Consumer stocks were lower Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1.6% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) dropping 4.4%.
In corporate news, Tesla (TSLA) shares fell past 13% after it reported an unexpected year-over-year decline in Q2 earnings, weighed by higher operating expenses related to research and development and AI initiatives.
Energy stocks advanced late Wednesday afternoon with the NYSE Energy Sector Index rising 1.5% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.3%.The Philadelphia Oil Service Sector Index climbed 1%, and the Dow Jones US Utilities Index gained 1.8%.Crude oil prices rose amid escalating tensions between the US and Iran. The US will destroy an Iranian bridge or power plant, including facilities in and around Tehran, every time Iran attacks ships in the Strait of Hormuz, President Donald Trump said in a social media post.West Texas Intermediate crude oil climbed 3.3% to $87.13 a barrel, and global benchmark Brent advanced 3.7% to $94.38 a barrel. Henry Hub natural gas futures rose 2.9% to $2.95 per 1 million BTU.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 3.0 million barrels in the week ended July 17 following a decrease of 4.7 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 2.0 million barrels after a 1.7-million-barrel drop in the previous week, compared with the 2.0-million-barrel decrease expected in a survey compiled by Bloomberg.Separately, NextEra Energy (NEE), Duke Energy (DUK), Equinix (EQIX) and Digital Realty Trust (DLR) are among nearly 200 companies backing US President Donald Trump's pledge to limit consumers' exposure to rising electricity bills driven by AI, The Wall Street Journal reported, citing a White House list of signatories.In corporate news, EQT (EQT) shares jumped 7.9% a day after the company reported Q2 revenue above market expectations.Equinor (EQNR) shares climbed 6.2% after the company posted higher Q2 adjusted earnings and revenue.Eni (E) shares added 1.6% after it said Wednesday it generated first industrial electricity from the 120-megawatt gas power plant at the 247-MW Mangystau Hybrid Power Plant in Kazakhstan.GE Vernova (GEV) is preparing contracts to help strengthen Venezuela's power grid and would be close to signing them had the country not suffered a recent earthquake, Bloomberg reported Wednesday, citing an interview with Chief Executive Officer Scott Strazik. GE Vernova shares were down 8.1%.
Financial stocks were lower in late Wednesday afternoon trading, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each shedding about 0.5%.The Philadelphia Housing Index rose 0.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) decreased 0.4%.Bitcoin (BTC-USD) was declining 1.2% to $65,726, and the yield for 10-year US Treasuries rose 2.9 basis points to 4.657%.In sector news, Kalshi said Wednesday that it will launch a new election portal aimed at becoming a key reference point for US election odds ahead of the November midterm elections, according to multiple media reports.In corporate news, the EU is preparing to revisit airline ownership rules to tighten limits on foreign control of carriers, Reuters reported Wednesday, citing an EU official. The move may complicate US bids for easyJet, which is the target of competing takeover offers from New York-based Apollo Global Management (APO) and Minneapolis-based Castlelake, the report said. Apollo shares were up 0.4%.Morgan Stanley's (MS) wealth management unit has gained more than $70 billion in net new assets during Q2, largely fueled by the initial public offering of SpaceX (SPCX), Bloomberg reported. Morgan Stanley shares rose 1.1%.Coinbase (COIN) has settled its Freedom of Information Act lawsuit against the US Securities and Exchange Commission with the regulator agreeing to provide additional documents and pay $150,000, a court filing said Wednesday. Shares were off 5.3%.CME (CME) shares jumped 5% after it reported Q2 adjusted earnings Wednesday of $2.99 per diluted share, up from $2.96 a year earlier. Analysts polled by FactSet expected $2.91.
Healthcare stocks declined late Wednesday afternoon, with the NYSE Healthcare Index down 0.4% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.5%.The iShares Biotechnology ETF (IBB) fell 0.9%.In corporate news, Repligen (RGEN) has agreed to acquire BioLife Solutions (BLFS) in a deal valued at about $1.5 billion, the companies said. Repligen shares climbed 2.3%, and BioLife jumped past 6%.Amgen (AMGN) has agreed to pay $74 million to settle a shareholder lawsuit alleging the company waited too long to disclose it may owe the Internal Revenue Service $10.7 billion in back taxes, penalties and interest, news outlets reported Tuesday. Amgen shares were down 0.1%.Arrowhead Pharmaceuticals (ARWR) shares surged past 20% after the company said its phase 3 clinical studies of plozasiran to treat hypertriglyceridemia met the primary endpoint of triglyceride reduction compared with placebo.GSK (GSK) shares were fractionally higher after it said Wednesday the US Food and Drug Administration has approved Jideytro, a ROS1-selective inhibitor, to treat adults with locally advanced or metastatic ROS1-positive non-small cell lung cancer who have previously received a ROS1 kinase inhibitor.