MARKET WRAPS
STOCKS: Stocks fell as tensions mounted between the U.S. and Iran.
TREASURYS: Treasury yields rose and the yield on the 30-year bond closed at the highest level since 2007 due to inflation expectations.
FOREX: The U.S. dollar ticked down against rivals following mixed economic data.
COMMODITIES: Oil futures rose as the Strait of Hormuz remained effectively shut.
HEADLINES
Trump Threatens to Bomb Oman if It 'Gets in the Way' of Iran Conflict
President Trump threatened to bomb Oman if the country "gets in the
way" of U.S. efforts to reach a peace deal with Iran.
"If Oman gets in the way, we'll bomb the s- out of them," Fox News'
Trey Yingst reported Trump saying during a phone interview Monday.
Trump, according to Yingst, said U.S. forces could strike the Gulf
nation if it interfered in the blockade of Iranian ships in the Strait of
Hormuz. The president said the blockade was putting pressure on Iran but
offered no timeline for ending the conflict, saying he was in no hurry.
Trump Says Israel Should Stop Striking Gaza
TEL AVIV-President Trump said Israel shouldn't be striking targets in
Gaza, as his envoy Jared Kushner met Monday with Israeli Prime Minister
Benjamin Netanyahu to salvage the president's floundering plan to disarm
Hamas and end the war in the Palestinian enclave.
In a rare public break between the close allies, Netanyahu last week
rejected Trump's plan for a phased disarmament by Hamas. After a brief
pause, Israel resumed near-daily strikes against Palestinian militants,
including some that Israel says took part in the Oct. 7, 2023, attack and
hostage taking.
Trump told Fox News on Monday that Israel shouldn't be carrying out
those attacks, because he said Hamas has agreed to lay down its weapons.
L3Harris Ousts CEO After Investigation Into Conduct
L3Harris Technologies, the company that overhauled a Qatari plane now
used as Air Force One, has replaced Christopher Kubasik as chairman and
chief executive after an investigation determined he violated the defense
contractor's code of conduct.
Kubasik's alleged conduct didn't involve and has no impact on the
Melbourne, Fla., company's financial reporting, controls, customer
relationships or operational performance, L3Harris said Monday.
The company didn't give details on when it received a report of the
potential violation. With the aid of independent counsel, the board
determined that Kubasik's removal would be in the company's best
interest, L3Harris said. He will be allowed to retain and exercise some
previously vested stock options but won't receive severance payments,
benefits or accelerated stock-based awards.
U.S. Home-Builder Sentiment Still Muted by Affordability Concerns
Confidence among U.S. home builders barely picked up in August as high
mortgage rates, rising construction costs and economic uncertainty
continue to hang over the housing market.
Here are the main takeaways from the National Association of Home
Builders' latest report released Monday:
The NAHB/Wells Fargo Housing Market Index, a gauge of builder
confidence in the market for newly built single family housing, inched up
to 35 in August from 34 in July. Economists polled by The Wall Street
Journal expected the reading to drop by a point to 33.
Madison Air to Buy Airflow-Technologies Company for $5.4 Billon
Madison Air Solutions inked a deal to buy Ebm-Papst for $5.4 billion,
including debt.
Madison Air, which provides air-quality solutions, said Monday the
acquisition will add to its portfolio of new products that will help
customers improve uptime, efficiency and productivity.
Headquartered in Mulfingen, Germany, Ebm-Papst supplies
high-performance airflow technologies, as well as integrated
electronically commutated fan and motor systems, according to Madison
Air.
Paramount Wants $1.88 Billion Bond From States, Writers Challenging
Warner Deal
Paramount on Monday asked a judge to require 12 states and the Writers
Guild of America to put up a nearly $1.9 billion bond for challenging its
acquisition of Warner Bros. Discovery, money that would go to the company
if it ultimately wins the case.
The aggressive maneuver came in a motion arguing that the plaintiffs
should be held financially responsible for damages Paramount suffers
during litigation seeking to block the $81 billion deal.
Paramount specifically wants the bond to cover the roughly $7
million-a-day, or $650 million-a-quarter, ticking fee it will owe Warner
shareholders if the deal hasn't closed by Oct. 1.
