Financial News

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.

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 1.3%.The Philadelphia Oil Service Sector Index was up 0.1%, and the Dow Jones US Utilities Index climbed 1.6%.In sector news, oil prices increased 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 was rising 2.7% to $96.93 a barrel, and the global benchmark Brent crude contract was advancing 0.6% to $95.35 a barrel. Henry Hub natural gas futures fell 1.7% 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, 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 1.7%.Occidental Petroleum (OXY) said Thursday it has discovered oil at the Bandit prospect, co-owned by Chevron and Woodside Energy (WDS), in the Gulf of Mexico. Occidental shares declined 2.4%, and Woodside fell 1.5%.Energy Vault (NRGV) said Thursday it has agreed to buy a pipeline of battery energy storage system, or BESS, projects in Japan from a local company. Its shares rose 2.5%.

Nio Strategic Metals Announces Executive Leadership Changes; Shares up 9.6%

Nio Strategic Metals (NIO.V) on Thursday appointed Bruno Dumais as chief operating officer, and Jean-Sebastien Blanchette as chief financial officer.The company said Dumais is being promoted from its CFO role. Dumais has more than 30 years of senior management experience, including strategic development and plan execution at various local and international publicly-traded organizations.Blanchette has over 25 years of experience in the fields of finance and natural resources. In a statement the company noted he has worked on Wall Street as senior financial analyst and portfolio manager for various financial institutions, managing "multi-hundred-million-dollar market neutral strategies in the energy and mining sectors.""Mr. Dumais is the right leader for Nio to promote our projects with local stakeholders, governmental agencies and partners," said chief executove Hubert Marleau. "Mr. Blanchette's extensive expertise and passion for leadership, business development and operations will help Nio strengthen partnerships, further develop strategic alliances, and expand our international sales presence."The company's shares were last seen up $0.025 at $0.285 on the TSX Venture Exchange.Price: $0.29, Change: $+0.03, Percent Change: +9.62%

Update: Gold Climbs as a U.S. Inflation Measure Rose in February, While the U.S. and Iran Dispute Ceasefire Terms

(Updates prices.)Gold traded higher midafternoon on Thursday as the dollar weakened after the United States reported a key inflation measure rose, and while the U.S. and Iran argue over the terms of their two-week ceasefire deal.Gold for May delivery was last seen up US$36.10 to US$4,813.30 per ounce.The U.S. Bureau of Economic Analysis reported the February Personal Consumption Expenditures Index (PCE), the Federal Reserve's preferred inflation measure, rose by 0.4% from January, up from a 0.3% pace in the prior month, but matching the consensus estimate, according to Marketwatch. Core PCE, excluding volatile food and energy, also rose 0.4%, unchanged from January and matching the consensus estimate.The Bureau also released its second revision to third-quarter GDP, lowering its estimate to a rise of 0.5%, down from 0.7% in its first revision.The data pushed the dollar lower, bullish for gold. But investors continue to look at all safe-haven options as the ceasefire deal between Iran and the U.S. remains shaky. Oil prices were mixed following a day-prior plunge as the two sides dispute the terms of their agreement and tanker traffic out of the Persian Gulf remains mostly halted."The passage remains mostly blocked and tanker traffic suspended after renewed Israeli strikes on Lebanon. Iran says the terms of the truce have already been violated and disputes whether it covers Lebanon. US Vice President JD Vance, heading to Islamabad for talks with Iran, says there are signs the strait may begin to reopen," Saxo Bank wrote.The dollar weakened following the economic data, with the ICE dollar index last seen down 0.49 points to 98.64. Treasury yields also fell, with the U.S. two-year note last seen paying 3.767%, down 3.3 basis points, while the yield on the 10-year note was down 3.1 points to 4.27%.

