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Sectors

Sector Update: Energy Stocks Higher Late Afternoon

Energy stocks advanced late Thursday afternoon with the NYSE Energy Sector Index rising 0.8% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.5%.The Philadelphia Oil Service Sector Index advanced 2.5%, and the Dow Jones US Utilities Index fell 0.6%.Late Wednesday, the US Central Command forces completed a "heavy wave" of strikes against Iran in response to Tuesday's attempted missile attacks on US forces, according to CENTCOM. Meanwhile, the Islamic Revolutionary Guard Corps targeted US bases in Kuwait and Jordan following Washington's strikes on Iran, Al Jazeera, a Middle East broadcaster, reported, citing the IRGC.West Texas Intermediate crude oil shed 0.9% to $83.71 a barrel, and global benchmark Brent fell 1.8% to $89.09 a barrel. Henry Hub natural gas futures rose 0.8% to $2.75 per 1 million BTU.US natural gas stocks rose by 28 billion cubic feet in the week ended July 24, a smaller rise than the 35 billion cubic foot increase expected in a survey compiled by Bloomberg and following an increase of 32 billion cubic feet in the previous week.In corporate news, Shell (SHEL) shares gained 2.7% after the company reported Q2 results that beat consensus estimates.Exxon Mobil (XOM), Chevron (CVX) and other big oil companies are vying for Venezuela's choicest drilling spots, but talks with Venezuelan officials have recently hit an impasse, preventing them from making big moves, The Wall Street Journal reported. Exxon shares were up 0.4%, and Chevron added 0.3%.BP (BP) intends to cut around 700 non-frontline jobs from its global workforce, Reuters reported Thursday, citing an internal email it viewed. BP shares rose 2.1%.GE Vernova (GEV) is investing $166 million to expand its operations in Western Pennsylvania, Governor Josh Shapiro and Pennsylvania Department of Community and Economic Development Secretary Rick Siger said Thursday. GE Vernova shares rose past 8%.Emera (EMA) received final approval from the New Mexico Public Regulation Commission for the sale of New Mexico Gas to Bernhard Capital Partners in a $1.25 billion deal. Emera shares were up 0.2%.

$BP$CVX$EMA$GEV$SHEL$XOM
Wire

GE Vernova Invests $166 Million to Expand its Operations in Western Pennsylvania

GE Vernova (GEV) is investing $166 million to expand its operations in Western Pennsylvania, Governor Josh Shapiro and Pennsylvania Department of Community and Economic Development Secretary Rick Siger announced on Thursday.GE Vernova will expand its current operations in Findlay and Rostraver townships and plans to install new industrial machinery and equipment at both facilities, supporting 714 new jobs, according to the statement.Shares of GE Vernova were up 8.8% in Thursday afternoon trading.Price: $979.29, Change: $+79.01, Percent Change: +8.78%

$GEV
Wire

President Capital Raises GE Vernova Price Target to $1,398 From $1,368, Maintains Buy Rating

GE Vernova (GEV) has an average rating of overweight and mean price target of $1,238.78, according to analysts polled by FactSet.Price: $939.63, Change: $-3.65, Percent Change: -0.39%

$GEV
Commodities

Exchange-Traded Funds, Equity Futures Mixed Pre-Bell Tuesday Amid Renewed Pressure on Semiconductor Stocks

