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Market Chatter: Iran to Resume Oil Sales Immediately Upon Signing US Peace Deal

The US will permit Iran to resume oil and fuel exports immediately under a memorandum of understanding to end hostilities, Reuters reported on Tuesday, citing a senior administration official.The peace agreement, set for signing this week, includes a waiver of US sanctions on Iranian petroleum sales, as well as waivers for banking, shipping, and insurance services required to facilitate trade.The arrangement is conditional, the official said, describing it as "performance-based," with Iran required to comply with the deal terms to access any benefits.The US Department of the Treasury and the Department of Energy did not immediately respond to' requests for comment.The benefits include commitments not to pursue nuclear weapons, to neutralize enriched uranium stockpiles, and to refrain from disrupting maritime traffic through the Strait of Hormuz.The Hormuz, a strategic waterway that handles about 20% of the world's daily crude and liquefied natural gas shipments, was effectively closed following a series of strikes by the US-Israel alliance on Iran in Feb.Iranian oil exports have been heavily restricted since the US reimposed sanctions in 2018 targeting Tehran's nuclear program and regional proxy activities. Iran has consistently maintained that its nuclear program is for peaceful civilian use.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

US Markets42d ago

Annual Rents Drop for 34th Consecutive Month, Realtor.com Says

Asking rents in the US fell annually for the 34th successive month in May, a trend that is likely to continue because of a surge in multifamily construction, News Corp's (NWS, NWSA) Realtor.com said Tuesday.The median asking rent across the 50 largest US metropolitan areas for up to two-bedroom properties dropped 1.5% year over year to $1,686 last month, according to a report by the online real estate portal.While the median rent is 17% above May 2019, it has fallen 4.4% from its August 2022 peak."This persistent softness is increasingly translating into real savings for renters navigating a market that once felt out of reach," Realtor.com Chief Economist Danielle Hale and Economist Jiayi Xu said.The median asking rent will likely tick up month-over-month into the summer, according to the report. "However, given the surge in multifamily construction over the past few years, we anticipate continued year-over-year declines," Hale and Xu wrote.Las Vegas topped the list of rental markets loved by local residents in the first quarter.Other markets that were on the list included Austin, San Antonio and Houston, all in Texas, as well as San Diego, California."Beyond the draw of warm weather, softening rents and strong local job anchors work together to create a powerful gravitational pull -- giving residents in these markets little reason to look anywhere else," Hale and Xu said.US housing starts plummeted 15% sequentially in May to the lowest level since 2020 amid a 42% decline in multi-family projects, the Census Bureau and the Department of Housing and Urban Development said Tuesday.Price: $29.50, Change: $+0.25, Percent Change: +0.85%

$NWS$NWSA

Sectors42d ago

Sector Update: Financial Stocks Rise Late Afternoon

Financial stocks were advancing in late Tuesday afternoon trading, with the NYSE Financial Index rising 1.1% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 1.2%.The Philadelphia Housing Index climbed 1.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was fractionally higher.Bitcoin (BTC-USD) was declining 1.6% to $65,553, and the yield for 10-year US Treasuries fell 4.3 basis points to 4.43%.In economic news, US import prices jumped 1.9% in May, ahead of the 1% increase expected in a Bloomberg-compiled survey and following a 2.0% gain in April. Excluding a 13% surge in petroleum prices, import prices were up 0.8% from 0.5%, beating the 0.5% forecast. Export prices climbed 1.3% in May, above expectations for 0.9% and following a 3.5% jump in April.The New York Federal Reserve's services index worsened to minus 10.1 in June from minus 5.8 in May. The index is the first services reading for June and suggests more widespread contraction.Redbook US same-store sales jumped 9.4% from a year earlier in the week ended June 13, after surging 9.1% in the previous week. Seasonal categories such as air conditioners, fans, pool and beach equipment, swimwear, and other hot-weather apparel led the growth, according to Redbook.In corporate news, Ares Management (ARES) is nearing a deal to take control of French football club Olympique Lyonnais, alongside businesswoman Michele Kang, Bloomberg reported. Ares shares rose 1.4%.L3Harris Technologies (LHX) has selected JPMorgan Chase (JPM) and Morgan Stanley (MS) to lead the IPO of its missile unit Axyv, Bloomberg reported. JPMorgan shares gained 3.4%, and Morgan Stanley added 1.1%.BlackRock (BLK) is cutting about 200 jobs in its latest round of workforce reductions, Bloomberg reported. The layoffs, the fourth in 18 months, span investment, operations and technology roles, as well as positions within the firm's private financing unit, the report said. BlackRock shares advanced 0.8%.Robinhood (HOOD) said it reduced its workforce by about 10% as part of efforts to maintain a high-performance culture, accelerate product development. Robinhood shares fell 1.7%.

