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Trump Threatens Iran With More Intense Bombing if It Doesn't Agree to Terms

President Donald Trump said Wednesday on Truth Social that the US will bomb Iran "at a much higher level and intensity" than before if it fails to agree to the terms of a deal to end the ongoing conflict.

Sectors95d ago

Trump Threatens Iran With More Intense Bombing if It Doesn't Agree to Terms

Sectors95d ago

Brent Crude Down 9.6% and Under US$100 and NY Crude Down 10.4% at Near US$91.60

$CLM6$LCON6$USO

Sectors95d ago

Iran War Deal Optimism Lifts Global Markets, Says Scotiabank

The "rumour mill" that the end of the war with Iran may be near has markets buying it on Wednesday with few questions asked, when perhaps many remain, said Scotiabank.The rumour mill that the end of the war with Iran may be near has markets buying it with few questions asked when perhaps many remain.Oil is off by almost US$10/barrel, noted the bank. Sovereign bond yields are down across the board and by double-digit basis points in parts of European curves.Stocks are pushing higher, again led by Europe, where the gains are in the 2% to 3% range, pointed out Scotiabank. The US dollar (USD) is broadly weaker, but not for currencies linked oil such as the Canadian dollar (CAD or loonie) and Norway's krone (NOK), which are underperforming.Central bank moves are being slightly repriced, added Scotiabank.

$CAD$CXY$NOK$USD

Sectors95d ago

Crude Oil Exports from Other Producing Countries Rise Amid Middle East War, Commerzbank Says

Amid production losses due to the war in the Middle East, crude oil exports from other producing countries are rising, Commerzbank said in a Tuesday note.Venezuela's oil exports climbed to 1.23 million barrels per day in April, up 150,000 barrels per day from the previous month and the highest level since the U.S. imposed sanctions on Venezuela's energy industry at the end of 2018, the bank noted.Nearly 450,000 barrels per day went to the U.S., which is the main buyer of Venezuelan oil. However, exports to India also rose to 374,000 barrels per day and exports to Europe increased to 165,000 barrels per day, Commerzbank said.The U.S. also boosted its oil exports in April to a record high of 5.2 million barrels per day, the bank said, citing data analysis firm Kpler. This was up from 3.9 million barrels per day in March.Meanwhile, at the Corpus Christi oil port in Texas, 240 tankers were recorded in March, up from the rough average of 200 tankers, according to Commerzbank.

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Sectors95d ago

Brent Crude Down 7.3% at US$101.85 and NY Crude Down 8.25% at Near US$93.80

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Sectors95d ago

Crude Oil Prices Drop as U.S. Reportedly Nears Deal with Iran to End War

Crude oil prices plummeted on Wednesday on reports that the U.S. is nearing an agreement with Iran to end the war.Brent crude at last look dropped 6.8% to US$102.40/barrel and West Texas Intermediate crude fell 7.5% to $94.58/barrel. The reported one-page framework was the closest the parties have come to an agreement since the war began, Reuters said in a Wednesday report, citing Axios.The price hikes have been driven by oil supply losses from disruptions in traffic through the Strait of Hormuz since the war began, the report said. The closure has resulted in a drawdown in global oil and fuel inventories in efforts to offset production shortfalls.American Petroleum Institute figures showed a drop in U.S. crude oil, gasoline and distillate inventories, Reuters reported, citing market sources. The U.S. Energy Information Administration is scheduled to report official figures on Wednesday.