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.02%, and the actively traded Invesco QQQ Trust (QQQ) retreated 0.8% in Tuesday's premarket activity, as markets traded mixed amid renewed pressure on semiconductor stocks.US stock futures were also mixed, with S&P 500 Index futures up 0.1%, Dow Jones Industrial Average futures slipping 0.3%, and Nasdaq futures gaining 0.8% before the start of regular trading.The US advance international trade in goods deficit narrowed to $101.46 billion in June from $105.89 billion in May, according to data released by the US Census Bureau, compared with a narrower gap of $100 billion expected in a survey compiled by Bloomberg as of 7:40 am ET.May's home price data will be released at 9:00 am ET, followed by consumer confidence and the Richmond Federal Reserve's conditions readings, both for July, at 10:00 am ET.The Dallas Fed's nonmanufacturing index for July is due to be released at 10:30 am ET.In premarket action, bitcoin was down by 2.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 2.2% lower, Ether ETF (EETH) fell 3.8%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was up 1.9%.Power Play:ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 1.7%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat, and the iShares US Consumer Staples ETF (IYK) was 0.5% higher. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.1%. The VanEck Retail ETF (RTH) and the State Street SPDR S&P Retail ETF (XRT) were inactive.Unilever (UL) shares were up more than 8% pre-bell after the company reported higher Q2 turnover and underlying sales.Winners and Losers:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.5%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.4%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.5% lower.Barclays (BCS) shares traded down 6.4% in early-hours activity even after the company reported higher Q2 earnings and total income.EnergyThe iShares US Energy ETF (IYE) was down 1.1%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.1%.Expro (XPRO) stock was up more than 5% before market open after the company raised its 2026 revenue guidance.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated 0.1%, while the Vanguard Industrials Index Fund (VIS) was 0.7% higher and the iShares US Industrials ETF (IYJ) was flat.GE Vernova (GEV) stock was down more than 4% before the opening bell following a 1.8% loss in the prior session. The company said it was selected to replace two pumped storage units at First Hydro's Dinorwig hydropower plant in the UK.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 1.3%, the Vanguard Health Care Index Fund (VHT) was up 0.9%, while the iShares US Healthcare ETF (IYH) gained 0.4%. The iShares Biotechnology ETF (IBB) was flat.CG Oncology (CGON) stock was up more than 1% premarket after the company reported durable responses and bladder preservation in patients with high-risk Bacillus Calmette-Guerin-unresponsive non-muscle invasive bladder cancer in its phase 3 study of cretostimogene grenadenorepvec.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 2%, the iShares US Technology ETF (IYW) was 0.8% lower, and the iShares Expanded Tech Sector ETF (IGM) was down 1.7%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) fell 2.5%, while the iShares Semiconductor ETF (SOXX) declined by 4.2%.Nvidia (NVDA) shares were down 0.8% in premarket activity after falling 5% at the previous close, while Apple (AAPL) gained 0.4% after a 1.2% rise at Monday's close. Apple surpassed Nvidia as the world's most valuable company on Monday, marking the first time it has closed above the chipmaker since April 2025. Bloomberg reported Tuesday that Taiwanese prosecutors have detained an Nvidia employee as part of an investigation into the alleged smuggling of advanced AI chips to China.CommoditiesFront-month US West Texas Intermediate crude oil declined by 1% to $81.79 per barrel on the New York Mercantile Exchange. Natural gas was down by 1.6% to $2.72 per 1 million British Thermal Units. The United States Oil Fund (USO) was down 0.2%, while the United States Natural Gas Fund (UNG) was 1.5% lower.Gold futures for November retreated 1.2% to $4,088.50 an ounce on the Comex. Silver futures were down 2% to $57.53 an ounce. SPDR Gold Shares (GLD) decreased 1.4%, and the iShares Silver Trust (SLV) was 2.1% lower.

Dow JonesNasdaq CompositeS&P 500$AAPL$BCS$BETH$BITO$CGON$EEM$EETH$EXI$FAS$FAZ$GEV$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$NVDA$PMR$QQQ$RTH$SLV$SOXX$SPY$UL$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XPRO$XRT$XSD
Wire

GE Vernova's Q2 Results Highlight Strong Demand, Support Upside Ahead, RBC Says

GE Vernova's (GEV) Q2 results showed continued strength in electrification demand, bookings, and backlog growth amid investor concerns around valuation, RBC Capital Markets said in a note emailed Thursday.The analysts said the company's shares pulled back post-results due to crowded positioning. The main missing piece was a near-term earnings before interest, taxes, depreciation, and amortization guidance increase, although the company raised its revenue and free cash flow outlook, according to the note.Looking ahead, the analysts said the company is expected to outperform peers due to strong pricing, productivity improvements, and cost reduction efforts supporting higher margins, with further upside expected beyond 2028 as the company benefits from a larger installed base.GE Vernova has reduced costs through efficiency initiatives and is successfully raising prices, which is improving margins in its backlog, the firm noted. The company also sees additional margin opportunities from software solutions and a more streamlined product strategy, the analysts said."Secular trends of electrification give us confidence in revenue growth across the portfolio," the analysts added.RBC raised its price target on GE Vernova to $1,225 from $1,195 and kept its outperform rating on the stock.Price: $1022.00, Change: $+36.97, Percent Change: +3.75%

