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May Annual Home Price Growth Accelerates as Affordability Woes Persist, S&P Says

US home price growth accelerated annually in May, though values dropped in real terms for a 12th straight month amid continued affordability headwinds, S&P Global (SPGI) division S&P Dow Jones Indices said Tuesday.The national S&P Cotality Case-Shiller Index rose 1.1% year over year in May without seasonal adjustments, up from a 0.9% gain the month prior. The 10- and 20-city composites advanced 2.4% and 1.6%, respectively. The two measures accelerated from April's growth rates of 1.8% and 1.2%, respectively."May's data suggests that US home prices continue to decline in real terms," said Rebecca Kaufman, associate director of commodities at S&P Dow Jones Indices. "At the same time, inflation peaked at 4.2% in May, its highest level in over three years."Chicago logged the highest annual price gain for a third consecutive month among the 20 cities, rising 6.9% in May. New York and Cleveland were next on the list. Las Vegas posted the lowest return of a 1.9% drop, the data showed.Sequentially, pre-seasonally adjusted national home prices increased 0.6% in May, compared with 0.8% growth the month prior. The 10- and 20-city composite indexes were up 0.9% each in May. In April, the two composites advanced 1% each, the report showed.Persistent inflation and 30-year mortgage rates reaching 6.5% in May continued to weigh heavily on housing affordability, Kaufman said. "Against this backdrop, housing demand remains constrained, elevated borrowing costs continue to discourage potential homebuyers, and housing values decline in real terms for existing homeowners."Separately, the Federal Housing Finance Agency said US home prices increased 0.3% sequentially in May, following a 0.1% drop the previous month. Annually, prices rose 2.2% in May, according to the report.Earlier this month, Redfin.com said US housing payments in June rose for the first time in eight months as home prices hit a record high and mortgage rates remained elevated.Price: $428.03, Change: $-11.80, Percent Change: -2.68%

$SPGI

Commodities13d ago

Gibson Energy Reports Record Infrastructure EBITDA as Throughput Improves, TPH Says

Gibson Energy increased throughput across key assets and delivered record infrastructure earnings in Q21, while stronger marketing margins lifted overall results, TPH Energy Research said in a Tuesday note.Higher throughput at the Gateway and Edmonton terminals, the initial contribution from the Chauvin Infrastructure Assets, and ongoing restructuring benefits lifted infrastructure adjusted EBITDA to a record CA$169 million ($119.8 million), TPH said.Infrastructure adjusted EBITDA increased CA$17 million from a year earlier and came in slightly above TPH's and the Street's CA$168 million estimates, the report added.Gibson completed the CA$400 million Chauvin acquisition in May and approved the Hardisty Connection project.The marketing segment generated adjusted EBITDA of CA$15 million, topping TPH's CA$6 million estimate and the Street's CA$7 million forecast. TPH attributed the outperformance to stronger crack spreads and improved refined product margins.Adjusted EBITDA reached CA$169 million, exceeding TPH's CA$157 million estimate and matching a beat versus the Street's CA$157 million forecast. TPH said stronger marketing performance accounted for the entire upside.Distributable cash flow totaled CA$96 million, above TPH's and the Street's CA$88 million estimates.In July, the company also issued CA$400 million of 4.45% senior unsecured notes due 2034, which management said achieved the tightest credit spread across any tenor in the company's history.Net income increased CA$22 million from a year earlier to CA$83 million, supported by stronger operating performance and lower taxes. Higher general and administrative expenses, Chauvin acquisition costs and unrealized corporate mark-to-market partially offset the gain.General and administrative expenses totaled CA$16 million, below management's guided quarterly run rate of CA$17 million-CA$18 million, TPH said.Net debt to adjusted EBITDA stood at 4.2x, while the trailing 12-month dividend payout ratio measured 88%. Management expects both metrics to normalize as the Chauvin assets contribute over a full year, TPH Energy added.

