performer, slipped to second place, though its pace of growth remained historically high.Of the 18 sectors monitored, only forestry and paper products, alongside construction materials, recorded a contraction in new orders; however, these declines were softer than in the previous month. In contrast, the transportation sector posted the strongest surge in new orders, despite looming concerns over U.S.-Iran negotiations.Volatility persists in the energy and oil industries due to the precarious state of U.S.-Iran talks aimed at ending the Middle East conflict."Oil prices received a boost yesterday as talks between the US and Iran appeared to break down -- again. This has become a common pattern in recent months, and there are still plenty of mixed messages," ING'S Warren Patterson and Ewa Manthey said in a Tuesday note. "As a result, oil prices continue to be whipsawed by quickly changing headlines."Operating expenses increased across all 18 sectors. S&P Global highlighted that real estate recorded a renewed rise in input prices, while the chemicals sector posted the sharpest cost inflation rate.All sectors increased their selling prices except for the consumer services sector.

ASX 200^BSE^HNX^HOSEHang Seng^JKSEKOSPINikkei 225^NSENifty 50^SETShanghai Composite^SZSETaiwan Weighted

US Markets67d ago

Vietnam's Inflation Accelerates to 5.6% in May on Higher Utility, Fuel Costs

Vietnam's consumer price index rose 5.6% in May from a year earlier, according to data released by the National Statistics Office on Wednesday.Housing, electricity, water, fuel, and construction materials recorded the largest monthly increase among major categories, rising 0.96% from April.The quickening of inflation was "due to rising electricity and water prices, coupled with high demand during hot weather, as well as increases in construction material prices, rental housing prices, and gasoline prices," the statistics office said in a statement.Core inflation, which excludes volatile items, increased 4.67% from a year earlier.For the first five months of 2026, consumer prices increased 4.31% from a year earlier, while average core inflation rose 4.04%.The inflation pickup comes as higher global energy prices linked to the conflict in Iran continue to filter through transportation, services, and construction-related costs.Vietnam's Finance Ministry said in April that inflation could reach as high as 5.5% this year, with the conflict in Iran expected to be a key driver of higher consumer prices through its impact on energy and transportation costs.The outlook has also been clouded by mounting trade tensions with the United States. In late May, Washington launched a new investigation into Vietnam's intellectual property protection and enforcement practices, the third U.S. trade probe targeting the country in as many months.The investigation could pave the way for additional tariffs on Vietnamese exports, adding pressure on the export-dependent economy.Vietnam's Foreign Ministry said it hoped the U.S. would conduct an "objective and fair assessment" that fully recognizes Vietnam's efforts and achievements, according to a statementMeanwhile, Vietnam's trade deficit widened to a record $5.21 billion in May as imports surged amid rising global raw material prices and stronger demand for production inputs.

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US Markets67d ago

Hong Kong's Private Sector Returns to Growth in May, S&P Global Says

Hong Kong's private sector returned to growth in May, supported by stronger export demand and a modest increase in new orders, S&P Global said Wednesday.The seasonally adjusted S&P Global Hong Kong SAR Purchasing Managers' Index rose to 50.4 in May from 48.6 in April.The reading moved back above the 50-point threshold that separates expansion from contraction and marked the first improvement in business conditions in three months.Business activity expanded modestly during the month, with construction emerging as the strongest-performing sector.New orders also returned to growth territory, supported by stronger overseas demand, while export orders recorded their fastest increase in three months.Some firms attributed higher sales to new product launches, although others continued to report weak domestic demand and intense competition.Usamah Bhatti, economist at S&P Global Market Intelligence, attributed the return to growth to modest increases in business activity and new orders, supported by stronger overseas demand despite ongoing weakness in local market conditions.Despite the recovery in demand, employment continued to decline as firms reported sufficient capacity to handle workloads and chose not to replace departing staff.Firms also reported a deterioration in supplier performance, with some linking delivery delays to shipping disruptions caused by the conflict in the Middle East.Cost pressures remained elevated during the month. Purchasing costs rose at the fastest pace since December 2021, driven largely by higher raw material prices, particularly fuel-related products.Many firms passed higher costs on to customers through price increases, although some offered discounts to support sales, resulting in a slower pace of output price inflation than in April.Looking ahead, firms remained pessimistic about business prospects over the next 12 months, although negative sentiment eased to a three-month low.The survey's elevated cost pressures come as Hong Kong officials expect inflation to accelerate in the coming months.Hong Kong's annual inflation rate stood at 1.7% in April, unchanged from the previous two months and the highest level since May last year.Financial Secretary Paul Chan Mo-po said the Middle East conflict has so far had only a limited impact on local inflation, citing Hong Kong's service-based economy and stable energy supplies from mainland China."Rising international oil prices will continue to feed through to consumer prices and fuel-related products," Chan told lawmakers on Monday."However, as Hong Kong is a service-oriented economy with relatively low energy dependency, and with stable energy supplies from the mainland, the external impact can be mitigated," he added.The government revised its 2026 forecasts for underlying and headline inflation last month to 2.5% and 2.6%, respectively, from 1.7% and 1.8%.

