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Late Equity Roundup: Near Steady, Shorts Covered Ahead Friday's PPI

US STOCKS
  • Stocks have been paring losses since marking session lows in late morning trade, indexes are near steady as Information Technology and Energy sector stocks continued to lead gainers. Dovish comments from Richmond Fed Barkin in the second half. Currently, DJIA is down 21.91 points (-0.06%) at 37675.66, S&P E-Mini future down 10.25 points (-0.21%) at 4810, Nasdaq down 9 points (-0.1%) at 14961.39.
  • Leading gainers: Information Technology and Energy sectors continued to outperform, IT stocks supported by software makers while chip stocks pared gains: Salesforce +2.94%, Palo Alto Networks +2.5%, Cognizant Technology +1.79%. On the flipside, Seagate -2.15%, HP -0.96%, Zebra Tech -0.82%. Oil and gas shares advanced with crude prices (WTI off highs at 72.07 +0.70): Valero +2.45%, Marathon Petroleum +1.62%, Occidental +0.56%.
  • Laggers: Utilities and Financial sectors continued to underperform, multi-energy shares weighing on the former: AES -3.81%, WEC Energy -3.43%, Alliant -3.1%. Bank shares weighed on Financials the day ahead of quarterly earnings: Citizens Financial -2.43%, Citizens Financial -2.27%, Huntington Bancshares -2.05%. Banks kick off the next quarterly earnings cycle tomorrow: BlackRock, Bank of America, Wells Fargo, JPMorgan, Citigroup and Bank of NY Mellon.
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