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Sector Update: Energy Stocks Higher Monday Afternoon

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Energy stocks were rising Monday afternoon, with the NYSE Energy Sector Index adding 0.8% and the State Street Energy Select Sector SPDR ETF (XLE) advancing 0.9%.

The Philadelphia Oil Service Sector Index slid 0.1%, and the Dow Jones US Utilities Index rose 1%.

Oil prices fell after reports that Iran has agreed with the US to allow international nuclear inspectors back into the country. US Vice President JD Vance said Monday that Iran agreed to admit inspectors from the International Atomic Energy Agency in the country, according to media reports.

Front-month West Texas Intermediate crude oil fell 3.1% to $73.48 a barrel, and the global benchmark Brent crude contract dropped 3.5% to $77.22 a barrel. Henry Hub natural gas futures advanced 0.8% to $3.30 per 1 million BTU.

In corporate news, Chevron (CVX) has agreed to build a power plant in West Texas to supply electricity to a data center operated by Microsoft (MSFT) as part of a 20-year power purchase deal. Chevron shares rose 0.7%.

BP (BP) and Eni's (E) joint venture Azule Energy approved the development of the Greater PAJ offshore oil project in Angola, Reuters reported, citing comments from company and government officials at a signing ceremony. BP and Eni shares added 1.5% and 1.3% respectively.

American Resources (AREC) shares climbed 4% after the company said Monday the rare earth and critical mineral refining campus being built in Marion, Indiana, of its affiliated minority holding, ReElement Technologies, is expected to start commercial operations of its initial germanium production line in Q3.

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Gold Extends Losses as Fed Rate-Hike Outlook Supports Dollar

Gold prices fell early Friday for a second straight session, even as the dollar retreated from a 13-month high reached after the Federal Reserve indicated it may raise interest rates to curb rising inflation.Gold for July delivery was last seen down 1.8% to US$4,168.90 per ounce.The Federal Open Market Committee on Wednesday left U.S. benchmark interest rates unchanged but warned of a future hike. Half of the committee members said they expect rates to rise this year as inflation remains well above the Fed's 2% target rate due to high oil prices. The threat of higher interest rates is supporting the dollar, a bearish indicator for commodities priced in the currency."The Federal Open Market Committee on Wednesday left U.S. benchmark interest rates unchanged. Half of the committee members still expect rates to rise this year as inflation remains well above the 2% target rate. While the market initially welcomed the US-Iran MOU and the prospect of lower energy prices, attention has shifted back to the Fed and the possibility of another rate hike later this year," Saxo Bank wrote.The dollar moved down from the highest since May 2025, with the ICE dollar index last seen down 0.13 points to 100.72. Treasury yields fell, with the two-year note last seen paying 4.187%, down 0.8 basis points. The yield on the 10-year note was down 4.0 points to 4.46%

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Sectors

Oil Edges Up as the U.S. and Iran Suspend Peace Talks Amid Fresh Israeli Attacks in Lebanon

Oil prices edged higher early Friday as the postponement of U.S.-Iran talks and renewed hostilities between Israel and Hezbollah in Lebanon raised concerns about stability in the Middle East and the durability of a recently reached ceasefire.West Texas Intermediate crude oil for July delivery was last seen up 0.7% to US$77.14 per barrel, while August Brent oil was up 0.2% to US$80.05.Talks between Iran and the United States were halted as Iran objected to Israel's continuing attacks in Lebanon, with the New York Times reporting Israel struck 80 targets in Lebanon Friday, killing and injuring dozens. Israeli Prime Minister Benjamin Netanyahu has refused to be bound by the terms of the U.S.-Iran memorandum of understanding (MOU) reached on Wednesday that included a demand the country halt its attacks on its northern neighbor, threatening progress on negotiations to end the U.S. war on Iran.Planned talks between Iran and the United States in Switzerland were suspended due the heightened violence in Lebanon. However despite that, tankers trapped in the Gulf since the start of the war are still readying to move through the Strait of Hormuz as Iran ended its blockade of the key waterway, the chokepoint for Persian Gulf oil exports that supplied a fifth of daily oil demand."US-Iran talks will not begin on Friday after Israel reportedly refused to withdraw from Lebanon and halt attacks, a move Tehran claims violates the MOU's first clause. While flows through the Strait appear set to resume following the lifting of blockades, the latest developments highlight how fragile the agreement remains," Saxo Bank noted.

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Sectors

Sector Update: Financial Stocks Lower Late Afternoon

Financial stocks were lower in late Thursday afternoon trading, with the NYSE Financial Index easing 0.3% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.7%.The Philadelphia Housing Index gained 3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) decreased 0.2%.Bitcoin (BTC-USD) fell 2.5% to $62,660, and the yield for 10-year US Treasuries rose 2 basis points to around 4.45%.In economic news, US initial jobless claims last week fell to 226,000 from an upwardly revised 230,000 in the previous week, compared with expectations for 225,000 in a survey of analysts compiled by Bloomberg.In corporate news, Bank of America (BAC) scored an early victory in its collateral battle with Aequum Capital Financial II after a US bankruptcy judge temporarily barred Aequum from distributing cash collected from bankrupt auto-parts supplier First Brands' inventory sales, Bloomberg reported, citing the ruling. Bank of America shares were down 0.3%.SpaceX (SPCX) bankers are planning a potential bond sale of at least $20 billion to refinance a $20 billion bridge loan maturing in September 2027, Bloomberg reported. Bank of America, Citigroup (C), JPMorgan Chase (JPM), Goldman Sachs (GS), and Morgan Stanley (MS), which provided the bridge financing, are expected to run the bond sale, the report said. Citi eased 0.2%, JPMorgan was down 2%, Goldman fell 0.4%, and Morgan Stanley was 0.5% lower.Apollo Global Management (APO) made some concessions regarding its debt refinancing for photo-services company Shutterfly in a bid to entice some unwilling investors, Bloomberg reported. Apollo shares fell 0.7%.Accenture (ACN) shares fell 17% after the company trimmed the top end of its full-year revenue outlook and posted weaker-than-expected fiscal Q3 sales, while announcing three cybersecurity acquisitions totaling about $4.18 billion.

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