Wire13d ago

Update: Nucor Shares Rise After Q2 Beat

(Updates with the latest stock move in the headline and in the first paragraph.)Nucor (NUE) shares were up 5.7% in Tuesday trading after the company reported better-than-expected Q2 results late Monday.The company posted quarterly adjusted earnings of $4.84 per diluted share, up from $2.68 a year earlier.Analysts polled by FactSet expected $4.46.Revenue for the 13 weeks ended July 4 was $10.40 billion, up from $8.46 billion a year earlier.Analysts expected $10.15 billion.For Q3, the company said it expects higher consolidated earnings than Q2.Price: $261.99, Change: $+14.13, Percent Change: +5.70%

$NUE

Wire13d ago

Cintas Raises Quarterly Dividend to $0.52 a Share From $0.45, Payable on Sept. 15 to Shareholders of Record as of Aug. 14

$CTAS

Wire13d ago

Levi Strauss Shares Lower After Wells Fargo Downgrade

Levi Strauss & Co (LEVI) shares were down over 1% in Tuesday trading after Wells Fargo downgraded the stock to equal weight from overweight.Trading volume stood at more than 1.7 million shares, compared with a daily average of about 2.8 million.Price: $25.18, Change: $-0.35, Percent Change: -1.37%

$LEVI

International13d ago

FOMC Seen Holding Rates Steady at July Meeting as Divisions Remain, Minimal Forward Guidance

The Federal Open Market Committee is expected to maintain the range for its federal funds rate at the current 3.50% to 3.75% for the fifth straight meeting as uncertainty remains elevated, though the outcome is less certain than for the previous meeting.Currently, the CME's FedWatch Tool sees a 68.5% chance of no change to the current target range and a 31.5% chance of a 25-basis point increase to 3.75% to 4.00%.The FOMC's statement following Wednesday's meeting is due to be released at 2:00 pm ET, with Federal Reserve Chairman Kevin Warsh's press conference scheduled to begin at 2:30 pm ET. There will be no update to the Summary of Economic Projections at this week's meeting.The statement from the previous meeting, the first under Warsh's leadership, was significantly shorter than it had been for several years and Warsh's comments after the meeting showed that the age of substantial forward guidance has passed.However, the updated Summary of Economic Projections and the minutes of that meeting did indicate the concerns about inflation had been the key topic of discussion at the meeting and that there was shift toward the need for rate increases for some members.In testimony on Capitol Hill on July 14 and July 15, Warsh said that the FOMC has "no tolerance" for elevated inflation and is focused on restoring price stability, suggesting that the heightened inflation of the last five years will be "a thing of the past" if policy is done right.June consumer price data released on July 14 showed a decline in the overall price level, due in large part to falling gasoline prices, and a flat reading for core prices, slowing the year-over-year rates but leaving them well above the 2% target.Warsh said during his testimony that the June CPI was just one data point and that the FOMC's top job now is assuring that short-term inflation does not become sticky and longer lasting.New York Fed President John Williams said on July 15 that economic growth is solid and the labor market is stable but noted that inflation remains above the Fed's 2% goal and needs to be brought down. He added that the stance of monetary policy is "well positioned" to deal with inflation, which he expects to slow in coming quarters.However, some FOMC members are not convinced that the current stance of policy is adequate to deal with inflation. Dallas Fed President Lorie Logan, a voter on the FOMC this year, said on July 16 that the federal funds rate may need to be raised due to inflation that has been elevated for an extended period and is showing few signs of moving back to the Fed's 2% target.As a result, it is possible that there could be one or more dissenting votes at this meeting as some voters voice their preference for a rate increase.Currently, there is an 89.2% chance being priced in for at least one rate increase by the end of 2026, with some outliers seeing as many as three to four rate hikes.

