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Equities Roundup: Starbucks Surge 20.5% on CEO Swap w/ Chipotle

US STOCKS
  • Stocks are trading higher ahead midday, shrugging off geopolitical risk/safe haven support that has carried over from the week opener as semiconductor makers continued to gain. Currently, the DJIA trades up 230.27 points (0.59%) at 39586.55, S&P E-Minis up 57.25 points (1.07%) at 5427.5, Nasdaq up 291.3 points (1.7%) at 17072.83.
  • Information Technology and Consumer Discretionary sectors led gainers in the first half, semiconductor makers trading strong for the second day running: Nvidia +5.17%, Intel +3.51%, Monolithic Power +3.42%.
  • Autos and consumer services led the Consumer Discretionary sector higher with Starbucks surging 20.51% higher after company officials announced former Chipotle CEO Brian Niccol will take the reins from Laxman Narasimhan. Elsewhere, Tesla +3.70% while Nike gained 4.74%.
  • Oil and gas stocks gained on the back of rising crude prices Monday (WTI +2.82 at 79.66) -- likely driven by the ongoing geopolitical risk in the Middle East: EQT Corp +3.60%, APA +3.11%, Marathon +1.94%.
  • Conversely, Energy and Consumer Staples sectors underperformed in the first half, oil and gas stocks pared Monday gains as crude prices traded weaker (WTI -1.44 at 78.62): EQT Corp -3.81%, Diamondback Energy -2.73%, Coterra Energy -2.42%. Retail distribution stocks weighed on the latter with Kroger -2.57%, Dollar General -2.27%, Dollar Tree -1.80%.
  • Still a number of earnings announcements expected this week: Home Depot early Tuesday; Brinker Int, Samsonite and Cisco late Wednesday; Walmart, Applied Materials and Deere & Co on Thursday.

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