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Sectors101d ago

Sector Update: Health Care Stocks Softer in Afternoon Trading

Health care stocks declined Wednesday afternoon, with the NYSE Health Care Index down 0.8% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.9%.The iShares Biotechnology ETF (IBB) fell 2%.In corporate news, AbbVie (ABBV) raised its full-year outlook on Wednesday as the biopharmaceutical company recorded better-than-expected Q1 results, driven by robust revenue growth from its Skyrizi and Rinvoq immunology drugs. Its shares rose 3.4%.AstraZeneca (AZN) will invest 300 million pounds ($404.9 million) in the UK, focusing on its sites in Cambridge and Macclesfield, in a move aimed at boosting the country's life sciences sector, Bloomberg reported. AstraZeneca shares were down 1.2%.KalVista Pharmaceuticals (KALV) and Chiesi Group said Wednesday they have signed an agreement through which Chiesi will buy KalVista for $27 per share in cash, or about $1.9 billion. KalVista shares surged nearly 39%.

Sectors101d ago

Sector Update: Energy

Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each rising about 2%.The Philadelphia Oil Service Sector Index was increasing 0.5%, and the Dow Jones US Utilities Index was shedding 0.5%.Oil prices rallied Wednesday after US President Donald Trump reportedly rejected an Iranian proposal to lift the naval blockade. Trump told Axios on Wednesday he will maintain the US naval blockade of Iranian ports until Tehran agrees to a nuclear deal. Iran wanted the Strait of Hormuz opened before the two sides could sit down to discuss uranium enrichment at a later stage.Front-month West Texas Intermediate crude oil jumped 7.3% to $107.18 a barrel, and the global benchmark Brent crude contract climbed 7.4% to $119.47 a barrel. Henry Hub natural gas futures fell 2.2% to $2.63 per 1 million BTU.In corporate news, Phillips 66 (PSX) shares jumped past 6%. The firm reported Q1 adjusted earnings Wednesday of $0.49 per diluted share, swinging from a loss of $0.90 a share a year ago. Analysts polled by FactSet expected a loss of $0.54 a share. Phillips 66 also raised its annualized quarterly dividend by 7%.

Sectors101d ago

Sector Update: Tech

Tech stocks were higher Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) up 0.2% and the State Street SPDR S&P Semiconductor ETF (XSD) gaining 3.6%.The Philadelphia Semiconductor index rose 1.5%.In corporate news, Seagate Technology (STX) shares jumped past 10% after it reported overnight stronger-than-expected fiscal Q3 earnings and revenue, as well as guidance for the next quarter that beat estimates.

Sectors101d ago

Sector Update: Financial

Financial stocks edged down in Wednesday afternoon trading, with the NYSE Financial Index decreasing 0.3% and the State Street Financial Select Sector SPDR ETF (XLF) fractionally lower.The Philadelphia Housing Index was falling 1.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.4%.Bitcoin (BTC-USD) was declining 0.5% to $75,931, and the yield for 10-year US Treasuries rose 4.8 basis points to 4.40%.In corporate news, Visa (V) shares jumped nearly 9% after it lifted its full-year growth outlook and reported better-than-expected fiscal Q2 results.

Sectors101d ago

Sector Update: Health Care

Health care stocks declined Wednesday afternoon, with the NYSE Health Care Index down 0.4% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.7%.The iShares Biotechnology ETF (IBB) fell 1.7%.In corporate news, AbbVie (ABBV) raised its full-year outlook on Wednesday as the biopharmaceutical company recorded better-than-expected Q1 results, driven by robust revenue growth from its Skyrizi and Rinvoq immunology drugs. Its shares rose 3.3%.

Sectors101d ago

Sector Update: Consumer

Consumer stocks were mixed Wednesday 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) down 0.4%.In corporate news, Wingstop (WING) reduced its 2026 domestic same-store sales outlook as the restaurant chain reported weaker-than expected Q1 revenue. Its shares fell 4%.

