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Sector Update: Tech Stocks Decline Premarket Wednesday

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Technology stocks were declining premarket Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) down 0.6% and the iShares Semiconductor ETF (SOXX) 1% lower.

Meta Platforms (META) shares were up more than 4% after the company launched a new personal artificial intelligence agent to help users complete tasks and pursue goals.

Alphabet's (GOOG, GOOGL) Google will pour at least 13 billion euros ($15.1 billion) into AI infrastructure in Finland in 2027 through 2028, the company said. Alphabet stock was down more than 1% pre-bell.

Lyft (LYFT) appointed Michael Brous as chief financial officer, effective Sept. 28. Additionally, the company reaffirmed its guidance for Q3, expecting quarterly gross bookings between $5.50 billion and $5.67 billion and adjusted EBITDA of $183 million to $203 million. Shares of Lyft were down more than 2% premarket.

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Sector Update: Financial Stocks Fall Tuesday

Financial stocks declined Tuesday with the NYSE Financial Index dropping 0.9% and the State Street Financial Select Sector SPDR ETF (XLF) falling 1.4%.The Philadelphia Housing Index fell 2.8%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) eased 0.1%.Bitcoin (BTC-USD) eased 0.2% to $78,436, and the yield for 10-year US Treasuries rose 2.2 basis points to 4.806%.In economic news, US consumer credit use rose by $18.1 billion in July, compared with an $11.67 billion increase expected in a survey compiled by Bloomberg and following a $14.5 billion gain in the previous month.Consumer expectations for one-year US inflation remained unchanged at 3.6% in August, according to a survey released by the New York Federal Reserve Bank. The median inflation expectations decreased to 3.2% from 3.3% for the three-year horizon and remained at 3.0% for five-year outlook.In corporate news, WaFd (WAFD) agreed to combine with EverBank Financial in a reverse merger deal worth $3.9 billion. WaFd shares fell 5.6%.Robinhood Markets (HOOD) entered into a multiyear partnership with OG.com, designating the prediction market platform as an infrastructure and clearing provider for its Prediction Markets offering. Robinhood shares fell 3.9%.Markel Group (MKL) said Chairman Steve Markel will step down and not seek reelection at the 2027 annual shareholder meeting. The board named CEO Tom Gayner as chairman in addition to his current role. Markel shares fell 2.3%.Pinnacle Financial Partners (PNFP) is positioned to grow faster than peers following its merger with Synovus Financial (SNV), helped by strong banker hiring, high retention and a broader Southeast reach, Morgan Stanley said. Pinnacle shares eased 0.2%.

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Sectors

Sector Update: Energy Stocks Gain Late Afternoon

Energy stocks were higher late Tuesday afternoon, with the NYSE Energy Sector Index rising 1.4% and the State Street Energy Select Sector SPDR ETF (XLE) up 1.3%.The Philadelphia Oil Service Sector Index was decreasing 0.2%, and the Dow Jones US Utilities Index rose 1.2%.Brent crude futures rose close to the $100 mark on Tuesday after attacks on Saudi Arabian energy facilities prompted temporary production shutdowns. Oil prices are up so far in September following two consecutive monthly gains as tensions between the US and Iran escalated. Yemen's Iran-allied Houthi group struck civilian and economic sites in Saudi Arabia, injuring 73 people, the kingdom's Ministry of Foreign Affairs said Tuesday. The attacks sparked fires at several energy facilities, prompting a temporary halt to operations, the Saudi Energy Ministry. The Houthi group targeted Saudi Aramco's facilities across Abha, Najran, and Jazan, Bloomberg reported, citing the group's military spokesperson.Front-month West Texas Intermediate crude oil rose 2.2% to $93.52 a barrel, and the global benchmark Brent crude contract added 1.6% to $98.59 a barrel. Henry Hub natural gas futures fell 2% to $2.92 per 1 million BTU.In corporate news, Cenovus Energy (CVE) shares rose 2.8% after JPMorgan upgraded the stock to overweight from neutral.NextEra Energy (NEE) and the US Department of Energy, through its Office of Energy Dominance Financing, have agreed to a combined conditional commitment of up to $1.9 billion to restart the Duane Arnold Energy Center in Iowa, the company said Tuesday. NextEra shares added 0.9%.Equinor (EQNR) and Standard Lithium's (SLI) Smackover Lithium partnership said Tuesday that a preliminary economic assessment of the Franklin project in northeast Texas estimates annual production of up to 70,000 tonnes of battery-quality lithium carbonate. Equinor shares rose 2.9%.Solaris Energy Infrastructure (SEI) shares jumped past 15% after the firm said Tuesday that it now expects Q3 adjusted Ebitda of $110 million to $130 million, up from its previous guidance of $90 million to $105 million.

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Sectors

Sector Update: Tech Stocks Rise Late Afternoon

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