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Sector Update: Energy

Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index rising 2.3% and the State Street Energy Select Sector SPDR ETF (XLE) adding 2.7%.The Philadelphia Oil Service Sector Index was climbing 1.5%, and the Dow Jones US Utilities Index increased 0.3%.Crude oil prices rose Wednesday after President Donald Trump said Iran will have to "pay the price" for taking too long to agree to a peace deal. "They've taken too long to negotiate a deal that would have been great for them, now they will have to pay the price," Trump said in a social media post on Wednesday. US forces launched airstrikes Tuesday against Iran after Tehran shot down an American Apache helicopter, Central Command said. Iran launched retaliatory strikes on American military bases across Jordan, Kuwait, and Bahrain, media reports said.Front-month West Texas Intermediate crude oil rose 3.3% to $91.08 a barrel, and the global benchmark Brent crude contract added 2.7% to $93.94 a barrel. Henry Hub natural gas futures advanced 1.8% to $3.20 per 1 million BTU.In corporate news, Petrobras (PBR) agreed to acquire a 50% stake in the Itaimbezinho block in the offshore Campos Basin in southeastern Brazil from Equinor (EQNR) unit Equinor Brasil Energia for an undisclosed amount. Petrobras shares rose 2.6%, and Equinor climbed 3.6%.

$EQNR$PBR

Sectors13d ago

Sector Update: Healthcare

Healthcare stocks declined Wednesday afternoon, with the NYSE Healthcare Index down 0.5% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.6%.The iShares Biotechnology ETF (IBB) fell 0.8%.In corporate news, Prenetics Global (PRE) shares shed more than 7% after the company reported a Q1 loss Wednesday of $1.36 per diluted share, wider than a loss of $0.80 a year earlier. Four analysts surveyed by FactSet expected a loss of $0.84.

$PRE

Sectors13d ago

Sector Update: Tech

Tech stocks were lower Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.7% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 3.1%.The Philadelphia Semiconductor index declined 3%.In corporate news, Super Micro Computer (SMCI) shares tumbled past 18% after the company said late Tuesday it is planning $7 billion worth of equity and equity-linked financing transactions as part of efforts to fund AI orders related to its advanced servers.

$SMCI

Sectors13d ago

Sector Update: Consumer

Consumer stocks were mixed Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 1.7%.In corporate news, Casey's General Stores (CASY) shares jumped past 14% after the convenience store operator recorded better-than-expected fiscal Q4 results.

$CASY

Sectors13d ago

US Total Crude Oil Stocks Decline in Week Ended June 5

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 15.2 million barrels in the week ended June 5 following a decrease of 16.0 million barrels in the previous week.Excluding inventories in the SPR, commercial crude oil stocks fell by 7.2 million barrels after an 8.0-million-barrel decline in the previous week and compared with a 2.2-million-barrel decrease expected in a survey compiled by Bloomberg as of 7:35 am ET.Stocks in the SPR decreased by 7.9 million in the week after falling by 8.0 million in the previous week.Overall crude oil stocks were down 1.9% from the previous week and down 7.0% from a year earlier. Crude oil inventories are about 5% below the five-year average for this time of the year.Gasoline stocks increased by 200,000 barrels, smaller than the 1.0-million-barrel increase expected. Gasoline stocks were up 0.1% from the previous week, but down 6.4% from a year earlier.Distillate stocks declined by 200,000 barrels in the current week, compared with an expected increase of 171,000 barrels. Distillate stocks were down 0.2% from the previous week and 6.2% lower than in the same week a year ago.Refineries operated at 95.3% of their capacity, up from 94.7% in the previous week.

Sectors13d ago

US Total Weekly EIA Crude Oil Stocks Fall by 15.2 Million Barrels After Prior 16.0 Million Decrease

Sectors13d 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 0.6%.The United States Oil Fund (USO) was up 1.2% and the United States Natural Gas Fund (UNG) was 2.8% higher.Front-month US West Texas Intermediate crude oil was 1.4% higher at $89.40 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.2% to $92.54 per barrel, and natural gas futures were up 2.8% at $3.23 per 1 million British Thermal Units.Devon Energy (DVN) stock was up more than 1% after the company said it expects the combined company following its merger with Coterra Energy to produce an average of 1.38 million barrels of oil equivalent per day in 2026, including 500,000 barrels per day of oil.KNOT Offshore Partners (KNOP) will not pursue the acquisition of the shuttle tankers Frida Knutsen and Sindre Knutsen from sponsor Knutsen NYK Offshore Tankers, the company said. Shares of KNOT Offshore Partners were up more than 1% pre-bell.APA (APA) stock was up more than 1% after the company said it has agreed to acquire Savant Alaska for about $70 million in upfront consideration, plus contingent payments related to the development of APA's eastern North Slope portfolio.

