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Late Equity Roundup: Inching Higher

US STOCKS
  • Stocks are holding modestly higher in late trade, still shy of first half highs as stocks recover nearly half the ground lost in Tuesday's post-CPI selloff. Currently, the DJIA is up 48.15 points (0.13%) at 38322.52, S&P E-Minis up 26.5 points (0.53%) at 4997.5, Nasdaq up 129.6 points (0.8%) at 15785.94.
  • Leading gainers: Industrials and Communication Services sectors continue to outperform, ground transportation shares buoyed the former: Uber +12.32% after announcing a $7B share buyback overnight, Southwest Airlines +3.6%, United Airlines +3%. Media and entertainment shares supported the Communication Sector: Netflix +3.56%, Electronic Arts +2.55%, Warner Brothers +2.25%.
  • Laggers: Consumer Staples and Energy sectors continued to underperform, food and beverage shares weighed on the former: Kraft Heinz -6.06%, Conagra -2.27%, Campbell Soup -2.24%. Reversing prior session gains, Oil and gas shares weighed on the Energy sector: Williams Cos -2.73%, EQT Corp -1.96% (well off lows), ONEOK -0.62%.
  • Looking ahead: corporate earnings expected after the close: American Water Works, Equinix, Rollins Inc, Occidental Petroleum, Albemarle Corp, Cisco Systems, TripAdvisor Inc, Altice USA Inc.

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