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Sector Update: Financial Stocks Edge Higher Pre-Bell Wednesday

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Financial stocks were edging higher pre-bell Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) advancing by 0.1%.

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

UP Fintech (TIGR) stock was down more than 1% after the company reported lower Q2 non-GAAP earnings.

Victory Capital (VCTR) signed a definitive deal to acquire privately held global asset manager First Eagle Investments from Genstar Capital and First Eagle employees for about $7 billion, according to a statement. Shares of Victory Capital were 0.6% higher premarket.

Blackstone (BX) has received European Commission approval to acquire joint control of Eurowind Energy alongside Denmark's Norlys and EWE Holding, the Commission said. Blackstone stock was 0.3% lower pre-bell.

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Sector Update: Financial Stocks Edge Higher Late Afternoon

Financial stocks were edging higher late Tuesday afternoon, with the NYSE Financial Index up 0.2% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.1%.The Philadelphia Housing Index increased 0.3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) advanced 0.1%.Bitcoin (BTC-USD) was shedding 0.3% to $78,919, and the yield for 10-year US Treasuries dropped 7.9 basis points to 4.63%.In economic news, US consumer confidence fell in August amid a decline in the expectations index, with a "more pessimistic" outlook for business conditions and the labor market ahead, the Conference Board said Tuesday. The consumer confidence index fell to 89.4 this month from July's reading of 90.2, which was the consensus in a Bloomberg survey.In corporate news, UBS (UBS) is expanding its efforts to offer customers deposits with Middle East lenders to take advantage of higher regional savings rates, Bloomberg reported. UBS shares rose 1.1%.Apollo Global Management (APO), KKR (KKR) and IFM Investors are the finalists for a majority stake in Associated British Ports, the UK's largest port operator, Bloomberg reported. Apollo shares rose 0.3%, and KKR was up 0.2%.Alphabet's (GOOGL) Google Cloud said Tuesday it has launched a new agentic AI service for financial professionals, with Deutsche Bank (DB) and CME (CME) among those firms granted early access. Deutsche shares rose 1.6%, and CME was down 0.7%.Bank of Nova Scotia (BNS) shares jumped past 7% after it reported better-than-expected Q3 results.

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Sectors

Sector Update: Energy Stocks Fall Tuesday

Energy stocks fell Tuesday with the NYSE Energy Sector Index declining 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1.7%.The Philadelphia Oil Service Sector Index shed 0.6%, and the Dow Jones US Utilities Index rose 0.1%.In geopolitical news, Iran pledged to fight back against expanded US sanctions aimed at isolating its economy, expressing confidence that major trading partners would resist the pressure campaign and saying that Washington was keen to revive talks, Reuters reported.West Texas Intermediate crude oil fell 3.2% to $82.28 a barrel, and global benchmark Brent dropped 4% to $88.53 a barrel. Henry Hub natural gas futures rose 0.3% to $2.84 per 1 million BTU.In corporate news, SLB (SLB) has received access to Venezuela's oilfield data following a contract signed between the company and the state-run Petroleos de Venezuela, Reuters reported. SLB shares declined 1.3%.Shell (SHEL) put its Aphrodite offshore gas project in Trinidad and Tobago on hold following commercial disagreements with the country's National Gas Co., Reuters reported. The shares eased 0.5%.Eni (E) is working with project partners BP (BP) and Egyptian Petroleum to reach a final investment decision in a few months regarding the major gas discovery Denise West in Egypt's Temsah concession. Eni shares fell 2.1%, and BP shed 2%.NuScale Power (SMR) shares jumped 8.2%. The company is deploying nuclear-specific AI tools from Nuclearn and NPX to support engineering and knowledge management as it advances its next-generation SMR program.

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