Tech stocks were mixed late Monday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.5% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 1.7%.
The Philadelphia Semiconductor index rose 1.2%.
In corporate news, Apple (AAPL) is planning a new service that will let iPhone users split joint bills, expanding its push into everyday financial tools, Bloomberg reported. Apple shares fell 1.4%.
West Texas Intermediate (WTI) on Monday surged 5.5% Monday, climbing off a six-week low on heightened tensions between Iran and the United States, dimming expectations for a peace deal in a war now entering its fourth month that has caused the largest-ever oil supply shock.The rise comes after the United States over the weekend attacked Iranian military sites, while The Guardian reported Iran on Monday targeted a U.S. military base in Kuwait and said it will discontinue negotiations until Israel ends its war on Lebanon, pushing oil prices up from a six-week low.The hostilities have dimmed prospects for a end to the war that began on Feb. 28, when the U.S. and Israel launched strikes on Iran, which responded by blockading the Strait of Hormuz, the narrow waterway that is the chokepoint for 20% of daily oil demand supplied by Persian Gulf countriesThe price of the commodity rose well above US$100 per barrel in April as the war blocked exports from the Gulf, but have since moderated on hopes the apparently suspended talks between the two countries hosted by Qatar would produce a deal that reopens the Strait, while some of the region's exporters have found alternatives to tanker shipments and demand has weakened due to high prices."Traders continue to price in the likelihood that any agreement could trigger a near-term surge in supply from vessels currently stranded inside the Persian Gulf. By now, it is also clear that several key release valves have helped prevent an even larger price spike. These include a sharp increase in US oil exports, a slump in Chinese crude imports, the use of UAE and Saudi Arabian pipeline infrastructure that bypasses the Strait of Hormuz, strategic petroleum reserve releases, and weaker end-user demand through a combination of demand destruction and use of domestic stockpiles," Saxo Bank noted.
Financial stocks were lower in Monday afternoon trading, with the NYSE Financial Index shedding 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) decreasing 0.5%.The Philadelphia Housing Index was down 0.8%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 1%.Bitcoin (BTC-USD) was declining 2.9% to $71,425, and the yield for 10-year US Treasuries rose 2.8 basis points to 4.48%.In economic news, the Institute for Supply Management's US manufacturing index rose to 54.0 in May from 52.7 in April, compared with expectations for a smaller increase to a 53.0 reading in a survey compiled by Bloomberg.The S&P Global US manufacturing index for May was revised down to 55.1 from the flash 55.3, compared with expectations of no revision in a Bloomberg-compiled survey.US construction spending rose by 0.4% in April, versus a 0.3% increase expected in a survey compiled by Bloomberg and following a downwardly revised 0.2% increase in March.In corporate news, Wise (WSE) shares fell 4.7% after the company said it is cooperating with the Brussels prosecutor's office following press reports that it is being probed over its compliance with anti-money laundering rules.BCB Bancorp (BCBP) has appointed veteran banking executive Thomas O'Brien as president and chief executive officer, effective immediately, the company said. BCB Bancorp shares jumped 7.4%.Bogota Financial (BSBK) has agreed to merge GSL Savings Bank into Bogota Savings Bank, creating a combined institution with about $1 billion in assets, the companies said Monday. Bogota Financial shares rose 1.6%.