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Equities Roundup: Stock Rout as Inflation Pick-Up Saps Risk

US STOCKS

Stocks weaker in afternoon trade, SPX near lowest levels since January 20 tapped in the first (ESH3 3951.75) after hot PCE data underscored more likely rate hikes from the Fed. SPX eminis currently trading -62 (-1.54%) at 3956.75; DJIA -446.96 (-1.35%) at 32706.48; Nasdaq -247.4 (-2.1%) at 11343.16.

  • SPX leading/lagging sectors: Real Estate (-220%), Information Technology (-2.12%) and Consumer Discretionary (-2.07%) sectors underperformed, auto makers weighing on the latter: Tesla -3.14%, F -1.78%, GM -0.94%. IT weighed by Autodesk (ADSK) -11.8% after missing earnings est late Thu, Adobe -7.59%.
  • Leaders: Materials (-0.28%) buoyed by industrial gas shares (LIN +2.74%, CE +2.23%), Financials and Utilities both -0.35% with banks helping the former (JPM +0.73%, Zion +0.47%, CMA +0.41%).
  • Dow Industrials Leaders/Laggers: JPM +0.96a at 140.63, DOW -0.08 at 57.11, Verizon (VZ) -0.07 at 38.46. Laggers: Boeing (BA) -10.06at 198.07, Microsoft (MSFT) -6.10 at 248.67, Salesforce (CRM) -3.77 ar 160.35.
  • Earnings cycle starts to wind down next week, Occidental Petroleum after Mon's close (OXY 1.79 est).
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