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Sector Update: Financial Stocks Edge Higher Pre-Bell Wednesday

Financial stocks were edging higher pre-bell Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) advancing by 0.3%.The Direxion Daily Financial Bull 3X Shares (FAS) was up 0.5% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.2% lower.ProAssurance (PRA) shares were up more than 1% after the company said it has received all required regulatory approvals for its planned merger with The Doctors Company, clearing the final major hurdle for the transaction.BlackRock (BLK) and Fin Capital led Caplight Technologies' $16 million series A funding round, Caplight said. BlackRock stock was 0.1% lower premarket.JPMorgan Chase's (JPM) JPMorgan Public and Private Credit Fund, along with three other funds, won approvals to make monthly repurchase offers, the US Securities and Exchange Commission said. JPMorgan Chase shares were 0.1% higher pre-bell.

$BLK$FAS$FAZ$JPM$PRA$XLF

Sectors49d ago

Sector Update: Consumer Stocks Advance Pre-Bell Wednesday

Consumer stocks were edging higher pre-bell Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) marginally advancing and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.2%.Wendy's (WEN) named Steve Cirulis as chief financial officer, effective Tuesday, succeeding Ken Cook. Shares of Wendy's were up more than 30% premarket.Take-Two Interactive Software's (TTWO) Rockstar Games will open pre-orders for "Grand Theft Auto VI" on Thursday at midnight local time, the video game publisher said. Take-Two Interactive Software stock was up nearly 3% pre-bell.Nike (NKE) said David Denton will join as its chief financial officer and executive vice president on Aug. 17, replacing Matthew Friend, who will step down at that time and remain through Sept. 4 to support the transition. Nike shares were 0.8% lower premarket.

$NKE$TTWO$WEN$XLP$XLY

Sectors49d ago

Sector Update: Tech Stocks Rise Premarket Wednesday

Technology stocks were edging higher premarket Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) up 0.2% and the State Street SPDR S&P Semiconductor ETF (XSD) advancing by 1%.ASE Technology (ASX) is aggressively expanding global capacity to support surging artificial intelligence demand, including with new facilities in Asia and the US, Reuters reported, citing the company's Chief Operating Officer Tien Wu. Shares of ASE Technology Holding were up more than 1% pre-bell.Nebius Group (NBIS) introduced version 3.6 of its AI cloud Wednesday, featuring new developer experience, security and governance improvements, and enhanced storage capabilities for teams running AI in production on its full-stack AI cloud platform. Nebius Group stock was up more than 1% premarket.Daktronics (DAKT) shares were up nearly 9% after the company reported higher fiscal Q4 adjusted earnings and net sales.

$ASX$DAKT$NBIS$XLK$XSD

Sectors49d ago

Sector Update: Financial

Financial stocks were edging higher pre-bell Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) advancing by 0.2%.The Direxion Daily Financial Bull 3X Shares (FAS) was up 0.5% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.3% lower.ProAssurance (PRA) shares were up more than 1% after the company said it has received all required regulatory approvals for its planned merger with The Doctors Company, clearing the final major hurdle for the transaction.

$PRA

Sectors49d ago

Sector Update: Healthcare

Healthcare stocks were advancing premarket Wednesday, with the State Street Health Care Select Sector SPDR ETF (XLV) 0.2% higher and the iShares Biotechnology ETF (IBB) up 0.4%.Absci (ABSI) stock was up 20% after the company priced its underwritten offering of 13.5 million shares at $7.41 apiece, expecting to raise $100 million in gross proceeds. The financing includes participation from Eli Lilly (LLY), Absci said.

$ABSI$LLY

Sectors49d ago

Sector Update: Consumer

Consumer stocks were flat to higher pre-bell Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) inactive and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) up 0.3%.Wendy's (WEN) named Steve Cirulis as chief financial officer, effective Tuesday, succeeding Ken Cook. Shares of Wendy's were up more than 25% premarket.

$WEN

Sectors49d ago

Sector Update: Tech

Technology stocks were edging higher premarket Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) up 0.6% and the State Street SPDR S&P Semiconductor ETF (XSD) advancing by 1.4%.ASE Technology (ASX) is aggressively expanding global capacity to support surging artificial intelligence demand, including new facilities in Asia and the US, Reuters reported, citing the company's Chief Operating Officer Tien Wu. Shares of ASE Technology Holding were up more than 2% pre-bell.

