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US STOCKS: Late Equities Roundup: Fed Powell Calms Stocks - Off Mid-Sep'24 Lows

US STOCKS
USEquitiesBulletMarketsFixed Income BulletsForeign Exchange BulletsNorth America
  • Stocks managed to rebound off midday lows Friday, some solace after a punishing week as Fed Chairman Powell stressed patience in making policy changes. Currently, the DJIA trades up 226.92 points (0.53%) at 42809.28, S&P E-Minis up 31.75 points (0.55%) at 5778, Nasdaq up 127.5 points (0.7%) at 18197.14.
  • Energy and Utility sectors continued to outperform since midweek, oil refiners and servicers led the Energy sector as crude prices bounced off lows (WTI +0.79 at 67.15): Schlumberger +4.98%, Texas Pacific Land Corp +3.62%, Occidental Petroleum +3.35% and Devon Energy +3.22%.
  • Meanwhile, the Utility sector was supported by a mix of water, gas and electricity providers: American Water Works +4.92%, Eversource Energy +4.09%, NextEra Energy +4.06%, AES Corp +3.54% and WEC Energy Group +3.37%.
  • Banks and financial services stocks continued to weigh on the Financials sector: Discover Financial Services -4.22%, Arthur J Gallagher -3.97%, S&P Global  -3.33% and Wells Fargo & Co-2.57%.
  • Broadline retailers weighed on the Consumer Staples sector: Costco Wholesale -6.80%, and Walmart -2.39%, while Philip Morris International declined 1.32%.
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  • Stocks managed to rebound off midday lows Friday, some solace after a punishing week as Fed Chairman Powell stressed patience in making policy changes. Currently, the DJIA trades up 226.92 points (0.53%) at 42809.28, S&P E-Minis up 31.75 points (0.55%) at 5778, Nasdaq up 127.5 points (0.7%) at 18197.14.
  • Energy and Utility sectors continued to outperform since midweek, oil refiners and servicers led the Energy sector as crude prices bounced off lows (WTI +0.79 at 67.15): Schlumberger +4.98%, Texas Pacific Land Corp +3.62%, Occidental Petroleum +3.35% and Devon Energy +3.22%.
  • Meanwhile, the Utility sector was supported by a mix of water, gas and electricity providers: American Water Works +4.92%, Eversource Energy +4.09%, NextEra Energy +4.06%, AES Corp +3.54% and WEC Energy Group +3.37%.
  • Banks and financial services stocks continued to weigh on the Financials sector: Discover Financial Services -4.22%, Arthur J Gallagher -3.97%, S&P Global  -3.33% and Wells Fargo & Co-2.57%.
  • Broadline retailers weighed on the Consumer Staples sector: Costco Wholesale -6.80%, and Walmart -2.39%, while Philip Morris International declined 1.32%.