TE Connectivity Insider Sold Shares Worth $2,098,674, According to a Recent SEC Filing

Shadrak W Kroeger, President, Industrial Solutions, on April 08, 2026, sold 9,400 shares in TE Connectivity (TEL) for $2,098,674. Following the Form 4 filing with the SEC, Kroeger has control over a total of 25,976 common shares of the company, with 25,976 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1385157/000122520826004458/xslF345X05/doc4.xmlPrice: $228.94, Change: $+5.91, Percent Change: +2.65%

Research Alert: CFRA Maintains Hold Rating On Shares Of Humana Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our 12-month price target to $215 from $195, a 14.3x multiple of our 2027 EPS estimate (down to $15.07 from $19.34; 2026 estimate down to $9.05 from $13.16), a discount to HUM's five-year historical forward average of 16.8x. We think investor sentiment improved somewhat following a more favorable Medicare Advantage (MA) 2027 rate update (2.48% vs. 0.09% proposal) and indications of supportive reform for Stars Quality ratings, an area of particular interest to HUM given its significant exposure to MA (81% of 2025 premium revenues). Still, the industry is battling rising medical costs due to deferred care and higher levels of medical utilization, including increased levels of outpatient care among seniors, inpatient admissions, Rx volumes, and behavioral health care demand. While we see potential for recovery in 2027 and beyond led by Stars reform and improved MA rates, the significant near-term earnings pressure and ongoing uncertainties support our Hold recommendation at current levels.

Sector Update: Health Care Stocks Advance in Afternoon Trading

Health care stocks advanced Thursday afternoon, with the NYSE Health Care Index adding 0.3% and the State Street Health Care Select Sector SPDR ETF (XLV) up 0.4%.The iShares Biotechnology ETF (IBB) rose 0.4%.In corporate news, Amazon.com's (AMZN) Amazon Pharmacy said Thursday it is offering Eli Lilly's (LLY) obesity pill Foundayo. Additionally, WW International (WW) said Thursday it is now offering access to Foundayo for weight loss through its Med+ program and affiliated medical groups. Lilly shares added 1%.BridgeBio Pharma (BBIO) is transitioning from a single-asset transthyretin story into a diversified rare disease company, with growth poised to accelerate beyond its ATTR franchise, RBC Capital said in a note. RBC started coverage of the company with an outperform rating and a price target of $100. BridgeBio shares rose 1.3%.Vanda Pharmaceuticals (VNDA) said Thursday it is calling on the US Food and Drug Administration to withdraw a proposal in the regulator's fiscal 2027 Congressional Budget Justification that would extend drug review timelines. Vanda shares were down 0.2%.

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.

Sector Update: Consumer Stocks Rise Thursday Afternoon

Consumer stocks were higher Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.9% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rising 1.6%.In corporate news, Brown-Forman (BF.A, BF.B) was approached by Sazerac about a potential transaction amid ongoing talks with French spirits company Pernod Ricard, The Wall Street Journal reported. Brown-Forman Class A and Class B shares jumped 11% and 13% respectively.Constellation Brands (STZ) shares climbed past 7% after the company reported late Wednesday fiscal Q4 non-GAAP net income and revenue that beat analysts' expectations.Tesla (TSLA) is developing a new compact, lower-cost electric SUV as it looks to expand its lineup beyond the Tesla Model Y and Tesla Model 3, Reuters reported. Tesla shares were up 1.2%.Walt Disney (DIS) is preparing to lay off as many as 1,000 employees in the coming weeks, The Wall Street Journal reported. Disney shares increased 0.2%.

