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Sector Update: Consumer

Consumer stocks were lower late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) dropping 2.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1.7%.In corporate news, JetBlue Airways (JBLU) will shut down its flight attendant base at Newark Liberty International Airport and tech-operations bases at Newark and New York's LaGuardia Airport in autumn to cuts costs and bolster service in Fort Lauderdale, Florida, CNBC reported. JetBlue shares were down 0.8%.

$JBLU

Sectors6d ago

Sector Update: Tech

Tech stocks were higher late Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.2% and the State Street SPDR S&P Semiconductor ETF (XSD) up 2.6%.The Philadelphia Semiconductor index climbed 4%.In corporate news, Microsoft-backed (MSFT) OpenAI recorded a cash burn of $3.7 billion in Q1 of 2026, which is more than half of its $5.7 billion revenue for the period, The Information reported, citing documents shared with shareholders. Microsoft shares were down 2.8%.

$MSFT

Sectors6d ago

Update: WTI Oil Closes Higher As Details Of Iran-U.S. Peace Deal Emerge; IEA Expects Production To Surge In 2027

West Texas Intermediate (WTI) crude oil closed higher Wednesday, rising off the lowest in more than three months as details of the peace deal between Iran and the United States emerge, while the International Energy Agency sees inventories depleted by the closure of the Strait of Hormuz to return to surplus next year.WTI oil for July delivery closed up US$0.74 to settle at US$76.79 per barrel, rising off the lowest since March 4, while August Brent oil was last seen up US$0.41 to US$79.37.Oil markets are settling as the memorandum of understanding reached by the United States and Iran to end their war looks to allow shipping through the Strait of Hormuz, the chokepoint for oil shipment from the Persian Gulf nations that supplied a fifth of daily oil demand.CNN said it obtained a copy of the deal, reporting the two countries agreed to restore normal shipping through the Strait within 30 days, while Iran will be allowed to resume exporting oil to global markets amid other concessions to Islamic Republic."The MoU declares an immediate ceasefire and reopens the Strait of Hormuz, but front-loads concrete economic benefits to Iran - oil export waivers, frozen asset releases, and naval blockade removal - while deferring all hard nuclear questions to a final agreement," Erik Meyersson, chief EM Strategist at SEB Research, wrote.Since the war began on Feb.28, oil-importing countries have depleted inventories amid the loss of most Persian Gulf supply. In its influential monthly Oil Market Report, the International Energy Agency said global oil inventories fell by an average 3.8-million barrels per day since the start of the conflict, while it expects stocks to fall to record lows in coming months before the market returns to surplus late this year.The agency said it sees global demand down 1.1-million barrels per day this year, down 700,000 bpd from its May report, with 2026 annual supply down by an average 3.0-million bpd due to closure of the Strait. However the market is expected to return to a significant surplus in 2027, with the IEA seeing demand in the year to rebound by two-million bpd while global production surges."Our first look at 2027 balances shows a significant overhang emerging next year. Global oil demand is projected to rise by a relatively modest 2 mb/d to 105.3 mb/d. By contrast, oil supplies look set to surge by around 8 mb/d to 110 mb/d. This may provide a welcome respite to the market and an opportunity to replenish depleted inventories, or to build new strategic reserves," the agency said.

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Sectors6d ago

July WTI Crude Oil Contract Closes Up US$0.74; Settles at US$76.69 per Barrel

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Sectors6d ago

Update: Gold Edges Down As Dollar Steadies On Strong U.S. Retail Sales Report Ahead Of Fed's Rate Decision

(Updates prices.)Gold was higher midafternoon Wednesday even as the dollar rose after a report showed U.S. retail sales rose more than expected last month ahead of the latest interest rate decision coming from the Federal Reserve.Gold for July delivery was last seen up US$37.10 to US$4.391.50 per ounce.The U.S. Census Bureau reported May retail sales rose by 0.9% in May, up from a revised 0.4% in April and topping expectations for a rise of 0.5%, according to Marketwatch.The bullish data comes ahead of the latest interest-rate decision from the Federal Reserve's policy committee coming later this afternoon, the first under new Fed Chair Kevin Warsh. The Federal Open Market Committee is expected to leave rates unchanged despite the higher inflation that followed high oil prices due to the Iran-U.S. war."Traders will be watching closely for any guidance from Chair Kevin Warsh on the inflation outlook, as well as clues on how the Federal Reserve balances still-elevated price pressures against signs of slowing economic momentum," Saxo Bank noted.The dollar also moved higher, with the ICE dollar index last seen up 0.14 points to 99.68. Treasury yields were mostly steady, with the U.S. two-year note last seen paying 4.071%, up 0.3 basis points, while the 10-year note was down 1.1 points to 4.434%.