$GEV
Sectors

Sector Update: Energy Stocks Gain Late Afternoon

Energy stocks advanced late Wednesday afternoon with the NYSE Energy Sector Index rising 1.5% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.3%.The Philadelphia Oil Service Sector Index climbed 1%, and the Dow Jones US Utilities Index gained 1.8%.Crude oil prices rose amid escalating tensions between the US and Iran. The US will destroy an Iranian bridge or power plant, including facilities in and around Tehran, every time Iran attacks ships in the Strait of Hormuz, President Donald Trump said in a social media post.West Texas Intermediate crude oil climbed 3.3% to $87.13 a barrel, and global benchmark Brent advanced 3.7% to $94.38 a barrel. Henry Hub natural gas futures rose 2.9% to $2.95 per 1 million BTU.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 3.0 million barrels in the week ended July 17 following a decrease of 4.7 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 2.0 million barrels after a 1.7-million-barrel drop in the previous week, compared with the 2.0-million-barrel decrease expected in a survey compiled by Bloomberg.Separately, NextEra Energy (NEE), Duke Energy (DUK), Equinix (EQIX) and Digital Realty Trust (DLR) are among nearly 200 companies backing US President Donald Trump's pledge to limit consumers' exposure to rising electricity bills driven by AI, The Wall Street Journal reported, citing a White House list of signatories.In corporate news, EQT (EQT) shares jumped 7.9% a day after the company reported Q2 revenue above market expectations.Equinor (EQNR) shares climbed 6.2% after the company posted higher Q2 adjusted earnings and revenue.Eni (E) shares added 1.6% after it said Wednesday it generated first industrial electricity from the 120-megawatt gas power plant at the 247-MW Mangystau Hybrid Power Plant in Kazakhstan.GE Vernova (GEV) is preparing contracts to help strengthen Venezuela's power grid and would be close to signing them had the country not suffered a recent earthquake, Bloomberg reported Wednesday, citing an interview with Chief Executive Officer Scott Strazik. GE Vernova shares were down 8.1%.

$E$EQNR$EQT$GEV
Wire

Top Midday Decliners

China Pharma (CPHI) priced its registered direct offering of 2.5 million common shares at $2 each, targeting gross proceeds of $5 million, it said Wednesday.Shares sank 77%, with intraday trading volume surging to over 12.3 million from a daily average of roughly 3.88 million.GE Vernova (GEV) reported Q2 earnings Wednesday of $2.47 per diluted share, up from $1.86 a year earlier and below the FactSet consensus analyst estimate of $3.18.Meanwhile, GE Vernova is preparing contracts to help strengthen Venezuela's power grid and would be close to signing them had the country not suffered a recent earthquake, Bloomberg reported Wednesday, citing an interview with Chief Executive Officer Scott Strazik.Shares declined 8% as intraday trading volume jumped to over 3.27 million from the stock's daily average of about 2.86 million.Axe Compute (AGPU) reported more than $1.3 billion in new customer contracts across the US and Europe, propelling the company beyond its 2026 goal of $1 billion in signed contracts, it said Wednesday. Revenue is expected to begin in late Q4, with prepayments due in Q3, boosting annual recurring revenue to over $384 million upon deployment.Still, shares slumped 26% as intraday trading volume soared to over 2.82 million from a daily average of about 416,000.Price: $1.84, Change: $-6.27, Percent Change: -77.35%

$AGPU$CPHI$GEV
Sectors

Sector Update: Energy Stocks Gain Wednesday Afternoon

Energy stocks advanced Wednesday afternoon with the NYSE Energy Sector Index rising 1.4% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.2%.The Philadelphia Oil Service Sector Index climbed 1.3%, and the Dow Jones US Utilities Index gained 1.9%.Crude oil prices rose amid escalating tensions between the US and Iran. The US will destroy an Iranian bridge or power plant, including facilities in and around Tehran, every time the country attacks ships in the Strait of Hormuz, President Donald Trump said in a social media post.West Texas Intermediate crude oil climbed 2.2% to $86.20 a barrel, and global benchmark Brent advanced 2.5% to $93.32 a barrel. Henry Hub natural gas futures rose 2% to $2.92 per 1 million BTU.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 3.0 million barrels in the week ended July 17 following a decrease of 4.7 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 2.0 million barrels after a 1.7-million-barrel drop in the previous week, compared with the 2.0-million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, Equinor (EQNR) shares gained 5.8% after the company posted higher Q2 adjusted earnings and revenue.Eni (E) shares added 1.7% after it said Wednesday it generated first industrial electricity from the 120-megawatt gas power plant at the 247-MW Mangystau Hybrid Power Plant in Kazakhstan.GE Vernova (GEV) is preparing contracts to help strengthen Venezuela's power grid and would be close to signing them had the country not suffered a recent earthquake, Bloomberg reported Wednesday, citing an interview with Chief Executive Officer Scott Strazik. GE Vernova shares were down 8.1%.

