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Equities Roundup: IT, Consumer Discretionary Underperforming

US STOCKS
  • Stocks drifting lower ahead midday, paring back approximately half of the prior session's rally, Information Technology and Consumer Discretionary sectors underperforming. Currently, DJIA is down 81.14 points (-0.23%) at 35067.57, S&P E-Mini future down 18 points (-0.39%) at 4543.75, Nasdaq down 116.4 points (-0.8%) at 14166.82.
  • Laggers: Information Technology, Consumer Discretionary and Energy sector shares underperformed in the first half, semiconductor shares weighing on the former: Solar Edge -2.75%, Monolithic Power -2.68%, Qualcomm -2.55%. Broadline retailers weighed on the Consumer Discretionary sector with Etsy -2.8% and Amazon -2.58% (headlines reporting Bezos intent to be an ongoing aggressive seller Tuesday). Meanwhile, refiner stocks weighed on the Energy sector: Marathon Petroleum -1.14%, Valero -1.07%, EOG Resources -0.9%.
  • Leading gainers: Materials, Health Care and Consumer Staples sectors outperformed, metals and mining stocks supporting the former: Newmont +3.01%, Freeport McMoRan +1.96%, Steel Dynamics +0.95%. Equipment and services supported the Health Care sector: Medtronic +3.66%, Dentsply Sirona +3.34%. Consumer Staples, meanwhile, were buoyed by food and beverage shares: Kraft Heinz +0.98%, Hormel +0.84%, Kellanova +0.65%.
  • Corporate earnings still expected this week: HP, Autodesk, Nvidia and Nordstrom after Tuesday's close.
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