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Update: Oil Steady at Prewar Levels as Ships Continue to Moving Through Strait of Hormuz

(Updates prices in the second paragraph.)Oil prices were mostly steady midafternoon Friday, hovering near four-month lows on expectations that the U.S. and Iran will reach a peace agreement and continue to free up ships trapped in the Persian Gulf.West Texas Intermediate crude oil for August delivery was last seen up $0.09 to $68.78 per barrel in light electronic trading, with US markets closed ahead of the July 4 Independence Day holiday. September Brent crude was up 0.5% at $72.12.The decline comes as a ceasefire agreement reached last month between Iran and the U.S. continues to hold, while the two sides hold peace talks in Qatar.The ceasefire is allowing ships trapped within the Persian Gulf since the Feb. 28 start to the war to begin transiting the Strait of Hormuz, ending the largest-ever supply shock. Hormuzstraitmonitor.com reported 27 ships moved through the Strait in the past day, including tankers carrying 3.3-million barrels of oil, easing prices that rose to four-month highs during the conflict."Brent trades near unchanged on the week, having returned to pre-war levels, with support emerging ahead of USD 70. This may signal that the ongoing recovery in supply flows through the Strait of Hormuz is now largely priced in, while US-Iran talks continue with several issues still unresolved. Following the initial wall of supply attention may turn to efforts to re-build strategic and commercial reserves which in the coming months should boost demand beyond what's needed for consumption," Saxo Bank noted.

Update: Gold Moves Higher as the Dollar Weakens on Easing Inflation Worries

(Updates prices in the second paragraph.)Gold traded higher midafternoon Friday in light electronic trading as the dollar continued to weaken after a report the previous day showed weaker-than-expected U.S. job growth.Gold for August delivery was last seen up 1.5% to $4,187.30 per ounce in thin trade with US markets closed ahead of the July 4 Independence Day holiday.The rise comes after the U.S. Bureau of Labor Statistics on Thursday reported the economy added just 57,000 jobs last month, down from 129,000 in May and well below expectations for an increase of 115,000, according to MarketWatch.The weak payrolls report, combined with falling oil prices as the ceasefire between Iran and the U.S. holds, is easing inflation concerns and lowering expectations that the Federal Reserve will need to raise interest rates, a positive for gold since it pays no interest."Gold trades higher for a third day, heading towards USD 4,200 and, following four weeks of losses, is on track for its best weekly gain since February, up 2.1%. Weak US jobs data and falling energy prices have reduced pressure on the Fed to raise rates this year, supporting bullion through a weaker dollar and softer yields," Saxo Bank wrote.The dollar eased, with the ICE dollar index last seen down 0.02 points to 100.84. Treasury yields were unavailable with markets closed due to the holiday.

$GCQ6$GLD

Natural Gas Rises as Forecasts Expect Heat to Continue for Most States

Natural gas traded higher early on Friday as forecasts expect hot weather to continue for most states, keeping cooling demand high.Gas for August delivery was last seen up $0.05 to $3.25 per million British thermal units in electronic trade, with US markets closed ahead of Saturday's Independence Day holiday.The rise comes as long-term forecasts from the National Weather Service expect hot weather to continue, with nearly all states to see warmer than seasonal temperatures over its six to 14 day outlook, keeping air-conditioning demand high.The Energy Information Administration on Thursday released its weekly look at U.S. inventories of the fuel. The agency said gas stocks rose by a more than expected 87-billion cubic feet, leaving inventories at 2.92-trillion cubic feet, 6.4% above the five-year average.

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Gold Moves Higher as the Dollar Weakens on Easing Inflation Worries

Gold traded higher early Friday in light electronic trading as the dollar continued to weaken after a report the previous day showed weaker-than-expected U.S. job growth.Gold for August delivery was last seen up US$60.90 to US$4,186.60 per ounce in thin trade with US markets closed ahead of the July 4 Independence Day holiday.The rise comes after the U.S. Bureau of Labor Statistics on Thursday reported the economy added just 57,000 jobs last month, down from 129,000 in May and well below expectations for an increase of 115,000, according to MarketWatch.The weak payrolls report, combined with falling oil prices as the ceasefire between Iran and the U.S. holds, is easing inflation concerns and lowering expectations that the Federal Reserve will need to raise interest rates, a positive for gold since it pays no interest."Gold trades higher for a third day, heading towards USD 4,200 and, following four weeks of losses, is on track for its best weekly gain since February, up 2.1%. Weak US jobs data and falling energy prices have reduced pressure on the Fed to raise rates this year, supporting bullion through a weaker dollar and softer yields," Saxo Bank wrote.The dollar eased early, with the ICE dollar index last seen down 0.1 points to 100.76. Treasury yields were unavailable with markets closed ahead of the holiday.

