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Sector Update: Healthcare

Healthcare stocks were lower late Monday afternoon, with the NYSE Healthcare Index shedding 0.3% and the State Street Health Care Select Sector SPDR ETF (XLV) decreasing 0.1%.The iShares Biotechnology ETF (IBB) fell 0.9%.In corporate news, Tango Therapeutics (TNGX) shares surged 52% after it said Monday that initial results from its phase 1/2 trial of vopimetostat plus Revolution Medicines' daraxonrasib showed a six-month progression-free survival rate of 90% in people with pancreatic cancer.

$TNGX

Sectors15d ago

Sector Update: Tech

Tech stocks were higher late Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.4% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing 4.5%.The Philadelphia Semiconductor index jumped 6%.In corporate news, Cantor Fitzgerald adjusted its price target on Micron Technology's (MU) shares to $1,500 from $700 while maintaining its overweight rating. Wells Fargo adjusted its price objective for Micron to $1,220 from $550, while keeping its overweight rating on the stock. Micron shares climbed 8.7%.

$MU

Sectors15d ago

Update: WTI Oil Rises as Iran and Israel Traded Strikes But Fell Back From Highs as They Agreed to Stop

West Texas Intermediate (WTI) oil rose on Monday as Iran launched weekend missile strikes on Israel on the weekend while Israel responded with strikes of its own but fell off session highs after they agreed to halt further attacks.WTI crude oil for July delivery closed up US$0.76 to settle at US$91.30 per barrel, after earlier touching US$95.47. August Brent oil was lost seen up US$1.13 to US$94.22.The rise comes as Iran on the weekend launched strikes on Israel to deter Israel's occupation of southern Lebanon and end its attacks on Beirut in its war on the Iran-backed Hezbollah militant group. However Reuters reported the two agreed to halt their strikes, paring gains.The renewed hostilities threatened to again test the two-month ceasefire between Iran and the United States, while talks between the two countries are stalled due to Iran's insistence Israel first must end its war in Lebanon. The fighting is lowering hopes for a peace deal that would reopen the Strait of Hormuz, freeing up the oil exports from Persian Gulf nations that supplied 20% of daily oil demand and ending the largest-ever supply shock."Oil has once again moved towards the upper end of its established trading range after Israel and Iran resumed exchanging fire. Despite repeated optimism from the US administration, a lasting peace agreement appears increasingly elusive. The near closure of the Strait of Hormuz continues to tighten global energy markets, with several oil majors warning that the window before physical shortages begin to emerge may be measured in weeks rather than months," Saxo Bank noted.OPEC+ on the weekend agreed to raise July export quotas by 188,000 barrels per day, but the measure is having little market effect since with much of its members' supply capacity remaining trapped within the Persian Gulf. Russia's quota has been raised to 9.82 million barrels per day, according to Rystad Energy, but the country's shipment are at only 9.2-million bpd due to Ukrainian attacks on the country's oil infrastructure"With the Strait of Hormuz closed, the issue is not whether OPEC+ raises paper quotas, but whether additional barrels can actually reach the market. OPEC+'s decision to continue increasing production by 188,000 barrels per day for June confirms that the group remains on track to unwind the first tranche of voluntary cuts by September, if not earlier. But in the current market, the physical impact of such a decision would be close to zero," Rystad noted.

$CLN6$LCOQ6$USO

Sectors15d ago

July WTI Crude Oil Contract Closes Up US$0.76; Settles at US$91.30 per Barrel

$CLN5$LCOQ5$USO

Sectors15d ago

Update: Gold Gives Up All Its Gains This Year as Rising Oil Prices Heighten Inflation Worries

