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Equities Roundup: IT, Autos Lead Post-ISM Sell-Off

US STOCKS
  • Stocks are trading weaker at the moment, near recent session lows after this morning's higher than expected ISM Services Index (54.5 vs. 52.5), Prices Paid (58.9 vs. 56.8 prior) spurred a sell-off in rates and stocks as projected rate hikes through year end gained slightly (November cumulative of +13.4 (+11bp earlier) at 5.466, December cumulative of 13.6bp (9.6bp earlier) at 5.468%.
  • Currently, S&P E-Mini futures are down 37.5 points (-0.83%) at 4465, DJIA down 216.71 points (-0.63%) at 34422.64, Nasdaq down 153.5 points (-1.1%) at 13867.61.
  • Laggers: Information Technology, Consumer Discretionary and Health Care sectors underperformed in the first half. Hardware and Semiconductor shares weighed on IT: Enphase -3.6%, Nvidia -3.1%, Apple -2.85%. No particular headline driver, traders cited general profit taking on the strong sector.
  • Meanwhile, auto makers weighed on Discretionary stocks, particularly Tesla -4.1%, Ford -1.45%, GM -1.25%. Pharmaceuticals weighed on Health Care sector, Viatris -4.25%, Revvity -3.6%, Organon -2.75%.
  • Leaders: Utilities, Consumer Staples and Industrials outperformed, electricity providers supporting the former: Constellation +1.35%, PCG +.90%, Excel Energy +.80%.
  • Technicals: S&P Emini initial support lies at 4459.74, the 50-day EMA. A return below the average would be a bearish development: 4350.00 Low Aug 18 and a bear trigger.
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