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Sectors6d ago

Sector Update: Energy Stocks Lower Wednesday Afternoon

Energy stocks declined Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.8% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.9%.The Philadelphia Oil Service Sector Index fell 1.4%, and the Dow Jones US Utilities Index was down 0.7%.Front-month West Texas Intermediate crude oil increased 0.4% to $76.38 a barrel, and the global benchmark Brent crude contract added 0.3% to $79.18 a barrel. Henry Hub natural gas futures fell 2.9% to $3.15 per 1 million BTU.In sector news, the US, Iran and mediators are in talks over holding the signing of the memorandum of understanding remotely as early as Wednesday, instead of in-person on Friday, Axios reported. A diplomat from one of the mediating countries told Axios that discussions to speed up the deal are intended to reopen the Strait of Hormuz sooner, since the parties agreed that the strait's opening and the lifting of the US blockade would only take effect after the formal signing scheduled for Friday.Separately, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 17.2 million barrels in the week ended June 12 following a decrease of 15.2 million barrels in the previous week. Excluding inventories in the SPR, commercial crude oil stocks fell by 8.3 million barrels after a 7.2-million-barrel decline in the previous week, a larger drop than the 3-million-barrel decrease expected in a survey compiled by Bloomberg.In corporate news, Exxon Mobil (XOM) has a preliminary deal to supply liquefied natural gas to South Africa, Bloomberg reported. Exxon shares were down 0.7%.Western Midstream Partners (WES) said the second produced-water treatment pilot facility in its joint industry project has begun operations in Reeves County, Texas, in the Permian Basin. Its shares declined 0.7%.ConocoPhillips (COP) confirmed that it has signed a development agreement with Syria's new government, after an earlier Financial Times report said the company was poised to become the first major US oil and gas producer to do so. ConocoPhillips shares were shedding 0.4%.

$COP$WES$XOM

Sectors6d ago

Sector Update: Financial Stocks Advance Wednesday Afternoon

Financial stocks were higher in Wednesday afternoon trading, with the NYSE Financial Index rising 0.7% and the State Street Financial Select Sector SPDR ETF (XLF) up 0.4%.The Philadelphia Housing Index was up 1.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 1.2%.Bitcoin (BTC-USD) was increasing 0.4% to $65,844, and the yield for 10-year US Treasuries was steady around 4.428%.In economic news, the US Federal Reserve's monetary policy committee will conclude its two-day meeting and announce its latest decision on interest rates at 2 pm ET. Markets widely expect the central bank to keep interest rates unchanged for a fourth consecutive time, according to the CME FedWatch tool.US retail sales rose more than expected in May as consumers kept spending despite higher prices. Sales climbed 0.9% after a downwardly revised 0.4% gain in April, the Census Bureau reported Wednesday. The consensus was for a 0.6% increase in May, based on a Bloomberg survey.In corporate news, JPMorgan Chase's (JPM) asset management division is advising investors to hold on to stocks and other higher-risk assets in H2, saying that AI investments should keep the markets rising despite higher inflation and a Federal Reserve that continues to maintain rates, Bloomberg reported. JPMorgan shares were up 1.6%.KKR-backed (KKR) BMC Software agreed to sell a majority stake in BMC Helix to Montagu in a carve-out deal, Montagu said. KKR shares rose 0.8%.Blackstone (BX), Apollo Global Management (APO) and FS KKR Capital (FSK) are among creditors investing $150 million to take over software firm Medallia after its owner Thoma Bravo indicated it would not inject more funds into the company, Bloomberg reported. Blackstone shares increased 0.8%, Apollo rose 1.4%, and FS KKR Capital added 0.8%.

$APO$BX$FSK$JPM$KKR

Sectors6d ago

Sector Update: Tech Stocks Rise Wednesday Afternoon

Tech stocks were higher Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.2% and the State Street SPDR S&P Semiconductor ETF (XSD) up 2.2%.The Philadelphia Semiconductor index climbed 3.4%.In corporate news, Intel (INTC) has started risk production of its most advanced chip node, 18A-P, bringing the company closer to a potential deal to make chips for Apple (AAPL), CNBC reported Tuesday. Intel shares rose 4.2%, and Apple was down 0.7%.Hewlett Packard Enterprise (HPE) shares rose 3% after the firm said it was selected by Vultr along with Nvidia (NVDA) to support large-scale AI data center deployments. Nvidia shares were flat.SpaceX (SPCX) shares fell 1.8% after rising over the past two days following its record-setting initial public offering on Friday. Investor Michael Burry, known for calling the US housing collapse and the 2008 financial crisis, wrote in his newsletter on Tuesday that the company's put options remain too expensive, according to a CNBC report.

