FINWIRES · TerminalLIVE
FINWIRES

Sector Update: Tech Stocks Fall Late Afternoon

By

Tech stocks declined late Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.3% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 3.8%.

The Philadelphia Semiconductor index shed 1.8%.

In corporate news, Alphabet's (GOOGL) Google is poised to lose two leading AI researchers to rival Anthropic, Bloomberg reported. The two researchers, Jonas Adler and Alexander Pritzel, are viewed internally as critical contributors to the tech giant's Gemini AI model, the report said. Alphabet shares were down 0.4%.

Cerebras Systems (CBRS) reported a Q1 net loss late Tuesday of $0.22 per diluted share, narrowing from a loss of $0.46 a year earlier. Analysts surveyed by FactSet expected a loss of $0.16. Cerebras shares fell about 18%.

Paychex (PAYX) on Wednesday issued a fiscal 2027 outlook that implies slower growth in both profit and revenue. Its shares dropped 1.7%.

Broadcom (AVGO) said Wednesday that it and OpenAI unveiled Jalapeno, OpenAI's first Intelligence Processor, an AI accelerator designed for large language model inference. Broadcom shares were shedding 0.5%.

Related Articles

Sectors

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks rose late Tuesday afternoon with the NYSE Energy Sector Index increasing 0.3% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.8%.The Philadelphia Oil Service Sector Index eased 0.1%, and the Dow Jones US Utilities Index gained 0.9%.West Texas Intermediate crude oil fell 0.7% to $73.31 a barrel, and global benchmark Brent declined 1% to $77.13 a barrel. Henry Hub natural gas futures dropped 3.2% to $3.15 per 1 million BTU.In corporate news, the US Supreme Court reversed and remanded rulings by lower courts, reviving Exxon Mobil's (XOM) lawsuit seeking more than $1 billion in damages from Cuban government-owned companies over assets confiscated after Fidel Castro seized of power in 1959. Exxon shares rose 1.2%.Petrobras (PBR) signed a memorandum of understanding with Petroleos Mexicanos to cooperate in areas of exploration and production, and industrial processes. Petrobras shares were little changed.Walmart (WMT) will buy nuclear power from Constellation Energy (CEG) under a long-term agreement split into two 15-year terms. Constellation shares fell 1.6%.Energy Fuels (UUUU) agreed to acquire Germany-based magnetics manufacturer Vacuumschmelze and related entities, collectively known as VAC, from private equity firm Ara Partners in a deal with an equity value of $1.9 billion. Energy Fuels shares fell 3.9%.

$CEG$PBR$UUUU$XOM
Sectors

Sector Update: Healthcare Stocks Higher Late Afternoon

Healthcare stocks rose late Tuesday afternoon, with the NYSE Healthcare Index adding 1.5% and the State Street Health Care Select Sector SPDR ETF (XLV) increasing 1.3%.The iShares Biotechnology ETF (IBB) advanced 0.7%.In sector news, the US Justice Department is expected to charge about 450 defendants in alleged healthcare fraud schemes worth more than $6.5 billion, marking its largest coordinated antifraud operation to date, The Wall Street Journal reported, citing federal officials.In corporate news, AbbVie (ABBV) shares gained 1.8% after it said Tuesday that the European Commission approved its therapy Maviret to treat acute hepatitis C virus infection in adults and children aged three years and older.Merck (MRK) shares rose 3.1%. The company said Monday its investigational antibody tulisokibart met primary and secondary endpoints in a phase 3 trial of people with moderately to severely active ulcerative colitis.GE HealthCare Technologies (GEHC) is positioned for accelerating growth, driven by improving innovation, order momentum, and backlog, RBC Capital Markets said in a note. RBC started coverage of the company with an outperform rating and an $80 price target. GE HealthCare shares climbed 4.8%.Boundless Bio (BOLD) shares surged 80% after the company said it signed a definitive merger agreement with privately held biotech firm Serapha Bio.

$ABBV$BOLD$GEHC$MRK
Sectors

Sector Update: Financial Stocks Advance Late Afternoon

Financial stocks were increasing in late Tuesday afternoon trading, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each adding 0.2%.The Philadelphia Housing Index was down 0.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) gained 1.5%.Bitcoin (BTC-USD) was falling 3.3% to $62,249.7, and the yield for 10-year US Treasuries decreased 1.2 basis points to 4.50%.In economic news, the June flash reading of manufacturing conditions from S&P Global rose to a 49-month high of 55.7 from 55.1 in May, in contrast with an expected decrease to 54.6 in a survey compiled by Bloomberg.Redbook US same-store sales surged 10% from a year earlier in the week ended June 20 after a 9.4% year-over-year increase in the previous week.In corporate news, Goldman Sachs' (GS) equities business is on track to generate more than $5 billion in revenue in Q2, Bloomberg reported. Goldman shares were down 1%.Apollo Global Management (APO) has restricted investor redemptions for its private credit fund, Apollo Debt Solutions, following a surge in share repurchase requests from stakeholders. Apollo shares fell 2.9%.Korn Ferry (KFY) on Tuesday reported higher fiscal Q4 results, although the consulting firm issued an outlook calling for lower earnings in the current quarter. Its shares rose 5.1%.Blackstone (BX) is preparing to invest $30 billion in AI data centers in Japan within the next three to five years, Nikkei Asia reported, citing an interview with Chief Operating Officer Jonathan Gray. Blackstone shares declined 2.9%.

$APO$BX$GS$KFY