Consumer stocks were mixed pre-bell Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) 0.1% lower and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) marginally advancing.
Kroger (KR) stock was down more than 2% after the company said it has agreed to acquire regional supermarket chain Giant Eagle in a $1.65 billion deal, expanding its presence across northern Ohio, western Pennsylvania, West Virginia, Maryland and Indiana.
Energy stocks were lower late Tuesday afternoon, with the NYSE Energy Sector Index easing 0.4% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.6%.The Philadelphia Oil Service Sector Index rose 0.5%, and the Dow Jones US Utilities Index retreated 1.2%.Front-month West Texas Intermediate crude oil fell 0.9% to $70.13 a barrel, and the global benchmark Brent crude contract eased 0.3% to $72.92 a barrel. Henry Hub natural gas futures rose 2.5% to $3.26 per 1 million BTU.In sector news, US envoy for the Middle East Steve Witkoff and President Donald Trump's son-in-law Jared Kushner are in Doha to meet Qatari mediators, CNN reported Tuesday, citing Qatar's Foreign Ministry spokesperson. The US duo will not meet with Iranian officials, the news report added.Separately, the US Federal Communications Commission is drafting a rule that would ban imports of foreign inverters, which connect solar projects and batteries to the grid, due to concerns China could disrupt power supplies with them, Reuters reported.In corporate news, Sable Offshore (SOC) shares tumbled 57%. Bloomberg reported that JPMorgan Chase (JPM), which is running a stock and note offering from Sable, has seen limited investor demand for a loan paying 15%.Air Products and Chemicals (APD) shares jumped 8% after it said Tuesday it will not proceed with the Louisiana Clean Energy Project due to expected financial returns that do not meet stringent return criteria.Shell (SHEL) is close to a deal to sell over 600 retail fuel outlets in South Africa to Abu Dhabi National Oil's retail arm for a deal valued at around $1 billion, Bloomberg reported. Shell shares rose 0.8%.Gulfport Energy (GPOR) has acquired roughly 4,700 net undeveloped acres in Ohio's Utica region for about $83 million, expanding its gas inventory in the area, the company said Monday. Its shares were up 2.5%.
Financial stocks edged down in late Tuesday afternoon trading, with the NYSE Financial Index 0.1% lower and the State Street Financial Select Sector SPDR ETF (XLF) easing 0.2%.The Philadelphia Housing Index was down 0.8%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 1.4%.Bitcoin (BTC-USD) was falling 2.7% to $58,557, and the yield for 10-year US Treasuries fell 1 basis point to 4.39%.In economic news, US job openings rose to 7.594 million in May, according to the Bureau of Labor Statistics, above the 7.296 million openings expected in a Bloomberg-compiled survey and up from the 7.585 million openings reported in April.The Conference Board's measure of consumer confidence rose to 91.2 in June from a downwardly revised 90.6 in May, below the 94.4 expected in a Bloomberg-compiled poll.The Institute for Supply Management's Chicago PMI fell to 56.7 in June from 62.7 in May, compared with the expected 55.1 reading in a Bloomberg survey.In corporate news, Houlihan Lokey (HLI) agreed to acquire Intrepid Financial Partners, an investment bank specializing in advisory services for the energy sector, for an undisclosed amount. Houlihan Lokey shares rose 1%.Helix Infrastructure Partners, a new AI infrastructure firm backed by KKR (KKR) and Nvidia (NVDA), is looking to buy a data center company to quickly bring new data center space to hyperscalers, The Information reported. KKR shares climbed 3.3%.Ares Management (ARES) and Alibaba (BABA) co-founder Joe Tsai led a $100 million investment in the Premier Lacrosse League, valuing the league at more than $500 million, Bloomberg reported. Ares shares gained 4%.Lloyds (LYG) is planning to raise its focus on workplace pensions to boost its wealth segment as part of its five-year strategy through 2030, Bloomberg reported. Shares added 1.5%.
Tech stocks advanced late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.8% and the State Street SPDR S&P Semiconductor ETF (XSD) gaining 5.5%.The Philadelphia Semiconductor Index climbed 4.2%.In corporate news, the US Supreme Court will hear an appeal by Apple (AAPL) challenging lower court rulings that it willfully defied a 2021 ruling involving developer fees for its app store, according to media reports. Apple shares rose 2.2%.AeroVironment (AVAV) shares surged past 20% after it reported stronger-than-expected fiscal Q4 results and issued an upbeat full-year revenue outlook at the midpoint.Super Micro Computer (SMCI) is cooperating with Taiwanese authorities after investigators searched its Taiwan office as part of a probe into suspected exports of Nvidia (NVDA) AI servers to China in violation of trade restrictions, the Financial Times reported. Super Micro shares rose 4.1%, and Nvidia added 2.1%.Micron Technology (MU) said Tuesday it is investing $250 million into 530A Accounts, also known as Trump Accounts. As part of the investment, Micron said it will match employee contributions up to $1,000 per child under 18 and provide a one-time $250 seed deposit for children with Trump Accounts where it operates in Idaho, New York, Virginia, California, Colorado, Minnesota and Texas. Micron shares rose 1.4%.