Hang Seng

US Markets67d ago

Japan's Service Sector Stagnates in May on Surging Costs

Japan's service sector stagnated in May as supplier costs surged amid the ongoing conflict in the Middle East.The S&P Global Japan Services Business Activity Index fell to the neutral 50.0 mark from 51.0 in April, ending a 13-month streak of expansion. A reading of 50.0 indicates no change in business activity from the previous month."The ongoing war in the Middle East continued to exert pressure on the economy, most notably by driving a substantial increase in costs for businesses," Annabel Fiddes, S&P Global Market Intelligence's economics associate director, said. "Price indicators in May pointed to a record rise in selling prices for goods and services amid a near unprecedented increase in business costs, largely due to widespread supplier price hikes and supply chain disruption, but also higher labor costs."Average input prices rose to a 43-month high as the war in Iran triggered a spike in fuel, energy and raw material prices.In April, Japan's inflation slowed down, with the consumer price index decelerating to a 1.4% rise from the prior month's 1.8% growth, according to data from the Statistics Bureau.Some survey participants said activity levels rose because of higher sales and new business lines, while others said demand was weak and the growth of new orders slowed down, S&P Global said.Government data showed that firms' spending during the first quarter was flat. Capital spending dropped 2%, a far cry from the 6.5% growth in the previous quarter, reflecting cautiousness in spending amid the Middle East war, which brought disruption in the global supply chain.Meanwhile, employment grew at the slowest rate in nine months, S&P Global said. Government data showed that the number of employed people in April rose to 68.8 million from 68.2 million in March, while the unemployment rate eased month on month to 2.5% from 2.7%.Business sentiment stayed weaker than the post-pandemic trend despite slightly improving for the second straight month, as businesses are concerned over geopolitical uncertainty, rising costs and the ageing population, according to the ratings firm.Overall, the S&P Global Japan Composite PMI Output Index fell to 51.1 in May from 52.2 in April, pointing to only modest growth in broader private sector business activity.

Nikkei 225

US Markets67d ago

China Services Activity Grows at Fastest in Three Months in May, Exceeds Forecasts

Chinese service activity grew at the fastest rate in three months in May, following a rebound in employment and work backlogs, data from S&P Global and RatingDog showed Wednesday.The headline RatingDog China General Services Business Activity Index rose to 54.4 from April's 52.6, topping the Investing.com consensus estimate of 52.3.The reading continued the current expansion trend first seen in January 2023, according to S&P and RatingDog.New business activity increased halfway through the second quarter, with services demand accelerating for the fourth time in five months, S&P said.New work sources for the services sector jumped due to higher client demand, business innovation and expansion, new client acquisitions, better market conditions, and new projects, according to S&P.Incoming new orders also rose for the 41st straight month, which S&P says is the second-longest ongoing growth in the history of the survey.Business activity forecasts improved to the highest since February and were better compared with the rolling 12-month average.The boost in new businesses in May was enough to generate another rise in outstanding orders, with work-in-hand increasing for the seventh consecutive month and the steepest since June 2024.Surveyed firms linked rising expenses to uncertainties in oil and fuel prices, as well as more purchases, higher wages, and other labor costs, S&P said.Input costs jumped for the 15th straight month, with inflation speeding up the fastest since October 2024, RatingDog founder Yao Yu said in a statement.Meanwhile, the RatingDog China Composite Purchasing Managers' Index rose to 54.0 from 53.1 in April, marking the fastest growth in overall output since February.Total new businesses rose the strongest in three months, while outstanding work increased for the fourth straight month, leading to higher employment and recruitment, the report said.Improved market conditions boosted optimism in the services sector, alongside new projects and a more bullish economic outlook, Yao said.

