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Equities Roundup: Banks, Chip Stocks Outperforming

US STOCKS
  • Stocks trading firmer at midday, off recent session low as indexes hold to a rather narrow session range. Currently, DJIA is up 171.66 points (0.45%) at 38157.42, S&P E-Minis up 29 points (0.58%) at 5032.75, Nasdaq up 99.9 points (0.7%) at 15381.96.
  • Financial and Information Technology sectors led gainers in the first half, banks supporting the former: Truist +2.61%, Citigroup +1.45%, Bank of America +1.20%. The IT sector was buoyed by chip stocks as they recovered from better selling late last week: Nvidia +2.63$, Enphase +1.60%, Texas Instruments +1.27%.
  • Laggers: Materials and Consumer Discretionary sectors underperformed, metals and mining stocks weighed on the former as Gold prices tumbled nearly $60.0 by midday: Newmont -3.31%, Freeport McMoRan -2.08%. Meanwhile, the Consumer Discretionary sector weighed down by auto maker Tesla -3.73% as a result of EV price cuts to compete with China EV makers.
  • Corporate earnings: Verizon and Albertsons announced ahead of the open, Nucor, Alexandria Real Estate, Globe Life after the close. Expected Tuesday: Pepsico, UPS, GM, Halliburton, Philip Morris, Pulte, Freeport McMoRan, Lockheed Martin, JetBlue, GE, Kimberly-Clark, Sherwin-Williams, Baker Hughes, Tesla, Texas Instruments, Visa, Enphase, Seagate.

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