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Sector Update: Tech

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Tech stocks were mixed Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 0.4% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 2%.

The Philadelphia Semiconductor index was fractionally lower.

In corporate news, SpaceX (SPCX) reported a Q2 loss late Tuesday of $0.09 per diluted share, narrowing from the loss of $0.34 a year earlier. Analysts surveyed by FactSet expected a loss of $0.23. CEO Elon Musk said SpaceX will build its AI services exclusively on Nvidia's (NVDA) systems. SpaceX shares were falling 8.1%, and Nvidia rose 4.4%.

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Sector Update: Energy Stocks Decline Late Afternoon

Energy stocks were lower late Tuesday afternoon, with the NYSE Energy Sector Index decreasing 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) down 0.5%.The Philadelphia Oil Service Sector Index was climbing 3.5%, and the Dow Jones US Utilities Index was shedding 0.6%.The US and Iran could reach a deal Tuesday or Wednesday to reopen the Strait of Hormuz for commercial ships, Treasury Secretary Scott Bessent said Tuesday in an interview with CNBC.Front-month West Texas Intermediate crude oil fell 5.7% to $75.74 a barrel, and the global benchmark Brent crude contract dropped 5.2% to $79.39 a barrel. Henry Hub natural gas futures declined 3.8% to $2.68 per 1 million BTU.In corporate news, NRG Energy (NRG) shares fell past 16%. The company reported Q2 adjusted earnings Tuesday of $1.49 per share, down from $1.73 a year earlier. Analysts polled by FactSet expected $1.69.BP (BP) reported Q2 underlying replacement cost profit Tuesday of $2.22 per American depositary share, up from $0.90 a year earlier. Separately, BP said Tuesday it plans to sell its US biogas business Archaea after making progress in strengthening its balance sheet and taking steps to simplify the company. BP shares were down 3.9%.Energy Transfer (ET) shares were up 0.5% after the company posted higher Q2 earnings and revenue.Duke Energy (DUK) reported Q2 adjusted earnings Tuesday of $1.43 per share, up from $1.25 a year earlier. Analysts polled by FactSet expected $1.30. Duke shares rose 0.1%.

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Sectors

Sector Update: Financial Stocks Rise Late Afternoon

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