$APA$DVN$KNOP$UNG$USO$XLE

Sectors13d ago

Gold Falls to the Lowest in More than Six Months as U.S. Inflation Rose Again in May

Gold traded at the lowest in more than six months early on Tuesday as the metal falls out of favor with traders, who are moving to the dollar as a hedge as a report showed U.S. inflation rose again last month, heightening expectations the Federal Reserve will raise interest rates to check rising prices.Gold for July delivery was last seen down US$100.80 per ounce to 4,185.60 per ounce, the lowest since Nov.25.The drop comes as the U.S. Bureau of Labor Statistics reported the May Consumer Price Index (CPI) rose at a 4.2% annualized rate, up from 3.8% in April but matching expectations, according to Marketwatch. Core CPI, excluding volatile food and energy, rose 2.9% annualized, up from 2.8% a month earlier and again matching consensus expectations.The rise in costs has come on higher energy prices as the U.S. war on Iran blocked the Strait of Hormuz, keeping much of the 20% of daily oil exports supplied by Persian Gulf nations off the market. The bureau said rising oil prices accounted for over 60% of the monthly rise in costs.High inflation is raising worries the Federal Reserve will need to boost interest rates to slow demand, bearish for gold since it pays no interest. The CME FedWatch Tool currently expects the central bank's policy committee will leave rates unchanged when it meets next week but the probability of rate hike in September is rising."A slump in precious metals gathered momentum on Tuesday ... as rising US inflation concerns and growing expectations of Federal Reserve rate hikes continued to pressure sentiment. The move is forcing investors with long-held bullish positions to reassess the outlook, particularly as higher inflation and tighter monetary policy create a less supportive environment for non-yielding assets," Saxo Bank wrote.Still, the dollar eased early, with the ICE dollar index last seen down 0.05 points to 99.86. Treasury yields were mixed, with the U.S. two-year note last seen paying 4.129%, down 0.6 basis points, while the yield on the 10-year note was up 0.9 points to 4.531%.

$GCN6$GLD

Sectors13d ago

Sector Update: Financial Stocks Lean Lower Pre-Bell Wednesday

Financial stocks were leaning lower pre-bell Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) declining by 0.2%.The Direxion Daily Financial Bull 3X Shares (FAS) was down 0.8% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.3% higher.Apollo Global Management (APO) has explored acquisitions of Japanese life insurance businesses, including units of T&D and Orix, as it seeks to expand its presence in Japan's insurance market, the Financial Times reported, citing people familiar with the matter. Shares of Apollo Global Management were nearly 3% lower premarket.Ares Management (ARES) has closed its Ares Pathfinder Fund III and Ares Pathfinder Fund III (Offshore), known together as Pathfinder III, at $8.5 billion in commitments, the company said. Shares of Ares Management were 0.5% lower pre-bell.Lazard (LAZ) reported preliminary assets under management of about $284.85 billion as of May 31, up from $275.37 billion in the prior month. Lazard stock was down 0.2% premarket.

$APO$ARES$FAS$FAZ$LAZ$XLF

Sectors13d ago

Sector Update: Healthcare Stocks Mixed Premarket Wednesday

Healthcare stocks were mixed premarket Wednesday, with the State Street Health Care Select Sector SPDR ETF (XLV) slightly higher and the iShares Biotechnology ETF (IBB) down 0.2%.Sanofi (SNY) stock was down more than 2% after the company said it will discontinue a phase 3 trial of its experimental drug riliprubart in patients with a type of chronic inflammatory demyelinating polyneuropathy after an interim review found the study was unlikely to provide sufficient efficacy.Pulse Biosciences (PLSE) shares were down more than 4% after the company said it will issue a redemption notice to retire the remaining 200% common stock warrants from its July 2024 rights offering.Tango Therapeutics (TNGX) stock was down more than 1% after the company said it priced an underwritten public offering of 18.2 million common shares and pre-funded warrants to purchase up to 1.8 million additional shares.

$IBB$PLSE$SNY$TNGX$XLV

Sectors13d ago

Sector Update: Consumer Stocks Mixed Pre-Bell Wednesday

Consumer stocks were mixed pre-bell Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) 0.6% higher and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) down 0.5%.Sea's (SE) Shopee division is eliminating hundreds of developer positions, affecting about 8% of the platform's developer workforce, Bloomberg reported, citing unnamed people familiar with the matter. Shares of Sea were down more than 2% premarket.Chewy (CHWY) stock was down more than 3% even after the company reported higher fiscal Q1 adjusted earnings and net sales.Starbucks (SBUX) is considering various options for its Japanese unit, including a potential stake sale valued at 400 billion yen to 500 billion yen ($2.49 billion to $3.12 billion), Bloomberg reported, citing unnamed people familiar with the matter. Starbucks shares were 0.6% higher pre-bell.

