The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.

1250 ET - The housing market is still relying heavily on incentives to ink new-home contracts, but the incentives aren't as steep as they were earlier this year. "After increasing for several years, incentive levels have decreased from the first quarter to the second quarter to the third quarter," says Ara Hovnanian, CEO of Hovnanian Enterprises. "This happened even though mortgage rates increased during the quarter." Hovnanian says on a call with analysts that the trend is providing a boost to business, as the homebuilder's gross margins have improved over the past several quarters. (connor.hart@wsj.com)

1226 ET - Hovnanian's quarterly contracts declined about 4%, to 1,359 homes, during the latest quarter. The homebuilder attributes the decline to political and financial volatility during the period, which prompted consumers to be more cautious. "We continue to believe that there is meaningful underlying demand for housing," CEO Ara Hovnanian says on a call with analysts, noting that consumers are researching and touring new homes, just not converting that interest into contracts. "Even with that modest decline, we believe our sales pace remained resilient relative to the broader market backdrop," he adds. (connor.hart@wsj.com)

1222 ET - Hovnanian Enterprises continues to operate in a challenging macro environment. "World events, as well as high mortgage rates, high gas prices, inflation and other factors have caused potential homebuyers to hesitate," CEO Ara Hovnanian says on a call with analysts. "While website traffic has remained strong, indicating long-term homebuyer interest, buyers remain slow to make the final decision to move forward." This hesitancy weighed on operations, as the homebuilder swings to a F3Q loss and posts lower revenue. Shares tumble 11%. (connor.hart@wsj.com)

1221 ET - Fewer people are picking up DIY projects for their cars, and this is weighing on Advance Auto Parts' earnings. Same-store sales fell 0.5% in the quarter, where analysts expected a rise of 1.4%, and was mostly due to declining do-it-yourself and retail demand. Net sales edged down to $2 billion from $2.01 billion, missing expectations of growth to $2.04 billion. "In the DIY channel, sales declined more than we anticipated, particularly during the last four weeks, as tighter household budgets weighed on consumer spending," CEO Shane O'Kelly says in an earnings call. Shares are down 26% to $41.70. (adriano.marchese@wsj.com)

1147 ET - Advance Auto Parts' adjusted earnings upgrade was largely due to tariff refunds. Roth analyst Scott Stember notes that the company is lifting adjusted EPS guidance to "$2.60-$3.30 (from $2.40-$3.10) mainly on the tariff refund, only partially offset by higher assumed interest income." He notes that everything else remains unchanged, which assumes sales of $8.485 billion-$8.575billion, same-store sales growth of 1%-2% and adjusted operating margin of 3.8%-4.5%. Free cash flow is still expected at about $100 million. "Lastly, the company now expects 30-35 new stores (previously 40-45), although while still adding 10-15 new market hubs, this year," Stember says. (adriano.marchese@wsj.com)

1049 ET - The dollar remains the most reliable defensive currency during selloffs in equities and bonds, BNY strategist Geoff Yu says in a note. The U.S. currency is bolstered by its global reserve status and relatively high U.S. real yields adjusted for inflation, he says. During three recent episodes of simultaneous bond and equity stress, the Swiss franc, Singapore dollar and euro--key alternative safer currencies--tended to weaken or perform well only intermittently against the dollar, BNY research shows. "There is little evidence that any major non-dollar currency provides a reliable hedge," Yu says. BNY suggests maintaining dollar exposure for protection, using the Swiss franc, Singapore dollar and euro "selectively as secondary defensive positions." (renae.dyer@wsj.com)

1039 ET - Qatar leads most major Gulf stock markets lower as investors weigh heightened tensions between Washington and Tehran. Qatar's QE Index falls 0.9% and Abu Dhabi's benchmark index declines 0.7%, though Saudi Arabia's Tadawul All Share Index gains 0.3%. President Trump has threatened a major new economic campaign against Iran and countries or entities that continue doing business with Tehran, as frustration mounts over the lack of progress toward reopening the Strait of Hormuz or reaching a deal to end the war. Trump hasn't specified what additional measures Washington plans beyond existing sanctions. (farhan.rafid@wsj.com)

1027 ET - Alimentation Couche-Tard may see a slowdown in its U.S. merchandise sales, says Stifel's Martin Landry, analyzing convenience store data. The Circle K-parent has seen U.S. merchandise same-store-sales growth accelerating in recent quarters as the company benefited from momentum in food, energy drinks and other nicotine products, the analyst says. However, that momentum may be slowing. "Recent results from three industry peers point to a slight deceleration sequentially, and we believe that ATD could face the same headwinds," he says. While it isn't clear if the slowdown is temporary, he is lowering 1Q EPS estimates by 5 cents to 87 cents on "on lower merchandise same-store-sales and higher SG&A expenses." (adriano.marchese@wsj.com)

0946 ET - Thyssenkrupp's planned capital markets day for its steel operations in September is likely a prelude to an IPO, according to Bank of America. Factors related to tariffs, restructuring and a possible exit from the Huettenwerke Krupp Mannesmann steel plant could help significantly boost operating earnings and drive a reassessment of the German industrial company's steel business, BofA writes in a research note. Investors might be wary of how the steel business will develop but BofA says the company's agreement with German unions on restructuring is "a very positive starting point." Thyssenkrupp trades 3.1% lower at 12.56 euros. (sarah.sloat@wsj.com)

0942 ET - Walmart shares fall 8.4% after the retailer's updated outlook for the year failed to impress investors. But CFO John David Rainey says on a call with analysts it's important to remember the new forecast comes as the company faces more than $2 billion of incremental costs this year tied to higher fuel prices. The new guidance also comes against an arguably softer consumer environment than in February, when Walmart initially issued its FY outlook, Rainey adds: "As such, we feel it's prudent to remain cautious by only raising the guide modestly." (connor.hart@wsj.com)

0923 ET - Walmart has received substantially all of the $2.9 billion worth of tariff refunds for which it was eligible, CFO John David Rainey says on a call with analysts. "We've taken a disciplined approach to investing these funds back into customer experience and price leadership, prioritizing investment in grocery and general merchandise categories," he adds. Looking ahead, Rainey notes that the retailer's 3Q outlook reflects the continued impact of pricing actions taken in 2Q, as well as the ongoing prioritization of tariff refunds for price investments. (connor.hart@wsj.com)

0916 ET - Walmart CEO John Furner says he believes artificial intelligence will improve nearly every part of the company's business, making customers' shopping experience better and associates' work easier. A great example of this is Sparky, the retailer's AI-shopping assistant, Furner says on a call with analysts. "The number of customers using Sparky is up 70% from last year, and the customers and members who use Sparky for shopping spend 40% more per order than others who don't," he says. "Someone recently shared with me that they asked Sparky for a weekly meal plan of healthy foods with high-protein options. Within a few seconds, Sparky shared recipes and meal kits, with the ability to add all the ingredients they needed to their basket with one click."