Consumer stocks edged higher Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) fractionally higher.
In corporate news, Caesars Entertainment (CZR) has agreed to be acquired and taken private by Fertitta Entertainment in an all-cash deal worth roughly $17.6 billion, the companies said in separate statements Thursday. Caesars shares were up 0.8%.
US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 12.4 million barrels in the week ended May 22 following a decrease of 17.8 million barrels in the previous week.Excluding inventories in the SPR, commercial crude oil stocks declined by 3.3 million barrels after a 7.9-million-barrel decline in the previous week, a larger drop than the 3-million-barrel decrease expected in a survey compiled by Bloomberg.Stocks in the SPR fell by 9.1 million in the week after declining by 9.9 million in the previous week.Overall crude oil stocks were down 1.5% from the previous week and were down 4.1% from a year earlier. Crude oil inventories are about 2% below the five-year average for this time of the year.Gasoline stocks fell by 2.6 million barrels, larger than the 2.3-million-barrel decrease expected. Gasoline stocks were down 1.2% from the previous week, but down 5.2% from a year earlier.Distillate stocks declined by 2.1 million barrels in the current week, compared with an expected decrease of 1.4 million barrels. Distillate stocks were down 2% from the previous week and were 2.5% lower than in the same week a year ago.Refineries operated at 94.5% of their capacity, up from 91.6% in the previous week.
US natural gas stocks increased by 92 billion cubic feet in the week ended May 22, smaller than the 95 billion increase expected in a survey compiled by Bloomberg and following an increase of 101 billion cubic feet in the previous week.Stocks at 2.483 trillion cubic feet are 0.9% higher than in the comparable week a year ago and 6.2% above their 5-year average.
Negotiators for the US and Iran have reached an agreement on a 60-day memorandum of understanding to extend the ceasefire and begin talks on Iran's nuclear program, but President Donald Trump has not yet given final approval, Axios reported Thursday, citing two US officials.The White House didn't immediately reply to a request for comment.(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.)