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March Existing-Home Sales Drop as Macro Headwinds Deter Buyers, NAR Says

US existing home sales decreased in March as softening job growth and weaker consumer confidence continued to deter potential buyers, data from the National Association of Realtors showed Monday.Sales fell 3.6% sequentially to a seasonally adjusted annual rate of 3.98 million units last month. The consensus was for a 0.8% decline, according to a survey compiled by Bloomberg. Sales declined in all regions month on month."Lower consumer confidence and softer job growth continue to hold back buyers," NAR Chief Economist Lawrence Yun said.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 US and Iran failed to reach a deal during negotiations in Pakistan over the weekend, fueling concerns about the durability of an already fragile ceasefire between the two sides.The average 30-year fixed-rate mortgage increased to 6.18% last month from 6.05% in February, the NAR added, citing Freddie Mac data."We don't see much upside for sales over the next several months," Oxford Economics Lead Economist Nancy Vanden Houten said in remarks e-mailed to. "Given the backup in mortgage rates since the start of the war with Iran, we expect home sales to move sideways before starting to gradually rise at the end of the year."Single-family home sales dropped 3.5% month over month to 3.63 million units in March, while condominium and co-op sales fell 5.4% to 350,000 units, NAR data showed."Inventory remains a major constraint on the market," Yun said. "An additional 300,000 to 500,000 homes for sale would help bring the market closer to normal conditions and allow consumers to make purchase decisions without feeling rushed."The median sales price of existing homes rose 1.4% year over year to $408,800, marking the 33rd straight month of annual gains, according to the report."The supply of homes for sale rose in March, but increases are to be expected at the start of the spring home selling season," Vanden Houten said. "Higher mortgage rates will keep some sellers on the sidelines, leaving inventory relatively tight."

US Markets146d ago

Fastenal Logs In-Line First-Quarter Results

Fastenal (FAST) on Monday posted first-quarter results in line with market expectations amid improved customer contract signings and industrial production.The industrial and construction supplies distributor's net income rose to $0.30 a share in the March quarter from $0.26 a year earlier, while net sales jumped 12% to $2.20 billion, both matching the consensus on FactSet.The company attributed the higher sales to improved customer contract signings since the first quarter of 2024, as well as "a slight improvement" in industrial production in the first quarter of this year, it said in a statement.The impact of product pricing on net sales during the quarter was a roughly 350 basis points increase versus being "immaterial" a year earlier, Fastenal said."The industrial economy remains somewhat challenging, with US manufactured (purchasing managers' index) averaging around 52.6%, which is an improvement, but still moderate overall," President and Chief Sales Officer Jeff Watts said on an earnings conference call Monday, according to a FactSet transcript. "We really didn't see much of a tailwind."The company's shares were down 7.4% in afternoon trade, bringing its year-to-date gains to roughly 14%.Fastenal's contract sales, which include national multi-site, local and regional, and government customers, accounted for three-fourths of the total revenue and continued to outperform due to incremental sales from customer signings."On pricing, we realized approximately 3.5% year-over-year, and that compares to 3.3% in the fourth quarter, not enough to offset inflation," Chief Financial Officer Max Tunnicliff said on the call. "While our pricing execution progressed during the quarter, we did not move quickly enough, related mostly because of tariffs and some other items."The company signed 6,950 weighted FASTBin and FASTVend devices during the quarter and reiterated its 2026 outlook for signing between 28,000 and 30,000 machine equivalent units.FASTBin allows clients to digitally view inventory, while FASTVend refers to vending machines.Price: $45.54, Change: $-3.63, Percent Change: -7.38%

