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Late Equity Roundup: Modest Gains Led By Banks, Broadline Retailers

US STOCKS
  • Stocks are drifting mildly higher after scaling back midday gains, Financial and Consumer Discretionary sectors outperforming in late trade. Early two-tier recovery: stocks had opened weaker but bounced after "noisy" NFP and ISM data. At the moment: DJIA is 11.14 points (0.03%) at 37453.29, S&P E-Mini futures up 4.25 points (0.09%) at 4733.25, Nasdaq up 16.6 points (0.1%) at 14527.85.
  • Leading gainers: Banks supported Financials for the second day running: Citizens Financial +3.19%, Comerica +3.11%, Fifth Third Bancorp +3.05%. Reminder, banks lead the next quarterly earnings cycle that starts next week Friday with BlackRock, Bank of America, Wells Fargo, JPMorgan, Citigroup and Bank of NY Mellon.
  • Meanwhile, Consumer Discretionary stocks outpaced IT shares in the second half with broadline retailers outperforming: Bath & Body Work +3.61%, CarMax +1.81%, Pool Corp +1.63%.
  • Laggers: Consumer Staples and Real Estate sectors continued to lag in the second half, household and personal products weighed on the former: Procter & Gamble -1.06%, Estee Lauder -0.87%, Church and Dwight -0.67%. Estate management shares weighing on the former: CBRE -0.51%, CoStar Group -0.17%,

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