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Sector Update: Energy

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) up 0.2%.The Philadelphia Oil Service Sector Index was falling 1.4%, and the Dow Jones US Utilities Index shed 0.3%.Front-month West Texas Intermediate crude oil was fractionally higher at $88.69 a barrel, and the global benchmark Brent crude contract was dropping 1% to $93.36 a barrel. Henry Hub natural gas futures rose 5% to $3.04 per 1 million BTU.In corporate news, BP (BP) will become operator of Azerbaijan's offshore Babek natural gas field under an agreement expected to be announced with state energy company SOCAR on June 1, Reuters reported. BP shares were down 0.4%.

$BP

Sectors27d ago

Sector Update: Financial

Financial stocks were lower in Thursday afternoon trading, with the NYSE Financial Index decreasing 0.5% and the State Street Financial Select Sector SPDR ETF (XLF) down 0.4%.The Philadelphia Housing Index eased 0.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) added 0.1%.Bitcoin (BTC-USD) was falling 1.3% to $73,337, and the yield for 10-year US Treasuries was down 3 basis points at 4.45%.In corporate news, MetLife (MET) and Ares Management (ARES) are at odds over restructuring of Eagle Football Group's debt, Bloomberg reported. Ares, which has provided more than $400 million in financing to Eagle Football, is trying loan restructuring while MetLife is being told to wait longer to get paid back, the report said. MetLife shares were down 1%, and Ares rose 0.4%.

$ARES$MET

Sectors27d ago

Sector Update: Healthcare

Healthcare stocks rose Thursday afternoon, with the NYSE Healthcare Index rising 1.2% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 1.3%.The iShares Biotechnology ETF (IBB) increased 1.1%.In corporate news, Cogent Biosciences (COGT) shares climbed 3.2% after it said Thursday the US Food and Drug Administration has accepted its new drug application for bezuclastinib plus sunitinib to treat patients with gastrointestinal stromal tumors who have been treated with imatinib previously.

$COGT

Sectors27d ago

Sector Update: Tech

Tech stocks rose Thursday afternoon with the State Street Technology Select Sector SPDR ETF (XLK) gaining 1.7% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 2.2%.The Philadelphia Semiconductor index climbed 2%.In corporate news, Snowflake (SNOW) shares surged 38% after the company raised its full-year product-revenue outlook on better-than-expected fiscal Q1 results and announced a $6 billion infrastructure-spending deal with Amazon.com's (AMZN) cloud platform.

$SNOW

Sectors27d ago

Sector Update: Consumer

Consumer stocks edged higher Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) fractionally higher.In corporate news, Caesars Entertainment (CZR) has agreed to be acquired and taken private by Fertitta Entertainment in an all-cash deal worth roughly $17.6 billion, the companies said in separate statements Thursday. Caesars shares were up 0.8%.

$CZR

Sectors27d ago

US Total Crude Oil Stocks Fall Further in Week Ended May 22

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 12.4 million barrels in the week ended May 22 following a decrease of 17.8 million barrels in the previous week.Excluding inventories in the SPR, commercial crude oil stocks declined by 3.3 million barrels after a 7.9-million-barrel decline in the previous week, a larger drop than the 3-million-barrel decrease expected in a survey compiled by Bloomberg.Stocks in the SPR fell by 9.1 million in the week after declining by 9.9 million in the previous week.Overall crude oil stocks were down 1.5% from the previous week and were down 4.1% from a year earlier. Crude oil inventories are about 2% below the five-year average for this time of the year.Gasoline stocks fell by 2.6 million barrels, larger than the 2.3-million-barrel decrease expected. Gasoline stocks were down 1.2% from the previous week, but down 5.2% from a year earlier.Distillate stocks declined by 2.1 million barrels in the current week, compared with an expected decrease of 1.4 million barrels. Distillate stocks were down 2% from the previous week and were 2.5% lower than in the same week a year ago.Refineries operated at 94.5% of their capacity, up from 91.6% in the previous week.

Sectors27d ago

US Natural Gas Stocks Posts Smaller Than Expected Increase in Week Ended May 22

US natural gas stocks increased by 92 billion cubic feet in the week ended May 22, smaller than the 95 billion increase expected in a survey compiled by Bloomberg and following an increase of 101 billion cubic feet in the previous week.Stocks at 2.483 trillion cubic feet are 0.9% higher than in the comparable week a year ago and 6.2% above their 5-year average.

Sectors27d ago

Market Chatter: US Reaches Deal With Iran Pending Trump Approval

Negotiators for the US and Iran have reached an agreement on a 60-day memorandum of understanding to extend the ceasefire and begin talks on Iran's nuclear program, but President Donald Trump has not yet given final approval, Axios reported Thursday, citing two US officials.The White House didn't immediately reply to a request for comment.(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.)

