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Sector Update: Consumer Stocks Decline Late Afternoon

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Consumer stocks were lower late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.7%.

In corporate news, SiriusXM's (SIRI) discussions over a possible acquisition of iHeartMedia (IHRT) have hit an impasse after the two sides were unable to come to terms, The New York Times Dealbook reported. iHeartMedia shares dropped 13%, and SiriusXM fell 1.7%.

Costco's (COST) fiscal Q3 revenue topped market estimates buoyed by its gas business amid high fuel prices, but the warehouse chain's earnings fell short of expectations. Its shares fell 4.2%.

General Motors' (GM) partly owned battery plant in Ohio is delaying the return of hundreds of workers amid weak demand for electric cars, Reuters reported. GM shares were down 1%.

International Flavors & Fragrances (IFF) shares shed 1.8% after it said Friday that it agreed to sell a majority stake in its food ingredients unit to private equity firm CVC Capital Partners in a deal worth roughly $4.3 billion, as part of IFF's efforts to focus on higher-margin businesses.

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Sector Update: Healthcare Stocks Softer Late Afternoon

Healthcare stocks declined late Friday afternoon, with the NYSE Healthcare Index decreasing 0.8% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.9%.The iShares Biotechnology ETF (IBB) eased 0.1%.In corporate news, AstraZeneca's (AZN) Alexion Rare Disease unit said Friday that a phase 3 program evaluating anselamimab in light chain amyloidosis did not meet its primary endpoint in the overall patient population. Its shares were down 0.2%.The Centers for Medicare & Medicaid Services will not impose intermediate sanctions on Elevance Health (ELV) at this time based on the health insurer's attestation to corrective action steps it has taken, the agency said Friday. CMS notified Elevance in February of its determination to impose intermediate sanctions for "substantial and persistent noncompliance with Medicare Advantage risk adjustment data submission requirements." Elevance shares rose 0.3%.Becton, Dickinson (BDX) said it has resumed US shipments of ChloraPrep after completing additional assessments and implementing final release testing. The shares were down 0.9%.Replimune (REPL) shares surged 84% after the firm said Friday it will resubmit its biologics license application for vusolimogene oderparepvec for advanced melanoma in the coming days.

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Sectors

Sector Update: Financial Stocks Advance Late Afternoon

Financial stocks were advancing in late Friday afternoon trading, with the NYSE Financial Index rising 0.3% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 0.8%.The Philadelphia Housing Index added 0.9%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) shed 0.7%.Bitcoin (BTC-USD) was decreasing 0.2% to $73,361, and the yield for 10-year US Treasuries decreased 1 basis point to 4.445%.In economic news, the Institute for Supply Management's Chicago PMI reading jumped to 62.7 in May from 49.2 in April, larger than the expected 50.3 reading in a survey compiled by Bloomberg and the highest reading in over four years.In corporate news, Blackstone (BX) is selling the US Bank Center in Seattle to office landlord Spear Street Capital for about $280 million, 54% less than what it paid for the building seven years ago, Bloomberg reported. Blackstone shares were up 0.8%.Apollo Global Management (APO) has received the European Commission's approval for its funds under Apollo Capital Management to buy Nippon Sheet Glass, according to a statement. Separately, Apollo-backed Shutterfly is marketing about $1.9 billion in loans and bonds, including $1.15 billion in junk notes, to refinance upcoming maturities, Bloomberg reported. Apollo shares rose 1.4%.UBS (UBS) cut several hundred jobs across its Europe, Middle East and Africa operations in its latest round of reductions linked to the 2023 Credit Suisse takeover, Bloomberg reported. The cuts mainly affected support roles, with some client-facing bankers also impacted, the report said, adding that some employees were offered internal redeployment as UBS works to limit redundancies. UBS shares added 0.8%.Bank of Nova Scotia (BNS) said Friday it has agreed to acquire Maple Financial, the parent company of MapleMark Bank, a US commercial bank with operations mainly in Dallas, Texas. Bank of Nova Scotia shares were up 0.1%.

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Sectors

Sector Update: Energy

Energy stocks were lower late Friday afternoon, with the NYSE Energy Sector Index down 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 1.2%.The Philadelphia Oil Service Sector Index was decreasing 0.7%, and the Dow Jones US Utilities Index was down 0.7%.Front-month West Texas Intermediate crude oil fell 1.5% to $87.60 a barrel, and the global benchmark Brent crude contract dropped 1.8% to $92.05 a barrel. Henry Hub natural gas futures climbed 5% to $3.04 per 1 million BTU.In corporate news, Sempra (SRE) is being urged by activist investor Voss Capital to spin off its Oncor electricity unit, Reuters reported. Voss Capital, which owns less than 1% of Sempra, has argued that a newly independent Oncor Electric Delivery Co. would become the highest-growth public transmission utility in the US and could be worth up to $78 billion by the end of 2028, the report said. Sempra shares were down 1.5%.

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