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Yahoo Finance

S&P 500, Nasdaq close lower ahead of technology earnings

STORY: U.S. stocks ended lower on Wednesday, with Dow virtually flat, the S&P 500 dipping fractionally, while the Nasdaq lost more than half a percent. Investors eagerly awaited earnings results after the closing bell from Alphabet and Tesla, the first of the Magnificent Seven megacaps to report. Shares of Alphabet, down more than 1% at the close, dipped further in extended trading despite the Google parent topping Wall Street estimates for cloud revenue growth thanks to the AI boom. And shares of Tesla, which also closed lower, tumbled another 2.5% in extended trading after Elon Musk's EV maker reported negative free cash flow for the first time in more than two years due to accelerated spending on AI infrastructure, battery capacity, robotaxis and next-generation manufacturing. Bob Lang, founder and chief options analyst of Explosive Options, said that strong earnings are needed to keep the market moving higher. “The one thing that has been pretty constant here for the past 4 or 5 months for the stock market has been strong earnings and certainly a first quarter brought us about 26, 27% earnings growth. So far in the second quarter, we're seeing it at about 16 to 17%. And that's without some of the big names that have reported for the second quarter yet. We're going to have big names like, Nvidia. We're going to have big names like Micron reporting in September. That's a couple of months away, of course. But you know, we're going to have some of these companies out there that are probably going to report some stellar earnings. And, it's really been the linchpin for keeping the stock market afloat right now.” Shares of IBM rose in extended trading after the company cut its annual revenue growth forecast, days after shocking Wall Street with a warning that corporate spending was shifting toward AI-focused data-center gear at the expense of its software and mainframe computers. :: ServiceNow Handout And shares of ServiceNow, down about 6.5% at the close, rose more than 3% after hours as the company raised its forecast for annual subscription revenue for the second time after beating second-quarter revenue and profit estimates, driven by growing demand for its AI-powered software. Among other tech names, shares of Super Micro Computer rallied almost 20%, making it the S&P 500's biggest percentage gainer, a day after the server maker said it had secured more than $60 billion in new orders in its fiscal fourth quarter.

S&P 500, Nasdaq close lower ahead of technology earnings
North America
CNBC Finance

Why three automakers dominate the fast-growing hybrid vehicle market

Just three automakers control the majority of one of the hottest segments in the U.S. car market — and none of them are American companies. In the first half of 2026, sales of hybrid cars — not long ago considered a bridge to fully electric vehicles — have risen nearly 20% year over year to a record market share of 15.4%, according to the Center for Automotive Research, almost three times the share of pure EVs. "The only growth we're seeing is in hybrid market share," said Elizabeth Krear, CEO of the Center for Automotive Research. "All other propulsion systems have lost market share year to date." It has been a boon to the few automakers that invested heavily in the hybrid vehicle market. Toyota, Hyundai Motor Group and Honda together control 86% of it, according to automotive market analysis firm Baum & Associates. "Consumers want the vehicles. The problem is there are relatively few automakers that offer those vehicles," said Alan Baum, principal at Baum & Associates. Toyota sold more than 600,000 hybrids in the first half of 2026 between its two brands, Toyota and Lexus. It controls half the market. Toyota's hybrid lineup has pushed overall U.S. volumes closer to top seller General Motors, which has bet big on EVs and has only one hybrid in its U.S. lineup in the Corvette E-Ray. GM told CNBC in an email that "hybrids do have a role in our future product plans." The other automaker that has invested heavily in hybrids is Hyundai Motor Group, which owns the Hyundai, Genesis and Kia brands. It just barely surpassed Honda in the first half of 2026, according to data from Baum & Associates. Honda is still the second-bestselling hybrid brand in the country behind Toyota. Hybrids account for 31% of American Honda's sales, according to the company, and it set a U.S. hybrid sales record in the first half of 2026. "We're, extremely happy with how our hybrids have been doing," said Gary Robinson, vice president of auto strategy at American Honda Motor Co., the Japanese carmaker's U.S. arm. High fuel prices, broader selection and lingering skittishness around EV range and charging are pushing an unprecedented number of buyers toward hybrids. Historically, hybrid versions of cars have cost more up front than gas vehicles, due to the more complex powertrains required, Krear said. But buyers can save somewhere between 30% and 50% on fuel costs, given hybrids' better economy, Krear said. A hybrid buyer can recover the added up-front cost in two to three years, she added. "The consumer value proposition wasn't as compelling as it is today," Krear said. "Gas prices were lower, so the up-front premium was harder to justify. Early hybrids were mostly small cars, while American consumers were moving towards SUVs and trucks. It took time for the consumers to understand the value proposition and the economics, as well as for the product availability to align up with consumer preferences."