(Updates prices.)Gold fell to a fresh five-month low midafternoon on Monday, falling for a second day as oil prices rose again after Iran and Israel traded strikes on the weekend, heightening concerns central banks will need to raise interest rates to combat the inflation that has followed higher energy costs.Gold for June delivery was last seen down US$5.00 to US$4,360.30 per ounce, the lowest since Jan. 2.The drop comes as Iran on the weekend launched strikes on Israel to deter Israel's occupation of southern Lebanon and end its attacks on Beirut in its war on the Iran-backed Hezbollah militant group. The renewed hostilities are testing the two-month ceasefire between Iran and the United States, as talks between the two countries are stalled due to Iran's insistence Israel first must end its war in Lebanon. The fighting is lowering hopes for a peace deal that would reopen the Strait of Hormuz, freeing up the oil exports from Persian Gulf nations that supplied 20% of daily and boosting inflation.May U.S. consumer price data will be released on Wednesday, with the consensus estimate expecting the Consumer Price Index to rise to 4.2% annualized from a 3.8% pace in April."Gold ... extended Friday's selloff as renewed Israeli strikes on Iran pushed oil prices higher, reigniting inflation concerns. On Friday, an already weakened precious metals market tumbled after a stronger-than-expected US jobs report reinforced expectations that the Federal Reserve may need to hike rates in 2026.," Saxo Bank wrote.The drop comes even as the dollar moved lower, with the ICE dollar index last seen down 0.08 points to 99.99, falling off the highest since March 30. Treasury yields rose, with the yield on the U.S. two-year note last seen up 1.9 basis points to 4.166%, while the 10-year note was paying 4.556%, up 3.4 basis points.

$GCN6$GLD

Sectors15d ago

Sector Update: Financial Stocks Softer Monday Afternoon

Financial stocks were decreasing in Monday afternoon trading, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each declining about 0.4%.The Philadelphia Housing Index was declining 0.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was falling 1.4%.Bitcoin (BTC-USD) was adding 2% to $63,421, and the yield for 10-year US Treasuries was rising 2 basis points to 4.556%.In economic news, consumer expectations for one-year US inflation growth decreased to a 3.5% gain in May from a 3.6% gain in the previous month, according to a survey released by the New York Federal Reserve Bank on Monday. The median inflation expectations remained unchanged at 3.1% gain for the three-year period and at a 3.0% gain for five years ahead.In corporate news, Goldman Sachs (GS) and JPMorgan Chase (JPM) are exploring trading futures contracts tied to rental prices for graphics processing units, a move that could help lenders manage risks associated with financing AI infrastructure, The Information reported. Goldman shares rose 1.2%, and JPMorgan was down 0.2%.Blackstone Digital Infrastructure Trust (BXDC) offers exposure to stabilized data center assets with limited development risk, while projected industry-leading AFFO/share growth and potential cap rate compression provide investment upside, with Blackstone (BX) backing adding to the credibility, BofA Securities said in a note. Blackstone Digital Infrastructure Trust shares rose 2%.Carlyle (CG) will acquire Chung Ho Group for $700 million, Bloomberg reported Sunday. Carlyle shares added 0.8%.

$BXDC$CG$GS$JPM

Sectors15d ago

Sector Update: Energy Stocks Rise Monday Afternoon

Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index up 0.7% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.1%.The Philadelphia Oil Service Sector Index was climbing 3.4%, and the Dow Jones US Utilities Index was shedding 1.6%.Oil prices were higher in Monday trading, but off session highs, as Iran reportedly halted military operations against Israel after fresh clashes erupted between the two countries. Iran has suspended strikes against Israel, the former's Ministry of Foreign Affairs told CNBC on Monday. The two countries traded strikes on Sunday night, according to reports. Tehran vowed to resume attacks if Israel continues to target Iran-backed Hezbollah in Lebanon, according to the CNBC report.Front-month West Texas Intermediate crude oil rose 0.9% to $91.34 a barrel, and the global benchmark Brent crude contract was advancing 1.5% to $94.51 a barrel. Henry Hub natural gas futures fell 2.9% to $3.14 per 1 million BTU.In corporate news, Oklo (OKLO) shares gained 2% after the company said it has acquired Armec, a manufacturing and engineering firm, to expand its capabilities in reactor and fuel manufacturing programs.Eni (E) and Petronas said they have launched a new 50/50 joint venture called Searah that will combine businesses across Indonesia and Malaysia. Eni shares rose 1%.Alliance Resource Partners (ARLP) shares were fractionally higher after the company said Monday it has agreed to buy certain general partner and limited partner interests in AllDale Minerals III and AllDale Minerals IV for about $206.2 million.