New York Manufacturing Activity Accelerates in August
Factory activity in New York State grew strongly in August, according
to the latest monthly edition of the Empire State Manufacturing Survey.
The Federal Reserve Bank of New York said that its statewide
manufacturing index of business conditions rose to 20.6, its highest
reading in four years. A consensus of economists polled by The Wall
Street Journal had expected a reading of 12.
The new orders index came in at 17.3, and the shipments index printed
at 11.7, pointing to continued solid increases in orders and shipments,
the survey said.
TALKING POINT Boomers Are Wealthy, Healthy and Driving a Global Travel Boom
After Jean Chow's husband and mother died within six months of each other, she needed to get away.The retired mother and grandmother booked a 21-day tour on a private plane and visited six countries. She rode camels in Egypt, cruised the Nile River and hugged the stones at Avebury in England. The trip, one of two private-plane trips offered by Road Scholar, cost $93,000. Chow, 69, has booked another private-plane trip to visit six countries in Africa.
"I want to do it now while I'm still able," says Chow, adding that she is fortunate to be able to afford such trips.
Baby boomers collectively have more wealth than any other living generation, and they are splurging on travel. They are living longer, have more free time and are in better shape than their parents and grandparents. As the first of the boomers hit their 80s, there is also a greater urgency to see as much of the world as they can.
That is reshaping travel on several fronts. This generation, who as young adults hitchhiked across the country and backpacked through Europe, now is going on safaris and hiking in the Serengeti on guided tours that offer "easy" as well as "challenging" options.
Boomers want adventure, but also want nice accommodations, good food, smooth connections and fewer baggage hassles. And while many will splurge on travel, there are also plenty of bargain hunters among their ranks.
David Porter, co-founder with his wife, Carol, of Roaming Boomers Travel Services, said bookings are up 20% this year, with most for cruises on small luxury ships. His biggest question is how to keep up with it.
--Clare Ansberry
Expected Major Events for Tuesday 06:00/UK: Jul UK monthly unemployment figures
08:30/UK: Jul Monthly Insolvency statistics
09:05/GER: Aug ZEW Indicator of Economic Sentiment
12:15/CAN: Jul Housing Starts
12:30/US: Jul Import & Export Price Indexes
12:30/US: Jul New Residential Construction - Housing Starts and Building Permits
12:55/US: 08/15 Johnson Redbook Retail Sales Index
13:15/US: Jul Industrial Production and Capacity Utilization
14:00/US: 2Q Quarterly Retail E-Commerce Sales
14:00/US: Jul Pending Home Sales Index
20:30/US: API Weekly Statistical Bulletin
23:50/JPN: Jun Orders Received for Machinery
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Expected Earnings for Tuesday AnaptysBio Inc $(ANAB)$ is expected to report $-0.13 for 2Q.
Anavex Life Sciences Corp (AVXL) is expected to report $-0.17 for 3Q.
Damora Therapeutics Inc $(DMRA)$ is expected to report for 2Q.
Healthier Choices Management Corp (HCMC) is expected to report for 2Q.
Hyperliquid Strategies Inc (PURR) is expected to report for 3Q.
Iridex Corp $(IRIX)$ is expected to report $-0.24 for 2Q.
Jack Henry & Associates Inc $(JKHY)$ is expected to report $1.47 for 4Q.
Keysight Technologies Inc (KEYS) is expected to report $2.16 for 3Q.
La-Z-Boy Inc $(LZB)$ is expected to report $0.49 for 1Q.
Mega Matrix Inc (MPU) is expected to report for 1Q.
Mercury Systems Inc (MRCY) is expected to report $0.11 for 4Q.
Sypris Solutions Inc (SYPR) is expected to report for 2Q.
Toll Brothers Inc $(TOL)$ is expected to report $2.93 for 3Q.
Vicarious Surgical Inc (RBOT) is expected to report for 2Q.
Wins Finance Holdings Inc (WINSF) is expected to report for Interim.
ZenaTech Inc $(ZENA)$ is expected to report for 2Q.
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