$E$EQNR$GEV
Wire

Oppenheimer Adjusts Price Target on GE Vernova to $1,338 From $1,303

GE Vernova (GEV) has an average rating of overweight and mean price target of $1,233.46, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $1001.23, Change: $-77.58, Percent Change: -7.19%

$GEV
Wire

Top Midday Stories: Trump Threatens Retaliation for Attacks in Strait of Hormuz; AMD to Supply MI450 GPUs to Anthropic

The Dow Jones Industrial Average and the S&P 500 Index were up, while the Nasdaq Composite were down in late-morning trading Wednesday as the US and Iran continued to exchange attacks and threats in the Middle East.President Trump issued another warning against Iran, threatening to retaliate against every attack on ships in the Strait of Hormuz. "From this point forward, any time the Islamic Republic of Iran shoots at a ship in the Strait of Hormuz, whether it be by Missile, Rocket, Drone, or any other device or weapon, the United States will bomb and destroy ONE BRIDGE OR POWER PLANT, including those located next to, or in, the Capital City of Tehran," Trump said in a post on Wednesday. Meanwhile, Iran-backed Houthi militants in Yemen are prepared to attack vessels transiting the Red Sea's southern access point, which is an alternative route to the Strait of Hormuz, according to a CNBC report citing the Joint Maritime Information Center.In company news, Advanced Micro Devices (AMD) and Anthropic are collaborating deploy up to 2 gigawatts of AMD Instinct MI450 Series GPUs in AMD Helios rack-scale systems, with the first deployment planned for the first half of next year, AMD said Wednesday. The companies have also launched a multi-year engineering collaboration to use Anthropic's Claude models to optimize workloads for AMD Instinct GPUs and accelerate development of AMD's ROCm software. AMD shares were up 2.1% around midday.Philip Morris International (PM) reported Q2 adjusted earnings Wednesday of $2.20 per diluted share, up from $1.91 a year earlier and above the FactSet consensus analyst estimate of $2.03. Q2 net revenue was $11.19 billion, up from $10.14 billion a year ago and above the FactSet consensus of $10.60 billion. For Q3, the company said it expects adjusted EPS of $2.20 to $2.25. Analysts expect $2.42. For full-year 2026, Philip Morris updated its adjusted EPS guidance to a range of $8.26 to $8.41, down from its previous guidance of $8.36 to $8.51. Analysts expect $8.36. The company's total shipment volume for the quarter increased by 2.5% to 205.2 billion units, buoyed by growth of 7.5% in smoke-free products. Shipment volume for cigarettes was up 1.1%, while electronic vapor jumped 55%. Heated tobacco unit shipment volume climbed 7.6% to 41.8 billion units. "With a robust first half under our belt, including continued momentum and strong results in our smoke-free business, we are well positioned to deliver on our full-year targets while investing for future growth," Chief Executive Jacek Olczak said. Philip Morris shares were up 2.7%.GE Vernova (GEV) reported Q2 earnings Wednesday of $2.47 per diluted share, up from $1.86 a year earlier and below the FactSet consensus analyst estimate of $3.18. Q2 total revenue was $11.10 billion, up from $9.11 billion a year ago and above the FactSet consensus of $10.80 billion. For 2026, the company increased its 2026 revenue guidance to a range of $45.5 billion to $46.5 billion, up from the previous outlook of $44.5 billion to $45.5 billion. Analysts expect $45.43 billion. GE Vernova shares were down 6.6%.Rocket Lab (RKLB) was awarded a $266 million firm-fixed-price completion contract for suborbital launch vehicles, the US Department of Defense said late Tuesday. Work for the Air Force project is expected to be completed by Dec. 31, 2028. Rocket Lab shares were up 5%.AT&T (T) reported Q2 adjusted earnings Wednesday of $0.65 per diluted share, up from $0.54 a year earlier and above the FactSet consensus analyst estimate of $0.59. Q2 operating revenue was $31.56 billion, up from $30.85 billion a year ago and below the FactSet consensus of $31.80 billion. For full-year 2026, the company said it continues to expect adjusted EPS of $2.25 to $2.35. Analysts polled by FactSet are looking for $2.32. The company said it "delivered a record quarter for combined fiber and fixed wireless net adds and its strongest consumer postpaid wireless account growth in more than three years." AT&T added 432,000 net postpaid phone subscribers in the quarter, higher than the consensus on FactSet for 338,500 additions. Further, revenue in the advanced connectivity segment rose 4.1% to $28.62 billion, driven by a gain of 5.1% in services, while wireless service revenue grew 3.3%, buoyed by retail subscribers in underpenetrated categories and converged accounts, as well as pricing actions. AT&T shares were up 3.2%.Repligen (RGEN) has agreed to acquire BioLife Solutions (BLFS) in a deal valued at $1.5 billion, the companies said Wednesday. BioLife shareholders will receive $11.25 per share in cash and 0.1442 Repligen shares, valuing BioLife at $31 per share, or about $1.5 billion, representing a 24% premium to its 90-day volume-weighted average share price, under the agreement. Repligen said the deal is expected to be accretive to revenue growth, adjusted margins and adjusted earnings per share, with at least $20 million in cost synergies in the first year. The transaction is expected to close in Q4. Repligen shares were up 3.5%, while BioLife shares were up 7.5%.Price: $555.06, Change: $+10.63, Percent Change: +1.95%

