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Equities Roundup: Off Lows, Chemicals, Autos Underperforming

US STOCKS
  • Stocks are trading weaker but off first half lows ahead midday, Materials and Consumer Discretionary sector shares underperforming. Indexes extended session lows after stronger than expected ISM Services data across all items, especially Prices (64.0 vs. 56.7 est). Currently, the DJIA is down 366.26 points (-0.95%) at 38289.69, S&P E-Minis down 27.75 points (-0.56%) at 4952.75, Nasdaq down 93.4 points (-0.6%) at 15537.41.
  • Laggers: Chemicals and mining stocks weighed on the Materials sector in the first half: Air Products/Chemicals -13.41% after disappointing earnings this morning, Albemarle -2.76%, Freeport-McMoRan -4%. Meanwhile, auto makers weighed on Discretionary sector: Tesla -5.52%, GM -2.31%, Ford -2.22%.
  • Leading gainers: Health Care and Information Technology sectors outperformed in the first half, pharmaceuticals and biotechs buoyed the former: Catalent +9.69% after Novo Holdings offered to by the multi-national pharma company, Eli Lilly +5.52%, AbbVie +1.93%. Chip stocks supported the IT sector: ON Semiconductor +8.60%, Nvidia +3%, NXP +2.47%.
  • Looking ahead: corporate earnings expected after the close: Crown Holdings, Palantir Technologies, Rambus and Vertex Pharmaceuticals. Early Tuesday annc from: Aramark, Cummins, GE Healthcare, DuPont, Gartner, Centene, Eli Lilly and Hertz.

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