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Sectors
Sector Update: Energy Stocks Decline Late Afternoon
Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index falling 1.4% and the State Street Energy Select Sector SPDR ETF (XLE) decreasing 1.1%.The Philadelphia Oil Service Sector Index slumped 2.9%, and the Dow Jones US Utilities Index shed 0.6%.Front-month West Texas Intermediate crude oil fell 5.3% to $88.94 a barrel, and the global benchmark Brent crude contract dropped 5.1% to $94.52 a barrel. Henry Hub natural gas futures rose 5% to $3.04 per 1 million BTU.In sector news, the memorandum of understanding being negotiated between Tehran and Washington will call for US forces to withdraw from Iran's vicinity and lift the blockade of Iranian ports in return for reopening the Strait of Hormuz to pre-war levels, CNN reported, citing Iranian state television. The US denied claims that maritime traffic through the Strait of Hormuz could return to normal within a month of the Iran deal, Bloomberg reported. President Donald Trump on Wednesday expressed confidence that the US would be able to reach a deal to end the conflict, but he is not yet satisfied with the terms, CNN reported.In corporate news, Kosmos Energy (KOS) shares fell 6% after Mizuho downgraded the stock to underperform from neutral.TotalEnergies (TTE) is facing a dispute with Mozambique over about $2 billion in costs tied to delays at its liquefied natural gas project in the country, Bloomberg reported. TotalEnergies shares fell 3.6%.Chevron (CVX) shareholders have rejected a proposal put forth at the company's annual general meeting that would have required appointing an independent board chair separate from the chief executive officer, Reuters reported, citing preliminary voting results. Chevron shares were down 1.4%.DTE Energy (DTE) added 0.3% after the firm said it will invest $1.6 billion to develop Michigan-made battery energy storage systems in collaboration with LG Energy Solution Vertech.
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Sectors
Sector Update: Financial Stocks Softer Late Afternoon
Financial stocks fell in late Wednesday afternoon trading, with the NYSE Financial Index declining 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.7%.The Philadelphia Housing Index rose 1.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) eased 0.1%.Bitcoin (BTC-USD) fell 1.3% to $74,895, and the yield for 10-year US Treasuries declined about 1 basis point to 4.48%.In economic news, Redbook US same-store sales last week jumped 9% from a year earlier after an 8.1% gain in the prior week.The Dallas Federal Reserve's monthly general business services index improved to minus 7.7 in May from minus 9.9 in April, versus the expected minus 6.0.The Richmond Fed's monthly manufacturing index rose to 13 in May from 3 in April, more than the 4 estimate in a Bloomberg survey.In corporate news, JPMorgan Chase (JPM) CEO Jamie Dimon said Wednesday at a conference that the bank's expenses this year could be "closer" to $106 billion, or $1 billion higher than previously projected. Dimon also said that "there might be in the next couple of years a chance to put $10 billion or $20 billion to work buying something," referring to a potential M&A deal, according to a FactSet transcript. JPMorgan shares fell 2.6%.Carlyle (CG) introduced a middle-market aerospace, defense, and industrial investment platform focusing on deals in the US and Europe. Carlyle shares were fractionally higher.Pershing Square's (PS) proposed takeover plan for Universal Music Group should be rejected, Bollore Group, which owns a roughly 18% stake in the music company, said Wednesday. Pershing Square shares were up 0.9%.Robinhood (HOOD) is launching Agentic Trading and Agentic Credit Card, new tools that let users deploy AI agents to trade and make credit purchases on their behalf. Its shares rose 3.4%.
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Sectors
Sector Update: Tech Stocks Fall Late Afternoon
Tech stocks were lower late Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) down 0.5% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 2.4%.The Philadelphia Semiconductor index lost 1.5%.In corporate news, Zscaler (ZS) shares tumbled 31% after the cloud security company provided a fiscal Q4 revenue outlook below market estimates, even though it reported better-than-expected results for the prior three-month period.Meta Platforms (META) plans to sell Meta AI chatbot consumer subscriptions for the first time, as the company looks to offset its billions of dollars of investments in AI, Bloomberg reported. Meta shares rose 3.4%.Super Micro Computer (SMCI) shares added 2.6% after the firm said Verda has selected its Nvidia (NVDA) GPU-accelerated, rack-scale systems for its AI cloud infrastructure in Europe.Taiwan Semiconductor Manufacturing (TSM) Chief Executive C.C. Wei told employees they will receive a more than 30% increase in profit-sharing payouts on average this year, driven by strong earnings growth fueled by AI demand, Bloomberg reported. Taiwan Semiconductor shares gained 3%.
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