Oil Prices Rebound as Optimism Around US-Iran Truce Wanes

Oil prices increased Thursday, with US crude crossing $100 a barrel as shipment activity through the Strait of Hormuz remained restricted despite a two-week ceasefire between Washington and Iran.West Texas Intermediate crude traded as much as $102.70 a barrel on Thursday, and was last up 3.4% at $97.57. Brent crude climbed 0.9% to $95.61, having hit $99.50 earlier in the session.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.As part of the ceasefire, Washington demanded the immediate opening of the Strait of Hormuz, while Tehran said it would allow "safe passage" through the crucial waterway, subject to coordination with Iranian authorities.But access to the strait remained restricted, Abu Dhabi National Oil Co. Chief Executive Sultan Al Jaber said in a LinkedIn post Thursday."The Strait of Hormuz is not open. Access is being restricted, conditioned and controlled," said Al Jaber, who also serves as the United Arab Emirates minister of industry and advanced technology.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 on Thursday.Meanwhile, Gulf countries, including the UAE, continued to face attacks despite the ceasefire, RBC Capital Markets said in a report e-mailed toon 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," Helima Croft, head of global commodity strategy at RBC, said.Officials from Washington and Tehran are expected to meet this weekend in Pakistan, which helped broker the truce.Overnight, President Donald Trump said in a post on Truth Social that US ships, aircraft and military personnel will remain in and around Iran until the "real agreement reached is fully complied with.""With a full reopening of the strait unlikely in the near term, oil prices are expected to remain supported, as disruptions linked to reduced output and refinery shutdowns will take time to unwind," ING Bank said in a note.

US Oil Update: Crude Rises as Hormuz Stays Closed Amid Fragile Iran Ceasefire

Crude oil futures jumped in midday trading on Thursday, reversing a record-breaking slump in the previous session, as markets weighed the durability of a US-Iran ceasefire and shipping through the Strait of Hormuz remained effectively closed.Front-month West Texas Intermediate crude futures climbed 3.36% to $97.59 per barrel, while Brent futures gained by 1.09% to $95.70/bbl.Saxo Bank strategists said the Hormuz remains effectively closed after Israeli attacks on Lebanon, adding that Tehran has reportedly told mediators it will limit traffic via the strategic waterway to about 12 ships per day.US crude stockpiles rose by 3.1 million barrels to 464.7 million bbls in the week ended Apr.3, the Energy Information Administration said in its weekly report on Wednesday. The agency said crude inventories are now about 2% above the five-year average for this time of year.The American Petroleum Institute also reported a 3.7 million-barrel build in US crude stocks last week, well above expectations for a 0.78 million-barrel increase, ING said in a note on Wednesday.Fueling bullish sentiment, President Trump said on Wednesday that US military forces will remain deployed in the Middle East until Iran fully complies with the "real agreement," noting that any breach would trigger a military campaign larger than anything seen before."All US ships, aircraft, and military personnel...will remain in place in, and around, Iran, until the real agreement reached is fully complied with," Trump said in a social media post on Truth Social.However, Iranian Parliament Speaker Mohammad-Bagher Ghalibaf accused the US of violating three clauses of the proposed ceasefire in a statement on X. On Thursday, Ghalibaf said negotiations make no sense following ceasefire violations ahead of the Iranian delegation's arrival in the Pakistani capital, Islamabad, for talks to resolve the Middle East conflict."The deep historical distrust we hold toward the United States stems from its repeated violations of all forms of commitments, a pattern that has regrettably been repeated once again," Ghalibaf said in a statement via a social media post on X.Meanwhile, the head of the UAE energy giant Adnoc said Hormuz was still closed and that Iran is restricting passage via the strategic waterway. Sultan Ahmed Al Jaber, Adnoc's managing director and group CEO, said an estimated 230 vessels were currently loaded with oil and ready to sail, but faced uncertainty over transit.On the supply front, Exxon Mobil (XOM) is preparing a series of refinery overhauls at its 612,000-barrel-per-day Beaumont, Texas, facility, potentially tightening product availability. The energy firm is projected to take its 60,000 b/d coker offline for planned maintenance that will extend into June.The company's 120,000 b/d gasoline-producing fluid catalytic cracker is also slated for shutdown, alongside two hydrotreating units, with work anticipated to run through January.Price: $154.75, Change: $-1.47, Percent Change: -0.94%

