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Sector Update: Tech

Tech stocks were lower late Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.4% and the State Street SPDR S&P Semiconductor ETF (XSD) down 2%.The Philadelphia Semiconductor index slumped 3.3%.In corporate news, Figma (FIG) shares were up 13% after it posted Q1 adjusted net income and revenue that surpassed analysts' estimates.

$FIG

Sectors41d ago

Update: WTI Oil Rises on Fading Hopes for a Reopening of the Strait of Hormuz

West Texas Intermediate (WTI) crude oil rose 4.2% on Friday on fading hopes for the United States and Iran will reach a deal that will re-open the Strait of the Hormuz as the U.S.-China summit meeting ended with mixed messages on ending the war on Iran.WTI oil for June delivery closed up US$4.25 to settle at US$105.42 per barrel, while July Brent oil was last seen up US$3.56 to US$109.28.A summit meeting between U.S. President Trump and Xi Jinping, Trump's Chinese counterpart, ended with mixed messages from Trump on the war on Iran, the Wall Street Journal reported. The paper said Trump told Fox News the United States does not need to see the Strait reopen, then told reporters both he and Xi want to see the Iran war come to an end, while also saying the Strait needs to to be open as soon a possible."Both sides aligned on the reopening of the Strait of Hormuz. The US readout connected China's energy import needs to the energy disruptions due to the conflict in Iran. Even though the Chinese statement did not even mention energy, China's foreign minister before the start of the second day of the summit called for the reopening of the Strait. Indeed, weeks before the summit, President Xi had already called for a comprehensive ceasefire that would allow normal passage of vessels," Eugenia Victorino, Head of Asia Strategy at SEB Research, noted.Iran closed the Strait to most traffic at the Feb. 28 start to the war launched by the United States and Israel, stranding hundreds of ships in the Persian Gulf and blocking 20% of daily oil demand supplied by regional nations.The blockade of the Strait has pushed oil prices up by half since the start of the war, leaving Asian nations scrambling for physical supply and boosting inflation, raising concerns central banks will need to raise interest rates to cut demand.Hopes for further talks between Iran and the United States continue, with The Guardian reporting Abbas Araghchi, Iran's foreign minister, said that U.S. contacted Iran "to say that they were seeking to continue talks, and that his country (is) prepared to pursue either a diplomatic or militaristic route in order to end the conflict".

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Sectors41d ago

June WTI Crude Oil Contract Closes Up US$4.25; Settles at US$105.42 per Barrel

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Sectors41d ago

Sector Update: Energy Stocks Rise Friday Afternoon

Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index rising 0.9% and the State Street Energy Select Sector SPDR ETF (XLE) climbing 1.6%.The Philadelphia Oil Service Sector Index was decreasing 0.5%, and the Dow Jones US Utilities Index fell 2.4%.Front-month West Texas Intermediate crude oil gained 3.9% to $105.12 a barrel, and the global benchmark Brent crude contract was advancing 3.2% to $109.08 a barrel. Henry Hub natural gas futures rose 2.4% to $2.96 per 1 million BTU.In sector news, US Secretary of Energy Chris Wright told CNBC on Friday he expects China to increase oil imports from the US because the two nations are natural partners and because China relies heavily on imports from the Middle East that have mostly been cut off for weeks.In corporate news, BP (BP) plans to cut its pipeline gas trading team and focus on expanding its liquified natural gas trading, Reuters reported. Separately, BP is contemplating selling some natural gas assets in Egypt, Reuters reported. BP shares were up 1%.ConocoPhillips (COP) shares rose 2.2% after Argus lifted the company's price target to $136 from $128, while keeping its buy rating.Exxon Mobil (XOM) was found not liable by a Texas jury in a lawsuit accusing the oil major of misleading investors about its Canadian oil sands and Rocky Mountain gas operations, Reuters reported late Thursday. Exxon shares climbed 2.9%.

$BP$COP$XOM

Sectors41d ago

Update: Gold Falls as the USD and Treasury Yields Surge on Inflation Worries

(Updates prices)Gold traded lower midafternoon Friday as the dollar and yields climbed on concerns around inflation and concerns the rise in oil prices will force central banks to hike interest rates.Gold for June delivery was last seen down $119.40 to US$4,565.90 per ounce.The drop comes as traders continue to turn to the dollar and bonds to counter fears of higher interest rates, seeing gold as no safe store of value amid rising inflation. The United States this week reported consumer and wholesale prices surged last month as the war on Iran produced the largest-ever energy supply shock, pushing up oil prices by half."Inflation data saw yields rise and gold fall. Overall, the Iran conflict has held gold back despite the abundant uncertainty. We still expect for that uncertainty to turn more gold positive eventually," Christopher Louney, a gold and natural gas analyst at RBC Capital Markets, wrote.The dollar rose early, with the ICE dollar index last seen up 0.41 points to 99.23, the highest since April 7. Treasury yields were also sharply higher. The yield on the two-year note was last seen up 6.0 basis points to 4.09%, while the 10-year note was paying 4.598%, up 10.9 points to the highest since May 21. 2025.

