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Sectors
Sector Update: Energy Stocks Gain Monday
Energy stocks rose Monday with the NYSE Energy Sector Index gaining 1.9% and the State Street Energy Select Sector SPDR ETF (XLE) adding 2%.The Philadelphia Oil Service Sector Index advanced 2.1%, and the Dow Jones US Utilities Index fell 1.4%.Oil prices rose as investors weighed renewed Washington-Tehran military escalation. President Donald Trump said the US will respond to an Iranian attack on US forces overnight in Jordan, Fox News reported.West Texas Intermediate crude oil rose 2.8% to $85.77 a barrel, and global benchmark Brent advanced 2.5% to $90.30 a barrel. Henry Hub natural gas futures added 1.3% to $2.93 per 1 million BTU.In sector news, the US government plans to acquire a 35% passive stake in Alejandro Betancourt's North American Blue Energy Partners and secure preferential rights to buy 20% of the company's oil production in Venezuela at cost, the Wall Street Journal reported over the weekend.Trump is expected to host executives of oil refining companies on Tuesday, Reuters reported. The companies received invitations last week that were light on details, and they were not informed who else would be in attendance, the report said.In corporate news, Helix Energy Solutions' (HLX) shareholders approved all proposals required to complete an all-stock combination with Hornbeck Offshore Services. Helix Energy shares rose 1.6%.Oneok (OKE) agreed to acquire Brazos Midstream's natural gas gathering and processing assets in the Permian Midland Basin for $4.43 billion. Oneok shares rose 1.3%.SLB (SLB) agreed to buy cooling equipment maker Kelvion from Apollo Global Management (APO) for $4.1 billion, including debt. SLB shares rose 4.9%.PG&E (PCG), Edison International (EIX) and Sempra (SRE) shares slumped after the state of California reportedly amended legislation to protect wildfire survivors' right to sue utilities for equipment-caused blazes. PG&E shares tumbled 20%, Edison plunged 23%, and Sempra fell 3.1%.
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Sectors
Sector Update: Consumer Stocks Softer Late Afternoon
Consumer stocks were lower late Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.6%.In corporate news, Toyota (TM) and Honda (HMC) could get stuck with the bill if President Trump's 50% tariff on Canadian car imports go into effect on Jan. 1 as proposed, Reuters reported. Toyota and Honda could be forced to shut down some production lines, according to the late Sunday report, which cited analysts. If the tariffs go into effect, the two automakers will likely try to redirect vehicles built in Canada to other markets and look for ways to make up supply for the US market, analysts told the media outlet. Toyota shares were up 1.1%, and Honda was adding 0.2%.The Federal Trade Commission plans to file a lawsuit alleging that Amazon.com (AMZN) deceived advertisers by covertly raising the minimum price they had to pay to place ads on its retail platform promoting their products, The Wall Street Journal reported Monday, citing agency officials. A bipartisan group of over 20 state attorneys general will join the FTC in the lawsuit, which will be filed in a Seattle federal court, the report said, citing the officials. Amazon shares were down 2.4%.Herbalife (HLF) CEO Stephan Gratziani will step down, effective Oct. 31, the company said. The company said that it is reaffirming its guidance for Q3 and the full-year, previously provided on Aug. 5. It still expects Q3 net sales growth of 0.5% to 4.5% year-over-year along with adjusted earnings before interest, taxes, depreciation, and amortization of $160 million to $180 million. Herbalife shares were falling 12%.GameStop (GME) shares rose past 3% after the company said it expects Q2 net income of $290 million to $310 million, up from $168.6 million a year earlier.
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Sectors
Sector Update: Financial Stocks Fall Late Afternoon
Financial stocks were lower in late Monday afternoon trading, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each shedding about 0.6%.The Philadelphia Housing Index was falling 1.8%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) decreased 0.6%.Bitcoin (BTC-USD) was increasing 1.8% to $79,059, and the yield for 10-year US Treasuries rose 3.8 basis points to 4.758%.In corporate news, Aon (AON) has agreed to buy insurance brokerage USI Insurance Services from KKR (KKR) and other shareholders in an all-cash deal worth roughly $17 billion. Aon shares fell past 9%, and KKR rose 1.5%.Apollo Global Management-managed (APO) funds have agreed to sell cooling systems company Kelvion to SLB (SLB) for $3.4 billion in cash, with SLB assuming about $700 million of debt as well, the companies said Monday. Apollo shares added 1.4%.BlackRock (BLK) and Mitsubishi UFJ Financial Group (MUFG) are teaming up to develop a framework to finance deals in Japan with private credit, Bloomberg reported. BlackRock shares were down 1%, and Mitsubishi UFJ was shedding 0.6%.UBS (UBS) can meet 50% of its new capital requirements with debt, Bloomberg reported Monday, citing a recommendation from the upper house of the Swiss parliament's Economic Affairs and Taxation Committee. Shares were up 1.5%.
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