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NY Crude Now Up 3.5% at US$105.50 and Brent Crude Up 3.6% at Near US$112.10

NY Crude Up 4.3% at US$106.30 and Brent Crude Up 4.8% at Near US$113.35; Iran Announcing New 'Control Zone' In Strait of Hormuz, says Bloomberg TV, citing Tasnim

Brent Crude Up 1.6% at Near US$109.90

Crude Oil Prices Jump Amid Lack of Peace Deal, Constrained Flows Through Strait of Hormuz

Crude oil prices surged on Monday as negotiations to end the war in Iran remain at a standstill, with a grim outlook for flows through the Strait of Hormuz.Brent crude at last look jumped 1.2% to US$109.43/barrel and West Texas Intermediate crude rose 1% to $102.94/barrel. This comes as U.S. President Donald Trump said the U.S. plans to assist ships passing through the Strait of Hormuz, but shipping through the waterway is still constrained, Reuters said in a Monday report.In response, Iran's military warned U.S. forces not to enter the strait, the report said."The path for prices remains skewed to the upside as long as flows through the Strait remain restricted," Reuters quoted UBS analyst Giovanni Staunovo as saying.Trump is prioritizing a nuclear deal with Tehran, but Iran wants to defer nuclear talks until after the war and first lift rival blockades on Gulf shipping, Reuters reported.

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Sector Update: Financial Stocks Decline Late Afternoon

Financial stocks were softer in late Friday afternoon trading, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each down about 0.2%.The Philadelphia Housing Index was shedding 1.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) eased 0.1%Bitcoin (BTC-USD) advanced 2.8% to $78,463, and the yield for 10-year US Treasuries decreased 1.2 basis points to 4.378%.In economic news, the S&P Global US manufacturing index for April was revised slightly upwards to 54.5 from the flash reading of 54.0, compared with expectations for a no revision in a survey compiled by Bloomberg.The Institute for Supply Management's US manufacturing index was unchanged in April from the 52.7 reading in March, below the expectations for a 53.2 reading in a survey compiled by Bloomberg.In regulatory news, the US Securities and Exchange Commission's proposal to let public companies report results twice a year instead of every quarter has passed a White House review, according to an Office of Management and Budget document.In sector news, Opay Digital Services has hired Citigroup (C), Deutsche Bank (DB), and JPMorgan (JPM) as the Nigerian payments platform prepares for an initial public offering in the US, Bloomberg reported.In corporate news, BayFirst Financial (BAFN) shares fell past 25% after it reported late Thursday a wider Q1 loss and lower revenue.UWM (UWMC) is urging Two Harbors Investment's (TWO) shareholders to press the board to accept its $12-per-share acquisition bid, up from prior $11.30 offer, according to an open letter Thursday. Two Harbors shares jumped past 8%, and UWM rose 3.5%.Cboe Global Markets (CBOE) shares were up more than 8% after the company posted higher Q1 adjusted earnings and revenue.Aon (AON) reported Q1 adjusted earnings Friday of $6.48 per diluted share, up from $5.67 a year earlier. Analysts polled by FactSet expected $6.37. Aon shares were 0.3% higher.

$AON$BAFN$CBOE$TWO$UWMC

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks fell late Friday afternoon with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each falling 1.1%.The Philadelphia Oil Service Sector Index dropped 0.6%, and the Dow Jones US Utilities Index declined 0.5%.West Texas Intermediate crude oil fell 3% to $101.93 a barrel, and global benchmark Brent dropped 1.9% to $108.33 a barrel. Henry Hub natural gas futures rose 0.8% to $2.79 per 1 million BTU.In corporate news, Exxon Mobil (XOM) and Chevron (CVX) reported declines in Q1 earnings amid supply disruptions due to the Middle East war, though the results came in ahead of Wall Street's estimates. Exxon shares fell 0.6%, and Chevron declined 1.2%.BP (BP) is considering exiting part or all of its operations in the UK North Sea in order to strip assets and pay down debt, Bloomberg reported. BP shares fell 2.1%.Portland General Electric (POR) shares fell 4% the company reported Q1 earnings and revenue that missed estimates.Occidental Petroleum (OXY) appointed Chief Operating Officer Richard Jackson to succeed Vicki Hollub as president and CEO, starting June 1. Occidental shares declined 3.3%.

