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Late Equities Roundup: Oil & Gas, Energy Providers Buoy Markets

US STOCKS
  • Stocks recovered from early sell pressure, trading mildly higher in the second half, little change in prior leaders/laggers by the bell. Currently, the DJIA is up 54.43 points (0.14%) at 38851.71, S&P E-Minis up 15.25 points (0.28%) at 5370.75, Nasdaq up 69.1 points (0.4%) at 17200.09.
  • Energy and and Utility sector shares continued to outperform in late trade, oil and gas shares supporting the former as crude prices continued to rise off last week's lows (WTI +2.39 at 77.92): APA +3.03%, Baker Hughes +2.84%, Diamondback Energy +2.38%.
  • Independent and electricity providers buoyed the Utility sector: Constellation Energy +7.66%, Vistra Corp +3.23%, NRG Energy and AES Corp both +2.68%.
  • On the flipside, Financial and Consumer Staples sectors continued to underperform, banks and financial services shares weighing on the former: Huntington Bancshares -5.04% after poor forward guidance, Key Corp and Regions Financial both -1.68% while PNC declined 1.54%.
  • Meanwhile, Consumer Staples weighed by food and beverage shares: Monster Beverage -2.98%, PepsiCo -2.7%, Kraft-Heinz -2.37%.
  • Notable earnings releases this week include: Casey's General Store, Oracle, Broadcom, Adobe and Lennar Group.
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