$ARES$BLK$HOOD$JPM$MS

Mining & Metals42d ago

Q-Gold Resources Files Preliminary Short Form Base Shelf Prospectus

Q-Gold Resources (QGR.V) Tuesday said it filed a preliminary short form base shelf prospectus with the securities commissions in each of the provinces and territories of Canada.According to the statement, upon a final base shelf prospectus becoming effective, these filings will allow the company to qualify the distribution of up to C$300 million of common shares, preferred shares, debt securities, subscription receipts, warrants, or any combination thereof, from time to time over a 25-month period that the final prospectus remains effective.Shares of the company at last look were up $0.02 to $0.24 on TSX Venture Exchange.Price: $0.24, Change: $+0.02, Percent Change: +6.67%

$QGR.V

Commodities42d ago

US Biofuels Update: Futures Diverge With Falling Crude Prices Pushing Soybean Oil Lower

Biofuels feedstock futures closed mixed on Tuesday, with the soybean market defying the sinking soybean oil market.The Chicago Board of Trade July soybean futures contract closed 0.96% higher at $11.30 per bushel, while the CBOT July soybean oil futures contract settled 1.95% lower at 72.92 cents per pound.The Nymex July ethanol futures contract settled 1.46% lower on Monday at $1.86 per gallon.Crude futures dropped below $76 per barrel on Tuesday as the Middle Eastern peace deal is reportedly set to offer Iran some sanctions relief to sell oil, conditional on the reopening of the Strait of Hormuz.Rhett Montgomery, a DTN analyst, said soybean futures reversed dramatically from early lows on Tuesday, trading at one point almost 20 cents higher."(The rally) was attributed to optimism that China will begin purchasing new-crop US soybeans, though nothing has been confirmed yet. July futures ultimately fell well below daily highs. However, Tuesday's bounce is still impressive considering the 2% drop in nearby soybean oil futures," Montgomery said in a daily note.He added that domestic crush premiums continue to fade from late May highs, with product markets also facing selling pressure. "However, July board premiums of $4.40 per bushel remain historically high," the analyst said.National Oilseed Processors Association reported on Monday a record May crush for members of 208.8 million bushels, though that was a bit disappointing compared to expectations.

Sectors42d ago

Sector Update: Tech Stocks Fall Late Afternoon

Tech stocks declined late Tuesday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) falling 2.3% and the State Street SPDR S&P Semiconductor ETF (XSD) retreating 4%.The Philadelphia Semiconductor Index lost 4.6%.In sector news, JPMorgan Chase (JPM) analysts now expect large tech companies to spend about $5.5 trillion through 2030 to develop AI infrastructure, Bloomberg reported Tuesday, citing a research note. Debt will provide roughly $4.1 trillion of the financing, the analysts reportedly said.In corporate news, Marvell Technology (MRVL) shares fell past 7% in Tuesday trading, a day after outgoing CFO Willem Meintjes filed to sell 211,329 shares, according to Form 144 filings with the US Securities and Exchange Commission.Space Exploration Technologies (SPCX) has agreed to acquire Anysphere, which operates AI coding agent Cursor, in a deal worth about $60 billion, just days after the rocket and satellite company went public. SpaceX shares rose 4.1%.Apple's (AAPL) upcoming camera-equipped AirPods, a product meant to push the company into the AI-device market, are scheduled to launch in late 2027, Bloomberg reported. Apple shares rose 0.7%.Palantir (PLTR) is facing scrutiny after data showed most UK National Health Service platform gains occurred in just a few hospital trusts, the Financial Times reported, citing data obtained by the campaign group Foxglove through a freedom-of-information request. Palantir shares were falling 1.6%.

