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Sector Update: Consumer Stocks Mixed in Afternoon Trading

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Consumer stocks were mixed Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.2%.

In corporate news, Uber's (UBER) shares fell 6.6% after its Q2 revenue missed market estimates and it provided a soft Q3 bookings guidance.

Walt Disney's (DIS) fiscal Q3 earnings rose above Wall Street's estimates on Wednesday even as revenue fell short of expectations despite a boost from "Toy Story 5." Disney shares rose 3.2%.

Starboard Value has built a stake in Shake Shack (SHAK) worth "several hundred million dollars," Bloomberg reported Wednesday, citing an interview with the firm's Chief Executive Jeff Smith. Shake Shack shares jumped past 9%.

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Sector Update: Energy Stocks Decline Late Afternoon

Energy stocks were lower late Tuesday afternoon, with the NYSE Energy Sector Index decreasing 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) down 0.5%.The Philadelphia Oil Service Sector Index was climbing 3.5%, and the Dow Jones US Utilities Index was shedding 0.6%.The US and Iran could reach a deal Tuesday or Wednesday to reopen the Strait of Hormuz for commercial ships, Treasury Secretary Scott Bessent said Tuesday in an interview with CNBC.Front-month West Texas Intermediate crude oil fell 5.7% to $75.74 a barrel, and the global benchmark Brent crude contract dropped 5.2% to $79.39 a barrel. Henry Hub natural gas futures declined 3.8% to $2.68 per 1 million BTU.In corporate news, NRG Energy (NRG) shares fell past 16%. The company reported Q2 adjusted earnings Tuesday of $1.49 per share, down from $1.73 a year earlier. Analysts polled by FactSet expected $1.69.BP (BP) reported Q2 underlying replacement cost profit Tuesday of $2.22 per American depositary share, up from $0.90 a year earlier. Separately, BP said Tuesday it plans to sell its US biogas business Archaea after making progress in strengthening its balance sheet and taking steps to simplify the company. BP shares were down 3.9%.Energy Transfer (ET) shares were up 0.5% after the company posted higher Q2 earnings and revenue.Duke Energy (DUK) reported Q2 adjusted earnings Tuesday of $1.43 per share, up from $1.25 a year earlier. Analysts polled by FactSet expected $1.30. Duke shares rose 0.1%.

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Sectors

Sector Update: Financial Stocks Rise Late Afternoon

Financial stocks were higher in late Tuesday afternoon trading, with the NYSE Financial Index rising 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) adding 1%.The Philadelphia Housing Index was climbing 2.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was 0.1% lower.Bitcoin (BTC-USD) was increasing 1.2% to $64,233, and the yield for 10-year US Treasuries fell 5.9 basis points to 4.627%.In sector news, Polymarket is seeking new investment at a valuation of more than $20 billion, Bloomberg reported. The prediction-markets platform is in early discussions with prospective investors to raise about $1 billion, the report said.In corporate news, JPMorgan Chase's (JPM) asset management unit is nearing a deal to buy Idex from Antin Infrastructure Partners in a deal that would value the French heating and cooling network operator at about 3.8 billion euros ($4.4 billion), including debt, Bloomberg reported. JPMorgan shares rose 1.5%.Blackstone (BX) has held early talks with investors to assess their interest in a second massive debt package to finance Anthropic's use of chips from Alphabet's (GOOGL) Google, Bloomberg reported. Blackstone shares added 1.8%.Jefferies Financial (JEF) was told that some of the invoices backing its financing to Sapphire Minmetals are not genuine, Bloomberg reported. The discovery came after Jefferies checked the authenticity of the invoices with Vitol Group and marks another setback for its Point Bonita fund, the report said. Jefferies shares were up 1.1%.Apollo Global Management (APO) shares were up 2.4% following its Q2 results.

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Sector Update: Consumer Stocks Advance Late Afternoon

Consumer stocks were higher late Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 0.1%.Redbook US same-store sales rose by 8.7% from a year earlier in the week ended Aug. 1 after an 8.3% year-over-year increase in the previous week. "Shoppers took advantage of the annual sales tax holidays for school supplies and clothing in Arkansas, New Mexico, Tennessee, and West Virginia," Redbook said.In corporate news, McDonald's (MCD) Q2 revenue fell short of market expectations on Tuesday as comparable sales growth in the US slowed on a yearly basis amid a challenging consumer environment. Its shares were still up 1.2%.Nike (NKE) shares fell 2.3% after JPMorgan downgraded the stock to underweight from neutral, and cut the price target to $40 from $47.Spotify (SPOT) issued a stronger-than-expected Q3 revenue outlook, even though it said certain free-tier limitations in emerging markets could impact active users. Its shares were down 1.1%.Abercrombie & Fitch (ANF) is considering options for its China business, including finding local partners to help grow the business, Bloomberg reported. The company is working with an adviser to review its Chinese assets, and it may sell a stake in the unit, which could be valued at several hundred million dollars, the report said. Abercrombie shares rose 1.1%.

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Sector Update: Consumer Stocks Mixed in Afternoon Trading | FINWIRES