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Sector Update: Tech Stocks Mixed Premarket Thursday

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Technology stocks were mixed premarket Thursday, with the State Street Technology Select Sector SPDR Fund (XLK) 0.1% higher and the State Street SPDR S&P Semiconductor ETF (XSD) declining by 0.4%.

Snowflake (SNOW) stock was up more than 36% after the company reported higher fiscal Q1 adjusted net income and revenue, and raised its fiscal 2027 product revenue outlook.

IBM (IBM) and Red Hat have committed $5 billion toward a software protection program named Project Lightwell, the companies said. IBM stock was up more than 2% pre-bell.

Synopsys (SNPS) shares were down more than 1% after the company posted a decline in fiscal Q2 non-GAAP earnings.

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Sectors

Natural Gas Rises Ahead of Storage Data Despite Mild Long-Term Forecasts

Natural gas was higher early Thursday ahead of fresh storage data despite mild forecasts for big eastern markets.In its first day as the active contract, gas for July delivery was up $0.15 to US$3.04 per million British thermal units.The rise comes even as long-term forecasts from the National Weather Service expect eastern markets to be seasonal or cooler over its six to 10 day outlook, cutting into cooling demand."Weather remains a risk with the northeast, which suffered a heat wave just a week ago, now looking like some late season overnight heating demand could actually be in the cards. Southern US power demands have been muted over the past few days but should increase before the end of the week," Gary Cunningham, Director of Market Research at Tradition Energy, wrote.The Energy Information Administration will release its weekly look at U.S. inventories of the fuel, with a lighter than usual rise expected."For today's EIA weekly storage report, survey averages suggest a build of +93-95 Bcf, slightly smaller than the 5-year average of +97 Bcf. There was record breaking heat over the East last week, while it was cooler than normal across the Northwest, Mtn West, and Plains. We expect a build of +87 Bcf and to the bullish side due to lighter solar generation and East Coast heat," NatGasWeather noted.

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Sectors

Sector Update: Energy

Energy stocks were advancing premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.8% higher.The United States Oil Fund (USO) was up 1.2% and the United States Natural Gas Fund (UNG) was 0.4% lower.Front-month US West Texas Intermediate crude oil was 2.3% higher at $90.71 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 2.1% to $96.24 per barrel, and natural gas futures were up 5% at $3.04 per 1 million British Thermal Units.TotalEnergies (TTE) and Stellantis (STLA) have renewed and expanded their partnership in Europe to develop and deliver engine oils and lubricants, the companies said. Shares of TotalEnergies were up more than 1% pre-bell.

$STLA$TTE
Sectors

Sector Update: Financial

Financial stocks were leaning lower premarket Thursday, with the State Street Financial Select Sector SPDR ETF (XLF) declining by 0.1%.The Direxion Daily Financial Bull 3X Shares (FAS) was down 0.3% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.3% higher.Cambridge University is pulling out funds from HSBC (HSBC), Barclays (BCS), and other institutions that continue to finance fossil fuels, Bloomberg reported, citing sources familiar with the matter. HSBC shares were down more than 2% and Barclays stock was fell past 1% pre-bell.

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