$AAPL$MRVL$PLTR$SPCX

Wire42d ago

Thor Industries Keeps Quarterly Dividend at $0.52 a Share, Payable July 15 to Holders of Record July 1

$THO

US Markets42d ago

Fed Dot Plot Likely to Indicate 'Stagnant' Monetary Policy Through 2026-End, Stifel Says

The Federal Reserve's latest "dot plot" will likely show that most officials expect monetary policy to be "stagnant" for the rest of the year amid concerns over inflation, Stifel said Tuesday.Markets widely expect the central bank's Federal Open Market Committee to leave its benchmark lending rate unchanged between 3.50% and 3.75% Wednesday, which would mark its fourth consecutive pause, according to the CME FedWatch tool.The Fed is also scheduled to publish its latest Summary of Economic Projections, or SEP, document Wednesday. The SEP includes the so-called dot plot, which anonymously shows 19 individual members' expectations regarding monetary policy. The document also contains estimates on economic growth, inflation and unemployment."While the dots won't necessarily consolidate, given the acceleration of inflationary pressures as of late, the dots are likely to shift higher, with the majority of Fed officials forecasting potentially stagnant policy through year-end," Stifel Chief Economist Lindsey Piegza said in a note to clients Tuesday. "The committee is expected to remove the lingering easing bias from the statement, signaling instead an equal probability of the next policy move being a rate cut or a rate hike."In March, the SEP indicated potential monetary policy easing this year.The updated SEP is expected to indicate policymakers raising their US inflation outlook amid increasing energy prices, as well as their economic growth expectations, reflecting "a pickup in productivity amid a rapid and ongoing adoption of (artificial intelligence)," Piegza said Tuesday.The two-day meeting, which got underway Tuesday, is Kevin Warsh's first as Fed chair, who assumed the role last month, replacing Jerome Powell.Last week, official data showed that US annual inflation accelerated to the highest in about three years in May.Recently, UBS Securities said the FOMC's dot plot may signal no interest rate cuts until 2028. The brokerage flagged the possibility of a tighter monetary policy amid the energy price shock stemming from the Middle East conflict.The US and Iran recently reached an agreement to end their war and reopen the crucial Strait of Hormuz after more than three months of conflict that disrupted regional stability and global shipping routes.

Sectors42d ago

Sector Update: Healthcare Stocks Ease Late Afternoon

Healthcare stocks eased late Tuesday afternoon with the NYSE Healthcare Index and the State Street Health Care Select Sector SPDR ETF (XLV) each decreasing 0.2%.The iShares Biotechnology ETF (IBB) also dropped 0.2%.In corporate news, Eli Lilly (LLY) acquired 4E Therapeutics, a neuroscience firm creating chronic-pain treatments. Lilly shares fell 1%.CAMP4 Therapeutics (CAMP) shares jumped 6.1% after JPMorgan upgraded the stock to overweight from neutral and raised its price target to $9 from $5.GSK (GSK) said Health Canada approved Exdensur for severe eosinophilic asthma, which is driven by elevated white blood cells, and for chronic rhinosinusitis with nasal polyps, a condition that causes blockage and inflammation. GSK shares eased 0.1%.Oncolytics Biotech (ONCY) shares climbed 11% after the company received a US patent covering the pelareorep manufacturing process into 2044.

$CAMP$GSK$LLY$ONCY

Sectors42d ago

Sector Update: Consumer Stocks Mixed Late Afternoon

Consumer stocks were mixed late Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 0.1%.Redbook US same-store sales soared 9.4% from a year earlier in the week ended June 13, after surging 9.1% in the previous week. Seasonal categories such as air conditioners, fans, pool and beach equipment, swimwear, and other hot-weather apparel led the growth, according to Redbook.In corporate news, Yum Brands (YUM) shares rose 1.5% after it said it has agreed to sell Pizza Hut in two deals valued at about $2.7 billion. Private equity firm LongRange Capital will acquire Pizza Hut outside China for about $1.5 billion, while Yum China (YUMC) will purchase the Chinese business for $1.2 billion, Yum Brands said Tuesday. Yum China shares were down 0.9%.Senators Edward Markey (D-Mass.) and Richard Blumenthal (D-Conn.) on Monday asked the US National Highway Traffic Safety Administration to examine Tesla's (TSLA) self-published crash statistics for its "Full Self-Driving" system, Reuters reported Tuesday. In their letter to the NHTSA, the senators cited an earlier Reuters investigation that found that Tesla was exaggerating its safety claims, the report said. Tesla shares were down 1.1%.Netflix (NFLX) is one of several media companies interested in acquiring Lionsgate Studios (LION), Semafor reported. Netflix shares fell 3.7%, and Lionsgate jumped 14%.Rivian Automotive (RIVN) laid off hundreds of employees, or under 2% of its workforce, Tuesday, the Wall Street Journal reported, citing a company spokesperson. The layoffs affected workers in the electric-vehicle maker's service and customer organization, the report said. Rivian shares fell 4.5%.