Sectors27d ago

US Reaches Deal With Iran But Trump's Approval Still Needed, Axios Reports

Sectors28d ago

Sector Update: Energy Stocks Advance Premarket Thursday

Energy stocks were advancing premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.9% higher.The United States Oil Fund (USO) was up 1.7% and The United States Natural Gas Fund (UNG) was 0.4% higher.Front-month US West Texas Intermediate crude oil was 2.1% higher at $90.56 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.6% to $95.84 per barrel, and natural gas futures were up 5% at $3.04 per 1 million British Thermal Units.TotalEnergies (TTE) and Stellantis (STLA) have renewed and expanded their partnership in Europe to develop and deliver engine oils and lubricants, the companies said. Shares of TotalEnergies were up 2% pre-bell.Baker Hughes (BKR) has secured multiyear contract extensions with Equinor (EQNR) for drilling, well services and wireline intervention in the North Sea. Equinor stock was up more than 1% premarket.Borr Drilling (BORR) stock was up more than 4% after the company priced an upsized $2.04 billion senior secured notes offering and simultaneously expanded a tender offer for its outstanding 10.375% senior secured notes due 2030.

$BKR$BORR$EQNR$STLA$TTE$UNG$USO$XLE

Sectors28d ago

Sector Update: Financial Stocks Lean Lower Premarket Thursday

Financial stocks were leaning lower premarket Thursday, with the State Street Financial Select Sector SPDR ETF (XLF) declining by 0.2%.The Direxion Daily Financial Bull 3X Shares (FAS) was down 0.3% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.6% higher.Cambridge University is pulling out funds from HSBC (HSBC), Barclays (BCS), and other institutions that continue to finance fossil fuels, Bloomberg reported, citing sources familiar with the matter. HSBC shares were down more than 2% and Barclays stock fell past 1% pre-bell.Banco Macro (BMA) shares were down more than 1% after the company reported Q1 net income that missed analysts' expectations.Toronto-Dominion Bank (TD) stock was marginally advancing after the company posted higher fiscal Q2 adjusted earnings.

$BCS$BMA$FAS$FAZ$HSBC$TD$XLF

Sectors28d ago

Sector Update: Healthcare Stocks Mixed Premarket Thursday

Healthcare stocks were mixed premarket Thursday, with the iShares Biotechnology ETF (IBB) down 0.5% and the State Street Health Care Select Sector SPDR ETF (XLV) 0.1% higher.Agilent Technologies (A) stock was up more than 12% after the company posted higher fiscal Q2 adjusted earnings and revenue, and raised its fiscal 2026 adjusted EPS guidance.Zenas BioPharma (ZBIO) shares were up more than 1% after the company said it submitted a biologics license application to the US Food and Drug Administration for obexelimab in immunoglobulin G4-related disease, a chronic fibro-inflammatory disease affecting multiple organ systems.Sanofi (SNY) has been granted US Food and Drug Administration priority review for a new drug application for venglustat for the treatment of type 3 Gaucher disease, a rare disorder, the company said. Sanofi shares were 0.8% lower pre-bell.

$A$IBB$SNY$XLV$ZBIO

Sectors28d ago

Sector Update: Consumer Stocks Mixed Pre-Bell Thursday

Consumer stocks were mixed pre-bell Thursday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.6% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) 0.1% lower.Dollar Tree (DLTR) shares were up more than 18% after the company posted higher fiscal Q1 adjusted earnings and revenue, and raised its fiscal 2026 adjusted EPS guidance.Best Buy (BBY) stock was up more than 9% after the company reported higher fiscal Q1 adjusted earnings and revenue.JD.com (JD) is under an in-depth investigation by the European Commission over its proposed acquisition of Ceconomy due to concerns that foreign subsidies may have distorted the deal process, the agency said. JD.com shares were down more than 2% premarket.

$BBY$DLTR$JD$XLP$XLY

Sectors28d ago

Sector Update: Tech Stocks Mixed Premarket Thursday

Technology stocks were mixed premarket Thursday, with the State Street Technology Select Sector SPDR Fund (XLK) 0.1% higher and the State Street SPDR S&P Semiconductor ETF (XSD) declining by 0.4%.Snowflake (SNOW) stock was up more than 36% after the company reported higher fiscal Q1 adjusted net income and revenue, and raised its fiscal 2027 product revenue outlook.IBM (IBM) and Red Hat have committed $5 billion toward a software protection program named Project Lightwell, the companies said. IBM stock was up more than 2% pre-bell.Synopsys (SNPS) shares were down more than 1% after the company posted a decline in fiscal Q2 non-GAAP earnings.

