US STOCKS: Midday Equities Roundup: Inside Ranges on Mixed Data
Jun-04 15:59
- Stocks are drifting in modestly higher territory ahead midday, inside relatively narrow ranges after mixed morning data. Currently, the DJIA trades up 21.28 points (0.05%) at 42545.8, S&P E-Minis up 4.75 points (0.08%) at 5986.5, Nasdaq up 42.3 points (0.2%) at 19441.72.
- Generally speaking, stocks pared modest early gains after lower than expected ADP jobs gains, drifted higher into final S&P Global services/composite PMIs, then pared gains again after mixed ISM Services data (index & new orders lower than expected, prices paid and employ higher).
- Communication Services and Health Care sectors led gainers ahead midday, the former supported by Meta Platforms +2.33%, Live Nation Entertainment +2.31%, Netflix +1.24% and Match Group +1.10%.
- Pharma and biotech shares supported the Health Care sector with Charles River Labs +4.46%, IQVIA Holdings +3.82%, Eli Lilly +2.37% and Regeneron +2.28%.
- Conversely, Energy and Utility sectors underperformed late morning as crude prices turned lower (WTI -0.62 to 62.79) after headlines announced that "Saudi Arabia wants OPEC+ to continue with accelerated oil supply hikes," Bbg reported.
- Energy sector laggers included Valero Energy -2.67%, Phillips 66 -2.35% and Marathon Petroleum -2.34%. Meanwhile, Constellation Energy -3.08%, American Water Works -1.50% and Alliant Energy -1.29% weighed on Utilities.
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US: Bessent Says Trying to Create Best Environment for Stable Rates
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- US TSY 13W BILL AUCTION: DIRECTS TAKE 4.63% OF COMPETITIVES
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