Royal Caribbean Cruises Ltd. operates as a cruise company worldwide. The company operates cruises under the Royal Caribbean International, Celebrity Cruises, and Silversea Cruises brands, which comprise a range of itineraries. As of February 21, 2024, it operated 65 ships. Royal Caribbean Cruises Ltd. was founded in 1968 and is headquartered in Miami, Florida.

Royal Caribbean Cruises appears to be a company with very strong operating profitability, but with a noticeably stretched balance sheet and an expensive valuation in terms of assets and revenue. A P/E ratio of 19.62 is only slightly above the industry median, so based on earnings the stock does not look extremely expensive; however, a P/S of 4.62 and P/B of 6.87 are significantly above industry benchmarks, which limits the potential for re-rating. It is especially important that P/FCF is currently zero, which is either a sign of very strong free cash flow in the calculation base or a data artifact; in any case, this metric does not justify an aggressive target increase. The company’s profitability is outstanding: ROE of 42.87%, ROA of 10.45%, ROI of 14.99%, net profit margin of 23.54%, and operating margin of 27.32% are all well above the industry median, confirming the high quality of current earnings. Margin trends over recent periods are generally stable, with no signs of sharp deterioration, which supports the business valuation. Revenue, gross profit, EBITDA, and net income remain at high levels and generally continue to grow compared with earlier periods, indicating recovery and resilient demand. At the same time, long-term debt has increased to 21.26 billion, while a debt/equity ratio of 2.03 and a current ratio of 0.21 show that financial leverage remains the main risk for shareholders. The quick ratio of 0.19 and current ratio of 0.21 are very low, so working-capital cushion is limited despite strong profitability. Equity has increased to 10.46 billion, which is positive, but against liabilities of 34.18 billion the debt burden remains high. Dividend yield is effectively absent, so the investment case is based not on income but on earnings growth and multiple expansion. Overall, the fundamentals support only a moderate increase in the target valuation, because strong operating efficiency is already largely reflected in the price, while the balance sheet and expensive revenue- and equity-based multiples constrain more meaningful upside.

Royal Caribbean Cruises Ltd.

Средний индекс, значительно упал. Быки в растерянности.

Medium index, significantly down. The bulls are confused.

Сильный индекс, значительно упал. Медведи в растерянности.

Strong index, significantly down. The bears are confused.

Сильный индекс, без изменений. Рынок не поддерживает быков.

Strong index, flat. The market does not support the bulls.

Сильный индекс, без изменений. Рынок на стороне медведей.

Strong index, flat. The market is on the bears' side.

Средний индекс, незначительно вырос. Отток средств из лонгов на высоком уровне.

Medium index, slightly up. Outflow of funds from longs at a high level.

Средний индекс, незначительно упал. Приток средств в шорты на высоком уровне.

Medium index, slightly down. Inflow of funds into shorts at a high level.

RCL has strong profitability and margins, but high leverage, weak liquidity, and expensive revenue and capital multiples limit the upside.

Carnival Corporation Ltd. CCL is entering the second half of fiscal 2026 with its booked position ahead of last year and prices at record levels, supported by resilient close-in demand and robust onboard spending. The company reported record yields in the fiscal second quarter, while customer deposits reached an all-time high of $9 billion. Management noted that 93% of its 2026 business was already booked, with less inventory remaining for sale than a year ago.
The strength of Carnival’s forward bookings is also extending into 2027. Since the beginning of the fiscal second quarter, the company has seen booking volumes and pricing for future sailings run ahead of last year's levels, with bookings for its European deployments in 2027 up in the mid-teens percentage range year over year at higher prices. The company stated that its overall 2027 book position is at historical highs for both price and occupancy, reinforcing its confidence in the longer-term demand outlook.
However, sustaining pricing momentum in 2026 could remain challenging as Carnival navigates geopolitical uncertainty and uneven regional demand. The prolonged Middle East conflict weighed particularly on European deployments, while higher airfares and reduced international flight capacity affected North American travelers. Carnival lowered its European occupancy expectations by a couple of points, while the impact of the Middle East conflict on European deployments contributed to a roughly 1-percentage-point reduction in full-year yield guidance.
Nevertheless, recent booking trends indicate that the pressure may be easing. Management stated that June appeared to mark a turning point, with booking trends showing a reversal of the European headwinds. Carnival expects record yields in the second half of fiscal 2026.
Carnival appears well positioned to sustain pricing momentum, although the pace of yield growth could remain uneven as European demand normalizes. The combination of an extended booking curve, higher forward pricing, disciplined capacity growth and stronger revenue-management capabilities provides support for yields. If booking strength persists and geopolitical pressures continue to recede, Carnival’s extended booking curve should likely provide support for yield growth and the company’s earnings outlook. The company expects adjusted EPS for fiscal 2026 to be $2.22, up from the previous outlook of $2.21.
Key Peers Show Diverging Booking Trends
Royal Caribbean Group RCL is benefiting from strong demand and pricing momentum across its cruise portfolio. In the second quarter, the company reported net yield growth of 1.2%, with results exceeding expectations as close-in demand, particularly for Caribbean sailings, accelerated. RCL said its book position was at record prices for 2026, while booking trends for 2027 were pacing ahead of historical levels. Management also noted that its 2027 book position was at historical highs for both price and occupancy and at higher rates across its portfolio. Although geopolitical disruptions have weighed modestly on European bookings, RCL continues to expect full-year net yield growth of 1.75%-2.25%.
Norwegian Cruise Line Holdings Ltd. NCLH is taking a more turnaround-focused approach as it works to rebuild demand and strengthen its booking position. The company reported a 2.6% decline in second-quarter net yields and expects full-year net yields to decrease approximately 5%, reflecting a softer demand environment, and marketing and demand-generation challenges. NCLH is revamping its revenue-management strategy by moving toward a base loading methodology, which involves more competitive pricing earlier in the booking curve to build demand sooner and support stronger close-in yields. Management expects these marketing, demand-generation and revenue-management initiatives to take time to translate into financial results.
CCL’s Price Performance, Valuation & Estimates
Shares of Carnival have declined 15.2% over the past three months against the industry’s 1.9% growth.
CCL Stock’s Three-Month Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, CCL trades at a forward price-to-earnings ratio of 9.39, significantly below the industry’s average of 16.55.
CCL’s P/E Ratio (Forward 12-Month) vs. Industry
The Zacks Consensus Estimate for CCL’s fiscal 2026 earnings implies a year-over-year decline of 0.9%. The EPS estimates for fiscal 2026 have increased in the past 30 days.
EPS Trend of CCL Stock
CCL stock currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Carnival's Record Booking Curve Extends: Will Pricing Momentum Last?

