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Sector Update: Energy

Energy stocks rose late Friday afternoon with the NYSE Energy Sector Index increasing 0.6% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.9%.The Philadelphia Oil Service Sector Index advanced 0.2%, and the Dow Jones US Utilities Index rose 1.1%.Oil prices fell following media reports that the US and Iran are nearing a potential peace deal, just days after the two sides exchanged strikes in a sharp escalation of tensions since a ceasefire in April.West Texas Intermediate crude oil fell 3.8% to $84.34 a barrel, and global benchmark Brent dropped 3.9% to $86.88 a barrel. Henry Hub natural gas futures rose 1.1% to $3.12 per 1 million BTU.In corporate news, Venture Global (VG) shares were rising 2.8%. The company said late Thursday it closed an offering of $1.13 billion of 6.375% senior secured notes due Dec. 15, 2034, and $1.13 billion of 6.625% senior secured notes due June 15, 2036.

Sector Update: Consumer

Consumer stocks were mixed late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) fractionally lower.In corporate news, Target (TGT) is showing early signs of a potential multiyear turnaround after a strong start to 2026, with UBS Securities saying the retailer's transformation has multiple stages beyond the initial comp recovery. UBS has a buy rating on the stock and a price target of $144. Target shares were up 2.1%.

Sector Update: Healthcare

Healthcare stocks edged lower late Friday afternoon, with the NYSE Healthcare Index and the State Street Health Care Select Sector SPDR ETF (XLV) each decreasing 0.2%.The iShares Biotechnology ETF (IBB) increased 0.1%.In corporate news, Merck's (MRK) Belzutifan in combination with pembrolizumab has been approved for the adjuvant treatment of adults with renal cell carcinoma, the US Food and Drug Administration said Friday. Merck shares were down 0.8%.

Sector Update: Tech

Tech stocks were higher late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.1% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 1.8%.The Philadelphia Semiconductor index climbed 2.1%.In corporate news, Meta Platforms (META) said Friday that Facebook and Instagram were recovering after users reported issues accessing the social media platforms earlier in the day. Meta shares were down 0.3%.

Sector Update: Financial

Financial stocks were advancing in late Friday afternoon trading, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each rising 1.3%.The Philadelphia Housing Index was up 0.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 0.9%.Bitcoin (BTC-USD) was increasing 0.1% to $63,652, and the yield for 10-year US Treasuries rose 1.4 basis points to 4.477%.In corporate news, BlackRock (BLK) and State Street Investment Management (STT) are facing fresh competition as New York City's pension system opens a bidding process for about $92 billion of stock index funds the two firms currently oversee, Bloomberg reported. BlackRock manages about $65 billion of the passive equity portfolio and State Street about $27 billion, the report said. BlackRock and State Street shares were each up 1.5%.

Update: WTI Oil Falls to a Two-Month Low on Reports a U.S. Peace Deal With Iran is Near

West Texas Intermediate (WTI) crude oil fell for a second day on Friday, falling to the lowest in nearly two months on expectations the United States and Iran are near a deal to end their war and reopen the Strait of Hormuz.WTI crude oil for July delivery closed down US$2.893 to settle at US$84.88 per barrel, the lowest since April 17, while August Brent oil was last seen down US$3.11 to US$87.27.The drop comes as U.S. President Trump on Thursday said he canceled planned attacks on Iran and said a peace deal with the country is near. Reports said a deal could be signed this weekend, however the Wall Street Journal said Iran has not yet agreed to the peace proposal, though Qatar's leader, Sheikh Tamim bin Hamad al-Thani, which is mediating talks, confirmed progress is being made on a agreement.A deal could see the Strait of Hormuz reopen freeing up trapped supplies from the Persian Gulf nations that supplied about 20% of daily oil demand before the Strait was closed to shipping at the Feb. 28 start of the war. Traders are expecting a peace deal to offer a quick boost to supply as tankers trapped within the Gulf since the Strait was closed move to market, easing worries over depleted inventories and ending the largest ever supply shock."Oil slumped after President Trump talked up another peace deal, with markets this time appearing increasingly willing to believe it may be for real, despite the lack of confirmation from Tehran. Brent crude fell to a two-month low amid expectations of a surge in supply from tankers currently stranded in the Gulf," Saxo Bank wrote.Still, a recovery of normal supply from the Persian Gulf is expected to be slow, as damage to infrastructure from the war is repaired and countries in the region restart shut-in oil fields, continuing the draw down on global inventories that began with the start of the conflict."Once the traffic through the Strait of Hormuz gradually begins to resume and shut-in oil production increasingly restarts, we assume (Brent) oil prices will begin to fall, decreasing to an average of $89/b by 4Q26. We assess that most shut-in oil production will be fully restored in 1Q27 and that global oil inventories will again start building, gradually lowering oil prices to an average of $79/b in 2027," the U.S. Energy Information Administration said in its monthly Short-Term Oil Energy Outlook released this week.

