Sector Update: Energy

Energy stocks were lower Tuesday afternoon, with the NYSE Energy Sector Index decreasing 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.6%.

The Philadelphia Oil Service Sector Index was falling 2.1%, and the Dow Jones US Utilities Index rose 1.1%.

Oil prices fell Tuesday as a framework to end the Middle East conflict eased global supply fears. The US and Iran have agreed to end their war and reopen the Strait of Hormuz, which is the world's most important chokepoint for crude flows. The two sides are scheduled to sign their peace deal in Switzerland on Friday, which would kick off another round of negotiations on Tehran's nuclear program as Iran seeks sanctions relief.

Front-month West Texas Intermediate crude oil fell 6.1% to $75.83 a barrel, and the global benchmark Brent crude contract dropped 5.3% to $78.73 a barrel. Henry Hub natural gas futures rose 2.9% to $3.24 per 1 million BTU.

In corporate news, Equinor (EQNR) said Tuesday it will double share buyback to $3 billion in 2026 and expects annual share repurchases of $2 billion to $4 billion from 2027. Equinor shares were down 1.3%.

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks were lower late Monday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each falling about 3.2%.The Philadelphia Oil Service Sector Index was down 3%, and the Dow Jones US Utilities Index rose 1%.Front-month West Texas Intermediate crude oil fell 4.2% to $81.36 a barrel, and the global benchmark Brent crude contract dropped 4.2% to $83.69 a barrel. Henry Hub natural gas futures rose 1.1% to $3.16 per 1 million BTU.In sector news, a US-Iran peace framework that includes the expected reopening of the Strait of Hormuz has lifted sentiment, but it will take time for oil supply to improve meaningfully, Rystad Energy said in a note emailed Monday. Washington and Tehran have agreed to end their war that has rattled energy markets. The Strait of Hormuz -- the world's most important chokepoint for crude flows -- has remained effectively closed since the US-Israel war with Iran began at the end of February. A formal signing of the US-Iran deal is scheduled to take place in Switzerland on Friday.In corporate news, Shell's (SHEL) Sprng Energy Indian renewable power business could be acquired by Aditya Birla Group, which has emerged as the frontrunner for the unit, Bloomberg reported. Shell shares were falling 3.3%.The European Commission said it has approved a joint venture between TotalEnergies (TTE) and Masdar focused on renewable energy projects in the Asia-Pacific region. TotalEnergies shares were shedding 4.1%.DTE Energy (DTE) received a $1.6 billion loan from the Department of Energy's Office of Energy Dominance Financing to help lower energy costs in Michigan and modernize natural gas infrastructure, the Department of Energy said. Shares rose 0.8%.Peabody Energy (BTU) said Monday it terminated its amended 2020 transaction support agreement with surety providers and entered into standard indemnification agreements to support its US mine reclamation obligations. Shares were down 4.8%.

$BTU$DTE$SHEL$TTE

Sector Update: Financial Stocks Advance Late Afternoon

Financial stocks were higher late Monday afternoon trading, with the NYSE Financial Index rising 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 0.7%.The Philadelphia Housing Index was adding 0.9%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was shedding 0.9%.Bitcoin (BTC-USD) was increasing 1.3% to $66,541, and the yield for 10-year US Treasuries was down 1.8 basis points at 4.469%.In economic news, US industrial production increased less than estimated in May as nondurable manufacturing fell, while mining output increased, Federal Reserve data showed Monday. Industrial output inched up 0.1% last month following a 0.9% rise in April, the Fed said. The consensus was for a 0.3% increase in a survey compiled by Bloomberg.US homebuilder confidence declined this month as rising material costs and high mortgage rates stoked affordability concerns, the National Association of Home Builders and Wells Fargo said Monday. The housing market index, which covers new single-family homes, fell two points sequentially to 35 in June, compared to a 37 reading in a survey compiled by Bloomberg.In corporate news, Payoneer (PAYO) agreed to be acquired by Canada's Nuvei in an all-cash deal valued at about $2.75 billion. Payoneer shares gained 4.2%.eToro (ETOR) is pursuing acquisitions and considering an expansion into payments and banking services as the online trading platform looks to diversify its business, the Financial Times reported, citing CEO Yoni Assia. eToro shares rose 3.7%.Truist Financial (TFC) on Monday named Michael P. Lyons as its next president and chief executive officer, starting Sept. 1. Lyons, who most recently served as CEO of Fiserv (FISV), will succeed Bill Rogers at Truist. Rogers will become executive chair on Lyons' start date, Truist said. Truist shares were down 5.6%, and Fiserv fell past 10%.UWM (UWMC) said Monday that the board of Two Harbors Investment (TWO) has only been "pretending" to engage over its proposed takeover offer to convince shareholders their only option is to accept an "inferior" deal with CrossCountry Mortgage. UWM shares were down 1.1%, and Two Harbors shed 0.9%.

$ETOR$FISV$PAYO$TFC$TWO$UWMC

Sector Update: Consumer Stocks Mixed Late Afternoon

Consumer stocks were mixed late Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 1.7%.In corporate news, Fox (FOXA, FOX) agreed to acquire Roku (ROKU) in a cash-and-stock deal that values the TV streaming platform at about $22 billion. Roku shares declined 1.5%, and Fox Class A and Class B shares fell 16% and 15% respectively.The request by Amazon's (AMZN) Whole Foods for a review of the January 2025 vote by workers at a Philadelphia store location to unionize was denied Monday by the US National Labor Relations Board. Amazon shares were up 3.1%.Anheuser-Busch InBev (BUD) plans to invest over $20 million in its St. Louis and Arnold, Missouri, operations. Anheuser-Busch shares were down 1.5%.China's market regulator has ordered Walmart-owned (WMT) Sam's Club to strengthen food safety controls across its supply chain following the discovery of food safety issues, Reuters reported. The report said the State Administration for Market Regulation held talks with a Sam's Club executive and instructed the retailer to eliminate risks and safeguard consumer food safety. Walmart shares were decreasing 0.3%.

$AMZN$BUD$FOX$FOXA$ROKU$WMT

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