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Late Equity Roundup: Off Lows, IT, REITS Outperform

US STOCKS
  • Stocks have climbed off moderate midday lows, near the middle of a narrow session range after the bell. Currently, S&P E-Mini future are down 0.5 points (-0.01%) at 4395.75, Nasdaq up 5.7 points (0%) at 13646.43, DJIA down 77.01 points (-0.23%) at 34076.16.
  • Initial technical support for Eminis is well below: 4157.75/4122.25 Low Nov 3 / Low Oct 27 and the bear trigger. initial technical resistance of 4407.75 (intraday high) is followed by 4430.50 (High Oct 12).
  • Laggers: Electricity providers continued to weigh on Utilities: Pinnacle West -2.44%, NextEra -2.07%, PPL -2.05%. Meanwhile, oil and gas shares weighed on the Energy sector: APA -3.1%, Devon Energy -2.67%, Marathon Oil -2.55%.
  • Leaders: Information Technology and Real Estate sectors continue to outperform, software names and chip stocks buoyed the IT sector for the second consecutive day: Nvidia +1.77%, Applied Materials +1.63%, Fortinet +2.67%, Oracle +2.44%. Meanwhile, residential and industrial real estate investment trusts (REITS) buoying the former: UDR +1.34%, Camden Property +1.27%, Prologis +0.82%.
  • Note: Corporate earnings after the close: Twilio Inc, Duolingo Inc, Take-Two Interactive Software, Corteva, MGM Resorts, Lyft, AMC Entertainment, HubSpot, Enviva, AppLovin Corp, Viasat, Beyond Meat, Callaway Brands Corp, Marathon Digital Holdings.

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