Shanghai Composite^SZSE

US Markets67d ago

Australia's March Quarter GDP Growth Trails Estimates Amid Muted Household Consumption

Australia's economy managed only modest growth in the March quarter, as the pace of expansion slowed amid soft household consumption and a decline in government spending.Gross domestic product grew by a seasonally adjusted 0.3% in the March quarter, matching the expansion posted a year earlier but decelerating from growth of 0.9% in the December 2025 quarter, Australian Bureau of Statistics data showed Wednesday.The quarterly performance missed estimates from both BofA Securities and ANZ, which forecast sequential growth of 0.5%. First-quarter GDP rose 2.5% compared with a year earlier, also trailing estimates for 2.6% growth.The result came as household consumption increased 0.5%, although discretionary spending was subdued as elevated borrowing costs and higher fuel costs likely made consumers more cautious across most categories. At the same time, government spending declined 0.2% as energy bill relief ended, driving reduced social benefits to households from state and local governments.Investment in data centers was the top contributor to economic growth, but since most of the capital assets were imported, the impact on growth was moderated as net trade detracted 0.8 percentage points from GDP growth.The Australian Bureau of Statistics also pointed to adverse weather conditions that obstructed mining production as another reason for the modest GDP growth figures. Mining production slid 1.5% as Cyclone Koji disrupted thermal and coking coal operations, and weather-related unplanned outages also hit oil and gas extraction.The first-quarter data is not expected to capture any material spillovers from the conflict in the Middle East, with the resulting negative growth effects more likely to emerge in the second quarter, BofA Securities said in a note earlier this week.Australia's central bank will have a close eye on the latest GDP figures heading into its next policy meeting later this month. The bank has already increased the official cash rate three times this year in its fight to control inflation.

ASX 200

US Markets68d ago

Wall Street Hits New Highs as Tech Gains

Wall Street's equity benchmarks hit fresh all-time highs on Tuesday amid gains in the technology sector.The Dow Jones Industrial Average rose 0.5% to 51,307.8, while the S&P 500 edged up 0.1% to 7,609.8. The Nasdaq Composite eked out a small gain to settle just above the flatline at 27,093.9. All three indexes logged new closing highs.Most sectors ended in the green, led by utilities, while communication services saw the biggest decline. Tech gained 0.9%.Hewlett Packard Enterprise's (HPE) shares jumped nearly 20%, the top gainer on the S&P 500. Late Monday, the IT company lifted its full-year outlook and reported stronger-than-expected fiscal second-quarter results."The biggest takeaway from the quarter was that (Hewlett Packard) is benefiting from the same pricing dynamic that has recently driven upside at (Dell Technologies)," Morgan Stanley said in a note emailed to. "Customers are absorbing materially higher server prices with little evidence of demand destruction."Marvell Technology (MRVL) shares surged nearly 33% after Nvidia (NVDA) Chief Executive Jensen Huang reportedly said Marvell could be the next chip company to join the trillion-dollar club.IBM's (IBM) move to boost its quantum computing investment will likely take years before it starts yielding benefits, but the strategy is a "net positive" amid a rapidly evolving software landscape, Wedbush Securities said. IBM closed 2.8% higher.In economic news, US job openings hit their highest level in almost two years in April, while hiring and layoffs fell, official data showed."Job openings jumped to their highest level in nearly two years, but this likely overstates the strength of the labor market, as the increase didn't translate into a higher hiring rate," Oxford Economics said in a note. "The result should be taken with a grain of salt and doesn't suggest a sudden tightening of labor market conditions is ahead."Official data are expected to show Friday that the US economy added 95,000 nonfarm jobs in May, compared with a 115,000 increase reported for the previous month, according to a Bloomberg poll.West Texas Intermediate crude oil was up 1.6% at $93.62 a barrel in Tuesday late-afternoon trade, while Brent rose 1.1% to $95.99.Negotiations with Iran continue, US President Donald Trump said Tuesday.On Monday, Iranian state-affiliated outlet Tasnim reported that the country suspended talks with the US in retaliation to Israel's military action in Lebanon."Crude oil continues to trade from one headline to the next, making it increasingly difficult for traders to maintain conviction beyond a few hours," Saxo Bank said in a Tuesday report. "Beneath the headline-driven volatility, global energy markets continue to tighten, with the main focus remaining on the Strait of Hormuz, a vital shipping artery that remains effectively shut, sustaining concerns about supply disruptions and elevated energy prices."Switching to monetary policy, the Federal Reserve may need to raise interest rates should inflationary pressures persist, Cleveland Fed President Beth Hammack said Tuesday."I'm more concerned about the growing risks of persistently elevated inflation than the risks to full employment and also that monetary policy may not be sufficiently restrictive to bring inflation down to 2%," Hammack said in prepared remarks for an event in Ohio. "If we wait for definitive evidence that high inflation has become embedded in the economy, it may require larger policy adjustments, at greater cost."US Treasury yields were mixed, with the 10-year rate little changed at 4.46%, and the two-year rate rising two basis points to 4.06%.Gold was last up 0.3% at $4,517.70 per troy ounce, while silver rose 0.3% to $75.48 per ounce.

