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Sector Update: Financial

Financial stocks were advancing pre-bell Wednesday, with the State Street Financial Select Sector SPDR ETF (XLF) slightly 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 0.2% higher.Banco Santander (SAN) shares were up more than 1% after the company posted higher Q2 earnings and revenue.

$SAN

Mining & Metals4d ago

Correction: Manulife Financial Seals 5-Year Deal With Microsoft to Expand AI Use

(Corrects figures in the last paragraph to use Canadian dollars.)Manulife Financial (MFC.TO) said Wednesday it has sealed a five-year renewal agreement with Microsoft, as it expands its use of AI-enabled capabilities, including AI agents, across its global operations.Manulife said it is using AI across the organization, equipping employees with tools to streamline everyday work, boost productivity, and deliver greater value to customers. It expects to generate more than C$1 billion of enterprise value by 2027, with C$300 million achieved as of year-end 2025.

$MFC.TO

Sectors4d ago

Sector Update: Healthcare

Healthcare stocks were edging higher premarket Wednesday, with the State Street Health Care Select Sector SPDR ETF (XLV) up 0.3% and the iShares Biotechnology ETF (IBB) marginally advancing.Repligen (RGEN) has agreed to acquire BioLife Solutions (BLFS) in a deal valued at $1.5 billion, the companies said. Shares of Repligen were down more than 4% and BioLife Solutions stock was up more than 2% pre-bell.

$BLFS$RGEN

Oil & Energy4d ago

LNG Price Volatility May Undermine Long-Term Demand Despite Industry Windfalls, IEEFA Warns

As global liquefied natural gas prices spike and plunge unpredictably, driven by geopolitics, extreme weather conditions and other factors, analysts at the Institute for Energy Economics and Financial Analysis warned that this could ultimately undermine the commodity's long-term demand.The report highlighted the repeated bouts of extreme volatility in global LNG prices in recent years, starting with the COVID-19 pandemic, Russia's invasion of Ukraine, and more recently, the escalating conflict in the Persian Gulf.While these disruptions have led to windfall gains for the LNG industry, IEEFA noted that developing economies have borne the brunt of these price swings.As a result, it warned that such prolonged price uncertainties may eventually weigh on the industry's own growth prospects by eroding consumer confidence.The report pointed to weakening Asian demand, with China's LNG imports already falling to their lowest year-to-date levels since 2019, while Pakistan, Vietnam and the Philippines slow down their planned LNG infrastructure investments, prompting analysts to lower their regional demand forecasts.It also highlighted a wave of new LNG export capacity that is set to enter the market over the next five years, across the US, Mexico, Australia, Nigeria, Qatar, Canada and Indonesia, leading to potential oversupply.The report also said declining costs for renewable energy and battery storage are providing increasingly competitive alternatives to LNG-fired power generation in many markets, adding another challenge for future demand growth.

Commodities4d ago

Exchange-Traded Funds, Equity Futures Lower Pre-Bell Wednesday Ahead of Major Tech Earnings

