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Sector Update: Financial

Financial stocks were advancing in Wednesday afternoon trading, with the NYSE Financial Index rising 1.4% and the State Street Financial Select Sector SPDR ETF (XLF) adding 0.9%.The Philadelphia Housing Index was climbing 3.4%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 0.8%.Bitcoin (BTC-USD) was increasing 0.9% to $77,453, and the yield for 10-year US Treasuries was dropping 9 basis points to 4.577%.In corporate news, an Ares Management (ARES) fund and the Scion Group have purchased 12 US student-housing properties for about $910 million, Bloomberg reported. Ares rose 1.8%.

$ARES

Sectors36d ago

Sector Update: Healthcare

Healthcare stocks declined Wednesday afternoon, with the NYSE Healthcare Index decreasing 0.3% and the State Street Healthcare Select Sector SPDR ETF (XLV) shedding 0.5%.The iShares Biotechnology ETF (IBB) rose 1.8%.In corporate news, Medtronic (MDT) said Wednesday it is planning to acquire medical technology firm SPR Therapeutics for an upfront cash payment of about $650 million. Medtronic shares were down 1.2%.

$MDT

Sectors36d ago

Sector Update: Tech

Tech stocks were higher Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.7% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 3.7%.The Philadelphia Semiconductor index climbed 3.4%.In corporate news, Nvidia's (NVDA) fiscal Q1 sales are expected to outperform market projections, with potential for "enhanced" cash returns likely to be among the key areas of focus, BofA Securities said in a note. The brokerage maintained its buy rating on the Nvidia stock, with a $320 price objective, citing its "dominance in the fastest growing tech market and its compelling valuation." Nvidia shares rose 1.8%.

$NVDA

Sectors36d ago

Sector Update: Consumer

Consumer stocks were mixed Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 1.9%.In corporate news, Lowe's (LOW) reported fiscal Q1 results above market estimates on Wednesday, while the home improvement retailer affirmed its full-year outlook. Its shares rose 0.7%.

$LOW

Sectors36d ago

US Total Crude Oil Stocks Fall in Week Ended May 15, Led by Draws in SPR

US crude oil stocks, including those in the Strategic Petroleum Reserve, declined by 17.8 million barrels in the week ended May 15 following a decrease of 12.9 million barrels in the previous week.Excluding inventories in the SPR, commercial crude oil stocks decreased by 7.9 million barrels after a 4.3-million-barrel decline in the previous week, a larger decline than the 2.5-million-barrel decrease expected in a survey compiled by Bloomberg.Stocks in the SPR fell by 9.9 million in the week after falling by 8.6 million in the previous week.Overall crude oil stocks were down 2.1% from the previous week and 2.9% from a year earlier. Crude oil inventories are about 2% below the five-year average for this time of the year.Gasoline stocks decreased by 1.5 million barrels, less than the 2.2-million-barrel decrease expected. Gasoline stocks were down 0.7% from the previous week and down 5% from a year earlier.Distillate stocks rose by 400,000 barrels in the current week, compared with an expected decrease of 1.7 million barrels. Distillate stocks were up 0.4% from the previous week but were 1.2% lower than in the same week a year ago.Refineries operated at 91.6% of their capacity, down from 91.7% in the previous week.

Sectors36d ago

Natural Gas Moves Lower Despite Hot Weather Forecasts

Natural gas prices fell early Wednesday even as long-term forecasts see warmer than seasonal weather coming for most states. Gas for June delivery was last seen down $0.05 to US$3.06 per million British thermal units.The drop comes even as long-term forecasts from the National Weather Service expect all lower-48 states to see seasonal or warmer temperatures over its six to 14 outlook, with nearer-term forecasts seeing hot weather for big markets."Record high temperatures will impact much of the East Coast.....with highs of lower to mid-90s and decently strong demand for cooling this early in the season," NatGasWeather noted.

$NGM6$UNG

Sectors36d ago

Sector Update: Energy Stocks Lean Lower Premarket Wednesday

Energy stocks were leaning lower premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.7%.The United States Oil Fund (USO) was down 2.8% and the United States Natural Gas Fund (UNG) was 1.9% lower.Front-month US West Texas Intermediate crude oil was 0.8% lower at $107.77 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 2.3% to $108.68 per barrel, and natural gas futures were down 2.1% at $3.05 per 1 million British Thermal Units.Golar LNG (GLNG) stock was up more than 3% after the company posted higher Q1 net income and operating revenue.Dorian LPG (LPG) shares were up more than 4% after the company reported higher fiscal Q4 adjusted earnings and revenue.Shell (SHEL) unit BG International has sold participating interests in three exploration blocks offshore Uruguay to QatarEnergy. Shell shares were 0.4% lower pre-bell.

