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Sector Update: Tech

Tech stocks were higher late Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) and the State Street SPDR S&P Semiconductor ETF (XSD) each adding 2%.The Philadelphia Semiconductor index climbed 2.6%.In corporate news, Sportradar (SRAD) shares fell 24% after Muddy Waters Research and Callisto Research published short reports on the company.

$SRAD

Sectors153d ago

Sector Update: Consumer

Consumer stocks were mixed late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) easing 0.1%.In corporate news, Booking (BKNG) is under investigation for allegedly using deceptive marketing tactics to promote its premium accommodation programs, the Italian Competition Authority said Wednesday. Its shares dropped 6.3%.

$BKNG

Sectors153d ago

Update: WTI Oil Moves Higher as the U.S. Extends Its Ceasefire While Iran Continues to Refuses To Talk

West Texas Intermediate (WTO) crude oil rose Wednesday after the United States extended a ceasefire with Iran while continuing to blockade the country's ports, and as Iran attacked ships in the Persian Gulf while rejecting talks with the U.S. until the blockade is lifted.WTI crude oil for June delivery closed up US$3.29 to settle at US$92.96 per barrel, while June Brent oil was last seen up US$3.65 to US$102.13.Oil markets continue to react to developments in the U.S. war on Iran, which has blocked the Strait of Hormuz, trapping shipments from the Persian Gulf nations that supplied 20% of daily oil demand. While U.S. President Trump on Tuesday extended a ceasefire for attacks on the country, he refused to lift a blockade on Iran's ports. Iran has made lifting the blockade a key demand for resuming negotiations to end the war."Oil prices continue to whipsaw ... after Trump extended the ceasefire with Iran, even as peace talks remain on hold due to Tehran's refusal to negotiate while the US maintains its naval blockade ... the result is a continued and severe, and potentially growing, disruption to flows, with the Strait of Hormuz effectively closed," Ole Hansen, head of commodity strategy at Saxo Bank, wrote.Despite the U.S. ceasefire, Iran attacked three ships on Wednesday, the Wall Street Journal reported, while U.S. forces boarded a sanctioned tanker in the Indian Ocean.In its weekly report, the Energy Information Administration said U.S. commercial crude oil inventories rose by 1.9-million barrels last week, while inventories of gasoline and distillates fell.

$CLM6$LCOM6$USO

Sectors153d ago

June WTI Crude Oil Contract Closes Up US$3.29; Settles at US$92.96 per Barrel

$CLM6$LCOM6$USO

Sectors153d ago

Sector Update: Energy Stocks Rise Wednesday Afternoon

Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index rising 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1%.The Philadelphia Oil Service Sector Index was climbing 1.3%, and the Dow Jones US Utilities Index was up 0.2%.Crude prices rose Wednesday as Iran said it seized two container ships in the Strait of Hormuz, indicating heightened tensions even as President Donald Trump extended a ceasefire with Tehran. Iran's Islamic Revolutionary Guard Corps on Wednesday reportedly announced the seizure of two tankers attempting to cross the Strait of Hormuz, a key oil chokepoint. Trump extended a two-week ceasefire deal with Tehran late Tuesday, though he said the naval blockade of Iranian ports would continue.Front-month West Texas Intermediate crude oil was rising 3.9% to $93.12 a barrel, and the global benchmark Brent crude contract was advancing 3.5% to $101.88 a barrel. Henry Hub natural gas futures rose 1.1% to $2.73 per 1 million BTU.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 2.2 million barrels in the week ended April 17 following a decrease of 5.1 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks rose by 1.9 million barrels after a 900,000-barrel decline in the previous week, compared with the 2-million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, GE Vernova (GEV) shares jumped past 12% after it reported Wednesday a year-over-year jump in Q1 earnings and revenue, and raised its annual revenue forecast.Exxon Mobil (XOM) is considering a sale of its Esso-branded gas station network in Hong Kong, with the assets valued at about $500 million to $600 million, Bloomberg reported. Exxon shares added 0.4%.The US Supreme Court on Wednesday rejected Enbridge's (ENB) motion to move a lawsuit seeking to halt the company's operation of the Line 5 pipeline from Michigan state court to federal court. Enbridge shares were down 0.3%.

