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Equities Roundup: Weaker Ahead FOMC Minutes, IT, Pharma Weighing

US STOCKS
  • Stocks are holding weaker, inside narrow session range as markets await the release of the January FOMC minutes at 1400ET. Currently, the DJIA is down 47.32 points (-0.12%) at 38516.61, S&P E-Minis down 13.25 points (-0.27%) at 4978.75, Nasdaq down 107.6 points (-0.7%) at 15523.89.
  • Laggers: Information Technology and Health Care sectors underperformed in the first half, semiconductor makers weighing on the former for the second day running: Nvidia -3.31% ahead of earnings expected after the close, Enphase -2.99%, First Solar -2.62%.
  • Meanwhile, pharmaceutical names weighed on Health Care: Illumina -3.37%, Eli Lilly -2.0%, Bio-Rad and Abbvie both -0.95%.
  • Leading gainers: Energy and Utilities sectors outperformed, oil and gas shares buoyed the former: EQT Corp surged +11.95% (apparently as gas producers look to defer production), Coterra Energy +5.26%, ConocoPhillips +3.40%. Multi energy providers supported the Utilities sector: Ameren Corp +1.67%, Sempra +1.53%, DTE Energy +1.33%.
  • Looking ahead: Corporate earnings after the close: Nvidia, Synopsys, Etsy, APA Corp, Rivian Automotive, Ansys Inc, Lucid, Marathon Oil.

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