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Sectors

Sector Update: Health Care Stocks Fall Premarket Thursday

Health care stocks were falling premarket Thursday, with the State Street Health Care Select Sector SPDR ETF (XLV) down 0.2% and the iShares Biotechnology ETF (IBB) 0.7% lower.Neogen (NEOG) shares were down more than 5% after the company reported lower fiscal Q3 adjusted earnings and revenue.Novartis (NVS) said it will expand its programs to find and treat patients with heart disease and cancer in "hard-to-reach" communities worldwide. Novartis stock was down more than 1% pre-bell.GoodRx (GDRX) shares were up more than 2% after the company said it partnered with Eli Lilly (LLY) to expand self-pay purchasing options for two weight management medications, Foundayo and Zepbound KwikPen.

$GDRX$IBB$LLY$NEOG$NVS$XLV
Sectors

Oil Prices Rise as Strait of Hormuz Remains Closed Amid Disputes Over Terms of U.S. and Iran Ceasefire Deal

Oil prices rose early Thursday as Iran continues to block the Strait of Hormuz while maintaining the two-week ceasefire agreement reached on Tuesday with the United States included a pledge to halt Israeli attacks on Lebanon. This is disputed by both Israel, which continues to bomb its northern neighbor, as well as the United States.West Texas Intermediate (WTI) crude oil for May delivery was last seen up $4.77 to US$99.18 per barrel, while June Brent oil was up $3.15 to US$97.90.WTI plunged 16% on Wednesday following the ceasefire agreement, pushing back below US$100 per barrel on hopes the deal would reopen tanker shipments from the Persian Gulf, a region that supplied 20% of daily oil demand prior to the Feb. 21 start to the war.However the ceasefire appears to be fragile as Iran continued attacks on Persian Gulf countries on Tuesday in response to Israel's bombing of Lebanon. Tankers trapped in the Gulf since the start of the war remain mostly unable to move through the Strait as Iran said it will continue to limit traffic and demand a toll for passage."Crude prices rebounded following their biggest one-day drop since April 2020, with Brent challenging resistance ahead of US$100. The Strait of Hormuz remains effectively closed after Israeli attacks on Lebanon -- seen by Iran as a breach of the fragile ceasefire. According to the WSJ, Iran has told mediators it will limit traffic through the Strait to around 12 ships per day and impose tolls under the ceasefire. That is a sharp reduction from the 100+ daily transits before the war, effectively leaving most of the 1,000+ commercial vessels inside the Persian Gulf stranded," Saxo Bank noted.The Wall Street Journal reported Iran has now stopped its regional strikes, with no attacks reported for 24 hours, raising some hopes the ceasefire will hold ahead of negotiations over a permanent deal that will begin this weekend in Pakistan. U.S. Vice-President JD. Vance will lead the American side in the talks with Iranian officials.

$CLK6$LCOM6$USO
Sectors

Sector Update: Tech Stocks Lean Lower Premarket Thursday

Technology stocks were leaning lower premarket Thursday, with the State Street Technology Select Sector SPDR Fund (XLK) down 0.2% and State Street SPDR S&P Semiconductor ETF (XSD) declining by 0.3%.CoreWeave (CRWV) shares were up more than 2% after the company said it has signed an agreement with Meta Platforms (META) to provide artificial intelligence cloud capacity through December 2032 for about $21 billion.BlackBerry (BB) stock was up more than 6% after the company reported higher fiscal Q4 adjusted earnings and revenue.Commerce.com (CMRC) said its board rejected a revised unsolicited takeover proposal from Rezolve AI (RZLV), as it "significantly undervalues" the company and is not in shareholders' interest. Rezolve AI shares were down more than 1% pre-bell.

$BB$CMRC$CRWV$META$RZLV
Sectors

Sector Update: Consumer Stocks Decline Pre-Bell Thursday

Consumer stocks were declining pre-bell Thursday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) 0.2% lower and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) down 0.1%.Simply Good Foods (SMPL) stock was down more than 25% after the company posted lower fiscal Q2 adjusted earnings and net sales, and cut its fiscal 2026 net sales outlook.British American Tobacco (BTI) said it has appointed Dragos Constantinescu as chief financial officer and executive director, effective Sept. 1. British American Tobacco shares were down more than 2% premarket.Walt Disney (DIS) is preparing to lay off as many as 1,000 employees in the coming weeks, The Wall Street Journal reported, citing people familiar with the matter. Walt Disney stock was 0.6% lower pre-bell.

