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Sector Update: Financial

Financial stocks fell in Thursday afternoon trading with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each shedding 0.5%.The Philadelphia Housing Index dropped 1.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) declined 0.5%.Bitcoin (BTC-USD) fell 2% to $79,831, and the yield for 10-year US Treasuries rose 2.2 basis points to 4.378%.In corporate news, JPMorgan Chase (JPM) and Citigroup (C) were sued by China's HY Energy over alleged failure of funds transfer, Bloomberg reported. JPMorgan shares fell 2%, and Citi rose 1.8%.

$C$JPM

Sectors94d ago

Sector Update: Health Care

Health care stocks declined Thursday afternoon with the NYSE Health Care Index shedding 0.9% and the State Street Health Care Select Sector SPDR ETF (XLV) decreasing 0.7%.The iShares Biotechnology ETF (IBB) dropped 2.9%.In corporate news, Iovance Biotherapeutics (IOVA) shares fell 14% after the company's Q1 loss narrowed less than expected and revenue missed estimates.

$IOVA

Sectors94d ago

Sector Update: Tech

Tech stocks were lower Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) decreasing 0.1% and the State Street SPDR S&P Semiconductor ETF (XSD) falling 1.5%.The Philadelphia Semiconductor index dropped 2.6%.In corporate news, Snap's (SNAP) Q1 loss narrowed more than market expectations, although the social media company saw persistent headwinds in its North America advertising business and recorded up to $25 million impact from the Middle East conflict. Its shares were down 2%.

$SNAP

Sectors94d ago

Sector Update: Consumer

Consumer stocks were lower Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) fractionally lower.In corporate news, Shake Shack (SHAK) shares slumped 28% after the fast food chain operator's Q1 results fell short of Wall Street's estimates amid weather-related headwinds.

$SHAK

Sectors94d ago

US Natural Gas Stocks Post Smaller Gain Than Expected in Week Ended May 1

US natural gas stocks rose by 63 billion cubic feet in the week ended May 1, smaller than the 72 billion increase expected in a survey compiled by Bloomberg as of 7:40 am ET and following an increase of 79 billion cubic feet in the previous week.Stocks at 2.205 trillion cubic feet are 3.5% higher than in the comparable week a year ago and 6.7% above their 5-year average.

Sectors94d ago

US Natural Gas Stocks Rose by 63 Bln Cubic Feet in Week Ended May 1 Vs. Expected 72 Bln Increase; Prior Gain of 79 Bln

Sectors94d ago

Natural Gas Trading Lower Ahead of Fresh Storage Data as Spring Weather Cuts Into Demand

Natural gas futures dipped early Thursday ahead of fresh storage data as spring temperatures continue to limit demand. Gas for June delivery was last seen down $0.04 to US$2.69 per million British thermal units.The price of the fuel has remained under US$3.00 since the April 1 start to the cooling season as mild spring weather continues to limit demand. Long-term forecasts from the National Weather Service see most states with warmer than seasonal temperatures over its eight to 14 day outlook, but well below midsummer highs."Seasonal maintenance is in full swing, depressing demand and adding to an already well-supplied market (stockpiles are 7.7% above the five-year average), but this shoulder season story looks short-lived as we enter summer and new LNG trains come online," Christopher Louney, a natural gas and gold strategist at RBC Capital Markets, wrote.The Energy Information Administration will release its weekly survey of inventories of the fuel later on Thursday. morning. Celsius Energy is expecting the agency to report stocks rose by 73-billion cubic feet, 4-bcf above the five-year average for the week.

$NGM6$UNG

Sectors94d ago

Sector Update: Energy Stocks Decline Pre-Bell Thursday

Energy stocks were lower premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) retreating by 1.6%.The United States Oil Fund (USO) was down 3.5%, while The United States Natural Gas Fund (UNG) was 0.6% lower.Front-month US West Texas Intermediate crude oil was down 4.1% at $91.20 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 3.7% to $97.56 per barrel, and natural gas futures were 1% lower at $2.70 per 1 million British Thermal Units.Shell (SHEL) shares were down nearly 2% in early activity after the company reported lower-than-expected Q1 revenue.Tenaris (TS) shares were 4% lower in premarket activity after the company said its Q2 sales will be affected by lower shipments in the Middle East. Tenaris also named Gabriel Podskubka its chief executive officer.MGE Energy (MGEE) stock was down 4.4% before the opening bell after the company said late Wednesday it has launched an underwritten public offering of $250 million common shares, including about $75 million of shares to be sold directly by the company and roughly $175 million to be sold through forward sale agreements.

$MGEE$SHEL$TS$UNG$USO$XLE

Sectors94d ago

Sector Update: Financial Stocks Mostly Lower Pre-Bell Thursday

Financial stocks were mostly lower pre-bell Thursday, with the State Street Financial Select Sector SPDR ETF (XLF) declining 0.2%.The Direxion Daily Financial Bull 3X Shares (FAS) declined 0.3% and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ) was 0.4% higher.Carlyle (CG) stock was down more than 5% pre-bell after the company reported lower Q1 after-tax distributable earnings and revenue.Primo Brands (PRMB) shares were down more than 5% before the opening bell after the company reported lower Q1 adjusted net income.Patria Investments (PAX) stock advanced by nearly 2% after the company reported higher Q1 distributable earnings and revenue.

