Sector Update: Energy Stocks Gain Late Afternoon

U.S. stocks traded mostly lower toward the end of trading, with the S&P 500 slipping around 0.1% on Monday.

The Dow traded down 0.53% to 41,828.27 while the NASDAQ fell 0.04% to 18,230.05. The S&P 500 also fell, dropping, 0.11% to 5,722.67.

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Leading and Lagging Sectors

Energy shares rose by 1.7% on Friday.

In trading on Friday, utilities shares fell by 1.2%.

Top Headline

Yum China Holdings, Inc. shares gained more than 8% on Monday after the company reported better-than-expected third-quarter EPS and revenues.

Revenue increased 5% year over year to $3.07 billion, beating the consensus of $3.05 billion. Adjusted EPS of 77 cents surpassed the street view of 68 cents.

Equities Trading UP

• Nuwellis, Inc. shares shot up 90% to $2.5803 after the company announced preliminary third-quarter financial results.
• Shares of Neurogene Inc. got a boost, surging 43% to $65.71 after the company entered a securities purchase agreement for a PIPE investment, expected to bring in gross proceeds of $200 million.
• Advent Technologies Holdings, Inc. shares were also up, gaining 62% to $3.07 after the company announced its RHyno project secured a €34.5 million grant from the EU Innovation Fund to advance fuel cell and hydrogen technology.

Equities Trading DOWN

• 1847 Holdings LLC shares dropped 36% to $0.2974. The company on Friday announced a 1-for-15 reverse stock split of its common shares, effective November 11.
• Shares of The E.W. Scripps Company were down 38% to $2.2000 following downbeat quarterly earnings.
• Centrus Energy Corp. was down, falling 27% to $80.50 after the company announced an offering of $350 million in convertible senior notes due 2030.

Commodities

In commodity news, oil traded up 2.7% to $71.38 while gold traded down 0.1% at $2,748.10.

Silver traded down 0.1% to $32.660 on Monday, while copper rose 1.4% to $4.4340.

Euro zone

European shares closed mostly lower today. The eurozone's STOXX 600 fell 0.33%, Germany's DAX fell 0.44% and France's CAC 40 fell 0.37%. Spain's IBEX 35 Index fell 0.32%, while London's FTSE 100 rose 0.29%.

Asia Pacific Markets

Asian markets closed mixed on Monday, with Hong Kong's Hang Seng Index gaining 0.30%, China's Shanghai Composite Index gaining 1.17% and India's BSE Sensex falling 1.18%.

Economics

U.S. factory orders declined by 0.5% from the previous month to $584.2 billion in September compared to a revised 0.8% fall in August.

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The U.S. stock market struggled to gain momentum on Monday as investors remained cautious ahead of Election Day on Tuesday.

Vice President Kamala Harris holds a 1-point lead over ex-President Donald Trump, according to the New York Times national polling average; she has a 4-point lead among likely voters nationally, according to the latest PBS News/NPR/Marist poll.

Betting markets, as tracked by the CFTC-regulated Kalshi, favor a Trump win at a 53% chance, but with diminishing odds compared to previous weeks. Also, the betting odds are susceptible to wild swings from so-called "whale" bettors, including one individual on Polymarket who spent as much as $43 million on a Trump victory.

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“Neither candidate holds a meaningful edge in enough states to win 270 electoral votes. In the history of modern polling, there's never been a race where the final polls showed such a close contest,” said Nate Cohn, chief political analyst for the New York Times.

The S&P 500 slipped 0.2%, while the Dow dropped 0.6%, hitting its lowest intraday level since mid-September. In contrast, small-cap stocks in the Russell 2000 outperformed, rising 1%. The Nasdaq 100 also retreated, dipping below the 20,000 mark.

Treasury yields fell by nearly 10 basis points as investors scaled back positions linked to Trump’s inflationary policies, such as high tariffs and more expansionary fiscal measures. The dollar also weakened, down 0.5%.

The increasing likelihood of a Harris victory gave a boost to solar and renewable energy stocks, with the Invesco Solar ETF climbing 3.6%.

Oil and gas stocks also gained, as crude prices surged 3% after OPEC+ postponed an anticipated production hike. Exxon Mobil Corp. jumped 3%, marking its largest single-day gain since late June.

Gold held steady at $2,740, while Bitcoin fell over 1%, dropping below $68,000.

Monday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust rose 0.1% to $570.22.
• The SPDR Dow Jones Industrial Average fell 0.5% to $418.44.
• The tech-heavy Invesco QQQ Trust Series fell 0.2% to $486.77.
• The iShares Russell 2000 ETF rose 1.1% to $221.27.
• The Energy Select Sector SPDR Fund outperformed, rising 1.7%. The Utilities Select Sector SPDR Fund lagged, down 1.5%.