International13d ago

Daily Roundup of Key US Economic Data for July 28

The Conference Board's Consumer Confidence Index fell to 90.8 in July from a 92.2 reading in June due to a drop in the present situation while the expectations index was unchanged from the previous month.The Conference Board noted deterioration in current assessment of both business conditions and employment conditions.Advance data for June showed the international trade deficit narrowed to $101.46 billion from $105.89 billion in May, reflecting a larger drop in imports than in exports.In the same report, wholesale inventories rose by 0.3% in June after a 0.3% gain in May, while retail inventories were flat after a 0.5% gain. Excluding motor vehicle sales, retail inventories would be up 0.4%.The FHFA home price index posted a 0.3% gain in May after a 0.1% decrease in April. The index was 2.2% higher than a year ago.Released at the same time, S&P Case-Shiller reported a 0.6% May home price gain, down from 0.8% in April. The index was up 1.1% year-over-year, up from the 0.9% rate in the previous month.The Dallas Fed's services reading rose to 6.6 in July from 2.9 in June, while the Richmond services reading fell to minus 3 from 0.The Richmond Fed's manufacturing index rose to 5 in July from 4 in June.Redbook reported that US same-store retail sales were up 8.3% year-over-year in the week ended July 25, faster than a 7.8% gain in the prior week. Redbook noted that sales are following the typical pattern of less interest in shopping in mid-July, with a likely rebound over the next few weeks as back-to-school items support spending.The Q2 GDP nowcast estimate from the Atlanta Fed is for a 1.5% gain, revised down from 1.6% in the previous estimate.

Sectors13d ago

September WTI Crude Oil Contract Closes Down $3.35, or 4.1%, Settles at $79.26 per Barrel. September Brent Oil Last Seen Down $4.46, or 5.1%, at $83.90

$CLU6$LCOU6$USO

Wire13d ago

Update: Sherwin-Williams Shares Rise After Q2 Results

(Updates with latest share movement in paragraph 1 and headline)Sherwin-Williams (SHW) shares were up over 8% in Tuesday trading following its Q2 results.Earlier, the company reported a Q2 adjusted net income of $3.70 per diluted share, up from $3.38 a year earlier.Analysts polled by FactSet expected $3.52.Net sales for the quarter ended June 30 were $6.79 billion, compared with $6.315 billion a year earlier.Analysts expected $6.60 billion.The company said it expects Q3 net sales to grow by mid to high-single digit percentage from a year earlier. Analysts polled by FactSet expect $6.65 billion.For 2026, Sherwin-Williams raised its guidance and now expects adjusted EPS of $11.80 to $12.20, compared with its prior outlook of $11.50 to $11.90. Analysts expect $11.76.Full-year net sales are now expected to grow in the mid- to high-single-digit percentage range, compared with low to mid-single-digit percentage range previously. Analysts expect $24.72 billion.Price: $355.05, Change: $+27.78, Percent Change: +8.49%

$SHW

Wire13d ago

SNDL Shares Fall After Q2 Swings to Adjusted Operating Loss, Revenue Declines

SNDL (SNDL) shares fell more than 10% in Tuesday afternoon trading after the company swung to an adjusted operating loss and posted lower revenue in Q2.The company reported a Q2 adjusted operating loss of 7 million Canadian dollars ($5 million), swinging from a profit of CA$5.8 million a year earlier.Net revenue for the quarter ended June 30 was CA$235.8 million, down from CA$244.8 million a year earlier.Two analysts polled by FactSet expected CA$236.2 million.Price: $1.21, Change: $-0.14, Percent Change: -10.37%

$SNDL

Wire13d ago

Market Chatter: EchoStar Unit Hughes Network Nears Bankruptcy Filing

EchoStar (ECHO) unit Hughes Network Systems is preparing to file for Chapter 11 bankruptcy as soon as this weekend, The Wall Street Journal reported Tuesday, citing people familiar with the matter.The satellite internet company is facing a $1.5 billion debt maturity which is due on Aug. 1, according to the report.Hughes Network Systems did not immediately respond to a request for comment from.(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: $84.84, Change: $-1.85, Percent Change: -2.13%

$ECHO

Mining & Metals13d ago

Transat Receiving up to C$150 Million Government Support to Help Reduce Fuel Price Impact