Why three automakers dominate the fast-growing hybrid vehicle market
Europe
The Guardian

Oil prices near $100 a barrel after US attacks Iran and Houthis hit tankers in Red Sea – as it happened

Higher oil prices because of the resumption of US attacks on Iran and the spread of the conflict to the Red Sea are forcing up the cost to drivers at petrol pumps, according to the latest UK figures. The average price of petrol in the UK has risen to 155.57p per litre, up from 150.59p on 6 July, according to the RAC, a motoring services company. Diesel is up to 172.14p, after having fallen as low as 164p when it appeared that the US and Iran might be reaching a truce. Renewed US strikes on Iran for 12 days in a row, and new attacks on Saudi oil tankers by Yemen’s Houthis, have put paid to any hopes of peace in the near term. Brent crude prices rose by $4.50 as high as $98.88 on Thursday – leaving them just shy of the $100 mark not seen for nearly two months. Fuel prices are shooting up like a rocket on the back of oil being above $90 for the last days. The average price of diesel has gone up almost 8p, or 5%, to 172.14p a litre in the last fortnight, while petrol has risen by 5p in two and a half weeks to 155.57p, a 3% increase. All the cuts of the last few months are sadly being reversed, with the price of unleaded now heading back up towards 160p and diesel to a shocking 180p. If petrol was to climb to 160p, it would surpass its Iran war high of 159.53p, seen on 28 May. Unless the renewed conflict is brought to an abrupt end soon, it’s looking like UK drivers are going to suffer some stinging summertime pump prices. Petrol prices are up by 17% compared with before the US-Israeli attacks on Iran, according to the RAC. Photograph: RACIn other business news from today: Thanks for following today, and please do join us tomorrow for more live coverage of business, economics and financial markets. JJ

Oil prices near $100 a barrel after US attacks Iran and Houthis hit tankers in Red Sea – as it happened
North America
CNBC Finance

Eli Lilly says it will file for approval of next-generation obesity drug in 2027 as it clears two more trials

Eli Lilly on Thursday said it will file for approval of its next-generation obesity drug in the first quarter of 2027, as the treatment succeeds in two more late-stage trials. The pharmaceutical giant previously said it would submit an application as early as this year for the weekly injection, retatrutide, which works differently and appears to be more effective than existing shots and pills. In a statement to CNBC, Lilly said it needs more time to gather and verify the manufacturing and quality-control data required by regulators before it can seek approval. In two separate phase three trials, retatrutide delivered significant weight loss and improvements in a key measure of blood sugar levels in adults with obesity and two major complications, Type 2 diabetes and established cardiovascular disease. Based on the data, the company believes it has the data necessary to file for approval globally for retatrutide as a potential treatment for obesity, knee osteoarthritis pain and obstructive sleep apnea, Kenneth Custer, president of Lilly Cardiometabolic Health, said in a release. In one trial, adults with obesity and diabetes taking the drug lost up to an average of 20.8% of their weight, or nearly 50 pounds, at 80 weeks. That population typically struggles to lose weight. In another trial, adults with severe obesity and established cardiovascular disease, with or without diabetes, on the treatment lost up to an average of 22.6% of their weight, or 55.8 pounds, at 80 weeks. Retatrutide meaningfully reduced certain cardiovascular risk factors in patients, Lilly added. The side effects associated with the drug were consistent across the two trials, as well as previous studies on the treatment. The most common included diarrhea, nausea and constipation, which are also seen across the broader GLP-1 class. There are now positive results from five late-stage trials on retatrutide, which Lilly is positioning as the next pillar of its obesity portfolio after its injection Zepbound and newly launched pill, Foundayo. In a January note, TD Cowen analysts estimated that retatrutide could rake in sales of $3.8 billion in 2030. Retatrutide is also critical to the drugmaker's plan to maintain its market share majority over Novo in the booming market for weight loss and diabetes drugs. Some analysts estimate the segment could be worth about $100 billion by the 2030s. Dubbed the "triple G" drug, retatrutide targets GLP-1, GIP and glucagon rather than just one or two of those hormones like existing treatments. That appears to have more potent effects on a person's appetite and satisfaction with food than other treatments. Tirzepatide, the active ingredient in Zepbound, mimics GLP-1 and GIP. Novo Nordisk's semaglutide, the active ingredient in Wegovy, mimics only GLP-1. Get this delivered to your inbox, and more info about our products and services.