$GCM6$GLD

Sectors41d ago

Sector Update: Financial Stocks Lower in Afternoon Trading

Financial stocks declined in Friday afternoon trading, with the NYSE Financial Index shedding 0.5% and the State Street Financial Select Sector SPDR ETF (XLF) easing 0.2%.The Philadelphia Housing Index was down 3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 1.4%.Bitcoin (BTC-USD) was declining 2.5% to $79,348, and the yield for 10-year US Treasuries jumped 12.8 basis points to 4.59%.In economic news, US industrial production rebounded more than projected in April, buoyed the manufacturing and utilities categories, Federal Reserve data showed Friday. Industrial output rose 0.7% last month following a revised 0.3% fall in March, the Fed said. The consensus was for a 0.3% increase for April in a survey compiled by Bloomberg.In corporate news, Goldman Sachs (GS) is assessing demand for a significant risk transfer linked to a portfolio of loans to private market funds, Bloomberg reported. The lender is a regular issuer of SRTs and has used them in the past to offload risk related to private funds, the report said, adding that final terms of the transaction are being discussed with investors. Goldman shares were down 1.6%.Mizuho Financial (MFG) shares fell 1.3% after it issued fiscal 2026 earnings forecast below analysts' expectations.HSBC (HSBC) has yet to deploy the $4 billion it previously committed to its private credit strategy, with no current timeline for the planned investment, the Financial Times reported. HSBC shares were down 2%.

$GS$HSBC$MFG

Sectors41d ago

Sector Update: Healthcare Stocks Softer Friday Afternoon

Healthcare stocks declined Friday afternoon, with the NYSE Healthcare Index falling 0.9% and the State Street Healthcare Select Sector SPDR ETF (XLV) shedding 0.8%.The iShares Biotechnology ETF (IBB) dropped 2.5%.In corporate news, Aardvark Therapeutics (AARD) shares fell 31% after the firm said the US Food and Drug Administration placed a full clinical hold on its investigational new drug application for ARD-101. Morgan Stanley downgraded the stock to underweight from equalweight, and BTIG to neutral from buy.DexCom (DXCM) said Friday it has set new long-term financial goals, including organic revenue growth of more than 10% a year through 2030. Its shares climbed past 6%.ARS Pharmaceuticals (SPRY) shares fell nearly 5% after it posted a wider Q1 net loss.Alumis (ALMS) stock was down more than 5% after it reported that its Q1 revenue dropped to $1.7 million from $17.4 million a year earlier.

$AARD$ALMS$DXCM$SPRY

Sectors41d ago

Sector Update: Tech Stocks Fall in Afternoon Trading

Tech stocks were lower Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 0.7% and the State Street SPDR S&P Semiconductor ETF (XSD) down 1.6%.The Philadelphia Semiconductor index slumped 2.6%.In sector news, the world's largest AI firms could earn $200 billion in revenue this year, more than five times the $37 billion they brought in last year, according to estimates from Menlo Ventures. The venture capital firm has tracked AI revenue growth from Microsoft (MSFT), Amazon (AMZN), Alphabet's Google (GOOGL), OpenAI, Anthropic, Cursor and other companies for the past three years.In corporate news, Nvidia (NVDA), Advanced Micro Devices (AMD) and Intel (INTC) shares declined in Friday trading, while ASML (ASML) and STMicroelectronics (STM) also fell after a US-China summit ended without major semiconductor agreements, Yahoo Finance reported. The pullback came after talks between President Donald Trump and Chinese President Xi Jinping failed to produce significant developments on semiconductor trade issues, despite investor expectations for progress on advanced chip sales to China, the report said. Nvidia shares fell 2.5%, AMD lost 3.5%, Intel declined 5.3%, ASML dropped 4.2%, and STMicroelectronics slumped 3.8%.Bill Ackman said Friday on the social media platform X that his Pershing Square hedge fund has sold Alphabet (GOOGL) shares and established a new position in Microsoft (MSFT). Alphabet shares were down 1%, and Microsoft climbed 4.3%.Xerox (XRX) shares jumped past 9% after alternative investment fund Starteepo Invest acquired 6.6 million shares of the company, representing a 5.05% stake.

