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Sectors
Sector Update: Energy Stocks Rise Friday Afternoon
Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index rising 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) climbing 1.6%.The Philadelphia Oil Service Sector Index was decreasing 0.5%, and the Dow Jones US Utilities Index fell 2.4%.Front-month West Texas Intermediate crude oil gained 3.9% to $105.12 a barrel, and the global benchmark Brent crude contract was advancing 3.2% to $109.08 a barrel. Henry Hub natural gas futures rose 2.4% to $2.96 per 1 million BTU.In sector news, US Secretary of Energy Chris Wright told CNBC on Friday he expects China to increase oil imports from the US because the two nations are natural partners and because China relies heavily on imports from the Middle East that have mostly been cut off for weeks.In corporate news, BP (BP) plans to cut its pipeline gas trading team and focus on expanding its liquified natural gas trading, Reuters reported. Separately, BP is contemplating selling some natural gas assets in Egypt, Reuters reported. BP shares were up 1%.ConocoPhillips (COP) shares rose 2.2% after Argus lifted the company's price target to $136 from $128, while keeping its buy rating.Exxon Mobil (XOM) was found not liable by a Texas jury in a lawsuit accusing the oil major of misleading investors about its Canadian oil sands and Rocky Mountain gas operations, Reuters reported late Thursday. Exxon shares climbed 2.9%.
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Sectors
Update: Gold Falls as the USD and Treasury Yields Surge on Inflation Worries
(Updates prices)Gold traded lower midafternoon Friday as the dollar and yields climbed on concerns around inflation and concerns the rise in oil prices will force central banks to hike interest rates.Gold for June delivery was last seen down $119.40 to US$4,565.90 per ounce.The drop comes as traders continue to turn to the dollar and bonds to counter fears of higher interest rates, seeing gold as no safe store of value amid rising inflation. The United States this week reported consumer and wholesale prices surged last month as the war on Iran produced the largest-ever energy supply shock, pushing up oil prices by half."Inflation data saw yields rise and gold fall. Overall, the Iran conflict has held gold back despite the abundant uncertainty. We still expect for that uncertainty to turn more gold positive eventually," Christopher Louney, a gold and natural gas analyst at RBC Capital Markets, wrote.The dollar rose early, with the ICE dollar index last seen up 0.41 points to 99.23, the highest since April 7. Treasury yields were also sharply higher. The yield on the two-year note was last seen up 6.0 basis points to 4.09%, while the 10-year note was paying 4.598%, up 10.9 points to the highest since May 21. 2025.
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Sectors
Sector Update: Financial Stocks Lower in Afternoon Trading
Financial stocks declined in Friday afternoon trading, with the NYSE Financial Index shedding 0.5% and the State Street Financial Select Sector SPDR ETF (XLF) easing 0.2%.The Philadelphia Housing Index was down 3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 1.4%.Bitcoin (BTC-USD) was declining 2.5% to $79,348, and the yield for 10-year US Treasuries jumped 12.8 basis points to 4.59%.In economic news, US industrial production rebounded more than projected in April, buoyed the manufacturing and utilities categories, Federal Reserve data showed Friday. Industrial output rose 0.7% last month following a revised 0.3% fall in March, the Fed said. The consensus was for a 0.3% increase for April in a survey compiled by Bloomberg.In corporate news, Goldman Sachs (GS) is assessing demand for a significant risk transfer linked to a portfolio of loans to private market funds, Bloomberg reported. The lender is a regular issuer of SRTs and has used them in the past to offload risk related to private funds, the report said, adding that final terms of the transaction are being discussed with investors. Goldman shares were down 1.6%.Mizuho Financial (MFG) shares fell 1.3% after it issued fiscal 2026 earnings forecast below analysts' expectations.HSBC (HSBC) has yet to deploy the $4 billion it previously committed to its private credit strategy, with no current timeline for the planned investment, the Financial Times reported. HSBC shares were down 2%.
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