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

US crude exports are set to reach 5 million barrels per day in May as global supply disruptions drive demand, Bloomberg said in a Thursday analysis.Shipments from the US Gulf Coast are already nearing 4.9 million b/d in April, up from about 3.97 million b/d in March, according to the analysis.The increase reflects stronger overseas demand, particularly from buyers seeking alternatives to constrained Middle Eastern crude supplies, according to the report.Analysts expect flows to rise further in May, supported by a growing number of very large crude carriers loading in the region to meet stronger export demand.Matt Smith, Kpler's commodity research director, said exports in May may climb past 5 million b/d, topping the earlier 4.5 million peak, supported by continued strong buying interest from Asia, according to the analysis.The surge comes as global markets face severe supply tightness, with US exports playing a key role in stabilizing flows amid geopolitical disruptions, according to the analysis.With summer demand approaching, rising exports could force US refiners to pay more to retain supply, while gasoline prices above $4 per gallon may increase political pressure ahead of midterm elections.Exports have briefly neared 5 million b/d, according to the EIA, but haven't held that level over a month, suggesting May could mark the first sustained period near that threshold, according to the analysis.Around 28 supertankers have been booked for May loadings, far above the typical five at this time of the month, the analysis added.Some projections suggest exports could climb as high as 5.3 million b/d if current vessel scheduling trends hold, supported by continued buying interest from Asia.A recent shipment saw the VLCC Asian Progress VI fixed to carry crude from Occidental Petroleum to East Asia for about $19 million, the analysis added, citing a Bloomberg note.Despite strong demand, the US export system is nearing capacity limits, with logistical challenges beginning to constrain further growth, the analysis said.Limited vessel availability, a shortage of smaller feeder ships, and rising freight costs could cap exports near 5.5 million b/d without additional shipping capacity, according to the analysis.

Alphamin Resources Higher as It Hikes Its Fiscal Q1 EBITDA Guidance on Higher Tin Prices

Alphamin Resources (AFM.V), up 5.7% on last look, on Thursday said a strong tin price has led it to hike its EBITDA guidance for its fiscal first quarter ended March 31 toUS$158 million, a 46% jump from the preceding quarter's US$108 million.Tin production for the quarter was 5,026 tonnes, in line with annual target guidance of 20,000 tonnes. Alphamin reported tin sales of 5,016 tonnes, compared with 5,045 tonnes in the fourth quarter of 2025. The tin price rose from US$37,995 per tonne average in the fourth quarter 2025 to US$49,278 average in the first quarter 2026, resulted in a net cash increase of US$128 million, the company said.Higher fuel prices are expected to impact the second quarter, Alphamin noted.The company will make a final FY2025 dividend decision later this month.Alphamin shares were last seen up $0.07 to $1.29 on the TSX Venture Exchange.Price: $1.29, Change: $+0.07, Percent Change: +5.74%

Sector Update: Tech Stocks Mixed Thursday Afternoon

Tech stocks were mixed Thursday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) decreasing 0.3% and the State Street SPDR S&P Semiconductor ETF (XSD) adding 0.8%.The Philadelphia Semiconductor index rose 1.4%.In corporate news, CoreWeave (CRWV) agreed to supply AI 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. Meta shares were up 3.4%, and CoreWeave climbed 6.5%.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 2.5%, and Alphabet increased 0.6%.BlackBerry (BB) shares jumped past 7% after it reported higher fiscal Q4 adjusted earnings and revenue.

