Jefferies warned that the sharp hike in cigarette excise duty is clearly negative for ITC in the near term, likely hurting volumes and earnings. The brokerage called the move a major negative surprise for the legal cigarette industry, estimating over a 20% rise in effective tax incidence, and said it increases policy uncertainty despite its continued positive stance on ITC.
US stocks today: US stocks end modestly higher as AI zeal overcomes Middle East jitters
US stocks ended mixed as AI-driven optimism supported markets but was offset by rising geopolitical tensions and oil prices. Small-cap and semiconductor stocks gained, while
June 2, 2026