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Sector Update: Tech

Tech stocks were higher late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) increasing 0.6% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 1.9%.The Philadelphia Semiconductor index was up 0.9%.In corporate news, Meta Platforms (META) reached an agreement with the Breathitt County School District to settle a lawsuit alleging that addiction to top social media platforms has upended learning and forced public schools to spend large amounts of resources fighting a mental health crisis, Bloomberg reported. A Meta spokesperson toldvia email that the company has resolved this case amicably. Meta shares rose 0.3%.

$META

Sectors80d ago

Update: WTI Oil Falls Again as Iran is Reportedly Refusing to Surrender Its Uranium Stocks

West Texas Intermediate (WTI) crude oil fell for a third day on Thursday as the United States awaits Iran's response to it latest peace proposal, though reports said the Persian Gulf country will not agree to U.S. demands to end its nuclear program.WTI crude oil for July delivery closed down US$1.91 to settle at US$96.35 per barrel, while July Brent oil was last seen down US$1.54 to US$103.48.The drop comes a day after the United States sent Iran a fresh peace offer while threatening to resume attacks on the country should its terms be rejected. While Iran has yet to formally respond Reuters reported Iranian Supreme Leader Ayatollah Mojtaba Khamenei ordered the country's stocks of enriched uranium would not be surrendered, blocking a key U.S. peace demand.The news agency said that along with Iran's refusal to end its nuclear program, it also formed a Persian Gulf Strait Authority to firm its control of the Strait of Hormuz, the choke point for 20% of global oil demand supplied by Persian Gulf nations.Iran blockaded the Strait at the Feb. 28 start to the war, producing the largest-ever energy supply shock, boosting oil prices by more than half and boosting inflation and raising fears central banks will need to raise interest rates and slow global growth while roiling markets."Oil moved sharply lower (Wednesday) after Trump stated that the US was in the "final stages" of talks with Iran, raising hopes that some form of diplomatic breakthrough could eventually ease supply disruptions. Those hopes faded after subsequent comments warning that "there's more fighting to come unless Iran gets smart. Markets increasingly appear trapped between these alternating signals. The result has been substantial price volatility without delivering the one development that ultimately matters: a reopening of the Strait of Hormuz and a normalization of regional energy flows," Ole Hansen, head of commodity strategy at Saxo Bank, wrote.

$CLN6$LCON6$USO

Sectors80d ago

July WTI Crude Oil Contract Closes Down US$1.91; Settles at US$96.35 per Barrel

$CLN6$LCON6$USO

Sectors80d ago

Sector Update: Energy Stocks Decline Thursday Afternoon

Energy stocks were lower Thursday afternoon, with the NYSE Energy Sector Index decreasing 0.6% and the State Street Energy Select Sector SPDR ETF (XLE) falling 1.6%.The Philadelphia Oil Service Sector Index was declining 1.8%, and the Dow Jones US Utilities Index was adding 0.8%.Front-month West Texas Intermediate crude oil was declining 0.2% to $98.03 a barrel, and the global benchmark Brent crude contract was decreasing 0.7% to $104.27 a barrel. Henry Hub natural gas futures rose 0.7% to $3.03 per 1 million BTU.In sector news, US natural gas stocks rose by 101 billion cubic feet in the week ended May 15, faster than the 96 billion gain expected in a survey compiled by Bloomberg and following an increase of 85 billion cubic feet in the previous week.In corporate news, ExxonMobil (XOM) has signed a memorandum of understanding with QatarEnergy and the Egyptian government to explore the potential development and commercialization of gas discoveries in Cyprus through Egypt's existing gas and liquefied natural gas export infrastructure, QatarEnergy said Thursday. Exxon shares were down 1.6%.ConocoPhillips (COP) Chief Executive Ryan Lance told Bloomberg that recent changes to Venezuela's oil law, intended to woo foreign oil companies, do not go far enough to attract foreign investment to the country. ConocoPhillips shares fell 1.8%.Devon Energy (DVN) said it acquired 16,300 net undeveloped acres in the Delaware Basin in New Mexico for about $2.6 billion through a Bureau of Land Management oil and gas lease sale. Devon shares were down 3.4%.

