Market Update
European Leaders Struggle with Rising Defense Costs, EU Car Sale Growth Accelerates In May
Bridgette Randall
25 Jun, 2025
London
European markets edged higher in cautious trading amid heightened geopolitical tensions.
Benchmark indexes in Frankfurt, Paris, Milan, and London edged higher after the risk of global crude oil and natural gas supply receded.
Crude oil prices dropped more than 10% and fell to the level last seen on July 12, before the start of Israel's air strikes targeting nuclear infrastructure in Iran.
NATO leaders are scheduled to wrap up their two-day talks in Brussels, Belgium, amid ongoing tensions in the Middle East and Russia's occupation of Ukraine.
Moreover, the U.S. president is pushing European leaders to take a larger burden of security expenses as the U.S. struggles with sky-high debt of $36 trillion.
Defense stocks hovered near record highs amid expectations of higher government spending in the European Union.
Passenger car registration in the European Union increased 1.6% from a year ago to 926,582 units, following a 1.3% rise in April, according to the monthly update from the European Automobile Manufacturers' Association.
Battery-powered electric vehicle sales soared 25% from a year ago to 142,766 units, largely because of a 45% surge in sales in Germany.
Overall registrations in the first five months of 2025 eased by 0.6% from a year ago to 4.6 million units.
Europe Indexes and Yields
The DAX index increased by 0.2% to 23,688.00, the CAC-40 index edged higher by 0.1% to 7,625.85, and the FTSE 100 index advanced 0.2% to 8,779.02.
The yield on 10-year German bonds inched lower to 2.51%, French bonds decreased to 3.20%, UK gilts moved down to 4.44%, and Italian bonds edged lower to 3.45%.
The euro decreased to $1.16; the British pound was higher at $1.36; and the U.S. dollar was lower and traded at 80.50 Swiss cents.
Brent crude increased $1.24 to $68.38 a barrel, and the Dutch TTF natural gas was higher by €0.15 to €35.21 per MWh.
Europe Movers
BP plc increased 0.7% to 370.65 pence, Shell PLC advanced 0.7% to 2,600.50 pence, TotalEnergies SE 0.3% to €52.65, and Repsol SA added 0.4% to €12.57.
Rolls-Royce Holdings PLC gained 1.4% to 922.0 pence, BAE PLC rose 0.7% to 1,815.50 pence, Rheinmetall AG advanced 1.4% to €1,709.50, and MTU Aero Engines AG decreased 0.3% to €372.40.
Kering SA declined 0.7% to €179.70, LVMH rose 0.4% to €455.15, Hermes International SCA rose 0.1% to €2,279.0, and Moncler SpA declined 0.7% to €48.23.
European Leaders Struggle to Adjust to Rising Defense Costs, EU Passenger Car Sale Growth Accelerated In May
Bridgette Randall
25 Jun, 2025
London
European markets edged higher in cautious trading amid heightened geopolitical tensions.
Benchmark indexes in Frankfurt, Paris, Milan, and London edged higher after the risk of global crude oil and natural gas supply receded.
Crude oil prices dropped more than 10% and fell to the level last seen on July 12, before the start of Israel's air strikes targeting nuclear infrastructure in Iran.
NATO leaders are scheduled to wrap up their two-day talks in Brussels, Belgium, amid ongoing tensions in the Middle East and Russia's occupation of Ukraine.
Moreover, the U.S. president is pushing European leaders to take a larger burden of security expenses as the U.S. struggles with sky-high debt of $36 trillion.
Defense stocks hovered near record highs amid expectations of higher government spending in the European Union.
Passenger car registration in the European Union increased 1.6% from a year ago to 926,582 units, following a 1.3% rise in April, according to the monthly update from the European Automobile Manufacturers' Association.
Battery-powered electric vehicle sales soared 25% from a year ago to 142,766 units, largely because of a 45% surge in sales in Germany.
Overall registrations in the first five months of 2025 eased by 0.6% from a year ago to 4.6 million units.
