U.S. stocks traded lower this morning, with the Dow Jones index falling more than 250 points on Thursday.Following the market opening Thursday, the Dow traded down 0.56% to 46,171.31 while the NASDAQ fell 1.15% to 21,677.52. The S&P 500 also fell, dropping, 0.82% to 6,537.54.Leading and Lagging SectorsEnergy shares climbed by 0.6% on Thursday.In trading on Thursday, communication services stocks fell by 1.6%.Top HeadlineU.S. initial jobless claims increased by 5,000 from the previous month to 210,000 during ...

The @CFTC’s roots are in the trading of agricultural commodities. America’s agricultural producers utilize derivatives markets to manage many of the risks they face every day, like low commodity prices and high input costs. These same producers depend on the CFTC’s oversight to effectively hedge those risks and discover prices in the markets. Through public roundtables, requests for input, the Agriculture Advisory Committee, and stakeholder outreach, the CFTC aims to develop insights that will help inform C ...

Market Overview - U.S. stocks traded lower, with the Dow Jones index falling more than 1% on Monday, down 1.30% to 46,883.33, NASDAQ down 1.02% to 22,159.20, and S&P 500 down 1.14% to 6,663.14 [1] - European shares also declined, with the eurozone's STOXX 600 down 1.2%, Spain's IBEX 35 Index down 1.2%, London's FTSE 100 down 0.8%, Germany's DAX down 1.1%, and France's CAC 40 down 1.6% [4] - Asian markets closed lower, with Japan's Nikkei 225 down 5.20%, Hong Kong's Hang Seng index down 1.35%, China's Shanghai Composite down 0.67%, and India's BSE Sensex down 1.71% [5] Sector Performance - Energy shares rose by 0.1% on Monday, while consumer discretionary stocks dipped by 2% [1] Company Earnings - Korn Ferry (NYSE:KFY) reported third-quarter earnings of $1.28 per share, beating the analyst consensus estimate of $1.24 per share, and quarterly sales of $725.042 million, surpassing the analyst consensus estimate of $695.118 million [2] Commodity Prices - Oil traded up 7.7% to $97.86, while gold traded down 0.8% at $5,119.00; silver traded up 1% to $85.165, and copper fell 0.4% to $5.7835 [3]

Market Overview - U.S. stocks experienced a decline, with the S&P 500 falling approximately 1.5% amid the ongoing Iran-U.S. conflict, as Iranian state media reported the closure of the Strait of Hormuz and threats to vessels attempting to pass [1] - The Dow Jones Industrial Average decreased by 1.48% to 48,179.27, while the NASDAQ fell by 1.54% to 22,398.78, and the S&P 500 dropped 1.46% to 6,781.08 [1] Sector Performance - Consumer staples shares saw a minor decline of 0.5% on Tuesday [2] - Materials stocks experienced a more significant drop of 3.9% [2] Company Earnings - Target Corporation reported fourth-quarter adjusted earnings per share of $2.44, surpassing the analyst consensus estimate of $2.15, although quarterly sales of $30.453 billion, down 1.5% year over year, fell short of the expected $30.512 billion [3] - The company is projecting adjusted EPS for 2026 to be between $7.50 and $8.50, compared to an analyst estimate of $7.68, with projected sales of $106.876 billion against an analyst estimate of $106.672 billion [4] Commodity Market - In commodity news, oil prices increased by 6.6% to $75.90, while gold prices decreased by 4% to $5,099.20 [5] - Silver prices fell by 7.4% to $82.28, and copper prices dropped by 2.4% to $5.8050 [5] European Market Performance - European shares were down, with the eurozone's STOXX 600 declining by 3.53%, Spain's IBEX 35 Index falling by 5.4%, London's FTSE 100 down by 3.30%, Germany's DAX decreasing by 4.01%, and France's CAC 40 declining by 3.47% [6] Asian Market Performance - Asian markets closed lower, with Japan's Nikkei 225 falling by 3.06%, Hong Kong's Hang Seng index dipping by 1.12%, and China's Shanghai Composite decreasing by 1.43% [7] Economic Indicators - The Logistics Manager's Index rose to 61.5 in February from 59.6 in the previous month [8] - The RealClearMarkets/TIPP Economic Optimism Index fell to 47.5 in March from 48.8 in the previous month, missing market estimates of 50.1 [8]

Egypt moved to ease concerns over the Iran war’s impact on the economy, while warning “extraordinary” measures may be needed to tackle commodity prices if the conflict drags on https://t.co/3d26Wzqasc ...

