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Sector Update: Tech Stocks Gain Late Afternoon

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Tech stocks were sharply higher late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 5.4% and the State Street SPDR S&P Semiconductor ETF (XSD) up 6.7%.

The Philadelphia Semiconductor Index climbed 7%.

In corporate news, Snap (SNAP) shares surged 14% after it reported better-than-expected Q2 results amid growth in advertising revenue.

Wix.com (WIX) shares jumped past 17% after it reported better-than-expected Q2 results, driven by demand for its AI-powered tools.

Palantir Technologies (PLTR) lifted its full-year revenue guidance on Monday after a surge in US commercial sales drove stronger-than-expected Q2 results. Its shares soared past 29%.

Anthropic has inked a $10 billion deal for computing capacity with Volta Infra Holdings, a months-old infrastructure startup backed by Nvidia (NVDA), Bloomberg reported. Nvidia shares rose 3%.

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Sector Update: Financial Stocks Advance Late Afternoon

Financial stocks were higher in late Monday afternoon trading, with the NYSE Financial Index up 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.7%.The Philadelphia Housing Index was climbing 2.7%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was increasing 0.2%.Bitcoin (BTC-USD) was adding 0.6% to $63,888, and the yield for 10-year US Treasuries fell 5.9 basis points to 4.686%.In economic news, the Institute for Supply Management's US manufacturing index rose to 55.6 in July from 53.3 in June, compared with expectations for 53.9 in a Bloomberg-compiled survey. This is the highest reading since May 2022, ISM said.The S&P Global US manufacturing index for July was revised upward to 53.9 from the flash reading of 53.8, compared with expectations for no revision in a survey compiled by Bloomberg.In corporate news, Apollo Global Management-backed (APO) Athora's German unit is close to being sold to Frankfurter Leben, a life insurance consolidator controlled by China's Fosun International, Bloomberg reported. Separately, Apollo said Monday that Austin will be the location of a new hub focusing on innovation, emerging technology and the next phase of its growth. Apollo shares gained 3.5%.Visa (V) said Monday it has agreed to acquire fraud intelligence company BioCatch for $2.4 billion in cash. Visa shares were fractionally lower.JPMorgan Chase (JPM) said Monday it plans to spend $750 billion through 2035 to increase the housing supply and support home ownership in the US. JPMorgan shares were down 0.1%.UBS' (UBS) UBS Financial Services unit was assessed a $125 million civil money penalty for alleged violations of the Bank Secrecy Act, the US Treasury Department's Financial Crimes Enforcement Network said Monday. UBS shares eased 0.1%.

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Sectors

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks declined late Monday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each falling 1.6%.The Philadelphia Oil Service Sector Index was down 1.5%, and the Dow Jones US Utilities Index was easing 0.2%.Crude oil prices fell after US President Donald Trump said talks with Iran were set to begin Monday after he called off a planned military strike against the Gulf nation. Over the weekend, Trump said negotiations with Iran would begin Monday, without revealing the venue or participants, news outlets reported. In a social media post, Trump said he had called off a planned attack against Iran after being asked by Tehran and other Middle Eastern countries because the "perimeters of a deal has been agreed to."Front-month West Texas Intermediate crude oil fell 5.1% to $80.34 a barrel, and the global benchmark Brent crude contract dropped 4.5% to $83.98 a barrel. Henry Hub natural gas futures rose 1% to $2.77 per 1 million BTU.In corporate news, Shell (SHEL) said Monday it has agreed to sell its European onshore renewables portfolio to TotalEnergies (TTE). Shell was down 0.8%, and TotalEnergies eased 0.5%.Chevron (CVX) said it will expand its North American base oils distribution network through new agreements with HF Sinclair Lubricants & Specialties and Renkert Oil, starting May 1, 2027. Chevron shares were shedding 1.9%.President Donald Trump said Exxon Mobil (XOM) and Chevron are making "too much money" and that "they better cut the retail price," Bloomberg reported Monday, citing comments made by him at the White House. Exxon shares were down 0.5%.BP (BP) has completed the sale of its Gelsenkirchen refinery and related businesses in Germany to Klesch, the company said. BP shares were falling 2.3%.

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Sectors

Sector Update: Tech Stocks Rise Late Afternoon

Tech stocks were higher late Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.7% and the State Street SPDR S&P Semiconductor ETF (XSD) up 1.8%.The Philadelphia Semiconductor Index added 1%.In corporate news, D-Wave Quantum (QBTS) shares jumped past 10% after the company and Nasdaq's (NDAQ) financial crime management unit, Nasdaq Verafin, signed an agreement to evaluate using quantum computing to improve financial crime detection.Alibaba (BABA) shares climbed 4.6% after the firm said it launched Qwen3.8-Max, its latest large language model.ArcelorMittal (MT) said Monday it has expanded its partnership with Microsoft (MSFT) to implement AI tools in its business processes. Separately, Microsoft is raising Xbox prices in the EU and the UK by up to 200 euros ($230.10) and 170 pounds ($228.33), respectively, The Verge reported. Microsoft shares rose 5.5%.Apple (AAPL) filed a new legal complaint at the Investigatory Powers Tribunal over the UK's demand that the company allows it access to cloud backups of data belonging to British users, The Financial Times reported Monday, citing a court order. Apple shares were down 1.3%.

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