Europe Indexes and Yields
The DAX index increased by 0.2% to 23,688.00, the CAC-40 index edged higher by 0.1% to 7,625.85, and the FTSE 100 index advanced 0.2% to 8,779.02.
The yield on 10-year German bonds inched lower to 2.51%, French bonds decreased to 3.20%, UK gilts moved down to 4.44%, and Italian bonds edged lower to 3.45%.
The euro decreased to $1.16; the British pound was higher at $1.36; and the U.S. dollar was lower and traded at 80.50 Swiss cents.
Brent crude increased $1.24 to $68.38 a barrel, and the Dutch TTF natural gas was higher by €0.15 to €35.21 per MWh.
Europe Movers
BP plc increased 0.7% to 370.65 pence, Shell PLC advanced 0.7% to 2,600.50 pence, TotalEnergies SE 0.3% to €52.65, and Repsol SA added 0.4% to €12.57.
Rolls-Royce Holdings PLC gained 1.4% to 922.0 pence, BAE PLC rose 0.7% to 1,815.50 pence, Rheinmetall AG advanced 1.4% to €1,709.50, and MTU Aero Engines AG decreased 0.3% to €372.40.
Kering SA declined 0.7% to €179.70, LVMH rose 0.4% to €455.15, Hermes International SCA rose 0.1% to €2,279.0, and Moncler SpA declined 0.7% to €48.23.
U.S. Movers: AeroVironment, BlackBerry, Carnival, Daktronics, FedEx, Winnebago
Scott Peters
25 Jun, 2025
New York City
Carnival Corp. eased 0.2% to $25.66 after the cruise company reported results for the fiscal second quarter ending on May 31.
Revenue edged up to $6.33 billion from $5.78 billion, net income surged to $565 million from $92 million, and diluted earnings per share rose to 42 cents from 7 cents a year ago.
The company guided full-year adjusted net income to increase 40% compared to 2024 and better than March guidance by $200 million.
Furthermore, the cruise operator estimated adjusted EBITDA of approximately $6.9 billion, an increase of over 10% compared to the prior year and better than March guidance.
FedEx Corp. dropped 6% to $215.84 after the parcel delivery company reported results for the fiscal fourth quarter ending on May 31.
Revenue jumped to $22.22 billion from $22.11 billion, net income climbed to $1.65 billion from $1.47 billion, and diluted earnings per share rose to $6.88 from $5.94 a year ago.
During fiscal 2025, the company returned $4.3 billion to stockholders through $3.0 billion of stock repurchases and $1.3 billion of dividend payments, and as of May 31, $2.1 billion remained under the company’s 2024 stock repurchase authorization.
Furthermore, FedEx raised its annual dividend by 5% to $5.80 per share.
The logistics company guided first-quarter revenue to be flat to up 2%, compared to $21.6 billion, and diluted earnings per share to be between $2.90 and $3.50, compared to $3.60 a year earlier, respectively.
Excluding costs related to business optimization initiatives and the planned spin-off of FedEx Freight, the company expects diluted earnings per share to be between $3.40 and $4.00 in the current quarter.
BlackBerry Ltd. surged 6.9% to $4.63 after the Canadian software company reported results for the fiscal first quarter of 2026 ending on May 31.
Revenue edged down to $121.7 million from $123.4 million, net income swung to a profit of $1.9 million from a loss of $41.4 million, and diluted earnings per share were breakeven compared to a loss of 7 cents a year ago.
The company guided second-quarter revenue to be between $115 million and $125 million, compared to $145 million; adjusted EBITDA between $8 million and $14 million, compared to breakeven; and non-GAAP earnings per share between breakeven and one cent, compared to breakeven a year earlier, respectively.
For the full year, the software provider estimated revenue to be between $508 million and $538 million, compared to $534.9 million; adjusted EBITDA between $72 million and $87 million, compared to $84.2 million; and non-GAAP earnings per share between 8 cents and 10 cents, compared to 2 cents in the prior year, respectively.
During the first quarter, the company returned $10 million to shareholders by the repurchase of 2.57 million shares.
