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Late Equities Roundup: Off Midday Highs, Financials, O&G Still Ahead

US STOCKS
  • Stocks are mostly higher in late Wednesday trade, off midday highs with the Nasdaq underperforming after this morning's post-CPI related volatility. Financials continue to lead gainers while Energy sector shares outpace IT stocks in the second half.
  • Currently, the DJIA trades up 219.66 points (0.55%) at 39985.26, S&P E-Minis up 13.5 points (0.25%) at 5472.5, Nasdaq down 28.3 points (-0.2%) at 17159.55.
  • Financials sectors lead gainers in late morning trade, Insurance and services names outpaced banks: Progressive +4.88%, Charles Schwab +4.37% and Allstate +4.36%. Oil and gas stocks buoyed Energy sector shares: Phillips66 +1.89%, Marathon Petroleum +1.51%, Targa Resources +1.46%.
  • Conversely, Communication Services and Consumer Discretionary sectors continued to underperform in late trade, interactive media & entertainment weighed on the former: Google -3.02%, Warner Bro's -1.7%, Charter Comm -1.29%. Autos and Broadline retailers weighed on the Consumer Discretionary sector: Etsy -3.76%, Tesla -3.76%, Deckers -2.58. Meanwhile, Starbucks bounced off earlier lows to -1.99% after surging more than 20% yesterday after acquiring Chipotle's CEO.
  • Note, late earnings announcements expected this week: Brinker Int, Samsonite and Cisco late Wednesday; Walmart, Applied Materials and Deere & Co on Thursday.

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