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Sector Update: Tech Stocks Higher Late Afternoon

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Tech stocks were higher late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing 3.8%.

The Philadelphia Semiconductor index added 1.8%.

In corporate news, Dell Technologies (DELL) shares surged 17% after Wells Fargo raised the company's price target to $270 from $180.

Advanced Micro Devices (AMD) is working with Taiwan partners to boost production capacity as higher-than-expected demand limits the global CPU market, Reuters reported, citing AMD Chief Executive Lisa Su. AMD shares climbed 3.8%.

Zoom Communications (ZM) appears poised for growth acceleration following a strong Q1, given sustained momentum in its AI products, RBC Capital Markets said in a note. Zoom shares jumped past 9%.

Take-Two Interactive Software (TTWO) reported a narrower fiscal Q4 net loss as revenue increased. MoffettNathanson adjusted its price target on the company's shares to $196 from $206 while maintaining its neutral rating. Take-Two shares were down 3.9%.

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Sector Update: Healthcare Stocks Gain Late Afternoon

Healthcare stocks rose late Friday afternoon, with the NYSE Healthcare Index advancing 1.1% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 1.3%.The iShares Biotechnology ETF (IBB) was fractionally lower.In corporate news, Eli Lilly (LLY) shares rose 2.5% after it said Friday that a new analysis from two phase 3 trials showed that its GLP-1 pill Foundayo at all doses tested was linked to "clinically significant" weight loss in adults 65 years old and older with obesity or overweight.Novo Nordisk's (NVO) Ozempic and Eli Lilly's Mounjaro are being linked to better cancer outcomes in four new studies, The Wall Street Journal reported. The weight-loss and diabetes drugs suggest they could reduce tumor progression, lower overall chance of death, and avert the risk of developing breast cancer, the report said. Novo shares added 1%.Merck (MRK) said Friday the European Medicines Agency's Committee for Medicinal Products for Human Use has recommended the approval of Keytruda, in combination with Padcev, to treat a type of bladder cancer. Merck shares jumped 5.6%.Gilead Sciences (GILD) shares gained 2.9%. The company has received approval from the US Food and Drug Administration for Hepcludex to treat chronic hepatitis delta virus infection in adults without advanced liver scarring, or with compensated cirrhosis, the FDA said Friday.

$GILD$LLY$MRK$NVO
Sectors

Sector Update: Energy

Energy stocks advanced late Friday afternoon, with the NYSE Energy Sector Index increasing 0.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.6%.The Philadelphia Oil Service Sector Index was shedding 0.2%, and the Dow Jones US Utilities Index was up 0.8%.Front-month West Texas Intermediate crude oil decreased 0.2% to $96.14 a barrel, and the global benchmark Brent crude contract rose 0.5% to $103.10 a barrel. Henry Hub natural gas futures fell 3.6% to $2.91 per 1 million BTU.In corporate news, American Resources' (AREC) minority holding ReElement Technologies formed a joint venture with Posco International to build rare earth and permanent magnet production facilities in the US, the company said Friday. American Resources shares were up 0.2%.

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Sectors

Sector Update: Financial

Financial stocks rose in late Friday afternoon trading, with the NYSE Financial Index increasing 0.3% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.4%.The Philadelphia Housing Index was gained 0.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 0.3%.Bitcoin (BTC-USD) fell 1.6% to $76,303, and the yield for 10-year US Treasuries declined 2.8 basis points to 4.558%.In corporate news, Mastercard (MA) is looking to minimize its losses from Banco Master's failure by asking some of Brazil's largest payment processors to help foot the bill, Bloomberg reported. Mastercard shares eased 0.2%.

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