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US Oil Update: Futures Surge as US-Iran Standoff Rattles Markets

Crude oil futures soared in midday trading on Wednesday, extending gains from the previous session, as the standoff between the US and Iran raised concerns over further supply disruptions in the Middle East.Front-month West Texas Intermediate crude futures jumped 7.05% to $107.02 per barrel, while Brent futures surged 7.33% to $119.41/bbl.US crude stockpiles dropped by 6.2 million barrels to 459.5 mmbbls in the week ended April 24, the Energy Information Administration said in its weekly report on Wednesday, amid signs of tightening supplies.Crude inventories are now about 1% above the five-year average for this time of year, the EIA said.Saxo Bank strategists said crude surged to record highs during this war-driven cycle, as the near-closure of the Strait of Hormuz prolongs a disruption that is tightening global energy markets.President Trump is reportedly considering extending the US naval blockade of Iranian ports as it carries less of a risk for Washington than resuming hostilities or walking away from the Middle East conflict, which has roiled global energy markets.Trump threatened Iran on Wednesday, saying the country "better get smart soon". "Iran can't get their act together. They don't know how to sign a non-nuclear deal. They better get smart soon!" Trump said in a post on Truth Social.Soojin Kim, research analyst at MUFG, said that although Trump said Iran had asked for the blockade to be lifted during negotiations, reports suggest the US is preparing for a prolonged blockade of Iranian ports.On the supply front, the US President has asked US energy firms about ways to mitigate the impact of a potentially months-long blockade of Iranian ports, raising concerns that disruptions to Middle Eastern supplies could be prolonged.The US naval blockade appears to be putting pressure on Iran, amid reports that the country is running out of crude storage space, which could accelerate production cuts.US Treasury Secretary Scott Bessent said Iran's Kharg Island, the country's primary oil export terminal, is approaching storage capacity, which will likely force the government to reduce crude production and cause damage to Iran's oil infrastructure."Iran is also facing growing storage constraints that could force deeper production cuts, while the US continues tightening sanctions on Chinese refiners linked to Iranian oil," Kim said.Meanwhile, market participants continue to assess the impact of the shock decision to leave OPEC next month. ING strategists said that the departure during a period of significant supply disruption limits the market impact."Therefore, in the short term, this development has little impact on the market. But in the medium to longer term, it means more supply for the market," the analysts said.

US Markets55d ago

March Durable Goods Orders Rebound More Than Expected

Demand for US durable goods rebounded more than projected in March, led by computers and electronic products, while new orders for civilian aircraft slumped, government data showed Wednesday.Orders for tangible items with an average life of at least three years increased 0.8% sequentially to $318.88 billion last month, following a 1.2% drop in February, the Census Bureau said. The consensus was for a 0.5% gain for March in a survey compiled by Bloomberg.Demand for computers and electronic products rose 3.7%, while several other components also saw gains. New orders for defense aircraft and parts surged roughly 17% last month, while the civilian aircraft component tumbled 21%.Demand for defense capital goods jumped 18% month on month in March, while the nondefense component saw a 1.2% drop, the data showed.Earlier this month, planemaker Boeing (BA) said it booked orders for 161 aircraft in the first quarter, down from 241 a year earlier. For March alone, the company booked 33 gross orders.Government data showed Wednesday that US housing starts unexpectedly jumped in March amid strength in both single-unit and multi-family projects."Surging capital goods orders and housing starts in March suggest the US economy strengthened meaningfully in the first quarter," BMO Capital Markets Senior Economist Sal Guatieri said in a note.Excluding transportation, durable goods orders rose 0.9% last month, higher than Wall Street's 0.4% growth view, according to government data.Official data are expected to show Thursday that the US economy grew at a "solid" 2.3% annualized rate in the first quarter, Guatieri said Wednesday. "There appears to be no let-up in the (artificial intelligence-driven) investment boom."Price: $222.78, Change: $-7.94, Percent Change: -3.44%

$BA

Wire55d ago

PayPal to Make Venmo a Standalone Business, CNBC Reports

$PYPL

Research55d ago

First Quantum Keeps Outperform and C$47 Target at National Bank Which Says "Higher By-Product Credits & Surplus Acid Sales Provide Some Offset to Cost Inflation"

$FM.TO

Mining & Metals55d ago

CIBC Raises Celestica's Price Target to US$480 From US$425, Reiterates its Outperformer Rating