$CLN6$LCOQ6$USO

Update: Gold Rises Off a Seven-Month Low on Hopes a U.S.-Iran Peace Deal is Near

(Updates prices.)Gold traded sharply higher midafternoon on Friday, rising off a seven-month low on expectations Iran is ready to sign a peace deal with the United States, promising to lower the high oil prices that have raised inflation and boosted the U.S. dollar and bond yields.Gold for July delivery was last seen up US$124.80 to US$4,238.80 per ounce after falling to the lowest since Nov. 20 a day earlier.The rise comes as U.S. President Trump on Thursday said he canceled planned attacks on Iran and said a peace deal with the country is near. Reports said a deal could be signed this weekend, however the Wall Street Journal said Iran has not yet agreed to the peace proposal, though Qatar's leader, Sheikh Tamim bin Hamad al-Thani, who is mediating talks, confirmed progress is being made on a agreement.A deal could see the Strait of Hormuz reopen freeing up trapped supplies from the Persian Gulf nations that supplied about 20% of daily oil demand before the Strait was closed to shipping at the Feb. 28 start of the war, easing the high oil prices that have boosted inflation and threatened to force central banks to raise interest rates."Before the market can look beyond the next headline and refocus on longer-term supportive themes, investors need confidence that the inflation genie is being pushed back into the bottle. For that to happen, markets will need a peace agreement signed and endorsed by both sides," Saxo Bank wrote.The dollar was lower, with the ICE dollar index last seen down 0.12 points to 99.74. Treasury yields rose, bearish for gold since it pays no interest. The U.S. two year note was last seen paying 4.087%, up 1.5 basis points, while the yield on the 10-year note was up 1.0 points to 4.482%.

Sector Update: Financial Stocks Higher Friday Afternoon

Financial stocks were advancing in Friday afternoon trading, with the NYSE Financial Index rising 1.2% and the State Street Financial Select Sector SPDR ETF (XLF) adding 1.1%.The Philadelphia Housing Index was up 0.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) rose 0.8%.Bitcoin (BTC-USD) was increasing 0.5% to $63,887, and the yield for 10-year US Treasuries was rising 2 basis points to 4.483%.In economic news, US consumer sentiment has rebounded in June as gasoline prices eased, while the inflation outlook dropped, the University of Michigan's preliminary survey showed Friday. The main sentiment index rose 9.2% sequentially to 48.9 this month, following three consecutive drops. The consensus was for a 46 print in a Bloomberg poll.In sector news, US banking regulators are ramping up their review of the use of AI in financial services, along with its potential risks, Reuters reported. The US Federal Reserve and the Office of the Comptroller of the Currency have started asking banks to detail their use of AI in lending and customer checks, among other processes, during routine bank assessments, the report said.In corporate news, Robinhood (HOOD) saw heavy traffic Friday, leading to latency and intermittent issues for some customers, the company's official help account said in a post on X. Essential systems have recovered and teams are closely monitoring the situation, according to the social media post. Robinhood shares rose 0.6%.Vanguard has surpassed BlackRock (BLK) to become the largest exchange-traded fund issuer in the US, with about $4.39 trillion in assets across its US-listed ETFs, Bloomberg reported. The milestone follows approximately $13 billion in net inflows in the latest session, pushing Vanguard's ETF assets above the roughly $4.36 trillion managed by BlackRock, the report said. BlackRock shares were up 0.9%.HSBC (HSBC) has roughly $400 million of exposure to IFFCO, a consumer goods company in the Middle East that has struggled for months to restructure about $2 billion in debt, Bloomberg reported. HSBC shares were rising 1.7%.