AeroVironment Inc. gained 0.8% to $194.90 after the defense technology company reported results for the fiscal fourth quarter of 2025 ending on April 30.
Revenue surged to $275.05 million from $196.98 million, net income jumped to $16.66 million from $6.05 million, and diluted earnings per share rose to 59 cents from 22 cents a year ago.
As of April 30, the company announced a funded backlog of $726.6 million, compared to $400.2 million in 2024, and bookings during the fiscal year were $1.2 billion.
The defense technology provider guided full-year revenue to be between $1.9 billion and $2.0 billion, compared to $820.6 million; adjusted EBITDA between $300 million and $320 million, compared to $146.4 million; and diluted earnings per share between $2.80 and $3.00, compared to $3.28 a year ago, respectively.
Winnebago Industries Inc. increased 2.9% to $32.25 despite the manufacturer of recreation and marine vehicles reporting weak results for the fiscal third quarter ending on May 31.
Revenue declined to $775.1 million from $786.0 million, net income dropped to $17.6 million from $29.0 million, and diluted earnings per share fell to 62 cents from 96 cents a year ago.
The company guided full-year revenue to be between $2.7 billion and $2.8 billion, compared to $2.97 billion, and diluted earnings per share between 50 cents and $1.00, compared to 44 cents a year earlier, respectively.
The company also estimated adjusted diluted earnings per share to be between $1.20 and $1.70 in fiscal 2025, compared to $3.40 a year ago.
Winnebago paid a quarterly cash dividend of 34 cents per share on June 25.
Daktronics Inc. plunged 7.9% to $14.00 after the provider of digital LED display technology and audio systems reported results for the fiscal fourth quarter ending on April 26.
Net sales declined to $172.55 million from $215.88 million, net income swung to a loss of $9.42 million from a profit of $2.52 million, and diluted earnings per share swung to a loss of 19 cents from a profit of 5 cents a year ago.
Fourth-quarter product and service orders increased 17% from a year ago and 29% sequentially, and the year-end product backlog was $341.6 million, an increase of 8% from $316.9 million a year earlier.
Full-year product and service orders were $781.3 million, an increase of 5.6% from $740.2 million in fiscal 2024, while fourth-quarter orders were $240.7 million, compared to $205.8 million in the year-ago period.
For the full year, revenue edged down to $756.48 million from $818.08 million, net income swung to a loss of $10.12 million from a profit of $34.62 million, and diluted earnings per share swung to a loss of 21 cents from a profit of 74 cents a year earlier.
U.S. Movers: AeroVironment, BlackBerry, Carnival, FedEx
Scott Peters
25 Jun, 2025
New York City
Carnival Corp. eased 0.2% to $25.66 after the cruise company reported results for the fiscal second quarter ending on May 31.
Revenue edged up to $6.33 billion from $5.78 billion, net income surged to $565 million from $92 million, and diluted earnings per share rose to 42 cents from 7 cents a year ago.
The company guided full-year adjusted net income to increase 40% compared to 2024 and better than March guidance by $200 million.
Furthermore, the cruise operator estimated adjusted EBITDA of approximately $6.9 billion, an increase of over 10% compared to the prior year and better than March guidance.
FedEx Corp. dropped 6% to $215.84 after the parcel delivery company reported results for the fiscal fourth quarter ending on May 31.
Revenue jumped to $22.22 billion from $22.11 billion, net income climbed to $1.65 billion from $1.47 billion, and diluted earnings per share rose to $6.88 from $5.94 a year ago.
During fiscal 2025, the company returned $4.3 billion to stockholders through $3.0 billion of stock repurchases and $1.3 billion of dividend payments, and as of May 31, $2.1 billion remained under the company’s 2024 stock repurchase authorization.
Furthermore, FedEx raised its annual dividend by 5% to $5.80 per share.
The logistics company guided first-quarter revenue to be flat to up 2%, compared to $21.6 billion, and diluted earnings per share to be between $2.90 and $3.50, compared to $3.60 a year earlier, respectively.
