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Estee Lauder Raises Earnings Outlook; Plans to Lay Off Additional Staff

Estee Lauder (EL) lifted its full-year earnings outlook on Friday as the cosmetics company said it aimed to lay off more staff than previously planned as part of an ongoing restructuring program.Adjusted earnings are anticipated to come in between $2.35 and $2.45 per share for fiscal 2026, up from the company's prior guidance of $2.05 to $2.25. The current consensus on FactSet is for non-GAAP EPS of $2.23.The owner of beauty brands such as MAC expects sales to grow by 4%, compared with its previous outlook that called for an increase of 3% to 5%. Organic sales are pegged to rise by 3%, the high end of its previously issued forecast.Strong year-to-date results and "disciplined cost management" gives the company confidence in raising its fiscal 2026 outlook, Chief Financial Officer Akhil Shrivastava said during an earnings call, according to a FactSet transcript.The stock was up 6.3% in Friday trade, reducing its year-to-date loss to 22%.Estee Lauder, which is in talks to merge with Spanish beauty company Puig, said it now aims to eliminate 9,000 to 10,000 positions, up from its previous target of eliminating 5,800 to 7,000 roles. More than 70% of the increase is attributable to reduced department store staff roles as Estee Lauder taps into digital channels, Chief Executive Stephane de La Faverie told analysts.The company expanded the scope of its restructuring program in April to include additional initiatives, de La Faverie said.Estee Lauder expects pretax restructuring charges of between $1.5 billion and $1.7 billion, compared with $1.2 billion to $1.6 billion previously projected. The restructuring program is now projected to generate annual gross benefits of $1 billion to $1.2 billion.For the fiscal third quarter that ended in March, Estee Lauder's adjusted EPS jumped to $0.91 from last year's $0.65, which was the average analyst estimate on FactSet for the 2026 quarter. Sales improved 5% to $3.71 billion, ahead of the Street's view for $3.69 billion.Revenue in the skin care business rose 3% to $1.86 billion, while makeup increased 4% to $1.07 billion. Fragrance sales climbed 13%.The company said that business disruptions in the Middle East stemming from the US-Israel war with Iran are projected to have a greater impact on its fourth-quarter results versus the prior three-month period, which benefited from shipments made before the conflict began.Estee Lauder estimates EPS to take a $0.06 hit in the current quarter and sales to be dragged down by 2%.Energy prices have soared as the Iran war curtailed shipments through the crucial Strait of Hormuz. The war paused following a recent ceasefire between Washington and Tehran, but a framework for a permanent truce is yet to be reached.The company's preliminary view is that fiscal 2027 sales would rise by 3% to 5%.Price: $81.37, Change: $+4.66, Percent Change: +6.07%

$EL

US Markets99d ago

Newell Brands Lifts 2026 Sales Outlook as Tax Refunds Cushion Macro Pressure

Newell Brands (NWL) raised its 2026 sales outlook, crediting tax refunds, operational improvements, and better-than-expected consumer demand.The company now expects full-year net sales to range from flat to up 2%, compared with its prior view of down 1% to up 1%. Analysts surveyed by FactSet expect $7.23 billion.Newell also lifted the lower end of its 2026 earnings guidance to $0.56 from $0.54, keeping the upper end at $0.60. Analysts expect $0.56."We believe tariff help will offset about 50% of the previously mentioned incremental commodity hurt, with the remainder being offset by higher levels of productivity savings and targeted price and promotion adjustments where necessary," CEO Christopher Peterson said the earnings call, according to a FactSet transcript.Newell shares rose 9.4% in Friday trading and have gained 20% this year.The company said tax refunds are effectively neutralizing the pressure from rising fuel and energy prices."Tax refunds, much of which came into the market in March and April, do appear to be offsetting the consumer impact from gas and energy," Peterson said.First-quarter revenue fell to $1.55 billion from $1.57 billion a year earlier, beating Wall Street's estimate of $1.51 billion. The loss widened to $0.05 per share from $0.01, compared with the consensus for a $0.09 loss.Consumer spending in key categories outperformed the company's expectations, and growth among higher-income shoppers helped offset softness in lower-income segments, Peterson said."We experienced better-than-expected consumer demand for our products driven by improving point-of-sale and market share trends," he said.Price: $4.47, Change: $+0.39, Percent Change: +9.44%

$NWL

US Markets99d ago

Moderna Maintains 2026 Revenue Growth Outlook as First-Quarter Results Beat Estimates