Sector Update: Energy Stocks Advance Friday Afternoon

Energy stocks rose Friday afternoon with the NYSE Energy Sector Index gaining 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.9%.The Philadelphia Oil Service Sector Index eased 0.1%, and the Dow Jones US Utilities Index rose 0.6%.Oil prices fell following media reports that the US and Iran are nearing a potential peace deal, just days after the two sides exchanged strikes in a sharp escalation of tensions since a ceasefire in April.US Energy Secretary Chris Wright said about 7 million barrels of daily oil and fuel shipments are flowing through the Strait of Hormuz, or about half the volumes stranded at the start of the war with Iran, Bloomberg reported.West Texas Intermediate crude oil fell 3.4% to $84.76 a barrel, and global benchmark Brent dropped 3.6% to $87.17 a barrel. Henry Hub natural gas futures rose 1.2% to $3.13 per 1 million BTU.In corporate news, Exxon Mobil (XOM) is studying potential takeover targets, including Woodside Energy (WDS), as the energy giant looks to increase its presence in the liquified natural gas sector and in Asian markets, Bloomberg reported. Exxon shares rose 0.5%, and Woodside jumped 6.3%.Shell (SHEL) is planning to begin the sale of its offshore wind farms for over $1 billion by the end of this year as the company prioritizes its fossil fuel business, Bloomberg reported. Shell shares eased 0.1%.BP (BP) started a process to sell minority stakes in its Kaskida and Tiber projects in the Gulf of Mexico, Reuters reported. BP shares rose 0.2%.

$BP$SHEL$WDS$XOM

Sector Update: Healthcare Stocks Softer in Afternoon Trading

Healthcare stocks edged lower Friday afternoon, with the NYSE Healthcare Index and the State Street Health Care Select Sector SPDR ETF (XLV) each decreasing about 0.1%.The iShares Biotechnology ETF (IBB) rose 0.5%.In corporate news, Jazz Pharmaceuticals (JAZZ) shares fell 1.3% after it said a phase 3 trial of Zepzelca in second-line metastatic small cell lung cancer failed to meet its primary endpoint.Avalo Therapeutics' (AVTX) lead drug abdakibart is now a cleaner immunology story following positive phase 2 trial data to treat skin disease hidradenitis suppurativa, BofA Securities said. BofA started coverage of the stock with a buy rating and a price target of $35. Avalo shares jumped 6%.Cogent Biosciences (COGT) said Bezuclastinib showed "rapid and deep" clinical benefit in advanced systemic mastocytosis patientsfollowing detailed and updated trial results. Shares rose 1.6%.

$AVTX$COGT$JAZZ

Sector Update: Consumer Stocks Mixed Friday Afternoon

Consumer stocks were mixed Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.1%.US consumer sentiment has rebounded in June as gasoline prices eased, while the inflation outlook dropped, the University of Michigan's preliminary survey showed Friday. The main sentiment index rose 9.2% sequentially to 48.9 this month, following three consecutive drops. The consensus was for a 46 print in a Bloomberg poll.In corporate news, Lennar (LEN) shares fell 4.5% after the homebuilder issued a fiscal Q3 delivery outlook below market estimates, while its revenue trailed expectations in the previous three-month period amid persistent housing market headwinds.Uber (UBER) is contacting parties interested in Delivery Hero's regional businesses as it seeks regulatory approval for its planned takeover of the German food delivery company, Bloomberg reported. Uber shares were down 2.2%.General Motors (GM) was awarded a $623.8 million firm-fixed-price Army contract for infantry squad vehicles and winch kits, the US Department of Defense said Thursday. GM shares rose 0.8%.

Market Chatter: US Official Says 80% to 85% Chance Iran Deal Gets Signed

There is an 80% to 85% chance that a deal with Iran gets signed, but it's not 100%, Bloomberg reported Friday, citing a senior US administration official.(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.)

