Sector Update: Energy

Energy stocks were slightly lower late Thursday afternoon, with the NYSE Energy Sector Index decreasing 0.2% and the State Street Energy Select Sector SPDR ETF (XLE) fractionally lower.

The Philadelphia Oil Service Sector Index was shedding 0.3%, and the Dow Jones US Utilities Index rose 0.3%.

Front-month West Texas Intermediate crude oil fell 2.6% to $81.08 a barrel, and the global benchmark Brent crude contract shed 2.4% to $86.89 a barrel. Henry Hub natural gas futures declined 2.8% to $2.73 per 1 million BTU.

In corporate news, NextEra Energy (NEE) shares added 0.2%. The company said late Wednesday it signed an agreement with the US Department of Commerce and the Japanese government to fund the development and operation of up to 10 gigawatts of natural gas-powered generation in Texas and Pennsylvania.

Sector Update: Energy Stocks Edge Higher

Energy stocks edged higher Wednesday with the NYSE Energy Sector Index little changed, erasing earlier declines, and the State Street Energy Select Sector SPDR ETF (XLE) up 0.2%.The Philadelphia Oil Service Sector Index fell 0.4%, and the Dow Jones US Utilities Index rose 0.4%.In geopolitical news, Iran may prolong its war with the US until President Donald Trump leaves office, CNN reported, citing a top adviser to the commander of Iran's Islamic Revolutionary Guard Corps.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, rose by 11.3 million barrels in the week ended Friday following a decrease of 400,000 in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 17.4 million after an increase of 2.5 million in the previous week, compared with the drop of 1.8 million expected in a Bloomberg survey.The Organization of the Petroleum Exporting Countries lowered its global oil demand growth outlook for 2026, while projecting a stronger rebound for next year than estimated.The International Energy Agency projected a larger decline in global oil demand this year than estimated as the continued closure of the Strait of Hormuz weighs on consumption.West Texas Intermediate crude oil shed 0.3% to $82.95 a barrel, and global benchmark Brent fell 0.3% to $88.65 a barrel. Henry Hub natural gas futures rose 1.1% to $2.80 per 1 million BTU.In corporate news, Fervo Energy (FRVO) shares fell 17%. The company reported a Q2 net loss of $0.38 per diluted share, narrowing from a loss of $1.31 per share a year earlier. Three analysts polled by FactSet expected a loss of $0.11 per share.Energy Fuels (UUUU) said shareholders of Australian Strategic Materials approved the US company's planned takeover. Energy Fuels shares fell 2%.Borr Drilling (BORR) shares fell 3.6% after the company reported a Q2 loss as revenue declined.

$BORR$FRVO$UUUU

Sector Update: Healthcare Stocks Advance Late Afternoon

Healthcare stocks were higher late Wednesday afternoon, with the NYSE Healthcare Index up 0.2% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 0.3%.The iShares Biotechnology ETF (IBB) rose 0.5%.In corporate news, Merck (MRK) shares rose 2.4% after Daiwa upgraded the stock to outperform from neutral and raised its price target to $143 per share from $120.Cencora (COR) said that certain Walgreens volume that was being serviced by the company, separate from the prime vendor agreement, has started moving outside the company from July 1. Meanwhile, Cencora said its prime vendor agreement remains unchanged and accounts for the majority of its business with Walgreens. Cencora shares fell past 5%.Legend Biotech (LEGN) could see pressures from competition and recent leadership change, potentially weighing on Carvykti myeloma therapy strategy, Oppenheimer said. It downgraded Legend to perform from outperform. Shares fell 5.2%.Definium Therapeutics (DFTX) shares rose 5% after the firm said its phase 3 trial of DT120 orally disintegrating tablets in adults with generalized anxiety disorder met its primary endpoint.

$COR$DFTX$LEGN$MRK

Sector Update: Financial Stocks Rise Late Afternoon

Financial stocks were higher in late Wednesday afternoon trading, with the NYSE Financial Index up 0.5% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.3%.The Philadelphia Housing Index was falling 1.9%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) rose 0.8%.Bitcoin (BTC-USD) was easing 0.3% to $63,316, and the yield for 10-year US Treasuries was slightly lower at 4.68%.In economic news, the consumer price index rose 3.4% last month from a year earlier, decelerating from 3.5% in June and marking the slowest pace of growth since March, data from the Bureau of Labor Statistics showed. The annual print matched the average forecast in a Bloomberg survey. Core inflation, which excludes volatile food and energy items, eased to 2.5%, also as expected, from June's 2.6%.In corporate news, Bank of America (BAC) plans to invest $250 billion in US infrastructure through its Critical Infrastructure Finance Initiative, the company said Wednesday. The investment will be made through lending, investments, capital markets and advisory transactions over an 18-month period from Jan. 1, 2026 through July 4, 2027, the company said. Bank of America shares were up 1.3%.Goldman Sachs (GS) said Wednesday it has agreed to buy exchange-traded fund provider Neos Investments for up to $2.25 billion in cash and equity. Goldman shares eased 0.1%.Blackstone (BX) is considering abandoning plans to raise about $3 billion of debt to return some cash to investors, Bloomberg reported. The firm has struggled to find a buyer for the equity portion of the deal, which is typically the riskiest part, Bloomberg reported. Separately, Blackstone and La Caisse are leading a 2.5 billion Canadian dollar ($1.8 billion) minority equity investment in Air Canada's Aeroplan loyalty program, valuing the business at CA$10 billion, the airline said Tuesday. Blackstone shares were down 0.4%.Charles Schwab (SCHW) said Wednesday that its unit Charles Schwab Futures & Forex has launched single stock futures for more than 50 US stocks in the S&P 500 and Nasdaq-100. Charles Schwab shares rose 1.7%.

$BAC$BX$GS$SCHW

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