Moderna (MRNA) affirmed its 2026 revenue growth outlook on Friday and reported better-than-expected first-quarter results amid higher COVID vaccine sales.The company continues to expect full-year revenue to grow 10% on an annual basis. Analysts in a FactSet survey are projecting 2026 revenue of about $2.1 billion.For the quarter ended March 31, revenue rose to $389 million from $108 million a year earlier, while analysts expected $236.4 million. Net product sales surged to $352 million from $86 million amid higher COVID vaccine sales, boosted by deliveries under long-term strategic partnerships with government entities in international markets.Moderna posted a quarterly net loss of $3.40 per share, compared with a loss of $2.52 per share a year earlier. The Street's expectation was for a loss of $4.43 per share."The Moderna team delivered a great start to the year, driving significant revenue growth and substantial cost reductions building on actions taken in 2025," Chief Executive Stephane Bancel said in a statement. The company expects several additional approvals around the world this year, including for its seasonal flu vaccine, Bancel said.The company's stock was down 2.7% in Friday trade. It's up about 50% so far this year.The full-year revenue growth outlook incorporates potential future declines in COVID vaccination rates, offset by increased penetration of the company's COVID-19 vaccine mNEXSPIKE and revenue from its long-term strategic partnerships, Chief Financial Officer Jamey Mock said during an earnings call, according to a FactSet transcript.Moderna does not anticipate any material impact from the Middle East conflict on its 2026 outlook, Mock said.Price: $44.52, Change: $-1.42, Percent Change: -3.09%

$MRNA

US Markets99d ago

Exxon Mobil, Chevron First-Quarter Earnings Fall Amid Middle East Conflict

Exxon Mobil (XOM) and Chevron (CVX) reported year-over-year declines in their first-quarter earnings on Friday amid supply disruptions due to the Middle East war, but the figures came in ahead of Wall Street's estimates.Exxon Mobil's adjusted earnings dropped to $1.16 a share for the March quarter from $1.76 the year before, but topped the consensus on FactSet of $0.98. The result excluded a loss of about $700 million on settled financial hedges that weren't offset by physical shipments due to supply disruptions in the Middle East, according to the oil giant.The company also said it incurred unfavorable timing effects of $3.9 billion due to unsettled derivatives, which are required to be marked to current period-end prices. The related physical shipments were not yet reflected in earnings.The US-Israel war with Iran, which began at the end of February, curtailed shipments through the crucial Strait of Hormuz, driving up energy prices. The conflict paused following a ceasefire between Washington and Tehran last month, but a framework for a permanent truce is yet to be reached."The underlying business delivered strong results, reflecting the benefits of the strategy we have consistently executed since 2018," Chief Executive Darren Woods said in a statement. "We have grown advantaged volumes, optimized our operations, reduced structural costs, and strengthened our earnings power."Exxon Mobil's total revenue increased to $85.14 billion from $83.13 billion in the 2025 quarter, ahead of the Street's view for $81.13 billion.Upstream production reached nearly 4.6 million oil-equivalent barrels per day, up from 4.55 million barrels a year ago, but missed the average analyst estimate on FactSet of 4.63 million barrels a day. Production was also down on a sequential basis. The segment's adjusted earnings fell to $5.74 billion from $6.76 billion, amid lower base volumes from divestments and operational disruptions in Kazakhstan, among other factors, according to the company.Separately, Chevron posted adjusted EPS of $1.41 for the first quarter, down from $2.18 a year ago, but surpassed the Street's expectations for $0.97. The company incurred $2.9 billion of unfavorable timing effects related to derivatives and inventory accounting.Total revenue rose to $48.61 billion from $47.61 billion, but fell short of Wall Street's estimate of $51.86 billion."Despite heightened geopolitical volatility and related supply disruptions, Chevron delivered solid first quarter performance," according to Chevron CEO Mike Wirth. "Our US refineries operated at record crude throughput in March, capital spending remains within guidance, and our structural cost reductions are firmly on track."Chevron's global oil-equivalent production in the quarter increased to 3.86 million barrels per day from 3.35 million barrels in the prior-year period, just ahead of the market's 3.85 million-barrel view. In the prior quarter, output came in at 4.05 million barrels a day.US upstream production rose to 2.02 million barrels a day from 1.64 million barrels. International output gained 117,000 barrels per day on an annual basis.

$CVX$XOM

US Markets99d ago

Stocks Mostly Up Pre-Bell as Investors Await More Corporate Earnings

The benchmark US stock measures were mostly pointing higher before the open Friday as investors await the week's final round of corporate earnings and track ongoing Middle East tensions, with no apparent signs of progress toward a peace deal between Washington and Tehran.The S&P 500 rose 0.1% and the Dow Jones Industrial Average added 0.2% in premarket activity, while the Nasdaq was off 0.1%. The indexes finished Thursday's trading session in the green, with the S&P 500 and Nasdaq logging new closing highs.Oil giants Exxon Mobil (XOM) and Chevron (CVX) are scheduled to release their latest quarterly results before the bell, along with Colgate-Palmolive (CL), Estee Lauder (EL), Moderna (MRNA), Magna International (MGA) and Newell Brands (NWL).Shares of Apple (AAPL) advanced 2.8% pre-bell as the iPhone maker's fiscal second-quarter results topped market estimates. Reddit (RDDT) climbed 16% after the social media platform recorded better-than-expected first-quarter results and issued an upbeat revenue outlook for the ongoing three-month period at the midpoint. Nvidia (NVDA) rebounded 0.4% following a 4.6% decline at the close of Thursday.President Donald Trump told reporters at the White House on Thursday that the US will maintain its naval blockade of Iranian ports, according to Bloomberg News. "Their economy is crashing, the blockade is incredible," Trump reportedly said. "So we'll see how long they hold out."Iran's new supreme leader, Mojtaba Khamenei, reportedly said Thursday that Iran will defend its nuclear and missile capabilities.West Texas Intermediate crude oil inclined 0.3% to $105.43 a barrel before the opening bell, while Brent increased 0.9% to $111.37.US economic growth fell short of Wall Street's expectations in the first quarter as spending slowed amid inflationary pressures, government data showed Thursday.Separate official data showed that inflation, as measured by the personal consumption expenditure price index, accelerated in March to the fastest pace since mid-2022 as the Middle East conflict sent energy prices soaring.Treasury yields were down in premarket action, with the two-year rate nudging 0.1 basis point lower to 3.88% and the 10-year rate decreasing 0.8 basis point to 4.38%.Friday's economic calendar has the final Purchasing Managers' manufacturing index for April at 9:45 am ET, followed by the Institute for Supply Management's manufacturing index for the same month at 10 am. The weekly Baker Hughes oil-and-gas rig count posts at 1 pm.Gold fell 1.1% to $4,578 per troy ounce, while bitcoin rose 1.1% to $77,248.

