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Wire

BlackRock-Backed HPS Fund to Repurchase $600 Million After 11.5% Requests

BlackRock (BLK) -Backed HPS Corporate Lending Fund plans to repurchase $600 million of shares after receiving Q3 repurchase requests representing about 11.5% of shares outstanding as of June 30, down from 13.3% in Q2, the company said Friday.The fund will repurchase 5% of shares outstanding, the company said.HPS said its class I shares generated a 9.9% annualized total net return since inception through July 31, while its August annualized distribution rate was 9.8%.Meanwhile, BlackRock Private Credit Fund estimated that 3.19 million common shares, or about 4.58% of shares outstanding as of June 30, were validly tendered and not withdrawn in its offer to repurchase up to 5% of shares outstanding.The tender offer expired Sept. 4, with the purchase price based on the fund's Sept. 30 net asset value per share, it added.BlackRock shares were up more than 1% in recent Friday trading.Price: $1074.39, Change: $+11.98, Percent Change: +1.13%

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Sectors

Sector Update: Financial Stocks Retreat Friday Afternoon

Financial stocks were lower in Friday afternoon trading, with the NYSE Financial Index decreasing 0.5% and the State Street Financial Select Sector SPDR ETF (XLF) off 0.7%.The Philadelphia Housing Index rose 0.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) shed 0.3%.Bitcoin (BTC-USD) was falling 1.7% to $79,712, and the yield for 10-year US Treasuries was steady at 4.762%.In economic news, total nonfarm payrolls rose by 162,000 last month, the Bureau of Labor Statistics said Friday, compared with a 55,000 increase projected in a Bloomberg-compiled survey.The probability of the Fed raising its target rate by 25 basis points to 3.75%-4.0% in September jumped to 60% after midday from 49% a day ago, according to the CME FedWatch tool. The remaining likelihood is that policy will remain on hold.President Donald Trump called on the Federal Reserve to lower interest rates, saying the US economy is a stronger credit than it was before. In a post on Truth Social, Trump said job growth exceeded estimates and argued that a "strong country means a lower interest rate."In corporate news, Equifax (EFX), Experian and TransUnion (TRU) "have been overcharging Americans for far too long," US Federal Housing Finance Agency Director Bill Pulte said late Thursday on X, adding that his agency is considering solutions to prevent the companies from taking advantage of American consumers. Equifax shares fell 7.3%, and TransUnion dropped 7.4%.Jason Mehring was appointed as chief executive and chair of BlackRock (BLK) Private Credit Fund, BlackRock Direct Lending and BlackRock TCP Capital (TCPC), starting Sept. 2, following the resignation of Philip Tseng from the posts on Aug. 31, according to a regulatory filing Friday. BlackRock shares were shedding 0.4%.Deutsche Bank (DB) led an effort to provide about $950 million of credit to properties owned by troubled Hollywood studio landlord Hackman Capital Partners, which is now in default, the Financial Times reported. Deutsche shares were down 0.4%.

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Wire

Top Midday Stories: Stocks Fall After Stronger-Than-Expected August Jobs Report; Lululemon Q2 Revenue Miss, Guidance Cut

