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Equities Roundup: Firmer But Off Highs, Energy Leads, Crude Rallies

US STOCKS
  • Stocks are posting moderate gains, off highs amid some profit taking ahead midday. Currently, the DJIA trades up 187.2 points (0.48%) at 39190.28, S&P E-Minis up 41.75 points (0.79%) at 5309.25, Nasdaq up 135.9 points (0.8%) at 16506.72.
  • Energy and Utility sector shares led gainers in the first half, a rebound in crude prices (WTI +2.43 at 75.63) supporting oil & gas stocks: Devon Energy +5.62% after better than expected earnings, Targa Resources +4.34%, Diamondback Energy +3.46%. The Utility sector buoyed by Dominion Energy +2.31%, NRG Energy +2.23%, NextEra Energy +2.09%.
  • On the flipside, Health Care and Consumer Discretionary sectors underperformed in the first half, pharmaceuticals weighing on the former: Charles River Labs falling 11.2% after earning miss coupled with drop in demand, Bio-Techne -6.61%, Amgen -5.09%.
  • Meanwhile, travel related shares weighed on Consumer Discretionary: Airbnb -13% on tourism slowdown (and multiple downgrades), Expedia -2.11%, Hilton -1.68%.
  • Expected earnings announcements after the close include: CF Industries Holdings, McKesson Corp, Robinhood Markets, Occidental Petroleum, AppLovin Corp, Equinix Inc, Energy Transfer LP, Duolingo Inc, Warner Bros Discovery, Zillow Group Inc, Bumble Inc, Viasat Inc, Core Scientific Inc, Monster Beverage Corp, Dutch Bros Inc, Guardant Health Inc, Leslie's Inc and HubSpot Inc.

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