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Sector Update: Consumer Stocks Rise Late Afternoon

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Consumer stocks were higher late Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) gaining 2.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 0.3%.

In corporate news, Verizon Communications (VZ) will sell 274 company-owned retail locations as part of its restructuring efforts, which is expected to impact 3,000 employees, multiple media outlets reported Thursday. Verizon shares rose 2.5%.

Uber (UBER) said Thursday it has signed a merger agreement with Delivery Hero in a deal with an equity value of $14.8 billion, or $13.7 billion adjusted for Uber's prior stake purchases. Uber shares were up 1%.

United Airlines (UAL) raised the low end of its full-year earnings outlook and reported upbeat Q2 results, but the air carrier warned that rising oil prices are expected to add nearly $6 billion to its fuel costs this year. Its shares fell 2.4%.

Honda (HMC) informed its US dealers on Thursday that it's halting production of the Honda Prologue, the last electric vehicle in its US lineup, Bloomberg reported, citing an interview with Lance Woelfer, the company's head of US sales operations. Separately, Honda plans to begin production of its UC3 electric motorcycle in Vietnam as early as September, shifting manufacturing from Thailand as it looks to capitalize on growing demand for electric two-wheelers in the country, Nikkei reported Thursday. Honda shares were up 2.9%.

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Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index falling 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1%.The Philadelphia Oil Service Sector Index shed 0.5%, and the Dow Jones US Utilities Index was down 0.8%.Front-month West Texas Intermediate crude oil rose 0.4% to $79.68 a barrel, and the global benchmark Brent crude contract added 0.3% to $85.02 a barrel. Henry Hub natural gas futures advanced 0.8% to $2.93 per 1 million BTU.In sector news, Iran is now signaling it could use Yemen's Houthi allies to shut the Bab el-Mandeb gateway to the Red Sea, opening a new front against Washington and putting two of the world's most important energy arteries at risk, Reuters reported. As US strikes deepen inside Iran and Houthi attacks escalate in tandem, analysts said Tehran is widening the conflict and seeking to increase pressure on Washington by extending the threat to global trade and energy supplies beyond the Gulf, the report said.US crude oil stocks, including those in the Strategic Petroleum Reserve, declined by 4.7 million barrels in the week ended July 10 following a decrease of 3.2 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 1.7 million barrels after a 3.0-million-barrel gain in the previous week, a smaller decline than the 1.8 million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, Shell's (SHEL) acquisition of ARC Resources adds portfolio optionality and supports LNG growth, though the company may still fall short of what investors are seeking, RBC Capital Markets said in a note. RBC resumed coverage of Shell with a sector perform rating. Separately, Shell has kicked off a tendering process for drilling services at its Dragon offshore gas project in eastern Venezuela, pressing ahead with its plan to start drilling four wells from Q2 2027, Reuters reported. Shell shares were up 0.3%.BP (BP) said Wednesday it agreed to sell BP Ventures' minority interests in more than 10 portfolio companies to European private equity firm Verdane. BP shares were off 0.1%.Halliburton (HAL) said it was awarded a multiyear contract from Aramco to provide stimulation and completion services supporting unconventional gas development in Saudi Arabia. Halliburton shares were shedding 0.7%.SunPower (SPWR) said in a Tuesday Form 8-K filing that Jeanne Nguyen stepped down as Chief Accounting Officer on July 8. Its shares were shedding 0.6%.

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Sectors

Sector Update: Consumer Stocks Mixed Late Afternoon

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Sectors

Sector Update: Healthcare Stocks Advance Late Afternoon

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$ELV$LLY$MANE$NVO