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

Crude shipments from Saudi Arabia's Yanbu port continued Thursday despite an attack on the 7 million barrels per day East-West pipeline, Reuters reported Thursday, citing three sources.Cargo loadings at the Red Sea terminal were continuing after the pipeline strike, with two buyers and one trading source indicating no immediate disruption to export operations.Iran carried out the attack shortly after a ceasefire agreement, targeting the pipeline that serves as Saudi Arabia's main alternative export route, an industry source told Reuters on Wednesday.The source said pipeline flows were expected to be disrupted, with authorities still evaluating the extent of the damage following the incident.Yanbu has become a critical outlet as the Strait of Hormuz faces effective closure, limiting shipments from the Gulf and shifting export reliance toward the Red Sea.Loadings at Yanbu averaged about 3.3 mmb/d in March, sharply higher than about 800,000 b/d in February, with the port capable of exporting up to 5 mmb/d, the report added, citing Kpler's data.Saudi Aramco is diverting about 2 mmb/d of crude flowing through the pipeline to supply its refineries in western Saudi Arabia, according to the report.has reached out to Saudi Aramco for any comments.(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.)

Sector Update: Financial

Financial stocks were advancing in Thursday afternoon trading, with the NYSE Financial Index and the State Street Financial Select Sector SPDR ETF (XLF) each adding 0.5%.The Philadelphia Housing Index was climbing 1.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) was up 1.5%.Bitcoin (BTC-USD) rose 2% to $72,484, and the yield for 10-year US Treasuries was decreasing 2.8 basis points to 4.26%.In corporate news, Ares Management (ARES) on Thursday agreed to acquire and take private real estate investment trust Whitestone REIT (WSR) in an all-cash deal worth about $1.7 billion. Ares shares were down 0.2%, and Whitestone jumped 11%.

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 1.3%.The Philadelphia Oil Service Sector Index was up 0.1%, and the Dow Jones US Utilities Index climbed 1.6%.Front-month West Texas Intermediate crude oil was rising 3.5% to $97.74 a barrel, and the global benchmark Brent crude contract was advancing 1% to $95.73 a barrel. Henry Hub natural gas futures fell 2% to $2.67 per 1 million BTU.In corporate news, 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. Shares were down 1.1%.

Atlanta Fed US Q1 GDP Nowcast Estimate Unrevised from Previous 1.3% Gain

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

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 Thursday.For the week through April 4, the seasonally adjusted number of initial claims increased by 16,000 to 219,000 from the previous week's average that was adjusted upwards by 1,000, the Department of Labor said. The consensus was for a 210,000 reading in a Bloomberg poll.The four-week moving average totaled 209,500, up by 1,500 from the prior week's average that was revised higher by 250. Unadjusted claims rose by 16,637 to 202,895, the DOL said."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 Lead US Economist Nancy Vanden Houten said in remarks e-mailed to. "We don't think an upside surprise in one week is sending a signal that labor market conditions are softening."Seasonally adjusted continuing claims for the week ended March 28 reached 1.79 million, the lowest level since May 11, 2024, and lagging Wall Street's expectations of 1.83 million. Continuing claims dropped by 38,000 from the previous week's level, which was revised down by 9,000, according to the DOL. The four-week moving average fell by 13,250 to about 1.82 million."Continued claims are trending lower, reflecting the general drift lower of initial claims since last fall," Vanden Houten said.Earlier this month, official data showed that the US economy added more jobs than expected in March, while the unemployment rate edged down to 4.3% from 4.4% sequentially.On Wednesday, minutes from the Federal Reserve's March meeting showed that monetary policymakers emphasized the need to remain "nimble" in adjusting interest rates in light of heightened risks to inflation and employment driven by the Iran war, which started at the end of February.On Tuesday, the US and Iran agreed to a two-week ceasefire, though the truce appears fragile.

Sector Update: Health Care

Health care stocks advanced Thursday afternoon, with the NYSE Health Care Index adding 0.2% and the State Street Health Care Select Sector SPDR ETF (XLV) up 0.1%.The iShares Biotechnology ETF (IBB) rose 0.3%.In corporate news, Amazon.com's (AMZN) Amazon Pharmacy said Thursday it is offering Eli Lilly's (LLY) obesity pill Foundayo. Lilly shares added 0.6%.