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) retreated 0.4%, and the actively traded Invesco QQQ Trust (QQQ) was down 1% in Wednesday's premarket activity, as investors awaited results from major technology companies.US stock futures were also lower, with S&P 500 Index futures up 0.4%, Dow Jones Industrial Average futures slipping 0.2%, and Nasdaq futures retreating 0.9% before the start of regular trading.Mortgage applications rose by 1.9% in the week ended July 17 despite an increase in 30-year fixed mortgage rates, according to Mortgage Bankers Association data released Wednesday.The weekly petroleum stocks data will be released at 10:30 am ET.In premarket action, bitcoin was down by 0.8%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.7% lower, Ether ETF (EETH) advanced 0.3%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.1%, the Vanguard Health Care Index Fund (VHT) was up 1.3%, while the iShares US Healthcare ETF (IYH) slipped 0.6%. The iShares Biotechnology ETF (IBB) was 0.5% lower.Dyne Therapeutics (DYN) stock was down more than 8% premarket after the company priced an upsized secondary public offering of 18.3 million shares at $20.50 each.Winners and Losers:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated 0.7%, the Vanguard Industrials Index Fund (VIS) lost 0.01%, and the iShares US Industrials ETF (IYJ) was 0.5% higher.GE Vernova (GEV) stock was down more than 1% before the opening bell after the company reported lower-than-expected Q2 earnings.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.5%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat, and the iShares US Consumer Staples ETF (IYK) was down 0.7%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.2%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.6% higher.Cal-Maine Foods (CALM) shares were down more than 4% pre-bell after the company swung to a fiscal Q4 loss.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.04%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.1%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.1% lower.Banco Santander (SAN) shares traded up 1% in early-hours activity after the company reported higher Q2 earnings and revenue.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 1.3%, the iShares US Technology ETF (IYW) was 0.2% lower, and the iShares Expanded Tech Sector ETF (IGM) was up 0.8%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) fell by 1.8%, while the iShares Semiconductor ETF (SOXX) was down 2.8%.Nvidia (NVDA) shares were down more than 1% in premarket activity after gaining nearly 2% at the prior close. Chief Executive Jensen Huang is expected to meet Samsung Electronics Chairman Jay Lee, SK Group Chairman Chey Tae-won and Naver founder Lee Hae-jin in the US this week for an artificial intelligence roundtable, according to news reports.EnergyThe iShares US Energy ETF (IYE) was flat, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 1.1%.Shell (SHEL) stock was up more than 1% before market open following a 1.2% gain in the previous session. The company resumed operations at a 200,000-barrel-per-day crude oil unit at its Pernis oil refinery in the Netherlands on Monday following a brief disruption, Reuters reported Tuesday.CommoditiesFront-month US West Texas Intermediate crude oil advanced by 3.4% to $87.24 per barrel on the New York Mercantile Exchange. Natural gas was up by 1.7% to $2.91 per 1 million British Thermal Units. The United States Oil Fund (USO) was up 2.8%, while the United States Natural Gas Fund (UNG) was 1.1% higher.Gold futures for July advanced 1.3% to $4,128.70 an ounce on the Comex. Silver futures were up 0.9% to $59.64 an ounce. SPDR Gold Shares (GLD) increased 1.1%, and the iShares Silver Trust (SLV) was 1.4% higher.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$CALM$DYN$EEM$EETH$EXI$FAS$FAZ$GEV$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$NVDA$PMR$QQQ$RTH$SAN$SHEL$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD

Sectors4d ago

Sector Update: Consumer

Consumer stocks were mixed pre-bell Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) 0.2% higher and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) marginally declining.Philip Morris International (PM) shares were down more than 1% after the company issued Q3 adjusted EPS outlook below analysts' expectations and cut its 2026 adjusted EPS guidance.

$PM

Mining & Metals4d ago

Cannara Biotech to Begin a Normal Course Issuer Bid

Cannara Biotech's (LOVE.TO) notice of intention to proceed with a normal course issuer bid has been accepted by the Toronto Stock Exchange, it said Wednesday.The NCIB will allow the company to purchase up to around 1.98 million of its shares, representing 2% of the around 98.78 million shares issued and outstanding as at July 21, it said.The buyback will begin on Aug. 4 and end on Aug. 3, 2027, Cannara added.

$LOVE.TO

Sectors4d ago

Sector Update: Tech

Technology stocks were falling premarket Wednesday, with the State Street Technology Select Sector SPDR Fund (XLK) down 1.3% and the State Street SPDR S&P Semiconductor ETF (XSD) 2.6% lower.Super Micro Computer (SMCI) stock was up more than 12% after the company said it expects fiscal Q4 GAAP and non-GAAP gross margins in the range of 15% to 17%, significantly above its 8.2% to 8.4% forecast due to a favorable customer and product mix

$SMCI

Asia Markets4d ago

Tadawul Shares End Wednesday Higher; Saudi Arabia's June Annual Construction Costs Rise

The Tadawul All Share Index closed Wednesday 0.72% in the green as it shrugged off the market jitters regarding the uncertainties over the widening Middle Eastern conflict.US Secretary of State Marco Rubio said that the country is still looking to discuss with Iran to end the war, media reports said. Rubio's statement comes as the US launched attacks on its Iranian targets for the 11th consecutive day.Back at home, and according to the General Authority of Statistics, the kingdom's construction cost index grew 2.7% annually in June after a 2.6% rise in May. Month over month, the construction costs edged up 0.1%."CCI for the residential sector recorded an annual increase of 2.6%. This was driven by a 4.5% increase in the costs of renting equipment and machinery, driven by a 6.2% increase in the costs of renting equipment and machinery with operators," the report said. "CCI for the non-residential sector recorded an annual increase of 3.1% compared to the corresponding month of 2025, due to an increase in the costs of renting equipment and machinery by 6.7%, driven by an 8.4% increase in the rental of equipment and machinery with operators, a 3.0% increase in labor cost."On the corporate front, Al Moammar Information Systems (SASE:7200) shares edged up 0.04% as it entered into a memorandum of understanding to study and review the potential establishment of data centers in Riyadh, Dammam, and Jeddah.Meanwhile, National Environmental Recycling (SASE:9540), d/b/a Tadweeer, and Jamjoom Pharmaceuticals Factory (SASE:4015) posted their financial statements for the first half of 2026. Both companies reported higher attributable net profit and revenue for the six months ended June 30.Tadweeer closed 1.32% higher, while Jamjoom closed 0.34% lower.