$CHWY$SBUX$SE$XLP$XLY

Sectors13d ago

Sector Update: Tech Stocks Fall Pre-Bell Wednesday

Technology stocks were falling pre-bell Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) down 1.3% and the State Street SPDR S&P Semiconductor ETF (XSD) declining by 2%.Super Micro Computer (SMCI) stock was down more than 12% after the company unveiled plans for up to $7 billion in equity and equity-linked financing to meet demand.ChipMOS Technologies (IMOS) shares were down more than 4% after the company reported revenue of 2.38 billion New Taiwan dollars ($75.2 million) for May, down 3.1% sequentially and up nearly 18% from a year earlier.Taiwan Semiconductor Manufacturing (TSM) reported that its net revenue for the month of May was about 416.98 billion New Taiwan dollars ($13.18 billion), up 1.5% from the previous month, and up 30.1% from a year earlier. Taiwan Semiconductor stock was down more than 2% premarket.

$IMOS$SMCI$TSM$XLK$XSD

Sectors13d ago

Sector Update: Energy

Energy stocks were edging higher pre-bell Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.6%.The United States Oil Fund (USO) was up 1.4% and the United States Natural Gas Fund (UNG) was 2.9% higher.Front-month US West Texas Intermediate crude oil was 0.8% higher at $88.90 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 0.5% to $91.92 per barrel, and natural gas futures were up 2.7% at $3.23 per 1 million British Thermal Units.Devon Energy (DVN) stock was up more than 2% after the company said it expects the combined company following its merger with Coterra Energy to produce an average of 1.38 million barrels of oil equivalent per day in 2026, including 500,000 barrels per day of oil.

$DVN

Sectors13d ago

Sector Update: Financial

$APO

Sectors13d ago

Sector Update: Healthcare

Healthcare stocks were mixed premarket Wednesday, with the State Street Health Care Select Sector SPDR ETF (XLV) 0.2% higher and the iShares Biotechnology ETF (IBB) down 0.2%.Sanofi (SNY) stock was down more than 2% after the company said it will discontinue a phase 3 trial of its experimental drug riliprubart in patients with a type of chronic inflammatory demyelinating polyneuropathy after an interim review found the study was unlikely to provide sufficient efficacy.

$SNY

Sectors13d ago

Sector Update: Consumer

Consumer stocks were mixed pre-bell Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) 0.5% higher and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) down 0.3%.Sea's (SE) Shopee division is eliminating hundreds of developer positions, affecting about 8% of the platform's developer workforce, Bloomberg reported, citing unnamed people familiar with the matter. Shares of Sea were down more than 2% premarket.

$SE

Sectors13d ago

Sector Update: Tech

Technology stocks were falling pre-bell Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) down 1% and the State Street SPDR S&P Semiconductor ETF (XSD) marginally declining.Super Micro Computer (SMCI) stock was down more than 11% after the company unveiled plans for up to $7 billion in equity and equity-linked financing to meet demand.

$SMCI

Sectors14d ago

Global Markets Show "Little Fuss" Over Middle East Exchange of Fire as Await Data, Says Scotiabank

The week's developments heat up quickly, starting on Wednesday with the United States consumer price index and the Bank of Canada policy decision ahead of the European Central Bank the following day, said Scotiabank.There was "little fuss" over the U.S. and Iran exchanging fire overnight Tuesday, as oil is basically flat, noted the bank.Sovereign bond yields are a touch "antsy" ahead of U.S. CPI as evidenced by a mild cheapening bias across U.S. Treasuries, British Gilts and eurozone government bonds, stated Scotiabank.Equities are broadly in the red with losses of 0.75% to over 1% in U.S. futures, -0.5% in TSX futures and around -0.5% across European cash markets.The US dollar (USD) is mixed as it's losing ground to South Korea's won (KRW), Canadian dollar (CAD or loonie) and European crosses but up against the yen (JPY), Australian dollar (AUD) and New Zealand dollar (NZD), added the bank.The yen is stable despite reports that Bank of Japan Governor Kazuo Ueda has been hospitalized and will skip next week's meeting, but will probably be there in July. Markets are priced for a hike next week, according to Scotiabank.

$AUD$CAD$CXY$JPY$KRW$NZD$USD

Sectors14d ago

Trump Says Iran Must 'Pay the Price' After Taking Too Long to Negotiate

President Donald Trump said Wednesday on Truth Social that Iran must now "pay the price" after taking "too long to negotiate a deal."

Sectors14d ago

Trump Says Iran Must 'Pay the Price' After Taking Too Long to Negotiate

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Sectors13d ago

Gold Falls to the Lowest in More than Six Months as U.S. Inflation Rose Again in May

$GCN6$GLD