$BP$CVX$OXY$POR$XOM

Sector Update: Health Care Stocks Softer Late Afternoon

Health care stocks declined late Friday afternoon with the NYSE Health Care Index easing 0.2% and the State Street Health Care Select Sector SPDR ETF (XLV) falling 0.4%.The iShares Biotechnology ETF (IBB) shed 0.6%.In corporate news, Moderna (MRNA) affirmed its 2026 revenue growth outlook and reported better-than-expected Q1 results amid higher COVID vaccine sales. The stock still declined 1.4%.Amgen's (AMGN) Q1 EPS beat was primarily driven by lower administrative costs and taxes, Morgan Stanley said. Amgen shares fell 4.9%.Eli Lilly's (LLY) international rollout of its new oral weight-loss drug is off to a strong start, with early demand for Foundayo building quickly, BofA Securities said. Lilly shares rose 3.1%.Novo Nordisk (NVO) rebranded its oral semaglutide medication for type 2 diabetes as Ozempic. It was formerly marketed as Rybelsus. Novo shares gained 3.9%.

$AMGN$LLY$MRNA$NVO

Sector Update: Tech Stocks Gain Late Afternoon

Tech stocks were higher late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.6% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing 2.1%.The Philadelphia Semiconductor index added 1%.In corporate news, Apple (AAPL) gained 3.3% after the company overnight reported a year-over-year surge in fiscal Q2 earnings and revenue. Apple's board also raised its quarterly dividend and approved an additional share buyback program of up to $100 billion.Atlassian (TEAM) shares soared 30% after it reported better-than-expected fiscal Q3 results.Reddit (RDDT) shares surged 15% after it provided an upbeat revenue outlook at the midpoint for Q2 on the back of stronger-than-expected results in the previous three-month period.Universal Display's (OLED) shares climbed past 10% after the company announced a new $400 million stock repurchase plan and reported Q1 results.

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Sector Update: Consumer Stocks Mixed Late Afternoon

Consumer stocks were mixed late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 0.6%.In sector news, Spirit Airlines failed to secure sufficient support from certain bondholders and the federal government for a $500 million lifeline, The Wall Street Journal reported. As a result, the airline is preparing to cease operations, the report said.In corporate news, Colgate-Palmolive (CL) shares rose 1.8% after the company reported Q1 results that topped analysts' expectations.The United Auto Workers union intends to hold a vote next week over whether to strike at a Stellantis (STLA) pickup truck factory in Suburban Detroit, Bloomberg reported, citing a UAW podcast. Stellantis shares were down 1.6%.Newell Brands (NWL) raised its 2026 sales outlook, crediting tax refunds, operational improvements, and better-than-expected consumer demand. Its shares jumped past 9%.Estee Lauder (EL) lifted its full-year earnings outlook on Friday as the cosmetics company said it aimed to lay off more staff than previously planned as part of an ongoing restructuring program. Its shares rose 2.4%.

$CL$EL$NWL$STLA

Sector Update: Energy

Energy stocks were lower late Friday afternoon, with the NYSE Energy Sector Index falling 1.1% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 1.1%.The Philadelphia Oil Service Sector Index decreased 0.3%, and the Dow Jones US Utilities Index declined 0.5%.Front-month West Texas Intermediate crude oil fell 3% to $101.93 a barrel, and the global benchmark Brent crude contract dropped 1.9% to $108.33 a barrel. Henry Hub natural gas futures rose 0.8% to $2.79 per 1 million BTU.In corporate news, Portland General Electric (POR) shares fell 3.6% after it reported Q1 earnings and revenue Friday that fell year on year and missed analysts' estimates.

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Sector Update: Financial Stocks

Financial stocks declined in late Friday afternoon trading, with the NYSE Financial Index down 0.3% and the State Street Financial Select Sector SPDR ETF (XLF) fractionally lower.The Philadelphia Housing Index was shedding 1.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) eased 0.1%Bitcoin (BTC-USD) advanced 2.8% to $78,463, and the yield for 10-year US Treasuries decreased 1.2 basis points to 4.378%.In corporate news, BayFirst Financial's (BAFN) shares fell past 22% after it reported late Thursday a wider Q1 loss and lower revenue.

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Sector Update: Health Care

Health care stocks were softer late Friday afternoon with the NYSE Health Care Index fractionally lower and the State Street Health Care Select Sector SPDR ETF (XLV) decreasing 0.4%.The iShares Biotechnology ETF (IBB) shed 0.7%.In corporate news, Eli Lilly's (LLY) international rollout of its new oral weight-loss drug is off to a strong start, with early demand for Foundayo building quickly, BofA Securities said in a report. Lilly shares were up 3%.

$LLY

Sector Update: Tech

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Sector Update: Consumer

Consumer stocks were mixed late Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 0.6%.In corporate news, Colgate-Palmolive (CL) shares rose 1.9% after the company reported Q1 results that topped analysts' expectations.