Dow JonesNasdaq CompositeS&P 500$HPE$MRVL$NVDA

US Markets68d ago

Palo Alto Networks Tops Quarterly Views; Shares Climb After Hours

Palo Alto Networks (PANW) late Tuesday reported stronger-than-expected fiscal third-quarter results as an artificial intelligence boom drove demand for cybersecurity.Adjusted per-share earnings rose to $0.85 for the three months through April 30 from $0.80 a year earlier, beating the consensus on FactSet of $0.79. Revenue grew 31% to $3 billion, above analysts' $2.94 billion estimate."(Third quarter) was a standout quarter for Palo Alto Networks, with accelerating organic bookings growth as customers turn to us to secure their AI deployments at scale," Chief Executive Nikesh Arora said in a statement. "The latest advancements at the AI frontier have increased the level of urgency around cybersecurity, and redefined the shape of the industry for the coming years."Subscription and support revenue advanced to $2.41 billion from $1.84 billion in the year-ago period, while product sales increased to $594 million from $453 million.The cybersecurity firm's stock climbed 11% in after-hours trading, and has gained 61% this year through Tuesday close.Morgan Stanley expected solid results at Palo Alto amid favorable partner commentary and demand momentum.Palo Alto raised its fiscal 2026 adjusted EPS guidance to between $3.77 and $3.79 from $3.65 to $3.70 previously projected. The consensus estimate indicates $3.68. Revenue is pegged at $11.415 billion to $11.425 billion, compared with the prior outlook that called for $11.28 billion to $11.31 billion. Wall Street is modeling for $11.3 billion.For the fourth quarter, the company anticipates reporting adjusted EPS of $0.96 to $0.98 on revenue of $3.345 billion to $3.355 billion. The Street is looking for $0.94 and $3.28 billion, respectively.Palo Alto Networks has closed several acquisitions this year, including those of observability platform Chronosphere and CyberArk.

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US Markets68d ago

Persistently Elevated Inflation Would Warrant Raising Interest Rates, Fed's Hammack Says

The Federal Reserve may need to raise interest rates should inflationary pressures persist, Cleveland Fed President Beth Hammack said Tuesday.Annual inflation, as measured by the personal consumption expenditures price index, hit 3.8% in April, the highest reading in almost three years even as consumer spending moderated in the face of high gasoline prices, Bureau of Economic Analysis data showed late last month.Hammack said consumers expect prices to keep going up."I'm more concerned about the growing risks of persistently elevated inflation than the risks to full employment and also that monetary policy may not be sufficiently restrictive to bring inflation down to 2%," Hammack said in prepared remarks for an event in Ohio.Markets widely expect the Fed to keep its benchmark lending rate unchanged later this month, which would mark its fourth straight pause, according to the CME FedWatch tool. Consumer inflation is expected to reach 6% year on year in the ongoing quarter, a poll of economists by the Philadelphia Fed showed last month."If we wait for definitive evidence that high inflation has become embedded in the economy, it may require larger policy adjustments, at greater cost," Hammack said.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.A "decisive action" may be needed if inflation expectations continue to rise, Hammack said Tuesday."For today, it's reasonable to keep rates steady given the uncertainties around the economic outlook," Hammack said. "If inflation persists at an elevated rate, then more restrictive monetary policy could well be needed to bring inflation back to 2% in a timely fashion."

US Markets68d ago

March Home Down Payments Drop Amid Buyer-Friendly Market, Redfin Says

Down payments for home purchases in the US decreased in March amid a buyer-friendly market that's reducing pressure on prospective buyers to put down bigger amounts, a report by Redfin showed Tuesday.The typical homebuyer's down payments fell 1.5% year over year to $64,000 in March, according to the online real estate brokerage. In percentage terms, it dropped to 15% from 16.1% a year earlier."Homebuyers are making smaller down payments due to cooling home-price growth, a rise in lower-down-payment loan products, and less pressure to compete in bidding wars," Redfin said. "The buyer-friendly market is reducing pressure on house hunters to make large down payments to strengthen offers in bidding wars."Buyers are being more careful due to higher prices and are diverting funds from the "down payment bucket" towards closing costs or holding it for monthly payments, the report showed.In terms of major metros, down payment percentages were highest in the California markets of San Jose, San Francisco, and Anaheim at 25% each, while those in affordable markets like Virginia Beach and Detroit put down 2% and 5%, respectively, the report showed.In dollar terms, Nashville saw a 27% drop, followed by a 25.3% fall in Atlanta, while Cleveland posted the highest year-over-year gain with a 20.5% surge.Still, down payments have essentially doubled in dollar terms since 2019 due to soaring home prices, according to the report."In percent terms, the typical down payment was 10% for many years pre-2020 before jumping during the pandemic homebuying frenzy and staying somewhat elevated since then," Redfin said.Last month, a report by News Corp's (NWS, NWSA) Realtor.com showed that first-quarter down payment in the US reached its lowest level since 2021 as the housing market slowly shifts toward more buyer-friendly conditions.Price: $30.02, Change: $-0.66, Percent Change: -2.15%

