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Equities Roundup: Communication Services, IT Sectors Lagging

US STOCKS
  • Stocks trading weaker after midday, near recent session lows after Thursday morning's mixed, higher Treasury yields and another round of earning announcements that proved less consistently rosy as earlier in the week.
  • Currently, DJIA is down 197.7 points (-0.6%) at 32840.62, S&P E-Mini futures down 48 points (-1.14%) at 4162.25, Nasdaq down 230.7 points (-1.8%) at 12590.46.
  • Corporate earnings expected after the close: L3Harris, Ford, Juniper Networks, Olin, Capital One, Intel, US Steel and Amazon.
  • Laggers: Communication Services, Information Technology and Consumer Discretionary sectors underperformed in the first half, media and entertainment weighing on the former with Meta -5.2%, Charter Comm -3.15%, Google -2.95%. Meanwhile Comcast shed 7.05% after beating estimates but annc'd a drop in broadband subscribers.
  • Hardware/software makers weighed on the IT sector: Western Digital -11.4% after merger with Japan's Kioxia is called off, Arista Networks -8.37%, Nvidia -4.06%. Meanwhile, auto makers weighed on Discretionary stocks: Tesla -3.32%, Ford -1.47%, GM -1.34%.
  • Leaders: Real Estate and Materials sectors outperformed, specialized and office REITs buoyed the former: American Tower +7.86%, Equinix +4.75%, Crown Castle +4.65%. Metals and mining shares supported the Materials sector: Newmont +3.0% despite missing estimates, apparently up after reports it's purchase of Newcrest Mining will go through in early November.
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