Eli Lilly says it will file for approval of next-generation obesity drug in 2027 as it clears two more trials
Asia
The Economic Times

These 9 equity mutual funds delivered over 10% returns in July. Did you invest in any of them?

Top nine equity mutual funds delivered over 10% returns in July. There were nearly 610 equity mutual funds during the period, and the top nine funds were from the technology sector. Here is the detailed breakup (Source: ACE MF). HDFC Technology Fund, the topper on the list and a technology sector fund, delivered a return of 16.91% in July. Aditya Birla SL Digital India Fund, a technology sector fund, delivered a return of 15.08% in July. Kotak Technology Fund, ICICI Prudential Technology Fund, SBI Technology Opportunities Fund and Tata Digital India Fund delivered returns of 13.84%, 13.83%, 13.73% and 13.30%, respectively, in July 2026. Motilal Oswal Digital India Fund, WOC Digital Bharat Fund and Franklin India Technology Fund delivered returns of 10.93%, 10.59% and 10.05%, respectively, in July. Jasmeet Singh, Executive Director at Anand Rathi Wealth Limited, told ETMutualFunds that whether this outperformance will continue over the next 12 to 18 months is difficult to predict, as technology remains a cyclical sector and consistently identifying market tops and bottoms is rarely possible.The long-term outlook for the IT sector remains positive. However, near-term performance will depend on earnings delivery and global demand. Rather than taking concentrated sectoral exposure after a sharp rally, investors can consider diversified equity funds that already have meaningful exposure to quality IT companies, offering participation in the sector with lower portfolio risk. Nearly 442 funds generated returns ranging from 0.03% to 9.91% in July. One fund generated no return, while around 158 funds posted negative returns, with eight delivering double-digit losses. These double-digit losses were recorded by international funds. Of the 158 funds with negative returns, the first 23 were international funds.

These 9 equity mutual funds delivered over 10% returns in July. Did you invest in any of them?
North America
CNBC Economy