$GLNG$LPG$SHEL$UNG$USO$XLE

Sectors36d ago

Sector Update: Financial Stocks Advance Premarket Wednesday

Financial stocks were advancing premarket Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) 0.2% higher.The Direxion Daily Financial Bull 3X Shares (FAS) was up 0.5% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.7% lower.Oversea-Chinese Banking handily outbid rivals in a recent deal to acquire the retail and wealth assets of HSBC (HSBC) in Indonesia, Bloomberg News reported, citing people familiar with the matter. Shares of HSBC were up more than 1% pre-bell.Visa (V) has launched its agentic-ready program in Central Europe, Middle East, and Africa to support its payment system, the company said. Visa shares were 0.3% higher premarket.JPMorgan Chase (JPM) has launched its digital savings bank, Chase, in Germany, the company said. JPMorgan Chase stock was up 0.3% pre-bell.

$FAS$FAZ$HSBC$JPM$V$XLF

Sectors36d ago

Sector Update: Healthcare Stocks Edge Higher Premarket Wednesday

Healthcare stocks were edging higher premarket Wednesday, with the State Street Health Care Select Sector SPDR ETF (XLV) up 0.3% and the iShares Biotechnology ETF (IBB) advancing by 0.8%.Roivant Sciences (ROIV) stock was up nearly 6% after the company reported that it swung to a fiscal Q4 net income.ImmunityBio's (IBRX) supplemental biologics license application for Anktiva in combination with Bacillus Calmette-Guerin in patients with bladder cancer with papillary disease has been accepted for review by the US Food and Drug Administration, the company said. ImmunityBio shares were 8% higher pre-bell.Natera (NTRA) stock was up more than 2% after the company said the trial evaluating its Fetal Focus single-gene noninvasive prenatal test has enrolled more than 2,000 patients, more than doubling enrollment over the past year.

$IBB$IBRX$NTRA$ROIV$XLV

Sectors36d ago

Gold Edges Lower Even as Yields Ease and the Dollar Steadies

Gold prices fell for a third-straight session early Wednesday even as treasury yields eased and the dollar steadied. Gold for June delivery was last seen down $11.30 to US$4,499.90 per ounce, the lowest since March 26.The price of the precious metal has been challenged by a higher dollar and rising bond yields as investors fret the high oil prices that have followed the war on Iran will force central banks to hike interest rates to stave off rising inflation."Gold trades lower on Fed hike anxiety as the dollar, and not least bond yields, continue to rise amid inflation concerns driven by the Middle East conflict and prolonged disruption to the supply of key commodities moving from the Persian Gulf through the almost closed Strait of Hormuz," Saxo Bank noted.The dollar was mostly steady early, with the ICE dollar index last seen up 0.02 points to 99.35. Treasury yields eased off 15-month highs, with the U.S. two-year note last seen down 0.8 basis points to 4.119% after rising to the highest since February 2025 a day earlier, while the 10-year note was paying 4.655%, down 1.6 points.

$GCM6$GLD

Sectors36d ago

Sector Update: Consumer Stocks Mixed Premarket Wednesday

Consumer stocks were mixed premarket Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) declining by 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.3%.TJX (TJX) stock was up more than 3% after the company posted higher fiscal Q1 earnings and net sales, and raised its fiscal 2027 outlook.Lowe's (LOW) shares were down more than 1% even after the company reported higher fiscal Q1 adjusted earnings and net sales.Arcos Dorados Holdings (ARCO) stock was up more than 7% after the company reported higher Q1 earnings and revenue.

$ARCO$LOW$TJX$XLP$XLY

Sectors36d ago

Sector Update: Tech Stocks Rise Premarket Wednesday

Technology stocks were rising premarket Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) 1%% higher and the State Street SPDR S&P Semiconductor ETF (XSD) up 1.4%.Amkor Technology (AMKR) shares were up more than 3% after the company said it has acquired an additional 67-acre parcel next to its Arizona semiconductor campus as it expands advanced packaging and testing operations in the US.Nvidia (NVDA) will open its first research center in Singapore focused on embodied AI and improving AI infrastructure efficiency, multiple media reports said. Nvidia stock was up more than 1% pre-bell.GDS (GDS) shares were up more than 2% after the company posted higher Q1 income and net revenue.