Excluding costs related to business optimization initiatives and the planned spin-off of FedEx Freight, the company expects diluted earnings per share to be between $3.40 and $4.00 in the current quarter.
BlackBerry Ltd. surged 6.9% to $4.63 after the Canadian software company reported results for the fiscal first quarter of 2026 ending on May 31.
Revenue edged down to $121.7 million from $123.4 million, net income swung to a profit of $1.9 million from a loss of $41.4 million, and diluted earnings per share were breakeven compared to a loss of 7 cents a year ago.
The company guided second-quarter revenue to be between $115 million and $125 million, compared to $145 million; adjusted EBITDA between $8 million and $14 million, compared to breakeven; and non-GAAP earnings per share between breakeven and 1 cent, compared to breakeven a year earlier, respectively.
For the full year, the software provider estimated revenue to be between $508 million and $538 million, compared to $534.9 million; adjusted EBITDA between $72 million and $87 million, compared to $84.2 million; and non-GAAP earnings per share between 8 cents and 10 cents, compared to 2 cents in the prior year, respectively.
During the first quarter, the company returned $10 million to shareholders by the repurchase of 2.57 million shares.
AeroVironment Inc. gained 0.8% to $194.90 after the defense technology company reported results for the fiscal fourth quarter of 2025 ending on April 30.
Revenue surged to $275.05 million from $196.98 million, net income jumped to $16.66 million from $6.05 million, and diluted earnings per share rose to 59 cents from 22 cents a year ago.
As of April 30, the company announced a funded backlog of $726.6 million, compared to $400.2 million in 2024, and bookings during the fiscal year were $1.2 billion.
The defense technology provider guided full-year revenue to be between $1.9 billion and $2.0 billion, compared to $820.6 million; adjusted EBITDA between $300 million and $320 million, compared to $146.4 million; and diluted earnings per share between $2.80 and $3.00, compared to $3.28 a year ago, respectively.
Japan's Stocks, Yen and Yields Remain Steady as BoJ Reiterates Cautious Outlook
Akira Ito
25 Jun, 2025
Tokyo
Japanese indexes edged up higher amid heightened geopolitical uncertainty and fragile peace in the Middle East.
The Nikkei 225 Stock Average edged up 0.2%, and the broader Topix decreased 0.1%, and crude oil prices lacked direction after falling more than 10% in the previous two sessions.
Investors welcomed the temporary truce between Iran and Israel, and the threat to global crude oil supply through the Strait of Hormuz dissipated for now.
Iran and Israel halted air strikes after 12 days of war amid mounting casualties on both sides, as Israel, despite its military superiority, failed to topple Iran's regime.
Moreover, Israel's vaunted "Iron Dome" struggled to cope with a barrage of ballistic missiles and drone attacks, and military planners underestimated Iran's military capabilities despite the killing of top leaders.
The Japanese yen traded around 145 against the U.S. dollar, and the yield on a 10-year Japanese government bond held firm at 1.4% after the Bank of Japan's latest Summary of Opinions reiterated its cautious approach to policy normalization.
Japan Indexes and Stocks
The Nikkei 225 Stock Average edged up 0.2% to 38,862.33, and the broader Topix declined 0.1% to 2,777.34.
Aeon Co. Ltd. declined 2.5% to ¥4,281.0, Fast Retailing Co. Ltd. decreased 0.5% to ¥46,650.0, Takashimaya Co. Ltd. fell 1.1% to ¥1,070.0, and Seven & I Holdings Ltd. inched lower 0.1% to ¥2,274.0.
Nippon Yusen KK decreased 0.6% to ¥4,991.0, Mitsui O.S.K. Lines Ltd. edged higher 0.2% to ¥4,738.0, and Kawasaki Kisen Kaisha Ltd. inched higher 0.05% to ¥2,014.0.
IHI Corp. decreased 0.9% to ¥15,255.0, Kawasaki Heavy Industries Ltd. edged up 0.7% to ¥10,520.0, and Mitsubishi Heavy Industries Ltd. dropped 0.5% to ¥3,431.0.