$FAST

Commodities146d ago

Chevron, Shell Advance Venezuela Projects With New Oil, Gas Pacts

Chevron (CVX) and Shell (SHEL) are set to sign Venezuela energy deals on Monday, covering offshore gas and heavy crude areas, Reuters reported Monday, citing three sources familiar with the matter.Chevron is expected to finalize agreements to hand back control of an offshore gas asset while gaining participation in an extra-heavy crude zone within Venezuela's key oil-producing region, the sources said.Separately, Shell is poised to take over operations of the Loran offshore gas field under a new pact, the sources added.Chevron and Shell did not immediately respond to' request for comment.Price: $190.75, Change: $+2.19, Percent Change: +1.16%

$CVX$SHEL

Commodities146d ago

Kazakh Crude Exports to Reach Record Levels as Refiners Scramble for Supply, Bloomberg Analysis Says

Kazakh crude exports via the Black Sea are set to reach about 1.7 million barrels per day in May, nearing record levels as global supply tightens, according to a Bloomberg analysis on Monday.Shipments of CPC Blend, primarily sourced from Kazakhstan with smaller volumes from Russia, are projected to rise to about 1.7 mmb/d, the analysis added, citing traders.This would be close to the previous peak of 1.72 mmb/d recorded in September, according to the analysis.The increase offers some relief to European refiners that have struggled to secure crude following disruptions linked to the effective shutdown of flows through the Strait of Hormuz.Global supply pressures intensified after the conflict, the US and Iran curtailed Persian Gulf exports, pushing crude prices higher and tightening availability across key markets, the analysis noted.CPC Blend traded at a record premium of $7.75 per barrel to Dated Brent on Friday, reversing from earlier discounts of $3/bbl to $4/bbl seen before the conflict.Loadings had earlier dropped below 1 mmb/d in January and February due to drone-related disruptions at Russia's Black Sea port and temporary outages at Kazakhstan's Tengiz field.Exports rebounded strongly in March, jumping more than 60% to about 1.6 mmb/d as output resumed at the Tengiz field.April loadings were initially scheduled at about 1.5 million b/d, but actual volumes are expected to come in higher due to cargoes pushed from late March.Kazakhstan accounts for more than 90% of CPC shipments, while Russian-origin crude has contributed about 100,000 b/d in recent months, according to the analysis.

Sectors146d ago

Sector Update: Financial

Financial stocks were advancing in Monday afternoon trading, with the NYSE Financial Index rising 0.5% and the State Street Financial Select Sector SPDR ETF (XLF) adding 1%.The Philadelphia Housing Index was increasing 0.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was shedding 0.2%.Bitcoin (BTC-USD) was rising 2.3% to $72,375, and the yield for 10-year US Treasuries was slightly lower at 4.309%.In corporate news, Goldman Sachs (GS), which reported higher Q1 earnings and net revenue pre-bell, is launching a new three-tranche offering in the US investment-grade debt market, with bond maturities spanning four to eight years, Bloomberg reported. Goldman shares were down 2.2%.

$GS

Wire146d ago

Market Chatter: Chevron, Shell to Sign Deals for Venezuelan Oil, Gas Assets

Chevron (CVX) and Shell (SHEL) are set to sign agreements involving oil and gas areas in Venezuela, Reuters reported Monday, citing three sources close to the discussions.Chevron is expected to agree to return an offshore gas field to the Venezuelan government and take part in an extra-heavy crude project in the country's main oil region, the report said.Shell is expected to sign a deal to receive the Loran gas field for operation, the report said.The companies didn't immediately respond to requests from comment from.Chevron shares rose 1.2% in Monday trading, and Shell gained 0.4%.(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: $190.72, Change: $+2.17, Percent Change: +1.15%

$CVX$SHEL

Oil & Energy146d ago

EMEA Natural Gas Update: Prices Ease After Weekend Spike, Stay Elevated on Blockade