Sectors101d ago

U.A.E's OPEC Withdrawal Likely to Begin Lowering Oil Prices by 2027

The decision by the United Arab Emirates to withdraw from the OPEC cartel on May 1 is unlikely to offer any near-term relief from high oil prices this year, but raises over-supply risks and lower prices beginning as soon as 2027, Woods Mackenzie said on Wednesday.The UAE's move to leave OPEC comes amid its long-standing push to boost production as it chafed under OPEC quotas while spending to boost its potential output. The country is OPEC's No.3 oil producer and the world's No.7 exporter. Removing quota restrictions makes it a powerful competitor to the cartel and could begin returning the market to over-supply once a recovery from the Iran war is complete."As the nation with the second-largest liquids capacity in OPEC, the UAE's exit is momentous. However, it's not entirely surprising as political tensions between the UAE and Saudi Arabia have been building over the last few years and have intensified in recent months amid the ongoing conflict in Iran. UAE's departure from OPEC will have minimal impact on market fundamentals in 2026, even if the Strait of Hormuz reopens. Gulf countries, including the UAE, will take months to return to pre-war production volumes. Beyond this year, losing the UAE will compound OPEC's challenge to balance the market and increase the risk of oversupply weakening prices," chief analyst Simon Flowers said in a release.The analytics firm said when the UAE begins competing with OPEC, OPEC+ and other producers for market share next year "challenges OPEC's current policy of unwinding its voluntary cuts. If tensions escalate, competition between the UAE and OPEC for market share could send medium-term oil prices sharply lower".

$CLM6$LCOM6$USO

Sectors101d ago

US Total Crude Oil Stocks Fall in Week Ended April 24

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 13.4 million barrels in the week ended April 24 following a decrease of 2.2 million barrels in the previous week.Excluding inventories in the SPR, commercial crude oil stocks decreased by 6.2 million-barrels after a 1.9-million-barrel increase in the previous week, more than the 190,000 barrel decrease expected in a survey compiled by Bloomberg.Stocks in the SPR also fell by 7.1 million in the week after falling by 4.1 million in the previous week.Overall crude oil stocks were down 1.5% from the previous week but were still up 2.2% from a year earlier. Crude oil inventories are about 1% higher than the five-year average for this time of the year.Gasoline stocks decreased by 6.1 million barrels, more than the 2.8 million barrel decrease expected. Gasoline stocks were 2.7% lower from the previous week, and 1.4% down from a year earlier.Distillate stocks fell by 4.5 million barrels in the current week, compared with an expected decrease of 2.2 million barrels. Distillate stocks were 4.2% less than in the previous week and 3.9% lower than in the same week a year ago.Refineries operated at 89.6% of their capacity, slightly higher than the 89.1% rate in the previous week.

Sectors101d ago

US Total Weekly EIA Crude Oil Stocks Fall by 13.4 Million Barrels After Prior 2.2 Million Decrease

Sectors101d ago

Natural Gas Falls as Mild Weather Checks Demand

Natural gas traded lower early Wednesday as mild temperatures continue to check cooling demand.Gas for June delivery was last seen down $0.05 to US$2.64 per million British thermal units.The drop comes as cool forecasts keep demand for electricity to power air conditions low, checking the call on supply from generators.Long-term forecasts from the National Weather Service offer little hope for a jump in demand, with the agency's sox to 14 day forecast expecting nearly all states east of the Rocky Mountains to have cooler than seasonal weather over the period.

Sectors101d ago

Sector Update: Energy Stocks Edge Higher Pre-Bell Wednesday

Energy stocks were edging higher pre-bell Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 1.2%.The United States Oil Fund (USO) was up 3.4% and the United States Natural Gas Fund (UNG) was 2.4% lower.Front-month US West Texas Intermediate crude oil was 3.7% higher at $103.58 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3.6% to $115.29 per barrel, and natural gas futures were down 2.5% at $2.62 per 1 million British Thermal Units.TotalEnergies (TTE) shares were up 1% after the company posted higher Q1 adjusted earnings and revenue.Phillips 66 (PSX) stock was up more than 1% after the company reported that it swung to Q1 adjusted earnings.Delek US (DK) shares were up more than 4% after the company posted a swing to Q1 adjusted earnings as net revenue increased during the period.

$DK$PSX$TTE$UNG$USO$XLE

Sectors101d ago

Sector Update: Financial Stocks Advance Premarket Wednesday

Financial stocks were advancing premarket Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) up 0.2%.The Direxion Daily Financial Bull 3X Shares (FAS) was 0.2% higher and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was down 0.5%.UBS Group (UBS) shares were up 5% after the company posted higher Q1 earnings and revenue.Banco Santander (SAN) stock was up more than 1% after the company reported higher Q1 earnings and revenue.Robinhood Markets (HOOD) shares were down more than 12% after the company reported Q1 earnings and revenue that missed analysts' expectations.

$FAS$FAZ$HOOD$SAN$UBS$XLF

Sectors101d ago

Sector Update: Health Care Stocks Mixed Pre-Bell Wednesday

Health care stocks were mixed pre-bell Wednesday, with the State Street Health Care Select Sector SPDR ETF (XLV) 0.4% lower and the iShares Biotechnology ETF (IBB) up 0.1%.Teva Pharmaceutical Industries (TEVA) shares were up more than 8% after the company posted higher Q1 non-GAAP earnings and net revenue.AstraZeneca (AZN) stock was down more than 1% even after the company reported higher Q1 core earnings and revenue.GE Healthcare Technologies (GEHC) shares were down more than 9% after the company posted a decline in Q1 adjusted earnings, and cut its 2026 adjusted EPS outlook.