$ARLP$E$OKLO

Sectors15d ago

Sector Update: Consumer Stocks Mixed in Afternoon Trading

Consumer stocks were mixed Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) down 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 0.6%.In corporate news, Campbell's (CPB) reaffirmed its full-year outlook as it reported fiscal Q3 earnings above consensus, but sales fell short of expectations. Shares were down 0.8%.Walmart (WMT) stands to gain a competitive edge through its potential collaborations with fast-food chains and other businesses in the quick service restaurant industry, RBC said in a note. Separately, Walmart told employees that AI is intended to enhance their work rather than replace them as the retailer expands the use of the technology across its business, the Financial Times reported. Walmart shares rose 0.6%.Uber's (UBER) efforts to buy Delivery Hero could face a new hurdle as Saudi Arabia-based startup Ninja is considering a bid for some of the German food delivery firm's Middle East assets, the Financial Times reported. Shares fell 0.5%.

$CPB$UBER$WMT

Sectors15d ago

Sector Update: Tech Stocks Gain Monday Afternoon

Tech stocks were higher Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.7% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing 4.6%.The Philadelphia Semiconductor index jumped 6%.In sector news, SpaceX (SPCX) has attracted about $150 billion in investor demand for its initial public offering, about twice the $75 billion it aims to raise, Reuters reported Sunday.In corporate news, Amazon (AMZN) said Monday it signed a multibillion-dollar deal with Corning (GLW) to supply optical fiber, cable and connectivity products for its growing US data center network. Separately, Amazon is set to raise C$14 billion ($10 billion) from its investment-grade Canadian dollar bond sale, Bloomberg reported. Corning shares jumped past 5%, and Amazon was down 0.3%.Intel (INTC) shares climbed nearly 12% after The Information reported that Alphabet's (GOOGL) Google and Nvidia (NVDA) have turned to Intel as a backup manufacturer for their most advanced processors as Taiwan Semiconductor Manufacturing (TSM) struggles to meet overwhelming demand.Cerebras Systems (CBRS) is expected to benefit from rising demand for low-latency AI inference, Morgan Stanley said in a client note. The brokerage started Cerebras' coverage with an overweight rating and a $250 price target. Cerebras shares surged past 19%.

$AMZN$CBRS$GLW$INTC

Sectors15d ago

Sector Update: Healthcare Stocks Decline Monday Afternoon

Healthcare stocks were lower Monday afternoon, with the NYSE Healthcare Index shedding 0.4% and the State Street Health Care Select Sector SPDR ETF (XLV) decreasing 0.3%.The iShares Biotechnology ETF (IBB) fell 1%.In corporate news, Johnson & Johnson (JNJ) decreased 0.8% after the company said Monday that it has agreed to acquire cancer drug developer Firefly Bio for $1 billion in cash to strengthen its oncology portfolio.Incyte (INCY) agreed to acquire Vega Therapeutics, a subsidiary of Star Therapeutics, in a deal worth up to $2 billion, expanding its hematology portfolio into bleeding disorders. Shares fell 3%.Eli Lilly (LLY) shares rose 2.2% after the drugmaker said its experimental obesity drug retatrutide delivered significant weight loss in two clinical studies and also showed "meaningful" improvements in knee osteoarthritis pain and sleep apnea.

$INCY$JNJ$LLY

Sectors15d ago

Sector Update: Energy

Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each adding about 1%.The Philadelphia Oil Service Sector Index was climbing 3.4%, and the Dow Jones US Utilities Index was shedding 1.6%.Front-month West Texas Intermediate crude oil was rising 0.8% to $91.25 a barrel, and the global benchmark Brent crude contract was advancing 1.4% to $94.39 a barrel. Henry Hub natural gas futures fell 3.1% to $3.13 per 1 million BTU.In corporate news, Oklo (OKLO) shares gained 2.5% after the company said it has acquired Armec, a manufacturing and engineering firm, to expand its capabilities in reactor and fuel manufacturing programs.