Transat A.T. (TRZ.TO) on Tuesday said it is receiving federal government support of up to C$150 million, with C$125 million disbursed today.The Liquidity for Airline Sector Resilience Facility provides Transat with financial support to help mitigate the impact of a jump in aviation fuel prices, a statement said.The size of the facility is based on the funds needed to offset the impact of higher aviation fuel costs through Oct 31, 2026, when compared with the same period in 2025. The loan has a four-year maturity and will bear interest at 3.91%, annualized.Transat shares were last seen up C$0.02 to C$2.29 on the Toronto Stock Exchange.Price: $2.29, Change: $+0.02, Percent Change: +0.88%

$TRZ.TO

Insider Trading13d ago

Travel & Leisure Insider Sold Shares Worth $2,552,734, According to a Recent SEC Filing

Geoffrey Richards, Chief Operating Officer, Vacation Ownership, on July 27, 2026, sold 33,744 shares in Travel & Leisure (TNL) for $2,552,734. Following the Form 4 filing with the SEC, Richards has control over a total of 126,119 common shares of the company, with 124,519 shares held directly and 1,600 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1361658/000174175426000007/xslF345X05/wk-form4_1785263150.xmlPrice: $78.23, Change: $+1.92, Percent Change: +2.52%

$TNL

Commodities13d ago

Saudi Arabia's Oil Escape Route Faces New Test as Red Sea Risks Expand, Kpler Says

Saudi Arabia's main alternative route for exporting oil around the Strait of Hormuz is facing a new challenge. The same Red Sea corridor used to bypass one maritime chokepoint may now be exposed to another, Kpler analyst Emmanuel Belostrino said in a Tuesday note.Most Saudi crude avoids the Strait of Hormuz by traveling through the East-West Pipeline to Yanbu on the Red Sea coast. From there, however, much of the oil bound for Asia must sail south through the Bab el-Mandeb Strait, where attacks and threats from Yemen's Houthi movement have disrupted commercial shipping.A potential solution is to reverse the flow and send more Saudi oil north through Egypt. The route would use the 2.5 million barrels-per-day Suez-Mediterranean Pipeline, or SUMED, which connects the Red Sea to the Mediterranean, along with northbound Suez Canal shipping. The arrangement would allow Saudi crude to reach global markets without passing through Bab el-Mandeb.But the solution is not as simple as turning Saudi tankers north. Saudi Arabia normally exports crude on very large crude carriers, which can carry about 2 million barrels of oil. Those ships are too large to pass through the Suez Canal fully loaded. Instead, Saudi Arabia would need to rely on Egypt's SUMED pipeline, smaller Suezmax tankers, or partial unloading operations that reduce a ship's draft before canal transit.Analysis of shipping and trade data suggests the infrastructure exists, but scaling it to replace threatened Red Sea exports would be a major logistical challenge.Saudi Arabia's western ports currently handle about 4.2 million barrels per day of crude exports, with roughly 3.3 million barrels per day typically heading to Asia through Bab el-Mandeb. Refined product exports from Red Sea refineries add another roughly 400,000 to 500,000 barrels per day that could also be affected.The crude system appears technically feasible. SUMED can carry part of the displaced oil, while additional volumes could move on tankers through the Suez Canal. Saudi Arabia has already used the route, but not at the scale required during a prolonged disruption.The bigger challenge may be shipping capacity. Every tanker carrying oil north must eventually be matched by vessels returning south to reload. A large increase in southbound tanker movements would be required, placing pressure on a lane already heavily used by Russian oil exports moving toward Asia.Even if the logistics work, the global oil market would need time to adjust. Much of the disrupted Saudi supply could potentially be absorbed through trade reshuffling, with European refiners taking more Saudi barrels while other producers redirect supplies to Asia. However, long-term contracts, refinery requirements and higher freight costs would limit how quickly the market could adapt.The likely outcome is not a complete replacement of the Red Sea route, but a partial safety valve. Saudi Arabia has a physical escape route; the question is whether shipping networks and global buyers can support it at full scale.

