Technology stocks were advancing premarket Tuesday, with the State Street Technology Select Sector SPDR Fund (XLK) up 1% and the State Street SPDR S&P Semiconductor ETF (XSD) 2.6% higher.
Nebius Group (NBIS) shares were up more than 3% after the company launched the six-month Physical AI Living Lab program that will grant certain British and European robotics startups access to Nebius' artificial intelligence cloud infrastructure and Nvidia's (NVDA) physical AI development tools.
Financial stocks were lower in late Monday afternoon trading, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each declining 0.5%.The Philadelphia Housing Index was down 0.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was falling 1.5%.Bitcoin (BTC-USD) was adding 0.2% to $63,421, and the yield for 10-year US Treasuries rose 1.6 basis points to 4.552%.In economic news, consumer expectations for one-year US inflation growth decreased to a 3.5% gain in May from a 3.6% gain in the previous month, according to a survey released by the New York Federal Reserve Bank on Monday. The median inflation expectations remained unchanged at 3.1% gain for the three-year period and at a 3.0% gain for five years ahead.In corporate news, Allstate (ALL) shares fell 2.4% after Keefe Bruyette & Woods downgraded the stock to market perform from outperform and lowered the price target to $242 from $266.Blue Owl Capital (OWL), Ares Management (ARES), and Golub Capital are among firms targeting a $500 billion opportunity in Mexican pension funds, Bloomberg reported. Reforms have boosted contributions to workers' accounts, while new rules allow the Mexican funds to allocate more to international private-markets managers, the report said. Blue Owl shares were down 4.1%, and Ares rose 0.6%.Goldman Sachs (GS) and JPMorgan Chase (JPM) are exploring trading futures contracts tied to rental prices for graphics processing units, a move that could help lenders manage risks associated with financing AI infrastructure, The Information reported. Goldman shares added 0.6%, and JPMorgan was down 0.3%.Blackstone Digital Infrastructure Trust (BXDC) offers exposure to stabilized data center assets with limited development risk, while projected industry-leading AFFO/share growth and potential cap rate compression provide investment upside, with Blackstone (BX) backing adding to the credibility, BofA Securities said in a note. Blackstone Digital Infrastructure Trust shares rose 1.4%.
Healthcare stocks were lower late Monday afternoon, with the NYSE Healthcare Index shedding 0.4% and the State Street Health Care Select Sector SPDR ETF (XLV) decreasing 0.1%.The iShares Biotechnology ETF (IBB) fell 0.9%.In corporate news, Johnson & Johnson (JNJ) eased 0.3% after the firm said it has agreed to buy cancer drug developer Firefly Bio for $1 billion in cash to strengthen its oncology portfolio.Incyte (INCY) agreed to acquire Vega Therapeutics, a subsidiary of Star Therapeutics, in a deal worth up to $2 billion, expanding its hematology portfolio into bleeding disorders. Shares fell 1%.Eli Lilly (LLY) shares rose 1.6% after the drugmaker said its experimental obesity drug retatrutide delivered significant weight loss in two clinical studies and also showed "meaningful" improvements in knee osteoarthritis pain and sleep apnea.Tango Therapeutics (TNGX) surged 51% after the firm said initial results from its phase 1/2 trial of vopimetostat plus Revolution Medicines' daraxonrasib showed a six-month progression-free survival rate of 90% in people with pancreatic cancer.
Consumer stocks were mixed late Monday 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 0.7%.In corporate news, Walmart (WMT) stands to gain a competitive edge through its potential collaborations with fast-food chains and other businesses in the quick service restaurant industry, RBC said in a note. Separately, Walmart told employees that AI is intended to enhance their work rather than replace them as the retailer expands the use of the technology across its business, the Financial Times reported. Walmart shares rose 1%.Campbell's (CPB) reaffirmed its full-year outlook as it reported fiscal Q3 earnings above consensus, but sales fell short of expectations. Its shares declined 1.2%.Ingredion (INGR) has launched an all-cash tender offer to buy Tate & Lyle, valuing the specialty ingredients company at about 3.7 billion British pounds ($5 billion). Ingredion shares were up 0.2%.Uber's (UBER) efforts to buy Delivery Hero could face a new hurdle as Saudi Arabia-based startup Ninja is considering a bid for some of the German food delivery firm's Middle East assets, the Financial Times reported. Uber shares fell 0.6%.