Sector Update: Energy

Energy stocks were edging higher pre-bell Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.5%.

The United States Oil Fund (USO) was down 0.5% and the United States Natural Gas Fund (UNG) was 1.2% lower.

Front-month US West Texas Intermediate crude oil was 1.6% lower at $67.48 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 1.5% to $70.52 per barrel, and natural gas futures were down 1.5% at $3.17 per 1 million British Thermal Units.

Tsakos Energy Navigation (TEN) placed an order for a second LNG carrier at Hyundai Heavy Industries in South Korea, with delivery expected in Q1 2029. Tsakos Energy Navigation stock was up more than 4% premarket.

Sector Update: Energy Stocks Decline Late Afternoon

Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) down 0.6%.The Philadelphia Oil Service Sector Index shed 2.1%, and the Dow Jones US Utilities Index declined 1.4%.On Wednesday, the US and Iran held indirect technical talks in Doha as they seek to agree on the flow of shipping through the Strait of Hormuz and secure a lasting ceasefire, a source with direct knowledge of the talks and an Iranian official told Reuters.Front-month West Texas Intermediate crude oil fell 1.7% to $68.31 a barrel, and the global benchmark Brent crude contract dropped 2.2% to $71.38 a barrel. Henry Hub natural gas futures declined 2.2% to $3.20 per 1 million BTU.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 9.3 million barrels in the week ended June 26 following a fall of 15.1 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks declined by 3.8 million barrels after a 6.1 million barrel decrease in the previous week, a larger decline than the 2.2 million barrel decrease expected in a Bloomberg survey.In corporate news, Sable Offshore (SOC) shares surged 42% after the firm said Wednesday it has priced a combined equity and debt offering to raise capital and refinance borrowings tied to its energy assets.New Era Energy & Digital (NUAI) appointed new executives, including Charlie Nelson, currently president and chief operating officer, as chairman and chief executive, effective immediately, the company said Wednesday. Shares were falling past 17%.Eni (E) said it agreed with Mercuria to establish an equally owned joint venture to oversee energy commodities trading activities across global markets. Eni shares were down 2.6%.Equinor (EQNR) has entered into a letter of intent with Transocean (RIG) to charter three Cat D rigs for operations on the Norwegian continental shelf under an agreement valued at about $1 billion, the company said Wednesday. Equinor shares were shedding 0.7% lower, and Transocean was down 0.9%.

$E$EQNR$NUAI$RIG$SOC

Sector Update: Financial Stocks Advance Late Afternoon

Financial stocks rose in late Wednesday afternoon trading, with the NYSE Financial Index increasing 1.5% and the State Street Financial Select Sector SPDR ETF (XLF) adding 2.2%.The Philadelphia Housing Index was falling 1.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.7%.Bitcoin (BTC-USD) was increasing 2.9% to $60,189, and the yield for 10-year US Treasuries rose 5.7 basis points to 4.475%.In economic news, outplacement firm Challenger, Gray & Christmas said companies planned to cut 45,849 jobs in June, down from 97,006 in May and 47,999 a year ago. The largest layoff counts in June were in the technology and services sectors.ADP's monthly measure of private payrolls showed a 98,000 increase in June, below expectations for an increase of 120,000 in a Bloomberg-compiled survey.The Institute for Supply Management's US manufacturing index fell to 53.3 in June from 54.0 in May, compared with forecasts for 53.9 in a Bloomberg-compiled poll, indicating a slower pace of expansion.The S&P Global US manufacturing index for June was revised down to 53.9 from the flash reading of 55.7, versus expectations for an unrevised reading in a Bloomberg-compiled survey.In sector news, US banks are expected to report double-digit growth in Q2 core earnings, buoyed by factors including net interest revenue and core noninterest income, RBC Capital Markets said in a Wednesday note. RBC is projecting a 19% annual jump in banks' median core earnings per share from a year earlier. Consensus estimates point to a 21% increase, according to the brokerage.In corporate news, Robinhood (HOOD) launched perpetual futures with no expiry date tied to commodities like gold, silver, and crude oil, as well as exchange-traded funds, and currencies in Europe, multiple media outlets reported Wednesday. Robinhood shares jumped past 8%.Phil Tseng, chief executive of BlackRock's (BLK) troubled private credit fund, is leaving the company, Bloomberg reported. Tseng remains an employee of the company for now, and the time of his departure hasn't been finalized, the report said. BlackRock shares were up 1.9%.Klarna (KLAR) said a court ruled in favor of its PriceRunner unit, awarding it $1.97 billion in damages in an antitrust lawsuit against Alphabet's (GOOGL) Google. Klarna said the award compensates the company for lost revenue due to Google's preference of its own comparison-shopping service over independent services. Klarna shares rose 1.8%.JPMorgan Chase's (JPM) asset management unit is the leading bidder to buy Idex, Antin Infrastructure Partners' French heating and cooling network operator, Bloomberg reported. Idex could be valued at between 3 billion euros ($3.4 billion) and 4 billion euros, including debt, in a potential acquisition, the report said. JPMorgan shares added 1.8%.

$BLK$HOOD$JPM$KLAR

Sector Update: Healthcare Stocks Higher Late Afternoon

Healthcare stocks were higher late Wednesday afternoon, with the NYSE Healthcare Index up 0.1% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 0.3%.The iShares Biotechnology ETF (IBB) eased 0.2%.In corporate news, short seller Culper Research said Wednesday it has taken a short position in Tarsus Pharmaceuticals (TARS), alleging the commercialization of Xdemvy relies on a Medicare copay assistance structure that "raises serious Anti-Kickback Statute concerns." Tarsus shares were down 3.6%.Can-Fite BioPharma (CANF) shares surged 56% after it said its phase 2a trial of Namodenoson in advanced pancreatic cancer met its primary safety endpoint and showed durable survival in a subset of heavily pretreated patients.Hims & Hers Health (HIMS) shares jumped past 8% after BofA Securities raised its price target to $36 from $25, while keeping its neutral rating.BridgeBio Pharma (BBIO) has raised up to $1 billion in convertible preferred equity led by Sixth Street, with participation from HealthCare Royalty, a KKR (KKR) business, to fund upcoming product launches and pipeline development. BridgeBio shares were up 0.3%.

$BBIO$CANF$HIMS$TARS

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