$ASX

Sectors49d ago

Oil Falls to Pre-War Lows as Trapped Tankers Begin Leaving the Persian Gulf

Oil prices continued to fall early on Wednesday, dropping for a fourth-straight session as tankers trapped in the Persian Gulf due to the U.S-Iran war continue to move through the Strait of Hormuz, while the drop in U.S. inventories eased last week.West Texas Intermediate crude oil for August delivery was last seen down 2.9% to US$71.06 per barrel, the lowest since the war began on Feb. 28, while August Brent oil was down 3% to US$74.78.The International Marine Organization on Tuesday launched an evacuation plan for ships that have been trapped in the Gulf in cooperation with Iran, Oman and other Persian Gulf coastal states region, the U.S. and the maritime industry, with ships being notified of their place in the queue.As well, sanctions on Iran have been lifted by the US, freeing up full production from OPEC's number three oil producer and reassuring traders that the largest-ever supply shock has come to an end as output from the Persian Gulf nations that supplied a fifth of the world's energy demand return to market."The market is increasingly pricing a steady return of stranded supply following one of the most severe disruptions in recent history. UAE exports have already recovered to around 85% of pre-war levels, adding to expectations of improving supply availability in the weeks ahead," Saxo Bank noted.The fall in U.S. oil inventories is also slowing, with the American Petroleum Institute on Tuesday reporting stocks dipped by just 0.77-million barrels last week, down from a fall of 8.33-million barrels a week prior and the tenth-straight weekly drop. The Energy Information Administration will release official inventory data later on Wednesday morning.

$CLQ6$LCOQ6$USO

Sectors49d ago

Commerzbank Says Oil Declines With Middle East Output Closer to Pre-War Level

Brent crude fell below US$77 a barrel as geopolitical risk premiums continued to unwind and key Middle East countries got closer to pre-Iran war production, according to a note from Commerzbank.Oil export flows from the United Arab Emirates have recovered to 85% of pre-conflict levels, according to the International Energy Agency, while Qatar's prime minister said he expects liquefied natural gas production to normalize "within a few weeks," Commerzbank said.Meanwhile, President Donald Trump said there is "no rush" to deploy International Atomic Energy Agency inspectors to Iran. The Senate backed ending U.S. engagement in the Iran war, while Trump directed the Department of Justice to investigate the slow adjustment of gasoline prices.U.S. Treasuries weakened into the New York close but found support in Asian trading, said the bank.In Asia, Japanese government bond yields rose, led by the long end of the curve, added Commerzbank. Last week's Bank of Japan minutes signaled growing support for further interest-rate increases, with one board member estimating the neutral rate at roughly 2%.European Central Bank Governing Council member Boris Vujcic estimates eurozone inflation will remain elevated for longer, although long-term expectations remain anchored, said Commerzbank.The European Union announced a bond issuance target of 80 billion euros for the second half of the year, to be funded via four syndicated deals and six auctions.

$CXY

Sectors49d ago

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks rose late Tuesday afternoon with the NYSE Energy Sector Index increasing 0.3% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.8%.The Philadelphia Oil Service Sector Index eased 0.1%, and the Dow Jones US Utilities Index gained 0.9%.West Texas Intermediate crude oil fell 0.7% to $73.31 a barrel, and global benchmark Brent declined 1% to $77.13 a barrel. Henry Hub natural gas futures dropped 3.2% to $3.15 per 1 million BTU.In corporate news, the US Supreme Court reversed and remanded rulings by lower courts, reviving Exxon Mobil's (XOM) lawsuit seeking more than $1 billion in damages from Cuban government-owned companies over assets confiscated after Fidel Castro seized of power in 1959. Exxon shares rose 1.2%.Petrobras (PBR) signed a memorandum of understanding with Petroleos Mexicanos to cooperate in areas of exploration and production, and industrial processes. Petrobras shares were little changed.Walmart (WMT) will buy nuclear power from Constellation Energy (CEG) under a long-term agreement split into two 15-year terms. Constellation shares fell 1.6%.Energy Fuels (UUUU) agreed to acquire Germany-based magnetics manufacturer Vacuumschmelze and related entities, collectively known as VAC, from private equity firm Ara Partners in a deal with an equity value of $1.9 billion. Energy Fuels shares fell 3.9%.