Dow JonesNasdaq CompositeS&P 500$AAPL$CL$CVX$EL$MGA$MRNA$NVDA$NWL$RDDT$XOM

US Markets99d ago

Reddit Issues Upbeat Revenue Outlook as First-Quarter Results Top Street Views

Reddit (RDDT) shares jumped early Friday as the social media platform provided an upbeat revenue outlook at the midpoint for the second quarter on the back of stronger-than-expected results in the previous three-month period.The company anticipates revenue to come in between $715 million and $725 million for the current quarter, it said late Thursday. The guidance range's midpoint of $720 million is ahead of the current consensus on FactSet of $717 million. The stock climbed 14% in the most recent premarket activity."Our (second-quarter) revenue guide considers the strong growth and momentum in the business as we exited (the first quarter)," Chief Financial Officer Drew Vollero said during an earnings call, according to a FactSet transcript. The outlook also "takes into account the lapping of a particularly strong growth period" in the prior-year quarter, according to Vollero.For the quarter ended March 31, Reddit's net income soared to $1.01 per share from $0.13 the year before, topping the Street's view for $0.57. Revenue surged 69% to $663.4 million, exceeding the average analyst estimate of $607.7 million."Revenue growth in (the first quarter) was driven by a combination of both impressions and pricing growth, reflecting the scale of our platform and our investments in the ad stack," Chief Operating Officer Jennifer Wong said on the call. "We saw strength across most of our top verticals, particularly retail, (consumer packaged goods), tech and media and entertainment, while the number of active advertisers on the platform grew more than 75% year-over-year."Ad revenue climbed 74% to $625 million amid strong advertising demand across the funnel, Vollero said. Revenue jumped 67% and 76% in the US and international segments, respectively.The company posted global daily active unique users of 126.8 million in the March quarter, up from 108.1 million a year ago. The Street's forecast was for 125.9 million. Daily active unique users inclined 7% to 53.5 million in the US, while international users rose 26% to 73.3 million.Worldwide average revenue per unique user climbed 44% to $5.23."We're focused on growing our daily user base in the US to a size closer to that of the largest platforms," Chief Executive Steve Huffman told analysts on the call. "Our goal is to reach 100 million daily US users, and we're actively executing a strategy to get us there."

$RDDT

US Markets99d ago

Nationwide: UK House Prices Rise in April Amid Middle East Uncertainty

House prices in the UK unexpectedly rose at a faster pace in April, signaling renewed momentum after a slowdown at the turn of 2026 and despite the geopolitical and macroeconomic uncertainty arising from the ongoing conflict in the Middle East.Annual house price growth climbed to 3% in April from 2.2% in March, data from Nationwide Building Society showed Friday. The latest figure exceeded the consensus estimate of a 2.2% increase.Month over month, house prices were 0.4% higher on a seasonally adjusted basis, marking an increase for the fourth consecutive month and bucking the expected 0.3% decline. The average UK house price is now worth 278,880 pounds sterling in April, up from 277,186 pounds a month before."This is somewhat surprising given that indicators of consumer confidence have weakened noticeably. GfK's headline index has fallen to its lowest level since late 2023, reflecting households' more pessimistic views of the economic outlook and their own financial position over the year ahead," Nationwide's Chief Economist Robert Gardner said.Nationwide attributed the housing market resilience to the strength of household finances, noting that households accumulated "sizeable" savings in recent years and that debt relative to income is at its lowest level in 20 years. Nationwide said the market is also supported by improved housing affordability, which has seen limited impact thus far from higher interest rates, and a "modest" decline in mortgage rates."Looking ahead, UK economic growth is likely to be somewhat weaker and inflation higher than previously expected as a result of developments in the Middle East, although the ultimate impact will depend critically on the duration of the shock and the policy response," Gardner added.

