FINWIRES · TerminalLIVE
FINWIRES

Sector Update: Energy Stocks Rise Wednesday Afternoon

By

Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index up 0.5% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1%.

The Philadelphia Oil Service Sector Index was down 0.8%, and the Dow Jones US Utilities Index advanced 0.5%.

In geopolitical news, the Iranian military said it reached a revenue-sharing deal with Oman on the Strait of Hormuz, Bloomberg reported. "Agreements have been reached regarding each country's share of the strait's waters as well as Iran and Oman's share of its revenues," Bloomberg cited the Islamic Revolutionary Guard Corps' spokesman Hossein Mohebbi on Wednesday as telling the state-run Sepah News agency. Reuters cited the IRGC as saying the strait would not open unless the US met Tehran's conditions under an interim ceasefire agreement that was struck in June before unravelling. Those conditions include an end to the US blockade on Iranian ports, compensation and removal of sanctions, the news outlet said.

Front-month West Texas Intermediate crude oil rose 0.3% to $82.61 a barrel, and the global benchmark Brent crude contract increased 0.2% to $88.42 a barrel. Henry Hub natural gas futures gained 4.9% to $2.91 per 1 million BTU.

In sector news, California Senate Democrats are backing a proposal that would not limit insurers from suing utility companies to recover wildfire-related payouts to policyholders, Bloomberg reported Tuesday, citing a proposal. The measure puts lawmakers at odds with Governor Gavin Newsom, who is pushing changes to how financial responsibility is assigned for wildfires caused by equipment owned by publicly traded utilities, Bloomberg said.

In corporate news, Par Pacific (PARR) shares popped 3.2%. The company said late Tuesday its 46%-owned Laramie Energy has struck a deal to sell substantially all of its oil and gas assets for $485 million in cash.

Enbridge (ENB) shares rose 1.2% after it said Wednesday it has agreed to buy Salt Creek Midstream's crude oil gathering business for $600 million in cash.

Exelon (EXC) Chief Operating Officer Mike Innocenzo will depart in 2027, the company said late Tuesday. The company also named Robert Kleczynski as chief financial officer, succeeding Jeanne Jones, who will assume the role of executive vice president of finance and strategy, both effective Oct. 5. Exelon shares were fractionally lower.

Related Articles

Sectors

Sector Update: Financial Stocks Edge Higher Late Afternoon

Financial stocks were edging higher late Tuesday afternoon, with the NYSE Financial Index up 0.2% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.1%.The Philadelphia Housing Index increased 0.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) advanced 0.1%.Bitcoin (BTC-USD) was shedding 0.3% to $78,919, and the yield for 10-year US Treasuries dropped 7.9 basis points to 4.63%.In economic news, US consumer confidence fell in August amid a decline in the expectations index, with a "more pessimistic" outlook for business conditions and the labor market ahead, the Conference Board said Tuesday. The consumer confidence index fell to 89.4 this month from July's reading of 90.2, which was the consensus in a Bloomberg survey.In corporate news, UBS (UBS) is expanding its efforts to offer customers deposits with Middle East lenders to take advantage of higher regional savings rates, Bloomberg reported. UBS shares rose 1.1%.Apollo Global Management (APO), KKR (KKR) and IFM Investors are the finalists for a majority stake in Associated British Ports, the UK's largest port operator, Bloomberg reported. Apollo shares rose 0.3%, and KKR was up 0.2%.Alphabet's (GOOGL) Google Cloud said Tuesday it has launched a new agentic AI service for financial professionals, with Deutsche Bank (DB) and CME (CME) among those firms granted early access. Deutsche shares rose 1.6%, and CME was down 0.7%.Bank of Nova Scotia (BNS) shares jumped past 7% after it reported better-than-expected Q3 results.

$APO$BNS$CME$DB$KKR$UBS
Sectors

Sector Update: Energy Stocks Fall Tuesday

Energy stocks fell Tuesday with the NYSE Energy Sector Index declining 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1.7%.The Philadelphia Oil Service Sector Index shed 0.6%, and the Dow Jones US Utilities Index rose 0.1%.In geopolitical news, Iran pledged to fight back against expanded US sanctions aimed at isolating its economy, expressing confidence that major trading partners would resist the pressure campaign and saying that Washington was keen to revive talks, Reuters reported.West Texas Intermediate crude oil fell 3.2% to $82.28 a barrel, and global benchmark Brent dropped 4% to $88.53 a barrel. Henry Hub natural gas futures rose 0.3% to $2.84 per 1 million BTU.In corporate news, SLB (SLB) has received access to Venezuela's oilfield data following a contract signed between the company and the state-run Petroleos de Venezuela, Reuters reported. SLB shares declined 1.3%.Shell (SHEL) put its Aphrodite offshore gas project in Trinidad and Tobago on hold following commercial disagreements with the country's National Gas Co., Reuters reported. The shares eased 0.5%.Eni (E) is working with project partners BP (BP) and Egyptian Petroleum to reach a final investment decision in a few months regarding the major gas discovery Denise West in Egypt's Temsah concession. Eni shares fell 2.1%, and BP shed 2%.NuScale Power (SMR) shares jumped 8.2%. The company is deploying nuclear-specific AI tools from Nuclearn and NPX to support engineering and knowledge management as it advances its next-generation SMR program.

$BP$E$SHEL$SLB$SMR
Sectors

Sector Update: Healthcare Stocks Advance Late Afternoon

Healthcare stocks rose late Tuesday afternoon with the NYSE Healthcare Index and the State Street Health Care Select Sector SPDR ETF (XLV) each adding 0.4%.The iShares Biotechnology ETF (IBB) climbed 1.7%.In sector news, the US Department of Health and Human Services is planning to create two deputy commissioner roles at the Food and Drug Administration to focus on technology and drugs, respectively, CNBC reported Tuesday. Specifically, the technology deputy commissioner role would focus on the intersection of health and AI, the report said. HHS officials would appoint the new deputies in what some within the Trump administration view as an attempt to wield greater influence over the agency, CNBC reported.In corporate news, McKesson (MCK) agreed to buy Precision Medicine Group for $2.25 billion as part of the drug distributor's efforts to boost its clinical research and commercialization services. McKesson shares rose 3.1%.Anavex Life Sciences (AVXL) shares surged 14% after the company's fiscal Q3 swung to profits.Kura Oncology (KURA) shares jumped past 9% in Tuesday trading, a day after a regulatory filing showed CEO Troy Wilson purchased 100,000 shares at a weighted average price of $12.39.Jazz Pharmaceuticals (JAZZ) shares added 1.8% after the company said the US Food and Drug Administration approved two of its Ziihera-containing regimens to treat adults with unresectable locally advanced or metastatic HER2-positive gastroesophageal adenocarcinoma, a type of cancer.

$AVXL$JAZZ$KURA$MCK