$CEG$PBR$UUUU$XOM

Sectors49d ago

Sector Update: Healthcare Stocks Higher Late Afternoon

Healthcare stocks rose late Tuesday afternoon, with the NYSE Healthcare Index adding 1.5% and the State Street Health Care Select Sector SPDR ETF (XLV) increasing 1.3%.The iShares Biotechnology ETF (IBB) advanced 0.7%.In sector news, the US Justice Department is expected to charge about 450 defendants in alleged healthcare fraud schemes worth more than $6.5 billion, marking its largest coordinated antifraud operation to date, The Wall Street Journal reported, citing federal officials.In corporate news, AbbVie (ABBV) shares gained 1.8% after it said Tuesday that the European Commission approved its therapy Maviret to treat acute hepatitis C virus infection in adults and children aged three years and older.Merck (MRK) shares rose 3.1%. The company said Monday its investigational antibody tulisokibart met primary and secondary endpoints in a phase 3 trial of people with moderately to severely active ulcerative colitis.GE HealthCare Technologies (GEHC) is positioned for accelerating growth, driven by improving innovation, order momentum, and backlog, RBC Capital Markets said in a note. RBC started coverage of the company with an outperform rating and an $80 price target. GE HealthCare shares climbed 4.8%.Boundless Bio (BOLD) shares surged 80% after the company said it signed a definitive merger agreement with privately held biotech firm Serapha Bio.

$ABBV$BOLD$GEHC$MRK

Sectors49d ago

Sector Update: Financial Stocks Advance Late Afternoon

Financial stocks were increasing in late Tuesday afternoon trading, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each adding 0.2%.The Philadelphia Housing Index was down 0.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) gained 1.5%.Bitcoin (BTC-USD) was falling 3.3% to $62,249.7, and the yield for 10-year US Treasuries decreased 1.2 basis points to 4.50%.In economic news, the June flash reading of manufacturing conditions from S&P Global rose to a 49-month high of 55.7 from 55.1 in May, in contrast with an expected decrease to 54.6 in a survey compiled by Bloomberg.Redbook US same-store sales surged 10% from a year earlier in the week ended June 20 after a 9.4% year-over-year increase in the previous week.In corporate news, Goldman Sachs' (GS) equities business is on track to generate more than $5 billion in revenue in Q2, Bloomberg reported. Goldman shares were down 1%.Apollo Global Management (APO) has restricted investor redemptions for its private credit fund, Apollo Debt Solutions, following a surge in share repurchase requests from stakeholders. Apollo shares fell 2.9%.Korn Ferry (KFY) on Tuesday reported higher fiscal Q4 results, although the consulting firm issued an outlook calling for lower earnings in the current quarter. Its shares rose 5.1%.Blackstone (BX) is preparing to invest $30 billion in AI data centers in Japan within the next three to five years, Nikkei Asia reported, citing an interview with Chief Operating Officer Jonathan Gray. Blackstone shares declined 2.9%.

$APO$BX$GS$KFY

Sectors49d ago

Sector Update: Tech Stocks Fall Late Afternoon

Tech stocks were sharply lower late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 3.9% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 6.3%.The Philadelphia Semiconductor index tumbled 7.7%.In corporate news, Meta Platforms (META) is set to come under intensified scrutiny from European regulators, as the EU prepares to escalate an investigation into whether Facebook and Instagram are designed in ways that can be addictive for children, Bloomberg reported. Meta shares were down 0.3%.International Business Machines (IBM) shares gained 4.2% after Morgan Stanley raised its price target to $267 from $225, while keeping its equalweight rating.Alibaba (BABA) has filed a lawsuit against the US Department of Defense seeking to be removed from a blacklist that labels it as a supporter of the Chinese military, Bloomberg reported. Alibaba shares were down 2.1%.Oracle's (ORCL) total workforce fell by about 21,000 employees, or 13%, in fiscal 2026 to 141,000 as of May 31, according to the company's annual report. Oracle shares were falling 5.1%.

$BABA$IBM$META$ORCL

Sectors49d ago

Sector Update: Consumer Stocks Mixed Late Afternoon

Consumer stocks were mixed late Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 0.9%.Redbook US same-store sales last week jumped 10% from a year earlier after a 9.4% increase in the previous week.In corporate news, Walmart (WMT) is paying $1.4 billion to buy French advertising-technology firm Vibe.co, The Wall Street Journal reported. Separately, Walmart will buy nuclear power from Constellation Energy (CEG) under a long-term agreement split into two 15-year terms. Walmart shares rose 2%.Domino's Pizza (DPZ) shares fell 3.5% after the company said CEO Russell Weiner intends to retire, with Chief Operating Officer Joe Jordan to succeed him later this year.Carnival (CCL) provided a fiscal Q3 earnings outlook below Wall Street's estimates, though the cruise operator posted a surprise profit increase in Q2 and forecast robust demand and booking trends. The shares dropped 4.6%.Amazon.com (AMZN) and competing retailers are expected to generate record US online sales of $26.3 billion during the four-day Prime Day event beginning Tuesday, representing a 9% increase from last year's event, Bloomberg reported, citing Adobe (ADBE) data. Amazon shares were up 0.8%.

