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Equities Roundup: Off Early Highs, Store Closures Hammer Walgreens

US STOCKS
  • Equity indexes are trading mixed ahead midday, paring early session gains with the Dow outperforming. Currently, the DJIA is up 63.3 points (0.16%) at 39190.35, S&P E-Minis down 7.25 points (-0.13%) at 5537, Nasdaq down 11.4 points (-0.1%) at 17795.42.
  • Stocks had gained after dovish data (higher continuing claims and lower personal consumption), levels have receded ahead midday as accounts migrate to the sidelines ahead tonight's presidential debate, Friday's data and next week's July 4th holiday markets.
  • Consumer Staples and Health Care sector shares underperformed in the first half, the former weighed down by Walgreens Boots Alliance -24.68% after the drugstore chain Chief Executive Tim Wentworth announced the closure of a "significant share" of it's approximately 8,600 stores and cut it's stake in primary-care provider VillageMD. In comparison, Costco trades -0.78%, Target -0.46%, Walmart -0.37%.
  • Similarly, servicing and managed care stocks weighed on the Health Care sector: Cencora Inc -5.53%, CVS -4.12%, Cardinal Health -2.46%.
  • On the flipside, Real Estate and Communication Services sectors led gainers in the first half, specialized and retail investment trusts supported the former: Dollar Tree +1.57%, Ventas +1.32%, Welltower +1.26%.
  • Media and entertainment shares buoyed the latter: Paramount +2.11%, Meta and Netflix both +0.66%, Google +0.57%.
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