FTSE 100

US Markets99d ago

South Korea Exports Rise 48% on Year in April, Driven by Semiconductors

The AI-boom played out in South Korea's trade picture in April, with exports rising 48% on year, driven by surging shipments of semiconductors, reported the Ministry of Trade, Industry and Resources (MOTIR) on Friday.South Korea exports reached $85.89 billion in April, led by shipments of chips, which rose 173.5% on year to $31.9 billion, according to officials. Outbound shipments in April rose for the 11th-straight month.South Korea computer and parts exports rose five-fold to $4.08 billion, the highest monthly figure ever, as global demand for solid-state drives spiked in the AI-boom.The April export level marked South Korea's second-highest monthly export figure ever, on the heels of the all-time high of $86.6 billion figure recorded in March.South Korea auto exports dropped 5.5% on year to $6.17 billion in April, due to shipping disruptions caused by the Mideast crisis, and to South Korean automakers expanding of production in the US to meet Washington trade policies, MOTIR said, reported the The Korea Herald newspaper.Exports to the Middle East declined 25.1% on-year in April, to $1.27 billion, hampered by the war between the US and Iran, the ministry said.On the import side, nation's inbound shipments rose 16.7% on-year in April to $62.11 billion, resulting in a trade surplus of $23.77 billion, reported MOTIR.

^KOSPI

US Markets99d ago

Japan Factory Sector Strengthens in April: PMI Report

Japan's manufacturing sector expanded in April despite global oil woes, although some production was to build cautionary buffers and stockpiles, reported S&P Global on Friday.The nation's manufacturing purchasing managers index (PMI) rose to 55.1 in April, up from 51.6 in March, and striking further above the 50-mark that separates growth from contraction, reported S&P Global, citing its monthly survey.Some manufacturing sector managers noted "that concerns over future supply chain delays and price increases due to the war in the Middle East had led customers to place new orders," while factories also built up precautionary stockpiles in April, explained S&P Global.However, Japan's industry in April also participated in the global AI-boom. "There were also reports that higher sales had been supported by greater demand for AI-related technology," said S&P Global.Japan's manufacturers reported both rising costs and boosting prices for customers in April.Factory managers "frequently mentioned higher prices for raw materials, oil and transport in the latest survey period," said S&P Global. "To help ease pressure on margins, companies raised their selling prices."Japan's manufacturers also added to payrolls in April, at the fastest pace since early 2022.Despite strong demand, Japan's manufacturers were wary in April, citing geopolitics.Due to "uncertainty around the war in the Middle East and its impact on global economic conditions" survey respondent optimism regarding the one-year outlook slipped to its second-lowest level since June 2020, said S&P Global.The Japan manufacturing PMI was compiled by S&P Global from surveys received from 400 manufacturers from April 9 through April 23.

Nikkei 225

US Markets99d ago

NatWest Upgrades 2026 Income Outlook After Robust First-quarter Performance

NatWest Group (NWG.L) on Friday upgraded its full-year 2026 income guidance after reporting a "strong" performance in the first quarter.Given the current economic trajectory and interest rate outlook, the British lender now projects its 2026 income, excluding notable items, to reach the top end of its previous forecast of between 17.2 billion pounds sterling and 17.6 billion pounds.The banking group's profit attributable to ordinary shareholders for the three months ended March 31 climbed 14.4% year over year to 1.43 billion pounds. EPS moved to 0.178 pound from 0.154 pound, against the FactSet-compiled estimate of 0.2 pound.Operating profit before tax grew 12.2% to 2.03 billion pounds. Meanwhile, total income also rose to 4.36 billion pounds from 3.98 billion pounds, above the estimate of 4.32 billion pounds from FactSet, with net interest income increasing 12.2% to 3.39 billion pounds.Overall income gains were fueled by expanding deposit margins and lending balance growth, partly counterbalanced by a decrease in asset margins. NatWest saw positive momentum across its business segments, with private banking and wealth management reporting a 9.8% increase in total income to 291 million pounds.By Friday midday, the London-listed stock was down over 3%.

$NWG.L

US Markets99d ago

Tokyo Inflation Hits Four-Year Low as Oil, Yen Cloud Outlook

Tokyo inflation lost momentum again, underscoring the Bank of Japan's dilemma as price pressures build unevenly. Core consumer prices in the capital rose 1.5% in April, the slowest pace in four years and below the central bank's 2% target for a third straight month.The reading marked a fifth consecutive slowdown and came in under market expectations. A narrower gauge that strips out both fresh food and energy, which is also closely watched by policymakers, increased 1.9%, also easing from the prior month.The softer print partly reflects government fuel subsidies and one-off factors such as a sharp drop in nursery school fees, alongside moderating gains in durable goods and processed food. Energy prices continued to decline, though at a slower pace.Still, the calm may not last. Rising oil prices tied to the Middle East conflict and a weaker yen are expected to push up import costs in the months ahead.The outlook is already complicating policy decisions.The BOJ kept rates unchanged this week in a split decision, even as some officials leaned toward tightening. Governor Kazuo Ueda signaled flexibility, leaving room to wait as risks to growth intensify.Currency moves add another layer. Authorities stepped into the foreign exchange market to support the yen after it slid near 160 per dollar, highlighting concern that prolonged weakness could further inflate import bills."We expect the BOJ to guard against an inflation overshoot. That strengthens the case for a 25-basis-point hike in June, but the latest reading suggests it's far from certain," said Bloomberg economist Taro Kimura."The central bank is also watching uncertainty around the Iran war and the government's willingness to support growth amid a crude oil squeeze."

