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Sector Update: Consumer Stocks Softer Late Afternoon

Consumer stocks were lower late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.1%.In sector news, US consumer sentiment hit the lowest on record this month, reflecting heightened worries about higher prices and the overall economic fallout from the Middle East conflict, University of Michigan's preliminary survey showed Friday. The main sentiment index plunged about 11% to 47.6 in April from March. That's the lowest print on record, BMO Capital Markets said in a note. Wall Street expected a 51.5 print, according to Bloomberg's poll.In corporate news, Nike (NKE) Chief Innovation Officer Tony Bignell is leaving the company after less than a year on the job, The Wall Street Journal reported. Bignell will be succeeded by Andy Caine, Nike vice president and creative director for sportswear, effective Sunday, the report said. Nike shares fell 3.4%.Nexstar Media's (NXST) $6.2 billion merger with Tegna is facing fresh hurdles after a federal judge extended the restraining order on the deal by one week to April 17 to review whether a longer preliminary injunction is needed, the Associated Press reported Friday. Nexstar shares were up 2.8%.Simply Good Foods (SMPL) shares fell 11% after Stephens downgraded the company's rating to equal-weight from overweight and cut its price target to $14 from $24.CarMax (KMX) shares rose 2.3% after it said late Thursday it plans to add William Cobb and James Kessler to its board following "constructive engagement" with activist investor Starboard Value.

$KMX$NKE$NXST$SMPL

International68d ago

RBC Says USD/CAD Direction Hinges On Iran Headlines As Yields Hold Steady

RBC Capital Markets said an on-consensus March employment report in an otherwise quiet week on the domestic calendar has helped Government of Canada yields finish the week close to where they ended last week, despite the continued uncertainty in the Middle East.With little on the data calendar next week and this morning's US/CA data unlikely to move the needle for both the Fed and Bank of Canada, USD/CAD's near-term direction is likely to be a function of whether markets are pricing an escalation (USD-higher) or a de-escalation (USD-lower), RBC said in its CAD Weekly Soundbites on Friday.Rates ViewOn the BoC, RBC said the central bank has been clear that the starting point matters for responding to the recent oil price spikes and knock-on impacts due to the Iran conflict. In particular, core inflation trending to target and excess slack in the Canadian economy afford the BoC some time to assess any potential second-order impacts.The recent rise in wage growth looks more due to compositional changes and should be looked through by the BoC, RBC said, adding it continues to see no change from the BoC in 2026 and hikes starting in 2027.On spreads, RBC said despite continued volatility, CA/US spreads continue to move sideways over the medium-term, with the 10-year marginally more negative on the week at -86bp.From a technical perspective, George Davis at RBC said the uptrend in CA 10-year yields came to an end on March 31 via a bullish trend reversal below 3.50%. This favours a move toward 3.36% initially, with additional resistance coming in at 3.25%. Initial support is located at 3.53%, with a return above 3.62% required to trigger a new bearish phase.Key Things To WatchIn Canada, RBC said Monday sees three federal byelections, including two in traditional Liberal strongholds in Toronto. Ahead of these, the latest floor-crosser from the Conservatives to the governing Liberals give the latter a 171-169 parliamentary advantage, meaning two wins will give them a clear, though slight, majority.RBC said there is a plethora of second-tier data next week as well, including February manufacturing sales on Wednesday, February wholesale trade on Wednesday, March existing home sales on Thursday and March housing starts on Friday.Globally, RBC said focus is on headlines related to the Iran conflict. Data wise, there will be March PPI in the US on Tuesday, March employment in Australia on Wednesday, Q1 GDP and March economic activity indicators in China on Wednesday, and February monthly GDP in the UK on Thursday.

$CXY$CAD$USD

Wire68d ago

Whirlpool to Invest $60 Million in New Ohio Production Facility

Whirlpool (WHR) plans to invest $60 million in a new production facility in Perrysburg, Ohio, with a two-year development expected to create 100 to 150 jobs.The investment will be used to revamp a building previously used for solar-panel manufacturing, the company said Friday in a statement.The site, for production of appliance components and subassemblies for washers and dryers, will serve as a hub for US operations and support nearby Ohio plants, the company said.The investment is subject to final approval of incentives, including assistance from JobsOhio and a state tax credit, the company said.Price: $56.29, Change: $-0.59, Percent Change: -1.04%

$WHR

Sectors68d ago

Sector Update: Energy

Energy stocks declined late Friday afternoon, with the NYSE Energy Sector Index easing 0.1% and the State Street Energy Select Sector SPDR ETF (XLE) decreasing 0.8%.The Philadelphia Oil Service Sector Index was shedding 0.5%, and the Dow Jones US Utilities Index was down 0.4%.Front-month West Texas Intermediate crude oil fell 2.3% to $95.58 a barrel, and the global benchmark Brent crude contract shed 1.7% to $94.39 a barrel. Henry Hub natural gas futures fell 1.1% to $2.64 per 1 million BTU.In corporate news, ConocoPhillips (COP) has sent a team to Venezuela to evaluate the prospects of oil drilling in the country, the company said in an emailed statement to. ConocoPhillips shares were down 1.1%.