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Sectors95d ago

Sector Update: Energy Stocks Higher Late Afternoon

Energy stocks were rising late Tuesday afternoon, with the NYSE Energy Sector Index adding 0.6% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.2%.The Philadelphia Oil Service Sector Index was decreasing 0.5%, and the Dow Jones US Utilities Index was up 0.1%.Crude oil futures slumped after Defense Secretary Pete Hegseth said the ceasefire agreement with Iran remains in force. Hegseth, speaking at a Tuesday morning press conference, said the Iran ceasefire remains in effect while promising to continue to press ahead with opening the Strait of Hormuz, the chokepoint for about a fifth of global crude oil flows.Front-month West Texas Intermediate crude oil declined 3.5% to $102.69 a barrel, and the global benchmark Brent crude contract dropped 3.8% to $110.11 a barrel. Henry Hub natural gas futures fell 3.5% to $2.77 per 1 million BTU.In corporate news, Shell (SHEL) and Ineos Energy have agreed to jointly invest in oil and gas exploration and development opportunities in the Gulf of Mexico, Ineos Energy said. Shell shares rose 0.5%.Diamondback Energy (FANG) said operators may add 20 to 30 oil rigs in the US Permian Basin this year as elevated crude prices and supply disruptions tied to the Middle East conflict support higher activity. Diamondback shares were down 3.2%.GE Vernova (GEV) and Blue Energy are planning to develop a 2.5 gigawatt power facility in Texas that will combine nuclear and natural gas, the companies said Tuesday. GE Vernova shares added 2%.Enlight Renewable Energy (ENLT) shares climbed 2.8% after it reported higher-than-expected Q1 earnings and revenue.

$ENLT$FANG$GEV$SHEL

Sectors95d ago

Sector Update: Health Care Stocks Higher Late Afternoon

Health care stocks edged higher late Tuesday afternoon, with the NYSE Health Care Index and the State Street Health Care Select Sector SPDR ETF (XLV) each increasing about 0.4%.The iShares Biotechnology ETF (IBB) was up 0.1%.In corporate news, Edgewise Therapeutics (EWTX) shares jumped 22% after Wedbush lifted the company's price target to $46 from $32, while keeping its outperform rating.Pfizer's (PFE) Q1 results surpassed analyst estimates as robust demand across its key brands offset weakening sales of its COVID-19 products. Its shares rose 0.9%.Merck (MRK) shares added 0.6%. The company said Tuesday it has completed the acquisition of Terns Pharmaceuticals after a cash tender offer at $53 per share.Scilex (SCLX) shares were down 3% after it said Tuesday its subsidiary ACEA Therapeutics agreed to transfer 100% of the equity interests of ACEA Pharma to Phoenix Asia (PHOE) in a $1 billion all-stock deal.

$EWTX$MRK$PFE$SCLX

Sectors95d ago

Sector Update: Financial Stocks Rise Late Afternoon

Financial stocks advanced in late Tuesday afternoon trading with the NYSE Financial Index rising 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.2%.The Philadelphia Housing Index gained 2.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) increased 0.3%.Bitcoin (BTC-USD) rose 2.1% to $81,532, and the yield for 10-year US Treasuries shed 3 basis points to 4.416%.In economic news, two surveys painted a mixed picture of the US services sector in April, with Institute for Supply Management data showing a deceleration in growth and an S&P Global (SPGI) report indicating a return to expansion.The US trade deficit grew in March as imports outpaced record-high exports, government data showed. The goods and services deficit widened 4.4% sequentially to $60.31 billion on a seasonally adjusted basis. The consensus was for a deficit of $61 billion in a Bloomberg survey.In sector news, the US Securities and Exchange Commission proposed rule and form amendments that would permit public companies to file semiannual reports in lieu of quarterly reports.In corporate news, Citigroup (C) plans to introduce new medium-term profitability targets at its investor day on Thursday, Reuters reported, citing an interview with CEO Jane Fraser. Citi shares rose 2.1%.PayPal (PYPL) plans to target at least $1.5 billion in cost cuts over the next few years, while the company maintained its full-year earnings outlook. The shares slumped 8%.Coinbase (COIN) is reducing its global workforce by 14%, citing the need to cut costs amid market volatility and the ways AI has optimized its operations. The shares fell 2.8%.Bullish (BLSH) shares jumped 11%. The company agreed to acquire transfer agent Equiniti for $4.2 billion in stock from private-equity firm Siris.