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US Markets68d ago

Equities Mostly Rise Intraday as Traders Parse Labor Market Data

US benchmark equity indexes were mostly higher intraday as investors evaluated fresh labor market data and continued to monitor Middle East developments.The Dow Jones Industrial Average was up 0.3% at 51,225.9 after midday Tuesday, while the S&P 500 rose 0.1% to 7,606.1. The Nasdaq Composite was little changed at 27,093.8. The indexes notched fresh closing highs in the previous session.Among sectors, utilities paced the gainers intraday Tuesday, while communication services saw the biggest decline.In economic news, US job openings hit their highest level in almost two years in April, while hiring and layoffs fell, official data showed."Job openings jumped to their highest level in nearly two years, but this likely overstates the strength of the labor market, as the increase didn't translate into a higher hiring rate," Oxford Economics said in a note. "The result should be taken with a grain of salt and doesn't suggest a sudden tightening of labor market conditions is ahead."Official data are expected to show Friday that the US economy added 95,000 nonfarm jobs in May, compared with a 115,000 increase reported for the previous month, according to a Bloomberg poll.West Texas Intermediate crude oil was up 1.6% at $93.59 a barrel intraday Tuesday, while Brent rose 1.1% to $96.04.Israel and Lebanon kicked off high-stakes talks in the US as renewed hostilities between Israel and Iran-backed Hezbollah threaten to derail peace talks between Washington and Tehran, CNN reported.Negotiations with Iran have been "going on continuously," US President Donald Trump said Tuesday."Where they lead, one never knows, but as I told Iran, 'It's time, one way or another, for you to make a deal'," Trump said in a social media post.On Monday, Iranian state-affiliated outlet Tasnim reported that the country suspended talks with the US in retaliation to Israel's military action in Lebanon.US Treasury yields were mixed intraday Tuesday, with the 10-year rate down two basis points at 4.46%, and the two-year rate little changed at 4.05%.In company news, Hewlett Packard Enterprise (HPE) shares jumped nearly 16%, the second-top gainer on the S&P 500. Late Monday, the information technology company lifted its full-year outlook and reported stronger-than-expected fiscal second-quarter results.Marvell Technology (MRVL) shares surged 29% intraday Tuesday after Nvidia (NVDA) Chief Executive Jensen Huang reportedly said Marvell could be the next chip company to join the trillion-dollar club.Palo Alto Networks (PANW), Ulta Beauty (ULTA) and GitLab (GTLB) are expected to report their latest quarterly financial results after the closing bell Tuesday, along with others.Gold was up 0.3% at $4,517.60 per troy ounce, while silver rose 0.4% to $75.54 per ounce.

Dow JonesNasdaq CompositeS&P 500$GTLB$HPE$MRVL$NVDA$PANW$ULTA

US Markets68d ago

Packaged Food Companies Face 'Tough' Setup Amid Weak Demand, Growing Costs, UBS Says

