Healthcare stocks declined Tuesday afternoon, with the NYSE Healthcare Index and the State Street Health Care Select Sector SPDR ETF (XLV) each falling 1.1%.
The iShares Biotechnology ETF (IBB) dropped 3.1%.
In corporate news, Abivax (ABVX) faces an increasing risk of black box warning for obefazimod due to malignancies reported from a recent trial, Wedbush Securities said in a note. Abivax shares fell 44%.
Consumer stocks were lower Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 0.4%.In corporate news, Dollar General (DG) raised its full-year earnings outlook on Tuesday, while the discount retailer's fiscal Q1 bottom line topped estimates but revenue missed expectations. Its shares were down 1.4%.
Tech stocks were higher Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) adding 0.7% and the State Street SPDR S&P Semiconductor ETF (XSD) rising 4.8%.The Philadelphia Semiconductor index climbed 4.7%.In corporate news, Hewlett Packard Enterprise (HPE) shares jumped past 16% after the company reported fiscal Q2 earnings ahead of analysts' forecasts.
Natural gas prices weakened for a second day on Tuesday even as forecasts see hot weather on the way for most states, boosting cooling demand.Gas for July delivery was last seen down US$0.06 to US$3.12 per million British thermal units, continuing to ease off the four-month highs touched last week.The drop comes even as long-term forecasts from the National Weather Service expect nearly all states to be warmer than seasonal over its six to 14 day outlook, raising demand for gas-fired power for air conditioning.Still, the price of the fuel looks to be now trading within technical ranges following last week's rally."There is fundamental support for Jul/Aug gas at about $3.15 so look for the market to remain in the $3.10 to $3.20 range with some upside risk should we see more heat develop for the second half of June," Gary Cunningham, Director of Market Research at Tradition Energy, wrote.