$BTI$DIS$SMPL$XLP$XLY
Sectors

Sector Update: Energy

Energy stocks were advancing pre-bell Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) up 0.7%.The United States Oil Fund (USO) was 3% higher and the United States Natural Gas Fund (UNG) was down 0.8%.Front-month US West Texas Intermediate crude oil was 5.8% higher at $99.92 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 4.1% to $98.59 per barrel, and natural gas futures were down 0.1% at $2.72 per 1 million British Thermal Units.Chevron (CVX) said it has fully resumed domestic gas supply to Western Australian customers following damage caused by a tropical cyclone in March, Reuters reported. Shares of Chevron were up more than 1% premarket.

$CVX
Asia Markets

Alleged Ceasefire Violations in Middle East, Shipping Halt in Strait of Hormuz Dampen US Equity Futures Pre-Bell

US equity futures were lower pre-bell Thursday after Iran accused the US of violating the two-week ceasefire agreement between the two nations announced on late Tuesday and halted shipping through the Strait of Hormuz after Israel's attack on Lebanon.Dow Jones Industrial Average futures were 0.4% lower, S&P 500 futures were down 0.3%, and Nasdaq futures were 0.2% lower.Iran's parliamentary speaker, Mohammad Bagher Ghalibaf, said that the violations of the ceasefire agreement include Israel's continued attacks on Lebanon, drone incursions into Iran, and the denial of Iran's right to enrich uranium. The White House has said that Lebanon is not part of the agreement.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 3% at $97.59 per barrel and US West Texas Intermediate crude 4.5% higher at $98.62 per barrel.The February core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, released at 8:30 am ET, gained 0.4%, matching the prior month's increase and meeting estimates compiled by Bloomberg. Initial jobless claims increased to 219,000 in the week ended April 4 from 203,000 in the previous week, compared with expectations for an increase to 210,000. Q4 GDP growth was revised down to a 0.5% annual rate from 0.7% previously, compared with expectations for no change.In other world markets, Japan's Nikkei closed 0.7% lower, Hong Kong's Hang Seng ended 0.5% lower, and China's Shanghai Composite finished 0.7% lower. Meanwhile, the UK's FTSE 100 was down 0.3%, and Germany's DAX index was down 1.1% in Europe's early afternoon session.In equities, Novo Nordisk (NVO) stock was down 1.4% after Bloomberg reported that the company's therapy semaglutide is facing pressure in India due to an increase in generic versions of the drug.On the winning side, TotalEnergies (TTE) shares were up 2.7% after multiple media outlets reported that the oil company was included in exemptions from Brazil's newly-enacted 12% export tax.

$^DJI$^IXIC$^SPX$NVO$TTE
US Markets

Ares Management to Acquire Whitestone REIT in $1.7 Billion Take-Private Deal

Ares Management (ARES) on Thursday agreed to acquire and take private real estate investment trust Whitestone REIT (WSR) in an all-cash deal worth around $1.7 billion.Certain Ares Real Estate funds will purchase all Whitestone shares and operating partnership units for $19 apiece, representing a premium of 12% to the firm's closing price as of Wednesday, the companies said in a joint statement. Whitestone's stock climbed 11% in the most recent premarket activity, while Ares fell 1.3%.In March, Reuters reported that several private equity firms, including Blackstone (BX), expressed interest in a potential acquisition of Whitestone."Whitestone's portfolio provides an attractive opportunity to further diversify Ares Real Estate's footprint with necessity-based retail centers in high-demand, supply-constrained metro regions across Arizona and Texas," David Roth, global head of real estate strategy and growth at Ares Real Estate, said in a statement. "Looking ahead, we are confident in Ares' ability to support and expand on the Whitestone portfolio and create value for both communities and investors."As of March 31, Whitestone's portfolio comprised 56 retail properties in Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio.The transaction, which requires approval from Whitestone's shareholders, is expected to complete in the third quarter. Following completion, Whitestone's shares will no longer trade on the New York stock exchange."We are excited to reach this agreement, which delivers significant, immediate and certain value to our shareholders while positioning Whitestone's assets for continued success," Whitestone Chair Amy Feng said.In February, Whitestone said it expected core funds from operations to be in a range of $1.10 to $1.14 per share and operating partnership unit for 2026.

