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Equities Roundup: Off Early Session, 4W Highs

US STOCKS
  • Stocks have reversed gains after climbing to new multi week highs earlier, trading mildly weaker ahead midday with Energy and Industrials sectors underperforming. Currently, the DJIA trades down 45.62 points (-0.11%) at 40850.39, S&P E-Minis down 3 points (-0.05%) at 5626.75, Nasdaq down 27.8 points (-0.2%) at 17848.73.
  • Energy and Industrial sectors underperformed in the first half, oil and gas shares weighing on the former: APA -3.56%, Phillips66 -3.45%, Valero Energy -2.90%.
  • A mix of construction, engineering and transportation stocks weighed on the Industrials sector: Boeing -5.03% (after the FAA issued safety warnings on 777x and 787 jets), JB Hunt -1.56%, GE Vernova -1.50%.
  • Conversely, Health Care and Communication Services sectors led gainers in the first half, pharmaceuticals outperforming: Eli Lilly +2.75%, Incyte +1.41%, Pfizer +0.60%. Interactive media and entertainment buoyed the Communication Services sector: Netflix +1.30%, Google +0.42%, Fox Corp +0.38%.
  • Late cycle corporate earnings expected this week: Toll Brothers after today's close; Analog Devices, Target Corp, Macy's Inc, TJX, Urban Outfitters, Agilent Technologies, Synopsys, Snowflake and Zoom Video Communications Wednesday; Peloton, Advance Auto Parts, Williams-Sonoma, Ross Stores and Intuit on Thursday; Dollar Tree and Veradigm Inc on Friday.

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