Sector Update: Healthcare

Sector Update: Tech

Tech stocks were lower late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.4% and the State Street SPDR S&P Semiconductor ETF (XSD) down 2%.The Philadelphia Semiconductor index slumped 3.3%.In corporate news, Figma (FIG) shares were up 13% after it posted Q1 adjusted net income and revenue that surpassed analysts' estimates.

Update: WTI Oil Rises on Fading Hopes for a Reopening of the Strait of Hormuz

West Texas Intermediate (WTI) crude oil rose 4.2% on Friday on fading hopes for the United States and Iran will reach a deal that will re-open the Strait of the Hormuz as the U.S.-China summit meeting ended with mixed messages on ending the war on Iran.WTI oil for June delivery closed up US$4.25 to settle at US$105.42 per barrel, while July Brent oil was last seen up US$3.56 to US$109.28.A summit meeting between U.S. President Trump and Xi Jinping, Trump's Chinese counterpart, ended with mixed messages from Trump on the war on Iran, the Wall Street Journal reported. The paper said Trump told Fox News the United States does not need to see the Strait reopen, then told reporters both he and Xi want to see the Iran war come to an end, while also saying the Strait needs to to be open as soon a possible."Both sides aligned on the reopening of the Strait of Hormuz. The US readout connected China's energy import needs to the energy disruptions due to the conflict in Iran. Even though the Chinese statement did not even mention energy, China's foreign minister before the start of the second day of the summit called for the reopening of the Strait. Indeed, weeks before the summit, President Xi had already called for a comprehensive ceasefire that would allow normal passage of vessels," Eugenia Victorino, Head of Asia Strategy at SEB Research, noted.Iran closed the Strait to most traffic at the Feb. 28 start to the war launched by the United States and Israel, stranding hundreds of ships in the Persian Gulf and blocking 20% of daily oil demand supplied by regional nations.The blockade of the Strait has pushed oil prices up by half since the start of the war, leaving Asian nations scrambling for physical supply and boosting inflation, raising concerns central banks will need to raise interest rates to cut demand.Hopes for further talks between Iran and the United States continue, with The Guardian reporting Abbas Araghchi, Iran's foreign minister, said that U.S. contacted Iran "to say that they were seeking to continue talks, and that his country (is) prepared to pursue either a diplomatic or militaristic route in order to end the conflict".

June WTI Crude Oil Contract Closes Up US$4.25; Settles at US$105.42 per Barrel