$AMD$BLFS$GEV$PM$RGEN$RKLB$T
Commodities

GE Vernova Backlog Expands YOY on Higher Power, Electrification Demand

Energy technology company GE Vernova (GEV) said Wednesday its backlog stood at $176.28 billion as of June 30, an increase from the previous year's $128.65 billion, as equipment orders in the power and electrification segments climbed.The figures represent the company's remaining performance obligation, a measure of backlog, which includes "unfilled firm and unconditional customer orders for equipment and services," according to GE Vernova's Q2 report.The power segment backlog grew year over year to $111.65 billion from $79.22 billion. It received 12.1 gigawatts of gas turbine orders during the quarter, more than double the 5.1 GW order a year earlier.It sold 29 gas turbines in Q2, up from 21 units a year ago, although equivalent capacity decreased to 3.3 GW from 5.2 GW.The power segment generated $5.48 billion in revenue during the period, up from $4.79 billion in the same period of 2025, the report showed.The electrification segment's backlog also grew year over year to $44.56 billion from $27.12 billion, while corresponding revenue climbed to $3.64 billion from $2.16 billion.GE Vernova said it expects to have at least 125 GW of contracted gas equipment by year-end and sees strong demand growth in electrification due to data center orders.Meanwhile, in the wind business unit, the company posted a decrease in backlog to $20.39 billion from $22.51 billion, and a corresponding decline in revenue to $2.03 billion from $2.25 billion.Price: $1001.30, Change: $-77.51, Percent Change: -7.18%

$GEV
Commodities

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Wednesday Ahead of Major Tech Earnings

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) retreated 0.4%, and the actively traded Invesco QQQ Trust (QQQ) was down 1% in Wednesday's premarket activity, as investors awaited results from major technology companies.US stock futures were also lower, with S&P 500 Index futures up 0.4%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures retreating 0.9% before the start of regular trading.Mortgage applications rose by 1.9% in the week ended July 17 despite an increase in 30-year fixed mortgage rates, according to Mortgage Bankers Association data released Wednesday.The weekly petroleum stocks data will be released at 10:30 am ET.In premarket action, bitcoin was down by 0.8%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.7% lower, Ether ETF (EETH) advanced 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 0.1%, the Vanguard Health Care Index Fund (VHT) was up 1.3%, while the iShares US Healthcare ETF (IYH) slipped 0.6%. The iShares Biotechnology ETF (IBB) was 0.5% lower.Dyne Therapeutics (DYN) stock was down more than 8% premarket after the company priced an upsized secondary public offering of 18.3 million shares at $20.50 each.Winners and Losers:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated 0.7%, the Vanguard Industrials Index Fund (VIS) lost 0.01%, and the iShares US Industrials ETF (IYJ) was 0.5% higher.GE Vernova (GEV) stock was down more than 1% before the opening bell after the company reported lower-than-expected Q2 earnings.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 0.7%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.2%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.6% higher.Cal-Maine Foods (CALM) shares were down more than 4% pre-bell after the company swung to a fiscal Q4 loss.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.04%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.1%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% lower.Banco Santander (SAN) shares traded up 1% in early-hours activity after the company reported higher Q2 earnings and revenue.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 1.3%, the iShares US Technology ETF (IYW) was 0.2% lower, and the iShares Expanded Tech Sector ETF (IGM) was up 0.8%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) fell by 1.8%, while the iShares Semiconductor ETF (SOXX) was down 2.8%.Nvidia (NVDA) shares were down more than 1% in premarket activity after gaining nearly 2% at the prior close. Chief Executive Jensen Huang is expected to meet Samsung Electronics Chairman Jay Lee, SK Group Chairman Chey Tae-won and Naver founder Lee Hae-jin in the US this week for an artificial intelligence roundtable, according to news reports.EnergyThe iShares US Energy ETF (IYE) was flat, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 1.1%.Shell (SHEL) stock was up more than 1% before market open following a 1.2% gain in the previous session. The company resumed operations at a 200,000-barrel-per-day crude oil unit at its Pernis oil refinery in the Netherlands on Monday following a brief disruption, Reuters reported Tuesday.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 3.4% to $87.24 per barrel on the New York Mercantile Exchange. Natural gas was up by 1.7% to $2.91 per 1 million British Thermal Units. The United States Oil Fund (USO) was up 2.8%, while the United States Natural Gas Fund (UNG) was 1.1% higher.Gold futures for July advanced 1.3% to $4,128.70 an ounce on the Comex. Silver futures were up 0.9% to $59.64 an ounce. SPDR Gold Shares (GLD) increased 1.1%, and the iShares Silver Trust (SLV) was 1.4% higher.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$CALM$DYN$EEM$EETH$EXI$FAS$FAZ$GEV$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$NVDA$PMR$QQQ$RTH$SAN$SHEL$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Asia Markets