$AMKR$GDS$NVDA$XLK$XSD

Sectors36d ago

Sector Update: Energy

Energy stocks were leaning lower premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.6%.The United States Oil Fund (USO) was down 2.5% and the United States Natural Gas Fund (UNG) was 1.6% lower.Front-month US West Texas Intermediate crude oil was 0.8% lower at $107.77 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 2.9% to $108.10 per barrel, and natural gas futures were down 1% at $3.08 per 1 million British Thermal Units.Golar LNG (GLNG) stock was up more than 3% after the company posted higher Q1 net income and operating revenue.

$GLNG

Sectors36d ago

Sector Update: Financial

$HSBC

Sectors36d ago

Sector Update: Healthcare

$ROIV

Sectors36d ago

Sector Update: Consumer

Consumer stocks were mixed premarket Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) slightly declining and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.5%.TJX (TJX) stock was up more than 3% after the company posted higher fiscal Q1 earnings and net sales, and raised its fiscal 2027 outlook.

$TJX

Sectors36d ago

Sector Update: Tech

Technology stocks were rising premarket Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) 1.1%% higher and the State Street SPDR S&P Semiconductor ETF (XSD) up 1.5%.Amkor Technology (AMKR) shares were up more than 2% after the company said it has acquired an additional 67-acre parcel next to its Arizona semiconductor campus as it expands advanced packaging and testing operations in the US.

$AMKR

Sectors36d ago

Oil Prices Fall Despite U.S. Threats to Resume Attacks on Iran

Oil prices eased early on Wednesday even as U.S. President Trump again threatened fresh attacks on Iran, while Iran threatened strikes outside the Persian Gulf region should the United States resume attacks.West Texas Intermediate crude oil for July delivery was last seen down US$0.89 to US$107.77 per barrel, while July Brent oil was down US$2.25 to US$109.03.The Guardian reported Iran's Islamic Revolutionary Guard Corps threatened to extend the war beyond the Persian Gulf region if the United States resumes strikes against the country after Trump on Tuesday promised a fresh wave of attacks if Iran does not agree to a peace deal.The war has blocked the Strait of Hormuz since it began on Feb. 28, keeping the 20% of daily oil demand supplied by Persian Gulf nations mostly off the market and producing the world's largest-ever supply shock. Though the closure of the Strait has already pushed oil prices up by more than half, analytics firm Woods Mackenzie said if the war is extended until the end of the year, oil prices could rise as high as US$200 per barrel, though a quick settlement could lower Brent prices to US$80 by year end."The Strait of Hormuz is the most critical chokepoint in global energy markets, and a prolonged closure would become far more than an energy crisis," said Peter Martin, head of economics at Wood Mackenzie. "The longer disruption persists, the greater the impact on energy prices, industrial activity, trade flows and global economic growth."The market is awaiting the start of the high-demand U.S. summer driving season, which begins with this weekend's Memorial Day holiday. The start of the season comes as U.S. oil inventories continue to decline, with the American Petroleum Institute's weekly survey showing stocks fell by 9.1-million barrels last week, well ahead of the consensus estimate for a drop of 3.4-million barrels. The Energy Information Administration will release official inventory data later on Wednesday morning.

$CLN6$LCON6$USO

Sectors36d ago

NY Crude Down 1.9% at US$102.15 and Brent Crude Down 2% at Near US$109

$CLM6$LCON6$USO

Sectors36d ago

Crude Oil Processing in China Falls in April Amid Elevated Oil Prices, Commerzbank Says

Crude oil processing in China was significantly scaled back in April due to negative margins amid high crude oil prices, Commerzbank said in a Tuesday note.Crude processing was 13.3 million barrels per day in April, 1.2 million barrels per day lower than in March and its lowest level since the coronavirus pandemic in August 2022, the bank noted.In May, further cuts are expected despite the government's call to maintain high production levels, as refineries are likely to bring forward closures as part of their routine maintenance schedule, Commerzbank said.However, crude oil stocks appear to continue to rise in purely mathematical terms, albeit not as sharply as in previous months, despite a sharper drop in crude oil imports in April compared with the previous month, the bank said.

$CLX1$LCOX1$USO

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Sectors36d ago

Oil Prices Fall Despite U.S. Threats to Resume Attacks on Iran

$CLN6$LCON6$USO