$CG$FAS$FAZ$PAX$PRMB$XLF

Sectors94d ago

Sector Update: Consumer Stocks Higher Pre-Bell Thursday

Consumer stocks were higher premarket Thursday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) advancing 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gaining 0.5%.Tesla (TSLA) stock gained over 1% before the bell after Reuters reported that the EV maker's China-made electric vehicle sales rose for a sixth consecutive month on a year-over-year basis.McDonald's (MCD) shares were 0.1% higher in premarket activity after the company reported higher Q1 adjusted earnings and revenue.Tapestry (TPR) stock were down 2.6% pre-bell despite the company reporting higher fiscal Q3 non-GAAP earnings and net sales.

$MCD$TPR$TSLA$XLP$XLY

Sectors94d ago

Gold Rises Again on Prospects the Iran War is Nearing an End

Gold rose for a third-straight session early Thursday on optimism a deal to end the war on Iran may be near, cutting into oil prices and pushing the dollar lower amid easing fears the supply shock around the war would boost inflation and force higher interest rates.Gold for June delivery was last seen up $61.70 to US$4,756.00 per barrel, after rising by US$125,80 on Wednesday.The rise comes amid optimism the United States and Iran are closer to a peace deal. The Wall Street Journal reported the two countries are working with mediators to come up with a framework to resume negotiations, with talks in Pakistan beginning as soon as next week on a 14-point memorandum of understanding offered by the Trump Administration.Traders have been cautious about turning to gold as a safe haven during the economic turmoil that followed Iran's blockade of the Strait of Hormuz, blocking exports from Persian Gulf nations that supplied 20% of global oil demand. The high oil prices that followed the Feb. 28 start to the war has boosted inflation, heightening worries central banks will raise rates to slow demand, concerns eased by the prospect of talks that could bring an end to hostilities."Gold's reaction to ceasefire optimism yesterday reinforces our view that the underpinnings for gold remain intact and increases our conviction in our long-held call for gold to trade mostly in the $4500-5000/oz range this year," Christopher Louney, a gold and natural gas strategist at RBC Capital Markets, wrote.The dollar fell early, with the ICE dollar index down 0.2 points to 97.82, the lowest since Feb.27. Treasury yields also eased, with the yield on the U.S. two-year note last seen down 3.1 basis points to 3.893%, while the 10-year note was paying 4.323%, down 2.8 points.

$GCM6$GLD

Sectors94d ago

Sector Update: Health Care Stocks Mixed Pre-Bell Thursday

Health care stocks were mixed premarket Thursday, with the State Street Health Care Select Sector SPDR ETF (XLV) retreating by 0.1% and the iShares Biotechnology ETF (IBB) advancing 0.1%.Cytokinetics (CYTK) shares fell more than 1% premarket after the company said late Wednesday it priced its upsized public offering of about 9.9 million shares at $71 a piece for gross proceeds of around $700 million.Catalyst Pharmaceuticals (CPRX) stock was gaining over 2% before the opening bell after the company agreed to be acquired by Angelini Pharma in a deal with an equity value of about $4.1 billion. The company also said it has reached a settlement agreement with Hetero Labs to resolve patent litigation regarding a proposed generic version of Firdapse, or amifampridine.Lifestance Health Group (LFST) shares rose 11% after the company reported higher Q1 earnings and revenue.

$CPRX$CYTK$IBB$LFST$XLV

Sectors94d ago

Sector Update: Tech Stocks Gain Pre-Bell Thursday

Technology stocks were higher pre-bell Thursday, with the State Street Technology Select Sector SPDR ETF (XLK) advancing 0.1% and the State Street SPDR S&P Semiconductor ETF (XSD) 0.5% higher.Alphabet (GOOG, GOOGL) shares gained by 1.2% before the opening bell after closing the prior session with a 2.8% increase. Bloomberg reported Thursday that Google has proposed changes to how it shows news results in its search engine to avoid further EU competition fines.Advanced Micro Devices (AMD) stock was down 1.8% pre-bell after closing the prior session with a 18.6% rise. The company overnight posted stronger-than-expected fiscal Q1 results and issued an upbeat Q2 revenue outlook.ARM (ARM) shares fell over 7% in premarket activity after CEO Rene Haas said, in an earnings call with investors, that while demand for ARM's new AGI CPU doubled to $2 billion within six weeks of its launch, the company has only secured enough manufacturing capacity to fulfill half of those orders.