$BLSH$C$COIN$PYPL

Sectors95d ago

Sector Update: Consumer Stocks Rise Late Afternoon

Consumer stocks rose late Tuesday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) advancing 0.9% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.7%.In sector news, Redbook US same-store sales last week rose 7.8% from a year earlier after a 7.7% increase in the previous week. "Warmer weather and Mother's Day promotions are boosting sales of seasonal clothing and accessories as the day approaches," Redbook said.In corporate news, Honda Motor (HMC) is pausing its plans to build an EV manufacturing facility in Canada amid weak US demand, Nikkei Asia reported. The automaker, which initially intended to invest 15 billion Canadian dollars ($11 billion) in the site and a battery factory, suspended the project indefinitely and initiated discussions with the Canadian government, the report said. Honda shares rose 1.3%.Harley-Davidson (HOG) shares jumped 7.4% after the company reported Q1 revenue that topped Wall Street estimates.Ambev (ABEV) shares surged 17% after the company reported higher-than-expected Q1 normalized earnings and net revenue.Anheuser-Busch InBev (BUD) shares climbed 9.4% after the company reported higher fiscal Q1 underlying earnings and revenue.

$ABEV$BUD$HMC$HOG

Sectors95d ago

Sector Update: Tech Stocks Gain Late Afternoon

Tech stocks were higher late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.3% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 4.2%.The Philadelphia Semiconductor index climbed 4.2%.In corporate news, Apple (AAPL) will let users select from multiple third-party AI models for tasks across its iOS 27 software, Bloomberg reported. Apple shares were up 2.7%.Blackstone (BX) and KKR (KKR) are in talks with Alphabet (GOOGL) to allow their portfolio companies access to Google's AI models, Bloomberg reported. Alphabet shares added 1.1%.Pinterest (PINS) shares jumped 7.4% after it posted better-than-expected Q1 results late Monday and forecast up to 16% revenue growth year over year for the ongoing three-month period.Amazon-backed (AMZN) Anthropic introduced new AI agents built for a broader mix of financial services tasks, Bloomberg reported. Amazon shares rose 0.6%.

$AAPL$AMZN$GOOGL$PINS

Sectors95d ago

Sector Update: Energy

Energy stocks were higher late Tuesday afternoon, with the NYSE Energy Sector Index rising 0.5% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.6%.The Philadelphia Oil Service Sector Index was decreasing 0.2%, and the Dow Jones US Utilities Index was up 0.6%.Front-month West Texas Intermediate crude oil declined 3.7% to $102.45 a barrel, and the global benchmark Brent crude contract dropped 4% to $109.92 a barrel. Henry Hub natural gas futures fell 2.6% to $2.79 per 1 million BTU.In corporate news, Shell (SHEL) and Ineos Energy have agreed to jointly invest in oil and gas exploration and development opportunities in the Gulf of Mexico, Ineos Energy said. Shell shares rose 0.7%.

$SHEL

Sectors95d ago

Sector Update: Financial

Financial stocks advanced in late Tuesday afternoon trading with the NYSE Financial Index rising 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.3%.The Philadelphia Housing Index gained 2.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) increased 0.3%.Bitcoin (BTC-USD) rose 2.1% to $81,532, and the yield for 10-year US Treasuries shed 3 basis points to 4.416%.In corporate news, Citigroup (C) plans to introduce new medium-term profitability targets at its upcoming investor day on Thursday, Reuters reported, citing an interview with CEO Jane Fraser. Citi shares rose 1.9%.

Sectors95d ago

Sector Update: Health Care

Health care stocks rose late Tuesday afternoon, with the NYSE Health Care Index and the State Street Health Care Select Sector SPDR ETF (XLV) each increasing 0.4%.The iShares Biotechnology ETF (IBB) was shedding 0.2%.In corporate news, Edgewise Therapeutics (EWTX) shares jumped 22% after Wedbush lifted the company's price target to $46 from $32, while keeping its outperform rating.