$COP$DVN$XOM

Sectors80d ago

Sector Update: Financial Stocks Mixed Thursday Afternoon

Financial stocks were mixed in Thursday afternoon trading, with the NYSE Financial Index fractionally lower and the State Street Financial Select Sector SPDR ETF (XLF) up 0.2%.The Philadelphia Housing Index was down 0.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was shedding 0.2%.Bitcoin (BTC-USD) was rising 0.6% to $77,915, and the yield for 10-year US Treasuries was steady around 4.572%.In economic news Thursday, US initial jobless claims fell to 209,000 in the week ended May 16 from an upwardly revised 212,000 in the previous week, compared with expectations for 210,000 in a Bloomberg-compiled survey.The May flash reading of manufacturing conditions from S&P Global rose to 55.3, a 48-month high, from 54.5 in April, compared with the 53.8 anticipated in a Bloomberg-compiled poll.April housing starts fell 2.8% from the previous month to a 1.465 million annual rate, compared with expectations compiled by Bloomberg for a 1.410 million rate.In corporate news, KKR (KKR) signed a definitive deal to sell its Circor Aerospace division to Parker-Hannifin (PH) for $2.55 billion, according to a Thursday statement. Funds managed by KKR will continue to own Circor's naval and industrial businesses after the deal. KKR shares were up 0.3%.JPMorgan Chase (JPM) Chief Executive Jamie Dimon said the investment bank will likely hire more AI specialists and fewer bankers, Bloomberg reported, citing an interview. JPMorgan Chase shares were up 0.5%.Chubb (CB) said Thursday its board has authorized a new $7.5 billion share buyback program, starting July 1 with no expiration date. The company also said its quarterly cash dividend was increased to $1.02 per share from $0.97, payable on July 2 to shareholders of record as of June 12. Its shares added 0.6%.

$CB$JPM$KKR

Sectors80d ago

Update: Gold Rises as the Dollar and Yields Moderate as Iran Considers a Fresh U.S. Peace Offer

(Updates prices.)Gold edged higher midafternoon Thursday, moving up from early losses as the dollar and yields moderated despite an uncertain outlook for a peace deal between Iran and the United States.Gold for June delivery was last seen up US$7.70 to US$4,543.00 per ounce after earlier touching US$4,488.30.The drop comes after the United States on Wednesday sent Iran a fresh peace offer. Though Iran has not formally responded, reports said the country's Supreme Leader has refused to end the country's nuclear program, a key U.S. demand, boosting oil prices along with the dollar and yields as the market fears energy inflation will lead to higher interest rates. The price of the precious metal has remained rangebound since late March as the inflation concerns push up bond yields and the dollar, both bearish for gold."Bullion is currently showing unusually elevated inverse correlations with bond yields, the dollar and crude oil, highlighting the reaction function driving current price action," Saxo Bank noted.The dollar rose early, with the ICE dollar index last seen up 0.08 points to 99.17, after earlier touching 99.52. Treasury yields also fell off session highs, with the U.S. two-year note last seen paying 4.062%, down 0.6 basis points, while the yield on the 10-year note was down 2.9 points to 4.563%.

$GCM6$GLD

Sectors80d ago

Sector Update: Healthcare Stocks Rise Thursday Afternoon

Healthcare stocks rose Thursday afternoon, with the NYSE Healthcare Index increasing 0.3% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 0.5%.The iShares Biotechnology ETF (IBB) was up 0.6%.In corporate news, Eli Lilly (LLY) shares rose 2.1% after the company said its investigational retatrutide delivered "clinically meaningful" weight loss in a phase 3 trial, where all doses met the primary and key secondary endpoints at 80 weeks.Hims & Hers Health (HIMS) said Thursday that it has launched generic semaglutide for eligible customers in Canada. Its shares popped 3.3%.Moderna's (MRNA) experimental flu shot made with mRNA technology will be reviewed by a Food and Drug Administration advisory panel on June 18, Bloomberg reported. Moderna shares were down 1.5%.

