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Late Equity Roundup: Real Estate, Pharma Finishing Strong

US STOCKS

Stocks trading mildly higher after FI close, near second half highs after a weaker start. SPX emini futures ESU2 currently +18.25 at 3786.0 vs. 3693.5 low.

  • Overnight weakness tied to global growth concerns and a reversal in Oil off highs that spurred risk-off bid for rates. Oil slid on hopes over Federal fuel tax suspension for three months (WTI fell through 50- and 100-dma's to 101.67 low in early NY trade).
  • Oil gradually climbing off lows, however, lending to bounce in stocks (O&G shares, Materials, Industrials weaker, however).
  • SPX leading/lagging sectors: Real Estate (+2.34), followed by Health Care (+1.87%), latter on strong gains in pharmaceuticals (MRNA +5.01%, ABBV +3.16%, LLY +2.65%, JNJ +2.43%), and Utilities (+1.57). Laggers: As noted Energy sector still underperforming (-3.59%) followed by Materials (-0.82%) and Industrials (-0.11%).
  • DJIA 109.62 (0.36%) at 30639.2; Nasdaq 58.6 (0.5%) at 11127.06.
  • Dow Industrials Leaders/Laggers: United Health Grp (UNH) extended Tue's rally, +12.29 to 492.61 -- after annc $1.5B purchase of health tech company EMIS. JNJ +4.02 at 177.03, AMGN +3.15 at 241.56. Laggers: Caterpillar (CAT) -7.02 at 189.35, Chevron (CVX) -5.81 at 148.78, while MKE slipped 2.92 to 105.76.
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