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June WTI Crude Oil Contract Closes Down US$3.13; Settles at US$101.94 per Barrel

Sector Update: Financial Stocks Mixed Friday Afternoon

Financial stocks were mixed in Friday afternoon trading, with the NYSE Financial Index down 0.1% and the State Street Financial Select Sector SPDR ETF (XLF) increasing 0.3%.The Philadelphia Housing Index was shedding 0.9%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) eased 0.2%Bitcoin (BTC-USD) advanced 2.5% to $78,207, and the yield for 10-year US Treasuries was decreasing 1.6 basis points to 4.37%.In economic news, the S&P Global US manufacturing index for April was revised slightly upwards to 54.5 from the flash reading of 54.0, compared with expectations for a no revision in a survey compiled by Bloomberg.The Institute for Supply Management's US manufacturing index was unchanged in April from the 52.7 reading in March, below the expectations for a 53.2 reading in a survey compiled by Bloomberg.In corporate news, UWM (UWMC) is urging Two Harbors Investment's (TWO) shareholders to press the board to accept its sweetened $12-per-share acquisition bid, up from the prior $11.30 offer, according to an open letter Thursday. Two Harbors shares jumped past 7% in Friday trading, and UWM rose 2.1%.Cboe Global Markets (CBOE) shares were up more than 7% after the company posted higher Q1 adjusted earnings and revenue.Aon (AON) reported Q1 adjusted earnings Friday of $6.48 per diluted share, up from $5.67 a year earlier. Analysts polled by FactSet expected $6.37. Aon shares rose 1%.

$AON$CBOE$TWO$UWMC

Sector Update: Health Care Stocks Softer Friday Afternoon

Health care stocks fell Friday afternoon with the NYSE Health Care Index easing 0.1% and the State Street Health Care Select Sector SPDR ETF (XLV) decreasing 0.3%.The iShares Biotechnology ETF (IBB) shed 0.7%.In corporate news, Moderna (MRNA) affirmed its 2026 revenue growth outlook and reported better-than-expected Q1 results amid higher COVID vaccine sales. The stock still declined 2.9%.Amgen's (AMGN) Q1 EPS beat was primarily driven by lower administrative costs and taxes, Morgan Stanley said. Amgen shares fell 5.6%.Novo Nordisk (NVO) rebranded its oral semaglutide medication for type 2 diabetes as Ozempic. It was formerly marketed as Rybelsus. Novo shares gained 3.2%.

$AMGN$MRNA$NVO

Update: Gold Edges Higher, Remaining Rangebound, As Treasury Yields Rise

(Updates prices.)Gold edged higher midafternoon Friday but remained rangebound, even as the dollar and treasury yields rose while traders turn to bonds and also while the Iran War pushes up oil prices and boosts inflation and threatens higher interest rates.Gold for June delivery was last seen up US$12.80 to US$4,642.40 per ounce.The precious metal has traded within a narrow range over the past month as the Iran war remains deadlocked. Against this backdrop, U.S. data on Thursday showed the Federal Reserve's preferred inflation measure rose by 3.5% annualized in March, up from a 2.8% pace in February.While the Fed's policy committee declined to raise interest rates at the Wednesday end to its two-day policy meeting, it issued a hawkish outlook, with rates likely to rise to combat higher prices, keeping gold, which offers no interest, in check."Gold ended April little changed despite a late oil-driven wobble sparked by inflation and rate-hike concerns," Saxo Bank noted.The dollar rose, with the ICE dollar index last seen up 0.07 points to 98.13. Treasury yields rose, with the yield on the U.S. two-year note last seen up 1.5 basis points to 3.888%, while the 10-year note last seen paying 4.38%, up 0.5 points.

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Sector Update: Energy Stocks Fall Friday Afternoon

Energy stocks were lower Friday afternoon, with the NYSE Energy Sector Index decreasing 1.5% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 1.4%.The Philadelphia Oil Service Sector Index fell 0.9%, and the Dow Jones US Utilities Index decreased 0.4%.Front-month West Texas Intermediate crude oil declined 3.3% to $101.62 a barrel, and the global benchmark Brent crude contract dropped 2.1% to $108.09 a barrel. Henry Hub natural gas futures was steady at $2.77 per 1 million BTU.In corporate news, Exxon Mobil (XOM) and Chevron (CVX) reported year-over-year declines in their Q1 earnings on Friday amid supply disruptions due to the Middle East war, but the figures came in ahead of Wall Street's estimates. Exxon shares were down 1.1%, and Chevron fell 1.5%.BP (BP) is considering exiting part or all of its operations in the UK North Sea in order to strip assets and pay down debt, Bloomberg reported. BP's upstream operations in the UK could fetch about $2.7 billion from a full divestment, the report said. BP shares were down 2.2%.Occidental Petroleum (OXY) said Friday its board has appointed Chief Operating Officer Richard Jackson to succeed Vicki Hollub as president and chief executive, starting June 1. Occidental shares declined 3.4%.

$BP$CVX$OXY$XOM