Financial stocks were edging higher pre-bell Tuesday, with the State Street Financial Select Sector SPDR ETF (XLF) marginally advancing.
The Direxion Daily Financial Bull 3X Shares (FAS) was down 0.1% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was slightly lower.
XP (XP) shares were down more than 5% after the company reported Q1 results that fell short of market expectations.
Financial stocks advanced Monday with the NYSE Financial Index rising 1.1% and the State Street Financial Select Sector SPDR ETF (XLF) gaining 1.2%.The Philadelphia Housing Index climbed 0.8%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) rose 1.1%.Bitcoin (BTC-USD) fell 2% to $76,840, and the yield for 10-year US Treasuries was little changed at 4.60%.In economic news, US homebuilder confidence unexpectedly rose this month despite elevated mortgage rates, macro uncertainty and continued affordability challenges, data from the National Association of Home Builders and Wells Fargo showed.In sector news, President Donald Trump will swear Kevin Warsh in as Federal Reserve chair on Friday, Bloomberg reported.In corporate news, American Homes 4 Rent (AMH) shares climbed 4.2% after Raymond James upgraded the stock to outperform from market perform with a price target of $35.UWM (UWMC), which is pursuing its own bid for Two Harbors Investment (TWO), urged shareholders to vote against the rival CrossCountry Mortgage merger proposal at a special meeting scheduled for 10 a.m. Tuesday. UWM shares fell 2.5%, and Two Harbors shed 1.4%BlackRock (BLK) is considering a $5 billion to $10 billion investment in SpaceX's planned initial public offering, The Information reported. BlackRock shares added 0.5%.Citigroup (C) and BlackRock's HPS Investment Partners are launching a 15 billion euro ($17.48 billion) private capital program to expand access to private financing for corporate and sponsor-owned borrowers in the Europe, the Middle East and Africa. Citi shares fell 0.9%.
Energy stocks were higher late Monday afternoon, with the NYSE Energy Sector Index rising 1.8% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.7%.The Philadelphia Oil Service Sector Index was climbing 3.2%, and the Dow Jones US Utilities Index was down 0.5%.Crude oil prices rose Monday amid a lack of progress on US-Iran peace talks. Iran has submitted its new proposal to end the war, but the White House believes it fails to offer meaningful improvements on the last offer, Axios reported Monday, citing a senior US official and a source briefed on the issue.Front-month West Texas Intermediate crude oil was rising 1% to $106.42 a barrel, and the global benchmark Brent crude contract was advancing 0.4% to $109.70 a barrel. Henry Hub natural gas futures rose 2% to $3.02 per 1 million BTU.In corporate news, NextEra Energy (NEE) and Dominion Energy (D) said they have agreed to merge in all-stock deal to create the largest regulated electric utility in the world. Dominion's shareholders will get 0.8138 of NextEra's shares for each share owned, giving them a 25.5% stake in the combined entity, they said, adding that NextEra's shareholders will have the balance. NextEra was down 4.7%, and Dominion jumped past 9%.Devon Energy (DVN) may see support from its upcoming combined company guidance with Coterra Energy in June, possible asset sales, merger synergies, stronger shareholder returns, and continued investment in Delaware Basin assets, RBC said. Devon shares added 0.5%.ConocoPhillips (COP) and Glenfarne Group's subsidiary have signed a 30-year agreement to supply North Slope natural gas for phase one of the Alaska LNG project, the companies said Monday. ConocoPhillips shares rose 1.7%.Compass Minerals International (CMP) said it plans to re-enter the lithium market via a partnership with startup EnergyX to extract lithium from Utah's Great Salt Lake, Reuters reported. Compass shares fell 1.1%.
Healthcare stocks rose late Monday afternoon, with the NYSE Healthcare Index and the State Street Healthcare Select Sector SPDR ETF (XLV) each adding 0.4%.The iShares Biotechnology ETF (IBB) was shedding 1.6%.In corporate news, Boston Scientific (BSX) shares jumped 6% after it said Monday that it invested $1.5 billion for an approximately 34% stake in privately held MiRus, gaining an exclusive option to acquire the company's TAVR business. Separately, Boston Scientific entered into a $2 billion accelerated share repurchase agreement with JPMorgan Chase (JPM) as part of its $5 billion share buyback authorization.Claritev (CTEV) shares jumped past 19% after the company issued a response to a Thursday media article stating that the Department of Justice has launched a criminal probe into Claritev. The company said Monday it has not been informed by the DOJ that it is the target of an investigation at no point in the subsequent two years after receiving a 2024 subpoena.Eli Lilly (LLY) was among the pharmaceutical firms highlighted in Monday's Supreme Court order list, which included widespread denials of certiorari in drugmaker-related and other commercial cases, according to the Court's May 18 orders. Lilly shares fell 1.7%.Berkshire Hathaway (BRK.A, BRK.B) said Friday in a regulatory filing that it sold all of its stake in UnitedHealth (UNH). UnitedHealth shares were down 0.8%.