$ENB$GEV$XOM

Sectors153d ago

Update: Gold Trading Higher as the U.S. Extends as Ceasefire for Its War on Iran

(Updates prices.)Gold traded higher midafternoon Wednesday following two losing sessions after the United States extended a ceasefire related to its war on Iran.Gold for June delivery was last seen up US$35.70 to US$4,755.30 per ounce.The rise comes as U.S. President Trump on Tuesday extended a ceasefire due to expire today. The move comes as Iran refused to resume talks to end the war until the U.S. Navy ends a blockade of its ports. While the standoff continues, oil prices remain under US$100 per barrel, lowering fears high oil prices while result in surging inflation and rising interest rates."Gold trades firmer after a two-day decline, as Trump's extension of the ceasefire reduces the immediate risk of military escalation -- and with it the threat of a further inflationary oil price spike -- while also weighing on the dollar," Saxo Bank noted.The dollar edged higher, with the ICE dollar index last seen up 0.15 points to 98.55. Treasury yields were mixed, with the U.S. two-year note last seen paying 3.802%, up 2.3 basis points, while the yield on the 10-year note was down 0.1 points to 4.298%.

$GCM6$GLD

Sectors153d ago

Sector Update: Financial Stocks Decline Wednesday Afternoon

Financial stocks were lower Wednesday afternoon, with the NYSE Financial Index decreasing 0.3% and the State Street Financial Select Sector SPDR ETF (XLF) down 0.2%.The Philadelphia Housing Index rose 1.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.8%.Bitcoin (BTC-USD) was increasing 4.1% to $78,952, and the yield for 10-year US Treasuries was slightly higher at 4.29%.In corporate news, Toronto-Dominion Bank (TD) is considering a rare type of significant risk transfer to hedge against current and future data center debt, Bloomberg reported. Toronto-Dominion Bank shares were down 0.3%.Goldman Sachs' (GS) alternatives arm invested $50 million in BLP Digital, a Swiss AI firm that develops software to automate financial processes, such as invoicing and internal reporting, BLP co-founder Tim Beck told Bloomberg in an interview Wednesday. Goldman shares were up 0.8%.HSBC (HSBC) has shortlisted Allianz, Daiichi Life, and Sumitomo Life Insurance as potential buyers of its Singapore insurance business, Bloomberg reported. HSBC shares added 0.1%.

$GS$HSBC$TD

Sectors153d ago

Sector Update: Tech Stocks Gain in Afternoon Trading

Tech stocks were higher Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.9% and the State Street SPDR S&P Semiconductor ETF (XSD) up 1.3%.The Philadelphia Semiconductor index climbed up 2.3%.In sector news, Texas Attorney General Ken Paxton launched an investigation into streaming platforms, including Spotify (SPOT), Apple's (AAPL) Apple Music, Amazon's (AMZN) Amazon Music and Alphabet's (GOOGL) YouTube Music over an alleged scheme in which the platforms accept bribes to artificially promote certain artists, songs or content, according to a statement from Paxton's office.In corporate news, Microsoft (MSFT) has appointed Daniel Shapero to become the chief executive of LinkedIn, the company's executive vice president Ryan Roslansky said in a LinkedIn post Wednesday. Microsoft shares were up 1.8%.Alphabet's (GOOGL) Google Cloud is launching a $750 million fund to help consulting firms such as Accenture (ACN), McKinsey, and Deloitte to get clients to use agentic AI software, Bloomberg reported. Alphabet shares added 1.5%.Datadog (DDOG) is positioned for solid fiscal Q1 results, with about 3% upside to consensus revenue estimates driven by steady core demand and continued enterprise adoption, Oppenheimer said in a note. Datadog shares rose 1%.

$DDOG$GOOGL$MSFT

Sectors153d ago

Sector Update: Health Care Stocks Edge Higher in Afternoon Trading

Health care stocks edged up Wednesday afternoon with the NYSE Health Care Index little changed, paring earlier gains, and the State Street Health Care Select Sector SPDR ETF (XLV) adding 0.2%.The iShares Biotechnology ETF (IBB) rose 0.2%.In corporate news, Boston Scientific (BSX) shares jumped 9.1% after the company reported Q1 results exceeded Wall Street's estimates.Intuitive Surgical (ISRG) shares climbed 7.7% after the company lifted the full-year procedure growth outlook of its Da Vinci robotic surgery system and reported better-than-expected Q1 results.Merck (MRK), Germany's Merck KGaA and Japan's Ono Pharmaceutical expressed interest in Inhibrx Biosciences' (INBX) experimental cancer medicine that may be valued at more than $8 billion, Reuters reported. Merck shares rose 0.2%, and Inhibrx surged 42%.

$BSX$INBX$ISRG$MRK

Sectors153d ago

Sector Update: Consumer Stocks Mixed Wednesday Afternoon

Consumer stocks were mixed Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) 0.1% lower.In corporate news, Philip Morris International (PM) shares jumped past 6% after it reported Q1 results above market estimates.AT&T (T) reported better-than-expected Q1 results on Wednesday, while the telecommunications giant reiterated its full-year earnings outlook. AT&T shares were 0.3% lower.Best Buy (BBY) shares fell 4.8% after the firm said Corie Barry will step down as chief executive at the end of Q3, with Jason Bonfig, chief customer, product and fulfillment officer, set to succeed her.

