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Equities Roundup: Netflix, Chip Stocks Underperforming

US STOCKS
  • Stocks are trading steady to mixed after the open, well off early overnight lows with the DJIA outperforming. Stocks came under heavy selling early overnight amid reports that Israel had counterattacked Iran. The risk-off tone gradually subsided, however, as both side downplayed the attack. Currently, DJIA is up 195.32 points (0.52%) at 37968.74, S&P E-Minis down 9.25 points (-0.18%) at 5039.25, Nasdaq down 136.2 points (-0.9%) at 15462.71.
  • Laggers: Communication Services and Information Technology sector shares underperformed in early trade. Interactive media and entertainment weighed on Communication Services sector, specifically Netflix down approximately 7% despite strong subscriber gains - as 2Q revenue forecast underwhelms. Meanwhile, chip stocks weighed on the IT sector: Nvidia -3.28%, Advanced Micro Devices -2.30%, ON Semiconductor -1.92%.
  • Leading gainers: Energy and Utilities sector shares outperformed in early trade. Oil and gas shares buoyed the former: Kinder Morgan +2.44%, Phillips66 +2.18%, Occidental Petroleum +2.17%. Multi energy shares supported the Utility sector: Dominion Energy +1.65%, Edison Int +1.63%, Southern Co +1.48%.
  • Corporate earnings expected early next week: Monday: Verizon, Nucor, Albertsons, Alexandria Real Estate, Globe Life; Tuesday: Pepsico, UPS, GM, Halliburton, Philip Morris, Pulte, Freeport McMoRan, Lockheed Martin, JetBlue, GE, Kimberly-Clark, Sherwin-Williams, Baker Hughes, Tesla, Texas Instruments, Visa, Enphase, Seagate.
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