$AZN$GEHC$IBB$TEVA$XLV

Sectors101d ago

Sector Update: Consumer Stocks Lean Lower Premarket Wednesday

Consumer stocks were leaning lower premarket Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) down 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) declining by 0.4%.Bunge Global (BG) shares were up more than 2% after the company posted higher Q1 adjusted earnings and net sales, and raised its 2026 adjusted EPS outlook.Yum China (YUMC) stock was up more than 3% after the company reported higher Q1 adjusted earnings and revenue.Brinker International (EAT) shares were up more than 9% after the company reported higher fiscal Q3 non-GAAP net income and revenue.

$BG$EAT$XLP$XLY$YUMC

Sectors101d ago

Sector Update: Tech Stocks Rise Pre-Bell Wednesday

Technology stocks were rising pre-bell Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) advancing by 0.6% and the State Street SPDR S&P Semiconductor ETF (XSD) up 2.8%.Seagate Technology Holdings (STX) stock was up more than 14% after the company posted higher fiscal Q3 non-GAAP earnings and revenue, and issued fiscal Q4 outlook above analysts' estimates.Automatic Data Processing (ADP) shares were up more than 3% after the company reported higher fiscal Q3 adjusted earnings and revenue, and raised its 2026 outlook.United Microelectronics (UMC) shares were up more than 8% after the company posted higher Q1 earnings and operating revenue.

$ADP$STX$UMC$XLK$XSD

Sectors101d ago

Gold Falls to a Month Low as Rising Energy Costs Expected to Boost Inflation

Gold traded lower for a third-straight day early Wednesday, pressured by inflation worries even as the Federal Reserve's policy committee is expected to leave rates unchanged when it ends its two-day meeting this afternoon. Gold for June delivery was last seen down $33.30 to US$4,575.10 per ounce, the lowest since March 30.With oil trading near four-year highs amid the Iran war, traders have moved away from gold as a safe haven, turning instead to the dollar and bonds to hedge against the threat rising energy prices will boost inflation and force interest rates higher."With oil-led inflation risks remaining the main driver, as rising energy prices strengthen the dollar and reinforce a higher-for-longer interest rate outlook. For now, the market's immediate focus remains on mediation efforts, with a reopening of the strait and a subsequent drop in oil prices representing the biggest short-term upside catalyst for both gold and silver," Saxo Bank noted.But higher rates are not yet on the way. The Federal Open Market Committee and the Bank of Canada will both release interest-rate decisions today and both are expected to leave rates steady.The dollar was higher early, with the ICE dollar index last seen up 0.09 points to 98.73. Treasury yields also moved up, with the U.S. two-year note last seen paying 3.879%, up 2.9 basis points, while the yield on the 10-year note was up 2.0 points to 4.373%.

Sectors101d ago

Sector Update: Energy

Energy stocks were rising pre-bell Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 1.3%.The United States Oil Fund (USO) was up 3.5% and the United States Natural Gas Fund (UNG) was 2.5% lower.Front-month US West Texas Intermediate crude oil was 4% higher at $103.88 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 3.8% to $115.44 per barrel, and natural gas futures were down 1.9% at $2.64 per 1 million British Thermal Units.TotalEnergies (TTE) shares were up more than 1% after the company posted higher Q1 adjusted earnings and revenue.

Sectors101d ago

Sector Update: Financial

Financial stocks were advancing premarket Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) up 0.2%.The Direxion Daily Financial Bull 3X Shares (FAS) was 0.2% higher and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was down 0.3%.UBS Group (UBS) shares were up more than 4% after the company posted higher Q1 earnings and revenue.

Sectors101d ago

Sector Update: Health Care

Health care stocks were mixed pre-bell Wednesday, with the State Street Health Care Select Sector SPDR ETF (XLV) 0.6% lower and the iShares Biotechnology ETF (IBB) up 0.1%.Teva Pharmaceutical Industries (TEVA) shares were up more than 9% after the company posted higher Q1 non-GAAP earnings and net revenue.

Sectors101d ago

Sector Update: Consumer

Consumer stocks were leaning lower premarket Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) down 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) declining by 0.5%.Bunge Global (BG) shares were up more than 1% after the company posted higher Q1 adjusted earnings and net sales, and raised its 2026 adjusted EPS outlook.