$NFLX$RIVN$TSLA$YUM$YUMC

Sectors42d ago

Sector Update: Energy

Energy stocks fell late Tuesday afternoon with the NYSE Energy Sector Index decreasing 0.8% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.5%.The Philadelphia Oil Service Sector Index dropped 2.1%, and the Dow Jones US Utilities Index rose 0.6%.West Texas Intermediate crude oil fell 5% to $76.74 a barrel, and global benchmark Brent dropped 4.4% to $79.52 a barrel. Henry Hub natural gas futures rose 3.5% to $3.26 per 1 million BTU.In corporate news, YPF (YPF) signed a letter of intent to explore collaborations in fast-charging networks and energy storage infrastructure, Reuters reported. YPF shares fell 3.7%.

$YPF

Mining & Metals42d ago

Financial 15 Split Corp. To Undertake Offering of Preferred Shares

Financial 15 Split Corp. (FTN.TO) will undertake an offering of preferred shares (TSX: FTN.PR.A) of the company, it said Tuesday, adding the offering will be led by National Bank Financial Inc.The preferred shares will be offered at a price of $10.78 each, FTN said, while noting the closing price on the TSX of the preferred shares on June 15, 2026 was $10.84.The net proceeds of the offering will be used by the company to invest in an actively managed, high-quality portfolio primarily consisting of financial services companies made up of Canadian and U.S. issuers, it added.FTN was last seen up $0.17 or 1.5% at $11.21.Price: $11.21, Change: $+0.17, Percent Change: +1.54%

$FTN.TO

Sectors42d ago

Sector Update: Financial

$ARES

Sectors42d ago

Sector Update: Tech

Tech stocks declined late Tuesday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) falling 2.3% and the State Street SPDR S&P Semiconductor ETF (XSD) tumbling 4.6%.The Philadelphia Semiconductor Index also slumped 4.6%.In corporate news, Apple's (AAPL) upcoming camera-equipped AirPods, a product meant to push the company into the AI-device market, are scheduled to launch in late 2027, Bloomberg reported. Apple shares rose 0.8%.

$AAPL

Sectors42d ago

Sector Update: Healthcare

Healthcare stocks edged lower late Tuesday afternoon, with the NYSE Healthcare Index decreasing 0.2% and the State Street Health Care Select Sector SPDR ETF (XLV) easing 0.1%.The iShares Biotechnology ETF (IBB) was down 0.%.In corporate news, CAMP4 Therapeutics (CAMP) shares jumped past 7% after JPMorgan upgraded the stock to overweight from neutral and raised its price target to $9 from $5.

$CAMP

Wire42d ago

Sector Update: Consumer

Consumer stocks edged up late Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) each fractionally higher.In corporate news, Rivian Automotive (RIVN) laid off hundreds of employees, or under 2% of its workforce, Tuesday, the Wall Street Journal reported, citing a company spokesperson. The layoffs affected workers in the electric-vehicle maker's service and customer organization, the report said. Rivian shares fell 4.3%.

$RIVN

Wire42d ago

Gildan Activewear Used Channel Stuffing to Inflate Growth, Jehoshaphat Research Says