European natural gas prices eased in after-hours trade on Monday after reversing part of Sunday's surge, though benchmarks remained roughly 5% above Friday's close amid ongoing geopolitical risk in and around the Strait of Hormuz.The front-month Dutch TTF contract rose 6.249% to 46.365 euros ($54.34) per megawatt-hour, while UK NBP futures rose 5.835% to 116.09 British pence ($1.56) per therm.On Friday, the front-month TTF contract traded near 43.86 euros/MWh on expectations that Saturday's peace talks between the US and Iran would help ease market pressure. When those talks failed, on Sunday, US President Donald Trump issued an order to blockade the Strait, causing prices to surge in pre-market Sunday trade, briefly reaching as high as 51 euros/MWh.Prices then retreated on Monday as traders took profits and clarification emerged that non-Iranian maritime traffic would not be blocked, easing fears of an immediate full shutdown scenario. Even so, prices stayed well above Friday's closing level.US forces were set to begin enforcing restrictions on all maritime traffic entering and leaving Iranian ports at 14.00 GMT on Monday, but were not to impede freedom of navigation for vessels transiting the strait to and from non-Iranian ports, Trading Economics said.Trump also said the US will interdict any ship that has paid a toll to Iran for safe passage through the waterway.While most Middle Eastern gas exports typically flow to Asia, prolonged disruption in the strait would increase competition among importing regions, particularly as Europe works to replenish storage ahead of the next winter season.On Monday, Gas Infrastructure Europe reported EU inventories had climbed to 29.36% of capacity but still remained below year-ago levels above 35%.Liquefied natural gas shipments from the Gulf have been halted for more than a month, with Qatar's largest LNG facility remaining offline since early March after being struck in Iranian attacks. Even after a restart, repairs to the most damaged parts of the Qatari LNG facility are expected to take three to five years to fix, keeping about 17% of the plant's production offline.

Wire146d ago

Market Chatter: Delaware Judge Upholds Tesla Shareholders' Plan to Have Musk Wrongdoing Claims Heard in Texas Court

Delaware Court of Chancery Vice Chancellor Bonnie David said Monday that she supports Tesla (TSLA) shareholders' vote to have litigation pertaining to alleged corporate wrongdoing by Chief Executive Elon Musk take place in Texas, Bloomberg reported.Tesla didn't immediately reply 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: $353.09, Change: $+4.09, Percent Change: +1.17%

$TSLA

Wire146d ago

Delaware Judge Upholds Tesla Shareholders' Plan to Have Musk Wrongdoing Claims Heard in Texas Court, Bloomberg Reports

$TSLA

Oil & Energy146d ago

Iran Conflict Enters New Phase as Talks Collapse, Hormuz Tensions Rise, WFII Says

The Middle East conflict escalated over the weekend after US-Iran talks broke down, with Washington signaling an immediate blockade of the strategic Strait of Hormuz, a move that could reshape oil flows, Wells Fargo Investment Institute strategists said in a Monday note.WFII analysts said that negotiations ended Apr. 12 without agreement, and no further talks have been scheduled, underscoring a hardening of positions on both sides.President Trump said the US and allied partners would enforce a blockade of the Hormuz in both directions, including vessels paying Iran transit tolls. The move is designed to choke off a critical revenue stream for Tehran without directly striking its energy infrastructure.WFII said 90% of Iran's oil revenue passes through the strategic waterway, with oil accounting for about half of the country's government income, and any disruption could deal a significant blow to the country's finances.Iran signaled it was preparing to respond, with state-linked media circulating images of naval special forces said to be deploying toward the Strait. Meanwhile, media reports indicated the US Navy had already begun mine-clearing operations in the area.Meanwhile, early market movements reflected a shift in sentiment following last week's trends. WFII analysts said the rebound in crude, especially WTI futures, signals concern over potential supply disruptions at one of the world's most critical energy chokepoints, which handles about 20% of global oil flows.WFII said the blockade could be aimed at increasing pressure on the US to scale back its regional presence, while allowing Washington to target Iran's oil revenues without directly striking energy infrastructure.WFII analysts said the approach may help limit the risk of escalation, particularly the threat of retaliatory attacks on Gulf energy infrastructure.The analysts said the move could also impact China, which reportedly purchases about 80% of Iran's oil exports, often at discounted prices.Both sides appear to have used the ceasefire to regroup, according to WFII. The US is expected to redeploy multiple carrier strike groups to the Middle East, while Iran's naval positioning suggests the Strait will become the central theatre of operations.However, despite the escalation, WFII analysts said that neither side is likely to target energy infrastructure at scale, given the mutual economic and strategic costs, though the risk of miscalculation remains elevated.

