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Sector Update: Financial Stocks Retreat Late Afternoon

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Financial stocks declined in late Thursday afternoon trading, with the NYSE Financial Index decreasing 0.5% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.4%.

The Philadelphia Housing Index was falling 2.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.9%.

Bitcoin (BTC-USD) was shedding 1.5% to $77,084, and the yield for 10-year US Treasuries jumped 10.7 basis points to 4.944%.

In economic news, the US Bureau of Labor Statistics' wholesale price inflation gauge, the Producer Price Index, jumped 5.4% from a year ago in August, above the 5.3% forecast in a Bloomberg-compiled survey. The PPI edged up 0.4% month over month, as expected, following a 0.1% increase in July. The August print is the highest growth rate since May.

US initial jobless claims fell to 206,000 in the week ended Sept. 5 from an upwardly revised 207,000 in the previous week, compared with expectations for 205,000 in a Bloomberg-compiled poll.

The European Central Bank raised its three key interest rates by 25 basis points on Thursday, as the energy shock caused by the Middle East war pushes inflation in the euro area above its 2% medium-term target.

In corporate news, Apollo Global Management's (APO) Apollo Sports Capital is interested in investing in an NFL team, CEO Al Tylis said at Bloomberg's Power Players New York event, Bloomberg reported Thursday. Apollo shares were down 1.9%.

Blackstone (BX) said Thursday private equity funds affiliated with Blackstone Capital Partners and Blackstone Energy Transition Partners have signed a deal to acquire Flow Control from Audax Private Equity. Shares were down 2.7%.

TPG (TPG) is exploring a sale of healthcare software company Lyric that could value the business at about $5 billion, Reuters reported. TPG shares fell 4.1%.

Coinbase (COIN) is positioning stablecoin payments as a key pillar of its future revenue strategy as it seeks to reduce its dependence on trading, Bloomberg reported, citing an interview with CEO Brian Armstrong. The US cryptocurrency exchange is working with banks, fintech firms and other companies to move more payment activity into stablecoins, a $300 billion market Armstrong believes could grow tenfold by 2030, the report said. Coinbase shares were shedding 1%.

What else is happening in Sectors?

Sectors

Sector Update: Energy Stocks Gain Late Afternoon

Energy stocks were higher late Wednesday afternoon, with the NYSE Energy Sector Index rising 1.2% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.1%.The Philadelphia Oil Service Sector Index was up 0.4%, and the Dow Jones US Utilities Index fell 1%.Brent crude prices crossed $100 per barrel for the first time since late July as Iran attacked 10 ships near the Strait of Hormuz, deepening the Middle East conflict.Front-month West Texas Intermediate crude oil rose 3.6% to $96.39 a barrel, and the global benchmark Brent crude contract gained 3.5% to $101.34 a barrel. Henry Hub natural gas futures fell 3.8% to $2.81 per 1 million BTU.In corporate news, BP (BP) has attracted interest from several potential buyers for its North Sea operations, Bloomberg reported. Potential suitors include Equinor (EQNR) and Shell (SHEL) joint venture Adura and TotalEnergies-backed (TTE) NEO Next+, the report said. BP shares rose 1.7%.Baker Hughes (BKR) said it now expects full-year revenue of $28.50 billion to $30.30 billion, compared with prior outlook of $26.65 billion to $28.05 billion. Analysts surveyed by FactSet expect $28.03 billion. Its shares lost 0.3%.New Fortress Energy (NFE) said Wednesday that its board approved a 1-for-50 reverse stock split of its class A common stock. The reverse stock split is intended to help the company regain compliance with the minimum bid price requirement for continued listing on the Nasdaq Global Select Market. New Fortress shares rose 4.8%.Shell Lubricants and Faw Trucks have jointly developed a battery pack that has been successfully tested on the Shell Starship 3.0 hybrid concept truck and is ready for future use in Faw's hybrid commercial vehicles, the companies said. Shell shares were up 0.3%.

$BKR$BP$NFE$SHEL
Sectors

Sector Update: Healthcare Stocks Softer Late Afternoon

Healthcare stocks were lower late Wednesday afternoon with the NYSE Healthcare Index and the State Street Health Care Select Sector SPDR ETF (XLV) each shedding 0.2%.The iShares Biotechnology ETF (IBB) declined 0.8%.In corporate news, UnitedHealth (UNH) sold an interest in some of its Optum Health operations in Florida to TPG (TPG), Bloomberg reported. UnitedHealth shares were down 2.2%.Agilent Technologies (A) shares fell 1.2% after UBS downgraded the stock to neutral from buy.Rezolute (RZLT) said Wednesday that the US Food and Drug Administration is still reviewing data from a phase 3 study of ersodetug for the potential treatment of hypoglycemia due to congenital hyperinsulinism. The company said it does not have a specific timeline on when it will receive feedback or guidance from the FDA on potential next steps. Rezolute shares were down past 7%.Opus Genetics (IRD) shares jumped 35% after it said that patients with Bestrophin-1-related retinal diseases showed clinically meaningful improvement in visual function in the low-dose cohort 1 of its BIRD-1 phase 1/2 trial evaluating OPGx-BEST1.

$A$IRD$RZLT$UNH
Sectors

Sector Update: Tech Stocks Ease Late Afternoon

Tech stocks eased late Wednesday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) little changed after erasing earlier gains and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 0.2%.The Philadelphia Semiconductor index rose 0.2%.In corporate news, Apple (AAPL) introduced iPhone Duo, its first foldable iPhone, featuring a 7.6-inch inner display and 5.4-inch outer display, both using Super Retina XDR technology. Apple shares fell 0.2%.Dell Technologies (DELL) is set to raise $5 billion via an investment-grade bond sale that attracted about $23 billion in peak orders, Bloomberg reported. Dell shares were little changed.Meta Platforms (META) launched a new personal AI agent called Muse AI, which can send emails, book travel plans, and continue working after users close the app. Meta shares jumped 6.4%.Analog Devices (ADI) agreed to buy Alif Semiconductor for $1.35 billion in cash to add AI-native microcontrollers and fusion processors. Analog Devices shares eased 0.1%.

$AAPL$ADI$DELL$META