The S&P 500 Index ($SPX) (SPY) is up by +0.50% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.79%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +0.17%. E-mini S&P futures (ESU26) are up +0.49%, and September E-mini Nasdaq futures (NQU26) are up +0.15%.
Stock index futures recovered from overnight losses and are moving higher today as a retreat in crude oil prices knocked bond yields lower. Crude oil prices gave up an overnight advance and turned lower today when US Energy Secretary Wright said that over 17 million bbl of oil went through the Strait of Hormuz on Monday, easing supply concerns. That knocked the 10-year T-note yield down -1 bp to 4.79%, benefiting stocks. Gains in stocks accelerated on dovish comments for New York Fed President Williams, who said inflation is continuing to trend down.
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Today’s US economic news was mixed for stocks after July factory orders rose more than expected, but the Aug ADP employment change rose less than expected.
Stock index futures initially moved lower in overnight trade as US-Iran hostilities pushed crude oil prices to a 6-week high and the 10-year T-note yield up to a 2.75-year high of 4.82%. Stocks were under pressure as global bond yields stayed elevated on US-Iran hostilities, which extended crude oil’s advance and threatened to worsen the inflation outlook.
The global bond sell-off generally continued today, pushing bond yields to multi-year highs and undercutting stocks. The UK 10-year gilt yield surged to a 19-year high of 5.29%, the German 10-year bund yield jumped to a 15-year high of 3.39%, the Japanese 10-year JGB bond yield surged to a 30-year high of 3.04%, and the 10-year T-note yield rose to a 2.75-year high of 4.82%.
US MBA mortgage applications rose +0.8% in the week ended August 28, with the purchase mortgage sub-index up +2.2% and the refinancing mortgage sub-index down -1.1%. The average 30-year fixed-rate mortgage rose +1 bp to 6.79% from 6.78% in the prior week.
The US Aug ADP employment change rose by +38,000, showing a slightly weaker labor market than expectations of +47,000.
US July factory orders rose +0.9% m/m, stronger than expectations of +0.7% m/m. Also, July factory orders ex-transportation rose +0.6% m/m, stronger than expectations of +0.4% m/m.
New York Fed President John Williams said, "The data recently has been encouraging. I am actually seeing the trend in inflation moving slowly down as some of the effects of the tariffs move into the rearview mirror."
Oct WTI crude oil prices (CLV26) fell from a 6-week high today and turned lower as supply concerns abated after US Energy Secretary Wright said that over 17 million bbl of oil went through the Strait of Hormuz on Monday. Crude prices initially rallied in overnight trade as fighting intensified between the US and Iran. The US carried out a second round of strikes in three days overnight, targeting radar systems and mine-laying capabilities along Iran's southern coast. Iran retaliated with drone and missile attacks on US bases across the Middle East. Also, Axios reported that the US attacked two Iranian tankers anchored off Iran’s north coast under a new “tanker for tanker” policy approved by President Trump to further deter Iranian attacks on tankers that move through the Strait of Hormuz.
Q2 earnings results are a bullish factor for stocks. The S&P 500 is tracking for earnings growth of almost 32% in Q2, well above projections of +23%, and nearly four times the average earnings growth rate outside of the Covid period since Q4 of 2013, according to Bloomberg Intelligence. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 489 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 67% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets are lower today. The Euro Stoxx 50 dropped to a 1-month low and is down -0.01%. China's Shanghai Composite closed down -0.97%. Japan's Nikkei-225 Stock Average fell to a 4-week low and closed down -2.85%.
Interest Rates
December 10-year T-notes (ZNZ6) are up by +2 ticks today. The 10-year T-note yield is down -0.4 bp to 4.794%. T-notes recovered from a 1.75-year nearest-futures low today and turned higher, and the 10-year T-note yield fell from a 2.75-year high of 4.816% and moved lower. Short covering emerged and pushed T-notes higher after WTI crude fell from a 6-week high and turned lower, easing inflation expectations. T-notes remained slightly higher after the Aug ADP employment change rose less than expected, and after New York Fed President Williams said inflation is continuing to trend down.
European government bond yields are moving higher today. The 10-year German bund yield climbed to a 15-year high of 3.395% and is up +3.3 bp to 3.376%. The 10-year UK gilt yield jumped to a 19-year high of 5.289% and is up +1.4 bp to 5.234%.
ECB Governing Council member and Bundesbank President Joachim Nagel warned that "inflation isn't close to our medium-term target" and said, "markets are pricing in a probability of more than 95% that we'll raise interest rates at our September meeting, and I'd say that the markets have a rather good understanding of how we're likely to respond at this stage."
Markets are discounting a 99% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Strength in chipmakers today is providing support to the broader market. Nvidia (NVDA) is up more than +3% to lead gainers in the Nasdaq 100 and Dow Jones Industrials. Also, NXP Semiconductors (NXPI) is up more than +2%, and Microchip Technology (MCHP), Analog Devices (ADI), Qualcomm (QCOM), and Texas Instruments (TXN) are up more than 1%.
Airlines and cruise line operators are moving higher today after crude oil prices turned lower, a positive factor for the companies’ profitability. United Airlines Holdings (UAL) is up more than +4%, and Alaska Air Group (ALK) is up more than +3%. Also, American Airlines Group (AAL), Delta Air Lines (DAL), Southwest Airlines (LUV), and Norwegian Cruise Line Holdings (NCLH) are up more than +2%. In addition, Carnival (CCL) and Royal Caribbean Cruises (RCL) are up more than +1%.
Palo Alto Networks (PANW) is down more than -7% to lead cybersecurity stocks lower and lead losers in the Nasdaq 100 after reporting Q4 subscription and support revenue of $2.67 billion, below the consensus of $2.68 billion. Also, CrowdStrike Holdings (CRWD) and Fortinet (FTNT) are down more than -4%, and Okta (OKTA) is down more than +3%. In addition, Cloudflare (NET) and SentinelOne (S) are down more tan -2%, and Zscaler (ZS) is down more than -1%.
Gitlab (GTLB) is up more than +16% after boosting its 2027 revenue forecast to $1.13 billion from a previous forecast of $1.11 billion to $1.12 billion, better than the consensus of $1.12 billion.
SiriusXM (SIRI) is up more than +5% after Deutsche Bank upgraded the stock to buy from hold with a price target of $45.
Dell Technologies (DELL) is up more than +4% after reporting Q2 total net revenue of $46.97 billion, well above the consensus of $44,78 billion, and raising its 2027 revenue forecast to $192 billion from a previous forecast of $165 billion to $169 billion, stronger than the consensus of $173.76 billion.
Brown-Forman (BF.B) is up more than +3% after reporting a Q1 gross margin of 60.2%, better than the consensus of 58.6%.
Credo Technology (CRDO) is down more than -18% despite reporting better-than-expected Q EPS as the company failed to exceed its Q1 adjusted gross margin estimate of 68%.
MongoDB (MDB) is down more than -9% despite reporting better-than-expected Q2 EPS as revenue growth in the company’s Atlas product didn’t accelerate in Q2 versus Q1.
PG&E (PCG) is down more than -8% to lead losers in the S&P 500, and Edison International (EIX) is down more than -6% after analysts said it is unlikely that California legislators will hold a special session to pass a wildfire liability bill favorable to utilities.
G-III Apparel Group Ltd (GIII) is down more than -7% after reporting Q2 net sales of $554.1 million, weaker than the consensus of $570.3 million, and forecasting Q3 net sales of about $870 million, below the consensus of $899 million.
Earnings Reports (9/2/2026)
Broadcom Inc (AVGO), Brown-Forman Corp (BF/B), Five Below Inc (FIVE), Hewlett Packard Enterprise Co (HPE), NetApp Inc (NTAP), Ollie's Bargain Outlet Holding (OLLI), PVH Corp (PVH), Snowflake Inc (SNOW).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Push Higher as Crude Oil and Bond Yields Stabilize