Japan146d ago

US Equity Indexes Mixed as Technology Gains Help Push Nasdaq Higher

US equity indexes were mixed in Monday's midday trading, with technology topping sector charts and helping lift the Nasdaq Composite.The Nasdaq rose 0.4% to 23,000.3, while the S&P 500 climbed 0.2% to 6,831.2. Both gauges traded lower earlier in the session. The Dow Jones Industrial Average, however, fell 0.2% to 47,810.6.Defensive sectors -- consumer staples and utilities -- led the decliners.The US military blockade on all traffic entering and leaving Iranian ports started at 10 a.m. ET Monday, after weekend peace talks in Pakistan faltered, CNN reported Monday."If any of these ships [that the president refers to as Iran's 'fast attack ships'] come anywhere close to our BLOCKADE, they will be immediately ELIMINATED," Trump said on a social media post.In company news, Goldman Sachs (GS), which reported higher Q1 earnings and net revenue pre-bell, is launching a new three-tranche offering in the US investment-grade debt market, with bond maturities spanning four to eight years, Bloomberg said Monday, citing a person with direct knowledge of the matter.Shares of the investment bank dropped 2.5% intraday, the steepest decline on the Dow.

Dow JonesNasdaq CompositeS&P 500$GS

Wire146d ago

Lululemon Athletica Facing Probe in Texas Over Potential 'Forever Chemicals' in Apparel

Lululemon Athletica (LULU) is being investigated in Texas over the potential presence of PFAS, or forever chemicals, in its activewear products, the office of Texas Attorney General Ken Paxton said in a statement on Monday.Paxton's office said it issued a civil investigative demand to Lululemon USA to examine whether the company misled consumers about the safety, quality and health impacts of its products.The investigation will also assess the company's restricted substances list, testing protocols and supply chain practices, according to the statement.Lululemon Athletica did not immediately respond to' request for comment.Price: $162.72, Change: $-1.15, Percent Change: -0.70%

$LULU

US Markets146d ago

OPEC Lowers Second-Quarter Oil Demand Forecast Due to Iran War

The Organization of the Petroleum Exporting Countries on Monday lowered its second-quarter oil demand forecast due to the Middle East conflict, but maintained its full-year estimates amid expectations for a rebound in the second half.The cartel sees global oil consumption at 105.1 million barrels a day in the ongoing three-month period, it said in its latest monthly market report. Last month, the organization projected demand at 105.6 million barrels per day in the second quarter.The downgrade reflects lower estimates for both the Organization for Economic Co-operation and Development and non-OECD, "driven mainly by slight transitory weakness in oil demand growth, given ongoing developments in Middle East," OPEC said. "However, this weakness is expected to be compensated in the second half of the year."Global consumption totaled 105.7 million barrels a day in the first quarter.US military forces were due to begin implementing a blockade of maritime traffic entering and exiting Iranian ports at 10 am ET on Monday. The development came after US and Iranian delegations failed to reach a deal during negotiations in Pakistan over the weekend, fueling concerns about the durability of an already fragile ceasefire between the two sides.The cartel continues to see global oil consumption increasing by 1.38 million barrels a day in 2026 and by 1.34 million barrels next year.OPEC maintained its global economic growth estimate at 3.1% for 2026, including a 2.2% rate for the US. It still expects growth of 3.2% for the world and 2% for America next year.OPEC expects the US economy to maintain "sound momentum" this year, driven by consumer spending, although inflation dynamics in the near term will need to be "carefully monitored." The cartel anticipates the Federal Reserve to remain on hold through the first half and potentially shift to gradual monetary policy easing in the second half, "with one or two rate cuts seen as possible."On Friday, government data showed that US consumer inflation accelerated to its highest monthly reading in nearly four years in March as the Middle East conflict sent energy prices sharply higher.The cartel maintained its forecast of an increase in liquids production from countries not participating in the Declaration of Cooperation, or DoC, by 630,000 barrels a day this year. The DoC is the name for OPEC+, which comprises OPEC and non-OPEC allies. Liquid production includes crude oil, condensate and natural gas liquids.West Texas Intermediate crude oil was up 6.1% at $102.48 a barrel in midday trading, while Brent rose 6.8% to $101.67.

