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Equities Roundup: Extending Lows, Disappointing Earnings, Soft Data

US STOCKS
  • Stocks are trading broadly weaker, near lows by midday, buffeted by disappointing corporate earnings and flash PMIs that showed a contraction in the manufacturing sector. Poorly received earnings reports from the likes of Alphabet and Tesla prompted sharp reversals in their share price, dragging the tech-heavy NASDAQ index lower by near 3%.
  • Currently, the DJIA is down 342.81 points (-0.85%) at 40020.26, S&P E-Minis down 100.25 points (-1.79%) at 5499, Nasdaq down 523.3 points (-2.9%) at 17474.87.
  • Communication Services and Consumer Discretionary sectors underperformed in the first half, interactive media and entertainment weighed on the former: Alphabet, formerly Google trades -4.57%, Meta -3.88%, Match Group -2.79%. The Consumer Discretionary sector was weighed down primarily by Tesla -10.82% amid growing competition in the EV market.
  • On the flipside, Utilities and Energy sector shares led gainers in the first half, multi energy providers supporting the former: Eversource +3.29%, NextEra Energy +2.82%, Dominion Energy +2.62%. Meanwhile, oil and gas shares rebounded from weaker priced in the first half of the week as a drop in inventories supported crude (WTI +0.70 at 77.66): Diamondback Energy +1.46%, Marathon Petroleum +1.43%, EQT Corp +1.30%.
  • Reminder, Wednesday afternoon earnings announcements expected from: Whirlpool, Ford Motor Co, Chipotle Mexican Grill, O'Reilly Automotive, Republic Services, Waste Management, IBM, KLA Corp, Invitation Homes, Newmont, Teradyne, Ameriprise Financial, United Rentals, Globe Life, Edwards Lifesciences and Raymond James Financial.
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