Healthcare stocks rose Wednesday afternoon, with the NYSE Healthcare Index increasing 0.7% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 1%.
The iShares Biotechnology ETF (IBB) advanced 1.4%.
In corporate news, Medtronic (MDT) reported better-than-expected fiscal Q4 results on Wednesday, while the medical-device maker projected earnings and organic revenue growth for the current year. Its shares gained 5%.
US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 16 million barrels in the week ended May 29 following a decrease of 12.4 million barrels in the previous week.Excluding inventories in the SPR, commercial crude oil stocks declined by 8.0 million barrels after a 3.3-million-barrel decline in the previous week, a larger drop than the 3.1-million-barrel decrease expected in a survey compiled by Bloomberg.Stocks in the SPR were down by 8.0 million in the week after falling by 9.1 million in the previous week.Overall crude oil stocks were down 2% from the previous week and down 5.6% from a year earlier. Crude oil inventories are about 3% below the five-year average for this time of the year.Gasoline stocks increased by 3.4 million barrels, compared with the 2.5-million-barrel decrease expected. Gasoline stocks were up 1.6% from the previous week but were 5.8% down from a year earlier.Distillate stocks increased by 1.5 million barrels in the current week, compared with an expected decrease of 1.9 million barrels. Distillate stocks were up 1.5% from the previous week but were 5.0% lower than in the same week a year ago.Refineries operated at 94.7% of their capacity, up from 94.5% in the previous week.
Energy stocks were advancing premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.7% higher.The United States Oil Fund (USO) was up 1.6% and the United States Natural Gas Fund (UNG) was 0.4% lower.Front-month US West Texas Intermediate crude oil was 1.7% higher at $95.38 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.6% to $97.57 per barrel, and natural gas futures were down 0.2% at $3.16 per 1 million British Thermal Units.Obsidian Energy (OBE) stock was up more than 1% after the company said it has agreed to acquire Belly River light oil assets in the Wilson Creek area of Willesden Green from Highwood Asset Management for an unadjusted purchase price of 105 million Canadian dollars ($75.8 million).OPAL Fuels (OPAL) and GFL Environmental (GFL) said construction is advancing on two renewable natural gas facilities at the Stones Throw Landfill in Alabama and the Grady Road Landfill in Georgia. Shares of OPAL Fuels were up more than 2% pre-bell.
Healthcare stocks were mixed premarket Wednesday, with the iShares Biotechnology ETF (IBB) down 0.1% and the State Street Health Care Select Sector SPDR ETF (XLV) marginally higher.Medtronic (MDT) shares were up more than 5% after the company reported fiscal Q4 adjusted earnings and revenue that topped analysts' expectations.MiniMed (MMED) stock was up more than 4% after the company posted higher fiscal Q4 revenue.TG Therapeutics' (TGTX) subcutaneous formulation of ublituximab showed "positive" pharmacokinetic, pharmacodynamic, safety, and tolerability data from a phase 1 clinical trial comparing the multiple sclerosis therapy to the drug's intravenous version, the company said.Shares of TG Therapeutics were up more than 5% pre-bell.