Financial Wire - Financial News

Sector Update: Energy Stocks Decline Late Afternoon

Energy stocks were lower late Thursday afternoon, with the NYSE Energy Sector Index decreasing 0.5% and the State Street Energy Select Sector SPDR ETF (XLE) falling 1%.The Philadelphia Oil Service Sector Index was up 0.2%, and the Dow Jones US Utilities Index climbed 1%.In sector news, oil prices increased on Thursday as shipment activity through the Strait of Hormuz remained restricted despite a two-week ceasefire between Washington and Iran. The rebound in oil prices follows the sharpest one-day pullback since 2020 in the previous session as the US and Iran agreed to temporarily halt hostilities that had gripped the Middle East.Front-month West Texas Intermediate crude oil rose 5% to $99.24 a barrel, and the global benchmark Brent crude contract was advancing 2.5% to $97.12 a barrel.Henry Hub natural gas futures fell 1.5% to $2.68 per 1 million BTU.US natural gas stocks rose by 50 billion cubic feet in the week ended April 3, larger than the 48 billion increase expected in a survey compiled by Bloomberg as of 7:35 am ET and following a revised increase of 32 billion cubic feet in the previous week.In corporate news, Kosmos Energy (KOS) shares dropped 8.1% after Goldman Sachs downgraded the company's stock to sell from neutral, with a $2.25 price target.Chevron (CVX) expects higher commodity prices driven by the Middle East conflict to boost Q1 earnings in its upstream segment by up to $2.2 billion, though timing impacts could weigh on its bottom line. Its shares were down 1.2%.Exxon Mobil (XOM) is planning an overhaul in the spring and another at the end of the year at its Beaumont refinery in Texas, Reuters reported late Wednesday. Exxon shares shed 0.8%.Energy Vault (NRGV) shares gained 3% after it said Thursday it has agreed to buy a pipeline of battery energy storage system, or BESS, projects in Japan from a local company.

$CVX$KOS$NRGV$XOM

Sector Update: Tech Stocks Higher Late Afternoon

Tech stocks were higher late Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) up 0.2% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 1.2%.The Philadelphia Semiconductor index climbed 1.9%.In corporate news, Microsoft-backed (MSFT) OpenAI said on X that it is offering a new ChatGPT Pro tier for $100 per month. Also, OpenAI expects to report $2.5 billion in ad revenue this year and $100 billion by 2030, Axios reported. Microsoft shares eased 0.3%.Applied Digital (APLD) shares dropped past 7% following its fiscal Q3 results.CoreWeave (CRWV) agreed to supply AI cloud capacity to Meta Platforms (META) in a $21 billion deal as they expanded their partnership amid robust demand for infrastructure supporting AI workloads. Meta was up 2.7%, and CoreWeave climbed 3.6%.Intel (INTC) and Alphabet's (GOOGL) Google have expanded a multiyear agreement to develop AI and cloud infrastructure using Xeon processors and custom infrastructure processing units, the companies said Thursday. Intel shares gained 4.5%, and Alphabet increased 0.5%.

$APLD$CRWV$GOOGL$INTC$META$MSFT

US Markets10d ago

Equities Rise Intraday as US-Iran Ceasefire Holds Amid Hormuz Uncertainty

US benchmark equity indexes were higher intraday as a recent two-week ceasefire between Washington and Iran appeared to be holding, though oil prices rebounded as access to the Strait of Hormuz remained restricted.The Dow Jones Industrial Average and the Nasdaq Composite were up 0.8% each at 48,279.5 and 22,811.7, respectively, after midday Thursday. The S&P 500 added 0.7% to 6,829. Barring energy, all sectors were in the green, led by consumer discretionary.West Texas Intermediate crude was up 2.3% at $96.54 a barrel intraday. The benchmark hit up to $102.70 a barrel earlier in the session. Brent crude edged up 0.6% to $94.96 per barrel.The rebound in oil prices follows the sharpest one-day pullback since 2020 in the previous session as the US and Iran agreed to temporarily halt hostilities that had gripped the Middle East since the end of February."The Strait of Hormuz is not open," Abu Dhabi National Oil Chief Executive Sultan Al Jaber said in a LinkedIn post Thursday. "Access is being restricted, conditioned and controlled."Iranian state media previously reported that transit through the strait was halted following Israeli attacks on Lebanon. Israeli Prime Minister Benjamin Netanyahu said the country would negotiate with Lebanon on disarming Hezbollah, CNN reported Thursday."We continue to contend that actual transit levels through the waterway will remain significantly depressed given that Iran is insisting vessels must coordinate with its military or face destruction," RBC Capital Markets said in a note.Officials from Washington and Tehran are expected to meet this weekend in Pakistan, which helped broker the truce.US Treasury yields were lower intraday, with the 10-year rate down two basis points at 4.27% and the two-year rate dropping 3.4 basis points to 3.76%.In economic news, US inflation accelerated sequentially in February as real consumer spending edged higher, with analysts expecting price pressures to intensify due to the spillover effects of the Middle East conflict.The Federal Reserve's preferred inflation metric -- which excludes food and energy -- rose 0.4% month over month, unchanged from January's reading. Annual growth slowed to 3% from 3.1%. All inflation prints met estimates in Bloomberg-compiled surveys."With headline inflation likely to test 4% soon, there is little chance the Fed will ease policy in the near term," BMO Capital Markets said in a note.Weekly applications for unemployment insurance in the US rose more than expected, while continuing claims reached the lowest level since May 2024, government data showed."The latest jobless claims data offer no evidence that the (US-Israel) war with Iran has had a notable impact on the labor market," Oxford Economics said in a note. "We don't think an upside surprise in one week is sending a signal that labor market conditions are softening."In company news, CoreWeave (CRWV) agreed to supply artificial intelligence cloud capacity to Meta Platforms (META) in a $21 billion deal as the companies expanded their partnership amid robust demand for infrastructure supporting AI workloads. CoreWeave shares were up 6.1% intraday, while Meta rose 3%.Ares Management (ARES) agreed to acquire and take private Whitestone REIT (WSR) in an all-cash deal worth about $1.7 billion. Whitestone shares jumped 11%, while Ares advanced 0.5%.Chevron (CVX) said it expected higher commodity prices driven by the Middle East conflict to boost first-quarter earnings in its upstream segment by up to $2.2 billion, though timing impacts could weigh on the oil giant's bottom line. The company's shares were down 1.4% intraday, among the worst performers on the Dow.Gold was up 0.9% at $4,819 per troy ounce, while silver advanced 1.5% to $76.49 per ounce.