$HIMS$LLY$MRNA

Sectors80d ago

Sector Update: Consumer Stocks Mixed in Afternoon Trading

Consumer stocks were mixed Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) increasing 1%.In corporate news, Walmart (WMT) issued a fiscal Q2 earnings outlook below market estimates on Thursday, while the retail giant reported better-than-expected revenue in the previous three-month period. Its shares fell 6.9%.Ralph Lauren (RL) outlined a full-year revenue guidance that implied a slowdown annually, while the luxury apparel maker reported better-than-expected fiscal Q4 results. Its shares jumped past 15%.Advance Auto Parts (AAP) cautioned that demand for auto parts and vehicle maintenance could fluctuate amid high gasoline prices, while the company's Q1 results came in stronger than expected. Advance Auto shares rose more than 18%.

$AAP$RL$WMT

Sectors80d ago

Sector Update: Tech Stocks Advance Thursday Afternoon

Tech stocks were higher Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) increasing 0.3% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 1.9%.The Philadelphia Semiconductor index was up 0.4%.In corporate news, IBM (IBM), GlobalFoundries (GFS) and D-Wave Quantum (QBTS) said they are set to receive billions of dollars in US government backing as part of an effort by the Trump administration to solidify the nation's lead in quantum computing. IBM shares jumped past 8%, GlobalFoundries surged 13%, and D-Wave soared 28%.Nvidia (NVDA) reported fiscal Q1 revenue above Wall Street's estimates as data center sales outperformed expectations amid an AI boom. Its shares still declined 1.6%.SpaceX (SPCX) filed an S-1 registration statement with the Securities and Exchange Commission late Wednesday for an initial public offering. Separately, SpaceX entered into cloud-computing agreements to provide Amazon-backed (AMZN) Anthropic access to its server infrastructure, SpaceX said in a regulatory filing. Amazon shares rose 1.6%.

$AMZN$GFS$IBM$NVDA$QBTS

Sectors80d ago

Sector Update: Energy

Energy stocks were lower Thursday afternoon, with the NYSE Energy Sector Index decreasing 0.6% and the State Street Energy Select Sector SPDR ETF (XLE) falling 1%.The Philadelphia Oil Service Sector Index was dropping 1.8%, and the Dow Jones US Utilities Index was adding 0.8%.Front-month West Texas Intermediate crude oil was declining 0.8% to $107.77 a barrel, and the global benchmark Brent crude contract was decreasing 0.3% to $104.70 a barrel. Henry Hub natural gas futures rose 0.5% to $3.02 per 1 million BTU.In corporate news, ExxonMobil (XOM) has signed a memorandum of understanding with QatarEnergy and the Egyptian government to explore the potential development and commercialization of gas discoveries in Cyprus through Egypt's existing gas and liquefied natural gas export infrastructure, QatarEnergy said Thursday. Exxon shares were down 1%.

$XOM

Sectors80d ago

Sector Update: Financial

Financial stocks edged lower in Thursday afternoon trading, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each easing about 0.1%.The Philadelphia Housing Index was down 0.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was shedding 0.2%.Bitcoin (BTC-USD) was rising 0.6% to $77,915, and the yield for 10-year US Treasuries was steady around 4.572%.In corporate news, KKR (KKR) signed a definitive deal to sell its Circor Aerospace division to Parker-Hannifin (PH) for $2.55 billion, according to a Thursday statement. Funds managed by KKR will continue to own Circor's naval and industrial businesses after the deal. KKR shares were down 0.3%.

$KKR

Sectors80d ago

Sector Update: Healthcare

$LLY

Sectors80d ago

Sector Update: Consumer

Consumer stocks were mixed Thursday 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) increasing 0.2%.In corporate news, Walmart (WMT) issued a fiscal Q2 earnings outlook below market estimates on Thursday, while the retail giant reported better-than-expected revenue in the previous three-month period. Its shares fell past 6%.

