PNC News & Events

Stock indexes retreated amid losses for the heavyweight chip sector, making the Nasdaq the laggard, while the Dow pulled back from a record high reached in morning trading. Memory producers sank even though Samsung posted a 19-fold surge in profit last quarter. The surge was in line with the sector's rally this year, but markets appear to be growing increasingly skeptical on whether AI hyperscalers can justify elevated levels of capital expenditure on infrastructure. Yields edged higher after attacks on an LNG tanker in the Middle East tempered hopes of lower energy inflation.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. v1. STOCK NEWS:Walmartsaid it would cut prices on many summer staplesfrom President Trump saying the retail giant was doing so at his requestChina's DeepSeek is developing its own AI chip in a push to reduce reliance on Nvidiaand Huawei chips,Vertex Pharmaceuticalsto acquire Crinetics Pharmaceuticalsfor $85 per share in cash, for a total equity value of approximately $10BSamsung Electronicsreported, but the AI-fueled earnings still failed to meet high investor expectationsMetadebuted its, saying it will help power image generation in Meta Advantage+ creative "in the coming weeks"2. WALL STREET CALLS:Wall Streetof SpaceX, including Raymond James starting the stock with a Strong Buy rating and $800 price targetScotiabankCloudflareto OutperformBofAAdobeat Underperform with a $190 price target, down from the Buy rating the firm previously heldDeutsche BankFirst Solarto BuyMelius ResearchAmerican Airlinesto Hold3. AROUND THE WEB:Big banks have held talks in recent months to buy a card network owned by Fiserv, Reuters and WSJ reportMicrosoftwill replace OpenAI and Anthropic with its own AI in some apps, Bloomberg saysMetasaid four states are seeking $1.4T in penalties over accusations it designed its social media platforms to addict young users and misled the public on their safety, Reuters reportsAmazonis seeking to raise at least $25B through a U.S. dollar bond sale to fund investments in artificial intelligence infrastructure, Bloomberg reportsPresident Trump is expected to support a potential sale of Lockheed Martin'sF-35 Lightning II jets to Turkey during a visit to Ankara, Reuters says4. MOVERS:Digital Oceangained afterit expects Q2 RPO to exceed $800MRedwood Trustwas higher after highlightingFigmaincreased after BofAcoverage with a Buy ratingRivianwas lower after75M shares of stockUnited States Antimonyfell after announcing the5. EARNINGS/GUIDANCE:Interactive Strengthraised itsCosmos HealthreportedShellissued anAbbVieprovided itsand cut its guidance for FY26Sealsqreportedand backed its guidance for FY26INDEXES:The Dow fell 130.76, or 0.25%, to 52,925.15, the Nasdaq lost 302.47, or 1.16%, to 25,818.69, and the S&P 500 declined 33.58, or 0.45%, to 7,503.85.

A potential sale of Fiserv's (FISV) STAR or Accel debit network to major banks -- including JPMorgan (JPM), Bank of America (BAC), Wells Fargo (WFC), and PNC Financial (PNC) -- could improve banks' debit economics and be highly accretive to Fiserv's earnings, though significant regulatory scrutiny makes the likelihood of a completed deal uncertain, Raymond James tells investors in a research note. Regulators would likely view this as a direct go around to the Durbin Amendment in order to charge merchants' higher fees, the firm adds. Raymond James maintains a Market Perform rating on Fiserv.

PNC announced the launch of its new Mobile Banking app, a modernized platform that delivers a personalized, secure and high-performing digital experience. "Our new mobile app puts clients at the center of the experience," said Alex Overstrom, head of Retail Banking at PNC. "We've created a flexible platform that allows clients to manage their money, their way. By combining modern design, integrated rewards and advanced technology, we will deliver a more personalized and complete mobile banking experience."