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Equities Roundup: Energy, Consumer Staples/Retailing Outperforming

  • Stocks indexes are holding near steady to mixed at the moment, DJIA shares are up up 117.05 points (0.33%) at 35065.56, S&P E-Mini futures up 6.25 points (0.14%) at 4460.25, Nasdaq down 14.8 points (-0.1%) at 13615.61.
  • Leading gainers: Energy and Consumer Staples sectors outperforming in the first half. Oil and gas shares narrowly outperform equipment and services shares: Chevron +1.10%, Pioneer Energy +1.05%, Diamondback Energy +1%.
  • Meanwhile Consumer Staples sector lead by distribution and retail names: Target trading +4.4% (vs. +11% pre-open) after beating profit estimates this morning, net income of $835M, $1.80 a share, from $183M prior. Sysco climbed 2.53%, Dollar General +1.9%.
  • Laggers: Real Estate, and Communication Services underperformed in the first half. Retail, Residential and Industrial REITs weighed on Real Estate: Kimco -1.56%, Boston Properties -1.2%, American Tower -1.15%. Media and entertainment subsectors weighed on Comm Services: Match -1.47$, Paramount -1.45% lead laggers.
  • A bearish theme in the E-mini S&P contract remains intact and this week’s move lower has reinforced current conditions. The contract is through the 50-day EMA and has breached channel support drawn from the Mar 13 low - the channel base is at 4461.67. A clear breakout would signal scope for a continuation lower and open 4411.25, the Jul 10 low. Initial resistance to watch is at the 20-day EMA - at 4515.45.

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