Japan's Stocks, Yen and Yields Remain Steady as BoJ Reiterates Cautious Outlook
Akira Ito
25 Jun, 2025
Tokyo
Japanese indexes edged up higher amid heightened geopolitical uncertainty and fragile peace in the Middle East.
The Nikkei 225 Stock Average edged up 0.2%, and the broader Topix decreased 0.1%, and crude oil prices lacked direction after falling more than 10% in the previous two sessions.
Investors welcomed the temporary truce between Iran and Israel, and the threat to global crude oil supply through the Strait of Hormuz dissipated for now.
Iran and Israel halted air strikes after 12 days of war amid mounting casualties on both sides, as Israel, despite its military superiority, failed to topple Iran's regime.
Moreover, Israel's vaunted "Iron Dome" struggled to cope with a barrage of ballistic missiles and drone attacks, and military planners underestimated Iran's military capabilities despite the killing of top leaders.
The Japanese yen traded around 145 against the U.S. dollar, and the yield on a 10-year Japanese government bond held firm at 1.4% after the Bank of Japan's latest Summary of Opinions reiterated its cautious approach to policy normalization.
Japan Indexes and Stocks
The Nikkei 225 Stock Average edged up 0.2% to 38,862.33, and the broader Topix declined 0.1% to 2,777.34.
Aeon Co. Ltd. declined 2.5% to ¥4,281.0, Fast Retailing Co. Ltd. decreased 0.5% to ¥46,650.0, Takashimaya Co. Ltd. fell 1.1% to ¥1,070.0, and Seven & I Holdings Ltd. inched lower 0.1% to ¥2,274.0.
Nippon Yusen KK decreased 0.6% to ¥4,991.0, Mitsui O.S.K. Lines Ltd. edged higher 0.2% to ¥4,738.0, and Kawasaki Kisen Kaisha Ltd. inched higher 0.05% to ¥2,014.0.
IHI Corp. decreased 0.9% to ¥15,255.0, Kawasaki Heavy Industries Ltd. edged up 0.7% to ¥10,520.0, and Mitsubishi Heavy Industries Ltd. dropped 0.5% to ¥3,431.0.
China and Hong Kong Indexes Extend Weekly Gains Amid Fragile Peace In Middle East
Li Chen
25 Jun, 2025
Hong Kong
China and Hong Kong stock market indexes advanced on the hopes that a temporary cooling of tensions in the Middle East may avert a wider war in the region.
The Hang Seng index jumped nearly 1%, and the mainland-focused CSI 300 index gained 0.3% after crude oil prices decreased for the third consecutive session.
Market sentiment in Hong Kong improved on the hopes that foreign investors are likely to resume their purchases driven by increased risk appetite.
Investors also held out for a rate cut in Hong Kong following a balanced testimony by the U.S. Federal Reserve Chairman Jerome Powell.
Traders speculated that the Federal Reserve is more likely to cut rates following the recent decrease in energy prices, which could offset tariff-driven inflation.
China Indexes and Stocks
The Hang Seng Index advanced 0.9% to 24,388.16, and the mainland-focused CSI 300 index edged up 0.3% to 3,914.58.
Vitasoy International Holdings Ltd. decreased 2.8% to HK $9.10, and the beverage maker reported a sharp jump in earnings in the year ending in March.
The beverage maker reported revenue in the fiscal year was nearly flat at HK$6.21 billion compared to HK$6.27 billion, and net income soared 102% to HK$235 million from HK $116 million a year ago, respectively.
The company announced a final dividend of 10.2 cents, increasing the total dividend to 14.2 cents from 7.7 cents a year ago.
CaoCao dropped 14% to HK $36.20, and the ride-hailing operator by Zhejian Geely sold 44.17 million shares at a price of HK $41.94 per share.
XJ Electrics declined 7% to HK $2.57, and the household appliance maker listed its stock on the Hong Kong Stock Exchange.
The company sold 68.22 million shares for a price of HK $2.86.
