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Equities Roundup: Energy Shares Lead as Crude Rallies

US STOCKS
  • Stocks trading mixed at midday, SPX and Nasdaq weaker but off lows vs. DJIA marking modest gains. Currently, S&P E-Mini futures are down 14.5 points (-0.32%) at 4524.5, Nasdaq down 91.9 points (-0.7%) at 13825.94, DJIA up 56.98 points (0.16%) at 34719.85.
  • Leaders: Bouncing back from Monday lows, Energy and Financials sectors outperformed. Oil and Gas names were buoyed by a strong rally in crude early Tuesday (WTI +1.84 at 89.13), leading gainers included: Occidental Petroleum +3.25%, Marathon +2.95%, APA +2.9% at noon.
  • Meanwhile, Banks and Insurance names helped Financials outperform Industrials: Zion Bancorp +6.4%, PNC +4.95%, Wells Fargo +2.35% (on the flipside, Northern Trust -6.5% after Barclays conf presentation, Wells Fargo lowered price target to $90 from $100).
  • Laggers: Information Technology, Communication Services and Consumer Staples sectors underperformed. Software and services shares weighed on IT while chip makers managed to keep their heads above water. Oracle sank -11.25% following a slight miss in first-quarter revenue estimates, Autodesk -2.6%, Adobe -2.45%. On the flipside, chip stocks managed some gains: SolarEdge +2.0%, Intel +1.85%, Micron +1.45%.
  • Media and entertainment names weighed on Communication Services: META -1.6%, Match -1.4% while Warner Brothers lost -1.0%. Household and personal product shares weighed on Consumer Staples: Kenvue -3.15%, Clorox -2.68%, Colgate-Palmolive -1.5%.
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