$ARES$WSR
Sectors

Sector Update: Financial

Financial stocks were declining premarket Thursday, with the State Street Financial Select Sector SPDR ETF (XLF) down 0.6%.The Direxion Daily Financial Bull 3X Shares (FAS) was 1.6% lower and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was up 1.8%.Whitestone REIT (WSR) said it has agreed to be acquired by Ares Management (ARES) for $19 per common share or operating partnership unit in an all-cash deal valued at about $1.7 billion. Shares of Ares Management were down more than 1% pre-bell.

$ARES$WSR
International

February US PCE Prices Rise as Expected; Income Fall, Spending Up

Personal income fell by 0.1% in February following January's 0.4% gain, compared with the expected 0.3% gain in a survey conducted by Bloomberg as of 7:35 am ET.Personal consumption expenditures were up 0.5%, below the 0.6% increase expected and following a 0.3% gain in the previous month. After adjustment for inflation, real PCE rose by 0.1% after a flat reading in January, compared with expectations for a 0.2% increase.The PCE price index rose by 0.4%, 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.The monthly report on personal income and spending is released by the Bureau of Economic Analysis about one month after the period it is measuring. Personal income is broken down into various categories, with wages making up the largest portion. Spending is reported in two ways-before and after adjustment for inflation movements.The price measures in the report are closely watched by the Federal Reserve, particularly the year-over-year. Faster consumption growth is usually a positive for stocks but combined with soft income readings could suggest consumers are overextending. Bonds are sensitive to the price measures if the pace is above the Federal Reserve's 2% target.

Sectors

Sector Update: Health Care

Health care stocks were falling premarket Thursday, with the State Street Health Care Select Sector SPDR ETF (XLV) down 0.1% and the iShares Biotechnology ETF (IBB) 0.7% lower.Neogen (NEOG) shares were down more than 6% after the company reported lower fiscal Q3 adjusted earnings and revenue.

$NEOG
Research

Research Alert: Amzn: Annual Shareholder Letter Emphasizes Betting Big On Ai

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:CEO Andy Jassy's annual letter highlighted Amazon's AI revenue run-rate surpassing $15B in Q1 2026, 260x larger than AWS at the same lifecycle stage, while the custom chip business reached a $20B annual run-rate (~$50B if chips was a standalone business) with triple-digit growth. Amazon is also the second-largest U.S. grocer with $150B in gross sales, with same-day perishables growing 40x since early 2025. Management emphasized that much of the planned ~$200B capex is backed by customer commitments (e.g., $100B+ from OpenAI) and will be monetized in 2027-2028, reinforcing expectations of attractive returns. Amazon Leo is set to launch mid-2026, though the company is already generating meaningful revenue ahead of the formal rollout. While long-term demand signals remain constructive, we believe investors will continue scrutinizing the return profile of these investments, particularly as Amazon potentially turns FCF-negative this year, though we expect the significant investments to pay off over the long term.

$AMZN
Sectors

Sector Update: Consumer

Consumer stocks were declining pre-bell Thursday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) 0.2% lower and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) down 0.1%.Simply Good Foods (SMPL) stock was down more than 22% after the company posted lower fiscal Q2 adjusted earnings and net sales, and cut its fiscal 2026 net sales outlook.

$SMPL
Sectors

Sector Update: Tech

Technology stocks were leaning lower premarket Thursday, with the State Street Technology Select Sector SPDR Fund (XLK) down 0.2% and the State Street SPDR S&P Semiconductor ETF (XSD) declining by 0.3%.CoreWeave (CRWV) shares were up more than 1% after the company said it has signed an agreement with Meta Platforms (META) to provide artificial intelligence cloud capacity through December 2032 for about $21 billion.