China and Hong Kong Indexes Extend Weekly Gains Amid Fragile Peace In Middle East
Li Chen
25 Jun, 2025
Hong Kong
China and Hong Kong stock market indexes advanced on the hopes that a temporary cooling of tensions in the Middle East may avert a wider war in the region.
The Hang Seng index jumped nearly 1%, and the mainland-focused CSI 300 index gained 0.3% after crude oil prices decreased for the third consecutive session.
Market sentiment in Hong Kong improved on the hopes that foreign investors are likely to resume their purchases driven by increased risk appetite.
Investors also held out for a rate cut in Hong Kong following a balanced testimony by the U.S. Federal Reserve Chairman Jerome Powell.
Traders speculated that the Federal Reserve is more likely to cut rates following the recent decrease in energy prices, which could offset tariff-driven inflation.
China Indexes and Stocks
The Hang Seng Index advanced 0.9% to 24,388.16, and the mainland-focused CSI 300 index edged up 0.3% to 3,914.58.
Vitasoy International Holdings Ltd. decreased 2.8% to HK $9.10, and the beverage maker reported a sharp jump in earnings in the year ending in March.
The beverage maker reported revenue in the fiscal year was nearly flat at HK$6.21 billion compared to HK$6.27 billion, and net income soared 102% to HK$235 million from a year ago, respectively.
The company announced a final dividend of 10.2 cents, increasing the total dividend to 14.2 cents from 7.7 cents a year ago.
CaoCao dropped 14% to HK $36.20, and the ride-hailing operator by Zhejian Geely sold 44.17 million shares at a price of HK $41.94 per share.
XJ Electrics declined 7% to HK $2.57, and the household appliance maker listed its stock on the Hong Kong Stock Exchange.
The company sold 68.22 million shares for a price of HK $2.86.
U.S. Movers: KB Home
Scott Peters
24 Jun, 2025
New York City
KB Home declined 1.1% to $52.75 after the homebuilder reported weak results for the fiscal second quarter ending on May 31.
Revenue edged down to $1.53 billion from $1.71 billion, net income fell to $107.88 million from $168.42 million, and diluted earnings per share eased to $1.50 from $2.15 a year ago.
During the quarter, the company delivered 3,120 homes, an increase of 11% from a year earlier, and the average selling price increased slightly to $488,700.
Net orders decreased 13% to 3,460; the company’s backlog totaled 4,776 homes, compared to 6,270 homes a year earlier; and the ending backlog value was down 27% to $2.29 billion.
The company guided full-year housing revenue to be between $6.30 billion and $6.50 billion, compared to $6.93 billion, and the average selling price between $480,000 and $490,000, compared to $486,900 a year ago, respectively.
The company had previously guided fiscal year revenue between $6.6 billion and $7.0 billion.
In the second quarter, the homebuilder repurchased its own stock worth $200 million, and as of May 31, the company had $450 million remaining under its stock repurchase authorization.
U.S. Movers: KB Home
Scott Peters
24 Jun, 2025
New York City
KB Home declined 1.1% to $52.75 after the homebuilder reported weak results for the fiscal second quarter ending on May 31.
Revenue edged down to $1.53 billion from $1.71 billion, net income fell to $107.88 million from $168.42 million, and diluted earnings per share eased to $1.50 from $2.15 a year ago.
During the quarter, the company delivered 3,120 homes, an increase of 11% from a year earlier, and the average selling price increased slightly to $488,700.
Net orders decreased 13% to 3,460; the company’s backlog totaled 4,776 homes, compared to 6,270 homes a year earlier; and the ending backlog value was down 27% to $2.29 billion.
The company guided full-year housing revenue to be between $6.30 billion and $6.50 billion, compared to $6.93 billion, and the average selling price between $480,000 and $490,000, compared to $486,900 a year ago, respectively.
The company had previously guided fiscal year revenue between $6.6 billion and $7.0 billion.
In the second quarter, the homebuilder repurchased its own stock worth $200 million, and as of May 31, the company had $450 million remaining under its stock repurchase authorization.