All three major US stock indexes were down on Friday after a strong August jobs report increased expectations that the Federal Reserve could raise interest rates at the next Federal Open Market Committee meeting.Nonfarm payrolls jumped by 162,000, above the 55,000-job increase expected in a survey compiled by Bloomberg as of 7:15 am ET, while July payrolls were revised upward to a 21,000-job increase and June payrolls were revised upward to a 31,000-job increase. The unemployment rate remained at 4.1%, as expected, while the labor force participation rate rose to 61.6% from 61.4% in July.In company news, Lululemon Athletica (LULU) reported fiscal Q2 earnings late Thursday of $2.92 per diluted share, down from $3.10 a year earlier but above the FactSet consensus analyst estimate of $1.79. Fiscal Q2 revenue was $2.42 billion, down from $2.53 billion a year ago and below the FactSet consensus of $2.46 billion. For Q3, the company expects EPS of $0.93 to $0.98 on revenue of $2.29 billion to $2.32 billion. Analysts polled by FactSet expect $2.40 and $2.53 billion, respectively. For fiscal 2026, the retailer expects EPS of $9.48 to $9.73 on revenue of $10.35 billion to $10.50 billion, below its previous guidance calling for EPS of $10.95 to $11.15 and revenue of $11 billion to $11.15 billion. Analysts expect $10.84 and $11.03 billion, respectively. Lululemon shares were down 17.9% around midday.Jason Mehring was appointed as chief executive and chair of BlackRock (BLK) Private Credit Fund, BlackRock Direct Lending and BlackRock TCP Capital, starting Sept. 2, following the resignation of Philip Tseng from the posts on Aug. 31, the company said Friday in a regulatory filing. Mehring previously served as president of the direct lending division and TCP Capital, the filing said. In addition, Dan Worrell was appointed as president of the private credit fund after previously serving as co-chief investment officer, the filing said. BlackRock shares were down 0.4%.Tesla (TSLA) Cybercab is under investigation over its process to claim compliance with federal vehicle safety standards, the National Highway Traffic Safety Administration said Thursday. Tesla began commercial use of a small number of Cybercabs in Austin, Texas, but the vehicles lack permanently attached conventional manual controls, the agency said. Tesla shares were down 6.4%.Equifax (EFX), Experian and TransUnion (TRU) "have been overcharging Americans for far too long," Federal Housing Finance Agency Director Bill Pulte said late Thursday on X, adding that his agency is considering solutions to prevent the companies from taking advantage of American consumers. Equifax and TransUnion shares were down 6.8% and 7.5%, respectively.Price: $99.94, Change: $-21.83, Percent Change: -17.92%

$BLK$EFX$LULU$TRU$TSLA
Wire

Update: BlackRock Private Credit Fund Appoints Jason Mehring as CEO, Chair

(Updates to include BlackRock TCP Capital's ticker in the first paragraph and BlackRock stock move in the last.)Jason Mehring was appointed as chief executive and chair of BlackRock (BLK) Private Credit Fund, BlackRock Direct Lending and BlackRock TCP Capital (TCPC), starting Sept. 2, following the resignation of Philip Tseng from the posts on Aug. 31, according to a regulatory filing Friday.Mehring previously served as president of the direct lending division and TCP Capital, according to the filing.In addition, Dan Worrell was appointed as president of the private credit fund after previously serving as co-chief investment officer, the filing said.Shares of BlackRock were down more than 1% in early Friday trading.Price: $1113.00, Change: $-13.25, Percent Change: -1.18%

$BLK$TCPC
Commodities

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Tuesday as Oil Prices Advance