CIBC Capital Markets reiterated its outperformer rating on the shares of Celestica (CLS.TO, CLS) while raising its price target to US$480 from US$425 after the company reported its first-quarter financial results on Monday.The company's Q1 was in line on supply constraints that are now largely resolved, said CIBC, adding that the company reiterated an "aggressive 2026-2027 ramp-up" including with its key "digital-native" customer, which CIBC believes to be OpenAI."A near-term overhang is the narrative around OpenAI potentially overbuilding vs. demand and additional supply chain shortages, which could keep sentiment pressured," said CIBC. "Despite this, with hyperscaler capex visibility improving (GOOGL/META/AMZN) and H2/26 ramp-ups/expansions ahead, we still view guidance/Street as conservative and expect upward estimate drift through 2026 as Q1 prints de-risk capex assumptions."Celestica's "improved visibility" reflects its leadership in data center networking switches and expanding enterprise server programs, said CIBC, and added it now sees a "clearer multi-year ramp-up for 1.6T networking programs starting in late 2026 and accelerating into 2027, supported by multiple customers and its strategic partners including AVGO."Celestica's new hyperscaler Ethernet-switch contract win in the quarter, which ramps up in H2/27, also supports this view, added CIBC.While Q1 was impacted by supply constraints, these have subsided and the company has confidence it can both catch up in subsequent quarters and support demand through 2028, stated CIBC."We reiterate our Outperformer rating and frame the selloff as a buy-the-dip setup," said CIBC. "Our updated price target is (US)$480 and is based on a blended valuation of 32x our 2027E EPS forecast (primary) and 24x our 2027E EBITDA forecast (secondary)."CIBC's target multiples for Celestica reflect "improved visibility to upward revisions in AI datacentre capex spending from significantly improved model performance," added CIBC.Price: $500.53, Change: $+7.31, Percent Change: +1.48%

$CLS$CLS.TO

Wire55d ago

General Motors Could Top 2026 Outlook if Economy Stabilizes, UBS Says

General Motors (GM) could beat its 2026 outlook if the economy steadies, with further earnings growth likely into 2027 from cost control, electric vehicle profitability, stronger vehicle mix, and share buybacks, UBS said in a note emailed Wednesday.Investor concerns over commodity costs and demand risk misses General Motors' stronger execution, flexibility and spending control, according to the note.General Motors' outlook has some elements of conservatism because the company has not included a possible restocking of high-profit pickups and SUVs in its guidance, UBS said.The firm noted that possible USMCA trade talks are more likely to help the company than hurt it, though not included in its outlook.UBS kept its buy rating on General Motors and lowered its price target to $102 from $105.Price: $76.08, Change: $-2.87, Percent Change: -3.63%

$GM

Research55d ago

CGI Keeps Outperform Rating, C$150 Target at National Bank, Citing "Compelling Value", In-Line Q2 Results and "Light(er) Booking"

$GIB-A.TO

Oil & Energy55d ago

Brent Futures Climb 7.5% to $119.52/bbl, Highest Since June 2022

Commodities55d ago

US Fed Keeps Rates Steady at 3.5%-3.75%

International55d ago

FOMC Says Four Dissents, Three to End Easing Bias, One to Lower Rates 25 Basis Points

International55d ago

FOMC Holds Federal Funds Rate Steady at Range of 3.50% to 3.75%

Sectors55d ago

Update: Gold Falls to a Month Low as Rising Energy Costs Expected to Boost Inflation

(Updates prices.)Gold traded lower for a third-straight day early Wednesday, pressured by inflation worries even as the Federal Reserve's policy committee is expected to leave rates unchanged when it ends its two-day meeting this afternoon.Gold for June delivery was last seen down US$50.40 to US$4,558.00 per ounce, the lowest since March 30.With oil trading near four-year highs amid the Iran war, traders have moved away from gold as a safe haven, turning instead to the dollar and bonds to hedge against the threat rising energy prices will boost inflation and force interest rates higher."With oil-led inflation risks remaining the main driver, as rising energy prices strengthen the dollar and reinforce a higher-for-longer interest rate outlook. For now, the market's immediate focus remains on mediation efforts, with a reopening of the strait and a subsequent drop in oil prices representing the biggest short-term upside catalyst for both gold and silver," Saxo Bank noted.But higher rates are not yet on the way. The Federal Open Market Committee and the Bank of Canada will both release interest-rate decisions today and both are expected to leave rates steady.The dollar was higher, with the ICE dollar index last seen up 0.25 points to 98.89. Treasury yields also moved up, with the U.S. two-year note last seen paying 3.918%, up 6.8 basis points, while the yield on the 10-year note was up 4.7 points to 4.4%.

$GCM6$GLD

Sectors55d ago

Sector Update: Energy Stocks Rise Wednesday Afternoon

Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each rising about 2%.The Philadelphia Oil Service Sector Index was increasing 0.5%, and the Dow Jones US Utilities Index was shedding 0.5%.Oil prices rallied Wednesday after US President Donald Trump reportedly rejected an Iranian proposal to lift the naval blockade. Trump told Axios on Wednesday he will maintain the US naval blockade of Iranian ports until Tehran agrees to a nuclear deal. Iran wanted the Strait of Hormuz opened before the two sides could sit down to discuss uranium enrichment at a later stage.Front-month West Texas Intermediate crude oil jumped 7.3% to $107.18 a barrel, and the global benchmark Brent crude contract climbed 7.4% to $119.47 a barrel. Henry Hub natural gas futures fell 2.2% to $2.63 per 1 million BTU.In corporate news, Phillips 66 (PSX) shares jumped past 6%. The firm reported Q1 adjusted earnings Wednesday of $0.49 per diluted share, swinging from a loss of $0.90 a share a year ago. Analysts polled by FactSet expected a loss of $0.54 a share. Phillips 66 also raised its annualized quarterly dividend by 7%.Bloom Energy (BE) shares surged nearly 24% after it reported Q1 adjusted earnings late Tuesday of $0.44 per diluted share, up from $0.03 a year earlier. Analysts polled by FactSet expected $0.12. Revenue also handily beat market consensus.TotalEnergies (TTE) shares were up 0.9% after it posted higher Q1 adjusted earnings and revenue.

$BE$PSX$TTE

Mining & Metals55d ago

Bayhorse Silver Raises $4.1 Million in a Private Placement of Share Units

Bayhorse Silver (BHS.V) on Wednesday said it closed a "best efforts" private placement for of share units, raising $4.1 million including the partial exercise of the agent's over-allotment option.The company sold 58.8-million units priced at $0.07 apiece and made up of a share and a three-year warrant to buy a share for $0.10.Proceeds will be used for the exploration and advancement of its Bayhorse Silver Mine and adjacent Pegasus Porphyry Copper project in Idaho. It will also be used for general working capital and corporate needs.Shares of the company were last seen unchanged at $0.06 on the TSX Venture Exchange.

$BHS.V

Sectors55d ago

Sector Update: Financial Stocks Edge Lower in Afternoon Trading

Financial stocks edged down in Wednesday afternoon trading, with the NYSE Financial Index decreasing 0.3% and the State Street Financial Select Sector SPDR ETF (XLF) fractionally lower.The Philadelphia Housing Index was falling 1.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.4%.Bitcoin (BTC-USD) was declining 0.5% to $75,931, and the yield for 10-year US Treasuries rose 4.8 basis points to 4.40%.In sector news, the US Senate Banking Committee on Wednesday voted 13-11 to advance Kevin Warsh's nomination as the next chair of the Federal Reserve, according to media reports. Warsh is on track to be confirmed by the full Senate before current Fed Chair Jerome Powell's term ends on May 15, the reports said.In corporate news, Robinhood (HOOD) shares fell past 13% after it reported Q1 earnings and revenue that missed analysts' expectations.Visa (V) shares jumped nearly 9% after it lifted its full-year growth outlook and reported better-than-expected fiscal Q2 results.OppFi (OPFI) shares rose 1.8% after it has agreed to acquire BNCCORP and its wholly owned unit BNC National Bank in a cash-and-stock deal valued at about $130 million.

$HOOD$OPFI$V

Sectors55d ago

Sector Update: Tech Stocks Rise Wednesday Afternoon

Tech stocks rose Wednesday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) climbing 0.4% and the State Street SPDR S&P Semiconductor ETF (XSD) gaining 3.6%.The Philadelphia Semiconductor index advanced 1.6%.In corporate news, Seagate Technology (STX) shares gained 9.8% a day after the company reported stronger-than-expected fiscal Q3 earnings and revenue and projected Q4 results above estimates.Spotify Technology (SPOT) shares rose 2.2% after Universal Music Group said it plans to sell half of its stake in the company.Silicon Motion Technology (SIMO) shares surged 39% a day after the company reported a jump in Q1 non-GAAP earnings and sales, topping market expectations.IBM (IBM) plans to add 750 jobs over the next five years at the Illinois Quantum and Microelectronics Park in Chicago, Bloomberg reported. The stock fell 1.5%.

$IBM$SIMO$SPOT$STX

Commodities55d ago

US Natural Gas Update: Futures Ease as Mild Weather, Strong Supply Weigh on Prices

US natural gas futures extended losses in midday trade on Wednesday, pressured by robust supply conditions and storage builds that continue to run above seasonal norms, while near-term weather demand signals remain limited.Both the front-month Henry Hub natural gas futures contract and the continuous contract declined 2.21% to $2.63 per million British thermal units.Prices extending recent weakness in a market increasingly driven by supply-side fundamentals rather than short-lived weather fluctuations.Weather models continue to point to below-normal temperatures across roughly the eastern two-thirds of the US into early May, extending a cooler pattern that developed in the second half of April, according to NRG Energy.However, analysts cautioned that the temperature deviation is not expected to be strong enough to meaningfully lift heating demand or materially tighten balances.Trading Economics echoed that view, noting that forecasts for slightly cooler-than-normal conditions through early May are unlikely to significantly increase consumption given the broader seasonal transition into spring.On the supply side, US natural gas production remains stable, holding above 106 billion cubic feet per day, NRG Energy said. Although output eased in April, daily production has fallen by 3.8 billion cubic feet per day over the past 22 days to a preliminary 12-week low of 108.3 Bcf/d, as persistently low prices have prompted some producers to scale back activity.Despite this moderation, supply remains ample. LNG export feedgas has strengthened further, rising to 18.9 Bcf/d so far in April from 18.6 Bcf/d in March, surpassing the previous monthly record of 18.7 Bcf/d set in February.Storage conditions continue to exert additional pressure on prices. Traders are expecting Thursday's weekly storage report to show another above-average injection, which would mark the fifth consecutive build above the five-year average.Trading Economics said US gas inventories are now estimated to be about 8% above seasonal norms for the week ended April 24, up from 7% the prior week, reflecting sustained mild weather and subdued demand.Market sentiment remains anchored by strong production, rising inventories, and only modest demand support from weather, leaving prices under continued downward pressure despite intermittent cold snaps.

Research55d ago

Research Alert: CFRA Maintains Hold Rating On Shares Of Humana

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month target to $256 from $215, a 17x multiple of our 2027 EPS estimate, near HUM's 16.7x five-year historical forward average multiple. We think HUM is in the midst of a multiyear turnaround to improve profitability, with significant earnings growth expected looking out to 2027-2028. However, we see 2026 as a challenging period, characterized by industry-wide cost pressures and elevated levels of medical utilization. We lower our 2026 EPS estimate by $0.34 to $8.71 and our 2027 EPS estimate by $0.03 to $15.04. We think HUM improved investor confidence in the turnaround plan by maintaining its 2026 financial outlook and goal of 3% Medicare Advantage margin by 2028, though we note significant Medicare Stars Quality ratings updates (a more detailed outlook anticipated in Q2 earnings reports), as well as 2028 Bonus Year Stars ratings (expected in October), which add some uncertainty to near-term expectations.

$HUM

Wire55d ago

Lululemon Athletica Founder Raises Concerns Over New CEO Appointment

Lululemon Athletica (LULU) founder and largest active shareholder, Chip Wilson, on Wednesday sent a letter to the company's shareholders questioning the appointment of Heidi O'Neill as chief executive.He also urged shareholders to vote for his three board nominees at the company's 2026 annual meeting, which will "help restore lululemon's once bold vision and product-centered brand," the letter said.Wilson said O'Neill's long career at Nike (NKE) does not reflect the type of "creative-first" leadership he thinks lululemon needs. He also said the board should have anticipated investor concerns about her appointment.He added that delaying O'Neill's start exposes her to months of public scrutiny and said the ongoing proxy battle raises broader questions about whether the CEO search process should be reviewed by a new board.Lululemon Athletica didn't immediately reply to' request for comment.Price: $138.74, Change: $-3.65, Percent Change: -2.56%

$LULU

Sectors55d ago

Sector Update: Consumer Stocks Decline Wednesday Afternoon

Consumer stocks traded lower Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) declining 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) down 0.3%.In corporate news, Starbucks' (SBUX) fiscal Q2 financial results exceeded Wall Street's views, while the coffee giant raised its full-year outlook on the back of momentum in its turnaround efforts. Its shares jumped past 8%.Wingstop (WING) reduced its 2026 domestic same-store sales outlook and reported weaker-than-expected Q1 revenue. Its shares fell 4.4%.Etsy's (ETSY) Q1 revenue rose more than Wall Street's expectations, helping the online marketplace swing to earnings. Etsy shares climbed 8.6%.

$ETSY$SBUX$WING

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Oil & Energy55d ago