Kevin Warsh has homed in on three key phrases. How Fed watchers interpret them

He's not quite at the level of obscurity of former Federal Reserve Chairman Alan Greenspan, but new Fed chief Kevin Warsh has settled on a few phrases that are notable for their repetition and lack of clarity. In five public appearances, starting with his nomination hearing in April, through his first press conference, roundtable in Portugal and two congressional testimonies, Warsh has used the phrase "family fight" 13 times, returning to "first principles" 11 times and "inflation is a choice" for the Fed six times. But what those phrases mean for monetary policy is more challenging than counting their usage. Yet, with a chairman who has decided to say less than his predecessors, there's a premium on understanding the words he does choose. CNBC asked five close Fed watchers their views on what these three phrases mean to them. "If Chair Warsh encourages more open debate around policy and creates an environment where prevailing assumptions can be challenged rather than simply accepted, that should ultimately lead to better policymaking. The benefit is less about changing the outcome of any individual meeting and more about improving the quality of the decision-making process over time." "Ensuring the environment at the [Federal Open Market Committee] meeting allows for all views/arguments to be heard. I note that this was already the atmosphere when I was on the FOMC. I never felt constrained in what I said or the policy case I argued. In reality, it is 19 people around the table so there has to be some order or else maybe it is only the loudest voice in the room that gets heard and you will actually have fewer views expressed since it will be hard to jump in." "FOMC meetings tend to be highly scripted affairs, with prepared remarks read aloud and limited conversation. Warsh wants a livelier back-and-forth — a style he is more comfortable with. The format is unlikely to affect the policy decision, and 19 participants is a large group for a free-for-all conversation. " "To Kevin, this is his aphorism for the natural debate going on inside the FOMC and the Board. It implies obvious disagreements, but like all 'family fights' is best kept to members of the family and not revealed too much to the public. I think it's the second part that his committee colleagues (and market participants) are finding problematic, and doesn't fit the priors. Members of the committee are clearly willing to disagree in public, or at least state their opinions much more openly (than Chairman Warsh). It's also a way of deflecting his responsibility from external pressure (POTUS, CONGRESS, MARKETS)." "I guess the family fight is him trying to be folksy, but it doesn't depart from the tradition under [Ben] Bernanke of (publicly) welcoming dissenting opinions." "This is vague enough to mean whatever Warsh wants it to mean, but in context, it appears to be the basis for the decision making and structural reform he is manifesting. Over the summer (in Sintra) he said his Central Banking leadership colleagues shared a 'willingness to go back to first principles' as he questioned the whole process of monetary policy making. I'd think his re-introduction of the monetary aggregates, his cute "monetary policy should have something to do with money," is cut from the same general cloth as 'first principles.' Sadly, the science of monetary policy and other workhorses of monetary policy (The Phillips Curve), economic forecasting even appear to be unhelpful in Warsh's first principled approach. He's not been shy about slamming the year-after-year misses in inflation and blaming [Jerome] Powell and company. The low level of interest rates, the balance sheet, the failure to tighten sooner, FAIT and so on, all of that (to Warsh) was a departure from 'first principles.'" "'First principles' is code for 'question everything.' Warsh has said repeatedly that he wants "regime change" at the Fed and questioning the basic assumptions of how monetary policy is done fits that agenda. I am skeptical that Warsh will be able to rewrite first principles. Showing that an assumption is flawed is not enough; it requires offering a better replacement. Even with his task forces, Warsh is likely to come up short on new first principles — no regime change in monetary policy, but some incremental improvements to how it's done." "Rethink the way the Fed goes about achieving its dual mandate goals of price stability and maximum employment without preconceived notions or assumptions, or precluding approaches because they may differ from the current approach. Think first about what the best approach is for communications, inflation and labor market assessment, balance sheet and operating framework, and data sources. Then consider how to transition to these new approaches."

Kevin Warsh has homed in on three key phrases. How Fed watchers interpret them
North America
CNBC Finance

GM beats on earnings, raises guidance amid 'resilient' consumer, pricing

DETROIT — General Motors raised several key 2026 earnings forecasts Tuesday after beating Wall Street's second-quarter expectations as the automaker's North American operations continue to drive its results. The Detroit automaker attributed its guidance change to consistent vehicles transaction prices, lower warranty costs and narrowing all-electric vehicle losses as it wraps up a multibillion-dollar pullback in EVs. "These results are very consistent with what we've been doing for the last several years," GM CFO Paul Jacobson said Tuesday during CNBC's "Squawk Box." "Our first half earnings per share is 25% higher than the first half at any time in our history." Jacobson said GM's "momentum is palpable," while referring to the company's stock as a "bargain" at roughly $75 a share, up more than 40% compared to a year ago. He described the company's consumer demand as "resilient." The raised guidance includes full-year adjusted earnings before interest and taxes of between $14 billion and $16 billion, or $12 and $14 adjusted EPS, up from previous guidance of $13.5 billion to $15.5 billion, or $11.50 and $13.50 adjusted EPS, previously. It also raised its expectations for adjusted automotive free cash flow to $9.5 billion to $11.5 billion, up from $9 billion to $11 billion. The Detroit automaker, however, lowered its expectations for net income attributable to stockholders to be between $8.4 billion and $9.8 billion, down from a previously lowered guidance of between $9.9 billion and $11.4 billion. This is the second consecutive quarter GM has lowered its net income attributable to stockholders guidance while raising other forecasts. In April, GM altered its guidance to reflect a $500 million tariff rebate. The company's North American operations led GM's results, which also include expanding its digital services revenue by 20% and improving its EV losses by between $1 billion to $1.5 billion this year compared with 2025. "Our 8.6% EBIT-adjusted margin in North America was up 2.5 points from a year ago, and we continue to lower our warranty costs, reduce EV losses, and increase operating efficiency. In addition, GM International, inclusive of our China joint ventures, was profitable," GM CEO and Chair Mary Barra said in a letter to shareholders. Barra also noted consistent vehicle pricing and a "very attractive lineup" of pickup trucks and SUVs contributed to its results. The automaker said its average vehicle transaction price was $52,000 during the quarter as it remains disciplined regarding incentives. The company said Tuesday it has "substantially" completed material charges involving its pullback in all-electric vehicles, which have included $10.9 billion in EV-related charges since the second half of last year. GM on Tuesday said it has paid $4.5 billion of an expected $7.2 billion in cash charges related to its EV pullback through the second quarter.