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.5% and the actively traded Invesco QQQ Trust (QQQ) was 1% lower in Tuesday's premarket activity as oil prices advanced amid supply concerns.US stock futures were also lower, with S&P 500 Index futures down 0.6%, Dow Jones Industrial Average futures slipping 0.6%, and Nasdaq futures retreating 1.1% before the start of regular trading.Manufacturing data from S&P Global will be released at 9:45 am ET.The ISM's manufacturing reading for August, construction spending data for July, and job openings data for July are all due to be released at 10 am ET.The Dallas Fed's nonmanufacturing index for August is due to be released at 10:30 am ET.In premarket activity, bitcoin was down by 1.1%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1% lower, Ether ETF (EETH) retreated 1%, and Bitcoin & Ether Market Cap Weight ETF (BETH) fell 1%.Power Play:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.6%, the Vanguard Health Care Index Fund (VHT) was up 0.1%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was down 1.5%.Novartis (NVS) stock was up more than 4% premarket after the company said that phase 3 trials of remibrutinib showed significantly reduced annualized relapse rates compared with teriflunomide in adults with relapsing multiple sclerosis.Winners and Losers:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.4%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) retreated 0.01%, and the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.5%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was flat.Tesla (TSLA) shares were down 1% after a 5.5% gain at the prior close. Reuters reported that new Tesla car registrations in Norway and Sweden were down 79% and 41%, respectively, in August.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.2%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.3% higher.Mitsubishi UFJ Financial (MUFG) shares were up 1% after the company said it began talks with BlackRock (BLK) and Morgan Stanley's (MS) investment management unit to support the development of Japan's private credit market. BlackRock stock was 1% lower, while Morgan Stanley was retreating 0.5% pre-bell.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated 0.6%, while the Vanguard Industrials Index Fund (VIS) was down 0.5% and the iShares US Industrials ETF (IYJ) lost 0.1%.Elbit Systems (ESLT) stock was up more than 1% before the opening bell after the company said it has signed contracts worth $270 million with an international customer in the field of intelligence, surveillance, and reconnaissance and targeting payloads.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 1.4%, the iShares US Technology ETF (IYW) was flat, and the iShares Expanded Tech Sector ETF (IGM) was down 0.8%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) was 1.7% lower, while the iShares Semiconductor ETF (SOXX) fell by 2%.Salesforce (CRM) shares were down more than 1% in premarket activity following a 0.6% gain in the prior session. Bloomberg reported that the company is investing in human resources software company HiBob as part of a $160 million funding round that values the startup at more than $3.20 billion.EnergyThe iShares US Energy ETF (IYE) was up 1.9%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 1.3%.ExxonMobil (XOM) and Chevron (CVX) shares were 1% higher after multiple media outlets reported, citing comments made by US President Donald Trump at a press event in the Oval Office, that the companies are among several major oil companies planning to pursue business in Venezuela.CommoditiesFront-month US West Texas Intermediate crude oil rose by 2.3% to $87.77 per barrel on the New York Mercantile Exchange. Natural gas was down 1.3% at $2.90 per 1 million British Thermal Units. The United States Oil Fund (USO) advanced 2.1%, while the United States Natural Gas Fund (UNG) was 1.1% lower.Gold futures for November were down by 1.2% at $4,429.30 an ounce on the Comex. Silver futures retreated 2.2% to $65.51 an ounce. SPDR Gold Shares (GLD) decreased 1.9%, and the iShares Silver Trust (SLV) was 3% lower.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$BLK$CRM$CVX$EEM$EETH$ESLT$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$MS$MUFG$NVS$PMR$QQQ$RTH$SLV$SOXX$SPY$TSLA$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XOM$XRT$XSD
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%.

$AON$APO$BLK$KKR$MUFG$UBS
Sectors

Sector Update: Financial Stocks Softer Monday Afternoon

Financial stocks were lower in Monday afternoon trading, with the NYSE Financial Index decreasing 0.6% and the State Street Financial Select Sector SPDR ETF (XLF) shedding 0.7%.The Philadelphia Housing Index was falling 1.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) shed 1.3%.Bitcoin (BTC-USD) was increasing 1.2% to $78,638, and the yield for 10-year US Treasuries was rising 4 basis points to 4.76%.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, as the professional services firm aims to boost its presence in the US middle-market insurance segment. Aon shares were down 8%, and KKR rose 1.7%.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 1.5%.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 0.7%, and Mitsubishi UFJ was shedding 0.5%.

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Wire

Update: Market Chatter: BlackRock Collaborating With MUFG on Private Credit Financing in Japan

(Updates with Mitsubishi UFJ Financial Group's response to a request for comment in the last paragraph.)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 Monday, citing people familiar with the matter.BlackRock is expected to invest in mezzanine financing arranged by MUFG, which will include subordinated loans, the report said, citing the people. The companies are expected to announce that they have started exploring a partnership as soon as this week, the people told Bloomberg.Both BlackRock and Mitsubishi UFJ Financial Group declined to comment to.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $1151.09, Change: $-13.39, Percent Change: -1.15%

