Free Trial

Equities Roundup: Apple Bobs to the Surface, Tempers Weaker Banks

US STOCKS
  • Stocks are trading mixed after paring modest overnight gains, Nasdaq outperforming mildly weaker S&P Eminis and DJIA indexes by late morning, narrow ranges in the lead-up to Wednesday's CPI and FOMC data/event risk. Currently, the DJIA is down 217.85 points (-0.56%) at 38648.59, S&P E-Minis down 11 points (-0.2%) at 5359.75, Nasdaq up 31.7 points (0.2%) at 17222.43.
  • Financials and Utility sector shares underperformed in the first half, banks weighing on the former as US regionals took cues from EU banks amid political uncertainty following weekend parliamentary elections. Comerica -2.84%, Citigroup -2.79%, Bank of America and M&T bank both -2.40%.
  • Reversing prior session gains, electricity providers weighed on the Utility sector: NextEra Energy -6.68% after lower than expected profit forecasts, Xcel Energy -0.90%, PG&E -0.70%.
  • Information Technology and Real Estate sectors outperformed in the first half, hardware makers supporting the former, most notably Apple Inc +4.9% after a long awaited AI software introduction (and despite threat from Elon Musk of barring Apple integration with Tesla for same AI). Other leaders include Arista Networks +1.94% while Seagate +1.41%.
  • Meanwhile, the real Estate sector was buoyed by industrial and office REITs: SBA Comm +0.99%, Extra Space Storage +0.71%, Crown Castle +0.64%.
  • Notable earnings releases: Casey's General Store and Oracle after today's close, Broadcom late Wednesday, Adobe and Lennar Group late Thursday.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.