$EWTX

Sectors95d ago

Sector Update: Tech

$AAPL

Sectors95d ago

Sector Update: Consumer

Consumer stocks were rising late Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.7%.In corporate news, Honda Motor (HMC) is pausing its plans to build an electric vehicle manufacturing facility in Canada amid weak US demand, Nikkei Asia reported. The automaker, which initially intended to invest 15 billion Canadian dollars ($11 billion) in the site and a battery factory, has suspended the project indefinitely and initiated discussions with the Canadian government, the report said. Honda shares were up 1.5%.

$HMC

Sectors95d ago

Update: WTI Crude Oil Falls as the Iran War Ceasefire Holds After Monday's Attacks

West Texas Intermediate (WTI) crude oil fell 3.9% on Tuesday with the ceasefire between the United States and Iran seen holding, calming Monday's gains as violence in the Persian Gulf eased.WTI crude oil for June delivery closed down US$4.15 to settle at US$102.27 per barrel, after rising 4.4% on Monday, while July Brent oil was last seen down US$4.24 to US$110.20.Hostilities in the Iran war picked up on Monday as Iran attacked the United Arab Emirates' Fujairah oil port on the Gulf of Oman, which had been continuing to export oil since the Feb. 28 start to the war, even as Persian Gulf supply remains trapped behind the Strait of Hormuz. It also fired on U.S. warships, claiming to have struck one naval vessel with two missiles, which was denied by the U.S. military.The United States responded by attacks on Iranian fast boats while President Trump said the United States will begin guiding ships through the Strait. Reuters reported the Alliance Fairfax, a U.S.-flagged vehicle carrier, transited the Strait on Monday accompanied by the U.S. military.Still, despite the strikes, reports said U.S. Defense Secretary Pete Hegseth, speaking at a Tuesday morning press conference, said the ceasefire remains in effect while promising to continue to press to open the Strait of Hormuz.Still, the war has produced the largest-ever oil supply shock as the closure of the Strait blocked exports from the Persian Gulf, which supplied 20% of daily oil demand, keeping oil prices near four-year highs, with any relief unlikely until a peace deal is reached despite U.S. efforts to reopen the waterway."Despite US plans to restore shipping, security risks may keep the route closed until a US-Iran deal, sustaining concern over energy prices," Saxo Bank wrote.

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Sectors95d ago

June WTI Crude Oil Contract Closes Down US$4.15; Settles at US$102.27 per Barrel

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Sectors95d ago

Sector Update: Energy Stocks Rise Tuesday Afternoon

Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 0.5% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.3%.The Philadelphia Oil Service Sector Index was decreasing 0.4%, and the Dow Jones US Utilities Index was adding 0.8%.Crude oil futures slumped after Defense Secretary Pete Hegseth said the ceasefire agreement with Iran remains in force. Hegseth, speaking at a Tuesday morning press conference, said the Iran ceasefire remains in effect while promising to continue to press ahead with opening the Strait of Hormuz, the chokepoint for about a fifth of global crude oil flows.Front-month West Texas Intermediate crude oil was declining 4.3% to $101.80 a barrel, and the global benchmark Brent crude contract was dropping 3.9% to $110.03 a barrel. Henry Hub natural gas futures fell 2.5% to $2.80 per 1 million BTU.In corporate news, Marathon Petroleum (MPC) shares gained 1.8% after its Q1 adjusted earnings and revenue rose year on year and beat analysts' estimates.GE Vernova (GEV) and Blue Energy are planning to develop a 2.5 gigawatt power facility in Texas that will combine nuclear and natural gas, the companies said Tuesday. GE Vernova shares added 2.6%.Enlight Renewable Energy (ENLT) shares climbed 3.5% after it reported higher-than-expected Q1 earnings and revenue.

$ENLT$GEV$MPC

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