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Early Equities Roundup: Metals, Oil Shares Leading Rally

US STOCKS
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  • Stocks are extending gains in early Friday trade, nearing early month highs as markets continue to debate chances of a 50bp vs. 25bp rate cut at next week's FOMC announcement.
  • Steeper yield curves and projected rate cut gains into year end were underscored by a modest dip in this morning's UofM 1Y inflation expectations (2.7% vs. 2.8% est) and a rise in sentiment (69.0 vs. 68.5 est).
  • Currently, the DJIA trades up 352.28 points (0.86%) at 41451.07, S&P E-Minis up 32.5 points (0.58%) at 5634.75, Nasdaq up 113.4 points (0.6%) at 17680.75.
  • Materials and Energy sectors led the early rally, metal/mining stock outperforming as Gold continues to push higher (nearing 2580.0/oz): Freeport-McMoRan +2.46%, Steel Dynamics +2.13%, Nucor +1.90%.
  • Similarly, oil and gas shares gained as crude prices continued to climb (WTI +1.25 at 70.22): APA +1.84%, Diamondback Energy +1.75%, Marathon Petroleum +1.46%.
  • Conversely, Information Technology and Health Care sectors lagged the broad based rally, software/services shares weighing on the former: Adobe -8.70% after lowering 4Q guidance, Service Now -1.14%. Of note, chip makers remained strong: Micron +4.08%, ON Semiconductors +3.68%.
  • Health Care sector continued to underperform, Moderna down another 4.08% after falling -18% at one point Thursday amid plans to cut costs by $1.1B including research.
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  • Stocks are extending gains in early Friday trade, nearing early month highs as markets continue to debate chances of a 50bp vs. 25bp rate cut at next week's FOMC announcement.
  • Steeper yield curves and projected rate cut gains into year end were underscored by a modest dip in this morning's UofM 1Y inflation expectations (2.7% vs. 2.8% est) and a rise in sentiment (69.0 vs. 68.5 est).
  • Currently, the DJIA trades up 352.28 points (0.86%) at 41451.07, S&P E-Minis up 32.5 points (0.58%) at 5634.75, Nasdaq up 113.4 points (0.6%) at 17680.75.
  • Materials and Energy sectors led the early rally, metal/mining stock outperforming as Gold continues to push higher (nearing 2580.0/oz): Freeport-McMoRan +2.46%, Steel Dynamics +2.13%, Nucor +1.90%.
  • Similarly, oil and gas shares gained as crude prices continued to climb (WTI +1.25 at 70.22): APA +1.84%, Diamondback Energy +1.75%, Marathon Petroleum +1.46%.
  • Conversely, Information Technology and Health Care sectors lagged the broad based rally, software/services shares weighing on the former: Adobe -8.70% after lowering 4Q guidance, Service Now -1.14%. Of note, chip makers remained strong: Micron +4.08%, ON Semiconductors +3.68%.
  • Health Care sector continued to underperform, Moderna down another 4.08% after falling -18% at one point Thursday amid plans to cut costs by $1.1B including research.