$OKLO

Sectors15d ago

Sector Update: Financial

Financial stocks were decreasing in Monday afternoon trading, with the NYSE Financial Index shedding 0.3% and the State Street Financial Select Sector SPDR ETF (XLF) down 0.5%.The Philadelphia Housing Index was declining 0.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was falling 1.4%.Bitcoin (BTC-USD) was adding 0.1% to $63,350, and the yield for 10-year US Treasuries was rising 2 basis points to 4.556%.In corporate news, Goldman Sachs (GS) and JPMorgan Chase (JPM) are exploring trading futures contracts tied to rental prices for graphics processing units, a move that could help lenders manage risks associated with financing AI infrastructure, The Information reported. Goldman shares rose 1.2%, and JPMorgan was down 0.2%.

$GS$JPM

Sectors15d ago

Sector Update: Consumer

Consumer stocks were mixed Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) adding 0.5%.In corporate news, Campbell's (CPB) reiterated its full-year outlook as it reported fiscal Q3 earnings above market estimates, but sales fell short of expectations. Shares were down 0.8%.

$CPB

Sectors15d ago

Sector Update: Tech

Tech stocks were higher Monday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 3% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing 5.6%.The Philadelphia Semiconductor index popped 6.7%.In corporate news, Amazon (AMZN) said Monday it signed a multibillion-dollar deal with Corning (GLW) to supply optical fiber, cable and connectivity products for its growing US data center network. Corning shares jumped past 6%, and Amazon was down 0.2%.

$AMZN$GLW

Sectors16d ago

Sector Update: Healthcare

Healthcare stocks eased Monday afternoon, with the NYSE Healthcare Index down 0.3% and the State Street Health Care Select Sector SPDR ETF (XLV) decreasing 0.1%.The iShares Biotechnology ETF (IBB) was down 0.7%.In corporate news, Eli Lilly (LLY) shares rose 2.4% after the drugmaker said its experimental obesity drug retatrutide delivered significant weight loss in two clinical studies and showed "meaningful" improvements in knee osteoarthritis pain and sleep apnea.

$LLY

Sectors16d ago

Natural Gas Prices Fall Again on Mild Long-Term Forecasts

Natural gas traded lower for a second day early on Monday as mild long-term forecasts look to cut into cooling demand.Gas for July delivery was last seen down US$0.10 to US$3.13 per million British thermal units.The drop comes as the National Weather Service's eight to 14 day forecast expects most states between the Rocky Mountains and the Mississippi River to see cooler than seasonal temperatures over the period, lowering demand for air conditioning.Supply remains robust, with the Energy Information Administration last week reporting stocks of the fuel stocks of the fuel ended the prior week at 2.58-trillion cubic feet, 5.7% above the five-year average.

$NGN6$UNG

Sectors16d ago

Sector Update: Energy Stocks Advance Premarket Monday

Energy stocks were advancing premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.7% higher.The United States Oil Fund (USO) was up 1.9% and the United States Natural Gas Fund (UNG) was 2.8% lower.Front-month US West Texas Intermediate crude oil was 1.3% higher at $91.69 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.7% to $94.68 per barrel, and natural gas futures were down 3.1% at $3.13 per 1 million British Thermal Units.Eni (E) and Petronas have launched a new 50/50 joint venture called Searah that will combine businesses across Indonesia and Malaysia, the companies said. Shares of Eni were up more than 1% pre-bell.Devon Energy (DVN) stock was up more than 1% after the company said between 66% and 98% of notes across seven bond series were tendered early to its exchange offers.SLB (SLB) said its OneSubsea joint venture won a contract from BP (BP) to provide a subsea boosting system for the Thunder Horse development in the Gulf of America. SLB shares were 0.5% higher premarket.