Monday’s Stock Movers

Stocks reacting to earnings reports included:

• Zoetis Inc. , down 3.9%,
• Constellation Energy Corp. , down 10.5%,
• Marriott International , down 1.8%,
• Fidelity National Information Services, Inc. , down 0.4%,
• Public Service Enterprise Group Inc. , down 5.9%,
• TPG Inc. , down 5.5%.
• Fox Corp. , up 3.7%,
• YUM China Holdings , up 7.9%,
• Loews Corp. , down 4.8%,

Stocks slated to report earnings after the close are Vertex Pharmaceuticals Inc. , Palantir Technologies Inc. , NXP Semiconductors NV , Diamondback Energy Inc. , American International Group Inc. , Illumina Inc. , Hologic Inc. and Astera Labs Inc. .

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Image: Shutterstock

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Nuclear stocks are trading lower across the board on Monday after regulators rejected Talen Energy Corp’s plans to increase power for an Amazon.com Inc data center.

What Happened: The Federal Energy Regulatory Commission (FERC) on Friday rejected Talen Energy’s request to increase how much power its Susquehanna nuclear plant in Pennsylvania can provide to Amazon Web Services.

According to a CNBC report, Talen Energy sold a data center campus to Amazon in March for $650 million. The company had filed a request to increase the power dispatched to the facility from 300 megawatts to 480 megawatts, but FERC shot it down, saying the arrangement could have “huge ramifications” on grid reliability and consumer costs.

Talen issued a statement in response to the order rejecting its amended plans, saying it believes FERC “erred” in its decision. The company noted that it’s evaluating its options with a focus on commercial solutions.

“We believe this ISA amendment is just and reasonable and in the best interest of consumers. FERC’s decision will have a chilling effect on economic development in states such as Pennsylvania, Ohio, and New Jersey,” the company said in the statement.

Talen noted that the existing agreement allows for 300 MW of co-located load at Susquehanna. Despite the rejected amendment, Talen said it can still proceed with development of the first phases of the Amazon Web Services data center campus using the 300 MW while it continues to pursue approval of an amended agreement.

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Several nuclear stocks are falling Monday after rallying over the past month. Constellation Energy Corp and Vistra Corp were down 10.5% and 2.2%, respectively, in sympathy with Talen.

Oklo Inc , which is chaired by OpenAI’s Sam Altman, has been one of the most popular nuclear plays in recent weeks. It was down 6.65% at $20.22 at the time of writing.

Other small modular reactor (SMR) companies like NuScale Power Corp and Nano Nuclear Energy Inc , were also trading lower, down 2.5% and 10.2%, respectively.

Nuclear fuel names have also seen increased attention in recent weeks. Shares of uranium fuel producer Cameco Corp were down more than 2% at the time of writing. Shares of Lightbridge Corp , a nuclear fuel technology company, were down 1.93% at last check.

Shares of ASP Isotopes Inc , which signed a deal with Bill Gates-backed TerraPower last week and has seen increased attention across social platforms in recent weeks, were down about 14% at the time of writing.

The VanEck Uranium And Nuclear ETF was down 3.22% and the Global X Uranium ETF was down 2.37% in afternoon trading Monday.

Despite Monday’s pullback, nuclear stocks are still up significantly over the past month driven by an increased focus on nuclear from hyperscalers aiming to keep up with the rising energy demands of data centers related to the AI boom.

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Photo: Shutterstock.

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Energy stocks were higher Monday afternoon, with the NYSE Energy Sector Index rising 1.4% and the Energy Select Sector SPDR Fund (XLE) climbing 1.5%.

The Philadelphia Oil Service Sector index spiked 2.1%, while the Dow Jones US Utilities index was falling 1%.

Front-month West Texas Intermediate crude oil was rising 2.8% to $71.45 a barrel while the global benchmark Brent crude contract was advancing 2.6% to $75.01 a barrel. Henry Hub natural gas futures were climbing 3.8% to $2.76 per 1 million BTU.

In corporate news, Talen Energy shares tumbled 3.8% after a Federal Energy Regulatory Commission decision rejecting an amended interconnection agreement to increase the capacity of an Amazon.com (AMZN) data center connected to Talen's Susquehanna nuclear plant in Pennsylvania.

Kosmos Energy reported early Monday lower Q3 results year over year and cut the top end of its full-year production outlook. Its shares were falling 1%.

Constellation Energy shares were falling past 10% despite beating analysts' estimates for Q3 adjusted earnings and revenue.