Commodities13d ago

Cheniere Wins FERC Approval to Begin Feed Gas at Corpus Christi Train 7

The Federal Energy Regulatory Commission approved Cheniere Energy's (LNG) request to introduce feed gas to the warm end of Midscale Train 7 at its Corpus Christi Stage 3 project, according to a Tuesday letter.FERC approved Cheniere's July 27 request after reviewing inspections and compliance filings, saying the request meets the conditions of its Nov. 22, 2019 authorization order.FERC said the approval does not authorize Cheniere to construct, commission, or introduce hazardous fluids into other Corpus Christi Stage 3 facilities.The agency will continue reviewing and inspecting the liquefied natural gas terminal, with additional recommendations possible before issuing further authorizations, FERC said.The approval brings the largest US liquefied natural gas exporter closer to starting production from the seventh and final train at Corpus Christi Stage 3, which will add over 10 million metric tons of liquefied natural gas capacity, according to a report by Reuters.Price: $251.56, Change: $-4.32, Percent Change: -1.69%

$LNG

Wire13d ago

Zimmer Biomet Shares Rise After UBS Upgrade

Zimmer Biomet (ZBH) shares rose 4.2% in Tuesday trading after UBS upgraded the stock to buy from sell, and raised the price target to $115 from $89.Trading volume stood at over 2 million shares compared with a daily average of about 2.3 million.Price: $95.34, Change: $+3.27, Percent Change: +3.55%

$ZBH

Wire13d ago

Lockheed Meets With Zelenskyy to Discuss Joint Capabilities With Ukraine

Ukrainian President Volodymyr Zelenskyy said Tuesday on X that he met with Lockheed Martin (LMT) executives to discuss further cooperation on joint production and technology exchange."Ukraine has a lot to share with those who help us protect lives," Zelenskyy said. "We spoke about our joint capabilities related to Patriots and other systems."Lockheed didn't immediately reply to a request for comment from.Price: $578.06, Change: $-1.94, Percent Change: -0.33%

$LMT

Wire13d ago

Microsoft, Saint-Gobain Collaborate on Digital, AI Solutions for Construction

Microsoft (MSFT) has signed an agreement with Saint-Gobain to provide its digital and artificial intelligence tools to improve the construction materials provider's growth and productivity, Saint-Gobain said Tuesday.The collaboration aims to reduce Saint-Gobain's carbon dioxide emissions and energy consumption across its manufacturing facilities, the company said.The agreement will also explore how Saint-Gobain can help Microsoft improve its data center footprint through integrated solutions for construction speed, safety and resilience, performance certifications and reduced carbon footprint, the company added.Financial details weren't provided.Price: $397.33, Change: $+8.23, Percent Change: +2.12%

$MSFT

Wire13d ago

Leidos Awarded Task Order of Up to $717 Million by US Air Force

Leidos (LDOS) has been awarded a new task order by the US Air Force's Air Combat Command Acquisition Management and Integration Center to continue delivering intelligence, surveillance and reconnaissance operations support, the company said Tuesday.The task order has a potential value of about $717 million if all the options are exercised and includes a one-year base period with four one-year options, Leidos said.Work under the task order will be performed at over 35 locations in the US and abroad, the company said.Price: $119.06, Change: $+4.11, Percent Change: +3.57%

$LDOS

Wire13d ago

Top Midday Gainers

Kiniksa Pharmaceuticals International (KNSA) reported Tuesday a Q2 net income and sales above market expectations.Separately, Wedbush said in a report the firm is benefiting from continued momentum for Arcalyst, its treatment for recurrent pericarditis, a condition in which the sac around the heart becomes inflamed in repeated episodes.Shares surged 23% as intraday trading volume grew to over 1.9 million from a daily average of about 734,000.IQVIA (IQV) reported a year-over-year increase in Q2 adjusted earnings and revenue, and raised its 2026 outlook.Shares jumped 12%, with intraday trading volume rising to more than 3.3 million from a daily average of about 1.6 million.Incyte (INCY) on Tuesday reported Q2 non-GAAP earnings and sales above market expectations, and raised net sales guidance for 2026.Shares climbed up 8% amid a surge in intraday trading volume to over 3.3 million from a daily average of about 1.7 million.Price: $78.52, Change: $+14.98, Percent Change: +23.58%

$INCY$IQV$KNSA

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Commodities13d ago