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Equities Roundup: Real Estate, Utilities, Energy Sectors Outperform

US STOCKS
  • Stocks holding near late morning highs, risk sentiment continues to improve following yesterday's dovish hold announcement from the Fed and this morning's data: much weaker than expected Unit Labor Costs (-0.8% vs. 0.3% est, 2.2% prior) and higher than expected Initial Jobless Claims (217k vs. 210k est, 210k prior). Currently, DJIA is up 373.3 points (1.12%) at 33647.96, S&P E-Mini future up 60.5 points (1.42%) at 4316, Nasdaq up 176.1 points (1.3%) at 13237.06.
  • Leaders: Real Estate, Utilities and Energy sectors outperformed ahead noon, REITs, particularly for hotel/resorts and offices buoyed the former: Host Hotels +4.55%, Alexandria Real Estate +4.5%, Boston Properties +3.53%. Water and independent power shares supported Utilities: American Water Works +4.6%, AES +3.05% NRG Energy gained +4.68%.
  • Energy sector shares, meanwhile, were supported by oil and gas stocks: Targa Resources +5.6, Conoco Philips +4.35%, EQT Corp +2.45%.
  • Laggers: Communication Services and Consumer Staples sectors lagged the broader based rebound. Telecom and interactive media shares underperformed: Match -0.55%, Meta -0.25% while Charter Comm gained 0.79%. Meanwhile, distribution and retail shares weighed on Consumer Staples: Kroger +0.05%, Costco +0.25%, Sysco +0.38%.
  • Reminder that a slew of corporate earnings annc's are expected after the close: Apple, Booking Holdings, Insulet, Stryker, Microchip Technology, DraftKings, Carvana, SBA Communications, Five9, Floor & Decor Holdings, Expedia Group, Paramount Global, Live Nation Entertainment, Redfin.

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