Update: US Equity Futures Drop Pre-Bell as Oil Prices Jump Amid Lack of Progress in US-Iran Talks

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were lower pre-bell Wednesday as oil prices rose following US Secretary of State Marco Rubio's statement that Iran was not taking negotiations seriously.Dow Jones Industrial Average futures were 0.2% lower, S&P 500 futures were down 0.4%, and Nasdaq futures were 1% lower.US Central Command said in a post on X that it completed the 11th straight day of attacks against Iran, stating that the Strait of Hormuz "remains open for commercial vessel transit.""The problem we're having right now is that they're not serious about talks. If they're serious, we're serious. If they're not, then we will do what's necessary to protect our interests, and also the interests of our allies," Rubio said during the ASEAN Foreign Ministers' meeting in the Philippines, according to multiple media reports.Traders also took note of the latest round of earnings, with Philip Morris International (PM) reporting higher Q2 adjusted earnings and net revenue.Alphabet (GOOG, GOOGL) is expected to report its Q2 earnings after the market closes. Analysts polled by FactSet expect earnings of $2.88 per share on revenue of $117.06 billion.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 3.1% at $93.84 per barrel and US West Texas Intermediate crude 2.8% higher at $86.70 per barrel.The Atlanta Fed Business Inflation Expectations survey for July is expected at 10 am ET.In other world markets, Japan's Nikkei closed 0.2% lower, Hong Kong's Hang Seng ended 1% lower, and China's Shanghai Composite finished 0.1% higher. Meanwhile, the UK's FTSE 100 was up 1.5%, and Germany's DAX index was 0.3% higher in Europe's early afternoon session.In equities, Super Micro Computer (SMCI) stock was up 14% after the company said it expects fiscal Q4 gross margins of 15% to 17%, significantly above its 8.2% to 8.4% forecast due to a favorable customer and product mix. AT&T (T) shares rose 4.2% after the company reported better-than-expected Q2 adjusted earnings. Energy-related stocks rose along with oil prices, including Exxon Mobil (XOM), which was up 1%, and Chevron (CVX), which was 1% higher.On the losing side, Philip Morris shares were down 1.9% after the company issued lower-than-expected guidance for Q3. SK hynix (SKHY) stock was down 7.1% after a Korea JoongAng Daily report on Tuesday that the company is considering acquiring Intel's (INTC) semiconductor campus in New Albany, Ohio, which the South Korean chipmaker denied in a Korea Exchange filing. GE Vernova (GEV) shares fell 5.1% after the company posted a Q2 earnings miss.

Dow JonesNasdaq CompositeS&P 500$CVX$GEV$GOOG$GOOGL$INTC$PM$SKHY$SMCI$T$XOM
Asia Markets

Update: US Equity Futures Edge Higher Pre-Bell as Traders Monitor Middle East Situation, Anticipate Week's Tech Earnings

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were higher pre-bell Monday as traders monitored the latest developments in the Middle East conflict and look forward to earnings from several tech giants this week.Dow Jones Industrial Average futures were 0.2% higher, S&P 500 futures were up 0.4%, and Nasdaq futures were 0.9% higher.US Central Command said in a post on X that it successfully completed a ninth consecutive evening of strikes against Iran in a continuing effort to diminish its ability to attack commercial vessels transiting the Strait of Hormuz.Despite the constant exchange of attacks between both sides, Iran's Foreign Ministry spokesman Esmail Baghaei said that negotiations with the US could be pursued based on national interests.Alphabet (GOOG, GOOGL), Tesla (TSLA), Intel (INTC), and Texas Instruments (TXN) are set to release their financial results this week. Anticipated earnings also include GE Vernova (GEV), Philip Morris International (PM), RTX (RTX),and American Express (AXP).Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.5% at $88.52 per barrel and US West Texas Intermediate crude 0.1% higher at $81.88 per barrel.June's leading indicators data is scheduled to be released 10 am ET.In other world markets, Hong Kong's Hang Seng ended 2.4% higher and China's Shanghai Composite finished 0.9% higher. Japan's Nikkei was closed due to a public holiday. Meanwhile, the UK's FTSE 100 was down 0.2%, and Germany's DAX index was 0.3% higher in Europe's early afternoon session.In equities, semiconductor stocks, including Micron Technology (MU), SK Hynix (SKHY), and AMD (AMD), were up in premarket activity. Micron Technology shares rose 4.8%, SK Hynix stock was up 5.3%, and AMD shares were 3.9% higher. Domino's Pizza (DPZ) stock was up 6.7% after the company reported higher fiscal Q2 earnings and revenue.On the losing side, Ryanair (RYAAY) stock was down 2.5% after the company posted fiscal Q1 earnings and revenue that missed analysts' consensus estimates.

