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Equities Roundup: NY Regional Banks Pressed, Boeing Bounces

US STOCKS
  • Stocks are trading mostly weaker midmorning Wednesday, DJIA outperforming. Currently, the DJIA is up 40.73 points (0.11%) at 38505.56, S&P E-Mini future down 40.5 points (-0.82%) at 4910.5, Nasdaq down 217.4 points (-1.4%) at 15292.76.
  • Laggers: Information Technology and Communication Services sectors led laggers for the second day running, interactive media and entertainment shares weighing on the former: Alphabet -6.5% after disappointing ad revenue annc, Meta -1.94%, Take-Two Interactive software -0.57%. Semiconductor makers weighed on the IT sector: Teradyne -9.07% (also on weak quarterly revenue), Advanced Micro Devices -4.57%, Nvidia -3.29%.
  • Couple notable mentions: NY regional bank shares came under pressure after New York Community Bancorp fell over 40% on the open cut it's dividend after posting a loss on purchase of collapsed Signature Bank shares. While KBW Regional Banking Index was nearly -4%, larger banks traded firm.
  • On the flipside, shares of Boeing gained 5.85% with CEO trying to get out in front of ongoing safety issues and efforts to improve waning confidence. Boeing declined to provide 2024 guidance after Q4 earnings, cash flow and revenue all surpassed analysts’ expectations this morning.
  • Leading gainers: Real Estate and Utility sectors outperformed in the first half, industrial and residential investment trusts buoyed the former: Prologis +1.5%, Equity Residential +3.61%, Avalon Bay Comm +1.73%. Meanwhile, water and gas providers supported the Utility sector: American Water Works +1.54%, Atmos Energy +1.03%.
  • Looking ahead: corporate earnings docket after the close: MetLife and Qualcomm. Already annc'd: Boston Scientific, Phillips 66, Thermo Fisher, Old Dominion, Boeing, Mastercard, Hess Corp. On tap for Thursday: International Paper, Call Corp, Stanley Black & Decker, Honeywell, Sirius XM, Apple, Merck, Eaton Corp,
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