July 02, 2024 18:44 GMT
Late Equities Roundup: Autos, Banks Outperform
US STOCKS
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- Stocks have drifted higher in late Tuesday trade, DJIA joining Nasdaq stocks in outperforming S&P Eminis. Currently, the DJIA is up 103.83 points (0.27%) at 39273.54, S&P E-Minis up 22 points (0.4%) at 5556.25, Nasdaq up 119.6 points (0.7%) at 17998.9.
- Consumer Discretionary and Financials sectors outperformed in late trade, automaker Tesla underpinning the discretionary sector as it rallied 8.88% on better than expected deliveries. Financials outpaced earlier industrial gainers, banks leading: Citigroup +1.83%, US Bancorp +1.58%, Fifth Third +1.49%.
- Materials and Health Care sectors continued to underperform in late trade, container and packaging shares weighed on the former: Packaging Corp of America -1.75%, Amcor -1.0%, Westrock -0.73%. Pharmaceutical names weighing on the former: Incyte Corp -2.60%, AbbVie -2.19%, Viatris -2.17%.
- Reminder, the latest equity earnings cycle kicks off in earnest Friday next week, banks headline: Wells Fargo, Bank of NY Mellon, JP Morgan and Citigroup.
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