$^DJI$^IXIC$^SPX$ARES$CRWV$CVX$META$WSR

Asia Markets10d ago

US Equity Indexes Rise Amid Reports of Hormuz Opening, Israel's Plans to Talk With Lebanon

US equity indexes rose after midday Thursday amid media reports that the Strait of Hormuz is open and Israel's Prime Minister Benjamin Netanyahu said Tel Aviv will begin direct talks with Lebanon to disarm Hezbollah.The Nasdaq Composite rose 0.8% to 22,815.1, with the S&P 500 up 0.7% to 6,830.9 and the Dow Jones Industrial Average higher by 0.8% to 48,308.4, after staging a strong rally on Wednesday. All sectors except energy and healthcare rose intraday, while consumer discretionary, utilities, and real estate led the gainers.All three mainstream indexes had opened lower on Thursday, reflecting Israel's attacks on Lebanon on Wednesday that, according to Reuters, killed more than 250 people. However, after midday, the equity gauges turned the corner.This comes as the UK's ITV reported that Iran's Deputy Foreign Minister Saeed Khatibzadeh said the Strait of Hormuz is open. Any civilian vessel can pass with guidance from the Iranian authorities, Khatibzadeh told ITV.Meanwhile, CNN reported that the two-week ceasefire appeared to be on track, with fewer attacks reported across the Middle East on Thursday.Further, Netanyahu's proposal, as per the CNN report, to begin talks with Lebanon to disarm Hezbollah, a militant group reportedly fighting as Iran's proxy, addressed concerns raised by Iranian President Masoud Pezeshkian. Tel Aviv's strikes on Lebanon on Wednesday violated the truce deal and, more importantly, would render the upcoming US-Iran peace negotiations in Islamabad meaningless, Reuters cited Pezeshkian as saying.West Texas Intermediate crude oil futures advanced 2.2% to $96.52, after trading more than 7% higher earlier in the session. Brent crude futures rose 0.4% to $95.07, after climbing almost 5% intraday.US Treasury yields fell, with the 10-year down 2.6 basis points to 4.27%. The two-year rate dropped 3.6 basis points to 3.76%.In precious metals, gold futures rose 0.9% to $4,821.1 and silver futures climbed 1.5% to $76.54.In economic news, the personal consumption expenditures price index rose by 0.4%, and as expected, the year-over-year rate remained at 2.8%. The price index increased by 0.3% month-over-month in January.The core PCE price index increased by 0.4%, as expected, and the same as in January. The year-over-year rate dropped to 3% from 3.1% in the previous month.US economic growth, measured by gross domestic product, was revised lower to a 0.5% increase in Q4 from a 0.7% gain in the second estimate, compared with estimates for no revision in a survey compiled by Bloomberg.US initial jobless claims rose to 219,000 in the week ended April 4 from an upwardly revised 203,000 in the previous week, compared with expectations for 210,000 in a Bloomberg-compiled poll.In company news, CoreWeave (CRWV) said it signed an agreement with Meta Platforms (META) to provide artificial intelligence cloud capacity through December 2032 for about $21 billion. Shares of CoreWeave and Meta were up 6.5% and 3.1%, respectively.

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Financial News

Sector Update: Energy Stocks Decline Late Afternoon

Sector Update: Tech Stocks Higher Late Afternoon

Sector Update: Energy Stocks Decline Late Afternoon

Sector Update: Tech Stocks Higher Late Afternoon

Sector Update: Health Care Stocks Mixed Late Afternoon

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Sector Update: Consumer Stocks Rise Late Afternoon

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US Treasury Closing Levels

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Equities Rise Intraday as US-Iran Ceasefire Holds Amid Hormuz Uncertainty

US Equity Indexes Rise Amid Reports of Hormuz Opening, Israel's Plans to Talk With Lebanon

Oil Prices Rebound as Optimism Around US-Iran Truce Wanes

US Crude Shipments Poised to Break 5 Million b/d Record in May, Bloomberg Analysis Says

Market Chatter: Yanbu Port Loadings Persist After Attack on Key Saudi Pipeline

Weekly Jobless Claims Rise, Continuing Applications Reach Lowest Since May 2024

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Exchange-Traded Funds Edge Higher as US Equities Rise After Midday

US 30-Year High Yield 4.876% vs 4.871% Previous; Bid/Cover 2.39 vs 2.45 Previous

Petro-Victory Energy Increases a Shares for Debt Transaction

Chevron Flags Tailwind to Quarterly Upstream Earnings From Higher Commodity Prices