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Nvidia Investing $3.5 Billion in MediaTek, Partners on NVLink Fusion Platform
US Markets

Nvidia Investing $3.5 Billion in MediaTek, Partners on NVLink Fusion Platform

Nvidia (NVDA) expanded its partnership with chip designer MediaTek, including a $3.5 billion investment, to support adoption of the company's proprietary interconnect technology for custom rack-scale artificial intelligence chips.Under the deal, Nvidia bought $3.5 billion convertible bonds issued by MediaTek, and the Taiwan-based fabless chipmaker will adopt the NVLink Fusion platform, which provides chipmakers with prevalidated connectors and specialized memory to integrate custom AI accelerators directly into Nvidia's rack-scale data center systems."MediaTek is one of the world's great semiconductor companies, with exceptional expertise in system-on-chip design, connectivity, leading performance and power efficiency," Nvidia Chief Executive Jensen Huang said. "Together, we're building platforms that bring Nvidia accelerated computing to new markets and give customers the freedom to create differentiated AI systems at enormous scale.""Nvidia's investment strengthens a collaboration that spans cloud AI infrastructure, local AI computing and automotive in the era of physical AI," MediaTek CEO Rick Tsai said.Last week, Nvidia reported fiscal second-quarter results that more than doubled from a year ago and topped Wall Street expectations, driven by record data center sales. Morgan Stanley said the chipmaking giant offered a surprisingly strong fiscal 2028 revenue outlook, while its gross margin guidance provided clarity amid rising memory costs.Separately, Nvidia announced an expanded partnership with Amazon.com's (AMZN) Amazon Web Services to supply 2 million additional GPUs across AWS infrastructure in 2027 and 2028, and build dedicated 100,000-GPU AI factories for federal security workloads.Earlier in August, Nvidia said it was collaborating with six major financial institutions to launch compute financing platforms aimed at raising over $500 billion in third-party capital to support its AI infrastructure. Apollo (APO), BlackRock (BLK), Blackstone (BX), Brookfield (BAM), Goldman Sachs (GS) and KKR (KKR) were part of the partnership.Previously, Nvidia agreed to expand its partnership with South Korean conglomerate SK Group with a more than $500 billion AI infrastructure initiative.Nvidia's shares were up 1.1% Monday and have gained 18% this year.Chip designer Marvell Technology (MRVL) reported late last week second-quarter results above Wall Street's estimates amid a surge in data center revenue. B. Riley Securities said the company's fiscal third-quarter gross margin outlook came in a bit soft amid a higher custom product mix.Semiconductor manufacturer Broadcom (AVGO) is scheduled to report its fiscal third-quarter results Wednesday.Price: $220.40, Change: $+2.85, Percent Change: +1.31%

$AMZN$APO$AVGO$BAM$BLK$BX$GS$KKR$MRVL$NVDA
Nvidia's Second-Quarter Results More Than Double Amid Record Data Center Sales
US Markets