$AAPL$HPE$INTC$NVDA$SPCX

Sectors6d ago

Sector Update: Consumer Stocks Fall in Afternoon Trading

Consumer stocks were lower Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.9%.In corporate news, CarMax's (KMX) fiscal Q1 earnings fell year over year on Wednesday as comparable used vehicle sales swung negative. Its shares dropped nearly 8%.La-Z-Boy's (LZB) shares jumped past 19% after the company reported a year-over-year gain in fiscal Q4 earnings and said it expects sales to outperform the industry in the ongoing quarter.Stellantis (STLA) has pledged new investments in Italy, including 5 billion euros ($5.80 billion) in research and development by 2030 and the addition of engineering jobs, Bloomberg reported, citing FIM-CISL labor union secretary general Ferdinando Uliano. Stellantis shares added 0.8%.

$KMX$LZB$STLA

Sectors6d ago

Sector Update: Financial

Financial stocks were advancing in Wednesday afternoon trading, with the NYSE Financial Index rising 0.7% and the State Street Financial Select Sector SPDR ETF (XLF) up 0.6%.The Philadelphia Housing Index was up 1.2%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 1.1%.Bitcoin (BTC-USD) was increasing 0.4% to $65,844, and the yield for 10-year US Treasuries was steady around 4.428%.In corporate news, JPMorgan Chase's (JPM) asset management division is advising investors to hold on to stocks and other higher-risk assets in H2, saying that AI investments should keep the markets rising despite higher inflation and a Federal Reserve that continues to maintain rates, Bloomberg reported. JPMorgan shares were up 1.6%.

$JPM

Sectors6d ago

Sector Update: Energy

Energy stocks were lower Wednesday afternoon, with the NYSE Energy Sector Index decreasing 0.6% and the State Street Energy Select Sector SPDR ETF (XLE) shedding 0.5%.The Philadelphia Oil Service Sector Index fell 1.3%, and the Dow Jones US Utilities Index was down 0.4%.Front-month West Texas Intermediate crude oil increased 0.9% to $76.72 a barrel, and the global benchmark Brent crude contract added 0.7% to $79.50 a barrel. Henry Hub natural gas futures fell 2.3% to $3.17 per 1 million BTU.In corporate news, Exxon Mobil (XOM) has a preliminary deal to supply liquefied natural gas to South Africa, Bloomberg reported. Exxon shares were down 0.2%.

$XOM

Sectors6d ago

Sector Update: Healthcare

Healthcare stocks declined Wednesday afternoon, with the NYSE Healthcare Index decreasing 0.3% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.6%.The iShares Biotechnology ETF (IBB) rose 2.1%.In corporate news, IQVIA (IQV) shares fell 3.8% after Morgan Stanley downgraded the company to equalweight from overweight and cut its price target to $200 from $225.

$IQV

Sectors6d ago

Sector Update: Tech

Tech stocks were higher Wednesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 1.1% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 2.2%.The Philadelphia Semiconductor index climbed 3.2%.In corporate news, Intel (INTC) has started risk production of its most advanced chip node, 18A-P, bringing the company closer to a potential deal to make chips for Apple (AAPL), CNBC reported Tuesday. Intel shares climbed 4.3%, and Apple was decreasing 0.6%.

$AAPL$INTC

Sectors6d ago

Sector Update: Consumer

Consumer stocks were lower Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.8%.In corporate news, CarMax's (KMX) fiscal Q1 earnings fell year over year on Wednesday as comparable used vehicle sales swung negative. Its shares fell past 7%.

$KMX

Sectors6d ago

ABN AMRO Group Economics Notes Europe's Reliance on LNG Boosts Exposure to Global Disruptions

Europe's reliance on liquefied natural gas has increased since 2022, raising its exposure to global LNG disruptions, ABN AMRO Group Economics said in a Wednesday note.European gas prices initially surged on the Iran conflict but later eased as Asian demand weakened and U.S. LNG inflows rose, ABN AMRO said.The recent preliminary agreement between the U.S. and Iran provided relief, pushing Title Transfer Facility prices down by about 15%, although short-term prices remain higher than long-term ones, the bank said.High injection season prices have discouraged storage filling, leaving EU storage at a seasonal low of 44.7%. Stable flows from Norway and the U.S., returning supply from Qatar and weaker competition from Asia is expected to allow Europe to hit 75% storage by October, ABN AMRO said.The bank expects gas prices to remain above seasonal averages at 46 euros per megawatt-hour in the second quarter, 43 euros/MWh in the third quarter, and 48 euros/MWh during the heating season.