Dow JonesNasdaq CompositeS&P 500$AMD$AXP$DPZ$GEV$GOOG$GOOGL$INTC$MU$PM$RTX$RYAAY$SKHY$TSLA$TXN
Japan

US Equity Futures Edge Higher Pre-Bell as Traders Monitor Middle East Situation, Anticipate Week's Tech Earnings

US equity futures were higher pre-bell Monday as traders monitored the latest developments in the Middle East conflict and look forward to earnings from several tech giants this week.Dow Jones Industrial Average futures were 0.3% higher, S&P 500 futures were up 0.6%, and Nasdaq futures were 1.1% higher.US Central Command said in a post on X that it successfully completed a ninth consecutive evening of strikes against Iran in a continuing effort to diminish its ability to attack commercial vessels transiting the Strait of Hormuz.Despite the constant exchange of attacks between both sides, Iran's Foreign Ministry spokesman Esmail Baghaei said that negotiations with the US could be pursued based on national interests.Alphabet (GOOG, GOOGL), Tesla (TSLA), Intel (INTC), and Texas Instruments (TXN) are set to release their financial results this week. Anticipated earnings also include GE Vernova (GEV), Philip Morris International (PM), RTX (RTX),and American Express (AXP).Oil prices were lower, with front-month global benchmark North Sea Brent crude down 1.9% at $86.46 per barrel and US West Texas Intermediate crude 2.4% lower at $79.82 per barrel.June's leading indicators data is scheduled to be released 10 am ET.

Dow JonesNasdaq CompositeS&P 500$AXP$GEV$GOOG$GOOGL$INTC$PM$RTX$TSLA$TXN
Asia Markets

US Equity Investors to Focus on Q2 Earnings, Iran War, Composite PMIs This Week as Chipmakers Hover Near Bear Market

US equity investors will focus on mega-cap Q2 earnings this week while keeping an eye on geopolitics and macroeconomic data after the recent soft inflation print.* US corporate earnings due include Alphabet (GOOG, GOOGL), Tesla (TSLA), GE Vernova (GEV), Intel (INTC), and American Express (AXP).* Last week, technology was the worst-performing sector. The VanEck Semiconductor ETF (SMH), with net assets of $77.2 billion, fell to $556.53 on Friday from an intraday high of $671.83 on June 22, a decline of about 17%, implying chipmakers are on the doorstep of entering a bear market.* Through Friday, almost 10% of S&P 500 firms had reported Q2 results, according to a Friday note from D A Davidson. So far, earnings have surged by around 51% year-over-year, ahead of the consensus for a jump of about 23% as of June 30. Most of this outperformance was skewed by a handful of semiconductor names.* US Central Command completed the ninth consecutive evening of strikes against Iran on Saturday, according to a statement. CENTCOM assets targeted, among others, Iranian military command centers, air defense and coastal surveillance sites to "further diminish Iran's ability to attack commercial vessels and civilian mariners transiting the Strait of Hormuz," it said.* Investors will watch out for further escalation, especially attacks on Iran's civilian infrastructure and Tehran's retaliation toward its Gulf neighbors, as well as the possibility of disrupting the Red Sea crude oil chokepoint.* The week ahead will be quiet on the economic data front, with the Federal Reserve in its communication blackout period, a Jefferies note said Friday.* Investors will closely monitor the S&P Global Composite PMI flash this week alongside ADP employment change and jobless claims to gauge the health of the US economy following the steepest drop in June's consumer price index since April 2020 last week and a consequent drop in market expectations for an interest rate increase this year.