Financial Data and Key Metrics Changes - In 2025, net income attributable to ONEOK increased by 12% to $3.39 billion, resulting in earnings of $5.42 per share [4][9] - Adjusted EBITDA rose by 18% to $8.02 billion, marking 12 consecutive years of growth [5][9] - For 2026, net income is expected to reach approximately $3.45 billion, with an Adjusted EBITDA midpoint of approximately $8.1 billion [10][14] Business Line Data and Key Metrics Changes - The company achieved nearly $500 million in total synergies from the Magellan acquisition, with $250 million realized in 2025 alone [6][7] - Approximately 90% of earnings are fee-based, which limits commodity exposure and supports valuation durability [7] - The natural gas pipeline segment exceeded guidance in 2025, benefiting from strategic locations in the Permian Basin and Louisiana [23] Market Data and Key Metrics Changes - In the Bakken, there are 5,000 identified wells yet to be drilled, equating to approximately 15+ years of inventory at current rig rates [8] - The company expects a low single-digit growth rate for Bakken volumes at $55-$60 per barrel crude prices [79] - The Permian Basin is projected to grow by more than 1 Bcf per year, with ONEOK well-positioned to capture this growth [26] Company Strategy and Development Direction - ONEOK aims to deliver durable growth through a disciplined capital allocation strategy and has integrated major acquisitions to enhance its platform [4][5] - The company is focused on organic expansions and capturing synergies from acquisitions to drive future growth [7][16] - The strategy includes maintaining a high-quality earnings mix and limiting commodity exposure [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to integrate acquisitions and capture expected synergies, generating additional cash flow [8] - Despite lower crude oil prices potentially slowing drilling, there is visibility into growth for 2026 and beyond [7][8] - The company remains cautious about commodity prices while maintaining confidence in the durability of its integrated asset base [8] Other Important Information - The company returned nearly $2.7 billion to shareholders through dividends and share repurchases in 2025 [10] - A quarterly dividend increase of 4% was recently announced, reinforcing the commitment to shareholder returns [10] Q&A Session Summary Question: Can you discuss the conservatism in the 2026 guidance? - Management indicated that they are planning for lower crude prices and have been intentional in their projections, which could allow for upside if prices strengthen [34] Question: What optimization opportunities exist? - Management highlighted successful discretionary ethane recovery and spot offloads in the Permian as examples of past optimization opportunities [35][36] Question: When can we expect announcements regarding power opportunities? - Advanced negotiations are ongoing with hyperscalers, and announcements are expected in the near future [39] Question: What is the outlook for Waha basis spreads? - Management noted that there is open capacity on the Eiger pipeline system, and they see potential upside if spreads remain favorable [43][44] Question: Can you elaborate on the drivers of NGL throughput volumes? - Management explained that a contract loss in the Bakken and increased ethane rejection in the Mid-Continent are tempering growth expectations [72] Question: What are the plans for capturing more third-party volumes in the Permian? - Management stated that they have significant capacity on the West Texas NGL Pipeline and are actively pursuing opportunities to attract third-party volumes [80][81]

Market Overview - U.S. stocks experienced a decline, with the Dow Jones index dropping over 700 points, down 1.46% to 48,901.83, NASDAQ falling 1.03% to 22,650.14, and S&P 500 decreasing 0.95% to 6,843.89 [1] - Consumer staples shares increased by 1.2%, while financial stocks fell by 3.2% [1] Company Earnings - A company reported operating earnings of 68 cents per share, exceeding the consensus estimate of 67 cents and up from 58 cents per share in the same quarter last year [2] - Total operating revenue reached $4.093 billion, surpassing the analyst estimate of $3.653 billion and reflecting a 20.38% increase from the previous year [2] Commodity Market - Oil prices decreased by 0.3% to $66.26, while gold prices increased by 2.9% to $5,225.90 [3] - Silver prices rose by 5% to $86.420, whereas copper prices fell by 1.2% to $5.7705 [3] European Market - European shares were mostly lower, with the eurozone's STOXX 600 declining by 0.45%, while Spain's IBEX 35 Index rose by 0.56% [4] - London's FTSE 100 fell by 0.02%, Germany's DAX decreased by 1.06%, and France's CAC 40 dropped by 0.22% [4] Asian Market - Asian markets closed higher, with Hong Kong's Hang Seng index gaining 2.53% and India's BSE Sensex increasing by 0.58% [5]