GM beats on earnings, raises guidance amid 'resilient' consumer, pricing
Europe
BBC Business

Primark's new 'supermarket tactic' to woo customers in online price war

It is something I keep hearing shoppers say when I ask them whether they shop at the fast-fashion giant. "It's definitely got more expensive," says 19-year-old student Eshal Malik as she browses the jewellery at Primark with a friend. But that might be about to change. Primark said on Monday that it was lowering prices on hundreds of clothing items, including jeans, jumpers and socks. "It's the kind of headline you'd expect from M&S or Next," says retail analyst Natalie Berg, explaining that price cuts like this from such a low-cost retailer are surprising. "You don't want to join a race to the bottom," she says. "But when Shein is selling dresses for £3, you've got to respond, right?" Primark, which has more than 190 UK stores, has been experiencing a drop in like-for-like sales, a key measure in the retail industry. Increases to the price of fabric, minimum wages, shipping and energy costs and a focus on higher standards overall has contributed to the rising price of clothes for the likes of Primark in recent years. The announcement of price cuts comes ahead of parent company Associated British Foods' plan to spin off the business onto the London stock market next year. The level of competition among fashion retailers has "evolved dramatically" over the past few years, and Chinese online marketplaces Shein and Temu are now competing for Primark's customers, says Berg. But there is also competition from other online retailers like TikTok Shop and Vinted, she says. By slashing prices on some core items, Primark is likely hoping to woo shoppers with low-cost staples, in the same way that supermarkets attract customers with cheap milk and bananas, Berg says. When Tasneem Jafar wants to buy new clothes, the first place she looks is Primark.

Primark's new 'supermarket tactic' to woo customers in online price war
Asia
The Hindu BusinessLine

British brewer Lion returns to India after 60 years, enters Delhi market with premium beer

British brewer Lion brewery co has re-entered the Indian market after an absence of more than six decades, launching its premium beer portfolio in Delhi as it seeks to tap into the country's fast-growing premium beer segment. The company has partnered with Copperdrop Spirits as its exclusive importer and distributor in India, with plans to expand distribution to Haryana and Uttar Pradesh in the next phase. The brewer, which was founded in London in 1836, said it has historical links with India and was among early producers and exporters of India Pale Ale (IPA), a beer style originally developed for export to the country during the British era. "India is not just a new market for us, it's part of Lion brewery co's story," said Will Julius, Managing Director of Lion brewery co. Lion brewery co is looking at the premium side of the Indian beer market, which is growing at an accelerated pace of over 40 per cent annually, driven by rising urban disposable incomes, a shift toward milder or craft options, and a massive surge in microbreweries. "To bring Lion back after more than half a century, and to do so at a time when the premium beer segment is growing so rapidly in India, is incredibly exciting," he added. The company has debuted in India with its Island Lager and Pale Ale, currently available in the Delhi market in 330 ml bottles. According to Lion brewery, further formats are expected. Lion brewery co, which was restored by a group of friends in 2018, India entry is enabled through the partnership with Copperdrop Spirits, which is promoted by the founder of premium beer brand Bad Monkey Beer, the statement said. "We see strong potential for premium international craft brands in India. Lion brewery co combines heritage, authenticity, and quality -- all of which resonate strongly with today's Indian consumer," said Rohan Khare of Copperdrop Spirits. India's beer market is undergoing a significant premiumisation shift, with the overall market estimated at around USD 4.5 billion in 2023 and projected to grow at a CAGR of 8-10 per cent through 2028, according to IMARC Group data cited in the statement. The premium segment is growing faster than the overall market, around 42-45 per cent, it said. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

British brewer Lion returns to India after 60 years, enters Delhi market with premium beer