^TASISASE:4015SASE:7200SASE:9540

Mining & Metals4d ago

Buffalo Potash Starts Drilling at Initial Production Module in Saskatchewan

Buffalo Potash (BUFF.V) started drilling operations at the Initial Production Module (IPM), located at Disley property in Saskatchewan, it said on Wednesday.The company said the drilling rig was mobilized to the IPM site safely and on schedule, with the first of two vertical wells at the IPM spudded on July 16. The 15-10 Well will be cored and logged through the potash-bearing members of the Prairie Evaporite Formation upon reaching target depth, it said.Site construction of the second vertical well is also complete at the location.

$BUFF.V

Sectors4d ago

Oil Climbs to Six-Week High as US-Iran Conflict, Red Sea Threats Elevate Supply Fears

Oil traded at a six-week high early Wednesday as the US continued attacks on Iran, keeping the Strait of Hormuz closed, while Yemen's Houthi militants threatened to block Saudi oil exports in the Red Sea.West Texas Intermediate crude for September delivery was last seen up $3.00, or 3.6%, at $87.34 per barrel, the highest level since June 10, while September Brent crude rose $3.41, or 3.8%, to $94.92.The gains came as the escalating conflict between the US and Iran kept the Strait of Hormuz closed. The Guardian reported that US forces launched strikes on Iran for an 11th consecutive night, targeting aircraft hangars and drone storage facilities.The conflict has blocked the Strait of Hormuz, the chokepoint for about 20% of global oil consumption supplied by Persian Gulf nations before the war began on Feb. 28. Just 14 ships transited the waterway over the past day, according to hormuzstraitmonitor.com, leaving about 400 vessels, including 120 tankers, stranded in the Gulf.Yemen's Houthi militants added to the supply worries with a threat to block the Bab el-Mandeb Strait, the southern end to the Red Sea, to restrict Saudi exports through the sea.Oil's "move reflects the ongoing US-Iran conflict, now in its 11th day, a Houthi threat to Red Sea shipping, and production shut-ins as Tropical Storm Bertha moves through the Gulf of Mexico, which pushed the Mars crude premium to around $2 a barrel over WTI, its strongest since early June", Saxo Bank noted.In its weekly survey, the American Petroleum Institute reported US oil inventories rose by 2.6-million barrels last week, while the consensus estimate expected a drop of 1.5-million barrels, according to Investing.com. The Energy Information Administration will release official storage data later on Wednesday morning.

$CLU6$LCOU6$USO

Asia Markets4d ago

Update: US Equity Futures Drop Pre-Bell as Oil Prices Jump Amid Lack of Progress in US-Iran Talks

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were lower pre-bell Wednesday as oil prices rose following US Secretary of State Marco Rubio's statement that Iran was not taking negotiations seriously.Dow Jones Industrial Average futures were 0.2% lower, S&P 500 futures were down 0.4%, and Nasdaq futures were 1% lower.US Central Command said in a post on X that it completed the 11th straight day of attacks against Iran, stating that the Strait of Hormuz "remains open for commercial vessel transit.""The problem we're having right now is that they're not serious about talks. If they're serious, we're serious. If they're not, then we will do what's necessary to protect our interests, and also the interests of our allies," Rubio said during the ASEAN Foreign Ministers' meeting in the Philippines, according to multiple media reports.Traders also took note of the latest round of earnings, with Philip Morris International (PM) reporting higher Q2 adjusted earnings and net revenue.Alphabet (GOOG, GOOGL) is expected to report its Q2 earnings after the market closes. Analysts polled by FactSet expect earnings of $2.88 per share on revenue of $117.06 billion.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 3.1% at $93.84 per barrel and US West Texas Intermediate crude 2.8% higher at $86.70 per barrel.The Atlanta Fed Business Inflation Expectations survey for July is expected at 10 am ET.In other world markets, Japan's Nikkei closed 0.2% lower, Hong Kong's Hang Seng ended 1% lower, and China's Shanghai Composite finished 0.1% higher. Meanwhile, the UK's FTSE 100 was up 1.5%, and Germany's DAX index was 0.3% higher in Europe's early afternoon session.In equities, Super Micro Computer (SMCI) stock was up 14% after the company said it expects fiscal Q4 gross margins of 15% to 17%, significantly above its 8.2% to 8.4% forecast due to a favorable customer and product mix. AT&T (T) shares rose 4.2% after the company reported better-than-expected Q2 adjusted earnings. Energy-related stocks rose along with oil prices, including Exxon Mobil (XOM), which was up 1%, and Chevron (CVX), which was 1% higher.On the losing side, Philip Morris shares were down 1.9% after the company issued lower-than-expected guidance for Q3. SK hynix (SKHY) stock was down 7.1% after a Korea JoongAng Daily report on Tuesday that the company is considering acquiring Intel's (INTC) semiconductor campus in New Albany, Ohio, which the South Korean chipmaker denied in a Korea Exchange filing. GE Vernova (GEV) shares fell 5.1% after the company posted a Q2 earnings miss.