$GCQ6$GLD

Oil Steady at Prewar Levels as Ships Continue to Moving Through Strait of Hormuz

Oil prices eased early Friday, hovering near four-month lows on expectations that the U.S. and Iran will reach a peace agreement and continue to free up ships trapped in the Persian Gulf.West Texas Intermediate crude oil for August delivery was last seen down 0.4% at $68.39 per barrel, its lowest level since Feb. 27, in light electronic trading, with U.S. markets closed ahead of the July 4 Independence Day holiday. September Brent crude was down 0.2% at $71.66.The decline comes as a ceasefire agreement reached last month between Iran and the U.S. continues to hold, while the two sides hold peace talks in Qatar.The ceasefire is allowing ships trapped within the Persian Gulf since the Feb. 28 start to the war to begin transiting the Strait of Hormuz, ending the largest-ever supply shock. Hormuzstraitmonitor.com reported 27 ships moved through the Strait in the past day, including tankers carrying 3.3-million barrels of oil, easing prices that rose to four-month highs during the conflict."Brent trades near unchanged on the week, having returned to pre-war levels, with support emerging ahead of USD 70. This may signal that the ongoing recovery in supply flows through the Strait of Hormuz is now largely priced in, while US-Iran talks continue with several issues still unresolved. Following the initial wall of supply attention may turn to efforts to re-build strategic and commercial reserves which in the coming months should boost demand beyond what's needed for consumption," Saxo Bank noted.

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks were higher late Thursday afternoon, with the NYSE Energy Sector Index rising 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.8%.The Philadelphia Oil Service Sector Index rose 0.2%, and the Dow Jones US Utilities Index climbed 2.1%.The Doha discussions between the US and Iran produced "positive progress" on issues related to the memorandum that halted the war in June and were "building on the outcomes" from the Switzerland summit, a Qatar Foreign Ministry spokesperson said in a post on X, according to Reuters.Front-month West Texas Intermediate crude oil decreased 0.1% to $68.51 a barrel, and the global benchmark Brent crude contract was up 0.1% at $71.62 a barrel. Henry Hub natural gas futures fell 0.5% to $3.20 per 1 million BTU.In sector news, US natural gas stocks increased by 87 billion cubic feet in the week ended June 26, larger than the 84 billion cubic feet increase expected in a survey compiled by Bloomberg and following an increase of 76 billion cubic feet in the previous week.In corporate news, Chevron's (CVX) Kilby power project differentiates the company from its global peers and could become a new earnings growth driver while supporting a higher valuation over time, UBS Securities said. The brokerage said in a note that the 2.67-gigawatt project, being developed with Joulent to supply power to a Microsoft (MSFT) data center under a 20-year agreement, could become one of the largest -- if not the largest -- behind-the-meter power projects developed to date. Chevron shares were up 2.1%.Obsidian Energy (OBE) said Thursday it closed the acquisition of Belly River light oil assets in the Wilson Creek area of Willesden Green for $98 million, adding 2,500 barrels of oil equivalent per day of light oil production and 35 sections of land. Obsidian Energy shares rose 0.6%.TotalEnergies (TTE) said it has agreed to sell its 85% interest in Block 2E offshore Malaysia to INPEX for $350 million. TotalEnergies shares added 2.4%.Tsakos Energy Navigation (TEN) said it placed an order for a second LNG carrier at Hyundai Heavy Industries in South Korea, with delivery expected in Q1 2029. Tsakos shares jumped past 5%.