Dow JonesNasdaq CompositeS&P 500$AXP$GEV$GOOG$GOOGL$INTC$TSLA
Oil & Energy

US, Iraq Ink $60 Billion in Deals, MoUs During Business Summit

US and Iraqi companies, including energy majors and their respective governments have concluded deals and MoUs worth more than $60 billion during a US-Iraq Business Summit on Friday, the US Chamber of Commerce said in a statement.Energy executives from BP (BP), Chevron (CVX), ConocoPhillips (COP), ExxonMobil (XOM), Excelerate Energy (EE), GE Vernova (GEV), HKN Energy and Shell (SHEL) took part along with "top-tier" representation from both governments, the statement said.The event took place during Iraqi Prime Minister Ali al-Zaidi's visit to Washington, DC.BP has agreed to sell a 42% interest in BP Energy Company of Kirkuk to ConocoPhillips to support redevelopment of northern Iraq's Kirkuk oil fields, as last week.ConocoPhillips will thus support redevelopment of four large-scale operational fields in the Kirkuk area of northern Iraq.Chevron will also invest in a pipeline that bypasses the Strait of Hormuz, opening up another export route out of Iraq, Jake Spiering, Chevron president of corporate business development, said during the event, according to a Reuters report.The proposed pipeline could carry Iraqi oil to Syria's west coast on the Mediterranean coast, the report said.Earlier on Thursday, Zaidi visited the company's headquarters in Houston, Texas before Iraq signed deals with the energy giant to advance its possible entry into the West Qurna 2 and Nassiriya oilfields, Reuters reported.

$BP$COP$CVX$EE$GEV$SHEL$XOM
Research

Fubon Securities Initiates GE Vernova at Neutral With $1,205 Price Target

GE Vernova (GEV) has an average rating of overweight and mean price target of $1,226.85, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$GEV
Commodities

US, Japan, South Korea Sign Pact to Accelerate SMR Deployment Across Indo-Pacific

The US, Japan and South Korea have signed a trilateral memorandum of cooperation to accelerate the deployment of small modular reactors, particularly across the Indo-Pacific, to reinforce energy security and expand civil nuclear cooperation.The agreement was signed on Tuesday, on the sidelines of the NATO summit in Ankara, Turkiye, by US Secretary of State Marco Rubio, Japanese Foreign Minister Motegi Toshimitsu and South Korean Foreign Minister Cho Hyun, the US Department of State said in a media release.The memorandum establishes a framework for cooperation among the three allies, aimed at fostering fleet deployment models which can reduce project risks, lower costs through economies of scale, attract private investment, streamline licensing and strengthen nuclear supply chains.The State Department also said that the coordinated approach is intended to position US, Japanese and South Korean companies as competitive suppliers of advanced nuclear technology while promoting high standards for nuclear safety, security and non-proliferation.The US has also committed $10 million in state funding as part of the initiative, aimed at providing technical assistance to Indo-Pacific countries pursuing nuclear power.Besides this, the department also unveiled industry collaborations involving GE Vernova (GEV), Hitachi, Samsung C&T and SGE to advance deployment of the BWRX-300 small modular reactor across Europe.

$GEV
Commodities

Update: 2 Engie Wind Farms in South Dakota Suffer Damages After Powerful Storm

(Updates with Engie's response in paragraphs 1-5)Severe winds on Tuesday damaged several turbines at Engie's Triple H Wind Project in South Dakota, while a smaller number were damaged at the nearby North Bend Wind facility, Engie confirmed toin an emailed response on Friday."The severe 100mph winds reported in Hyde County early on the morning of June 29th impacted the Triple H Wind Project, damaging a number of turbines located near Highmore in Hyde County," Geof Koss, director of external communications, Engie North America, told.He added that assessments and site reviews are currently underway. "Crews and technical experts are on site to ensure safety, assess damage and undertake clean-up activities."Koss said that no injuries were reported and the project remains offline. "Plans to restart unaffected turbines when it is safe and possible to do so are being developed, along with approaches to longer term repairs to the project," Koss said.He noted that a few turbines were also damaged at Engie's nearby North Bend Wind facility.The two wind farm projects, owned by the French utility company through its subsidiary Engie North America, sustained damage after a powerful storm hit central South Dakota earlier this week, according to multiple media reports.Turbines, buildings, and other infrastructure at the 250-megawatt Triple H and the 200 MW North Bend wind farms in Hyde County were impacted, according to reports. GE Vernova (GEV) supplied turbines to both farms.According to a Bloomberg report, over 20 out of the 92 turbines were damaged by hurricane-force winds, which reached 131 miles per hour.GE Vernova did not immediately reply to' request for comment.Price: $1113.11, Change: $-21.24, Percent Change: -1.87%

$GEV

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