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Sector Update: Financial Stocks Advance Premarket Wednesday

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Financial stocks were advancing premarket Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) up 0.2%.

The Direxion Daily Financial Bull 3X Shares (FAS) was 0.2% higher and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was down 0.5%.

UBS Group (UBS) shares were up 5% after the company posted higher Q1 earnings and revenue.

Banco Santander (SAN) stock was up more than 1% after the company reported higher Q1 earnings and revenue.

Robinhood Markets (HOOD) shares were down more than 12% after the company reported Q1 earnings and revenue that missed analysts' expectations.

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Sectors

Sector Update: Financial Stocks Higher Late Afternoon

Financial stocks edged higher late Tuesday afternoon, with the NYSE Financial Index rising 0.2% and the State Street Financial Select Sector SPDR ETF (XLF) up 0.1%.The Philadelphia Housing Index was decreasing 1.3%, while the State Street Real Estate Select Sector SPDR ETF (XLRE) increased 0.7%.Bitcoin (BTC-USD) was falling 1.6% to $76,126, and the yield for 10-year US Treasuries rose 1.8 basis points to 4.35%.In economic news, the Conference Board's measure of consumer confidence rose to 92.8 in April from an upwardly revised 92.2 in March, compared with the 89.0 print expected in a Bloomberg survey. The poll for preliminary results was conducted from April 1 to April 22, which included the temporary two-week ceasefire in the Iran war.In sector news, Polymarket has had talks with the Commodity Futures Trading Commission in recent weeks as it seeks regulatory approval to bring its main exchange back to the US, Bloomberg reported. Polymarket has technically banned US citizens from trading on its international platform since running afoul of regulators in 2022, and its US-based alternative has failed to fully launch, the report said.In corporate news, JPMorgan Chase (JPM) was selected as the first global banking partner of the Olympic Games, the firm and the International Olympic Committee said Tuesday. Separately, JPMorgan is joining HSBC (HSBC) in providing a $6 billion financing for potential suitors of a stake in Kuwait Petroleum's crude oil pipeline network, Reuters reported. JPMorgan and HSBC shares were little changed.First Financial (THFF) shares added 1.1% after the company posted higher Q1 net income and revenue from a year ago.Barclays (BCS) shares decreased 0.4% after Bloomberg reported the bank had reserved 228 million British pounds ($307.9 million) in Q1 to cover the collapse of specialty lender MFS.Commerce Bancshares (CBSH) shares gained 1.9% after its board approved an increase of 2.5 million shares to its stock buyback program.

$BCS$CBSH$HSBC$JPM$THFF
Sectors

Sector Update: Energy Stocks Higher Late Afternoon

Energy stocks were higher late Tuesday afternoon, with the NYSE Energy Sector Index rising 1.4% and the State Street Energy Select Sector SPDR ETF (XLE) climbing 1.8%.The Philadelphia Oil Service Sector Index was increasing 0.2%, and the Dow Jones US Utilities Index was shedding 0.2%.In sector news, the United Arab Emirates will leave the Organization of the Petroleum Exporting Countries and its more expanded version, OPEC+, effective May 1, the Emirates News Agency reported.This comes as Iran's latest proposal to end the war in the Middle East has still not won President Donald Trump's backing, leaving the deadly conflict in a continuing state of deadlock, Reuters reported Tuesday, citing an unnamed US official.Front-month West Texas Intermediate crude oil gained 3.7% to $99.90 a barrel, and the global benchmark Brent crude contract rose 2.7% to $111.17 a barrel. Henry Hub natural gas futures increased 0.4% to $2.56 per 1 million BTU.In corporate news, Chevron (CVX) signed a memorandum of understanding with Libya's National Oil Corporation, or NOC, to conduct a joint study evaluating the potential of unconventional shale oil and gas resources in sedimentary basins across the country, NOC said Tuesday. Separately, Chevron is in advanced talks to sell a portfolio of Asian assets to Eneos in a deal that could be valued at more than $2 billion, Bloomberg reported. Chevron shares climbed 1.9%.Equinor (EQNR) shares rose 1.1% after Morgan Stanley upgraded the stock to equal weight from underweight and raised its price target to $40.40 from $22.80.NextEra Energy (NEE) shares gained 1.5% after it said the US Nuclear Regulatory Commission approved operating license renewals for Florida Power & Light's St. Lucie nuclear units, extending Unit 1 to 2056 and Unit 2 to 2063.BP (BP) shares added 0.8%. The company reported Q1 underlying replacement cost profit Tuesday of $1.24 per American depositary share, up from $0.53 a year earlier. Sales and other operating revenue for the quarter totaled $52.26 billion, up from $46.91 billion a year earlier. Analysts polled by FactSet expected $49.4 billion.

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Sectors

Sector Update: Health Care Stocks Edge Higher Late Afternoon

Health care stocks edged up late Tuesday afternoon, with the NYSE Health Care Index fractionally higher and the State Street Health Care Select Sector SPDR ETF (XLV) up 0.2%.The iShares Biotechnology ETF (IBB) declined 0.6%.In sector news, the US Food and Drug Administration plans to pilot an approach this summer that will use AI to accelerate clinical trials of new medicines by automating data collection and submission, The Wall Street Journal reported Tuesday, citing an interview with Jeremy Walsh, the FDA's chief AI officer.In corporate news, Axogen (AXGN) shares jumped past 6% after it reported Tuesday a swing to Q1 adjusted EPS from a a loss a year earlier following a surge in revenue.Pfizer (PFE) said Tuesday it entered into settlement agreements with three generic drug manufacturers regarding lawsuits filed in the US District Court for the District of Delaware for patent infringement related to Vyndamax, a cardiomyopathy transthyretin-mediated amyloidosis treatment. Pfizer shares were down 1.7%.Eli Lilly (LLY) has entered into a strategic partnership with Profluent to develop AI-designed recombinases for genetic medicines, Profluent said Tuesday. Lilly shares rose 0.6%.Novartis (NVS) reported Q1 core earnings Tuesday of $1.99 per share, down from $2.28 a year earlier. Analysts polled by FactSet expected $2.19. Net sales for the quarter ended March 31 were $13.11 billion, down from $13.23 billion a year earlier. For 2026, the company said it continues to expect a low-single-digit core operating income decline. Novartis shares were up 0.3%.

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