$BBY$PM$T

Sectors153d ago

Sector Update: Energy

$ENB

Sectors153d ago

Sector Update: Financial

Financial stocks were Lower Wednesday afternoon, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each shedding about 0.3%.The Philadelphia Housing Index rose 1.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was down 0.8%.Bitcoin (BTC-USD) was increasing 3.3% to $78,849, and the yield for 10-year US Treasuries was slightly higher at 4.296%.In corporate news, Toronto-Dominion Bank (TD) is considering a rare type of significant risk transfer to hedge against current and future data center debt, Bloomberg reported. Toronto-Dominion Bank shares were down 0.4%.

$TD

Sectors153d ago

Sector Update: Tech

Tech stocks were higher Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) gaining 1.9% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 1.3%.The Philadelphia Semiconductor index climbed 2.3%.In corporate news, Microsoft (MSFT) has appointed Daniel Shapero to become the chief executive of LinkedIn, the company's executive vice president Ryan Roslansky said in a LinkedIn post Wednesday. Microsoft shares were up 1.8%.

$MSFT

Sectors153d ago

Sector Update: Health Care

Health care stocks edged higher Wednesday afternoon, with the NYSE Health Care Index increasing 0.1% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 0.3%.The iShares Biotechnology ETF (IBB) was up 0.1%.In corporate news, Boston Scientific (BSX) shares jumped nearly 9% after its Q1 results exceeded Wall Street's estimates.

$BSX

Sectors153d ago

Sector Update: Consumer

Consumer stocks were mixed Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) down 0.2%.In corporate news, Best Buy (BBY) shares fell past 5% after it said Wednesday that Corie Barry will step down as chief executive, with insider Jason Bonfig set to succeed her.

$BBY

Sectors153d ago

White House Official Says Iran Ceasefire Extension to Last 3-5 Days, Fox News Reports

Sectors153d ago

Natural Gas Up To a Two-Week High as Cool Long-Term Forecasts Offer Some Heating Demand

Natural gas traded higher early Wednesday as cool long-term forecasts offer the prospect of unseasonal heating demand.Gas for May delivery was last seen up $0.04 to US$2.74 per million British thermal units, the highest since April 7.The rise comes as long-term forecasts from the National Weather Service expect states in the upper Midwest and Northeast to be cooler than seasonal in its eight to 14 day outlook.New York and Chicago are expected to see lows in the 40s Fahrenheit over the period, offering some heating demand for gas in the early days of the cooling season.

$NGK6$UNG

Sectors153d ago

Sector Update: Energy Stocks Edge Higher Premarket Wednesday

Energy stocks were edging higher premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) advancing by 0.3%.The United States Oil Fund (USO) was down 0.5% and The United States Natural Gas Fund (UNG) was 1.4% higher.Front-month US West Texas Intermediate crude oil was 2% higher at $91.43 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.8% to $100.22 per barrel, and natural gas futures were up 2% at $2.75 per 1 million British Thermal Units.Exxon Mobil (XOM) is considering a sale of its Esso-branded gas station network in Hong Kong, with the assets valued at about $500 million to $600 million, Bloomberg News reported, citing people familiar with the matter. Shares of Exxon Mobil were 0.1% higher pre-bell.Seadrill (SDRL) shares were up 0.2% after the company said it secured two offshore drilling contracts from LLOG Exploration, a subsidiary of Harbour Energy, adding about $260 million to its backlog.

$SDRL$UNG$USO$XLE$XOM

Sectors154d ago

Sector Update: Financial Stocks Advance Pre-Bell Wednesday

Financial stocks were advancing pre-bell Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) up 0.3%.The Direxion Daily Financial Bull 3X Shares (FAS) was 1% higher and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was down 0.7%.Moody's (MCO) shares were up more than 2% after the company posted higher Q1 adjusted earnings and revenue.Stifel Financial (SF) stock was up more than 3% after the company reported higher Q1 non-GAAP earnings and net revenue.CME Group (CME) shares were down more than 1% even after the company reported higher Q1 adjusted earnings and revenue.

$CME$FAS$FAZ$MCO$SF$XLF

Sectors154d ago

Market Chatter: Third Ship Attacked by Iran in Strait of Hormuz

Iranian forces fired on a vessel owned by Mediterranean Shipping in the Strait of Hormuz as it waited to cross into the Gulf of Oman, The Wall Street Journal reported Wednesday, citing people familiar with the matter.The attack occurred mere hours after two other ships were fired on by the Islamic Revolutionary Guard Corps and came after President Donald Trump said the US would extend its ceasefire with Iran, the report said.(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.)

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Sectors153d ago

Sector Update: Energy Stocks Rise Wednesday Afternoon

$ENB$GEV$XOM