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MNI: FRANCE NOV HICP -0.1% M/M, +1.7% Y/Y

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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.
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