Free Trial

Equities Roundup: Off Early 2024 Highs

US STOCKS
  • Stocks are trading moderately weaker after this morning's in-line, slightly dovish leaning CPI, weekly claims data, longs taking profits after futures climbed to the highest levels of 2024 this morning. Abrief bounce in cash Treasuries and equities noted following some dovish ECB rate cut comments from Croatian National Bank governor Boris Vujcic comment at a MNI Connect webcast this morning.
  • Currently, DJIA is down 220.44 points (-0.58%) at 37476.25, S&P E-Mini futures are down 38.75 points (-0.8%) at 4781.25, Nasdaq down 133.9 points (-0.9%) at 14836.55.
  • Leading gainers: Energy and Information Technology sectors outperformed in the first half, oil and gas shares rebounding along with crude prices (WTI +2.28 at 73.65): Valero +1.68%, Marathon Petroleum +1.43%, Occidental +1.29%. IT stocks supported by software makers while chip stocks pared gains: Service Now +1.75%, Palo Alto Networks +1.32%, Salesforce +1.2%. On the flipside, Enphase -4.95% despite upgrade from Susquehanna, ON Semiconductor -2.43%, Qorvo -2.19%.
  • Laggers: Utilities and Financial sectors underperformed in the first half, multi-energy shares weighing on the former: AES -5.51%, WEC Energy -3.43%, Alliant -3.22%. Bank shares weighed on Financials the day ahead of quarterly earnings: Citizens Financial -2.91%, Zions Bancorp and Truist Financial both -2.9%. Banks kicking off the next quarterly earnings cycle Friday include: BlackRock, Bank of America, Wells Fargo, JPMorgan, Citigroup and Bank of NY Mellon.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.