$NGV1$UNG$UNL

Sectors6d ago

US Total Weekly EIA Crude Oil Stocks Fall by 17.2 Million Barrels After Prior 15.2 Million Decrease

Sectors6d ago

Sector Update: Energy Stocks Lean Lower Pre-Bell Wednesday

Energy stocks were leaning lower pre-bell Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) down 0.1%.The United States Oil Fund (USO) was down 0.3% and the United States Natural Gas Fund (UNG) was 2.1% lower.Front-month US West Texas Intermediate crude oil was 1% higher at $76.81 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.1% to $79.86 per barrel, and natural gas futures were down 2.5% at $3.15 per 1 million British Thermal Units.Western Midstream Partners (WES) said the second produced-water treatment pilot facility in its joint industry project has begun operations in Reeves County, Texas, in the Permian Basin. Shares of Western Midstream Partners were 0.6% lower premarket.ConocoPhillips (COP) confirmed that it has signed a development agreement with Syria's new government, after an earlier Financial Times report said the company was poised to become the first major US oil and gas producer to do so. ConocoPhillips shares were 0.3% higher pre-bell.Antero Resources (AR) has set up a commercial paper program under which it may issue up to $1.65 billion of short-term unsecured notes, the company said in a regulatory filing. Antero Resources stock was flat premarket.

$AR$COP$UNG$USO$WES$XLE

Sectors6d ago

Natural Gas Falls as Mild Northern Temperature Limit Cooling Demand

Natural gas futures fell early on Wednesday as long-term forecasts expect mild weather is coming for big eastern markets.Gas for July delivery was last seen down US$0.05 to US$3.18 per million British thermal units.The drop comes as the National Weather Service's six to 10 day outlook expects cooler than seasonal temperatures for the Upper Midwest and Northeast, cutting into cooling demand."National demand will be light the next 9-days due to comfortable temperatures across much of the northern US w/highs of 70s-80s," NatGasWeather noted.

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Sectors6d ago

Sector Update: Financial Stocks Decline Premarket Wednesday

Financial stocks were declining premarket Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) 0.1% lower.The Direxion Daily Financial Bull 3X Shares (FAS) was down 0.5% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.2% higher.Progressive (PGR) stock was up more than 1% after the company reported net income for May of $2.47 per share, up from $1.81 a year earlier.HSBC Holdings (HSBC) announced a multi-year partnership with Google Cloud aimed at expanding the bank's artificial intelligence capabilities, Reuters reported. HSBC Holdings shares were up more than 1% premarket.KKR (KKR) said it is making a $1.4 billion equity commitment to expand its global portfolio of leased commercial aircraft in partnership with Altavair. KKR stock was down nearly 1% pre-bell.

$FAS$FAZ$HSBC$KKR$PGR$XLF

Sectors6d ago

Sector Update: Healthcare Stocks Mixed Premarket Wednesday

Healthcare stocks were mixed premarket Wednesday, with the State Street Health Care Select Sector SPDR ETF (XLV) down 0.1% and the iShares Biotechnology ETF (IBB) 0.1% higher.Novo Nordisk (NVO) said it is aware of claims by cyber extortion group FulcrumSec that it stole company data and sought a $25 million payment, Reuters reported. Shares of Novo Nordisk were up more than 3% pre-bell.uniQure (QURE) stock was up more than 66% after the company said it intends to submit a Biologics License Application for the accelerated approval of AMT-130 to treat Huntington's disease in Q3.Jazz Pharmaceuticals (JAZZ) and AbCellera Biologics (ABCL) signed a preclinical research collaboration, option and license deal to discover and develop T-cell engaging multispecific antibodies, the companies said. Shares of AbCellera Biologics were up more than 2% and Jazz Pharmaceuticals stock was over 1% higher premarket.

$ABCL$IBB$JAZZ$NVO$QURE$XLP

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Sectors6d ago

Update: WTI Oil Closes Higher As Details Of Iran-U.S. Peace Deal Emerge; IEA Expects Production To Surge In 2027

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