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Free AccessEquities Roundup: Starbucks Surge 20.5% on CEO Swap w/ Chipotle
- 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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.