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Equities Roundup: Eminis Off Early Contract Highs, Energy Weighing

US STOCKS
  • Stocks are mostly firmer at midday after S&P Eminis scaled back from new contract highs Friday morning, accounts taking profits in IT sector shares - though chip makers still posted gains in the first half. Currently, S&P E-Minis are up 4.75 points (0.09%) at 5103.25 vs. 5123.5 high, DJIA up 85.8 points (0.22%) at 39160.07, Nasdaq down 20 points (-0.1%) at 16022.26.
  • Laggers: Energy and Consumer Discretionary sectors retreated from midweek gains, oil and gas services weighed on the former: EOG Resources -4.37%, Coterra -1.48%, Exxon-Mobil -1.15%. Auto makers and consumer services shares weighed on the Discretionary sector: Tesla -1.04%, while Booking Holdings fell -9.4% after beating earnings but Middle East conflict weighed on room bookings. Meanwhile, Airbnb traded -2.18%.
  • Leading Gainers: Utilities and Materials sectors outperformed in the first half, multi energy providers supported the former: Dominion Energy +3.6%, Eversource +1.53%, Ameren +1.27%. Metals and mining shares supported the Materials sector: Steel Dynamics +1.75%, Nucor Corp +1.46%, Freeport-McMoRan +1.06%.
  • Looking ahead: While the corporate earnings cycle continues to wind down, some big names remain: Berkshire Hathaway on Saturday. On Monday: Domino's Pizza, AES, SBA Communications, iRobot, and Everbridge Inc.

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