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Sector Update: Financial

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Financial stocks were edging higher pre-bell Monday, with the State Street Financial Select Sector SPDR ETF (XLF) marginally advancing.

The Direxion Daily Financial Bull 3X Shares (FAS) was up 0.1% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.2% lower.

Brookfield Asset Management (BAM) and Canada Pension Plan Investment Board agreed to acquire LXP Industrial Trust (LXP) in an all-cash transaction valued at around $5.2 billion, including net debt and preferred equity, LXP said. Shares of Brookfield Asset Management were down 0.4% premarket.

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Sectors

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks were higher late Friday afternoon, with the NYSE Energy Sector Index rising 1.3% and the State Street Energy Select Sector SPDR ETF (XLE) increasing 0.9%.The Philadelphia Oil Service Sector Index was up 0.1%, and the Dow Jones US Utilities Index was shedding 0.7%.Crude oil prices jumped amid Washington intensifying strikes against Iran. US Central Command said in a post on X that it completed the sixth consecutive wave of attacks against Iran, degrading the nation's military capabilities and holding it "accountable" for recent attacks on commercial shipping in the Strait of Hormuz. President Donald Trump has threatened to launch broad-based air strikes on Iranian infrastructure and has also declined to rule out a ground assault on Iran's coast or islands, Reuters reported.Front-month West Texas Intermediate crude oil jumped 4% to $82.12 a barrel, and the global benchmark Brent crude contract climbed 4.2% to $87.77 a barrel. Henry Hub natural gas futures rose 2% to $2.92 per 1 million BTU.In sector news, incoming UK Prime Minister Andy Burnham is preparing to announce support for new North Sea oil and gas drilling and plans to bring Thames Water under public control shortly after taking office, Bloomberg reported. Burnham, who is due to succeed Keir Starmer on Monday, has asked civil servants to prepare energy and water policy proposals that could be announced as early as next week, according to the report. Options under consideration include backing development of the Jackdaw gas and Rosebank oil fields and expanding drilling tied to existing North Sea projects.In corporate news, Chevron (CVX) subsidiary Chevron Exploration Services and Iraqi state-owned Basra Oil have signed an agreement to further their commercial negotiations regarding the West Qurna Phase 2 oil field, a company spokesperson toldin an emailed response Friday. Chevron shares rose 1.7%.ConocoPhillips (COP) said Friday it has agreed to acquire a 42% stake in BP's (BP) BP Energy Co. of Kirkuk, which oversees the ongoing redevelopment of four large-scale, currently producing oil fields in northern Iraq's Kirkuk region. ConocoPhillips shares rose 1.3%, and BP climbed 1.8%.PBF Energy (PBF) shares gained 3.3% after Evercore ISI started coverage of the firm with an in-line rating and $58 price target.Valero Energy (VLO) shares were rising 2.7%. The company said in a filing Thursday that its board has authorized the purchase of the company's common stock worth $5 billion, in addition to the amount remaining under its existing buyback program.

$BP$COP$CVX$PBF$VLO
Sectors

Sector Update: Financial Stocks Softer Late Afternoon

Financial stocks fell in late Friday afternoon trading with the NYSE Financial Index declining 1% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.9%.The Philadelphia Housing Index lost 2.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was little changed.Bitcoin (BTC-USD) rose 0.7% to $64,215, and the yield for 10-year US Treasuries shed 2.8 basis points to 4.541%.In economic news, the University of Michigan's preliminary consumer sentiment index rose to 54.4 in July from 49.5 in June, above expectations for a gain to 51.0 in a survey compiled by Bloomberg.In corporate news, Jefferies Financial (JEF) evacuated its Manhattan offices after a fire broke out at the Papillon restaurant, prompting the bank to temporarily close its headquarters, Bloomberg reported. Jefferies shares fell 1.8%.Truist Financial's (TFC) Q2 earnings topped Wall Street estimates amid higher investment-banking, trading and wealth-management income, while the company tempered its full-year revenue-growth outlook. Truist shares fell 1.1%.Fifth Third Bancorp (FITB) reported a steeper-than-expected drop in Q2 profit, while Regions Financial's (RF) revenue fell short of Wall Street's estimates. Fifth Third shares fell 2.6%, and Regions dropped 2.3%.Travelers' (TRV) Q2 earnings unexpectedly increased, while the property and casualty insurer's written premiums came in ahead of market estimates. The shares jumped 9.2%.

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Sectors

Sector Update: Healthcare Stocks Mixed Late Afternoon

Healthcare stocks were mixed late Friday afternoon, with the NYSE Healthcare Index unchanged and the State Street Health Care Select Sector SPDR ETF (XLV) decreasing 0.3%.The iShares Biotechnology ETF (IBB) was up 0.1%.In corporate news, Eli Lilly's (LLY) long-term GLP-1 franchise is unlikely to face significant pressure from generic GLP-1 drugs, as manufacturing constraints should limit generic market penetration while the company's next-generation therapies are expected to preserve its market leadership, UBS Securities said in a note. Lilly shares were up 0.7%.Intuitive Surgical (ISRG) shares fell nearly 14%. Growth in the company's da Vinci robotic surgery procedures in the US moderated due in part to changes in Affordable Care Act premium subsidies, even as it reported better-than-expected quarterly results.GSK (GSK) shares were down 2.1% after it said Friday it will discontinue development of camlipixant for refractory chronic cough after the drug produced mixed results in the phase 3 CALM-1 and CALM-2 trials.Xencor (XNCR) shares jumped about 13% after the firm said Friday that phase 1 results for its experimental cancer therapy XmAb819 in advanced clear cell renal cell carcinoma have been selected for a proffered paper oral presentation at the European Society of Medical Oncology Congress in October.

$GSK$ISRG$LLY$XNCR