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Sector Update: Energy

Energy stocks were declining premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) 1.8% lower.The United States Oil Fund (USO) was down 4.4% and the United States Natural Gas Fund (UNG) was 1% higher.Front-month US West Texas Intermediate crude oil was 5.6% lower at $88.68 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 4.6% to $95.04 per barrel, and natural gas futures were up 1.6% at $2.94 per 1 million British Thermal Units.TotalEnergies (TTE) is facing a dispute with Mozambique over about $2 billion in costs tied to delays at its liquefied natural gas project in the country, Bloomberg reported, citing an unnamed person familiar with the matter. Shares of TotalEnergies were down more than 3% pre-bell.

$TTE

Sectors75d ago

Market Chatter: Iran State TV Says Hormuz Traffic May Return to Normal Within Month of Deal

A US-Iran interim peace deal says that maritime traffic through the Strait of Hormuz can return to normal within a month of a finalized agreement, Bloomberg reported Wednesday, citing a report by Iranian state television that cited an official draft of the deal.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Sectors75d ago

Sector Update: Financial

Financial stocks were advancing pre-bell Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) marginally higher.The Direxion Daily Financial Bull 3X Shares (FAS) was up 0.3% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was also 0.3% higher.Banco Santander (SAN) shares were up more than 1% after the company said it launched a cash tender offer to repurchase up to $850 million of its outstanding 4.75% perpetual preferred tier 1 securities.

$SAN

Sectors75d ago

Iran State TV Says Hormuz Traffic May Return to Normal Within Month of Deal, Bloomberg Reports

Sectors75d ago

Sector Update: Healthcare

Healthcare stocks were mixed premarket Wednesday, with the State Street Health Care Select Sector SPDR ETF (XLV) 0.1% lower and the iShares Biotechnology ETF (IBB) up 0.7%.Guardant Health (GH) shares were up more than 6% after the company said its Shield blood test has been included in the American Cancer Society's updated Colorectal Cancer Screening guidelines.

$GH

Sectors75d ago

Sector Update: Consumer

Consumer stocks were edging higher pre-bell Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) up 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) advancing by 0.6%.Lululemon athletica (LULU) stock was up more than 3% after the company said it has settled its dispute with its founder, Chip Wilson.

$LULU

Sectors75d ago

Gold Trading at a Two-Month Low Even as Falling Oil Prices Ease Inflation Concerns

Gold fell to a two-month low early on Monday, even as the dollar dipped as oil prices weakened ahead of an expected deal to end the war on Iran, easing inflation worries.Gold for July delivery was last seen down US$47.80 to US$4,487.20 per ounce, the lowest since March 26.The precious metal has remained well below its Jan. 28 record high as investors turned to the dollar as oil prices surged after the United States and Israel attacked Iran, which responded by blocking the Strait of Hormuz, the chokepoint for a fifth of daily oil demand supplied by Persian Gulf nations.However oil prices have retreated from four-year highs touched last month on expectations Iran and the United States will soon end hostilities amid talks in Qatar and reopen the Strait, easing the inflation worries that have supported the dollar and pushed up treasury yields, both bearish for gold."Gold fell alongside US bond yields on Tuesday as the prospect of a Middle East peace deal weighed on oil prices, thereby easing inflation concerns. In addition, a powerful global equity rally, led by chipmakers, has reduced near-term demand for defensive assets such as gold," Saxo Bank noted.The dollar was lower early, with the ICE dollar index last seen down 0.18 points to 98.99. Treasury yields edged down, with the U.S. two-year note last seen paying 4.041%, down 0.5 basis points, while the yield on the 10-year note was down 2.3 points to 4.47%.

$GCN6$GLD

Sectors75d ago

Sector Update: Tech

Technology stocks were rising premarket Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) up 1.1% and the State Street SPDR S&P Semiconductor ETF (XSD) advancing by 3.2%.Micron Technology (MU) shares were up more than 6%, extending gains after the company's market capitalization eclipsed $1 trillion for the first time on Tuesday.

$MU

Sectors75d ago

Oil Trading at a Month Low on Expectations the War on Iran is Nearing an End

Oil traded lower for a second session early on Wednesday on expectations the United States and Iran will reach a deal to reopen the Strait of Hormuz and end the largest-ever energy supply shock.West Texas Intermediate crude oil for July delivery was last seen down US$3.29 to US$90.60 per barrel, the lowest since April 20, while July Brent oil was down US$2.66 to US$96.92.The drop comes as United States and Iran continue negotiations to end their war and reopen the crucial waterway that is the chokepoint for the 20% of daily oil supply from Persian Gulf nations that has been closed since the Feb. 28 start to the war.Talks between the two countries are continuing in Qatar. While U.S. President Trump has repeatedly said a deal is near, The Guardian reported Iran is unwilling to agree to a deal that does not meet all its conditions. The paper said Iran has also launched talks with Oman on future regulations for ships transiting the Strait, which had been an international waterway prior to Iran's blockade.Though oil prices have retreated from April highs above US$110 per barrel, there is little expectations prices will quickly return to pre-war levels as importers look to rebuild inventories."Even if a deal is reached, market normalization is likely to take months, with ongoing demand for replacement barrels and depleted inventories potentially leading to a higher price floor than the one seen before the war," Saxo Bank noted.

