US STOCKS: Late Equity Roundup: Sideways Above Lows for Week
Jun-03 18:40
Trading sideways off late morning lows in relatively quiet late session trade. SPX emini futures, ESM2 currently trading 4112.0 (-63.775).
- SPX leading/lagging sectors: Energy sector continued to gain (+1.32%) with crude firmer but off week highs (WTI +1.58 at 118.47), Utilities off lows (-0.20%) followed by industrials (-0.28%) w/construction/engineering shares outperforming.
- Laggers: Consumer Discretionary (-2.56%) as autos remain weak -- notably Tesla (-8.87% at 706.28) after waiting period to purchase Twitter under the Hart-Scott-Rodino Antitrust Improvements Act expired. (Twitter shares bounced to 41.04 high). Communication Services and Information Technology paired (-2.27%) weighed by semiconductor and hardware makers (Micron, Nvidia, Apple and Intuit lead laggers).
- DJIA -301.01 (-0.91%) at 32951.22; Nasdaq -298.3 (-2.4%) at 12019.64.
- Dow Industrials Leaders/Laggers: Caterpillar (CAT) 2.43 at 222.43, Chevron (CVX) +1.40 at 177.40 as crude moved back to early week highs. Laggers: Apple (AAPL) -5.82 at 145.39, Goldman Sachs (GS) -5.29 at 318.96, and Microsoft (MSFT) -4.11 at 270.17.
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US TSY FUTURES: Renewed Selling As Powell Presser Gets Underway
May-04 18:39
Tsys back to midmorning lows as Chairman Powell discusses inflation metrics:
- "We are highly attentive to the risk that high inflation poses to both sides of our mandate, and we are strongly committed to restoring price stability. Against the backdrop of the rapidly evolving economic environment, our policy has been adapting and it will continue to do so."
- "The surge in prices of crude oil and other commodities that resulted from Russia's invasion of Ukraine is creating additional upward pressure on inflation. COVID related look downs in China are likely to exacerbate supply chain disruptions further as well."
- 30YY tops 3.0524%
STIR FUTURES: Implied Fed Hikes Trimmed Modestly Post FOMC
May-04 18:21
- FFM2 rose 0.045pts to 98.9 on the announcement before giving most of it back, currently at 98.865.
- FOMC-dated Fed Funds futures also trimmed for the Jun 15 meeting with 56.5bp priced to hit an effective rate of 1.42% (-3bps), whilst Dec 14 shows 2.93% (-2.5bps).
Effective funds rate implied by Fed Funds futuresSource: Bloomberg
US TSY FUTURES: BLOCK, 5Y Buy
May-04 18:19
Helping curves steepen off session flats, 2s10s currently +1.226 at 19.698 vs. 13.987 low.
- +5,000 FVM2 112-10.75, buy through 112-10 post-time offer at 1413:00ET.
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