Humana announced today that its Board of Directors has declared a cash dividend to stockholders of $0.885 per share payable on November 27, 2026 to stockholders of record as of the close of business on October 30, 2026.
Lamar Advertising, a leading owner and operator of outdoor advertising and logo sign displays, announces that its board of directors has declared a quarterly cash dividend of $1.65 per share payable on September 30, 2026 to stockholders of record of Lamar's Class A common stock and Class B common stock on September 21, 2026. Subject to the approval of its board of directors, Lamar expects aggregate quarterly distributions to stockholders in 2026, including the dividend payable on September 30, 2026, will total at least $6.50 per common share.
Dell Technologies returned a record $4.3 billion to shareholders in the second quarter through share repurchases and dividends. On September 1 the company's board of directors declared a quarterly cash dividend of $0.63 per common share, which will be payable on Oct. 30 to shareholders of record as of Oct. 20.
Vertiv Holdings, a global leader in critical digital infrastructure, today announced that its Board of Directors has declared a quarterly cash dividend of $0.0625 per share of the company's Class A common stock. The cash dividend will be payable on September 24, 2026, to shareholders of record of Class A common stock at the close of business on September 14, 2026.
The Board of Directors of Royal Caribbean Group declared a quarterly dividend of $1.50 per common share payable on October 8, 2026, to shareholders of record at the close of business on September 17, 2026.