$CVX$OBE$TEN$TTE

Sector Update: Financial Stocks Advance Late Afternoon

Financial stocks were higher in late Thursday afternoon trading, with the NYSE Financial Index rising 1% and the State Street Financial Select Sector SPDR ETF (XLF) adding 1.1%.The Philadelphia Housing Index was 0.1% lower, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.8%.Bitcoin (BTC-USD) was climbing 2.3% to $61,570, and the yield for 10-year US Treasuries rose 1 basis point to 4.485%.In economic news, the June employment report showed nonfarm payrolls rose by 57,000, according to the Bureau of Labor Statistics, below the 113,000 jump expected in a Bloomberg-compiled survey. May payrolls were revised downward to a 129,000 gain, and April payrolls were revised down to a 148,000 expansion, for a net downward revision of 74,000 jobs.In corporate news, CME (CME) said its average daily volume in June rose 19% to a record for the month of 30.6 million contracts from a year earlier, while Q2 ADV reached 29.8 million contracts, the second-highest for the period in the exchange operator's history. Its shares added 2.3%.Blackstone's (BX) QTS is scrapping its plans to build a portion of a large data center campus in Virginia after receiving significant pushback from residents there, Bloomberg reported. Blackstone shares were up 1.8%.Goldman Sachs (GS) said Thursday it will provide a $1,000 matching contribution to federal Trump Accounts, a new tax-deferred federal investment vehicle, for eligible children of its US employees. Goldman shares were down 0.4%.JPMorgan Chase (JPM) will join Gulf banks in helping arrange roughly $7 billion of debt financing for a Qatari company's projects in Syria, Bloomberg reported. JPMorgan shares were decreasing 0.2%.

$BX$CME$GS$JPM

Sector Update: Consumer Stocks Mixed Late Afternoon

Consumer stocks were mixed late Thursday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 1.8% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1.1%.In corporate news, Tesla's (TSLA) shares dropped 8% even after the company's Q2 deliveries beat market expectations, while Truist Securities said the electric vehicle maker failed to provide any updates on key topics.Rivian Automotive (RIVN) raised delivery projections for this year after the EV manufacturer's Q2 numbers exceeded expectations. Ford (F) reported a 10% drop in new US vehicle sales from a year earlier. Rivian shares jumped 8.3%, and Ford fell 2.6%.Franklin Covey's (FC) shares tumbled 14% after the company cut its full-year fiscal 2026 revenue guidance, undermining its fiscal Q3 results.Ferrari's (RACE) Q2 should deliver further sequential acceleration, along with an expected 2026 guidance upgrade, indicating a stronger-than-expected second-half performance ahead of a "balanced year" guidance, UBS Securities said in a note. UBS kept a buy rating on Ferrari and raised the price target to $497 from $483. Ferrari shares rose 2.3%.

$F$FC$RACE$RIVN$TSLA

$ABBV$BMY$CRNX$DRIO$ENSG$JNJ$MRK

Sector Update: Healthcare Stocks Gain Late Afternoon

Healthcare stocks were higher late Thursday afternoon, with the NYSE Healthcare Index and the State Street Health Care Select Sector SPDR ETF (XLV) each adding 2.3%.The iShares Biotechnology ETF (IBB) climbed 2.1%.In corporate news, AbbVie (ABBV) and other healthcare stocks were rising after the Trump administration reportedly proposed a new rule to curb hospital drug markups in Medicare. According to The Associated Press, the rule targets hospitals in the 340B program, which allows them to buy outpatient drugs at reduced prices for low-income patients but often bill insurers at higher rates and keep the difference. AbbVie rose 3.8%, Johnson & Johnson (JNJ) was up 3.2%, Bristol-Myers Squibb (BMY) climbed 3.4%, and Merck (MRK) added 2.7%.Crinetics Pharmaceuticals (CRNX) shares jumped 9% after UBS started coverage of the stock with a buy rating and a price target of $55 per share.Ensign (ENSG) shares rose 1.4% after the company said it has purchased the real estate and operations of two skilled nursing facilities in Texas.DarioHealth (DRIO) shares jumped 5.9% after it said Thursday that a health insurer in the US extended its agreement with the company and expanded the scope by adding its AI-powered hypertension offering.

