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Late Equity Roundup: Real Estate, Consumer Staples Take Lead

US STOCKS CLOSE
  • Still weaker, stocks are holding off late morning lows, Real Estate and Consumer Staples sectors outperforming. Currently, DJIA is down 56.91 points (-0.16%) at 36187.52, S&P E-Mini future down 31 points (-0.67%) at 4569.75, Nasdaq down 158.3 points (-1.1%) at 14146.91.
  • Leading gainers: Investment trusts buoyed the Real Estate sector in the second half: Hotel and Resort and retail REITS leading: Host Hotels +1.92%, Kimco +2.22%, Federal Realty +1.85%. Consumer Staples supported by low cost retailers: Dollar Tree +1.4%, Costco +0.25%, Walmart +0.12%.
  • Laggers: Information Technology and Communication Services sectors continued to underperform. Semiconductor shares weighed on the IT sector: Intel -3.75%, Nvidia -3.34%, Applied Materials -2.65% amid profit taking ahead this Friday's employment data. Interactive media and entertainment shares weighed on the Communication Services sector: Netflix -2.99%, Google -2.46, Meta -2.02%.
  • Today’s move lower is considered corrective as a bullish theme in S&P e-minis remains intact after Friday’s push higher. A strong rally on Nov 14 resulted in the break of a trendline drawn from the Jul 27 high. This breach and the subsequent rally, reinforces bullish conditions and opens 4644.75 next, the Aug 2 high.

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