$AMD$ARM$GOOG$GOOGL$XLK$XSD

Sectors94d ago

Sector Update: Energy

Energy stocks were lower premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) retreating by 1.7%.The United States Oil Fund (USO) was down 4.9%, while the United States Natural Gas Fund (UNG) was 0.8% lower.Front-month US West Texas Intermediate crude oil was down 4.1% to $91.20 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil declined 3.7% to $97.56 per barrel, and natural gas futures were 1% lower at $2.70 per 1 million British Thermal Units.Shell (SHEL) shares fell 2.3% in early activity after the company reported lower-than-expected Q1 revenue.

$SHEL$UNG$USO$XLE

Sectors94d ago

Oil Prices Fall Again on Hopes a Deal to End the Iran War is Near

Oil prices fell again early on Thursday on rising hopes a potential peace deal between the United States and Iran will reopen the blockaded Strait of Hormuz, ending the largest-ever oil supply shock.West Texas Intermediate (WTI) crude oil for June delivery was last seen down US$3.06 to US$92.02 per barrel, while July Brent oil was down US$3.02 to US$98.25.The drop, which follows on Wednesday's 7% fall for WTI prices, comes amid rising optimism the United States and Iran are closer to a peace deal. The Wall Street Journal reported the two countries are working with mediators to come up with a framework to resume negotiations, with talks in Pakistan beginning as soon as next week on a 14-point memorandum of understanding (MoU) offered by the Trump Administration.There is no certainty talks will result in a deal between the two countries that will see a quick reopening of the Strait of Hormuz, the chokepoint for exports from Persian Gulf nations that supplied 20% of the world's daily oil demand. More than 1,000 ships have been trapped in the Gulf since the Feb. 28 start to the war and supplies of oil, refined products, LNG, fertilizer and other commodities are running short.The Guardian reported U.S. President Trump is signaling a deal is "very possible", even as Iranian officials called the MoU an "American wish list"."We should not be too optimistic about immediate agreement. A spokesperson for the Iranian finance ministry pushed back yesterday, calling parts of the US framework "ambitious and unrealistic proposals". So far, Tehran's wish list: set out in its 14-point response on May 2, is unchanged: full sanctions relief, release of frozen state assets, ~$270bn in reparations / reconstruction financing ("only way" to end the conflict), and a new multilateral mechanism for the SoH (Strait of Hormuz) that effectively recognizes Iranian sovereignty over it," Ole Hvalbye, a commodities analyst at SEB Research, wrote.

$CLM6$LCON6$USO

Sectors94d ago

Sector Update: Financial

Financial stocks were mostly lower pre-bell Thursday, with the State Street Financial Select Sector SPDR ETF (XLF) declining by 0.1%.The Direxion Daily Financial Bull 3X Shares (FAS) fell by 0.1%, and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.5% higher.Carlyle (CG) stock fell over 5% pre-bell after the company reported lower Q1 after-tax distributable earnings and revenue.

$CG$FAS$FAZ$XLF

Sectors94d ago

Sector Update: Health Care

Health care stocks were mixed premarket Thursday, with the State Street Health Care Select Sector SPDR ETF (XLV) retreating by 0.1% and the iShares Biotechnology ETF (IBB) advancing 0.03%.Viatris (VTRS) shares rose more than 1% pre-bell after the company reported higher Q1 financial results and reaffirmed its 2026 guidance.

$IBB$VTRS$XLV

Sectors94d ago

Sector Update: Consumer

Consumer stocks were higher premarket Thursday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) advancing 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gaining 0.8%.Tesla (TSLA) stock gained nearly 2% before the bell after Reuters reported that the EV maker's China-made electric vehicle sales rose for a sixth consecutive month on a year-over-year basis.

$TSLA$XLP$XLY

Sectors94d ago

Sector Update: Tech

Technology stocks were mixed pre-bell Thursday, with the State Street Technology Select Sector SPDR ETF (XLK) retreating by 0.2% and the State Street SPDR S&P Semiconductor ETF (XSD) 0.5% higher.Alphabet (GOOG, GOOGL) shares gained by 1.2% before the opening bell after closing the prior session with a 2.8% increase. Bloomberg reported Thursday that Google has proposed changes to how it shows news results in its search engine to avoid further EU competition fines.

$GOOG$GOOGL$XLK$XSD

Sectors94d ago

Markets Remain "Cautiously" Optimistic on Iran War Deal, Says Scotiabank

Markets continue to be "cautiously" optimistic on Thursday toward the prospect of a United States-Iran deal to end the war despite the appearances of the U.S. administration pumping the deal vastly more than the other side, said Scotiabank.Oil is off by another couple of US dollars a barrel early Thursday, noted the bank.Sovereign yields are slightly lower by 1bps to 2bps across major markets, stated Scotiabank. The US dollar (USD) is on the run, but with Norway's krone (NOK) outperforming after the central bank hiked.Equities are mixed, however, with North American futures in the black but European cash markets slightly in the red, added Scotiabank.Any hints at which direction negotiations are going will clearly dominate market movements relative to what else is on the line-up in the macroeconomics calendar, according to the bank.

$CXY$NOK$USD

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Sectors94d ago

Oil Prices Fall Again on Hopes a Deal to End the Iran War is Near

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