$AMD$ASML$GOOGL$INTC$MSFT$NVDA$STM$XRX

Sectors41d ago

Sector Update: Consumer Stocks Decline Friday Afternoon

Consumer stocks were lower Friday 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) falling 1.5%.In corporate news, Starbucks (SBUX) said it will cut 300 US support jobs as the coffee giant consolidates regional offices to reduce costs and streamline operations. Its shares were down 0.2%.Magnum Ice Cream (MICC) shares jumped past 10% after Reuters reported that Blackstone (BX) and Clayton, Dubilier & Rice are in the early stages of considering bids for the company.Diageo (DEO) will integrate its Africa and Europe operations into a single division amid an overhaul including major leadership changes, Bloomberg reported. Diageo shares rose 1.7%.

$DEO$MICC$SBUX

Sectors41d ago

Sector Update: Energy

$BP

Sectors41d ago

Sector Update: Healthcare

$AARD

Sectors41d ago

Sector Update: Financial

Financial stocks were lower in Friday afternoon trading, with the NYSE Financial Index shedding 0.5% and the State Street Financial Select Sector SPDR ETF (XLF) easing 0.1%.The Philadelphia Housing Index was falling 3%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) dropped 1.4%.Bitcoin (BTC-USD) was declining 2.5% to $79,348, and the yield for 10-year US Treasuries jumped 12.8 basis points to 4.59%.In corporate news, Goldman Sachs (GS) is assessing demand for a significant risk transfer linked to a portfolio of loans to private market funds, Bloomberg reported. The lender is a regular issuer of SRTs and has used them in the past to offload risk related to private funds, the report said, adding that final terms of the transaction are being discussed with investors. Goldman shares were down 1.5%.

$GS

Sectors41d ago

Sector Update: Tech

Tech stocks were lower Friday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 1.2% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 2.4%.The Philadelphia Semiconductor index slumped 3.1%.In corporate news, Nvidia (NVDA), Advanced Micro Devices (AMD) and Intel (INTC) shares declined in Friday trading, while ASML (ASML) and STMicroelectronics (STM) also fell after a US-China summit ended without major semiconductor agreements, Yahoo Finance reported. The pullback came after talks between President Donald Trump and Chinese President Xi Jinping failed to produce significant developments on semiconductor trade issues, despite investor expectations for progress on advanced chip sales to China, the report said. Nvidia shares fell 3.3%, AMD lost 4%, Intel declined 6.9%, ASML dropped 4.2%, and STMicroelectronics slumped 4.4%.

$AMD$ASML$INTC$NVDA$STM

Sectors41d ago

Sector Update: Consumer

Consumer stocks were lower Friday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1.8%.In corporate news, Starbucks (SBUX) said it will cut 300 US support jobs as the coffee giant consolidates regional offices to reduce costs and streamline operations. Shares were down 0.2%.

$SBUX

Sectors41d ago

Natural Gas Rises on Warming Forecasts While Inventories Rose Last Week

Natural gas prices rose early Friday on warming long-term forecasts while a day-prior storage report met expectations. Gas for June delivery was last seen up US$0.06 to US$2.95 per million British thermal units.The rise comes as long-term forecasts from the National Weather Service see all states with seasonal or warmer temperatures over its eight to 14 day forecast offering high cooling demand.In its weekly report issued Thursday, the Energy Information Administration said U.S. inventories of the fuel rose by 85-billion cubic feet last week, near expectations and leaving stocks at 2.29-trillion cubic feet, 6.5% above the five-year average."After the storage report printed in line with expectations a slight adjustment to weather outlooks proved just enough for the market to firm and test the resistance just under $2.90," Gary Cunningham, Director of Market Research at Tradition Energy, wrote.

$NGM6$UNG

Sectors41d ago

Sector Update: Energy Stocks Rise Pre-Bell Friday

Energy stocks were advancing pre-bell Friday, with the State Street Energy Select Sector SPDR ETF (XLE) up 0.8%.The United States Oil Fund (USO) was up 2% and the United States Natural Gas Fund (UNG) was 1.7% higher.Front-month US West Texas Intermediate crude oil was 2.7% higher at $103.89 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 2.1% to $107.96 per barrel, and natural gas futures were up 1.9% at $2.95 per million British Thermal Units.Exxon Mobil (XOM) was found not liable by a Texas jury in a lawsuit accusing the oil major of misleading investors about its Canadian oil sands and Rocky Mountain gas operations, Reuters reported. Exxon Mobil stock was 0.5% higher premarket.BP (BP) is contemplating selling certain natural gas assets in Egypt, Reuters reported, citing sources familiar with the matter. BP shares were marginally lower pre-bell.