Daily Dividend Report: HUM,LAMR,DELL,VRT,RCL

In the latest look at the underlying components of the S&P 500 ordered by largest market capitalization, Ecolab Inc (Symbol: ECL) has taken over the #172 spot from Royal Caribbean Group (Symbol: RCL), according to The Online Investor.
Market capitalization is an important data point for investors to keep an eye on, for various reasons. The most basic reason is that it gives a true comparison of the value attributed by the stock market to a given company's stock. Many beginning investors look at one stock trading at $10 and another trading at $20 and mistakenly think the latter company is worth twice as much — that of course is a completely meaningless comparison without knowing how many shares of each company exist. But comparing market capitalization (factoring in those share counts) creates a true "apples-to-apples" comparison of the value of two stocks. In the case of Ecolab Inc (Symbol: ECL), the market cap is now $79.39 billion, versus Royal Caribbean Group (Symbol: RCL) at $71.88 billion.
Below is a chart of Ecolab Inc versus Royal Caribbean Group plotting their respective size rank within the S&P 500 over time (ECL plotted in blue; RCL plotted in green):
Below is a three month price history chart comparing the stock performance of ECL vs. RCL:
Another reason market capitalization is important is where it places a company in terms of its size tier in relation to peers — much like the way a mid-size sedan is typically compared to other mid-size sedans (and not SUV's). This can have a direct impact on which mutual funds and ETFs are willing to own the stock. For instance, a mutual fund that is focused solely on Large Cap stocks may for example only be interested in those companies sized $10 billion or larger. Another illustrative example is the S&P MidCap index which essentially takes the S&P 500 index and "tosses out" the biggest 100 companies so as to focus solely on the 400 smaller "up-and-comers" (which in the right environment can outperform their larger rivals). So a company's market cap, especially in relation to other companies, carries great importance, and for this reason we at The Online Investor find value to putting together these rankings daily.
Examine the full ECL market cap history vs. the full RCL market cap history.
At the closing bell, ECL is down about 1.1%, while RCL is down about 1.2% on the day Tuesday.
Further ECL Research:

Ecolab Moves Up In Market Cap Rank, Passing Royal Caribbean Group

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares MSCI USA Quality GARP ETF (Symbol: GARP) where we have detected an approximate $221.4 million dollar inflow -- that's a 7.4% increase week over week in outstanding units (from 35,700,000 to 38,350,000). Among the largest underlying components of GARP, in trading today Airbnb Inc (Symbol: ABNB) is up about 0.1%, Arista Networks Inc (Symbol: ANET) is off about 3%, and Royal Caribbean Group (Symbol: RCL) is lower by about 0.8%. For a complete list of holdings, visit the GARP Holdings page » The chart below shows the one year price performance of GARP, versus its 200 day moving average:
Looking at the chart above, GARP's low point in its 52 week range is $61.025 per share, with $85.47 as the 52 week high point — that compares with a last trade of $82.50. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Further GARP Research:

GARP, ABNB, ANET, RCL: ETF Inflow Alert

The S&P 500 Index ($SPX) (SPY) closed down by -0.33% on Monday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down by -0.70%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up by +0.08%. E-mini S&P futures (ESU26) fell -0.28%, and September E-mini Nasdaq futures (NQU26) rose +0.07%.
Stock indices settled mostly lower on Monday, with the Dow Jones Industrial Average falling to a 1-week low on a flare-up in geopolitical risks. The broader market was under pressure on Monday as renewed Middle East tensions boosted crude oil prices, raised inflation expectations, pushed bond yields higher, and complicated the US inflation outlook. WTI crude oil rose more than +2% on Monday after the US and Iran exchanged strikes for the first time in about a month. The 10-year T-note yield jumped to a 19-month high of 4.77% on Monday.
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Stocks also had some negative carryover from last Friday when Fed Chair Warsh vowed to bring inflation back to target and said financial conditions aren’t restrictive, bolstering the chance of a Fed rate hike next month. The chance of a Fed interest rate hike at next month’s FOMC meeting rose to 65% on Monday, up from 36% before he spoke last Friday.
On the positive side, energy producers rose on Monday after crude oil prices rallied and cryptocurrency stocks rose after Bitcoin climbed more than 2%. Cybersecurity stocks also rose on Monday, supporting gains in the Nasdaq 100.
Chinese economic news was mixed after China's Aug manufacturing PMI rose +0.6 to 49.8, stronger than expectations of 49.5. However, the Aug non-manufacturing PMI was unchanged at 49.0, weaker than expectations of an increase to 49.4.
Oct WTI crude oil prices (CLV26) jumped more than +2% on Monday to a 1-week high as Middle East tensions flared. The US Central Command said it targeted Iranian rocket launchers preparing to send mines into the Strait of Hormuz, and Iran retaliated by firing missiles and drones at US air bases in Jordan, while the United Arab Emirates said it intercepted drones from Iran. Crude prices added to their gains on Monday when Axios reported that President Trump is weighing limited strikes against Iran to prevent it from reconstituting its radar and missile capabilities to attack ships in the Strait of Hormuz.
Q2 earnings results are a bullish factor for stocks. The S&P 500 is tracking for earnings growth of almost 32% in Q2, well above projections of +23%, and nearly four times the average earnings growth rate outside of the Covid period since Q4 of 2013, according to Bloomberg Intelligence. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 486 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 65% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets settled mixed on Monday. The Euro Stoxx 50 closed down -1.01%. China's Shanghai Composite rose to a 1.5-week high and closed up +0.85%. Japan's Nikkei-225 Stock Average closed down -0.14%.
Interest Rates
September 10-year T-notes (ZNU6) closed down -6.5 ticks on Monday. The 10-year T-note yield rose +3.6 bp to 4.754%. T-notes tumbled to a 19-month nearest-futures low on Monday, and the 10-year T-note yield rose to a 19-month high of 4.766%. T-notes retreated on Monday after the +2% surge in WTI crude oil prices to a 1-week high boosted inflation expectations. T-notes are also being pressured by negative carryover from last Friday when hawkish comments from Fed Chair Warsh pushed the chances of a Fed rate hike at next month’s FOMC meeting up to 65% on Monday from 36% before he spoke.
European government bond yields moved higher on Monday. The 10-year German bund yield jumped to a 15-year high of 3.327% and finished up +4.5 bp to 3.324%. The 10-year UK gilt did not trade on Monday, with markets in the UK closed for a holiday.
German Aug CPI (EU harmonized) rose +0.2% m/m and +2.9% y/y, weaker than expectations of +0.3% m/m and +3.1% y/y.
Markets are discounting a 99% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Airlines and cruise line operators fell on Monday after WTI crude oil rose more than +2% to a 1-week high, boosting fuel costs and curbing the companies’ profitability. Carnival (CCL) and Royal Caribbean Cruises (RCL) closed down more than -3%, and United Airlines Holdings (UAL), Delta Air Lines (DAL), Alaska Air Group (ALK), Southwest Airlines (LUV), and Norwegian Cruise Line Holdings (NCLH) closed down more than -2%. Also, American Airlines Group (AAL) closed down more than -1%.
Housing stocks and building suppliers moved lower on Monday after the 10-year T-note yield rose to a 19-month high, boosting mortgage rates and undercutting housing demand. DR Horton (DHI), Lennar (LEN), and KB Home (KBH) closed down more than -2%, and Pulte Group (PHM), Toll Brothers (TOL), and Builders Firstsource (BLDR) closed down more than -1%.
Energy producers and service providers moved higher on Monday after WTI crude oil rose more than +2% to a 1-week high. SLB Ltd (SLB) closed up more than +4%, and ExxonMobil Holdings (XOM), and Devon Energy (DVN) closed up more than +2%. Also, Chevron (CVX) closed up more than +2% to lead gainers in the Dow Jones Industrials, and Apa Corp (APA), Diamondback Energy (FANG), Baker Hughes (BKR), ConocoPhillips (COP), Occidental Petroleum (OXY), Halliburton (HAL), Marathon Petroleum (MPC), Phillips 66 (PSX), and Valero Energy (VLO) closed up more than +1%.
Cryptocurrency stocks rose on Monday after Bitcoin (^BTCUSD) jumped more than +2%. Circle Internet Group (CRCL) closed up more than +9%, and Coinbase Global (COIN) and Galaxy Digital Holdings (GLXY) closed up more than +5%. Also, Strategy (MSTR) and Iren Ltd (IREN) closed up more than +4%, and MARA Holdings (MARA) closed up +0.66%.
CrowdStrike Holdings (CRWD) closed up more than +5% to lead gainers in the S&P 500 and Nasdaq 100 and lead cybersecurity stocks higher after announcing a strategic partnership with Clear Secure that integrates the CLEAR1 identity platform with the CrowdStrike Falcon platform. Also, Okta (OKTA) closed up more than +4%, and Palo Alto Networks (PANW), Zscaler (ZS), Fortinet (FTNT), and SentinelOne (S) closed up more than +2%. In addition, Cloudflare (NET) closed up more than +1%.
Edison International (EIX) closed down more than -23% to lead losers in the S&P 500, and PG&E Corp (PCG) closed down more than -19% after California lawmakers introduced a bill that would update the state’s wildfire response without shifting liability away from publicly traded utilities.
Aon Plc (AON) closed down more than -9% on reports that it will acquire KKR & Co’s USI Insurance Services for $17 billion.
Howmet Aerospace (HWM) closed down more than -7%, and GE Vernova (GEV) closed down more than -1% after Elon Musk said SpaceX and Tesla are each building 100 GW/year of solar production capacity, which will reduce the companies’ reliance on natural-gas-powered turbines.
Pinterest (PINS) closed down more than -6% after announcing CFO Donnelly will step down effective October 30 after three years with the company.
CNH Industrial (CNH) closed up more than +1% after Baird upgraded the stock to outperform from neutral with a price target of $15.
Science Applications International (SAIC) closed up more than +1% after reporting Q2 revenue of $1.88 billion, better than the consensus of $1.76 billion, and raising its 2027 revenue forecast to $7.2 billion to $7.3 billion from a previous forecast of $7.0 billion to $7.2 billion, stronger than the consensus of $7.19 billion.
Kaiser Aluminum (KALU) closed up more than +1% after UBS upgraded the stock to buy from neutral with a price target of $184.
Earnings Reports (9/1/2026)
Credo Technology Group Holding (CRDO), Dell Technologies Inc (DELL), Gitlab Inc (GTLB), Medtronic PLC (MDT), MongoDB Inc (MDB), Palo Alto Networks Inc (PANW).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Finish Mostly Lower as Rising Crude Boosts Bond Yields

