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Sectors
Sector Update: Health Care Stocks Mixed Premarket Friday
Health care stocks were mixed premarket Friday, with the State Street Health Care Select Sector SPDR ETF (XLV) down 0.7% and the iShares Biotechnology ETF (IBB) 0.5% higher.HCA Healthcare (HCA) stock was down 9% even after the company reported higher Q1 adjusted earnings and revenue.Organon (OGN) shares were up more than 29% amid a report that India's Sun Pharmaceutical Industries was planning a $13 billion bid for the company.Senseonics (SENS) stock was up 1.6% after the company said it has launched the Eversense 365 continuous glucose monitoring system in Europe.
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Sectors
Sector Update: Consumer Stocks Mixed Pre-Bell Friday
Consumer stocks were mixed pre-bell Friday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) down 0.2% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) 0.5% higher.Procter & Gamble (PG) shares were up more than 3% after the company posted higher fiscal Q3 core earnings and net sales.Coursera (COUR) stock was down more than 17% after the company reported a decline in Q1 non-GAAP earnings.Nike (NKE) plans to cut 1,400 jobs in global operations, with most of the reductions coming in the technology division. Nike shares were 0.4% higher premarket.
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Commodities
Market Chatter: Metallurgical Coal Prices to Stay Elevated as Middle East Conflict Disrupts Supply
The Middle East conflict will provide price support to the metallurgical coal market in Q2 as the conflict disrupts the fuel's supply chain and raises logistics costs, S&P Global Energy said on Friday, citing traders.Met coal prices have been elevated starting this month as concerns mount over a worsening shortage of diesel, which would hit mining operations in Australia in particular.Much of the higher price derives from higher freight costs, S&P Energy said, with Platts Panamax freight rates from East Coast Australia to the east coast of India averaging $25.18 per metric ton in March, a 50.2% climb from February's $16.76/mt.Freight from East Coast Australia to Qingao, China, cost $22.38/mt in March, a 46.4% jump from February's average of $15.29/mt, according to Platts data.Traders largely brushed off news of ceasefires and saw few prospects for alleviating supply shocks and higher prices in the medium term.This has piled further pressure on Australian mining after wet weather in Q1.Platts Premium Low-Vol Hard Coking Coal prices rose in Q1, reaching $252.50/mt on Feb. 4 FOB Australia, prior to the Middle East conflict.The PLV HCC assessment price was $236.80/mt FOB Australia by March31, up from $18.80/mt at the start of the quarter while over the same period, Platts PLV HCC CFR China rose to $220/mt from $14.50.S&P Global Energy said it expects metallurgical prices to stay at higher levels in the short term, as it gains support from the fact that coal can substitute LNG and oil for some end users.Indian spot demand could retreat however after strong purchases in Q1 and throughout 2025, the research said.Several Indian steel mills that previously depended on the spot market for premium coal, are said to have signed long-term deals with Australian suppliers at the start of April.(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.)