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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessLate Equities Roundup: Weaker, Dow Leads Reversal Off New Highs
- Stocks are weaker in late Thursday trade, the Dow leading the sell-off after climbing to new all-time high of 41,370.37 after the open. Headlines from Axios and Reuters discussing the potential for President Biden of not running for reelection coincided with this morning's reversal in index prices.
- Currently, the DJIA is down 470.75 points (-1.14%) at 40731.88, S&P E-Minis down 53.25 points (-0.94%) at 5587.25, Nasdaq down 179.4 points (-1%) at 17821.43.
- Health Care and Consumer Discretionary sectors underperformed in the second half, pharmaceutical stocks weighed on the Health Care sector: Eli Lilly -5.81%, Bio-Rad Labs -4.37%, Revvity -3.02%. Broadline retailers displaced IT hardware/software underperformers in the first half, Tractor Supply Co -2.64%, Ulta Beauty -2.22%, Ross Stores and Amazon both -2.15%.
- Conversely, Energy and Utility sectors led gainers in late trade, oil and gas shares trading firmer: Kinder Morgan +3.70%, Williams Cos +1.97%, Exxon Mobil +1.05%. Meanwhile, electricity suppliers buoyed the Utility sector: NextEra Energy +1.33%, CenterPoint Energy +1.05%, AES Corp +0.86%.
- Note, after reporting earnings this morning, M&T Bank +0.75%, KeyCorp -4.07%, Blackstone +1.53%, Domino's Pizza down a whopping 13.63% while DR Horton surged 9.82% higher.
- Upcoming earnings: Netflix, PPG industries and Western Alliance Bancorp late Thursday; Fifth Third, Regions Financial, Comerica, American Express and Huntington Friday.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.