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Equities Roundup: Banks & Energy Shares Weighing

US STOCKS
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  • Stocks have reversed early Tuesday gains to moderately lower at midday, largely driven by weakness in Energy and Financial sector shares reversing Monday gains. Currently, the DJIA trades down 366.98 points (-0.9%) at 40462.73, S&P E-Minis down 22.75 points (-0.42%) at 5457, Nasdaq down 48.3 points (-0.3%) at 16836.21.
  • Energy sector shares were weighed by a drop in crude prices (WTI -3.18 at 65.53) amid continued surplus overhang concerns: Diamondback Energy -4.77%, APA -4.17%, Exxon Mobil -3.11%.
  • Meanwhile, banks weighed on the Financial sector, JP Morgan having a bad day -7.22% following conference call over interest income concerns, Citigroup -4.08%, Citizens Financial -3.97%. Of note, Ally Financial trades over 18% lower at midday.
  • On the flipside, Real Estate and Utility sector shares outperformed, shares of specialized REITS supporting the former: Digital Realty +3.56%, Equinix +3.41%, Iron Mountain +1.59%. Water and gas shares supported the Utility sector: AES +2.38%, Constellation Energy +1.45%, American Water Works +1.40%.
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  • Stocks have reversed early Tuesday gains to moderately lower at midday, largely driven by weakness in Energy and Financial sector shares reversing Monday gains. Currently, the DJIA trades down 366.98 points (-0.9%) at 40462.73, S&P E-Minis down 22.75 points (-0.42%) at 5457, Nasdaq down 48.3 points (-0.3%) at 16836.21.
  • Energy sector shares were weighed by a drop in crude prices (WTI -3.18 at 65.53) amid continued surplus overhang concerns: Diamondback Energy -4.77%, APA -4.17%, Exxon Mobil -3.11%.
  • Meanwhile, banks weighed on the Financial sector, JP Morgan having a bad day -7.22% following conference call over interest income concerns, Citigroup -4.08%, Citizens Financial -3.97%. Of note, Ally Financial trades over 18% lower at midday.
  • On the flipside, Real Estate and Utility sector shares outperformed, shares of specialized REITS supporting the former: Digital Realty +3.56%, Equinix +3.41%, Iron Mountain +1.59%. Water and gas shares supported the Utility sector: AES +2.38%, Constellation Energy +1.45%, American Water Works +1.40%.