$AAPL$GOOG$GOOGL$MSFT$NVDA

Sector Update: Tech Stocks Fall Late Afternoon

Tech stocks were lower late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 3.3% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 8%.The Philadelphia Semiconductor index slumped 6.6%.In corporate news, Apple (AAPL) plans to launch five new iPhone models to gain market share despite a memory shortage that is driving up prices, Nikkei Asia reported. Apple shares rose 4.5%.Nvidia (NVDA) said it is expanding access to its AI infrastructure by introducing a revenue-sharing model that grants token credits to developers in exchange for a portion of the recurring earnings from the cloud networks. Its shares fell 2.4%.Microsoft (MSFT) is combining the consumer and enterprise versions of its Copilot AI chatbots into a single application in an effort to better compete with Anthropic's Claude and OpenAI's ChatGPT, The Information reported. Separately, Microsoft said Thursday it is launching Microsoft Frontier, a new operating business to provide frontier transformation services using AI. The company said it is investing $2.5 billion in Microsoft Frontier and embedding 6,000 employees at clients to co-design and deploy AI systems. Microsoft shares added 1.9%.Alphabet (GOOGL) and its Google unit are facing a fine of about 4.13 billion euros ($4.71 billion) after the Court of Justice of the EU dismissed their appeal and upheld an earlier court ruling that found Google Search in violation of competition laws, according to a Thursday statement. Alphabet shares were down 0.6%.

Sector Update: Energy

Energy stocks were higher late Thursday afternoon, with the NYSE Energy Sector Index rising 0.8% and the State Street Energy Select Sector SPDR ETF (XLE) up 0.3%.The Philadelphia Oil Service Sector Index shed 0.1%, and the Dow Jones US Utilities Index climbed 1.6%.Front-month West Texas Intermediate crude oil increased 0.1% to $68.49 a barrel, and the global benchmark Brent crude contract was fractionally higher at $71.60 a barrel. Henry Hub natural gas futures fell 0.8% to $3.20 per 1 million BTU.In corporate news, Chevron's (CVX) Kilby power project differentiates the company from its global peers and could become a new earnings growth driver while supporting a higher valuation over time, UBS Securities said. The brokerage said in a note that the 2.67-gigawatt project, being developed with Joulent to supply power to a Microsoft (MSFT) data center under a 20-year agreement, could become one of the largest -- if not the largest -- behind-the-meter power projects developed to date. Chevron shares were up 1.5%.

$CVX

Sector Update: Financial

Financial stocks were advancing in late Thursday afternoon trading, with the NYSE Financial Index rising 1% and the State Street Financial Select Sector SPDR ETF (XLF) adding 1.1%.The Philadelphia Housing Index was 0.1% lower, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.8%.Bitcoin (BTC-USD) was climbing 2.3% to $61,570, and the yield for 10-year US Treasuries rose 1 basis point to 4.485%.In corporate news, Blackstone's (BX) QTS is scrapping its plans to build a portion of a large data center campus in Virginia after receiving significant pushback from residents there, Bloomberg reported. Blackstone shares were up 1.8%.

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Update: WTI Oil Edges Higher Even as Hormuz Shipping Recovers, Iran Talks Ease Supply Concerns

(Updated prices in the second paragraph)West Texas Intermediate (WTI) crude oil edged higher on Thursday, even as supply concerns continue to ease with tankers stranded in the Persian Gulf since the start of the Iran war resuming transit through the Strait of Hormuz.WTI crude oil for August delivery closed up 0.2% to settle at $68.69 per barrel, while September Brent oil was last seen up 0.2% to $71.68.The rise comes even as ships continued to pass through the Strait of Hormuz, easing supply disruptions caused by the conflict. According to HormuzStraitMonitor.co, five ships transited the strait over the past day, leaving about 380 vessels still waiting in the queue.Peace talks between the US and Iran are said to be advancing, with the Wall Street Journal reporting indirect talks between the nations are progressing well,U.S. inventories continued to fall last week, with the Energy Information Administration on Wednesday said commercial crude oil inventories and releases from the Strategic Oil Reserve dropped by a combined 13.1-million barrels last week.

Sector Update: Healthcare

Healthcare stocks were higher late Thursday afternoon, with the NYSE Healthcare Index and the State Street Health Care Select Sector SPDR ETF (XLV) each adding 2.3%.The iShares Biotechnology ETF (IBB) climbed 2.1%.In corporate news, Crinetics Pharmaceuticals (CRNX) shares jumped 8% after UBS started coverage of the stock with a buy rating and a price target of $55 per share.

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Sector Update: Tech

Tech stocks were lower late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 3.1% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 7.3%.The Philadelphia Semiconductor index slumped 6.5%.In corporate news, Apple (AAPL) plans to launch five new iPhone models to gain market share despite a memory shortage that is driving up prices, Nikkei Asia reported. Apple shares rose 4.4%.

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July WTI Crude Oil Contract Closes Up 0.2%; Settles at US$68.69 per Barrel