US packaged food companies' upcoming quarterly results are likely to highlight a "tough" setup for the industry amid weaker demand and increasing costs, UBS Securities said in a note e-mailed Tuesday.The brokerage flagged downside potential to Wall Street's projections for the back half of the year and beyond given mounting cost pressures. The industry at the same time is facing structural changes "that could materially shift the growth trajectory for some time," UBS analysts Peter Grom and Sona Fernandes said in the note to clients.Campbell's (CPB), J.M. Smucker (SJM), General Mills (GIS), Conagra Brands (CAG), Simply Good Foods (SMPL), and McCormick (MKC) comprise the brokerage's packaged food coverage. The companies are expected to report results over the coming weeks."As has been the case for some time, we expect top-line trends to remain under pressure for most (of the names), and when layering in cost pressures that have ratcheted higher, we see downside risk to Street numbers looking out to the back half of the year and beyond," Grom and Fernandes said.Campbell's faces a "negative" setup ahead of its results amid "demand trends (that are) yet to show meaningful improvement and cost pressures that could drive out year estimates lower," the analysts wrote.UBS sees an "unfavorable setup" for General Mills ahead of its results. "We believe (fiscal 2027) guidance will fall short of expectations driven by top-line growth that remains underwhelming, cost pressures that will likely offset benefits from (corporate strategy) savings, and lapping unique items such as the 53rd week, incentive comp, and a divestiture," Grom and Fernandes said.For Conagra, the fundamental setup into its latest results continues to be "challenged, as top-line trends remain underwhelming," with cost pressures expected to lead to fiscal 2027 outlook falling short of the Street's views at the midpoint, according to the note.Simply Good Foods' "demand trends remain under pressure and cost pressures remain elevated making it difficult to step in," Grom and Fernandes said.UBS sees J.M. Smucker and, to some extent, McCormick as "partial exceptions" in its downbeat industry outlook.J.M. Smucker "remains one of the few companies across our packaged food coverage where we see a path to organic sales growth and strong bottom-line delivery" looking out over the next 12 to 18 months, the analysts said. McCormick's fundamentals "remain better than most, but the company is also not immune to moderating category trends and cost pressures," according to Grom and Fernandes."In many ways, we think growth algorithms for the group could be permanently impaired, and when comparing valuation to other industries that have structural top-line concerns, we think there in fact could be room for further multiple compression," the analysts wrote.Price: $21.12, Change: $+0.04, Percent Change: +0.19%

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US Markets68d ago

Nvidia's GTC Taipei Announcements Offer Significant Growth Potential, Truist Says

Nvidia's (NVDA) recent product announcements pose significant growth potential for the tech giant that marked its formal entry into the consumer PC processor market, Truist Securities said in a note emailed late Monday.Nvidia disclosed new semiconductor, system and software products at the GTC event in Taipei, Taiwan. The products included RTX Spark, a superchip for Windows laptops and desktops, and DGX Station, the AI deskside supercomputer for professionals.RTX Spark's launch would mark the tech giant's entry into the PC market.Nvidia's shares rallied 6.3% on Monday, and were up 0.4% intraday Tuesday.Nvidia's opportunity extends beyond the traditional central processing unit market where Intel (INTC) and AMD (AMD) compete today, Truist Managing Director William Stein said.Nvidia could capture significant growth in higher-cost graphics processing unit systems that "could be multiples of the client CPU market today," he wrote."We are most intrigued by the company's new DGX Station and RTX Spark computers that appear aimed at developing and running AI models locally without the need for datacenter resources," Stein wrote. "While it opens a significant (total addressable market for Nvidia), we believe the effort is more strategic, and focused on extending (its) reach into all aspects of AI model development, deployment, and processing."Truist reiterated its buy rating on Nvidia's stock with a price target of $307.Price: $225.53, Change: $+1.16, Percent Change: +0.52%

$AMD$INTC$NVDA

US Markets68d ago

April Job Openings Reach Highest Since 2024 as Layoffs Drop

US job openings hit their highest level in almost two years in April, while hiring and layoffs fell, official data showed Tuesday.Vacancies rose to 7.62 million in April from 6.89 million the month prior, reaching its highest reading since May 2024, the Bureau of Labor Statistics reported. The consensus was for a 6.87 million level in a survey compiled by Bloomberg.Private job openings increased to 6.84 million from 6.16 million sequentially in April. Vacancies jumped by 668,000 in professional and business services, but fell by 134,000 financial activities, according to official data."Job openings jumped to their highest level in nearly two years, but this likely overstates the strength of the labor market, as the increase didn't translate into a higher hiring rate," Oxford Economics Senior US Economist Matthew Martin said in remarks e-mailed to. "The result should be taken with a grain of salt and doesn't suggest a sudden tightening of labor market conditions is ahead."Hiring fell to 5.12 million in April from 5.54 million the month before, while the hiring rate eased to 3.2% from 3.5%, official data showed. Separations decreased to 4.98 million from 5.38 million, while layoffs dropped to 1.69 million from 1.88 million."For now, the labor market remains mostly stable," Martin said. "With the quits rate and the layoff rate ticking down in April, neither employees nor employers are in a hurry to make moves."Elevated oil prices driven by the Middle East conflict threaten to lower aggregate demand by "crimping" real incomes, likely prompting businesses to pull back on hiring intentions, according to Martin.Talks between the US and Iran are ongoing, CNN reported Tuesday, citing Iranian media outlets. On Monday, Tehran reportedly suspended talks with Washington in retaliation to Israel's military action in Lebanon. The US and Israel's war with Iran started at the end of February."For the Federal Reserve, this will mean a balancing act between the risks of a supply side shock to energy prices bleeding into core measures of inflation and the downside risks to the labor market," Martin said Tuesday, adding that Oxford Economics expects the US central bank to remain on the "sidelines" for the rest of the year.Official data are expected to show Friday that the US economy added 95,000 nonfarm jobs in May, compared with a 115,000 increase reported for the previous month, according to a Bloomberg-compiled consensus.

