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Late Equities Roundup: IT Underperforming, Waiting on NVDA Earnings

US STOCKS
  • Stocks remain weaker after extending lows following the release of January FOMC minutes -- where policymakers expressed more concern with cutting rates too soon than too late. Currently, the DJIA is down 143.3 points (-0.37%) at 38419.75, S&P E-Minis down 23.25 points (-0.47%) at 4968.25, Nasdaq down 155.3 points (-1%) at 15474.75.
  • Laggers: Information Technology and Communication Services sectors underperformed in the second half, semiconductor makers weighing on the former for the second day running: Nvidia -3.78% ahead of earnings expected after the close, Intel -3.14% First Solar -2.62%. Meanwhile, media and entertainment shares weighed on the Communication Services sector: Charter Communications -2.38%, Warner Brothers -2.33%, Disney -1.97%.
  • Leading gainers: Energy and Utilities sectors continued to outperform, oil and gas shares buoyed the former: EQT Corp surged +11.18% (apparently as gas producers look to defer production), Coterra Energy +6.01%, ConocoPhillips +2.90%. Multi energy providers supported the Utilities sector: Exelon +3.94, Ameren Corp +2%, Dominion Energy +1.79%.
  • Looking ahead: Corporate earnings after the close: Nvidia, Synopsys, Etsy, APA Corp, Rivian Automotive, Ansys Inc, Lucid, Marathon Oil.

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