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Late Equity Roundup: Reversing Gains, Energy, Retailers Lagging

US STOCKS
  • Stocks have scaled off midday highs, DJIA stocks outperforming mildly weaker S&P Eminis and Nasdaq stocks. At the moment: DJIA is up 94.34 points (0.25%) at 37524.72, S&P E-Mini futures down 6.25 points (-0.13%) at 4740.25, Nasdaq down 46.6 points (-0.3%) at 14545.77.
  • Laggers: Energy sector shares underperformed as oil and gas refiners reversed midweek gains: APA -7.18%, Marathon Petroleum and EOG Resources both -2.8%. Meanwhile, Consumer Discretionary sector shares displaced Materials sector in the second half, broadline retailers underperforming: Etsy -3.63%, Ebay -2.5%, Amazon -2.07%.
  • Leading gainers: Health Care and Financial sectors led gainers in the second half, pharmaceutical and biotech shares supported the former: insulin infusion systems maker Insulet +2.52%, Revvity +2.23%, Merck +2.06%. Meanwhile, banks buoyed the Financials sector: Wells Fargo and Zions Bancorp +1.85%, Fifth THird +1.75%.
  • Reminder, the next quarterly earnings cycle starts in earnest next week Friday with UnitedHealth, BlackRock, Bank of America, Wells Fargo, JPMorgan, Citigroup and Bank of NY Mellon.

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