US Markets68d ago

Victoria's Secret Shares Climb More Than 40% as Lingerie Retailer Lifts Outlook

Victoria's Secret (VSXY) shares soared more than 40% in Tuesday trading as the lingerie retailer raised its full-year sales and earnings guidance.Fiscal 2026 sales are now pegged at $7.03 billion to $7.13 billion, up from $6.85 billion to $6.95 billion previously expected. The FactSet-polled consensus indicates $6.96 billion. Victoria's Secret anticipates adjusted earnings of $4.35 to $4.60 per share, compared with an earlier guidance of $3.20 to $3.45. Analysts expect $3.48 per share.The stock, which changed its ticker from VSCO on Tuesday, surged 44% intraday."We are increasingly confident in the trajectory of the business," Chief Executive Hillary Super said in a statement.For the second quarter, Victoria's Secret expects sales in the range of $1.59 billion to $1.62 billion and adjusted EPS between $0.65 and $0.75. Consensus estimates point to $1.56 billion and $0.41, respectively.The company's' adjusted EPS climbed to $0.60 in the first quarter that ended May 2 from $0.09 a year earlier. Sales jumped 15% to $1.56 billion, as comparable sales grew 13%."We drove double-digit sales growth across Victoria's Secret, PINK, and Beauty, as well as our fourth consecutive quarter of positive comps," Super said.Price: $78.04, Change: $+23.74, Percent Change: +43.72%

$VSXY

US Markets68d ago

Signet Jewelers Raises Full-Year Outlook After First-Quarter Earnings Beat Expectations

Signet Jewelers (SIG) raised its full-year guidance on Tuesday after posting fiscal first-quarter results that topped Wall Street expectations, citing stronger holiday performance and early second-quarter momentum.The owner of Kay Jewelers now expects fiscal 2027 adjusted EPS of $9.20 to $11 on revenue of $6.7 billion to $6.9 billion, up from its prior forecast of $8.80 to $10.74 on revenue of $6.6 billion to $6.9 billion. Analysts polled by FactSet project EPS of $10.45 on revenue of $6.84 billion."We are raising the midpoint for the year to reflect (first-quarter) performance and (second-quarter) momentum," Chief Operating and Financial Officer Joan Hilson said on a conference call, according to a FactSet transcript.Signet shares rose 4.2% in Tuesday trading and are up 32% in the past 12 months.In the quarter ended May 2, adjusted EPS rose to $1.56 from $1.18 a year earlier, beating the $1.38 consensus. Sales edged up to $1.55 billion from $1.54 billion, in line with estimates, while same-store sales increased 1.8%.All categories posted comparable-sales growth, and the company delivered "positive performances" for both Valentine's Day and Mother's Day, CEO J.K. Symancyk said in a statement.North America revenue rose 0.9% to $1.46 billion, with comparable sales up 1.6%. International revenue increased 9.2% to $87.5 million, and same-store sales climbed 5.6%.For the fiscal second quarter, Signet issued a softer-than-expected sales outlook of $1.5 billion to $1.53 billion, compared with analysts' $1.54 billion estimate. Same-store sales are projected to rise 0.5% to 2.5%.Hilson said merchandise margins will be "somewhat lower" due to higher gold costs, though operating-expense and occupancy leverage should offset some of the pressure.The company now expects full-year same-store sales to range from a 0.75% decline to a 2.5% increase, narrowing the downside from its prior forecast of a 1.25% decline to a 2.5% increase.Price: $88.35, Change: $+3.53, Percent Change: +4.16%

$SIG

US Markets68d ago

Dollar General Raises Fiscal 2026 Earnings Outlook Following Mixed First-Quarter Results