The S&P 500 Index ($SPX) (SPY) is down by -0.50% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.67%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -0.29%. E-mini S&P futures (ESU26) are down -0.48%, and September E-mini Nasdaq futures (NQU26) are down -0.30%.
Stock indices are under pressure today, with the Dow Jones Industrial Average falling to a 1-week low on a flare-up in geopolitical risks. Renewed Middle East tensions are boosting crude oil prices, raising inflation expectations, bond yields, and complicating the US inflation outlook. WTI crude oil is up more than +2% today after the US and Iran exchanged strikes for the first time in about a month. The 10-year T-note yield jumped to a 19-month high today at 4.76%.
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Stocks also have some negative carryover from last Friday when Fed Chair Warsh vowed to bring inflation back to target and said financial conditions aren’t restrictive, bolstering the chance of a Fed rate hike next month. The chance of a Fed interest rate hike at next month’s FOMC meeting is 65% today, up from 36% before he spoke last Friday.
Chinese economic news was mixed after China's Aug manufacturing PMI rose +0.6 to 49.8, stronger than expectations of 49.5. However, the Aug non-manufacturing PMI was unchanged at 49.0, weaker than expectations of an increase to 49.4.
Oct WTI crude oil prices (CLV26) jumped more than +2% today to a 1-week high as Middle East tensions flared. The US Central Command said it targeted Iranian rocket launchers preparing to send mines into the Strait of Hormuz, and Iran retaliated by firing missiles and drones at US air bases in Jordan, while the United Arab Emirates said it intercepted drones from Iran. Crude prices added to their gains today when President Trump said the US will respond to Iran's latest attacks on US forces.
Q2 earnings results are a bullish factor for stocks. The S&P 500 is tracking for earnings growth of almost 32% in Q2, well above projections of +23%, and nearly four times the average earnings growth rate outside of the Covid period since Q4 of 2013, according to Bloomberg Intelligence. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 486 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 65% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets are mixed today. The Euro Stoxx 50 is down -0.65%. China's Shanghai Composite rose to a 1.5-week high and closed up +0.85%. Japan's Nikkei-225 Stock Average closed down -0.14%.
Interest Rates
September 10-year T-notes (ZNU6) are down -5 ticks today. The 10-year T-note yield is up +3.6 bp to 4.754%. T-notes tumbled to a 19-month nearest-futures low today, and the 10-year T-note yield rose to a 19-month high of 4.764%. T-notes are sliding today as the +3% surge in WTI crude oil prices to a 1-week high boosts inflation expectations. T-notes are also being pressured by negative carryover from last Friday when hawkish comments from Fed Chair Warsh pushed the chances of a Fed rate hike at next month’s FOMC meeting up to 65% today from 36% before he spoke.
European government bond yields are moving higher today. The 10-year German bund yield jumped to a 15-year high of 3.324% and is up +3.7 bp to 3.316%. The 10-year UK gilt is not trading, with markets in the UK closed today for a holiday.
German Aug CPI (EU harmonized) rose +0.2% m/m and +2.9% y/y, weaker than expectations of +0.3% m/m and +3.1% y/y.
Markets are discounting a 98% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Airlines and cruise line operators are falling today, with WTI crude oil up more than +2% at a 1-week high, which boosts fuel costs and curbs the companies’ profitability. American Airlines Group (AAL), United Airlines Holdings (UAL), Delta Air Lines (DAL), Alaska Air Group (ALK), Southwest Airlines (LUV), Carnival (CCL), Royal Caribbean Cruises (RCL), and Norwegian Cruise Line Holdings (NCLH) are all down more than -2%.
Housing stocks and building suppliers are weaker today as the 10-year T-note yield rises to a 19-month high, boosting mortgage rates and undercutting housing demand. DR Horton (DHI), Lennar (LEN), Pulte Group (PHM), KB Home (KBH), Toll Brothers (TOL), Builders Firstsource (BLDR), and Home Depot (HD) are down more than -1%.
Energy producers and service providers are moving higher today, with WTI crude oil up +2% at a 1-week high. SLB Ltd (SLB) is up more than +3%, and ExxonMobil Holdings (XOM), Devon Energy (DVN), and Halliburton (HAL) are up more than +2%. Also, Chevron (CVX) is up more than +2% to lead gainers in the Dow Jones Industrials, and Diamondback Energy (FANG), Baker Hughes (BKR), ConocoPhillips (COP), and Occidental Petroleum (OXY) are up more than +1%.
Edison International (EIX) is down more than -23% to lead losers in the S&P 500 and PG&E Corp (PCG) is down more than -19% and after California lawmakers introduced a bill that would update the state’s wildfire response without shifting liability away from publicly traded utilities.
Howmet Aerospace (HWM) is down more than 7%, and GE Vernova (GEV) is down more than 2% after Elon Musk said SpaceX and Tesla are each building 100 GW/year of solar production capacity, which will reduce the companies’ reliance on natural-gas-powered turbines.
Aon Plc (AON) is down more than -7% on reports that it will acquire KKR & Co’s USI Insurance Services for $17 billion.
Pinterest (PINS) is down more than -5% after announcing CFO Donnelly will step down effective October 30 after three years with the company.
CrowdStrike Holdings (CRWD) is up more than +4% to lead gainers in the S&P 500 and Nasdaq 100 after announcing a strategic partnership with Clear Secure that integrates the CLEAR1 identity platform with the CrowdStrike Falcon platform.
CNH Industrial (CNH) is up more than +3% after Baird upgraded the stock to outperform from neutral with a price target of $15.
Science Applications International (SAIC) is up more than +2% after reporting Q2 revenue of $1.88 billion, better than the consensus of $1.76 billion, and raising its 2027 revenue forecast to $7.2 billion to $7.3 billion from a previous forecast of $7.0 billion to $7.2 billion, stronger than the consensus of $7.19 billion.
Kaiser Aluminum (KALU) is up more than +1% after UBS upgraded the stock to buy from neutral with a price target of $184.
Earnings Reports (8/31/2026)
Critical Metals Corp (CRML), Science Applications International Corp (SAIC).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Stocks Fall as Rising Geopolitical Risks Boost Crude Oil and Bond Yields

