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Equities Roundup: Off Late Morning Lows

US STOCKS
  • Still weaker, stocks are climbing off lows ahead midday, Utilities and Health Care sectors outperforming. Currently, DJIA is down 104.85 points (-0.29%) at 36142.78, S&P E-Mini futures down 29.75 points (-0.65%) at 4571, Nasdaq down 158 points (-1.1%) at 14146.83.
  • Leading gainers: Gas and multi energy stocks buoyed Energy sector shares Monday: NiSource +1.0%, Consolidated Edison +0.60%, ATO +0.46% just as crude prices bounced off lows on US Dept of Energy headlines the US will "buy back as much oil "as we possibly can". Meanwhile pharmaceuticals and biotech shares supported the Health Care sector: Illumina +4.75%, Incyte Corp +2.86%, Viatris +2.2%.
  • Laggers: Information Technology and Communication Services sectors underperformed. Semiconductor shares weighed on the IT sector: Intel -3.34%, Nvidia -3.07%, AMD -2.73% amid profit taking ahead this Friday's employment data. Interactive media and entertainment shares weighed on the Communication Services sector: Google -2.54, Meta -2.31%, Netflix -2.19%.
  • Today’s move lower is considered corrective as a bullish theme in S&P e-minis remains intact after Friday’s push higher. A strong rally on Nov 14 resulted in the break of a trendline drawn from the Jul 27 high. This breach and the subsequent rally, reinforces bullish conditions and opens 4644.75 next, the Aug 2 high.

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