Nikkei 225

US Markets99d ago

Tokyo Inflation Hits Four-Year Low as Oil, Yen Cloud Outlook

Tokyo inflation lost momentum again, underscoring the Bank of Japan's dilemma as price pressures build unevenly. Core consumer prices in the capital rose 1.5% in April, the slowest pace in four years and below the central bank's 2% target for a third straight month.The reading marked a fifth consecutive slowdown and came in under market expectations. A narrower gauge that strips out both fresh food and energy, which is also closely watched by policymakers, increased 1.9%, also easing from the prior month.The softer print partly reflects government fuel subsidies and one-off factors such as a sharp drop in nursery school fees, alongside moderating gains in durable goods and processed food. Energy prices continued to decline, though at a slower pace.Still, the calm may not last. Rising oil prices tied to the Middle East conflict and a weaker yen are expected to push up import costs in the months ahead."Core consumer inflation is likely to accelerate due to cost-push factors from the Middle East conflict, which will push up not just prices for ⁠energy but various items," Masato Koike, senior economist at Sompo Institute Plus, was quoted by Reuters as saying.The outlook is already complicating policy decisions.The BOJ kept rates unchanged this week in a split decision, even as some officials leaned toward tightening. Governor Kazuo Ueda signaled flexibility, leaving room to wait as risks to growth intensify.Currency moves add another layer. Authorities stepped into the foreign exchange market to support the yen after it slid near 160 per dollar, highlighting concern that prolonged weakness could further inflate import bills.

Nikkei 225

US Markets99d ago

Wuliangye Yibin's First-Quarter 2026 Profit Nearly Tops Full-Year 2025 Figure

Wuliangye Yibin's (SHE:000858) first-quarter attributable profit surged 83% from the year-ago period on higher revenue despite surging sales costs.The baijiu distillery logged an attributable profit of 8.06 billion yuan during the three months through March 31, higher than 4.42 billion yuan recorded in the year-ago period, according to an after-hours filing on Thursday.The company also attributed the higher profit to a lower base in the year-ago period.First-quarter profit nearly topped the profit recorded for the whole of 2025 at 8.95 billion yuan, down 72% from 31.9 billion yuan in the year-ago period.Singapore-based investment intelligence platform Smartkarma estimated a net profit of 11.16 billion yuan.Q1 earnings per share jumped 83% to 2.0772 yuan from 1.1378 yuan.Wuliangye Yibin's revenue grew 34% to 22.8 billion yuan from 17.1 billion yuan in the prior-year period.Total operating costs jumped 11% to 12.2 billion yuan from nearly 11 billion yuan a year earlier, the baijiu manufacturer said in its filing.Sales costs surged 145% to 3.67 billion yuan from 1.49 billion yuan.The jump could mean Wuliangye is either actively increasing channel development investment and brand promotion or subsidizing dealers facing pricing pressures, Futu said in its digital platform, Futubull.Net cash flow from operating activities turned to a negative 2.54 billion yuan from positive inflows of 15.8 billion yuan in the year-ago period.A high volume of collected bills due to market changes caused the negative cash flow, Futu said, citing Wuliangye.Cash and cash equivalents stayed at 1.3 times higher than the annual revenue, Futu said.Meanwhile, the wine maker plans to repurchase between 8 billion yuan and 10 billion yuan of shares for up to 153.59 yuan apiece, according to a separate disclosure.

SHE:000858

US Markets99d ago

Apple Beats Second-Quarter Views Amid iPhone Strength

Apple (AAPL) reported fiscal second-quarter results above Wall Street's estimates as iPhone revenue came in stronger than expected.Per-share earnings rose to $2.01 for the quarter ended March 28 from $1.65 a year earlier, compared with the FactSet-polled consensus of $1.95. Net sales climbed 17% to $111.18 billion, ahead of the Street's $109.46 billion view."Continued strong customer demand for our products and services once again helped us achieve a new all-time high for our installed base of active devices across all major product categories and geographic segments," Chief Financial Officer Kevan Parekh said in a statement.Sales for iPhone rallied to $56.99 billion from $46.84 billion in the year-earlier quarter. Analysts polled by FactSet had forecast $56.50 billion."IPhone achieved a March quarter revenue record, fueled by such extraordinary demand for the iPhone 17 lineup," Chief Executive Tim Cook said.Earlier this month, the technology giant announced that insider John Ternus will become CEO in September, replacing Cook, who is set to take on the executive chairman role.Wedbush Securities expected "strong results," saying Wall Street underestimates Apple's growth potential in 2026, ahead of its key artificial intelligence strategy launch at the Worldwide Developers Conference in June.IPad revenue rose to $6.91 billion from $6.40 billion, while Mac jumped to $8.40 billion from $7.95 billion, Apple said.Overall product sales advanced to $80.21 billion from $68.71 billion, while services increased to $30.98 billion from $26.65 billion. Consolidated revenue gained by double digits across every geographic segment year-over-year, Cook said.Shares edged 0.5% lower in after-hours trading.

