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Sector Update: Financial

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Financial stocks were lower in Thursday afternoon trading, with the NYSE Financial Index decreasing 0.7% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.6%.

The Philadelphia Housing Index was falling 1.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.2%.

Bitcoin (BTC-USD) was declining 2% to $64,717, and the yield for 10-year US Treasuries was rising 4.2 basis points to 4.70%.

In corporate news, Ares Management (ARES) received clearance from the European Commission to acquire joint control of Eni Plenitude alongside parent Eni (E), the EU's competition watchdog said Thursday. Ares shares rose 1.5%.

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Sector Update: Energy Stocks Gain Late Afternoon

Energy stocks advanced late Wednesday afternoon with the NYSE Energy Sector Index rising 1.5% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.3%.The Philadelphia Oil Service Sector Index climbed 1%, and the Dow Jones US Utilities Index gained 1.8%.Crude oil prices rose amid escalating tensions between the US and Iran. The US will destroy an Iranian bridge or power plant, including facilities in and around Tehran, every time Iran attacks ships in the Strait of Hormuz, President Donald Trump said in a social media post.West Texas Intermediate crude oil climbed 3.3% to $87.13 a barrel, and global benchmark Brent advanced 3.7% to $94.38 a barrel. Henry Hub natural gas futures rose 2.9% to $2.95 per 1 million BTU.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 3.0 million barrels in the week ended July 17 following a decrease of 4.7 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 2.0 million barrels after a 1.7-million-barrel drop in the previous week, compared with the 2.0-million-barrel decrease expected in a survey compiled by Bloomberg.Separately, NextEra Energy (NEE), Duke Energy (DUK), Equinix (EQIX) and Digital Realty Trust (DLR) are among nearly 200 companies backing US President Donald Trump's pledge to limit consumers' exposure to rising electricity bills driven by AI, The Wall Street Journal reported, citing a White House list of signatories.In corporate news, EQT (EQT) shares jumped 7.9% a day after the company reported Q2 revenue above market expectations.Equinor (EQNR) shares climbed 6.2% after the company posted higher Q2 adjusted earnings and revenue.Eni (E) shares added 1.6% after it said Wednesday it generated first industrial electricity from the 120-megawatt gas power plant at the 247-MW Mangystau Hybrid Power Plant in Kazakhstan.GE Vernova (GEV) is preparing contracts to help strengthen Venezuela's power grid and would be close to signing them had the country not suffered a recent earthquake, Bloomberg reported Wednesday, citing an interview with Chief Executive Officer Scott Strazik. GE Vernova shares were down 8.1%.

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Sector Update: Financial Stocks Decline Late Afternoon

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