Consumer stocks were mixed Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) easing 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 0.7%.
In corporate news, Stellantis (STLA) shares added 2.6% after Bloomberg reported Wednesday that the company and other carmakers are in talks with BYD over potential agreements involving underused manufacturing plants in Europe.
Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.4% and the State Street Energy Select Sector SPDR ETF (XLE) fractionally lower.The Philadelphia Oil Service Sector Index was down 0.5%, and the Dow Jones US Utilities Index was falling 1.1%.Front-month West Texas Intermediate crude oil declined 1% to $101.12 a barrel, and the global benchmark Brent crude contract dropped 1.8% to $105.81 a barrel. Henry Hub natural gas futures rose 0.5% to $2.86 per 1 million BTU.In sector news, the International Energy Agency on Wednesday forecast a sharper decline in global oil demand this year than previously expected as the Middle East conflict drives up energy prices. The agency anticipates oil consumption to contract by 420,000 barrels a day in 2026, compared with an 80,000-barrel drop expected last month. Oil demand is projected to plunge by 2.45 million barrels per day in the second quarter.Separately, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 12.9 million barrels in the week ended May 8 following a decrease of 7.5 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks decreased by 4.3 million barrels after a 2.3-million-barrel decline in the previous week, more than the 2.0-million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, BP (BP) has stopped contract discussions with the US steelworkers' union after the lockout of over 800 employees at its Whiting, Indiana, facility, Reuters reported, citing a statement from the union. BP shares were down 0.5%.Fervo Energy (FRVO) stock surged 34% in Wednesday trading following its Nasdaq debut.Ring Energy (REI) shares dropped 27% after the company overnight said it priced a public offering of about 44.4 million common shares at $1.35 apiece, targeting $60 million in gross proceeds.Enphase Energy (ENPH) shares jumped past 13% after the company said it opened US pre-orders for its new IQ9S-3P Commercial Microinverter.
Healthcare stocks rose late Wednesday afternoon, with the NYSE Healthcare Index adding 0.9% and the State Street Healthcare Select Sector SPDR ETF (XLV) increasing 0.7%.The iShares Biotechnology ETF (IBB) rose 0.3%.In corporate news, Corcept Therapeutics (CORT) shares rose past 11% after UBS Securities upgraded the stock to buy from neutral and raised its price target to $72 per share from $44.Ironwood Pharmaceuticals (IRWD) fell 10% after the company said Gregory Martini is resigning from his role as chief financial officer, effective May 15.Personalis (PSNL) shares jumped 6% after the firm said the Molecular Diagnostic Services Program of the Centers for Medicare & Medicaid Services has expanded coverage for its NeXT Personal minimal residual disease test.Assertio (ASRT) shares rose 3.4% after the company said Wednesday it has agreed to be acquired by Zydus Lifesciences subsidiary Zydus Worldwide DMCC in an all-cash tender offer valued at about $166.4 million.
Consumer stocks were higher late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 0.5%.In corporate news, Ford Motor (F) shares jumped past 14% after Morgan Stanley said the company had a "fairly high likelihood" of signing energy-storage solutions supply agreements with large commercial customers, including hyperscalers, in the next few months.Stellantis (STLA) shares gained 2.6% after Bloomberg reported Wednesday that the company and other carmakers are in talks with BYD over potential agreements involving underused manufacturing plants in Europe.Walmart (WMT) will fire or relocate about 1,000 corporate workers, The Wall Street Journal reported, citing people familiar with the matter and a memo sent to staff it viewed. Walmart shares were up 0.8%.Vivid Seats (SEAT) could benefit from World Cup ticket sales in June, BofA Securities said in a note. BofA raised the company's price target to $8.70 from $7.25 and kept its neutral rating. Vivid shares jumped past 7%.