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Late Equities Roundup: Hugging Lows, Insurers Punished

US STOCKS
  • Stocks remain weaker, holding narrow range near session lows marked at midmorning. The sell-off curbed as short end rates recovered with projected midyear rate cuts gaining momentum. Currently, DJIA is down 443.62 points (-1.12%) at 39122.01, S&P E-Minis down 46.5 points (-0.88%) at 5249, Nasdaq down 197.2 points (-1.2%) at 16199.87.
  • Laggers: Health Care and Consumer Discretionary sectors continued to underperform in late trade, insurers and services names weighed on the former as US regulators opted against raising rates for private Medicare plans: Humana -13.95%, CVS -7.70%, UnitedHealth Group -7.35%. Meanwhile, auto maker Tesla weighed on the Consumer Discretionary, -5.25% amid lower than estimated car deliveries of 387k vs. 433k produced, -8.5% YoY. Parts makers Aptiv -1.95%, BorgWarner -0.93%.
  • Leading Gainers: Energy and Utility sectors outperformed in the first half, partially tied to rise in crude prices (WTI +1.44 at 85.13). Oil and gas shares buoyed the Energy sector: Phillips66 +2.96%, Marathon +2.51%, Valero +1.65%. Multi-energy providers supported the Utility sector: Xcel Energy +1.21%, Exelon +0.85%, Alliant +0.77%.

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