Consumer stocks were leaning lower premarket Thursday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) declining by 0.7% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) down 0.2%.
Walmart (WMT) stock was down more than 3% even after the company reported higher fiscal Q1 adjusted earnings and revenue.
Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index falling 1.9% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 2.4%.The Philadelphia Oil Service Sector Index shed 0.1%, while the Dow Jones US Utilities Index added 0.5%.Front-month West Texas Intermediate crude oil declined 0.8% to $107.77 a barrel, and the global benchmark Brent crude contract dropped 5.7% to $104.91 a barrel. Henry Hub natural gas futures fell 2.4% to $3.04 per 1 million BTU.US crude oil stocks, including those in the Strategic Petroleum Reserve, declined by 17.8 million barrels in the week ended May 15 following a decrease of 12.9 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks decreased by 7.9 million barrels after a 4.3-million-barrel decline in the previous week, a larger decline than the 2.5-million-barrel decrease expected in a Bloomberg survey.In corporate news, American Water Works (AWK) shares fell 1.4% after Argus cut the company's price target to $140 from $160, while keeping its buy rating.BP (BP) said Wednesday the United Steelworkers, or USW, Local 7-1 has agreed to the company's request to resume negotiations on Friday over Whiting Refinery. BP shares were down 2%.Shell (SHEL) unit BG International has sold participating interests in three exploration blocks offshore Uruguay to QatarEnergy. Shell shares were shedding 2%.Ecopetrol (EC) said Wednesday it has bought a 49% stake in two of the six projects comprising the Jemeiwaa Ka'I wind cluster in La Guajira, Colombia, for $25.5 million. Ecopetrol shares fell 2.1%.
Financial stocks were higher in late Wednesday afternoon trading, with the NYSE Financial Index rising 1.7% and the State Street Financial Select Sector SPDR ETF (XLF) adding 1.2%.The Philadelphia Housing Index was climbing up 3.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 1.1%.Bitcoin (BTC-USD) was increasing 1% to $77,510, and the yield for 10-year US Treasuries dropped 9.5 basis points to 4.57%.In corporate news, Microsoft-backed (MSFT) OpenAI has been working with bankers in preparation of filing for an initial public offering in the coming days or weeks, The Wall Street Journal reported. Bankers at Morgan Stanley (MS) and Goldman Sachs (GS) have been working with OpenAI on a draft IPO prospectus the maker of ChatGPT plans to file confidentially with regulators soon, potentially as early as Friday, the report said. Morgan Stanley shares gained 4.3%, and Goldman popped 5.6%.An Ares Management (ARES) fund and the Scion Group have purchased 12 US student-housing properties for about $910 million, Bloomberg reported. Ares rose 0.8%.Apollo Global Management (APO) was asked by two teacher organizations to investigate Chief Executive Marc Rowan's apparent use of the private equity firm's resources for his work with the Trump administration in violation of company policy, Bloomberg reported, citing a letter the groups sent to the chair of Apollo's audit committee. Apollo shares were up 0.9%.Lincoln International (LCLN) shares were up 13% after the stock marked its New York Stock Exchange debut at higher than the $20-per-share initial public offering price.
Healthcare stocks were mixed late Wednesday afternoon, with the NYSE Healthcare Index up 0.1% and the State Street Health Care Select Sector SPDR ETF (XLV) down 0.2%.The iShares Biotechnology ETF (IBB) rose 1.9%.In corporate news, Cigna (CI) shares fell 2.5% after Deutsche Bank downgraded the stock to hold from buy and cut its price target to $302 from $303.Medtronic (MDT) said Wednesday it is planning to acquire medical technology firm SPR Therapeutics for an upfront cash payment of about $650 million. Shares were down 0.8%.Personalis (PSNL) shares jumped 12% after the company said its NeXT personal minimal residual disease test has been approved for expanded coverage by the US Centers for Medicare & Medicaid Services' Molecular Diagnostic Services Program.Immunovant (IMVT) shares surged 35% after the firm said its cash and cash equivalents were about $902.1 million as of March 31, providing runway for announced indications through the potential commercial launch of IMVT-1402 in Graves' disease.