US Official Says Up to 85% Chance Iran Deal Gets Signed, Bloomberg Reports

Sector Update: Tech Stocks Rise Friday Afternoon

Tech stocks were higher Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.2% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 2%.The Philadelphia Semiconductor index climbed 2.4%.In corporate news, Space Exploration Technologies (SPCX) shares jumped 28% as Elon Musk's rocket and satellite company debuted on the Nasdaq in what is poised to be the world's biggest initial public offering ever.Nvidia (NVDA) has informed Chinese clients that its new Vera central processors for AI data centers could be available as early as August and that they can start ordering, Reuters reported. Nvidia shares added 0.2%.Adobe's (ADBE) CFO departure and fiscal 2026 organic annual recurring revenue outlook have created more uncertainty for the company, outweighing its fiscal Q2 results, RBC Capital Markets said in a note emailed Friday. Adobe shares fell past 7%.

$ADBE$NVDA$SPCX

Sector Update: Financial

Financial stocks were advancing in Friday afternoon trading, with the NYSE Financial Index rising 1.1% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 1.2%.The Philadelphia Housing Index was up 0.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 0.7%.Bitcoin (BTC-USD) was increasing 0.5% to $63,887, and the yield for 10-year US Treasuries was rising 2 basis points to 4.483%.In corporate news, Vanguard has surpassed BlackRock (BLK) to become the largest exchange-traded fund issuer in the US, with about $4.39 trillion in assets across its US-listed ETFs, Bloomberg reported. The milestone follows approximately $13 billion in net inflows in the latest session, pushing Vanguard's ETF assets above the roughly $4.36 trillion managed by BlackRock, the report said. BlackRock shares were up 1%.

Sector Update: Energy

Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index rising 1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.1%.The Philadelphia Oil Service Sector Index was fractionally higher, and the Dow Jones US Utilities Index rose 0.7%.Oil prices fell on Friday following media reports that the US and Iran are nearing a potential peace deal, just days after the two sides exchanged strikes in a sharp escalation of tensions since a ceasefire in April.The US and Iran are edging closer to an interim agreement to reopen the Strait of Hormuz, Bloomberg reported Friday, citing senior officials. The signing of the potential agreement could come on the sidelines of the Group of Seven summit starting next week in France. The agreement would extend the existing ceasefire by around two months and open further negotiations over Iran's nuclear program, the report said.Front-month West Texas Intermediate crude oil fell 3.6% to $84.59 a barrel, and the global benchmark Brent crude contract dropped 3.6% to $87.14 a barrel. Henry Hub natural gas futures rose 1.3% to $3.13 per 1 million BTU.In corporate news, Exxon Mobil (XOM) is studying potential takeover targets, including Woodside Energy (WDS), as the energy giant looks to increase its presence in the liquified natural gas sector and in Asian markets, Bloomberg reported. Exxon shares rose 0.7%, and Woodside jumped past 6%.

Sector Update: Healthcare

Healthcare stocks declined Friday afternoon, with the NYSE Healthcare Index decreasing 0.2% and the State Street Health Care Select Sector SPDR ETF (XLV) easing 0.1%.The iShares Biotechnology ETF (IBB) rose 0.5%.In corporate news, Jazz Pharmaceuticals (JAZZ) shares fell 1.6% after it said Friday that a phase 3 trial of Zepzelca in second-line metastatic small cell lung cancer failed to meet the primary overall survival endpoint, whether used alone or in combination with irinotecan, versus the investigator's choice of chemotherapy.

Sector Update: Consumer

Consumer stocks were mixed Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) fractionally higher and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.5%.In corporate news, Lennar (LEN) shares fell 4.7% after the homebuilder issued a fiscal Q3 delivery outlook below market estimates, while its revenue trailed expectations in the previous three-month period amid persistent housing market headwinds.

Sector Update: Tech

Tech stocks were higher Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 1.9%.The Philadelphia Semiconductor index climbed 2.1%.In corporate news, Space Exploration Technologies (SPCX) shares jumped 24% as Elon Musk's rocket and satellite company debuted on the Nasdaq in what is poised to be the world's biggest initial public offering ever.

Market Chatter: US Energy Secretary Says Half of Hormuz Oil Stoppages Have Eased

US Energy Secretary Chris Wright said about 7 million barrels of daily oil and fuel shipments are flowing through the Strait of Hormuz, or about half the volumes stranded at the start of the war with Iran, Bloomberg reported Friday, citing Wright's remarks at an energy briefing in Houston.(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.)