Dow JonesNasdaq CompositeS&P 500$CVX$GEV$GOOG$GOOGL$INTC$PM$SKHY$SMCI$T$XOM

Mining & Metals4d ago

Manulife Financial Seals 5-Year Deal With Microsoft to Expand AI Use

Manulife Financial (MFC.TO) said Wednesday it has sealed a five-year renewal agreement with Microsoft, as it expands its use of AI-enabled capabilities, including AI agents, across its global operations.Manulife said it is using AI across the organization, equipping employees with tools to streamline everyday work, boost productivity, and deliver greater value to customers. It expects to generate more than $1 billion of enterprise value by 2027, with $300 million achieved as of year-end 2025.

$MFC.TO

Asia4d ago

China Resources Pharma Unit Sells 1 Billion Yuan Bonds

China Resources Pharmaceutical's (HKG:3320) unit China Resources Pharmaceutical Holdings completed the issue of 1 billion yuan of three-year bonds carrying a 1.53% coupon rate.The unit will use proceeds to replenish working capital and repay debt among other purposes, according to a Wednesday Hong Kong bourse filing.

HKG:3320

Mining & Metals4d ago

AbraSilver Reports Leadership Changes as Diablillos Project Enters Development Phase

AbraSilver Resource (ABRA.TO) reported leadership changes to align the company's structure with the development phase of the Diablillos silver-gold project in Argentina.AbraSilver appointed Marie Inkster as executive chair, providing strategic oversight and leadership as it advances project financing and construction, the mining development company said Wednesday.President and Chief Executive Officer John Miniotis was appointed as a director after Hernan Zaballa and Sam Leung stepped down from the board.The company also promoted Jeremy Weyland, senior vice president for projects and development, to chief operating officer.

$ABRA.TO

Mining & Metals4d ago

Canadian Dollar Flat as Tariff Uncertainty Offsets Higher Oil Prices, Corpay Says

The Canadian dollar is little changed early Wednesday, indicating that this week's US tariff threats are keeping investors cautious and offsetting the positive impact typically associated with higher oil prices, according to Corpay in a note.Oil prices are hovering near six-week highs amid a worsening medium-term supply outlook, as the US and Iran continue exchanging military strikes in the Middle East.Corpay's estimates indicate that the new tariff measures would lift the effective tariff rate on Canadian exports to the US to about 7.4%.Although low by historical standards, the higher tariff burden could still weigh on growth and demand for Canadian assets due to the country's reliance on the US markets, wrote Karl Schamotta, Corpay's chief market strategist, in the note.The resurgence of trade uncertainty has introduced fresh risks to the Bank of Canada's outlook, added Corpay. "Although the Bank of Canada had been forecasting a rebound driven by a reduction in uncertainty, that expectation is now in serious doubt."Should the administration of President Donald Trump implement the threatened tariffs, market expectations for a BoC rate increase this year "will collapse," said Corpay.

$CAD$CXY

Equities4d ago

Goldman Sachs Adjusts Price Target on Phillips 66 to $235 From $207, Maintains Neutral Rating

Phillips 66 (PSX) has an average rating of overweight and mean price target of $206.47, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$PSX

Equities4d ago

Goldman Sachs Adjusts Price Target on Valero Energy to $357 From $286, Maintains Buy Rating

Valero Energy (VLO) has an average rating of overweight and mean price target of $293, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$VLO

Research4d ago

Riyad Capital Upgrades Al Rajhi Bank to Buy

Riyad Capital on Tuesday upgraded Saudi Arabian lender Al Rajhi Bank (SASE:1120) to buy from neutral and kept its price target at 76.67 Saudi riyals.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

SASE:1120

Research4d ago

Trigon Dom Maklerski Downgrades PKO Bank Polski to Hold, Lifts PT

Trigon Dom Maklerski on Wednesday downgraded Polish financial services company PKO Bank Polski (PKO.WA) to hold from buy, while raising its price target to 122 Polish zlotys from 118 zlotys.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$PKO.WA

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Commodities4d ago