$AAPL

US Markets99d ago

S&P 500, Nasdaq Notch New Peaks, Log Best Month Since 2020

The S&P 500 and the Nasdaq Composite hit new closing highs on Thursday, with the two equity indexes recording their biggest monthly gains since 2020.The S&P 500 rose 1% to 7,209, while the Nasdaq climbed 0.9% to 24,892.3, both logging record closing highs. The Dow Jones Industrial Average jumped 1.6% to 49,652.1. Barring technology, all sectors were in the green, led by communication services' 4% jump.This month, the Nasdaq jumped 15.3%, logging its best monthly performance since April 2020. The S&P 500 gained 10.4%, the biggest monthly gain since November 2020. The Dow climbed 7.1%.In company news, Alphabet's (GOOG, GOOGL) first-quarter results exceeded Wall Street's estimates late Wednesday as revenue for Google's cloud and services businesses climbed. Alphabet increased its 2026 capital expenditure guidance to up to $190 billion. Shares climbed 10%.Caterpillar (CAT) surged 9.9%, the best performer on the Dow. The heavy equipment manufacturer raised its full-year sales outlook as its first-quarter results exceeded market expectations.Eli Lilly (LLY) lifted its full-year outlook, while the drugmaker reported first-quarter results above market estimates. The stock advanced 9.8%.Meta Platforms (META) shares plunged 8.6%, among the steepest declines on the S&P 500. The Facebook parent late Wednesday raised its full-year capital expenditure guidance mainly due to higher component pricing.Microsoft (MSFT) shares declined 3.9%, the second-worst performer on the Dow, as the tech giant said late Wednesday its capital expenditure will be about $190 billion in 2026. The company's aggressive capital expenditure will likely keep free cash flow under pressure in the near term, Truist Securities said in a note.Brent crude fell 3.3% at $114.09 per barrel, having topped $126 earlier in the day. West Texas Intermediate fell 1.8% to $105.01.On Wednesday, the Federal Reserve kept its benchmark lending rate steady, saying the Iran war is fueling uncertainty around the US economic outlook.The most recent policy statement had an implied easing bias, but that could soon be removed amid a growing divide among policymakers over the direction of interest rates, Stifel said in a note Thursday.US Treasury yields were lower, with the 10-year rate down 2.4 basis points at 4.41% and the two-year rate falling 7.8 basis points to 3.89%.US economic growth fell short of Wall Street's expectations in the first quarter as spending slowed amid inflationary pressures that economists said will likely keep consumers under pressure."The core of the economy remained solid in (the first quarter), driven by the (artificial intelligence) buildout and the tax cuts beginning to feed through," Oxford Economics Chief US Economist Michael Pearce said in remarks emailed to. "Those factors will continue to drive growth over the rest of the year, but the jump in energy prices will take some of the shine off what would otherwise have been a strong year for the economy."Separate official data showed that US inflation, as measured by the personal consumption expenditure price index, accelerated in March to the fastest pace since mid-2022 as the Middle East conflict sent energy prices soaring."Inflationary pressures continued to percolate," Ksenia Bushmeneva, economist at TD Economics, said in a report. "The situation around the energy crisis remains uncertain and gas prices are likely to remain elevated for some time."Gold rose 1.6% at $4,635 per troy ounce, while silver advanced 2.9% to $74.18 per ounce.

Dow JonesNasdaq CompositeS&P 500$CAT$GOOG$GOOGL$LLY$META$MSFT

US Markets100d ago

Microsoft's Aggressive Capex Plans Could Keep Free Cash Flow Under Pressure, Truist Says

Microsoft's (MSFT) aggressive capital expenditure plans to take advantage of the strong demand for artificial intelligence will likely keep free cash flow under pressure in the near term, Truist Securities said in a note.The tech giant is looking to invest about $190 billion in capex in 2026, including $25 billion from the impact of higher component pricing, Chief Financial Officer Amy Hood said on an earnings conference call late Wednesday. The company is confident about the return on its planned investments amid "higher demand signals" and growing product usage, Hood said."Capex remains a central focus, with Microsoft continuing to invest aggressively to meet AI-driven demand," Truist Managing Director Terry Tillman said in a note to clients. "The capex story is less about overspending and more about pulling forward investment to support structurally durable demand, although free cash flow will likely remain under pressure in the near term as this buildout continues."The brokerage lowered its price target on the Microsoft stock to $575 from $675 and maintained its buy rating."While we believe Microsoft's fundamentals continue to improve, we believe the stock is unlikely to fully escape broader valuation pressure, and therefore reflect a more balanced risk/reward at current levels," Tillman said.The company's shares were down 3.7% in Thursday late-afternoon trade. The stock has lost roughly 16% in value so far in 2026."Even with these additional investments and continued efforts to bring (graphics processing unit), (central processing unit), and storage capacity online faster, we expect to remain constrained at least through 2026," Hood told analysts. "Despite these constraints, and the continued need to balance incoming supply, we expect Azure growth to show modest acceleration in the second half of the calendar year, compared with the first half."Microsoft's fiscal third-quarter results topped Wall Street's views. The results surpassed expectations across revenue, operating income, and per-share earnings, reflecting "strong execution" and rising demand for the Microsoft Cloud, Hood said in a statement late Wednesday. Azure is the company's cloud-computing platform.For the ongoing quarter, Microsoft expects revenue of $86.7 billion to $87.8 billion, implying annual growth of 13% to 15%.Late Wednesday, Facebook and Instagram parent Meta Platforms (META) raised its full-year capex guidance to between $125 billion and $145 billion from its previous outlook range of $115 billion to $135 billion mainly due to higher component pricing.Price: $406.97, Change: $-17.49, Percent Change: -4.12%

