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Equities Roundup: Off Lows, Mirroring Bounce in Tsys

  • Stocks trading mildly higher - loosely mirroring a bounce in Tsys following a tweet from Pershing Square fund manager/CEO Bill Ackman has covered shorts in Tsys in light of "too much risk in the world to remain short." While that doesn't say much for risk sentiment, the bounce in rates and softer projected rate hike expectations does. Currently, S&P E-Mini futures are up 6 points (0.14%) at 4254.75, Nasdaq up 49.3 points (0.4%) at 13033.38, DJIA down 6.83 points (-0.02%) at 33120.92.
  • Leaders: Communication Services, Consumer Discretionary and Consumer Staples sectors outperformed, media and entertainment shares buoyed the former in early trade: IPG +2.09%, OMC +2.02%, META +1.0%. Hotel and leisure stocks lead the discretionary sector: MGM Resorts +3.72%, Wynn and Airbnb +3.45-3.5%.Meanwhile, Household/personal product makers and distribution shares supported Consumer Staples: Walgreens Boots +4.2%, Church & Dwight +1.03%, McCormick +1.0%.
  • Laggers: Energy, Materials and Utilities sectors underperformed in the first half, oil and gas shares weaker as crude traded lower (WTI -0.61 at 87.47): Occidental -3.5%, Chevron -2.2% (following news of $53B purchase of Hess Energy), Devon Energy -1.25%. Chemical shares weighed on Materials, particularly FMC -13.85% after announcing broadly weaker forward guidance and cost structure review. Meanwhile gas and electricity utility share traded weaker: ATO -0.52%, Exelon -1.93%, Eversource -1.36%, ATO -0.52%.

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