Nvidia's Second-Quarter Results More Than Double Amid Record Data Center Sales

Nvidia's (NVDA) fiscal second-quarter results more than doubled from a year ago and topped Wall Street expectations amid record data center sales.The technology bellwether's revenue climbed 106% annually to $96.22 billion, exceeding the consensus on FactSet indicating $92.27 billion. Adjusted per-share earnings increased to $2.22 in the three months ended July 26 from $1.01 a year earlier. Analysts expected $2.11.Data center revenue jumped 117% to a record $89.02 billion, driven by its Blackwell Ultra graphics processing unit infrastructure, Chief Financial Officer Colette Kress said. Consensus pointed to $86.30 billion in data center sales."AI has reached its inflection point. It's doing useful work. Its tokens are productive and profitable. Now, compute is revenue," Chief Executive Jensen Huang said in a statement. "The AI infrastructure buildout is at full steam. Vera Rubin, now in full production, was built to power exactly this moment."Vera Rubin is Nvidia's next-generation AI supercomputing platform.Hyperscale revenue rallied 102% from the prior-year quarter, while the AI cloud, industrial and enterprise segment surged 138%."Nvidia has become both the largest direct beneficiary and one of the best real-time indicators of AI infrastructure investment," Ivan Feinseth, chief market strategist at Tigress Financial Intelligence, said in a note to clients this week.For the fiscal third quarter, the company expects consolidated revenue of $108 billion, plus or minus 2%. Wall Street expects $104.86 billion.Wedbush Analyst Matt Bryson expected Nvidia's third-quarter revenue guidance to top expectations, according to a note sent to clients ahead of Wednesday's release. Bryson reiterated his outperform rating and a $330 price target on the company."We again expect (Nvidia) to exceed its guidance and to guide October above Street, given a strong hyperscale spending backdrop that firmed further through (second-quarter) earnings, and a supply position we continue to view as the best in the industry at a point where component and material access, not end demand, is defining shipments," the analyst said.The chipmaker's stock slipped 0.3% in after-hours trading, and had gained about 12% this year through Wednesday close.Earlier in August, Nvidia said it partnered with six major financial institutions to launch compute financing platforms aimed at raising over $500 billion in third-party capital to support its AI infrastructure. Those six firms are Apollo (APO), BlackRock (BLK), Blackstone (BX), Brookfield (BAM), Goldman Sachs (GS) and KKR (KKR).Previously, Nvidia agreed to expand its partnership with South Korean conglomerate SK Group with a more than $500 billion AI infrastructure initiative.In August, chipmaker Advanced Micro Devices (AMD) posted fiscal second-quarter results that beat estimates and issued third-quarter revenue guidance above Wall Street's views.Intel's (INTC) second-quarter results topped analysts' consensus in July. Semiconductor manufacturer Broadcom (AVGO) is scheduled to report fiscal third-quarter results Sept. 2.

$AMD$APO$AVGO$BAM$BLK$BX$GS$INTC$KKR$NVDA
Sectors

Sector Update: Financial Stocks Advance Late Afternoon

Financial stocks were higher in late Monday afternoon trading, with the NYSE Financial Index rising 0.8% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 1.1%.The Philadelphia Housing Index was up 0.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 0.3%.Bitcoin (BTC-USD) was rising 1.5% to $78,868, and the yield for 10-year US Treasuries fell 3.4 basis points to 4.70%.In economic news, the US will remove any entity facilitating money laundering on Iran's behalf from the US dollar system as part of "Operation Economic Outcast," Treasury Secretary Scott Bessent said Monday at a press conference. In addition, Bessent said the Treasury's Office of Foreign Assets Control is currently sanctioning over 60 entities, individuals and vessels assisting Iran, and he expects a "major announcement" of sanctions against a financial institution later this week.Separately, President Donald Trump said US tariffs on Canadian cars, trucks, auto parts and steel will rise to 50% next year, escalating trade tensions between the two countries after bilateral trade talks collapsed on Friday.The Chicago Federal Reserve Bank's monthly National Activity Index fell to minus 0.08 in July from 0.06 in June, compared with expectations for a smaller decrease to minus 0.05 in a Bloomberg survey.In corporate news, Strategy (MSTR) established USD Cash, a separate US dollar liquidity pool within its Digital Credit Capital Framework for future bitcoin treasury purposes, the bitcoin treasury firm said in a Monday regulatory filing. Strategy shares climbed 2.8%.Zillow (Z) shares gained 2.9% after it said Monday it has resolved a lawsuit brought by the US Federal Trade Commission and five states over its partnership with Redfin.Ares Management (ARES) led a $400 million private credit loan deal to facilitate CVC Capital Partners' acquisition of a stake in Chess.com, Bloomberg reported. Ares shares were down 0.9%.BlackRock (BLK) is gauging buying interest among rival managers, including Ares Management, for all $671 million of loans held by its TCP Capital private credit fund, Bloomberg reported. BlackRock shares rose 1.1%.

