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July WTI Crude Oil Contract Closes Down US$2.98; Settles at US$93.04 per Barrel

Market Chatter: Bessent Says US Could Grant Country-Specific Waivers for Russian Oil

Treasury Secretary Scott Bessent said waivers allowing countries to buy Russian oil could be granted on a country-by-country basis rather than across the board, Bloomberg reported Thursday, citing the official's testimony before the House Ways and Means Committee.(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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Treasury Secretary Says Future Russian Oil Waivers Could Be Country-Specific, Bloomberg Reports

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Sector Update: Energy Stocks Edge Higher Thursday Afternoon

Energy stocks were slightly higher Thursday afternoon, with the NYSE Energy Sector Index increasing 0.1% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.2%.The Philadelphia Oil Service Sector Index climbed 1.3%, and the Dow Jones US Utilities Index increased 0.1%.Front-month West Texas Intermediate crude oil fell 4% to $92.18 a barrel, and the global benchmark Brent crude contract dropped 3.2% to $94.64 a barrel. Henry Hub natural gas futures rose 4.2% to $3.35 per 1 million BTU.In sector news, Hezbollah on Thursday rejected the latest ceasefire agreement between Israel and the Lebanese government, demanding a complete Israeli withdrawal from Lebanon as more fighting there hampered efforts to end the Iran war, the Associated Press reported. This comes as the House on Wednesday approved a war powers resolution that would halt US military action against Iran, according to a separate Associated Press report.Separately, President Donald Trump is set to announce $500 million in federal funding to support domestic coal-fired power plants and a coal export terminal, invoking the 1950 Defense Production Act, Bloomberg reported. The plan includes $425 million for 13 existing coal plants and separate Energy Department grants for two new plants in Alaska and West Virginia, Bloomberg said.In corporate news, Murphy Oil (MUR) shares rose 2.8% after KeyBanc upgraded the stock to overweight from sector weight.Expro (XPRO) shares jumped past 6% after the company said it has filed its definitive proxy statement with the Securities and Exchange Commission regarding its proposed move to redomicile in the Cayman Islands from the Netherlands.Solaris Energy Infrastructure (SEI) is expected to continue to expand capacity despite facing a tight supply chain in the near term, Morgan Stanley said in a note. Morgan Stanley retained an overweight rating on the stock and increased its price target to $90 from $81. Solaris shares rose 1.9%.

$MUR$SEI$XPRO

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Update: Gold Trading Higher as the Dollar and Yields Fall as Israel and Lebanon Agree to a Ceasefire

(Updates prices.)Gold prices were higher midafternoon on Thursday as the dollar and treasury yields weakened as oil prices dropped after Israel and Lebanon reached a ceasefire agreement, lowering the inflation fears that have kept the precious mental rangebound since the start of the war between the United States and Iran.Gold for July delivery was last seen up US$40.50 to US$4,507.40 per ounce.The rise comes as Israel and Lebanon agreed to a ceasefire, one of Iran's key demands for agreeing for a deal of its own to end the war with the United States and reopen the Strait of Hormuz. The rise in oil prices that has followed the start of the war has boosted inflation, raising worries central banks will need to hike interest rates, bearish for gold since it pays no interest. However oil traded sharply lower Thursday following the ceasefire agreement."Gold fell to test its 200-day moving average once again on Wednesday as higher oil prices kept inflation concerns elevated following renewed tensions in the Middle East. Those losses were reversed in early trading on Thursday after Israel and Lebanon announced a conditional ceasefire. Overall, gold remains rangebound, with steady central bank demand being offset by ETF outflows and short-term momentum traders positioning for a deeper correction," Saxo Bank noted.The dollar fell off a two-month high as oil prices weakened, with the ICE dollar index last seen down 0.15 points to 99.39. Treasury yields also fell, with the U.S. two-year note last seen paying 4.053%, down 3.3 basis points, while the yield on the 10-year note was down 2.7 points to 4.473%.

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Sector Update: Consumer Stocks Advance in Afternoon Trading

Consumer stocks rose Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) edging up 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gaining 0.4%.In corporate news, Costco (COST) shares rose 1.5% after the company reported net sales of $24.01 billion in May, up from $20.97 billion a year earlier.Brown-Forman's (BF.A, BF.B) fiscal Q4 earnings unexpectedly declined on an annual basis, while the wine and spirits maker projected flat organic sales this year amid a weak consumer backdrop. Its Class A shares were up 0.8%, and the Class B shares rose 1.4%.Toro (TTC) on Thursday lifted its full-year outlook on the back of a fiscal Q2 beat that came amid broad-based customer demand and margin expansion. Toro shares added 1.1%.

