US NOV FLASH MANUF PMI 48.8 (FCST: 48.9); OCT 48.5

MNI:Largest Canada New Home Price Dip Since `09 Led By Toronto

CANADIAN OCT FLASH RETAIL SALES +0.7%, 4TH STRAIGHT INCREASE

MNI China Daily Summary: Friday, November 22

MNI: PBOC Net Drains CNY345.9 Bln via OMO Friday

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: Gilt Syndi; IT, EU Due Monday

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL NOV INDEX 71.8

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Equities Roundup: Communication Services, IT Shares Underperforming

US STOCKS
  • Stocks gapped lower early Thursday, as lower than expected weekly claims and strong PCE data saw chances of a rate cut in 2024 evaporate. Further impetus for lower stocks came from disappointing corporate earnings since late Wednesday. Currently, DJIA is down 544.49 points (-1.42%) at 37917.64, S&P E-Minis down 56.5 points (-1.11%) at 5051.25, Nasdaq down 224.6 points (-1.4%) at 15488.03.
  • Laggers: Communication Services and Information Technology sectors underperformed in the first half: Meta -12.59%, Comcast -6.67%, IBM -9.42%, Microsoft -4.10%. Chip stocks continued to extend gains for the fourth day running: Teradyne +6.81%, Broadcom +2.43%, Nvidia +2.20%.
  • Leading gainers: Utilities and Energy sectors outperformed in the first half, electricity and water providers buoyed the former: Constellation Energy +1.31%, CenterPoint Energy +0.52%, American Water Works +0.50%. Oil equipment and services shares supported the Energy sector: Baker Hughes +0..98%, Schlumberger +0.45%.
  • Corporate earnings announcements expected after the close: Capital One, L3Harris, Intel, Microsoft, Western Digital, Juniper Networks, KLA Corp, T-Mobile, Alphabet, Gilead Sciences, Snap Inc.
  • The short-term trend condition in S&P E-Minis remains bearish and the latest recovery appears - for now - to be a correction. Last week’s bearish extension reinforced current short-term conditions. The contract has recently cleared the 50-day EMA, signalling scope for a continuation lower. Sights are on 4907.57 next, a Fibonacci retracement. Firm resistance is 5144.86, the 20-day EMA. A clear break of the average would signal a possible reversal.
Credit BulletsHomepageCreditEquitiesAT&T Market NewsBank of America Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets
Credit BulletsHomepageCreditEquitiesAT&T Market NewsBank of America Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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.