$BP$UNG$USO$XLE$XOM

Sectors41d ago

Gold Falls as the USD and Treasury Yields Surge on Inflation Worries

Gold traded sharply lower early Friday as the dollar and yields climbed on concerns around inflation and concerns the rise in oil prices will force central banks to hike interest rates.Gold for June delivery was last seen down $136.10 to US$4,549.20 per ounce, the lowest since May 4.The drop comes as traders continue to turn to the dollar and bonds to counter fears of higher interest rates, seeing gold as no safe store of value amid rising inflation. The United States this week reported consumer and wholesale prices surged last month as the war on Iran produced the largest-ever energy supply shock, pushing up oil prices by half."Inflation data saw yields rise and gold fall. Overall, the Iran conflict has held gold back despite the abundant uncertainty. We still expect for that uncertainty to turn more gold positive eventually," Christopher Louney, a gold and natural gas analyst at RBC Capital Markets, wrote.The dollar rose early, with the ICE dollar index last seen up 0.41 points to 99.23, the highest since April 7. Treasury yields were also sharply higher. The yield on the two-year note was last seen up 4.1 basis points to 4.071, while the 10-year note was paying 4.563%, up 7.4 points to the highest since May 21. 2025.

$GCM6$GLD

Sectors41d ago

Sector Update: Financial Stocks Lean Lower Pre-Bell Friday

Financial stocks were leaning lower pre-bell Friday, with the State Street Financial Select Sector SPDR ETF (XLF) declining by 0.1%.The Direxion Daily Financial Bull 3X Shares (FAS) was 0.4% lower and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was up 0.6%.HSBC (HSBC) has yet to deploy the $4 billion it previously committed to its private credit strategy, with no current timeline for the planned investment, the Financial Times reported, citing two sources familiar with the decision-making process. HSBC shares were down more than 2% premarket.Mizuho Financial (MFG) shares were down more than 2% after the company issued fiscal 2026 earnings forecast below analysts' expectations. Separately, Mizuho Financial plans to reduce its stake in Orient to about 33.8% from more than 48% by selling 15% stake, Bloomberg reported, citing the company.Nu Holdings (NU) stock was down more than 6% after the company reported Q1 revenue that missed analysts' estimates.

$FAS$FAZ$HSBC$MFG$NU$XLF

Sectors41d ago

Sector Update: Healthcare Stocks Mixed Premarket Friday

Healthcare stocks were mixed pre-bell Friday, with the State Street Health Care Select Sector SPDR ETF (XLV) slightly advancing and iShares Biotechnology ETF (IBB) down 0.2%.Alumis (ALMS) stock was down more than 10% after the company reported that its Q1 revenue slumped to $1.7 million from $17.4 million a year earlier.ARS Pharmaceuticals (SPRY) shares were down more than 20% after the company posted a wider Q1 net loss.Aardvark Therapeutics (AARD) stock was down more than 33% after the company said the US Food and Drug Administration placed a full clinical hold on its investigational new drug application for ARD-101 to treat hyperphagia associated with Prader-Willi Syndrome.

$AARD$ALMS$IBB$SPRY$XLV

Sectors41d ago

Sector Update: Consumer Stocks Mixed Pre-Bell Friday

Consumer stocks were mixed pre-bell Friday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) 1.3% lower.Magnum Ice Cream (MICC) shares were up more than 12% after Reuters reported that Blackstone (BX) and Clayton, Dubilier & Rice are in the early stages of considering bids for the company.H World Group (HTHT) stock was down 0.9% even after the company posted higher Q1 adjusted earnings and revenue.Walmart (WMT) has asked Flipkart to delay its initial public offering plans to focus on achieving EBITDA breakeven before the end of fiscal 2027, Moneycontrol reported, citing unnamed sources having knowledge of the matter. Walmart shares were 0.6% higher premarket.

$BX$HTHT$MICC$WMT$XLP$XLY

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Sectors41d ago

Update: WTI Oil Rises on Fading Hopes for a Reopening of the Strait of Hormuz

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