$CLN6$LCON6$USO

Sectors75d ago

U.S. Crude Oil Stocks Likely Fell 1.4 Million Barrels in Week Ended May 22, Macquarie Says

U.S. crude oil inventories are forecast to have declined 1.4 million barrels in the week ended May 22, following a draw of 7.9 MM BBL in the prior week, with the crude balance again realizing tighter than its expectations, Macquarie said in a Tuesday note.Beyond normal variability in flow items, Macquarie once again noted that persistently high crude exports and strategic petroleum releases could inject considerable volatility into weekly figures. Macquarie said it remains focused on refined product inputs and emerging signs of demand destruction following three straight weeks of soft implied distillate demand and two weeks of weak gasoline prints.From refineries, Macquarie expects crude runs to have risen 0.3 million barrels per day. Net imports are expected to have modestly increased, with exports down 0.3 MBD and imports up 0.1 MBD on a nominal basis.Implied domestic supply is forecast to have risen 1.0 MBD following a weak print in the previous week. Strategic petroleum reserves are projected to have dropped 9.1 MM BBL, Macquarie added.Among products, gasoline stocks are forecast to have fallen 2.5 MM BBL. Meanwhile, distillate stocks and jet fuel inventories are projected to have gained 0.3 MM BBL and 1.2 MM BBL, respectively, Macquarie said. Implied demand for these three products are forecast at 14.6 MBD, it added.

$CLX1$LCOX1$USO

Sectors75d ago

Crude Oil Prices Fall as Market Hopes for Progress in U.S.-Iran Peace Talks

Crude oil prices dropped on Wednesday as the market focuses on potential progress made in peace talks between the U.S. and Iran despite renewed hostilities.Brent crude at last look had lost 3.3% to US$96.28/barrel and West Texas Intermediate crude had fallen 4.1% to $90.02/barrel. Both sides had indicated developments in talks to reopen the crucial Strait of Hormuz, but strikes on both sides are threatening negotiations, Reuters said in a Wednesday report.The U.S. military carried out new strikes in Iran, which said on Tuesday that the U.S. had violated a ceasefire near the contested Strait of Hormuz. The U.S. said its strikes were defensive in nature, the report said. Israel also ramped up bombing in Lebanon.However, some liquefied natural gas tankers have reportedly transited through the strait in recent days, sparking expectations that the waterway could reopen soon, Reuters reported.

$CLX1$LCOX1$USO

Sectors76d ago

Strategic Resources Submits Responses to Quebec's Environment Ministry, Advancing Port Saguenay Iron Ore Pellet Plant Project

Strategic Resources (SR.V) Tuesday said it submitted responses to the questions received from Quebec's Ministere de l'Environnement, de la Lutte contre les changements climatiques, de la Faune et des Parcs in connection with the proposed modification of the existing Certificate of Authorization for the company's metallurgical facility at Port Saguenay, which enables the development of a four-million tonnes per year iron ore pellet plant.The company received questions regarding the application from the ministry earlier this year. Strategic Resources said it also engaged in technical dialogue with the Innu Nations as part of its existing Development Agreements with the Innu and in keeping with the broader review process and the company's commitment to constructive engagement with regulators, First Nations communities and stakeholders."The submission of our responses is an important milestone in the environmental amendment process for the Port Saguenay pellet plant project, and we continue to anticipate a positive decision on the Certificate of Authorization amendment in the coming months," said chief executive Sean Cleary.Shares of the company closed down $0.02 at $0.28 on TSX Venture Exchange on Tuesday.

$SR.V

Sectors76d ago

Sector Update: Energy Stocks Fall Late Afternoon

Energy stocks declined late Tuesday afternoon with the NYSE Energy Sector Index falling 2.2% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 2.5%.The Philadelphia Oil Service Sector Index shed 0.2%, and the Dow Jones US Utilities Index rose 0.3%.West Texas Intermediate crude oil fell 2.7% to $93.96 a barrel, and global benchmark Brent rose 3.8% to $99.79 a barrel. Henry Hub natural gas futures was slightly lower at $2.91 per 1 million BTU.In corporate news, Occidental Petroleum (OXY) is acquiring a 10% stake in Exxon Mobil's (XOM) deepwater exploration block off the coast of Trinidad and Tobago, Reuters reported. Occidental shares were down 1.9%, and Exxon fell 3.1%.BP's (BP) board unanimously removed Albert Manifold as chair and director, effective immediately. BP shares fell 3.9%.Oklo (OKLO) shares jumped 4.5% after it said Tuesday it has been selected by the US Department of Energy, along with four other nuclear companies, for advanced talks under the surplus plutonium utilization program.Baker Hughes (BKR) shares rose 1.1% after it said it has extended its contract with Petrobras (PBR) to provide integrated well construction services in Brazil's Santos Basin. Petrobras shares were down 2.3%.

