Free Trial

Equities Roundup: Utilities, IT Shares Outperforming, WMT Sags

US STOCKS
  • Stocks bounced off lows following this morning's higher than expected jobless claims helped rekindle rate cut pricing in early 2024. Currently trading mixed with DJIA shares underperforming: 37.81 points (-0.11%) at 34954.86, S&P E-Mini Future up 1.75 points (0.04%) at 4520.25, Nasdaq down 0.3 points (0%) at 14102.81.
  • Initial technical resistance for Eminis is 4541.25 - yesterday's intraday high, with the next level at 4552.38 (76.4% retracement of the Jul 27 - Oct 27 bear leg).
  • Leading gainers: Utilities and Information Technology sectors outperformed in early trade, electricity providers supporting the former: NRG and Southern Co both +1.55%, Edison Int +1.5%. Software and services names buoyed IT sector shares: Microsoft and Gen Digital +1.55%, Verisign +1.45%.
  • Laggers: Energy and Consumer Staples sector shares underperformed in the first half, the former weighed by Oil and gas stocks as crude prices tumbled (WTI -3.0 to 73.66): APA -3.73%, Baker Hughes -3.03%, Haliburton -2.95%. Distribution shares, meanwhile, weighed on the Consumer Staples sector: Walmart -6.84% despite upbeat sales - market focus on cautious forward guidance, Dollar Tree -4.87%, Doll General -3.29%.
  • Corporate earnings expected after the close: Applied Materials, Ross Stores, and Gap Inc.

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.