$CRWV$META
International

US Q4 GDP, PCE Growth Revised Lower in Third Estimate

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 as of 7:35 am ET.GDP rose by 4.4% in Q3.Personal consumer expenditures were revised lower to a 1.9% gain from the 2.0% increase in the second estimate and were below a 3.5% gain in Q3.There were upward revisions to nonresidential fixed investment and government spending that were offset by downward adjustments to residential fixed investment and private inventories. The contribution from net exports was unrevised.The GDP price index was revised down to a 3.7% increase from the previous estimate of a 3.8% gain, while overall PCE and core PCE price measures were unrevised from their previous estimates.The advance estimate of Q1 GDP is scheduled to be released on April 30.The quarterly measure of gross domestic product, or GDP, is released by the US Bureau of Economic Analysis at three stages, with the advance reading about a month after the end of a quarter, followed by second and third readings for the same quarter two and three months after quarter-end.The data are broken down by each of the GDP components: consumption, fixed investment (which includes residential and nonresidential investment and inventories), government spending, and net exports (exports minus imports). The report also includes prices measures for the overall reading and the categories.Strong GDP growth is a positive for stocks, but a negative for bonds, especially if it is accompanied by sharp inflation gains.

Oil & Energy

EMEA Oil Update: Crude Rebounds Over 3% Amid Fears of Ceasefire Collapse

Crude oil futures gained more than 3% on Thursday as markets assessed accusations from Tehran that US has already breached the two-week ceasefire deal.The front-month Murban crude contract rose 3.7% at $101.22 per barrel. Brent futures contract climbed 3.8% to $98.33/bbl."Prices rebounded as fighting in the Middle East continued, and the ceasefire outlook deteriorated, keeping uncertainty around the Strait of Hormuz firmly in focus," ING analysts noted.After crashing below $100 in the last session, oil prices are rebounding today as the fragile truce faces immediate accusations of non-compliance."Optimism over the ceasefire faded after Tehran said several terms of the agreement had been breached," ING analysts said.Iranian Parliament Speaker Mohammad Bagher Ghalibaf, said on social media that the US has already violated the 10-point framework proposed by Tehran.In a Wednesday post on X, Ghalibaf said Washington had breached three clauses of a 10-point proposal put forward by Iran.He cited what he described as non-compliance with a ceasefire in Lebanon, the reported intrusion of a US drone into Iranian airspace, and the denial of Iran's right to uranium enrichment.Despite the ceasefire deal, Wood Mackenzie analysts have said that oil and gas flows through the Middle East are still a long way off, with plenty of steps and processes that could last months."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 analysts added.

Japan

Mkango Resources Up 1.85% In UK Trade After Announcing First Commissioning Runs In Hypromag Germany

Mkango Resources Ltd. (AIM:MKA and MKA,V) was at last look up 1.85% in afternoon UK trade after it announced earlier Thursday that HyProMag GmbH has completed the first commissioning runs for the commercial scale Hydrogen Processing of Magnet Scrap vessel at its rare earth magnet recycling and manufacturing plant located in Pforzheim, Germany.A statement noted the plant consists of a commercial scale rare earth sintered magnet recycling and manufacturing line, underpinned by the patented HPMS technology. The plant is fully permitted for production of up to 750 tonnes per annum of neodymium-iron-boron magnets and alloys, and HyProMag GmbH is targeting phased scale-up to this level over the next three years.Mkango, listed on the AIM and the TSX-V Stock Exchanges, said its corporate strategy is to become a market leader in the production of recycled rare earth magnets, alloys and oxides, through its interest in Maginito Limited, which is owned 79.4% by Mkango and 20.6% by CoTec Holdings Ltd.Maginito holds a 100% interest in HyProMag Limited and a 90% direct and indirect interest (assuming conversion of Maginito's convertible loan) in HyProMag GmbH, focused on short loop rare earth magnet recycling in the UK and Germany, respectively, and a 100% interest in Mkango Rare Earths UK Ltd, focused on long loop rare earth magnet recycling in the UK via a chemical route.Shares in MKA rose near 5% in Canada yesterday.