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Sectors

Sector Update: Financial

Financial stocks were advancing in late Monday afternoon trading, with the NYSE Financial Index rising 0.8% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 1.1%.The Philadelphia Housing Index was up 0.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 0.3%.Bitcoin (BTC-USD) was rising 1.5% to $78,868, and the yield for 10-year US Treasuries fell 3.4 basis points to 4.70%.In corporate news, BlackRock (BLK) is gauging buying interest among rival managers, including Ares Management (ARES), for all $671 million of loans held by its TCP Capital private credit fund, Bloomberg reported. BlackRock shares were up 1%, and Ares was decreasing 0.6%.

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Wire

Update: Market Chatter: BlackRock Sounding Out Buyers for TCP Private Credit Assets

(Update with BlackRock's response to a request for comment in the last paragraph.)BlackRock (BLK) is gauging buying interest among rival managers, including Ares Management (ARES), for all $671 million of loans held by its TCP Capital private credit fund, Bloomberg reported Monday, citing people with knowledge of the matter.TCP's advisers at Keefe, Bruyette & Woods have started to pitch the assets to Ares and several other firms as BlackRock looks to overhaul the private credit fund, which trades at a discount to its net asset value, the report said, citing the people.No final decision to sell the loans has been made, the report said, citing one of the people.BlackRock declined to comment, while Ares didn't immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $1168.95, Change: $+12.40, Percent Change: +1.07%

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Wire

Market Chatter: BlackRock Sounding Out Buyers for TCP Private Credit Assets

BlackRock (BLK) is gauging buying interest among rival managers, including Ares Management (ARES), for all $671 million of loans held by its TCP Capital private credit fund, Bloomberg reported Monday, citing people with knowledge of the matter.TCP's advisers at Keefe, Bruyette & Woods have started to pitch the assets to Ares and several other firms as BlackRock looks to overhaul the private credit fund, which trades at a discount to its net asset value, the report said, citing the people.No final decision to sell the loans has been made, the report said, citing one of the people.BlackRock and Ares didn't immediately reply to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $1166.85, Change: $+10.30, Percent Change: +0.89%

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Wire

BlackRock Sounding Out Buyers for its TCP Private Credit Assets, Bloomberg Reports

BlackRock Sounding Out Buyers for its TCP Private Credit Assets, Bloomberg Reports

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Sectors

Sector Update: Financial Stocks Decline Late Afternoon

Financial stocks were lower in late Wednesday afternoon trading, with the NYSE Financial Index decreasing 0.7% and the State Street Financial Select Sector SPDR ETF (XLF) down 0.6%.The Philadelphia Housing Index was climbing 2.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.6%.Bitcoin (BTC-USD) was increasing 5.5% to $68,185, and the yield for 10-year US Treasuries fell 5.3 basis points to 4.653%.In economic news, minutes of the July 28-29 meeting of the Federal Open Market Committee showed that most participants supported maintaining the federal funds rate at 3.50% to 3.75%.The US Treasury Department said it was raising the cap on its buyback operations for longer-dated nominal coupon securities to at least $4 billion per operation from $2 billion, effective Sept. 9.US mortgage applications fell by 0.4% in the week ended Aug. 14, with an increase in refinancing activity offset by a decline in home purchase applications, according to Mortgage Bankers Association data released Wednesday.In corporate news, Klarna (KLAR) shares fell 2.1% after JPMorgan downgraded the stock to neutral from overweight and cut its price target to $18 per share from $22.Jefferies Financial's (JEF) indirect unit Jefferies Credit Partners is looking to raise about 1 billion euros ($1.17 billion) from investors who trade private credit in the secondary market, Bloomberg reported. Jefferies Financial shares were down 0.7%.BlackRock's (BLK) private credit division HPS Investment Partners and Oaktree Capital are among the creditors that seized control of production equipment supplier MBS Group last week, after the latter defaulted on its debt, the Financial Times reported. BlackRock shares were up 0.4%.Progressive (PGR) shares added 4.8% after it reported that net premiums earned in July were $7.36 billion, up from $6.99 billion a year earlier.

