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Sectors
Sector Update: Energy Stocks Edge Higher Thursday Afternoon
Energy stocks were slightly higher Thursday afternoon, with the NYSE Energy Sector Index increasing 0.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.2%.The Philadelphia Oil Service Sector Index climbed 1.3%, and the Dow Jones US Utilities Index increased 0.1%.Front-month West Texas Intermediate crude oil fell 4% to $92.18 a barrel, and the global benchmark Brent crude contract dropped 3.2% to $94.64 a barrel. Henry Hub natural gas futures rose 4.2% to $3.35 per 1 million BTU.In sector news, Hezbollah on Thursday rejected the latest ceasefire agreement between Israel and the Lebanese government, demanding a complete Israeli withdrawal from Lebanon as more fighting there hampered efforts to end the Iran war, the Associated Press reported. This comes as the House on Wednesday approved a war powers resolution that would halt US military action against Iran, according to a separate Associated Press report.Separately, President Donald Trump is set to announce $500 million in federal funding to support domestic coal-fired power plants and a coal export terminal, invoking the 1950 Defense Production Act, Bloomberg reported. The plan includes $425 million for 13 existing coal plants and separate Energy Department grants for two new plants in Alaska and West Virginia, Bloomberg said.In corporate news, Murphy Oil (MUR) shares rose 2.8% after KeyBanc upgraded the stock to overweight from sector weight.Expro (XPRO) shares jumped past 6% after the company said it has filed its definitive proxy statement with the Securities and Exchange Commission regarding its proposed move to redomicile in the Cayman Islands from the Netherlands.Solaris Energy Infrastructure (SEI) is expected to continue to expand capacity despite facing a tight supply chain in the near term, Morgan Stanley said in a note. Morgan Stanley retained an overweight rating on the stock and increased its price target to $90 from $81. Solaris shares rose 1.9%.
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Sectors
Update: Gold Trading Higher as the Dollar and Yields Fall as Israel and Lebanon Agree to a Ceasefire
(Updates prices.)Gold prices were higher midafternoon on Thursday as the dollar and treasury yields weakened as oil prices dropped after Israel and Lebanon reached a ceasefire agreement, lowering the inflation fears that have kept the precious mental rangebound since the start of the war between the United States and Iran.Gold for July delivery was last seen up US$40.50 to US$4,507.40 per ounce.The rise comes as Israel and Lebanon agreed to a ceasefire, one of Iran's key demands for agreeing for a deal of its own to end the war with the United States and reopen the Strait of Hormuz. The rise in oil prices that has followed the start of the war has boosted inflation, raising worries central banks will need to hike interest rates, bearish for gold since it pays no interest. However oil traded sharply lower Thursday following the ceasefire agreement."Gold fell to test its 200-day moving average once again on Wednesday as higher oil prices kept inflation concerns elevated following renewed tensions in the Middle East. Those losses were reversed in early trading on Thursday after Israel and Lebanon announced a conditional ceasefire. Overall, gold remains rangebound, with steady central bank demand being offset by ETF outflows and short-term momentum traders positioning for a deeper correction," Saxo Bank noted.The dollar fell off a two-month high as oil prices weakened, with the ICE dollar index last seen down 0.15 points to 99.39. Treasury yields also fell, with the U.S. two-year note last seen paying 4.053%, down 3.3 basis points, while the yield on the 10-year note was down 2.7 points to 4.473%.
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Sectors
Sector Update: Consumer Stocks Advance in Afternoon Trading
Consumer stocks rose Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) edging up 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gaining 0.4%.In corporate news, Costco (COST) shares rose 1.5% after the company reported net sales of $24.01 billion in May, up from $20.97 billion a year earlier.Brown-Forman's (BF.A, BF.B) fiscal Q4 earnings unexpectedly declined on an annual basis, while the wine and spirits maker projected flat organic sales this year amid a weak consumer backdrop. Its Class A shares were up 0.8%, and the Class B shares rose 1.4%.Toro (TTC) on Thursday lifted its full-year outlook on the back of a fiscal Q2 beat that came amid broad-based customer demand and margin expansion. Toro shares added 1.1%.
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