$META$MSFT

US Markets100d ago

Fed Could Soon Drop Implied Easing Bias, Stifel Says

The Federal Reserve's most recent policy statement had an implied easing bias, but that could soon be removed amid a growing divide among policymakers over the direction of interest rates, Stifel said in a note Thursday.The Federal Open Market Committee left interest rates unchanged on Wednesday, marking its third consecutive pause."In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the committee will carefully assess incoming data, the evolving outlook, and the balance of risks," the FOMC said, sticking to its stance from March.That suggests a lingering bias toward rate cuts, Stifel Chief Economist Lindsey Piegza wrote.But the decision wasn't unanimous. Fed Governor Stephen Miran favored a rate cut, while three officials opposed including an easing bias in the statement. That pushed the ratio of dissents to the highest since 1992, Piegza said."While the Fed did not adjust the statement to move from an easing bias to a neutral stance as of yet, several Fed officials voiced support for doing so, suggesting such an adjustment may be coming sooner than later," Piegza said."At the very least, the cohort of dissents sends a signal to both the market and new leadership that many agree the data do not support any additional accommodation at this point, and furthermore, any push to implement such will potentially face fierce opposition."The Senate Banking Committee on Wednesday advanced Kevin Warsh's nomination as Fed chair to the Republican-controlled Senate. Warsh is President Donald Trump's pick to replace Jerome Powell, whose term as Fed chief expires on May 15.Powell said he will stay on as a Fed governor after his chairmanship ends.The FOMC pointed out "elevated" inflation amid higher energy prices. Last month, the Fed described inflation as "somewhat elevated."

US Markets100d ago

Equities Rise Intraday as Traders Track Earnings Reports; Oil Prices Pull Back

US benchmark equity indexes were higher intraday as investors digested the latest batch of corporate results, while oil prices turned lower.The Dow Jones Industrial Average was up 1.5% at 49,601.7 after midday Thursday, while the S&P 500 rose 0.7% to 7,187.1. The Nasdaq Composite climbed 0.5% to 24,800.9. Barring technology, all sectors were in the green, led by communication services' 3.5% jump.In company news, Caterpillar (CAT) shares surged 10% intraday, the best performer on the Dow and among the biggest gainers on the S&P 500. The heavy equipment manufacturer raised its full-year sales outlook as its first-quarter results exceeded market expectations.Eli Lilly (LLY) lifted its full-year outlook, while the drugmaker reported first-quarter results above market estimates. The stock was up 10%.Meta Platforms (META) shares plunged 9.2%, among the steepest declines on the S&P 500, as the Facebook parent raised its full-year capital expenditure guidance mainly due to higher component pricing.Microsoft (MSFT) shares were down 5.8%, the worst performer on the Dow, as the tech giant said its capital expenditures will be about $190 billion in 2026, while its fiscal third-quarter results topped market estimates.iPhone maker Apple (AAPL) is scheduled to release its quarterly earnings after the markets close.Oil prices pulled back after surging in the previous session, with Brent crude down 3.5% at $113.94 per barrel, having topped $126 earlier in the day. West Texas Intermediate fell 2.5% to $104.22.In economic news, US economic growth fell short of Wall Street's expectations in the first quarter as spending slowed amid inflationary pressures that economists said will likely keep consumers under pressure."The core of the economy remained solid in (the first quarter), driven by the (artificial intelligence) buildout and the tax cuts beginning to feed through," Oxford Economics Chief US Economist Michael Pearce said in remarks emailed to. "Those factors will continue to drive growth over the rest of the year, but the jump in energy prices will take some of the shine off what would otherwise have been a strong year for the economy."US inflation, as measured by the personal consumption expenditure price index, accelerated in March to the fastest pace since mid-2022 as the Middle East conflict sent energy prices soaring."Inflationary pressures continued to percolate," Ksenia Bushmeneva, economist at TD Economics, said in a report. "The situation around the energy crisis remains uncertain and gas prices are likely to remain elevated for some time."On Wednesday, the Fed kept its benchmark lending rate steady, saying the Iran war is fueling uncertainty around the US economic outlook.US Treasury yields were lower intraday, with the 10-year rate down 3.8 basis points at 4.40% and the two-year rate falling 6.9 basis points to 3.90%.Gold rose 1.3% at $4,620 per troy ounce, while silver advanced 2% to $73.51 per ounce.