Treasury146d ago

Recent Acceleration in Canada's Average Hourly Wages Not of Concern, Says National Bank

The March Labour Force Survey (LFS) confirms that Canada's economic situation remains "fragile in the currently highly uncertain economic climate, given trade tensions with the United States and, now, the geopolitical situation in the Middle East, which, if it becomes deadlocked, could plunge the global economy into a downturn, said National Bank of Canada.The latter will put upward pressure on inflation in the coming months, particularly through higher oil prices, but in the bank's view, the Bank of Canada would be advised to exercise patience before raising interest rates.In this uncertain environment, monetary policy doesn't appear particularly stimulative, as reflected in weak housing activity, moderate credit growth and the expected mortgage repayment shock in 2026, stated National Bank.What's more, inflation was moving in the right direction before the oil shock and the bank isn't currently concerned about the acceleration in average hourly wages observed over the past two months; wages of permanent employees have risen 5.1% year over year in March and 4.2% in February.Indeed, Statistics Canada has noted that, when controlling for composition effects, hourly wages of all employees rose by only 3.6%, the same level as in recent months. As a consequence, the headline wage uptick could be temporary, given that, in National Bank's view, the labor market remains in a state of excess supply.

$CXY

Oil & Energy146d ago

Trump Blockade Signal Seen Escalating Strait Risks, Tightening Oil Markets, RBC Says

US-Iran nuclear talks stalled again, with threats of a blockade of the Strait of Hormuz raising fresh risks to global oil supply and market stability, RBC Capital Markets said in a Sunday note.Negotiations broke down over Washington's demand for zero uranium enrichment, reinforcing RBC's view that a deal was unlikely without concessions and increasing the odds of prolonged conflict and supply disruption.With diplomacy faltering, the White House faces a choice between stepping back and allowing Iran greater control over the Strait or escalating militarily to counter Tehran's leverage over transit flows, the note said.President Donald Trump's blockade warning suggests reluctance to retreat and may aim to pressure China by threatening Iranian crude shipments to its refineries, according to the analyst note.However, China's response remains uncertain, as it has built sizable reserves and may strategically benefit from the US shifting its military focus toward the Middle East, the note added.RBC warned that enforcing a blockade on Iran would be more complex than past actions in Venezuela, and could trigger retaliatory strikes by Tehran on regional energy infrastructure.The note highlighted Iranian-backed militias in Iraq as an overlooked threat, citing their suspected role in recent attacks on key infrastructure in Kuwait and Saudi Arabia.These attacks included damage to the East-West pipeline, underscoring broader regional risks beyond maritime disruption and raising concerns over the resilience of critical energy systems.While markets are watching for Houthi escalation, RBC said sentiment could shift more sharply if Iraqi militias intensify operations following the breakdown in talks and blockade rhetoric.The firm reiterated that conflict duration remains the key driver of oil prices, though messaging from US leadership has significantly influenced short-term market expectations.RBC noted that White House communication has helped cap prices despite disruptions, even as physical markets tighten and traders struggle to identify near-term supply relief.If a blockade is enforced, analysts expect a sharper alignment between physical and paper markets, potentially amplifying price moves as supply constraints become more visible.