The S&P 500 Index ($SPX) (SPY) is down by -0.42% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down by -0.55%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down by -0.23%. E-mini S&P futures (ESU26) are down -0.40%, and September E-mini Nasdaq futures (NQU26) are down -0.18%.
Stock indices are under pressure today, with the Dow Jones Industrial Average falling to a 1-week low. Renewed Middle East tensions are boosting crude oil prices, raising inflation expectations, bond yields, and complicating the US inflation outlook. WTI crude oil is up more than +2% today after the US and Iran exchanged strikes for the first time in about a month. The 10-year T-note yield jumped to a 19-month high today at 4.75%.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Stocks also have some negative carryover from last Friday when Fed Chair Warsh vowed to bring inflation back to target and said financial conditions aren’t restrictive, bolstering the chance of a Fed rate hike next month. The chance of a Fed interest rate hike at next month’s FOMC meeting is 64% today, up from 36% before he spoke last Friday.
Chinese economic news was mixed after China's Aug manufacturing PMI rose +0.6 to 49.8, stronger than expectations of 49.5. However, the Aug non-manufacturing PMI was unchanged at 49.0, weaker than expectations of an increase to 49.4.
Oct WTI crude oil prices (CLV26) jumped more than +2% today to a 1-week high as Middle East tensions flared. The US Central Command said it targeted Iranian rocket launchers preparing to send mines into the Strait of Hormuz, and Iran retaliated by firing missiles and drones at US air bases in Jordan, while the United Arab Emirates said it intercepted drones from Iran. Crude prices added to their gains today when President Trump said the US will respond to Iran's latest attacks on US forces.
Q2 earnings results are a bullish factor for stocks. The S&P 500 is tracking for earnings growth of almost 32% in Q2, well above projections of +23%, and nearly four times the average earnings growth rate outside of the Covid period since Q4 of 2013, according to Bloomberg Intelligence. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 486 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 64% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets are mixed today. The Euro Stoxx 50 is down -0.21%. China's Shanghai Composite rose to a 1.5-week high and closed up +0.85%. Japan's Nikkei-225 Stock Average closed down -0.14%.
Interest Rates
September 10-year T-notes (ZNU6) are down -5 ticks today. The 10-year T-note yield is up +3.2 bp to 4.750%. T-notes tumbled to a 19-month nearest-futures low today, and the 10-year T-note yield rose to a 19-month high of 4.754%. T-notes are sliding today as the +3% surge in WTI crude oil prices to a 1-week high boosts inflation expectations. T-notes are also being pressured by negative carryover from last Friday when hawkish comments from Fed Chair Warsh pushed the chances of a Fed rate hike at next month’s FOMC meeting up to 63% from 36% before he spoke.
European government bond yields are moving higher today. The 10-year German bund yield jumped to a 15-year high of 3.317% and is up +3.5 bp to 3.314%. The 10-year UK gilt is not trading, with markets in the UK closed today for a holiday.
German Aug CPI (EU harmonized) rose +0.2% m/m and +2.9% y/y, weaker than expectations of +0.3% m/m and +3.1% y/y.
Markets are discounting a 96% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Airlines and cruise line operators are falling today, with WTI crude oil up more than +2% at a 1-week high, which boosts fuel costs and curbs the companies’ profitability. American Airlines Group (AAL), United Airlines Holdings (UAL), Delta Air Lines (DAL), Alaska Air Group (ALK), Southwest Airlines (LUV), Carnival (CCL), Royal Caribbean Cruises (RCL), and Norwegian Cruise Line Holdings (NCLH) are all down more than -2%.
Energy producers and service providers are moving higher today, with WTI crude oil up +2% at a 1-week high. SLB Ltd (SLB) and Halliburton (HAL) are up more than +4%, and Devon Energy (DVN) and Diamondback Energy (FANG) are up more than +3%. Also, APA Corp (APA), Baker Hughes (BKR), ConocoPhillips (COP), ExxonMobil Holdings (XOM), and Occidental Petroleum (OXY) are up more than +2%, and Chevron (CVX) is up more than +2% to lead gainers in the Dow Jones Industrials. In addition, Marathon Petroleum (MPC), Phillips 66 (PSX), and Valero Energy (VLO) are up more than +1%.
Edison International (EIX) is down more than -19% to lead losers in the S&P 500 and PG&E Corp (PCG) is down more than -18% and after California lawmakers introduced a bill that would update the state’s wildfire response without shifting liability away from publicly traded utilities.
Howmet Aerospace (HWM) is down more than 6% and GE Vernova (GEV) is down more than 2% after Elon Musk said SpaceX and Tesla are each building 100 GW/year of solar production capacity, which will reduce the companies’ reliance on natural-gas-powered turbines.
Pinterest (PINS) is down more than -4% after announcing CFO Donnelly will step down effective October 30 after three years with the company.
CrowdStrike Holdings (CRWD) is up more than +5% to lead gainers in the S&P 500 and Nasdaq 100 after announcing a strategic partnership with Clear Secure that integrates the CLEAR1 identity platform with the CrowdStrike Falcon platform.
Science Applications International (SAIC) is up more than +5% after reporting Q2 revenue of $1.88 billion, better than the consensus of $1.76 billion, and raising its 2027 revenue forecast to $7.2 billion to $7.3 billion from a previous forecast of $7.0 billion to $7.2 billion, stronger than the consensus of $7.19 billion.
Kaiser Aluminum (KALU) is up more than +4% after UBS upgraded the stock to buy from neutral with a price target of $184.
CNH Industrial (CNH) is up more than +1% after Baird upgraded the stock to outperform from neutral with a price target of $15.
Earnings Reports (8/31/2026)
Critical Metals Corp (CRML), Science Applications International Corp (SAIC).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart

