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Late Equities Roundup: Profit Taking Ahead Jackson Hole

US STOCKS
  • Still up on the week, major equity indexes are trading weaker late Thursday, taking profits ahead the start of the Jackson Hole economics symposium. Currently, the DJIA trades down 184.22 points (-0.45%) at 40706.9, S&P E-Minis down 39.75 points (-0.7%) at 5602.25, Nasdaq down 229 points (-1.3%) at 17690.33.
  • Information Technology and Consumer Discretionary sectors underperformed late trade, semiconductor stocks weighing on the former: Intel -4.86%, Lam Research -3.76%, Applied Materials -3.70%. The Consumer Discretionary sector weighed by autos and broadline retailers: Tesla -4.13%, Amazon -1.44%, Etsy -1.20%.
  • Conversely, Energy and Financial sectors outperformed: oil and gas stocks underpinned as crude prices rallied (WTI +0.89 at 72.82): EOG Resources +0.81%, Williams +0.73%, Exxon Mobil +0.68%. Financial services buoyed the latter: Franklin Resources +3.99%, Regions Financial +2.16%, State Street +1.96%.
  • Late cycle corporate earnings after today's close Ross Stores. Intuit and Cava Group.

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