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Sector Update: Tech Stocks Fall Premarket Thursday

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Technology stocks were falling premarket Thursday, with the State Street Technology Select Sector SPDR Fund (XLK) 1.7% lower and the State Street SPDR S&P Semiconductor ETF (XSD) declining by 2.2%.

Tenable Holdings (TENB) shares were down more than 5% after the company said it plans to offer $650 million of convertible senior notes due 2031 in a private placement.

ChipMOS Technologies (IMOS) stock declined by more than 2% after the company reported revenue of about 2.79 billion New Taiwan dollars ($88.2 million) for August, down 1.3% from the previous month.

Rackspace Technology (RXT) shares were up more than 8% after the company said it plans to offer Nvidia's (NVDA) Blackwell artificial intelligence infrastructure for regulated enterprises and governments.

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Sector Update: Energy Stocks Gain Late Afternoon

Energy stocks were higher late Wednesday afternoon, with the NYSE Energy Sector Index rising 1.2% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.1%.The Philadelphia Oil Service Sector Index was up 0.4%, and the Dow Jones US Utilities Index fell 1%.Brent crude prices crossed $100 per barrel for the first time since late July as Iran attacked 10 ships near the Strait of Hormuz, deepening the Middle East conflict.Front-month West Texas Intermediate crude oil rose 3.6% to $96.39 a barrel, and the global benchmark Brent crude contract gained 3.5% to $101.34 a barrel. Henry Hub natural gas futures fell 3.8% to $2.81 per 1 million BTU.In corporate news, BP (BP) has attracted interest from several potential buyers for its North Sea operations, Bloomberg reported. Potential suitors include Equinor (EQNR) and Shell (SHEL) joint venture Adura and TotalEnergies-backed (TTE) NEO Next+, the report said. BP shares rose 1.7%.Baker Hughes (BKR) said it now expects full-year revenue of $28.50 billion to $30.30 billion, compared with prior outlook of $26.65 billion to $28.05 billion. Analysts surveyed by FactSet expect $28.03 billion. Its shares lost 0.3%.New Fortress Energy (NFE) said Wednesday that its board approved a 1-for-50 reverse stock split of its class A common stock. The reverse stock split is intended to help the company regain compliance with the minimum bid price requirement for continued listing on the Nasdaq Global Select Market. New Fortress shares rose 4.8%.Shell Lubricants and Faw Trucks have jointly developed a battery pack that has been successfully tested on the Shell Starship 3.0 hybrid concept truck and is ready for future use in Faw's hybrid commercial vehicles, the companies said. Shell shares were up 0.3%.

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Sector Update: Healthcare Stocks Softer Late Afternoon

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Sectors

Sector Update: Tech Stocks Ease Late Afternoon

Tech stocks eased late Wednesday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) little changed after erasing earlier gains and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 0.2%.The Philadelphia Semiconductor index rose 0.2%.In corporate news, Apple (AAPL) introduced iPhone Duo, its first foldable iPhone, featuring a 7.6-inch inner display and 5.4-inch outer display, both using Super Retina XDR technology. Apple shares fell 0.2%.Dell Technologies (DELL) is set to raise $5 billion via an investment-grade bond sale that attracted about $23 billion in peak orders, Bloomberg reported. Dell shares were little changed.Meta Platforms (META) launched a new personal AI agent called Muse AI, which can send emails, book travel plans, and continue working after users close the app. Meta shares jumped 6.4%.Analog Devices (ADI) agreed to buy Alif Semiconductor for $1.35 billion in cash to add AI-native microcontrollers and fusion processors. Analog Devices shares eased 0.1%.

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