$MKA.V
Asia Markets

Tadawul Shares End Week Subdued; Saudi Arabia's Industrial Production Rises in February

The Tadawul All Share Index closed Thursday muted at 0.04% in the green as investors assessed the latest Saudi Arabian industrial production volumes and business optimism indicator.Official preliminary data from Saudi Arabia's General Authority for Statistics showed that the industrial production index rose 8.9% year over year in February. Month over month, industrial production edged down 0.2%."The index of oil activities in February 2026 increased by 11.5% compared to the same month of the previous year. The index of non-oil activities increased by 2.4%. Based on the month-on-month trend, the index for oil activities decreased by 0.1%, and the index of non-oil activities decreased by 0.4%," the statistics agency added.Meanwhile, the kingdom's business confidence index in March came in at 52.1 points, down from 60.7 in February. The separate confidence indices for the industry, construction and services all fell during the period but remained above 50 points.Zooming out, Israel launched attacks targeting Lebanon's Hezbollah. The strikes sparked concerns about the US-Iran ceasefire breaking down, with Iran warning that a deal would not be reached if Israel continued to bomb Lebanon.Back at home and on the corporate front, International Human Resources Co. (SASE:9545) secured a project to deliver human resources services to Elm Co. (SASE:7203) during the Hajj season. Shares of the human resources consulting company ticked up 3.02%, while the digital services company closed 1.21% lower.

$^TASI$SASE:7203$SASE:9545
International

US Initial Jobless Claims Rise in Week Ended April 4

US initial jobless claims rose to a level of 219,000 in the week ended April 4 from an upwardly revised 203,000 level in the previous week, compared with expectations for a smaller increase to 210,000 in survey of analysts compiled by Bloomberg.The four-week moving average increased by 1,500 to 209,500 after decreasing by 2,750 to a level of 208,000 in the previous week.Insured jobless claims declined by 38,000 to 1,794,000 in the week ended March 28, the lowest since the week ended May 11, 2024The weekly initial jobless claims data released by the US Labor Department measures filings for unemployment insurance benefits. Initial filings are reported through the previous Saturday, while those already on benefits are measured with a one-week lag.A decrease in claims suggests a stronger labor market, a positive for the US economy and stocks, but a negative for bonds as it suggests wage growth that could lead to inflation.

Treasury

Alberta, Quebec Unlikely To Separate From Canada But May Drive Volatility In Currency, Bond Markets This Fall, Says Rosenberg Research

The Canadian provinces of Alberta and Quebec could plausibly hold referenda on sovereignty in the next six to 12 months -- with the Alberta referendum now likely to be held mid-October, and the Quebec provincial election possibly in early October, with the separatist Parti Quebecois modestly favored to win, said Rosenberg Research.Neither referendum is likely to receive majority support, as public support remains below 30% on average, noted Rosenberg Research.In addition, the Alberta referendum wouldn't be legally final even if -- hypothetically -- it were to pass, due to statutory and constitutional issues, stated Rosenberg.Quebec and Alberta bond spreads have modestly widened in the last few months, reflecting elevated risks, it added.The 1995 Quebec independence referendum created significant volatility in both federal and Quebec provincial bond spreads, which widened as the referendum date drew closer.These events will create event-driven volatility in fall 2026, and are a bearish pressure on the Canadian dollar (CAD or loonie), according to Rosenberg. The bond market implications net out to be relatively "small" and don't change Rosenberg's bullish call on two-year Canadian bonds.

$$CAD$$CXY
Oil & Energy

Afreximbank Backs Dangote's Expansion to Double Refinery Capacity

The African Export-Import Bank has committed to anchoring the Dangote Group's Vision 2030 strategy, a massive industrial roadmap aimed at increasing the conglomerate's turnover to $100 billion by the end of the decade, the bank said on Wednesday.Central to this strategy is a transformative leap in energy production, with plans to more than double the capacity of the Dangote Petroleum Refinery in Nigeria from 650,000 barrels per day to 1.4 million bpd, it said.Beyond oil and gas, the group is targeting $40 billion in new investments to develop critical infrastructure, including subsea pipelines and ports, alongside new ventures in data centers and value-added mineral exports.The announcement coincided with the signing of a $2.5 billion facility underwritten by Afreximbank as part of a larger $4 billion senior syndicated term loan for the Dangote Petroleum Refinery and Petrochemicals FZE.