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US Markets100d ago

Wayfair Adjusted Earnings Miss Views Amid 'Choppy' Start to 2026 for Home Furnishings

Wayfair (W) shares tumbled Thursday after the company's first-quarter adjusted earnings fell short of Wall Street's estimates as it navigates a tough macro backdrop amid a "choppy" start to 2026 for the home furnishings category.The online furniture and home goods retailer's adjusted earnings rose to $0.26 a share for the March quarter from $0.10 a year earlier. Those results missed the Street's views for $0.28. Revenue increased 7.4% to $2.93 billion, exceeding the Street's projections for $2.89 billion.The home furnishings category saw a "choppy" start to the year amid weather disruptions and higher fuel prices that slowed down consumer spending, Chief Executive Niraj Shah said on an earnings conference call, according to a FactSet transcript.Wayfair expects the category to have been down in the low-single-digit range for the first quarter. This suggests the company outperformed the market by "a high-single-digit spread," according to Shah."This is a cyclical category, which is clearly in a down cycle," Shah told analysts. "While we believe we're due for a mean reversion, the timing remains hard to predict."Wayfair shares were down nearly 12% in Thursday afternoon trade. The stock has slumped 35% so far this year.The company saw first-quarter order growth of 3%, compared with a year earlier, Chief Financial Officer Kate Gulliver said on the call. "Within that, we saw a new order of growth of nearly 7% in the quarter, our best result since 2021, and saw our active customer growth finally flip to positive year-over-year after multiple quarters of positive sequential growth."For the ongoing quarter, Wayfair expects top-line to grow by mid-single digits year over year, Gulliver told analysts."We're looking at a category that has been volatile in April so far, trending down in the mid-single-digit range," Gulliver said. "Our share spread has been holding nicely in the high-single-digit range."Energy prices have surged following the US-Israel war with Iran that has left the crucial Strait of Hormuz effectively closed. The conflict paused following a recent ceasefire between Washington and Tehran, but a framework for a permanent truce is yet to be reached."We're continuing to closely watch the broader economic implications and how consumers are managing their wallets as they face higher prices at the gas pump," Shah said on the call.Price: $66.24, Change: $-7.03, Percent Change: -9.59%

US Markets100d ago

First-Quarter Economic Growth Trails Expectations as Consumer Spending Slows

US economic growth fell short of Wall Street's expectations in the first quarter as spending slowed amid inflationary pressures that economists said will likely keep consumers under pressure.Real gross domestic product in the world's largest economy rose at an annual rate of 2% in the March quarter, according to an advance estimate released Thursday by the Bureau of Economic Analysis. The consensus was for a 2.3% gain in a survey compiled by Bloomberg.In the previous quarter, real GDP edged up 0.5%.Consumer spending growth eased to 1.6% in the first quarter from 1.9% in the previous three-month period, but topped Wall Street's views for a 1.4% rise. Outlays on nondurable goods swung into negative territory while those on services decelerated, the data showed."The core of the economy remained solid in (the first quarter), driven by the (artificial intelligence) buildout and the tax cuts beginning to feed through," Oxford Economics Chief US Economist Michael Pearce said in remarks emailed to. "Those factors will continue to drive growth over the rest of the year, but the jump in energy prices will take some of the shine off what would otherwise have been a strong year for the economy."Energy prices have soared following the US-Israel war with Iran that has left the Strait of Hormuz effectively closed. The conflict paused following a recent ceasefire between Washington and Tehran, but a framework for a permanent truce is yet to be reached."If inflation pressures continue to build in the months ahead, it will be more and more difficult for consumers to keep up," BMO Chief US Economist Scott Anderson said in a report.Private investment growth accelerated to 8.7% from 2.3% on a sequential basis, BEA data showed. Exports and imports turned positive.The personal consumption expenditures price index rose 4.5% in the March quarter, compared with a 2.9% gain in the previous three-month period. Excluding food and energy prices, the index accelerated to 4.3% from 2.7%.The BEA said in a separate report Thursday that US inflation registered its fastest pace since mid-2022 in March."Higher energy prices were also behind the jump in inflation in March and will push headline inflation close to 4% in the months ahead," according to Pearce. "The more worrying trend for the Federal Reserve is signs of stronger electronics inflation due to rampant AI demand and passthrough from energy prices to core prices, which will keep core PCE inflation sticky at close to 3% this year."The Fed kept its benchmark lending rate steady on Wednesday, saying the Middle East conflict is fueling uncertainty around the US economic outlook.

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US Markets99d ago

S&P 500, Nasdaq Notch New Peaks, Log Best Month Since 2020

Dow JonesNasdaq CompositeS&P 500$CAT$GOOG$GOOGL$LLY$META$MSFT