$BLK$JEF$KLAR$PGR
Sectors

Sector Update: Financial Stocks Softer Wednesday Afternoon

Financial stocks were lower in Wednesday afternoon trading, with the NYSE Financial Index decreasing 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) down 0.2%.The Philadelphia Housing Index was climbing 3.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.2%.Bitcoin (BTC-USD) was increasing 2.8% to $66,470, and the yield for 10-year US Treasuries was dropping 4.4 basis points to 4.662%.In economic news, the US Treasury Department said it was raising the cap on its buyback operations for longer-dated nominal coupon securities to at least $4 billion per operation from $2 billion, effective Sept. 9.US mortgage applications fell by 0.4% in the week ended Aug. 14, with an increase in refinancing activity offset by a decline in home purchase applications, according to Mortgage Bankers Association data released Wednesday.In corporate news, BlackRock's (BLK) private credit division HPS Investment Partners and Oaktree Capital are among the creditors that seized control of production equipment supplier MBS Group last week, after the latter defaulted on its debt, the Financial Times reported. BlackRock shares were up 1.3%.The Canada Pension Plan Investment Board is pursuing infrastructure deals via private deals with KKR (KKR), Blackstone (BX), and BlackRock (BLK) rather than relying solely on direct investments, the Financial Times reported. KKR shares rose 3.4%, and Blackstone was up 3.2%.Progressive (PGR) shares added nearly 4% after it reported that net premiums earned in July were $7.36 billion, up from $6.99 billion a year earlier.

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Wire

Sector Update: Financial

Financial stocks were softer in Wednesday afternoon trading, with the NYSE Financial Index decreasing 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) fractionally lower.The Philadelphia Housing Index was climbing 3.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.2%.Bitcoin (BTC-USD) was increasing 2.8% to $66,470, and the yield for 10-year US Treasuries was dropping 4.4 basis points to 4.662%.In corporate news, BlackRock's (BLK) private credit division HPS Investment Partners and Oaktree Capital are among the creditors that seized control of production equipment supplier MBS Group last week, after the latter defaulted on its debt, the Financial Times reported. BlackRock shares were up 1.3%.

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Commodities

Exchange-Traded Funds Higher, Equity Futures Mixed Pre-Bell Wednesday Ahead of Fed Meeting Minutes' Release

