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Sector Update: Tech Stocks Gain Tuesday Afternoon

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Tech stocks were higher Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) adding 0.6% and the State Street SPDR S&P Semiconductor ETF (XSD) popping 4.9%.

The Philadelphia Semiconductor index climbed 4.5%.

In corporate news, Hewlett Packard Enterprise (HPE) shares jumped past 16% after the company reported fiscal Q2 earnings ahead of analysts' forecasts.

Marvell Technology (MRVL) shares surged 29% after multiple news outlets reported that Nvidia (NVDA) Chief Executive Jensen Huang called the chipmaker the next "trillion-dollar company."

Alphabet (GOOG, GOOGL) said Monday it plans to raise $80 billion in equity to help fund investments in AI compute infrastructure, including a $10 billion private placement to Berkshire Hathaway (BRK.A, BRK.B), split evenly between class A common stock at $351.81 per share and class C capital stock at $348.20 per share. Alphabet's Class A and Class C shares were each down 2.3%.

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Sector Update: Financial

Financial stocks were advancing in Tuesday afternoon trading, with the NYSE Financial Index rising 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) increasing 0.1%.The Philadelphia Housing Index was adding 0.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.3%.Bitcoin (BTC-USD) was dropping 5.2% to $67,610, and the yield for 10-year US Treasuries was decreasing 1.6 basis points to 4.459%.In corporate news, SpaceX is in talks with the Wall Street bankers handling its IPO to pay less than 0.75% for the $75 billion it expects to raise from the IPO, Bloomberg reported. Even at that low spread, the banks, including Goldman Sachs (GS) and Morgan Stanley (MS), are expected to earn about $500 million from the offering, the report said. Goldman shares were up 1.9%, and Morgan Stanley climbed 2.5%.

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Sector Update: Energy

Energy stocks were higher Tuesday afternoon, with the NYSE Energy Sector Index rising 1.3% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.4%.The Philadelphia Oil Service Sector Index was climbing 2.4%, and the Dow Jones US Utilities Index was up 2%.Front-month West Texas Intermediate crude oil was rising 1% to $93.12 a barrel, and the global benchmark Brent crude contract was advancing 0.7% to $95.64 a barrel. Henry Hub natural gas futures decreased 0.9% to $3.15 per 1 million BTU.In corporate news, Hallador Energy (HNRG) shares rose 1.5%. The company said late Monday it has agreed to acquire about 460 megawatts of Siemens gas turbines, generators and related equipment from Energy World for $350 million to back development of Hallador's Merom natural gas-fired combustion turbine project.

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Sector Update: Healthcare

Healthcare stocks declined Tuesday afternoon, with the NYSE Healthcare Index and the State Street Health Care Select Sector SPDR ETF (XLV) each falling 1.1%.The iShares Biotechnology ETF (IBB) dropped 3.1%.In corporate news, Abivax (ABVX) faces an increasing risk of black box warning for obefazimod due to malignancies reported from a recent trial, Wedbush Securities said in a note. Abivax shares fell 44%.

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