Technology stocks were falling premarket Friday, with the State Street Technology Select Sector SPDR Fund (XLK) down 2% and the State Street SPDR S&P Semiconductor ETF (XSD) declining by 2.6%.
ON Semiconductor (ON) stock was down more than 14% after the company said it will acquire Synaptics (SYNA) in an all-stock deal with an enterprise value of about $7 billion, expanding its edge AI capabilities. Shares of Synaptics were up nearly 5% pre-bell.
Energy stocks advanced late Thursday afternoon, with the NYSE Energy Sector Index rising 0.6% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.8%.The Philadelphia Oil Service Sector Index gained 2.5%, and the Dow Jones US Utilities Index increased 0.7%.In sector news, Iran's Islamic Revolutionary Guard Corps attacked a Singapore-flagged ship on Thursday in the Strait of Hormuz, damaging the vessel's bridge while causing no casualties, the Wall Street Journal reported.West Texas Intermediate crude oil rose 2.5% to $72.12 a barrel, and global benchmark Brent added 2.4% to $75.48 a barrel.US natural gas stocks rose by 76 billion cubic feet in the week ended June 19, larger than the 69 billion cubic feet increase expected in a Bloomberg survey and following an increase of 73 billion cubic feet in the previous week. Henry Hub natural gas futures gained 2.1% to $3.29 per 1 million BTU.In corporate news, Chevron (CVX) said its Venezuelan business remains operational and that all of its workers are accounted for after back-to-back earthquakes in the country, Bloomberg reported, citing a company statement. Chevron shares were up 0.3%.Prairie Operating (PROP) said Thursday that it promoted Gregory Patton to chief executive and board member, and named Michael Shelly as chief financial officer. Its shares jumped 8%.TotalEnergies (TTE) must spell out the climate risks tied to emissions from its oil and gas products and detail how it plans to address them, the Paris Judicial Court ruled Thursday, Reuters reported, citing a summary of the decision. TotalEnergies shares eased 0.1%.Eco Wave Power Global (WAVE) shares climbed 6.1% after the company priced an offering of 400,000 American depositary shares to an institutional investor at $10 apiece for gross proceeds of $4 million.
Financial stocks were mixed in late Thursday afternoon trading, with the NYSE Financial Index rising 0.2% and the State Street Financial Select Sector SPDR ETF (XLF) easing 0.2%.The Philadelphia Housing Index added 1.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) rose 0.2%.Bitcoin (BTC-USD) fell 3% to $59,162, and the yield for 10-year US Treasuries decreased 1 basis point to 4.392%.In economic news, annual inflation accelerated to 4.1% in May, the fastest print since April 2023, matching consensus, based on the personal consumption expenditures, or PCE, price index data from the Bureau of Economic Analysis. It follows a 3.8% gain in April. Core PCE inflation, which strips out food and energy, accelerated to 3.4% from a year ago, as expected, from 3.3% in April. That's the highest reading since October 2023.US real gross domestic product increased at a 2.1% annualized rate in the first quarter, up from 1.6% growth reported in the second estimate, according to latest official data Thursday.In corporate news, JPMorgan Chase (JPM) said Thursday Doug Petno and Troy Rohrbaugh, co-chief executives of JPMorgan's commercial and investment bank, have been named co-presidents of the firm, effective immediately. Shares rose 0.6%.Blue Owl Capital (OWL) is in advanced talks to acquire a minority stake of 5% to 10% in the National Basketball Association's Cleveland Cavaliers, Bloomberg reported. Shares were up 0.1%.CME (CME) is planning to introduce wind derivatives linked to markets in the US, Europe and Australia as renewable energy generation expands, Bloomberg reported. Shares fell 2.5%.Blackstone (BX) and Bain Capital are among the firms that have moved forward in the sale process for Fuji Media's property business, Sankei Building, Bloomberg reported. Preliminary bids reportedly value the real estate unit at about 1 trillion Japanese yen ($6.18 billion), potentially making it the largest property deal in Japan, the report said. Blackstone shares rose 1.1%.
Healthcare stocks rose late Thursday afternoon with the NYSE Healthcare Index gaining 1.7% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 1.6%.The iShares Biotechnology ETF (IBB) advanced 1.3%.In corporate news, Bio-Techne (TECH) shares jumped 20% after the company agreed to be acquired by Germany's Merck in an all-cash deal with an enterprise value of $11.3 billion.Eli Lilly (LLY) shares rose 1% after the company said its weight management medicines Foundayo and Zepbound will be available to eligible Medicare Part D patients for $50 a month under the Medicare GLP-1 Bridge program, starting July 1.Kymera Therapeutics (KYMR) shares jumped 16% after the company said it has completed enrollment in a phase 2b trial of KT-621 in moderate to severe atopic dermatitis ahead of schedule.PRF Technologies' (PRFX) PRF-110 demonstrated analgesic efficacy comparable to Zynrelef in a preclinical study evaluating postoperative pain treatment, the company said. The shares climbed 13%.