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Late Equities Roundup: Off Lows, Utilities, Comm Services Leading

US STOCKS
  • Stocks are inching off session lows, Dow still lagging Nasdaq in late Tuesday trade. Still inside relatively narrow session ranges, DJIA trades down 115.26 points (-0.3%) at 38955.34, S&P E-Minis up 5.5 points (0.11%) at 5085.75, Nasdaq up 59.5 points (0.4%) at 16035.83.
  • Leading Gainers: Utilities and Communication Services sectors outperformed in the second half, electric and multi-energy providers buoyed the former: after beating earnings and raising their dividend by 25% - Constellation Energy surged by +14.86%, AAEP a distant second +3.40% while Public services Enterprises gained 2.95%.
  • Media and entertainment shares supported the Communications sector: Netflix +2.27%, Match Group +1.68%, Disney +1.10%.
  • Laggers: Energy and Consumer Staples sectors underperformed late, oil and gas shares continued to weigh on the former: Hess Corp -3.45%, Chevron -1.96% -- both pressed on headlines that Chevron's $53B deal to buy Hess was in question with a potential bid challenge from Exxon (+0.12%).
  • Food and beverage shares weighed on the Consumer Staples sector: JM Smuckers -4.01% despite despite beating earnings estimates and giving and upbeat outlook, Kellanova -1.68%, General Mills -1.52%.
  • Looking ahead: corporate earnings after the close include: California Resources, Devon Energy, Agilent Technologies, Vizio, First Solar, eBay and Beyon Meat.
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