$BKR$BP$OKLO$OXY$PBR$XOM

Sectors76d ago

Sector Update: Financial Stocks Mixed Late Afternoon

Financial stocks were mixed late Tuesday afternoon, with the NYSE Financial Index rising 0.3% and the State Street Financial Select Sector SPDR ETF (XLF) decreasing 0.2%.The Philadelphia Housing Index climbed 1.9%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) rose 0.4%.Bitcoin (BTC-USD) fell 1.8% to $75,824, and the yield for 10-year US Treasuries dropped 6.5 basis points to 4.493%.In economic news, US consumer confidence fell in May amid mounting inflation concerns as the Middle East conflict has stretched for about three months now, a survey by the Conference Board showed Tuesday. The consumer confidence index ticked down to 93.1 this month from April's upwardly revised reading of 93.8. The consensus was for a 92 print in a Bloomberg survey.In corporate news, Webster Financial (WBS) shareholders accepted the $12 billion takeover proposal from Banco Santander (SAN), Bloomberg reported, citing the company's extraordinary investor meeting. Webster shares rose 1.3%, and Santander gained 3.6%.Pershing Square (PS) has a highly resilient and differentiated business model, but its valuation appears elevated at current levels, Oppenheimer said in a note. Oppenheimer initiated coverage with a perform rating. Shares were up 1.4%.Intercontinental Exchange (ICE) said its ICE ETF Hub won regulatory approval to expand operations in Europe and Australia for the receipt and transmission of orders in exchange-traded products. ICE shares fell 1.3%.FinVolution (FINV) shares jumped 11% after the company reported Q1 adjusted earnings and net revenue that exceeded expectations.

$FINV$ICE$PS$SAN$WBS

Sectors76d 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) falling 1.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gaining 0.3%.In sector news, US consumer confidence fell in May amid mounting inflation concerns as the Middle East conflict stretches into a third month, a survey by the Conference Board showed. The consumer confidence index eased to 93.1 this month from April's upwardly revised reading of 93.8. The consensus was for 92 in a Bloomberg survey.In corporate news, AutoZone (AZO) reported mixed fiscal Q3 results with earnings topping estimates and revenue falling short. The shares tumbled 9.2%.Starbucks' (SBUX) Korean unit has suffered a "very significant" drop in sales following a controversial marketing campaign, Reuters and other media outlets reported. Starbucks shares fell 1.8%.Dollar Tree (DLTR) may face a modest earnings reset as recent grocery price increases appear to be getting rolled back, while weak shopper response and softer store-level trends may weigh on results, Oppenheimer said. Dollar Tree shares dropped 1.5%.Spotify's (SPOT) co-CEO Alex Norstrom defended expansion into AI-generated music, the Financial Times reported. The shares rose 2.2%.

$AZO$DLTR$SBUX.SPOT

Sectors76d ago

Sector Update: Healthcare Stocks Decline Late Afternoon

Healthcare stocks were lower late Tuesday afternoon, with the NYSE Healthcare Index shedding 0.7% and the State Street Health Care Select Sector SPDR ETF (XLV) decreasing 0.7%.The iShares Biotechnology ETF (IBB) rose 0.5%.In corporate news, Cigna (CI) shares fell 1.6% after Barclays downgraded the stock to equalweight from overweight, and lowered its price target to $304 from $310.Brazil on Tuesday cleared pharmaceutical company EMS to sell the country's first generic version of Novo Nordisk's (NVO) Ozempic shot, Bloomberg reported. EMS plans to sell the generic version, called Ozivy, for 30% less than Ozempic, and it expects it to hit the market within 30 days, the report said. Novo shares were down 1.5%.Eli Lilly (LLY) said it has struck deals to buy three vaccine developers in all-cash deals with a combined value of up to $3.83 billion to build its infectious disease portfolio. Lilly shares rose 0.5%.CG Oncology (CGON) shares fell 3.8% after the firm said that Ambaw Bellete, its president and chief operating officer, will exit the company, effective June 30.

$CGON$CI$LLY$NVO

Sectors76d ago

Sector Update: Tech Stocks Gain Late Afternoon

Tech stocks were higher late Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 2.7% and the State Street SPDR S&P Semiconductor ETF (XSD) climbing up 4.8%. The Philadelphia Semiconductor index popped 5.6%.In corporate news, Micron Technology's (MU) market capitalization touched $1 trillion for the first time following several bullish analyst reports. Its shares surged 20%.Qualcomm (QCOM) is set to supply ByteDance with millions of chips for AI data centers to support the TikTok owner's AI agent software, Bloomberg reported. Qualcomm shares climbed 4.8%.Elbit Systems (ESLT) reported higher Q1 results and said its order backlog topped $30 billion, lifted by surging demand from Israel's Ministry of Defense amid ongoing regional conflicts. Its shares rose past 9%.Quantinuum, a quantum computing platform controlled by Honeywell International (HON), is seeking to raise up to $1.21 billion through an initial public offering, according to a filing on Tuesday. Honeywell shares rose 1.7%.

$ESLT$HON$MU$QCOM

Sectors76d ago

Sector Update: Energy

$OXY$XOM

Sectors76d ago

Sector Update: Financial

$PS

Sectors76d ago

Sector Update: Healthcare

$CI

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