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Equities Roundup: Off Lows, Energy Shares Outperforming

US STOCKS
  • Stocks see-sawing off midmorning lows in afternoon trade, Nasdaq shares near steady. Currently, DJIA shares are down 18.2 points (-0.05%) at 35262.15, S&P E-Mini futures down 8.75 points (-0.19%) at 4527.5, Nasdaq up 3.1 points (0%) at 13975.23.
  • Laggers: Utilities, Real Estate and Health Care sectors underperformed. Hotel and Resort real estate investment trusts (REIT) traded weaker with Host Hotels and Resorts -6.9%, Equinix -6.05%, and Simon Property Group -4.7%. retail REITS were a distant second. Pinnacle West -3.25% and Southern Co -3.2% weighed on Utilities. Equipment and Services shares weighed on the Health Care sector: Charles River -1.68%,Illumina -1.4%
  • Leading gainers: Energy sector shares outperformed after a strong bounce in crude prices on the day (WTI +2.15 at 81.64) after headline "SAUDI TO EXTEND VOLUNTARY CUT OF 1M B/D THROUGH SEPT". APA Energy +5.8%, Devon +3.45%, and Hess Energy +2.8% lead gainers. Consumer Discretionary and Communication Services sectors followed. Autos buoyed discretionary shares after trading weaker the last few days Aptiv +4.0%, Tesla +1.65%.
  • Technicals: E-mini S&P contract continues to trade below 4634.50, the Jul 27 high and hit a fresh pullback low of 4505.75 just after the cash open. Wednesday’s move lower reinforces a bearish theme and has resulted in a break of support around the 20-day EMA. The recent failure at the top of the bull channel and the break of the 20-day average, highlights a developing bearish threat. A continuation lower would open 4449.29, the 50-day EMA.

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