Tech stocks were lower late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.1% and the State Street SPDR S&P Semiconductor ETF (XSD) easing 0.2%.
The Philadelphia Semiconductor index dropped 1.7%.
In corporate news, CrowdStrike (CRWD) reported strong fiscal Q1 results amid accelerating demand for AI, but questions around the company's performance sustainability remain, BofA Securities said. CrowdStrike shares were down 4.3%.
Consumer stocks were mixed late Thursday 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) adding 0.4%.In corporate news, General Motors (GM) has rehired more than 100 members of its Cruise unit's team 18 months after killing off the self-driving vehicle unit, The Information Electric reported, citing Rashed Haq, GM's vice president of autonomous vehicles. GM shares were up 1.6%.
West Texas Intermediate (WTI) crude oil closed down 3.1% on Thursday as Israel and Lebanon agreed to a ceasefire, one of Iran's key demands for agreeing for a deal of its own to end the war with the United States and reopen the Strait of Hormuz.WTI crude oil for July delivery was last seen down US$2.98 to settle at US$93.04 per barrel, while August Brent oil was last seen down US$3.53 to US$94.28.Reuters reported Israel and Lebanon's truce agreement is contingent on the evacuation of Iran-backed Hezbollah militants leaving southern Lebanon and ending its fight against Israel, which has taken control of the country's south.The deal may raise the odds of the United States and Iran will come to an agreement to end their war, which is now in its fourth month and flared up again this week. Iran blocked the Strait of Hormuz at the start of the war, choking off most oil exports from the Persian Gulf nations that supplied a fifth of daily demand.The lack of Persian Gulf supply has left the Asian nations struggling to replace the lost barrels, while U.S. exports have surged, cutting into its inventories."Crude oil trades softer but remains near the upper end of Brent's recent USD 90-100 range after the Israel-Lebanon ceasefire announcement. The move follows another day of US and Iranian military action across the region. While flows through the Strait of Hormuz remain severely disrupted, global supply buffers continue to shrink. In the US, a sixth consecutive weekly inventory draw saw stockpiles at Cushing, the delivery hub for WTI futures, fall to 22.4 million barrels, edging closer to levels widely considered near the operational minimum," Saxo Bank noted.