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Equities Roundup: Off Lows, Energy, Communication Services Leading

US STOCKS
  • Still weaker, stock have gradually recovered from midmorning lows, Energy and Communication Services outperforming. At the moment: DJIA is down 231.5 points (-0.61%) at 37484.98, S&P E-Mini future down 33.25 points (-0.69%) at 4754.25, Nasdaq down 134.7 points (-0.9%) at 14632.01.
  • Leading gainers: Energy sector shares supported by oil and gas refiners that rallied traded strong with crude prices rebounding in the first half (WTI +2.12 at 72.50): Marathon Petroleum +2.62%, Valero +1.13%. Equipment and services shares also helped buoy Energy shares in the first half: Haliburton +1.83%, Schlumberger +1.02%, Baker Hughes +0.38%. Meanwhile telecom shares buoyed Communication Services: Verizon +1.17%, T-Mobile +0.97%.
  • Laggers: Real Estate and Consumer Discretionary sector shares underperforming, estate services shares weighing on the former: CBRE -4% after downgrade from Evercore, CoStar Group -2.22%. Autos and parts makers weighed on the Consumer Discretionary sector: Aptiv -5.03% following a downgrade by Baird, Borg Warner -4.88%, Tesla -3.73%.
  • Reminder, the next quarterly earnings cycle starts in earnest next week Friday with UnitedHealth, BlackRock, Bank of America, Wells Fargo, JPMorgan, Citigroup and Bank of NY Mellon.
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