$BP$DVN$E$SLB$UNG$USO$XLE

Sectors16d ago

Sector Update: Financial Stocks Edge Lower Premarket Monday

Financial stocks were edging lower premarket Monday, with the State Street Financial Select Sector SPDR ETF (XLF) falling by 0.1%.The Direxion Daily Financial Bull 3X Shares (FAS) was down 0.5% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.6% higher.Goldman Sachs-backed (GS) taxi booking app Go priced its initial public offering in Japan at 2,400 Japanese yen ($14.98) per share, according to a regulatory filing. Shares of Goldman Sachs Group were up more than 1% pre-bell.Blackstone (BX) is preparing to offload more than $2 billion in private fund stakes through a structured bond deal, the Financial Times reported. Blackstone stock was 0.9% higher premarket.Ares Capital (ARCC) established its inaugural commercial paper program, allowing the company to issue up to $1 billion of short-term unsecured commercial paper notes, the company said in a filing. Ares Capital shares were up 0.5% pre-bell.

$ARCC$BX$FAS$FAZ$GS$XLF

Sectors16d ago

Gold Gives Up All Its Gains This Year as Rising Oil Prices Heighten Inflation Worries

Gold fell to a fresh five-month low early on Monday, falling for a second day as oil prices rose again after Iran and Israel traded strikes on the weekend, heightening concerns central banks will need to raise interest rates to combat the inflation that has followed higher energy costs.Gold for June delivery was last seen down US$8.20 to US$4,357.10, the lowest since Jan. 2.The drop comes as Iran on the weekend launched strikes on Israel to deter Israel's occupation of southern Lebanon and end its attacks on Beirut in its war on the Iran-backed Hezbollah militant group. The renewed hostilities are testing the two-month ceasefire between Iran and the United States, as talks between the two countries are stalled due to Iran's insistence Israel first must end its war in Lebanon. The fighting is lowering hopes for a peace deal that would reopen the Strait of Hormuz, freeing up the oil exports from Persian Gulf nations that supplied 20% of daily oil demand and ending the largest-ever supply shock and boosted inflation.May U.S. consumer price data will be released on Wednesday, with the consensus estimate expecting the Consumer Price Index to rise to 4.2% annualized from 3.8% in April."Gold ... extended Friday's selloff as renewed Israeli strikes on Iran pushed oil prices higher, reigniting inflation concerns. On Friday, an already weakened precious metals market tumbled after a stronger-than-expected US jobs report reinforced expectations that the Federal Reserve may need to hike rates in 2026.," Saxo Bank wrote.The drop comes even as the dollar moved lower, with the ICE dollar index last seen down 0.12 points to 99.95, falling off the highest since March 30. Treasury yields were mostly steady, with the yield on the U.S. two-year note last seen unchanged at 4.147%, while the 10-year note was paying 4.532%, up 0.1 basis points.

$GCN6$GLD

Sectors16d ago

Sector Update: Healthcare Stocks Steady Pre-Bell Monday

Healthcare stocks were steady pre-bell Monday, with the iShares Biotechnology ETF (IBB) inactive and the State Street Health Care Select Sector SPDR ETF (XLV) up a slight 0.1%.Tango Therapeutics (TNGX) shares were up more than 45% after the company said initial results from its phase 1/2 trial of vopimetostat in combination with Revolution Medicines' inhibitor daraxonrasib showed a six-month progression-free survival rate of 90% in patients with pancreatic cancer.Eli Lilly (LLY) shares were up more than 2% after the company said additional phase 3 data showed that retatrutide achieved substantial weight loss with "meaningful" improvements in obesity-related conditions, including knee osteoarthritis pain, moderate-to-severe obstructive sleep apnea, and type 2 diabetes.Shattuck Labs (STTK) said its phase 1 study of SL-325, a treatment for immune-related disease, showed good safety results and consistent drug performance in healthy volunteers. Shattuck Labs stock was up more than 14% premarket.

$IBB$LLY$STTK$TNGX$XLV

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Sectors15d ago

Update: WTI Oil Rises as Iran and Israel Traded Strikes But Fell Back From Highs as They Agreed to Stop

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