Dollar General (DG) raised its full-year earnings outlook on Tuesday, while the discount retailer's fiscal first-quarter bottom line topped estimates but revenue missed expectations.The company now expects per-share earnings to come in between $7.20 and $7.45 for fiscal 2026, up from its previous guidance of $7.10 to $7.35. The current consensus on FactSet is for $7.24. The stock gained 4.6% in the most recent premarket activity.Dollar General continues to project sales to grow by 3.7% to 4.2% for the ongoing fiscal year and same-store sales to increase by 2.2% to 2.7%. The Street is looking for sales of $44.39 billion and same-store sales growth of 2.4%."We believe the essential nature of our offering and our expansive footprint position us well to navigate the current macroeconomic environment," Chief Executive Todd Vasos said in a statement. "Overall, we remain confident in our ability to deliver on the goals outlined in our long-term financial framework, while creating sustainable long-term shareholder value."Dollar General reported sales of $10.79 billion for the quarter ended May 1, up from $10.44 billion the year before, but below the average analyst estimate for $10.82 billion. EPS improved 12% to $2, ahead of the Street's view for $1.89."We are pleased with our first-quarter EPS performance, which exceeded our expectations as strong operating margin expansion more than offset the impact of severe winter weather and higher fuel costs," according to Vasos. "Our topline results were highlighted by positive customer traffic and balanced category growth, while continued progress on our key initiatives drove another quarter of strong operating profit growth."Same-store sales inclined 2%, in line with the Street's estimate. The metric was buoyed by gains of 1.4% and 0.5% in customer traffic and average transaction amount, respectively. Same-store sales grew in each of the consumables, seasonal, home products and apparel categories, according to the company.Gross profit as a percentage of sales rose by 65 basis points year over year to 31.6% in the quarter, boosted mainly by lower shrink and inventory damages, as well as higher inventory markups, Dollar General said.In an emailed client note, Truist Securities said it has a "cautious" view on the company due to its exposure to pressured low and middle-income consumers, as well as competition from Walmart (WMT). The brokerage has a hold rating on the retailer's stock.Last week, fellow discount retailer Dollar Tree (DLTR) lifted its full-year earnings outlook on the back of better-than-expected fiscal first-quarter results.

$DG

US Markets68d ago

Stocks Down Pre-Bell Amid Uncertainty Over US-Iran Peace Talks

The benchmark US stock measures were tracking in the red before the opening bell Tuesday amid uncertainty over the status of peace talks between the US and Iran.The S&P 500 and the Nasdaq edged down 0.1% each in premarket activity, while the Dow Jones Industrial Average was off 0.2%. All three indexes logged new closing highs in the previous trading session.In a social media post on Monday, President Donald Trump said that talks with Iran were continuing "at a rapid pace." The post came after Trump told CNBC in an interview earlier on Monday that he "couldn't care less" if negotiations with Tehran failed.Iranian state-affiliated outlet Tasnim reportedly said Monday that the country suspended talks with Washington in retaliation to Israel's military action in Lebanon. In a separate social media post, Trump said he spoke to Israeli Prime Minister Benjamin Netanyahu and Iran-backed Hezbollah representatives, with both agreeing to stop the fighting."These shifting conditions alongside continued kinetic skirmishes between the parties are likely to further erode Iranian trust as officials have already cited the fluidity of priorities as a point of friction with Iran making clear that nuclear dialogue is contingent on successful negotiations to end the war and reopen the Strait of Hormuz," Tudor Pickering Holt said in a note on Monday.West Texas Intermediate crude oil declined 1.2% to $91.06 a barrel before the opening bell, while Brent decreased 1.1% to $93.90.Tuesday's thin economic calendar has the Job Openings and Labor Turnover Survey for April at 10 am ET. Federal Reserve Bank of Cleveland President Beth Hammack is scheduled to speak at 8:30 am.Treasury yields were down in premarket action, with the two-year rate retreating 3.9 basis points to 4.01% and the 10-year rate falling 4.7 basis points to 4.43%.Shares of Marvell Technology (MRVL) jumped 24% pre-bell after the company finished Monday trading with a 7% gain. Hewlett Packard Enterprise (HPE) rose 26% as the information technology firm lifted its full-year outlook and reported stronger-than-expected fiscal second-quarter results.Alphabet's (GOOG, GOOGL) class A and C shares declined more than 2% each as the Google parent disclosed plans to raise $80 billion in equity for artificial intelligence infrastructure expansion.Dollar General (DG), Donaldson (DCI), Victoria's Secret (VSCO) and Signet Jewelers (SIG) report their latest financial results before the bell, among others. Palo Alto Networks (PANW), Ulta Beauty (ULTA) and GitLab (GTLB) post earnings after the markets close.Gold gained 1.2% to $4,561 per troy ounce, while bitcoin dropped 2.7% to $69,539.

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US Markets68d ago

Wall Street Hits New Highs as Tech Gains

Dow JonesNasdaq CompositeS&P 500$HPE$MRVL$NVDA