Core Insights - The SPDR S&P Metals & Mining ETF (XME) has nearly doubled in value over the past year, rising from approximately $62 to $118, driven by investor interest in commodities linked to electrification, defense, and monetary policy uncertainty [2] - Key holdings in the ETF, such as Newmont, Freeport-McMoRan, and Alcoa, account for about 16% of the portfolio, making XME a leveraged play on metals prices and global manufacturing health [2] - The performance of the ETF is closely tied to gold and copper prices, with gold prices recently surging to between $4,900 and $5,000 per ounce, significantly enhancing Newmont's profitability [3] - Freeport-McMoRan faces risks if copper prices decline towards $6.00 to $6.40 per pound, although the planned restart of the Grasberg mine in Q2 2026 could mitigate these risks through increased production [4] Commodity Price Dynamics - The Producer Price Index for commodities has remained stable near 260 over the past year, indicating stable input costs that support current metals valuations [5] - Any significant movement in commodity prices could indicate changing demand dynamics, making it essential to monitor COMEX gold and copper futures [5] Production and Operational Execution - The restart of Freeport's Grasberg mine is a critical operational catalyst for XME, with the potential to add 300 million pounds of copper, although execution risks such as delays or cost overruns could impact the outlook [6] - Recent operational results show execution risks across the sector, as Alcoa fell short of revenue expectations in Q3, despite offsetting operational challenges with a $232 million gain from selling its Ma'aden joint venture stake [7]

Core Viewpoint - The SPDR S&P Metals and Mining ETF (XME) has nearly doubled in value over the past year, driven by rising gold prices and copper demand, but future performance will depend on commodity price stability and production growth from key holdings [1]. Group 1: ETF Performance and Holdings - XME increased from approximately $62 to $118, reflecting strong investor interest in commodities linked to electrification, defense, and monetary policy uncertainty [1]. - Major holdings in XME include Newmont, Freeport-McMoRan, and Alcoa, which together account for about 16% of the ETF's portfolio [1]. Group 2: Gold and Copper Prices - Gold prices surged to between $4,900 and $5,000 per ounce, significantly enhancing Newmont's profitability, resulting in $1.6 billion in free cash flow [1]. - Freeport-McMoRan may face challenges if copper prices decline to $6.00 to $6.40 per pound, although the planned restart of the Grasberg mine in Q2 2026 could help mitigate these risks by adding 300 million pounds of copper [1]. Group 3: Production Execution Risks - The restart of Freeport's Grasberg mine is a critical operational catalyst for XME in 2026, but any delays or cost overruns could negatively impact the investment thesis [1]. - Alcoa reported lower-than-expected revenues in Q3, but managed to offset some operational challenges with a $232 million gain from selling its stake in a joint venture [1]. - Execution risks are evident across the sector, with a focus on unit costs, volume guidance, and free cash flow generation being essential for assessing future performance [1].

Market Overview - U.S. stocks traded mostly higher, with the Dow Jones index gaining over 200 points, up 0.45% to 50,348.12, while the NASDAQ fell 0.03% to 23,059.26 and the S&P 500 rose 0.21% to 6,955.97 [1] Sector Performance - Real estate shares increased by 2.1% on Thursday, indicating strong performance in that sector [1] - Communication services stocks experienced a decline of 0.4% [1] Job Market - U.S. initial jobless claims decreased by 5,000 to 227,000, which was higher than market estimates of 222,000 [2][6] Commodity Prices - Oil prices fell by 0.8% to $64.09, while gold decreased by 0.4% to $5,079.00. Silver dropped 1.2% to $82.915, and copper saw a slight increase of 0.1% to $5.9690 [3] European Market Performance - European shares showed mixed results, with the eurozone's STOXX 600 rising 0.4%, while Spain's IBEX 35 Index fell 0.2%. London's FTSE 100 slipped 0.1%, Germany's DAX gained 1.4%, and France's CAC 40 rose 1.1% [4] Asian Market Performance - Asian markets closed mixed, with Japan's Nikkei down 0.02%, Hong Kong's Hang Seng Index down 0.86%, China's Shanghai Composite up 0.05%, and India's BSE Sensex down 0.66% [5]