Financial stocks were edging higher premarket Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) advancing by 0.4%.
The Direxion Daily Financial Bull 3X Shares (FAS) was 1.3% higher and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was down 1.3%.
Progressive (PGR) shares were up more than 1% after the company reported that net premiums earned in July were $7.36 billion, compared with $6.99 billion a year earlier.
Financial stocks were mixed Tuesday with the NYSE Financial Index little changed, erasing earlier gains, and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.5%.The Philadelphia Housing Index fell 1.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) dropped 0.5%.Bitcoin (BTC-USD) rose 0.4% to $64,713, and the yield for 10-year US Treasuries fell 1.8 basis points to 4.706%.In economic news, US housing starts fell more than expected in July amid declines in both single and multifamily units, while building permits jumped to a five-month high, government data showed.US pending home sales dropped 2.3% in July from June, data from the National Association of Realtors showed, while the consensus was for sales to be flat in a survey compiled by Bloomberg.In sector news, Amazon.com-backed (AMZN) Anthropic's revolving credit facility is close to surpassing its $10 billion target as the AI company prepares for its initial public offering, Bloomberg reported.In corporate news, Klarna (KLAR) shares tumbled 23% after the company cut its 2026 revenue outlook and announced the departures of the chief financial officer and the chief marketing officer, effective early 2027.KKR (KKR) offered to buy natural gas and electricity distributor UGI (UGI) for $42.50 a share, or $9 billion, the Wall Street Journal reported. KKR shares fell 1.5%.Goldman Sachs (GS) agreed to buy commercial real estate investor LCN Capital Partners for up to $410 million, Bloomberg reported, Goldman shares dropped 1.1%.Blackstone-backed (BX) QTS Realty Trust units began a high-grade bond sale to help fund the construction of a data center tied to Microsoft (MSFT), Bloomberg reported. Blackstone shares were little changed.
Energy stocks gained late Tuesday afternoon, with the NYSE Energy Sector Index rising 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.7%.The Philadelphia Oil Service Sector Index was falling 1%, and the Dow Jones US Utilities Index shed 0.3%.Front-month West Texas Intermediate crude oil rose 0.6% to $85.04 a barrel, and the global benchmark Brent crude contract added 0.2% to $91.06 a barrel. Henry Hub natural gas futures gained 3.4% to $2.78 per 1 million BTU.In corporate news, KKR (KKR) has offered to buy natural-gas and electricity distributor UGI (UGI) for $42.50 per share, or roughly $9 billion, The Wall Street Journal reported. UGI shares surged past 9%.Targa Resources (TRGP) shares jumped 7% in Tuesday trading, a day after the company secured 20-year, fee-based agreements with ExxonMobil (XOM).Equinor (EQNR) shares added 0.2% after it said Tuesday it signed an agreement with Chevron's (CVX) Harmattan Energy unit to acquire a 17.4% stake in Petroleum Exploration License 90 in the Orange Basin offshore Namibia. Chevron shares were rising 1.5%.Ecopetrol (EC) has completed the acquisition of a controlling 51% stake in Brava Energia for about $1.20 billion, boosting its presence in Brazil and diversifying its hydrocarbons portfolio, the company said. Ecopetrol shares rose 0.1%.
Healthcare stocks were higher late Tuesday afternoon, with the NYSE Healthcare Index and the State Street Health Care Select Sector SPDR ETF (XLV) each adding 1.8%.The iShares Biotechnology ETF (IBB) was up 1%.In corporate news, Haemonetics (HAE) shares jumped past 16% after the company said it entered into a supply agreement with CSL Plasma last week.Pfizer (PFE) was Smart Insider's stock pick of the week after Chief Executive and Chair Albert Bourla bought 38,000 shares for $1 million at $26.34 apiece on Aug. 12. Bourla, who has been with Pfizer since 1993 and has served as CEO since January 2020, increased his holding by 10% to $11.6 million with his first reported purchase, Smart Insider said in a Tuesday note. Pfizer shares rose 1.5%.Amylyx Pharmaceuticals (AMLX) shares surged 63% after the company said Tuesday its investigational post-bariatric hypoglycemia treatment Avexitide met its primary endpoint in a phase 3 trial.GE HealthCare (GEHC) has appointed William Grogan as chief financial officer, effective Sept. 14, the company said Tuesday. Grogan succeeds Jay Saccaro, who stepped down to pursue another opportunity outside the medical technology industry, the company said. GE HealthCare shares were up 0.6%.