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 15% 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.
Financial stocks fell Wednesday with the NYSE Financial Index dropping 0.8% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 1.1%.The Philadelphia Housing Index declined 1.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) lost 0.8%.Bitcoin (BTC-USD) fell 1.2% to $79,517, and the yield for 10-year US Treasuries rose 1.8 basis points to 4.48%.In economic news, the US producer price index for April rose 1.4%, the fastest pace in four years, after a 0.7% gain in March, according to the Bureau of Labor Statistics. The increase topped the 0.5% gain expected in a Bloomberg poll.In corporate news, Two Harbors Investment (TWO) said its board rejected a revised unsolicited takeover proposal from UWM (UWMC), saying the bid was inferior to its existing merger agreement with CrossCountry Mortgage. Two Harbors shares fell 1.1%, and UWM dropped 4.3%.Wells Fargo (WFC) shares fell 2.2%. The company is marketing investment-grade bonds in as many as three parts, with maturities between three and six years, Bloomberg reported.Blackstone (BX) has withdrawn from talks for a proposed $4 billion deal involving New World Development after negotiations broke down over control of the company, Bloomberg reported. Blackstone shares fell 2.3%.JPMorgan Chase (JPM) reshuffled leadership in its investment-banking unit amid a rebound in global dealmaking activity, according to media reports. JPMorgan shares fell 1.5%.
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.