S&P 500 and Nasdaq Composite Approach Record Highs Amid Fragile Ceasefire Between Israel and Iran
Barry Adams
24 Jun, 2025
New York City
Wall Street indexes advanced for the second day in a row this week amid optimism about cooling tensions in the Middle East.
The S&P 500 index advanced 0.8%, and the tech-heavy Nasdaq gained 0.9%, as investors turned bullish after Iran and Israel halted aerial strikes for now.
The tentative ceasefire raised hopes that a wider war in the region could be avoided and lowered the risks to global crude oil supply through the Strait of Hormuz.
Despite the temporary cooling of tensions between Iran and Israel, war could break out any minute as both sides maneuver for an upper hand.
In early trading, crude oil prices declined more than 7% before recovering to a fall of 3% and traded at $65.72 a barrel, a level below the start of Israel's bombing strike on June 12.
Crude oil and natural gas prices are expected to test new lows this year as ample supply and a weakening demand outlook from China and Asian markets keep prices in check.
Commodities, Currencies, Indexes, Yields
The S&P 500 index increased 0.8% to 6,071.77, the Nasdaq Composite edged up 1.1% to 19,842.06, and the Russell 2000 index advanced 0.7% to 2,147.08.
The yield on 2-year Treasury notes edged lower to 3.86%, 10-year Treasury notes increased to 4.36%, and 30-year Treasury bonds advanced to 4.91%.
WTI crude oil decreased $2.35 to $66.15 a barrel, and natural gas prices edged lower by $0.05 to $3.63 a thermal unit.
Gold decreased by $52.35 to $3,315.21 an ounce, and silver edged down by $0.20 to $35.92.
The dollar index, which weighs the US currency against a basket of foreign currencies, decreased by 0.32 to 98.09 and traded at the lowest level since April 2022.
U.S. Stock Movers
Chewy Inc. decreased 2% to $42.50, and the online pet food retailer announced a Class A common stock offering of $1 billion by a selling stockholder underwritten by JPMorgan.
The company concurrently announced its plans to repurchase $100 million worth of stocks from the selling stockholder at an underwritten price of $41.95 per share.
KB Home declined 1.1% to $52.75 after the homebuilder lowered its annual revenue outlook range to between $6.3 billion and $6.5 billion from the previous range between $6.6 billion and $7.0 billion.
In addition, the company reported record quarterly revenue and earnings ahead of market expectations.
S&P 500 and Nasdaq Composite Approach Record Highs Amid Fragile Ceasefire Between Israel and Iran
Barry Adams
24 Jun, 2025
New York City
Wall Street indexes advanced for the second day in a row this week amid optimism about cooling tensions in the Middle East.
The S&P 500 index advanced 0.8%, and the tech-heavy Nasdaq gained 0.9%, as investors turned bullish after Iran and Israel halted aerial strikes for now.
The tentative ceasefire raised hopes that a wider war in the region could be avoided and lowered the risks to global crude oil supply through the Strait of Hormuz.
Despite the temporary cooling of tensions between Iran and Israel, war could break out any minute as both sides maneuver for an upper hand.
In early trading, crude oil prices declined more than 7% before recovering to a fall of 3% and traded at $65.72 a barrel, a level below the start of Israel's bombing strike on June 12.
Crude oil and natural gas prices are expected to test new lows this year as ample supply and a weakening demand outlook from China and Asian markets keep prices in check.
U.S. Stock Movers
Chewy Inc. decreased 2% to $42.50, and the online pet food retailer announced a Class A common stock offering of $1 billion by a selling stockholder underwritten by JPMorgan.
The company concurrently announced its plans to repurchase $100 million worth of stocks from the selling stockholder at an underwritten price of $41.95 per share.
KB Home declined 1.1% to $52.75 after the homebuilder lowered its annual revenue outlook range to between $6.3 billion and $6.5 billion from the previous range between $6.6 billion and $7.0 billion.
In addition, the company reported record quarterly revenue and earnings ahead of market expectations.