$WMT

Sectors80d ago

Sector Update: Tech

$NVDA

Sectors81d ago

Market Chatter: OPEC+ Nations Expected to Increase July Output

The seven leading OPEC+ oil-producing countries are expected to agree to a modest increase to July output when they convene on June 7, Reuters reported Thursday, citing four sources.The monthly target is expected to be raised by roughly 188,000 barrels per day, though delivery for several of the nations remains disrupted by the war in Iran, the report said, citing the sources.OPEC+ didn't immediately reply to a request for comment from.(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.)

Sectors81d ago

OPEC+ Nations Expected to Increase July Output, Reuters Reports

Sectors81d ago

US Natural Gas Stocks Posts Larger Gain Than Expected in Week Ended May 15

US natural gas stocks rose by 101 billion cubic feet in the week ended May 15, faster than the 96 billion gain expected in a survey compiled by Bloomberg as of 7:30 am ET and following an increase of 85 billion cubic feet in the previous week.Stocks at 2.391 trillion cubic feet are 1.4% higher than in the comparable week a year ago and 6.6% above their 5-year average.

Sectors81d ago

Scotiabank Looks At When Oil Prices No Longer Benefit Canada's Economy

As a net oil exporter, Canada typically benefits from higher oil prices, but is there a point when the gains diminish or disappear, asks Scotiabank.The bank results confirm that higher oil prices remain a net positive for activity at current levels, but the macro payoff diminishes as prices rise.Scotiabank finds evidence that once oil prices move into the US$120-US$130 a barrel range (in 2026 dollars), they no longer provide a statistically meaningful boost to Canadian activity.Higher oil prices remain a small net positive for Canada, but not without limits, according to the bank. At very high price levels, the negatives, which may come from lower global demand and/or tighter financial conditions, become large enough that the traditional terms-of-trade benefits may no longer dominate.While Scotiabank's results are necessarily tentative, they suggest that the Canadian economy does have a "sweet spot" for oil prices at around US$120-US$130 a barrel in today's dollars and that pushing well beyond it comes with diminishing, and potentially negative, macro returns.

$CXY

Sectors81d ago

Sector Update: Energy Stocks Advance Pre-Bell Thursday

Energy stocks were advancing pre-bell Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.8% higher.The United States Oil Fund (USO) was up 3.4% and The United States Natural Gas Fund (UNG) was 0.4% higher.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 rose 2.5% to $107.65 per barrel, and natural gas futures were up 1.5% at $3.05 per 1 million British Thermal Units.Shell (SHEL), BP (BP), PT Perusahaan Gas Negara, and PT PLN Energi Primer Indonesia signed agreements with Japan's Inpex for liquified natural gas offtake from the Abadi LNG Project at the Masela Block in offshore Indonesia, Inpex said. Shares of Shell and BP were up more than 1% premarket.Equinor (EQNR) and BP joint venture Aker BP have agreed on several transactions to support production across their portfolio on the Norwegian Continental Shelf, the companies said. Equinor shares were up more than 2% pre-bell.Borr Drilling (BORR) stock was down more than 6% after the company reported a wider Q1 net loss.

$BORR$BP$EQNR$SHEL$UNG$USO$XLE

Sectors81d ago

Sector Update: Financial Stocks Fall Premarket Thursday

Financial stocks were falling premarket Thursday, with the State Street Financial Select Sector SPDR ETF (XLF) declining by 0.4%.The Direxion Daily Financial Bull 3X Shares (FAS) was down 1.1% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 0.9% higher.S&P Global (SPGI) shares were down more than 1% after the company said its board of directors has approved the planned spinoff of its mobility division.JPMorgan Chase (JPM) Chief Executive Jamie Dimon said the investment bank will likely hire more artificial intelligence specialists and fewer bankers, Bloomberg reported, citing an interview. JPMorgan Chase stock was 0.4% lower pre-bell.KKR (KKR) has made an $80 million primary growth investment in Fresha in a transaction valuing the AI-powered beauty and wellness platform at over $1 billion, Fresha said. KKR shares were down 2.3% premarket.

$FAS$FAZ$JPM$KKR$SPGI$XLF

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Sectors80d ago

Update: WTI Oil Falls Again as Iran is Reportedly Refusing to Surrender Its Uranium Stocks

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