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Equities Roundup: Off Early Lows, REITS, Industrials Outperforming

US STOCKS
  • US stocks have pared losses but remain weaker ahead midday. US markets took cues from sharply lower global equity markets overnight with S&P Eminis falling as much as 4.75% vs. Friday's settlement early Monday, Nasdaq -6.35%, DJIA -3.0%.
  • Stocks see-sawed off lows by midmorning, however, gaining momentum after higher than expected ISM services data with employment and new orders higher than anticipated. Currently, the DJIA trades down 836.47 points (-2.11%) at 38895.18, S&P E-Minis down 131.75 points (-2.45%) at 5242.5, Nasdaq down 492.2 points (-2.9%) at 16275.54.
  • Information Technology and Consumer Discretionary sectors underperformed in the first half, semiconductor shares weighing on the former with Intel -5.4%, Nvidia -5.13%, Monolithic Power -3.21%. Broadline retailers and specialty services weighed on the Consumer Discretionary sector: Caesars Entertainment -6.35%, Bath & Body Works -5.72%, Etsy -4.77%.
  • Conversely, Real Estate and Industrial sector shares outperformed, retail and health Care REITS supported the former: Welltower +1.5%, Ventas +1.15%, Realty Income Grp +0.78%. Meanwhile, Industrials saw Generac +2.16%, United Rentals +1.26%, AMETEK +1.11%.
  • Earnings announcement resume late Monday, include the following: Carlyle Group, Diamondback Energy, Realty Income Corp, CSX Corp, Lucid Group Inc, Simon Property Group, ZoomInfo Technologies, Spirit AeroSystems, Definitive Healthcare, Williams Cos, Hims & Hers Health Inc, Palantir Technologies and Crescent Energy.
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