$COP

Sectors68d ago

Sector Update: Financial

Financial stocks were lower late Friday afternoon, with the NYSE Financial Index decreasing 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) falling 1%.The Philadelphia Housing Index was down 0.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was shedding 0.2%.Bitcoin (BTC-USD) was increasing 1.8% to $73,058, and the yield for 10-year US Treasuries rose 2.4 basis points to nearly 4.32%.In corporate news, KKR (KKR) and EQT AB are among private equity firms showing takeover interest in PolyPeptide Group, Bloomberg reported. KKR shares were down 2%.

$KKR

Commodities68d ago

EDF Sees No Hit to Provisions as France Sets New Cigeo Waste Costs

France's Electricite de France said on Friday that the updated industrial reference cost for Cigeo, the country's multi-billion-euro deep geological repository for radioactive waste, will have a limited impact on its balance sheet.The state-backed utility said its current provisions, as of the end of 2025, remain aligned with the government's latest estimates.The decree, dated March 30, formalizes the latest cost trajectory for one of Europe's most ambitious infrastructure projects.The project, developed by the National Agency for Radioactive Waste Management, is designed to store high-level and long-lived intermediate-level radioactive waste hundreds of meters underground.Nuclear operators, including EDF, the Alternative Energies and Atomic Energy Commission, and Orano, are responsible for financing the site under French law. The companies are required to set aside massive financial provisions to cover the project's lifecycle, which is expected to span more than a century.The project's cost estimates are subject to periodic revisions by the energy ministry, tied to technical milestones such as commissioning and the conclusion of the "industrial pilot phase."

Sectors68d ago

Sector Update: Health Care

Health care stocks declined late Friday afternoon, with the NYSE Health Care Index falling 1.1% and the State Street Health Care Select Sector SPDR ETF (XLV) dropping 1.4%.The iShares Biotechnology ETF (IBB) shed 1.7%.In corporate news, AbbVie (ABBV) is expected to report Q1 earnings within its guidance range, but that may not be enough to improve sentiment toward the drugmaker, RBC Capital Markets said in a client note. The brokerage expects AbbVie to report per-share earnings of $2.59 for the first quarter, while the current consensus on FactSet is for non-GAAP EPS of $2.83. AbbVie shares were down 2%.

$ABBV

Mining & Metals68d ago

Versamet Royalties Completes Eskay Creek Buy

Versamet Royalties (VMET.TO) said Friday that it has completed the acquisition of a 3.52% gold stream in respect of gold production from the Eskay Creek project from Orion Resource Partners and Blackstone affiliates.A statement noted the company paid US$340 million in cash and issued about 2.05 million shares to the vendors. The cash portion was financed through an expanded credit facility totaling US$400 million, including a US$250 million revolving credit line maturing in March 2029 and a US$150 million term loan maturing in March 2028, according to the statement."Eskay is expected to produce an average of over 300,000 ounces of gold per year in its first 5 years and an average of approximately 230,000 ounces of gold per year over its initial 12 year life," the company said, adding that it will pay 10% of the spot gold price for each ounce it receives under the stream.Price: $16.71, Change: $-0.45, Percent Change: -2.62%

$SKE.TO$VMET.TO

Sectors68d ago

Sector Update: Tech

Tech stocks were higher late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) up 0.7% and the State Street SPDR S&P Semiconductor ETF (XSD) rising 2.4%.The Philadelphia Semiconductor index climbed nearly 3%.In corporate news, Amazon-backed (AMZN) Anthropic is exploring plans to design its own AI chips as it grapples with industry-wide shortages, Reuters reported. Amazon shares were up 2%.

$AMZN

Sectors68d ago

Sector Update: Consumer

Consumer stocks were lower late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.1%.In corporate news, Nexstar Media's (NXST) $6.2 billion merger with Tegna is facing fresh hurdles after a federal judge extended the restraining order on the deal by one week to April 17 to review whether a longer preliminary injunction is needed, the Associated Press reported Friday. Nexstar shares were up 3.4%.

$NXST

Japan68d ago

US Equity Indexes Mixed as Investors Await Iran Peace Talks, Red Hot Inflation Lifts Treasury Yields

US equity indexes were mixed in the final leg of trading on Friday, ahead of the high-stakes Iran peace talks in Pakistan and as a red-hot inflation report lifted government bond yields.The Nasdaq Composite rose 0.3% to 22,900.3, while the S&P 500 fell 0.1% to 6,816.7 and the Dow Jones Industrial Average slid 0.5% to 47,931.5.If a peace deal is not reached this weekend at Pakistan-brokered negotiations in Islamabad, the US is prepared to renew and intensify strikes on Iran, US President Donald Trump said, according to a CNN news report. The war in the Middle East drove up the US inflation rate threefold in March amid soaring gasoline prices, data from the Bureau of Labor Statistics showed.Iran's parliament speaker, Mohammad Bagher Ghalibaf, reportedly said talks cannot start until the US meets two conditions: a ceasefire in Lebanon and the release of blocked Iranian assets. Ambassadors from Israel, Lebanon, and the US will hold talks in Washington, DC, on Friday to set the table for future negotiations between Israel and Lebanon, an Israeli official and a source familiar with the talks told CNN.US Vice President JD Vance, setting off for US-Iran talks, said Washington is "willing to extend the open hand" this weekend but warned Tehran not to "try to play us," The Wall Street Journal reported.West Texas Intermediate crude oil futures fell 1.6% to $96.27, and Brent crude futures slid 1.4% to $94.68, moving between gains and losses on Friday as Israel's continued attacks on Lebanon and a severely restricted Strait of Hormuz risked the Iran ceasefire deal ahead of the talks.In US economic news, the consumer price index accelerated to its highest monthly reading in nearly four years, rising 0.9% in March, in line with expectations. Energy prices jumped about 11% sequentially in March, led by a 21% surge in gasoline, accounting for almost three-quarters of the headline increase, the Bureau of Labor Statistics data showed.US Treasury yields rose, with the 10-year up 2.2 basis points to 4.32% and the two-year climbed 1.6 basis points to 3.80%.

Dow JonesNasdaq CompositeS&P 500

Oil & Energy68d ago

Iran Sets 2 Conditions Ahead of Negotiations

Iranian parliament speaker Mohammad Baqer Ghalibaf said Friday that two preconditions agreed with Washington must be implemented before negotiations can begin, ahead of weekend peace talks in Islamabad.In a social media post on X, Ghalibaf said, "Two of the measures mutually agreed upon between the parties have yet to be implemented: a ceasefire in Lebanon and the release of Iran's blocked assets prior to the commencement of negotiations. These two matters must be fulfilled before negotiations begin."The post came as the US and Iran prepare for Saturday talks aimed at addressing the Middle East conflict. Ghalibaf referred to ongoing Israeli attacks in Lebanon and the tens of billions of dollars Iran has frozen in foreign banks due to US sanctions.Hours after a ceasefire framework was agreed late Tuesday by the US and Iran, Israel launched what officials called its largest strike in the parallel war in Lebanon, killing over 300 people in densely populated areas, according to Lebanese authorities.Israeli airstrikes continued Friday across southern Lebanon, with more than a dozen additional fatalities reported in multiple towns. A strike on a government building in Nabatieh killed 13 members of Lebanon's state security forces, local media reported. Hezbollah said it responded with rocket fire into northern Israel.On Friday, US President Donald Trump posted on Truth Social that Iran's leverage was limited to short-term pressure tactics, arguing its position was weak in negotiations."The Iranians don't seem to realize they have no cards, other than a short-term extortion of the World by using international waterways. The only reason they are alive today is to negotiate!" Trump wrote in a Truth Social post.During planned talks in Islamabad, Tehran is expected to push for major concessions, including sanctions relief and expanded recognition of its authority over the Strait of Hormuz, a critical global shipping lane it seeks to regulate and monetize.Iranian vessels continued moving through the strait Friday without reported disruption, while foreign commercial shipping remained largely constrained, according to maritime sources. Before the conflict, roughly 140 vessels a day transited the waterway, including oil tankers carrying up to 20 million barrels.The US is expected to focus its demands on Iran's nuclear program, which Western officials say includes stockpiles of more than 400 kilograms of highly enriched uranium, along with continued missile and drone capabilities.Crude benchmarks moved lower in midday trade as market participants closely monitor upcoming US-Iran negotiations, with Brent down 1.43% to $94.55 per barrel, WTI falling 1.74% to $96.17/bbl, and Murban slipping 1.56% to $98.07/bbl.

Wire68d ago

Bristol-Myers Squibb Poised for In-Line Q1 Amid One-Off Volatility, RBC Says

Bristol-Myers Squibb's (BMY) Q1 results are expected to come in line with consensus, but weaker oncology sales and one-off factors are likely to give way to volatility, RBC Capital Markets said Friday in a note.The investment firm said the quarter will be difficult to model due to volatility from destocking patterns, tough year-over-year comparisons, policy impacts and generic phasing dynamics.RBC said it estimates the company to report Q1 revenue of $10.75 billion and earnings of $1.42 per share. Analysts polled by FactSet expect $1.42 in non-GAAP EPS, $1.17 in GAAP EPS and $10.87 billion in revenue.Investor focus during the quarterly call will be on the company's upcoming trial results, particularly late-stage data for drug candidates milvexian and cobenfy, which are key to determining when Bristol-Myers returns to growth.Bristol-Myers will report Q1 results on April 30.RBC has a sector perform rating and price target of $60 on the stock.Price: $58.62, Change: $-0.85, Percent Change: -1.44%

$BMY

Wire68d ago

Market Chatter: Nvidia Chips Allegedly Brought Into China by AI Firm Sharetronic

Nvidia (NVDA) chips are suggested to have been brought into Shenzen-based computing firm Sharetronic Data Technology, despite their ban for sale into and within the Asian nation by the US government since 2022, Bloomberg reported Friday, citing records filed with the Chinese government.The records imply that Sharetronic obtained hundreds of Super Micro systems, which contain either Nvidia's H100 or H200 processors, valued at 632 million Chinese yuan ($92.6 million), according to the report.Sharetronic, which sets up AI data centers in China, said that it complies with regulations and assured investors that it does not have a business relationship with Super Micro, which saw one of its co-founders and two other people charged with diverting Nvidia chips to China, the report said.In an emailed statement to, Nvidia said it instructs customers not to provide "any controlled servers, support, or service" without US government approval. "Our strict diligence process led to prosecutions of would-be smugglers, and we continue to work with the government to enforce the rules," an Nvidia spokesperson said.(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.)Price: $188.83, Change: $+4.89, Percent Change: +2.66%

$NVDA

Treasury68d ago

US Treasury Closing Levels

3:00 Friday vs 3:00 Thursday2yr 100-05 vs 100-04; 3.801% vs 3.777%5yr 99-22+ vs 99-26+; 3.939% vs 3.911%10yr 98-15 vs 98-22; 4.315% vs 4.287%30yr 97-13 vs 97-23; 4.914% vs 4.895%2/10 51.147 bps vs 50.809 bps5/30 97.303 bps vs 98.163 bps

Wire68d ago

CCC Intelligent Shares Fall After Citigroup Downgrade

CCC Intelligent Solutions (CCC) shares were down about 7% in Friday trading after Citigroup downgraded the stock to neutral from buy and lowered its price target to $6 from $10.Trading volume stood at more than 4.5 million shares, compared with a daily average of almost 13 million shares.Price: $4.96, Change: $-0.38, Percent Change: -7.04%

$CCC

Wire68d ago

Simply Good Foods Shares Fall After Stephens Downgrade

Simply Good Foods (SMPL) shares fell 11% on Friday after Stephens downgraded the stock to equalweight from overweight and cut its price target to $14 per share from $24.Both UBS and Deutsche Bank reduced their price targets to $13 from $16 following its Q2 results.Trading volume stood at over 5.6 million shares compared with a daily average of more than 2.4 million.Price: $10.51, Change: $-1.29, Percent Change: -10.93%

$SMPL

Wire68d ago

Veeva Systems Shares Fall After Citigroup Downgrade

Veeva Systems (VEEV) shares were down over 4% in Friday trading after Citigroup downgraded the stock to neutral from buy and cut its price target to $176 from $291.Trading volume stood at more than 2.7 million shares, compared with a daily average of about 2.2 million shares.Price: $150.55, Change: $-6.53, Percent Change: -4.16%

$VEEV

Wire68d ago

NICE Shares Fall After Downgrade From Citigroup

NICE's (NICE) shares were down more than 6% in Friday trading after Citigroup downgraded the company's stock to neutral from buy and lowered its price target to $119 from $184.Trading volume stood at over 573,100 shares, versus the daily average of 816,270.Price: $97.73, Change: $-6.68, Percent Change: -6.40%

$NICE

Wire68d ago

Market Chatter: WEX Shareholders Urged by Impactive Capital to Replace CEO on Board Next Month

WEX (WEX) shareholders are being urged by Impactive Capital to replace the company's Chief Executive Officer Melissa Smith on its board of directors at its annual meeting next month, Reuters reported Friday, citing sources and documents.Impactive Capital, which owns about 5% of WEX, wants to replace three sitting directors, including CEO Smith, who is also the company's board chair, the report said, adding that the hedge fund does not want to replace the CEO, but replace her on the board and to separate the CEO and chair roles.The hedge fund further said that Smith's pay is too high and the board's governance record is poor, Reuters reported.WEX did not immediately respond to' request for comment.(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.)Price: $157.98, Change: $-1.52, Percent Change: -0.95%

$WEX

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Oil & Energy68d ago