$AMZN$CCL$DPZ$WMT

Sectors49d ago

Sector Update: Energy

Energy stocks rose late Tuesday afternoon, with the NYSE Energy Sector Index increasing 0.2% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.7%.The Philadelphia Oil Service Sector Index was fractionally lower, and the Dow Jones US Utilities Index was up 0.7%.Front-month West Texas Intermediate crude oil decreased 0.7% to $73.31 a barrel, and the global benchmark Brent crude contract fell 1% to $77.13 a barrel. Henry Hub natural gas futures dropped 3% to $3.16 per 1 million BTU.In corporate news, Petrobras (PBR) and Petroleos Mexicanos signed a non-binding memorandum of understanding focused on oil exploration and production in the Gulf of Mexico, Bloomberg reported, citing the companies' chief executives. Petrobras shares were down 0.1%.

$PBR

Sectors50d ago

Sector Update: Financial

Financial stocks were advancing in late Tuesday afternoon trading, with the NYSE Financial Index increasing 0.1% and the State Street Financial Select Sector SPDR ETF (XLF) ahead 0.3%.The Philadelphia Housing Index was down 0.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) gained 1.5%.Bitcoin (BTC-USD) was falling 3.3% to $62,249.7, and the yield for 10-year US Treasuries decreased 1.2 basis points to 4.50%.In corporate news, Goldman Sachs' (GS) equities business is on track to generate more than $5 billion in revenue in Q2, Bloomberg reported. Goldman shares were down 0.9%.

$GS

Sectors50d ago

Update: WTI Oil Falls to a Near Four-Month Low as Tankers Begin to Move Through the Strait of Hormuz

(Updates oil prices in the second paragraph and details the evacuation plan for the Strait of Hormuz in paragraphs four and five.)West Texas Intermediate (WTI) oil closed lower Tuesday, falling for a third session as tankers begin moving through the Strait of Hormuz amid continued peace talks between the US and Iran.WTI crude oil for August delivery closed 0.9% lower to settle at US$73.21 per barrel, the lowest since March 2, while August Brent oil was last down 1.1% to US$77.08.The United States on Monday granted Iran a 60-day sanctions waiver, boosting the county's oil exports, while ships trapped in the Persian Gulf since the Feb. 28 start to the war began moving through the Strait of Hormuz.The International Marine Organization (IMO) on Tuesday launched an evacuation plan for ships that have been trapped in the Gulf in cooperation with Iran, Oman and other Persian Gulf coastal states region, the United States and the maritime industry, with ships being notified of their place in the queue."After months of hardship and distress for thousands of innocent seafarers, and negative impact for the whole world, I welcome with deep satisfaction the peace agreement concluded between the United States and Iran, marking a decisive step towards restoring maritime security and bringing to an end the unacceptable attacks against civilian shipping," IMO Secretary-General Mr. Arsenio Dominguez said in a statement.

$CLQ6$LCOQ6$USO

Sectors50d ago

Sector Update: Healthcare

Healthcare stocks rose late Tuesday afternoon, with the NYSE Healthcare Index adding 1.5% and the State Street Health Care Select Sector SPDR ETF (XLV) increasing 1.3%.The iShares Biotechnology ETF (IBB) advanced 0.7%.In corporate news, AbbVie (ABBV) shares rose 1.6% after it said Tuesday that the European Commission approved its therapy Maviret to treat acute hepatitis C virus infection in adults and children aged three years and older.

$ABBV

Sectors50d ago

Sector Update: Tech

Tech stocks were sharply lower late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) falling 4% and the State Street SPDR S&P Semiconductor ETF (XSD) dropping 7.2%.The Philadelphia Semiconductor index tumbled 8.1%.In corporate news, Alibaba (BABA) has filed a lawsuit against the US Department of Defense seeking to be removed from a blacklist that labels it as a supporter of the Chinese military, Bloomberg reported. Alibaba shares were down 2.3%.

$BABA

Sectors50d ago

Sector Update: Consumer

Consumer stocks were mixed late Tuesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.7% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1%.In corporate news, Walmart (WMT) is paying $1.4 billion to buy French advertising-technology firm Vibe.co, The Wall Street Journal reported. The deal includes a $1.2 billion cash payout to Vibe.co, as well as about $180 million paid to its top executives, who, under the terms of the deal, must stay on at Walmart for four years, the report said. Walmart shares rose 1.8%.

$WMT

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