-- Chevron (CVX) has an average rating of overweight and mean price target of $211.17, according to analysts polled by FactSet.
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Emerita Resources (EMO.V) on Wednesday reported results from ongoing drilling of El Cura deposit which is part of the company's wholly owned Iberian Belt West project which hosts three Volcanogenic Massive Sulfide (VMS) deposits.The company said the project is currently undergoing a NI 43-101 Prefeasibility Study (PFS) expected later this year. Hole EC097 which intersected 4.9 metres (m) grading 3.5% copper, 0.1% lead, 0.1% zinc, 1.95 grams per tonne (g/t) gold and 95.63 g/t silver including 1.6m grading 7.5% copper, 0.3% lead, 0.2% zinc, 4.43 g/t gold and 23.44 g/t silver and hole EC095 which intersected 0.6m grading 0.9% copper, 0.2% lead, 0.1% zinc, 0.93 g/t gold and 45.00 g/t silver, "successfully" demonstrate the westward continuation and downward plunging character of the mineralization at El Cura.Closer to the center of El Cura deposit, hole EC096 provides confirmation of the consistency of El Cura deposit, infilling gaps between prior drillholes within the deposit. The company is planning to scale back the drilling at El Cura over the coming several weeks as drill holes completed beyond that will not contribute to the ongoing MRE or PFS.Its technical team is developing the exploration programs to follow up targets at San Antonio and Nuevo Tintillo in support of identifying new mineral deposits in the area.Shares of the company closed down 6.3% to $0.37 on Tuesday on the TSX Venture Exchange.
The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.6%, and the actively traded Invesco QQQ Trust (QQQ) was 0.7% higher in Wednesday's premarket activity as US President Donald Trump extended the ceasefire with Iran.US stock futures were also higher, with S&P 500 Index futures up 0.6%, Dow Jones Industrial Average futures advancing 0.5%, and Nasdaq futures gaining 0.7% before the start of regular trading.US mortgage applications rose 7.9% in the week ended April 17 as lower borrowing costs drove gains in both refinancing and purchase activity, Mortgage Bankers Association data showed Wednesday.The Atlanta Fed Business Inflation Expectations survey for April is scheduled for release at 10 am ET, followed by the weekly EIA domestic petroleum inventories report at 10:30 am ET.In premarket activity, bitcoin was up by 4.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 4.5% higher, Ether ETF (EETH) advanced 4.1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 1.8%.Power Play:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 1%, while the Vanguard Industrials Index Fund (VIS) was up 2% and the iShares US Industrials ETF (IYJ) was inactive.Target Hospitality (TH) stock was down more than 9% before the opening bell, a day after the company said its selling shareholders priced a secondary offering of 7 million shares at $14 apiece for about $98 million in gross proceeds.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 1%, and the iShares US Technology ETF (IYW) was 1.2% higher, while the iShares Expanded Tech Sector ETF (IGM) was up 1.1%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) increased by 1.8%, while the iShares Semiconductor ETF (SOXX) rose by 1.5%.TE Connectivity (TEL) shares were down more than 5% in Wednesday's premarket activity despite the company delivering strong fiscal Q2 results that beat estimates after CEO Terrence Curtin told Reuters that persistent Middle East conflict could force price hikes to offset rising material costs and supply chain disruptions.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.3%, the Vanguard Health Care Index Fund (VHT) was up 0.4%, while the iShares US Healthcare ETF (IYH) was flat. The iShares Biotechnology ETF (IBB) was up 0.7%.Moderna (MRNA) stock was down more than 1% premarket, a day after the company said it administered the initial doses to participants in the US and the UK for a phase 3 clinical trial evaluating its experimental mRNA-1018 pandemic flu vaccine.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.1%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.8% lower.Capital One Financial (COF) shares were down more than 1% pre-bell after the company overnight reported Q1 results that fell short of analyst expectations.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.1% and the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was 0.4% higher. The iShares US Consumer Staples ETF (IYK) was flat. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.7%. The VanEck Retail ETF (RTH) was down 0.1%, while the State Street SPDR S&P Retail ETF (XRT) increased 0.6%.Alibaba Group (BABA) shares were up more than 1% pre-bell after The Information reported the company and Tencent are in talks to invest in DeepSeek, which is seeking funding at a valuation of over $20 billion.EnergyThe iShares US Energy ETF (IYE) was flat, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.1%.NexGen Energy (NXE) stock was up more than 1% before the opening bell after the company said it completed its 2026 winter drill program at the Patterson Corridor East discovery, extending the vertical extent of the high-grade uranium zone by 33% to 550 meters.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 0.4% to $89.29 per barrel on the New York Mercantile Exchange. Natural gas declined by 0.8% to $2.67 per 1 million British Thermal Units. The United States Oil Fund (USO) increased by 0.9%, while the United States Natural Gas Fund (UNG) was 0.4% higher.Gold futures for May were down by 0.4% at $4,812.10 an ounce on the Comex. Silver futures retreated by 1.1% to $79.73 an ounce. SPDR Gold Shares (GLD) was 0.4% lower, and the iShares Silver Trust (SLV) fell by 0.7%.
Iranian forces fired on a vessel owned by Mediterranean Shipping in the Strait of Hormuz as it waited to cross into the Gulf of Oman, The Wall Street Journal reported Wednesday, citing people familiar with the matter.The attack occurred mere hours after two other ships were fired on by the Islamic Revolutionary Guard Corps and came after President Donald Trump said the US would extend its ceasefire with Iran, the report said.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)