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.4%, and the actively traded Invesco QQQ Trust (QQQ) was 0.4% higher in Wednesday's premarket activity as investors await the Fed's minutes for clues on interest rates.US stock futures were mixed, with S&P 500 Index futures up 0.03%, Dow Jones Industrial Average futures advancing 0.1%, and Nasdaq futures retreating 0.2% before the start of regular trading.Mortgage applications fell by 0.4% in the week ended Aug. 14, with an increase in refinancing activity offset by a decline in home purchase applications, according to Mortgage Bankers Association data released Wednesday.Weekly petroleum stocks data are due to be released at 10:30 am ET.The minutes from the most recent Federal Open Market Committee meeting will be released at 2 pm ET.In premarket action, bitcoin was down by 0.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.1% lower, Ether ETF (EETH) retreated 0.3%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 1.5%, the Vanguard Health Care Index Fund (VHT) was up 0.1%, while the iShares US Healthcare ETF (IYH) gained 0.03%. The iShares Biotechnology ETF (IBB) was 3.2% higher.Moderna (MRNA) shares were up more than 92%, and Merck (MRK) was up 8% after the companies said that a late-stage trial of intismeran autogene in combination with Keytruda met its primary endpoint of recurrence-free survival as well as a key secondary endpoint of distant metastasis-free survival in patients with completely resected stage IIB-IV melanoma.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 0.6%, the iShares US Technology ETF (IYW) was 0.1% higher, and the iShares Expanded Tech Sector ETF (IGM) was up 0.04%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained 0.9%, while the iShares Semiconductor ETF (SOXX) rose by 1.5%.WhiteFiber (WYFI) shares were 23% lower after the company said it priced an upsized $270 million convertible senior notes offering.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.5%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat, and the iShares US Consumer Staples ETF (IYK) was down 1%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.2% lower.Estee Lauder (EL) shares were up more than 12% pre-bell after the company reported higher fiscal Q4 adjusted earnings and revenue.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.5%, the Vanguard Industrials Index Fund (VIS) was up 0.2%, and the iShares US Industrials ETF (IYJ) was inactive.ZIM Integrated Shipping Services (ZIM) stock was down more than 3% before the opening bell after the company reported lower-than-expected Q2 revenue.EnergyThe iShares US Energy ETF (IYE) gained 0.1%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.4%.Energy Fuels' (UUUU) stock was up more than 1% after the company said that terbium oxide produced at the White Mesa Mill in Utah has been qualified for commercial use by one of Japan's largest rare earth permanent magnet manufacturers.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.5%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.7%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.8% lower.BlackRock (BLK) shares were down 1% after the Financial Times reported that the company's private credit division HPS Investment Partners and Oaktree Capital are among the creditors that seized control of production equipment supplier MBS Group last week, after the latter defaulted on its debt.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 0.1% to $84.87 per barrel on the New York Mercantile Exchange. Natural gas was up 2.8% at $2.85 per 1 million British Thermal Units. The United States Oil Fund (USO) increased 0.1%, while the United States Natural Gas Fund (UNG) was 1.6% higher.Gold futures for November were up by 1.2% at $4,473.70 an ounce on the Comex. Silver futures gained 1.5% to $64.97 an ounce. SPDR Gold Shares (GLD) advanced by 2.2%, and the iShares Silver Trust (SLV) was 2.1% higher.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$BLK$EEM$EETH$EL$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$MRNA$PMR$QQQ$RTH$SLV$SOXX$SPY$UNG$USO$UUUU$VDC$VHT$VIS$WYFI$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD$ZIM
Sectors

Sector Update: Financial Stocks Decline Monday Afternoon

Financial stocks were lower in Monday afternoon trading, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each decreasing 0.4%.The Philadelphia Housing Index was shedding 0.8%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.8%.Bitcoin (BTC-USD) was increasing 2.3% to $64,263, and the yield for 10-year US Treasuries was rising 1.8 basis points to 4.714%.In economic news, the National Association of Home Builders' monthly housing market index rose to 35 in August from 34 in July, compared with expectations for a decline to 33 in a Bloomberg-compiled poll.The New York Federal Reserve's Empire State manufacturing index rose to 20.6 in August from 15.6 in July, compared with an expected decrease to 10.0 in a Bloomberg-compiled survey. The Empire State index is the first manufacturing sector reading for August and suggests expansion is picking up pace.In sector news, Jane Street posted $15 billion in losses last month as AI-focused hedge fund Situational Awareness swooned and dragged down asset prices across equity markets, Bloomberg reported. Jane Street, which invests in Situational Awareness and directly in AI ventures, suffered a rare and severe down month in July amid volatile markets. Wrong-way bets on options tied to Chinese markets also contributed to the losses, the report said.In corporate news, Ares Management (ARES) is set to take control of UK broadband provider Toob and inject fresh equity into the struggling company backed by the UK's National Wealth Fund, Bloomberg reported. Ares shares were down 1.9%.Intel (INTC) and Goldman Sachs (GS) are among the investors in AI video generation platform Higgsfield's recent $400 million funding round, pushing its valuation to $5.40 billion, the Financial Times reported. Goldman shares added 0.8%.Equinor (EQNR) agreed to acquire 88% of Lackawanna Energy Center's Class A shares for $940 million from funds managed by BlackRock's (BLK) Global Infrastructure Partners. BlackRock shares were shedding 1.5%.

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