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Equities Roundup: IT Help Stocks Climb Off Post-CPI Lows

US STOCKS
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  • Stocks are weaker but off midmorning lows, banks leading Wednesday morning's sell-off following an unexpected gain in Core CPI inflation data. Markets continued to digest the data that saw projected rate cuts scale back chances of a 50bp move at next week's FOMC policy announcement.
  • Currently, the DJIA trades down 464 points (-1.14%) at 40273.19, S&P E-Minis down 50.25 points (-0.91%) at 5453, Nasdaq down 62.7 points (-0.4%) at 16961.49.
  • Banks and financial services weighed on the Financial sector for the second day running amid ongoing concerns over interest income and credit challenges for lenders: Discover Financial Services -4.14%, Brown & Brown -3.29%, Blackrock -2.89%.
  • Despite a bounce in crude following Tuesday's rout, Energy sector shares continued to lag amid ongoing surplus overhang concerns: Valero and Marathon Petroleum -3.5%, APA -2.7%, Occidental Petroleum -2.22%.
  • On the flipside, Information Technology and Utility sector shares outperformed, renewed demand for high-end AI chips helped First Solar gain 9.61%, Enphase +3.75%, Super Micro +3.31%. Meanwhile, independent power providers buoyed the Energy sector: AES +5.47%.
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  • Stocks are weaker but off midmorning lows, banks leading Wednesday morning's sell-off following an unexpected gain in Core CPI inflation data. Markets continued to digest the data that saw projected rate cuts scale back chances of a 50bp move at next week's FOMC policy announcement.
  • Currently, the DJIA trades down 464 points (-1.14%) at 40273.19, S&P E-Minis down 50.25 points (-0.91%) at 5453, Nasdaq down 62.7 points (-0.4%) at 16961.49.
  • Banks and financial services weighed on the Financial sector for the second day running amid ongoing concerns over interest income and credit challenges for lenders: Discover Financial Services -4.14%, Brown & Brown -3.29%, Blackrock -2.89%.
  • Despite a bounce in crude following Tuesday's rout, Energy sector shares continued to lag amid ongoing surplus overhang concerns: Valero and Marathon Petroleum -3.5%, APA -2.7%, Occidental Petroleum -2.22%.
  • On the flipside, Information Technology and Utility sector shares outperformed, renewed demand for high-end AI chips helped First Solar gain 9.61%, Enphase +3.75%, Super Micro +3.31%. Meanwhile, independent power providers buoyed the Energy sector: AES +5.47%.