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Late Equity Roundup: Financials Paring Losses

US STOCKS
  • Still weaker, SPX continues to inch off four week lows tapped in late morning trade. Financial shares that had lead the sell-off have recovered slightly, replaced by Consumer Discretionary, Materials and Information Technology stocks.
  • Overnight, headlines reported Italy announced a "40% levy on the extra profits of lenders for 2023". European bank weakness spilled over to US, while ratings agency Moody's lowered the credit ratings of 10 regional banks. As a result, SPDR S&P regional banking ETF, KRE, gapped from appr 49.085 high late Monday to a 46.85 low after the ETF resumed trading overnight.
  • Currently, DJIA shares are down DJIA down 150.52 points (-0.42%) at 35321.79, S&P E-Mini futures down 21 points (-0.46%) at 4516.25, Nasdaq down 120.2 points (-0.9%) at 13872.58.
  • Laggers: Container makers weighed on Materials sector: Sealed Air -7.55% after beating earnings est late Monday while the stock underperformed it's peers; Ball Corp -2.2%, Amcor -2.1%. The Consumer Discretionary sector was weighed down by online retailers: Etsy -2.9%, Amazon -1.95%, Best Buy -1.45%. Meanwhile, chip makers weighed on IT: AMD -3.1%, Micron and Monolithic Power both -2.45% while Analog Devices slipped over 2%.
  • Leading gainers: Health Care, Energy and Utility sectors continued to outperform. Pharmaceuticals and Biotech shares buoyed Health Care and outpaced weaker equipment and service providers: Eli Lily up a whopping 14% after beating earnings/sales estimates on strong performance of an obesity medication. Energy shares rebounded as crude bounced off midday lows (WTI +1.0 at 82.94 vs. 79.98 low), APA +2.6%, Volero +2.0% Marathon +1.75%.

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