Late Equity Roundup: Extending Lows, Energy Outperforms

After a stronger start, stocks reverse mid-morning highs are extending lows after the FI close. Debatable, some desks cited headlines that Turkey's agreement to back Finland and Sweden entry into NATO for adding to the late risk-off tone. Lack of support for stocks could be associated with month-end repositioning remains to be seen.

• Stocks reversed early gains following weaker data (June Consumer Confidence of 98.7 vs. 100.0 est while Richmond Fed Index much weaker than expected at -19 vs -7 est) extending lows at the moment: SPX eminis -74.5 (-1.91%) at 3829; DJIA -459.54 (-1.46%) at 30978.22; Nasdaq - 316.3(-2.7%) at 11208.38.
• SPX leading/lagging sectors: Energy sector continues to outperform (+2.37%) lead by Hess Corp (HES) +2.78%, Occidental Petro (OXY) +4.36%, Valero (VLO) +3.47%, Diamondback Energy (FANG) +2.86%; Utilities up next (-0.28%) followed by Financials (-0.78%). Laggers: Consumer Discretionary (-3.7%) with retailers and consumer durables lagging weaker autos, followed by Information Technology (-2.75%) and Communication Services (-2.50%).
• Dow Industrials Leaders/Laggers: Chevron (CVX) +1.95 at 149.52 whgile United Health (UNH) pares gains: +1.66 late at 507.28; Caterpillar (CAT) +0.55 at 188.44, Boeing (BA) +1.27 at 139.95. Laggers: Home Depot (HD) extends sell-off: -12.80 at 269.89, Salesforce Inc (CRM) -8.88 at 172.43.