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Sector Update: Financial Stocks Rise Thursday Afternoon

Financial stocks were higher in Thursday afternoon trading, with the NYSE Financial Index rising 2.2% and the State Street Financial Select Sector SPDR ETF (XLF) climbing 2.5%.The Philadelphia Housing Index increased 0.5%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 1%.Bitcoin (BTC-USD) was falling 1.4% to $63,157, and the yield for 10-year US Treasuries decreased 2.2 basis points to 4.469%.In economic news, US initial jobless claims rose to a level of 225,000 in the week ended May 30 from a downwardly revised 212,000 level in the previous week, compared with expectations for a 215,000 level in survey of analysts compiled by Bloomberg.Nonfarm productivity was revised down to a 0.3% growth pace in Q1 from a 0.8% increase in the previous estimate, below a 0.4% gain expected in a survey of analysts compiled by Bloomberg and following a 1.6% gain in Q4.In corporate news, Bank of America (BAC) shares rose 2.7% after it said Thursday it plans to introduce a cross-border real-time payment service for corporate and financial institution clients to instantly transfer funds via Swift or its digital CashPro system.Blackstone's (BX) Blackstone Private Credit Fund said repurchase requests equaled about 10% of shares outstanding in Q2, but it will fulfill requests representing just 5% of its value, according to media reports on Thursday. Blackstone shares climbed 7.4%.Affirm (AFRM) and Canada Pension Plan Investment Board said Thursday that they have renewed and expanded their forward-flow agreement for consumer installment loans. Affirm shares rose 3.2%.

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Sector Update: Healthcare Stocks Gain Thursday Afternoon

Healthcare stocks were higher Thursday afternoon, with the NYSE Healthcare Index climbing 3.2% and the State Street Health Care Select Sector SPDR ETF (XLV) rising 2.8%.The iShares Biotechnology ETF (IBB) added 2.2%.In corporate news, Eli Lilly (LLY) shares climbed 5% after Ascidian Therapeutics said Lilly will receive exclusive, target-specific rights to Ascidian's RNA exon editing technology for undisclosed kidney disease targets in exchange for up to $1.9 billion under a research partnership and licensing deal.Merck (MRK) shares rose 3.9% after it said Thursday it will pay over $50 million to settle more than 200 lawsuits that blame the drugmaker's Gardasil cancer vaccine for causing autoimmune ailments in young women, Bloomberg reported.BofA Securities upgraded UnitedHealth (UNH) to buy from neutral as medical cost trends improvement and "supportive" near-term data points form a favorable Q2. UnitedHealth shares gained 5.2%.

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Sector Update: Tech Stocks Fall Thursday Afternoon

Tech stocks were lower Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.6% and the State Street SPDR S&P Semiconductor ETF (XSD) down 0.7%.The Philadelphia Semiconductor index dropped 2.1%.In sector news, Tesla (TSLA) Chief Executive Elon Musk is set to become the world's first trillionaire following the IPO of SpaceX (SPCX), CNBC reported. Musk's stake in the rocket and satellite communications firm is worth $866.5 billion on paper, CNBC reported, citing the company's prospectus.In corporate news, Broadcom (AVGO) shares fell past 11% after it reported fiscal Q2 results late Wednesday. The company's fiscal Q3 AI revenue outlook likely fell short of investor expectations, while Q2 results were slightly ahead of consensus, RBC said in a note.Meta Platforms' (META) Instagram is rolling out Instagram Plus globally, a new optional subscription tier offering exclusive features for users who want more control and customization. The subscription adds new audience controls, story-engagement insights, and profile-customization options, with the free version unchanged, Instagram said Thursday in a statement. Separately, Meta is considering charging as much as $200 a month for a premium tier of its planned AI agent product, currently known as Hatch, The Information reported. Meta shares rose 1.1%.Snap (SNAP) has acquired spatial augmented reality firm Illumix, a company spokesperson confirmed through email toThursday. Snap shares climbed 4.5%.

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Sector Update: Energy

Energy stocks advanced Thursday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each adding about 0.4%.The Philadelphia Oil Service Sector Index climbed up 1.4%, and the Dow Jones US Utilities Index increased 0.2%.Front-month West Texas Intermediate crude oil fell 3.8% to $92.37 a barrel, and the global benchmark Brent crude contract dropped 3.2% to $94.72 a barrel. Henry Hub natural gas futures rose 4.5% to $3.36 per 1 million BTU.In corporate news, Murphy Oil (MUR) shares rose 3% after KeyBanc upgraded the stock to overweight from sector weight.

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Sector Update: Financial

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Correction: Sector Update: Tech Stocks Fall Pre-Bell Thursday

(Corrects to reflect that Broadcom shares fell after the company reported fiscal Q2 results.)Technology stocks were falling pre-bell Thursday, with the State Street Technology Select Sector SPDR Fund (XLK) down 2.2% and the State Street SPDR S&P Semiconductor ETF (XSD) 3.2% lower.Broadcom (AVGO) stock was down more than 14% after the company reported fiscal Q2 results.Taiwan Semiconductor Manufacturing (TSM) CEO C.C. Wei said AI-driven demand for advanced chips will continue to outpace the company's supply capacity for years, despite ongoing expansion efforts, multiple media outlets reported. Taiwan Semiconductor shares were down more than 1% premarket.Palantir Technologies (PLTR) entered into agreements with Kirkland & Ellis, McCarthy Building and GNP Seguros for the use of its Artificial Intelligence Platform, or AIP, the company said in separate statements. Palantir Technologies stock was up more than 2% pre-bell.

