Ben Carter is a staff writer at P&L, covering markets, dealmaking, and public companies. He previously worked in equity research, focusing on valuation, earnings, and IPOs.
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Reuters counted 26 companies that withdrew or cut guidance as the Iran war pushed up fuel bills, tightened supply chains and slowed deliveries.
Mortgage rates fell to their best spring level in 3 years, and purchase applications rose 10%.
S&P Global said the flash composite PMI climbed to 52.0 in April, while firms raised selling prices at the fastest pace since July 2022 and input costs hit an 11-month high.
Wall Street pushed to record highs as Brent crude topped $100 a barrel and the Strait of Hormuz stayed closed, with investors treating the Iran war as a temporary shock.
Reuters said 26 firms have cut or withdrawn guidance since the war began as shipping disruptions, fuel costs and supply bottlenecks drive prices higher.
Freddie Mac put the 30-year fixed rate at 6.23%, while purchase applications rose 10% and refinance demand climbed 6%.
U.S. business activity improved in April as S&P Global’s flash composite PMI rose to 52.0, but the output-price gauge jumped to 59.9, its highest since July 2022.
Wall Street shrugged off the Iran shock as the S&P 500 and Nasdaq hit records even with Brent crude back above $100 and the Strait of Hormuz closed.
Freddie Mac’s 30-year mortgage rate fell to 6.23%, its lowest for 3 spring homebuying seasons, and purchase loan applications jumped 10% last week.
Trump's ceasefire deadline and Iran's leverage over the Strait of Hormuz are driving oil prices higher as the IMF warns of a possible global recession.
U.S. business activity rebounded in April as S&P Global's flash PMI rose to 52.0, but price pressures hit a nearly 4-year high amid Iran war supply disruptions.