Gildan Activewear (GIL) has used channel stuffing to portray stronger revenue growth, with the pulling forward of sales allegedly cannibalizing future demand and inflating the company's overall growth trajectory, Jehoshaphat Research said Tuesday.The research firm estimates that, as a result of these practices, distributors and customers are currently "stuffed" with excessive inventory valued at about $510 million as of Q1.Jehoshaphat Research said Gildan's revenues would have declined over the past three years absent what it described as heavy channel stuffing, adding that Street expectations underestimate the level of acceleration required for the business to sustain 5% annual growth.The report also said that four interviewed sources described instances of Gildan "asking for help" or even "compelling" customers to pull forward sales at quarter-end, including through extended payment terms and other incentives.Gildan Activewear said Tuesday it is aware of a short seller report and reiterated that its current disclosures provide investors with accurate and comprehensive information regarding its financial results and governance practices. The company also reiterated its fiscal 2026 guidance.Shares of Gildan Activewear were down nearly 19% in Tuesday trading.Price: $50.34, Change: $-11.63, Percent Change: -18.77%

$GIL

Commodities42d ago

US Intel Assessments Reportedly Say Iran Gains Ability to Control Strait of Hormuz, CNN Says

US intelligence assessments say Iran has the capability to open or close the Strait of Hormuz at will, giving Tehran direct leverage over one of the world's most important energy corridors, CNN reported on Tuesday, citing sources familiar with the findings.US intelligence assessments conclude Iran now possesses a mix of military and asymmetric tools that can significantly disrupt global energy flows through the Strait of Hormuz, giving Tehran leverage far beyond its conventional military weight.Iran's toolkit reportedly includes anti-ship missiles, drones, coastal launch systems, and naval mines, along with hundreds of fast attack boats capable of swarming commercial vessels and harassing naval escorts. These assets allow Tehran to create enough risk in the waterway to slow or effectively choke traffic without needing full-scale naval dominance.US analysts also point to Iran's proven ability to escalate indirectly through strikes on regional energy infrastructure. That expands the threat beyond a single chokepoint to oil production and export facilities across Gulf states, multiplying the potential economic impact.Iran's leverage is reinforced by its proxy network. The assessment notes that Tehran retains the option of activating Houthi forces in Yemen to threaten the Bab-el-Mandeb strait, another critical passage linking the Red Sea and Indian Ocean. If both chokepoints were disrupted simultaneously, global trade flows would face even greater strain.Iran had long threatened to close the Strait of Hormuz but had not previously shown it could do so effectively until recent US-led combat operations with Israel. CNN cited multiple sources who said the Trump administration initially believed Iran would avoid closure because it would damage its own economy more than the US, and expected China to restrain Tehran.As a result, Washington prioritized strikes on Iranian targets over deterring maritime disruption. Days into the conflict, that assumption proved wrong, with officials later assessing Iran acted after interpreting US regime-change rhetoric as an existential threat and escalating deliberately once its intentions were clear.Despite current diplomatic efforts aimed at reopening maritime traffic, US officials now believe Iran retains both the capability and the incentive to introduce new disruptions if negotiations break down. Shipping analysts say that even in a "reopened" scenario, risk premiums and uncertainty could keep volumes below normal levels.The intelligence picture also highlights Iran's continued investment in its missile and drone programs and its ability to replenish systems faster than earlier US estimates anticipated.Neither the White House nor the Office of the Director of National Intelligence immediately responded to requests for comment from.

Wire42d ago

RBB Bancorp Shares Rise After Upgrade From Hovde

RBB Bancorp (RBB) shares were up more than 3% in Tuesday trading after Hovde upgraded the company's stock to outperform from market perform and raised its price target to $29 from $23.Trading volume stood at over 288,000 shares against a daily average of 98,236.Price: $25.90, Change: $+0.90, Percent Change: +3.60%

$RBB

Wire42d ago

Alphabet's Google Rolls Out Android 17 to Pixel Devices

Alphabet's (GOOG, GOOGL) Google unit said Tuesday it started releasing the Android 17 operating system to Pixel devices, with a broader rollout to other eligible smartphones planned throughout the year.The company will introduce Gemini Intelligence to select advanced devices later this summer and has added a Bubbles feature to allow users to convert applications into floating windows for improved multitasking, it added.The update includes a Screen Reactions tool for simultaneous screen and selfie camera recording, alongside a foldable gaming mode that optimizes screen layouts to support high-definition gameplay, the company said.The software upgrade introduces temporary location access, specific contact sharing, and an improved biometric lock feature to restrict unauthorized access, Google added.The system also establishes application memory limits to optimize overall device performance and battery life, Google said.Price: $370.97, Change: $+3.86, Percent Change: +1.05%

$GOOG$GOOGL

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Commodities42d ago