Financial stocks were advancing premarket Thursday, with the State Street Financial Select Sector SPDR ETF (XLF) up 0.1%.
The Direxion Daily Financial Bull 3X Shares (FAS) was up 0.6% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was slightly higher.
U.S. Bancorp (USB) stock was down 0.8% even after the company posted higher Q2 earnings and net revenue.
Energy stocks were lower late Wednesday afternoon, with the NYSE Energy Sector Index falling 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1%.The Philadelphia Oil Service Sector Index shed 0.5%, and the Dow Jones US Utilities Index was down 0.8%.Front-month West Texas Intermediate crude oil rose 0.4% to $79.68 a barrel, and the global benchmark Brent crude contract added 0.3% to $85.02 a barrel. Henry Hub natural gas futures advanced 0.8% to $2.93 per 1 million BTU.In sector news, Iran is now signaling it could use Yemen's Houthi allies to shut the Bab el-Mandeb gateway to the Red Sea, opening a new front against Washington and putting two of the world's most important energy arteries at risk, Reuters reported. As US strikes deepen inside Iran and Houthi attacks escalate in tandem, analysts said Tehran is widening the conflict and seeking to increase pressure on Washington by extending the threat to global trade and energy supplies beyond the Gulf, the report said.US crude oil stocks, including those in the Strategic Petroleum Reserve, declined by 4.7 million barrels in the week ended July 10 following a decrease of 3.2 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 1.7 million barrels after a 3.0-million-barrel gain in the previous week, a smaller decline than the 1.8 million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, Shell's (SHEL) acquisition of ARC Resources adds portfolio optionality and supports LNG growth, though the company may still fall short of what investors are seeking, RBC Capital Markets said in a note. RBC resumed coverage of Shell with a sector perform rating. Separately, Shell has kicked off a tendering process for drilling services at its Dragon offshore gas project in eastern Venezuela, pressing ahead with its plan to start drilling four wells from Q2 2027, Reuters reported. Shell shares were up 0.3%.BP (BP) said Wednesday it agreed to sell BP Ventures' minority interests in more than 10 portfolio companies to European private equity firm Verdane. BP shares were off 0.1%.Halliburton (HAL) said it was awarded a multiyear contract from Aramco to provide stimulation and completion services supporting unconventional gas development in Saudi Arabia. Halliburton shares were shedding 0.7%.SunPower (SPWR) said in a Tuesday Form 8-K filing that Jeanne Nguyen stepped down as Chief Accounting Officer on July 8. Its shares were shedding 0.6%.
Consumer stocks were mixed late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 0.9%.In corporate news, Conagra Brands (CAG) laid out a plan to streamline operations, including reviewing its non-core assets, as the packaged food company seeks to restore margins and invest more aggressively in supply chains. Chief Executive John Brase, who joined the company on June 1, announced the restructuring initiative Wednesday, alongside fiscal Q4 results. Conagra Brands shares were down 1.4%.The US Federal Communications Commission is expected to repeal a nationwide TV audience cap in what would be a win for Nexstar Media's (NXST) acquisition of rival Tegna, Bloomberg reported. A Nexstar-Tegna combination would reach roughly 80% of US households, significantly above the historic threshold of 39%, the report said. Nexstar shares jumped 4.2%.Ford (F) Executive Chairman Bill Ford said Tuesday that the US automotive industry has to prepare for competition from China's carmakers when they eventually enter the market. "It's astonishing how quickly the Chinese auto companies have just taken Europe by storm. Because they're being subsidized by the Chinese government, and you know the Chinese government decided that their domestic economy was in tough straits, so they were going to export the heck out of things, and they have," Ford said at an event sponsored by Axios. Ford shares were up 1.7%.Toyota Motor (TM) could lose its title as the world's largest automaker by sales to BYD without the Chinese competitor entering the US market, The Financial Times reported, citing BYD executive Stella Li and Founder Wang Chuanfu. The electric-vehicle manufacturer plans to surpass Toyota within five years through organic expansion and rapid advances in charging technology, the news outlet reported. Toyota shares increased 0.3%.
Healthcare stocks rose late Wednesday afternoon, with the NYSE Healthcare Index adding 0.3% and the State Street Health Care Select Sector SPDR ETF (XLV) increasing 0.1%.The iShares Biotechnology ETF (IBB) added 0.5%.In corporate news, Novo Nordisk (NVO) shares gained 2.9% after it said Wednesday the European Commission granted marketing authorization for its Wegovy pill for the treatment of adults with obesity or overweight with at least one weight-related comorbidity, as an adjunct to a reduced-calorie diet and increased physical activity.Elevance Health (ELV) reported sequential and annual declines in its Q2 memberships, although the health insurer lifted its full-year earnings outlook and recorded an unexpected year-over-year revenue increase in the previous three-month period. The shares fell past 9%.Veradermics (MANE) shares jumped 12% after the company said its VDPHL01 achieved rapid onset of hair growth with the majority of participants in a phase 2 clinical trial of females with mild-to-moderate pattern hair loss.Eli Lilly-backed (LLY) AdvanCell has raised $315 million from its Series D financing, with participating investors such as Bain Capital and Fidelity Management & Research, Bloomberg reported. Lilly shares were fractionally higher.