$AVGO$PLTR$TSM$XLK$XSD

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Correction: Sector Update: Tech

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Sector Update: Healthcare

Healthcare stocks were higher Thursday afternoon, with the NYSE Healthcare Index climbing 3.3% and the State Street Health Care Select Sector SPDR ETF (XLV) rising 2.9%.The iShares Biotechnology ETF (IBB) added 2.4%.In corporate news, Eli Lilly (LLY) shares climbed 5.1% after Ascidian Therapeutics said Lilly will receive exclusive, target-specific rights to Ascidian's RNA exon editing technology for undisclosed kidney disease targets in exchange for up to $1.9 billion under a research partnership and licensing deal.

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Sector Update: Consumer

Consumer stocks advanced Thursday 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) up 0.4%.In corporate news, Costco (COST) shares rose 1.7% after the company reported net sales of $24.01 billion in May, up from $20.97 billion a year earlier.

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Sector Update: Tech

Tech stocks were lower Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.6% and the State Street SPDR S&P Semiconductor ETF (XSD) down 0.7%.The Philadelphia Semiconductor index dropped 2.1%.In corporate news, Broadcom (AVGO) shares fell past 13% after it reported fiscal Q2 results late Wednesday. The company's fiscal Q3 AI revenue outlook likely fell short of investor expectations, while Q2 results were slightly ahead of consensus, RBC said in a note.

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US Natural Gas Stocks Posts Smaller Gain Than Expected in Week Ended May 29

US natural gas stocks rose by 95 billion cubic feet in the week ended May 29, smaller than the 99 billion gain expected in a survey compiled by Bloomberg as of 7:30 am ET and following an increase of 92 billion cubic feet in the previous week.Stocks at 2.578 trillion cubic feet are 0.1% lower than in the comparable week a year ago but 5.7% above their 5-year average.

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Natural Gas Trading at a Four-Month High as Forecasts See Hot Weather on the Way

Natural gas traded at a four-month high early Thursday ahead of fresh storage data as forecasts see hot weather on the way, boosting cooling demand.Gas for July delivery was last seen up $0.10 to US$3.31 per million British thermal units, the highest since Feb.6.The rise comes as long-term forecasts from the National Weather Service expect all states to see hotter than seasonal weather over its eight to 14 day outlook."Natural gas markets are finding renewed strength in weather outlooks that have above normal temperatures for most of the contiguous 48 extending over the next several weeks. Those temperatures are expected to add to power sector gas demands and firm up the fundamentals for the remainder of summer. The first test could come tomorrow and into the weekend where the northeast will see the mercury climb through 90 again," Gary Cunningham, Director Market Research at Tradition Energy, wrote.The Energy Information Administration will release its weekly survey of inventories of the fuel later on Thursday morning, with Celsius Energy expecting the agency to report stocks rose by 102-billion cubic feet, near the five-year average for the week.

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Sector Update: Energy Stocks Lean Lower Premarket Thursday

Energy stocks were leaning lower premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.8%.The United States Oil Fund (USO) was down 3.2% and the United States Natural Gas Fund (UNG) was 2% higher.Front-month US West Texas Intermediate crude oil was 3.7% lower at $92.51 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 3.1% to $94.77 per barrel, and natural gas futures were up 2.5% at $3.29 per 1 million British Thermal Units.Expro Group (XPRO) shares were up more than 1% after the company said it has filed its definitive proxy statement with the Securities and Exchange Commission regarding its proposed move to redomicile in the Cayman Islands from the Netherlands.TransAlta (TAC) said it has agreed to buy two natural gas-fired peaking facilities in Colorado from Blackstone units in a $1.0 billion deal, including $750 million of debt. TransAlta stock was down more than 5% premarket.DHT (DHT) secured a new $250 million revolving credit facility to strengthen financial flexibility and lengthen its debt maturity schedule, the company said. DHT shares were 0.1% lower pre-bell.

$DHT$TAC$UNG$USO$XLE$XPRO

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Sector Update: Financial Stocks Edge Higher Pre-Bell Thursday

Financial stocks were edging higher pre-bell Thursday, with the State Street Financial Select Sector SPDR ETF (XLF) advancing by 1.2%.The Direxion Daily Financial Bull 3X Shares (FAS) was up 3.5% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 3.2% lower.Blackstone's (BX) Blackstone Private Credit Fund said repurchase requests equaled about 10% of shares outstanding in Q2, but it will fulfill requests representing just 5% of its value, according to media reports. Shares of Blackstone were up more than 1% premarket.Bank of America (BAC) is hiring Anshul Gupta from Avendus Capital to lead its investment banking operations in India, Bloomberg reported, citing unnamed people familiar with the matter. Bank of America stock was up more than 1% pre-bell.Brown-Forman (BF.A, BF.B) shares were down more than 1% after the company reported a decline in fiscal Q4 earnings.

$BAC$BF.A$BF.B$BX$FAS$FAZ$XLF

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Sector Update: Energy Stocks Edge Higher Thursday Afternoon

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