Treasury146d ago

Vertiqal Studios Closes Private Placement of Secured Debentures

Vertiqal Studios (VRTS.TO) on Monday said it closed a non-brokered private placement of secured debentures priced at US$1,000 per debenture for aggregate gross proceeds of around US$1.95 million.The company said the debentures will mature on Oct. 10, 2027 and have an interest rate of 13% per year payable on the maturity date in arrears.Certain insiders of the company were issued US$448,000 principal amount of debentures in the offering, added the company."The debentures will be secured by a first-ranking security interest over all present and after-acquired property and assets of the company," it said.The company plans to use proceeds for general growth capital purposes.The company's shares last traded April 10, closing at $0.01 on the Toronto Stock Exchange.

$VRTS.TO

Mining & Metals146d ago

Rokmaster Resources Starts Drilling at Its Hanson Property

Rokmaster Resources (RKR.V) on Monday said it started drilling to test several porphyry copper deposits on the Hanson Property.The company said the Hanson property is a part of its Nechako project, made up of three properties totaling 26,932 hectares in west-central British Columbia. Alongside the start of drilling at the property, the company outlined a 2026 exploration program across all three properties of the Nechako project.It said planned activities include additional fieldwork, an IP survey, and drill testing at the Mystery property with fieldwork set to start in early June. The entire Nechako project is fully permitted for exploration drilling, and the company is funded to execute the 2026 program as currently planned.Shares of the company were last seen down $0.005 to $0.045 on the TSX Venture Exchange.Price: $0.05, Change: $-0.01, Percent Change: -10.00%

$RKR.V

Mining & Metals146d ago

TSX up 78 Points at Midday, Led by Gains in Info Tech, Energy

The Toronto Stock Exchange is up 78 points at midday with info tech (+3.7%) and energy (+1.7%), posting the biggest gains.Utilities, down 1%, is the worst performer.Oil prices were back above US$100.00 per barrel on Monday after ceasefire talks between the United States and Iran failed to end their war and President Trump announced a blockade of the Strait of Hormuz. But Canadian stocks have recouped Monday's early losses, and look set to extend a run of seven wins in the last eight sessions leading in to today.February building permits fell $1.1 billion (-8.4%) to $12.1 billion, with the decline led by non-residential (-$1.3 billion), reports StatsCan.In company news, GFL Environmental (GFL.TO) was at last look down 9.5% after saying Monday it was acquiring Secure Waste Infrastructure (SES.TO) for $24.75 per Secure share, for an enterprise value of $6.4 billion. Secure operates a waste-management business in Western Canada and North Dakota.

S&P/TSX CompositeS&P/TSX Composite$GFL.TO$SES.TO

Research146d ago

Research Alert: CFRA Maintains Buy Opinion On Shares Of Rpm International Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We decrease our 12-month target price by $3 to $127, or 20.4x our FY27 (May) EPS estimate, which is in line with RPM's three-year average forward P/E of 20.5x. We trim our FY26 EPS estimate by $0.06 to $5.54 and increase our FY27 EPS forecast by $0.02 to $6.22. Geopolitical tensions in the Middle East present near-term headwinds through raw material inflation, expected at 1-2% in Q4 FY26 and mid- to high single digits in Q1 FY27. However, RPM is implementing pricing actions and leveraging its strategic procurement capabilities to mitigate cost pressures. The company reaffirmed Q4 guidance for mid-single-digit revenue growth and low- to high-single-digit adjusted EBIT growth. RPM's structural advantages remain compelling: two-thirds of sales are tied to maintenance, repair, and restoration markets, which prove resilient during economic volatility. The Construction Products and Performance Coatings segments continue gaining share through system-selling approaches and high-performance building solutions.

$RPM

Wire146d ago

BofA Securities Adjusts Penske Automotive Price Target to $185 From $200

Penske Automotive Group (PAG) has an average rating of overweight and mean price target of $178.75, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $154.23, Change: $-1.90, Percent Change: -1.21%

$PAG

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US Markets146d ago