Stocks Pressured as Soaring Crude Prices Boost Bond Yields

Norwegian Cruise Line Holdings Ltd. NCLH is moving toward a less capital-intensive phase of fleet expansion after several years of elevated newbuild activity. Capacity days are expected to increase 7% in 2026, but growth is projected to moderate to a 2.5% CAGR over the 2026-2029 period as the pace of ship deliveries slows. The shift is likely to support a more favorable backdrop for free-cash-flow generation over the next several years.
The cash-flow opportunity is backed by a meaningful reduction in the newbuild cadence. NCLH expects to take delivery of two ships in both 2026 and 2027, followed by one ship in each of 2028 and 2029. Gross newbuild and growth capital expenditures are consequently expected to decline by nearly $1 billion annually. The company is also managing fleet composition, with five ships expected to leave the fleet over the next three years.
Cost initiatives provide additional support to free-cash-flow generation. NCLH has identified more than $500 million of savings over the past three years, including approximately $225 million of annualized savings and cash benefits announced during the past two quarters. The vast majority of the benefits from the latest $100 million initiative relate to capital expenditures, while additional efficiency opportunities remain across SG&A and shipboard operations. These measures are expected to support margins and cash generation.
The cash-flow case remains sensitive to operating performance. NCLH expects year-end 2026 net leverage to remain above six times, while near-term yields continue to face pressure from a below-optimal booked position.
As the newbuild cadence moderates, NCLH expects stronger free cash flow to support debt reduction and meaningful progress on deleveraging. Lower growth-related capital spending and continued cost discipline are likely to support cash generation and provide a more favorable financial framework for balance-sheet improvement over time.
NCLH’s Price Performance, Valuation & Estimates
Shares of Norwegian Cruise have declined 28.3% in the past year compared with the industry’s 0.3% fall. In the same time frame, other industry players like Royal Caribbean Cruises Ltd. RCL and Carnival Corporation & plc CCL have declined 11.5% and 13.3%, respectively.
NCLH One-Year Price Performance
Image Source: Zacks Investment Research
NCLH stock is currently trading at a discount. It is currently trading at a forward 12-month price-to-earnings (P/E) multiple of 10.86, well below the industry average of 17.52. Industry players, such as Royal Caribbean and Carnival have P/E ratios of 14.92 and 10.18, respectively.
NCLH’s P/E Ratio (Forward 12-Month) vs. Industry
The Zacks Consensus Estimate for Norwegian Cruise’s 2026 earnings per share has declined in the past 30 days.
EPS Trend of NCLH Stock
The company is likely to report dismal earnings, with projections indicating an 24.2% fall in 2026. Conversely, industry players like Royal Caribbean are likely to witness an increase of 13.7%, year over year, in 2026 earnings. Meanwhile, Carnival’s 2026 earnings are likely to witness a fall of 0.9% year over year.
NCLH’s Zacks Rank
NCLH stock currently has a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Can NCLH's 2.5% Capacity CAGR Support a Free-Cash-Flow Inflection?

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the Capital Group Dividend Value ETF (Symbol: CGDV) where we have detected an approximate $229.7 million dollar inflow -- that's a 0.6% increase week over week in outstanding units (from 763,400,000 to 768,000,000). Among the largest underlying components of CGDV, in trading today Microsoft Corporation (Symbol: MSFT) is up about 0.5%, Royal Caribbean Group (Symbol: RCL) is up about 1%, and Carrier Global Corp (Symbol: CARR) is higher by about 0.8%. For a complete list of holdings, visit the CGDV Holdings page » The chart below shows the one year price performance of CGDV, versus its 200 day moving average:
Looking at the chart above, CGDV's low point in its 52 week range is $40.86 per share, with $51.635 as the 52 week high point — that compares with a last trade of $50.16. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
Further CGDV Research: