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Sector Update: Tech

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Tech stocks advanced late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 0.6% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 1.4%.

The Philadelphia Semiconductor index climbed 1%.

In corporate news, Amazon.com-backed (AMZN) Anthropic is likely to project a total addressable market of more than $30 trillion in its upcoming IPO filing, exceeding the $28.5 trillion that Space Exploration Technologies (SPCX) cited in its offering, The Wall Street Journal reported. Amazon shares were down 0.8%.

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Sector Update: Energy Stocks Decline Monday

Energy stocks fell Monday with the NYSE Energy Sector Index dropping 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) declining 0.8%.The Philadelphia Oil Service Sector Index fell 2%, and the Dow Jones US Utilities Index rose 1.3%.In geopolitical news, the US will remove any entity facilitating money laundering on Iran's behalf from the US dollar system as part of "Operation Economic Outcast," Treasury Secretary Scott Bessent said at a press conference. In addition, Bessent said the Treasury's Office of Foreign Assets Control is currently sanctioning over 60 entities, individuals and vessels assisting Iran, and he expects a "major announcement" of sanctions against a financial institution later this week.West Texas Intermediate crude oil fell 2.1% to $85.25 a barrel, and global benchmark Brent declined 2.2% to $92.28 a barrel. Henry Hub natural gas futures increased 0.2% to $2.78 per 1 million BTU.In corporate news, Chevron (CVX) said its EMEA subsidiary signed a production sharing agreement with Libya's National Oil Corp. Chevron shares declined 1.1%.Braskem (BAK) said its board approved the filing of an out-of-court restructuring petition covering the company and certain subsidiaries, involving about $10.9 billion in unsecured financial obligations, Braskem shares fell 7%.ExxonMobil (XOM) plans to expand automated drilling technology to half of its Permian Basin rig fleet by 2028, Reuters reported. Exxon shares fell 0.6%.Shell (SHEL) has drawn interest from potential bidders including ExxonMobil, LyondellBasell (LYB) and Apollo Global Management (APO) for its US chemicals assets, which could fetch up to $8 billion, the Financial Times reported. Shell shares fell 0.4%.

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Sector Update: Financial Stocks Advance Late Afternoon

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Sector Update: Tech Stocks Fall Late Afternoon

Tech stocks were lower late Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.5% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 3.1%.The Philadelphia Semiconductor index shed 2.4%.In corporate news, a senior Nvidia (NVDA) manager was indicted by Taiwanese prosecutors for allegedly organizing, along with eight others, the shipment of 74 servers containing high-end B300 chips into China by way of Japan and Indonesia in order to circumvent US trade restrictions, Bloomberg reported Monday. Separately, Nvidia customers are facing price increases of over 15% on servers equipped with its AI chips due to rising memory costs, Bloomberg reported Saturday. Shares were down 2.4%.RoboStrategy (BOT) shares fell 2.9% after the company released its first shareholder letter.Amazon-backed (AMZN) Anthropic could seek to raise over $100 billion in an initial public offering that could value the AI firm at about $2 trillion, The New York Times reported Friday. Amazon shares were rising 1.4%.Alibaba (BABA) has rolled out its Wan3.0 AI video generation tool, Reuters reported, citing a post on China's WeChat platform. The new model is able to produce 30-second videos from documents, spreadsheets, slides and web pages, the report said. Separately, Alibaba Chief Executive Eddie Wu bought 350,000 shares of the company for about $5 million, according to a regulatory filing. Shares eased 0.2%.

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