$IBM$SNOW$SNPS$XLK$XSD

Sectors28d ago

Natural Gas Rises Ahead of Storage Data Despite Mild Long-Term Forecasts

Natural gas was higher early Thursday ahead of fresh storage data despite mild forecasts for big eastern markets.In its first day as the active contract, gas for July delivery was up $0.15 to US$3.04 per million British thermal units.The rise comes even as long-term forecasts from the National Weather Service expect eastern markets to be seasonal or cooler over its six to 10 day outlook, cutting into cooling demand."Weather remains a risk with the northeast, which suffered a heat wave just a week ago, now looking like some late season overnight heating demand could actually be in the cards. Southern US power demands have been muted over the past few days but should increase before the end of the week," Gary Cunningham, Director of Market Research at Tradition Energy, wrote.The Energy Information Administration will release its weekly look at U.S. inventories of the fuel, with a lighter than usual rise expected."For today's EIA weekly storage report, survey averages suggest a build of +93-95 Bcf, slightly smaller than the 5-year average of +97 Bcf. There was record breaking heat over the East last week, while it was cooler than normal across the Northwest, Mtn West, and Plains. We expect a build of +87 Bcf and to the bullish side due to lighter solar generation and East Coast heat," NatGasWeather noted.

$NGN6$UNG

Sectors28d ago

Sector Update: Energy

Energy stocks were advancing premarket Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.8% higher.The United States Oil Fund (USO) was up 1.2% and the United States Natural Gas Fund (UNG) was 0.4% lower.Front-month US West Texas Intermediate crude oil was 2.3% higher at $90.71 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 2.1% to $96.24 per barrel, and natural gas futures were up 5% at $3.04 per 1 million British Thermal Units.TotalEnergies (TTE) and Stellantis (STLA) have renewed and expanded their partnership in Europe to develop and deliver engine oils and lubricants, the companies said. Shares of TotalEnergies were up more than 1% pre-bell.

$STLA$TTE

Sectors28d ago

Sector Update: Financial

Financial stocks were leaning lower premarket Thursday, with the State Street Financial Select Sector SPDR ETF (XLF) declining by 0.1%.The Direxion Daily Financial Bull 3X Shares (FAS) was down 0.3% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.3% higher.Cambridge University is pulling out funds from HSBC (HSBC), Barclays (BCS), and other institutions that continue to finance fossil fuels, Bloomberg reported, citing sources familiar with the matter. HSBC shares were down more than 2% and Barclays stock was fell past 1% pre-bell.

$BCS$HSBC

Sectors28d ago

Sector Update: Healthcare

Healthcare stocks were steady premarket Thursday, with the iShares Biotechnology ETF (IBB) inactive and the State Street Health Care Select Sector SPDR ETF (XLV) up a slight 0.1%.Agilent Technologies (A) stock was up more than 11% after the company posted higher fiscal Q2 adjusted earnings and revenue, and raised its full-year adjusted EPS guidance.

Sectors28d ago

Gold Falls to a Two-Month Low on Inflation Worries as Oil Prices Rise and the U.S. Reports Inflation Jump in April

Gold traded at a two-month low early on Thursday on renewed inflation worries as oil prices rose on renewed fighting between Iran and the United States, while a key U.S. inflation measure rose in April.Gold for July delivery was last seen down US$70.40 to US$4,411.10, the lowest since March 26.The drop comes as oil prices rose off a month low on fresh hostilities in the Persian Gulf. The Wall Street Journal reported U.S. forces attacked a drone-control base in Iran and shot down Iranian drones, while Kuwait intercepted an Iranian missile and Iran attacked commercial shipping in the Persian Gulf."Gold fell to a two-month low as US Treasuries sold off and the dollar strengthened following a fresh surge in crude oil prices, fuelling concerns that tight energy markets will continue to exert upward pressure on inflation," Saxo Bank noted.The U.S. Bureau of Economic Analysis on Thursday reported the Personal Consumption Expenditures (PCE) Index, the Federal Reserve's preferred inflation measure, rose 3.8% annualized in April, up from 3.5% in March and matching expectations, according to Marketwatch. Core PCE, excluding volatile food and energy, rose at a 3.3% annual pace, again matching expectations and up from 3.2% a month earlier.The Bureau also released its second revision to its estimate for first-quarter gross domestic product growth, cutting its estimate to 1.6% from 2.0%. The agency was expected to maintain its 2.0% estimate, according to Marketwatch.The dollar edged down following the data, with the ICE dollar index last seen down 0.02 points to 99.19. Treasury yileds were mixed, with the U.S. two-year note last seen paying 4.053%, up 1.2 basis points, while the yield on the 10-year note was down 0.4 points to 4.485%.

$GCN6$GLD

Sectors28d ago

Sector Update: Consumer

Consumer stocks were mixed pre-bell Thursday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) down 0.3%.Dollar Tree (DLTR) shares were up more than 19% after the company posted higher fiscal Q1 adjusted earnings and revenue, and raised its fiscal 2026 adjusted EPS guidance.

$DLTR

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