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Sector Update: Healthcare Stocks Gain Friday Afternoon

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Healthcare stocks rose Friday afternoon, with the NYSE Healthcare Index advancing 0.8% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 1.2%.

The iShares Biotechnology ETF (IBB) increased 0.2%.

In corporate news, Merck (MRK) said Friday the European Medicines Agency's Committee for Medicinal Products for Human Use has recommended the approval of Keytruda, in combination with Padcev, to treat a type of bladder cancer. Merck shares jumped 5%.

Eli Lilly (LLY) shares rose 2.2% after it said Friday that a new analysis from two phase 3 trials showed that its GLP-1 pill Foundayo at all doses tested was linked to "clinically significant" weight loss in adults 65 years old and older with obesity or overweight.

Novo Nordisk's (NVO) Ozempic and Eli Lilly's Mounjaro are being linked to better cancer outcomes in four new studies, The Wall Street Journal reported. The weight-loss and diabetes drugs suggest they could reduce tumor progression, lower overall chance of death, and avert the risk of developing breast cancer, the report said. Novo shares added 1%.

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Sector Update: Energy Stocks Decline Late Afternoon

Energy stocks were lower late Thursday afternoon, with the NYSE Energy Sector Index decreasing 0.4% and the State Street Energy Select Sector SPDR ETF (XLE) falling 1%.The Philadelphia Oil Service Sector Index was declining 1.8%, and the Dow Jones US Utilities Index was adding 0.9%.Front-month West Texas Intermediate crude oil declined 1% to $97.26 a barrel, and the global benchmark Brent crude contract decreased 1.1% to $103.88 a barrel. Henry Hub natural gas futures shed 0.4% to $2.99 per 1 million BTU.In sector news, US natural gas stocks rose by 101 billion cubic feet in the week ended May 15, faster than the 96 billion gain expected in a survey compiled by Bloomberg and following an increase of 85 billion cubic feet in the previous week.In corporate news, Exxon Mobil (XOM) is in talks to acquire rights to produce oil in Venezuela, the New York Times reported. Exxon shares were down 0.7%.ConocoPhillips (COP) Chief Executive Ryan Lance told Bloomberg that recent changes to Venezuela's oil law, intended to woo foreign oil companies, do not go far enough to attract foreign investment to the country. ConocoPhillips shares fell 1.2%.NextEra Energy (NEE) agreed to acquire Caliber Resource Partners for $1.3 billion while setting up a joint venture with Caliber's private equity backer, Quantum Capital, to manage shale assets, Reuters reported. NextEra shares rose 1.5%.Devon Energy (DVN) said it acquired 16,300 net undeveloped acres in the Delaware Basin in New Mexico for about $2.6 billion through a Bureau of Land Management oil and gas lease sale. Devon shares were down 2.6%.

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Sector Update: Financial Stocks Higher Late Afternoon

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Sector Update: Consumer Stocks Mixed Late Afternoon

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