Free Trial

Equities Roundup: Weaker Ahead NFP, Chip Stocks Weighing

US STOCKS
  • Stocks are trading mixed at midday, the DJIA off early highs while S&P Eminis and Nasdaq stocks trade a little weaker after climbing to new all-time highs yesterday. Currently, the DJIA is up 17.62 points (0.05%) at 38824.07, S&P E-Minis down 6 points (-0.11%) at 5359.75, Nasdaq down 23.3 points (-0.1%) at 17163.98.
  • Emini Price has traded above 5368.25, the May 23 high and bull trigger, the break confirms a resumption of the uptrend. A continuation higher would signal scope for a climb towards the 5400.00 handle next.
  • Consumer Staples and Consumer Discretionary sectors led gainers in the first half of trade, household and personal products shares supported the former: Procter & Gamble +1.14%, Colgate-Palmolive +0.66%, Estee Lauder +0.56%. Broadline retailers buoyed the Consumer Discretionary sectr: Etsy +2.10%, Amazon +1.14%, O'Reilly Automotive +1.12%
  • On the flipside, Utility and Information Technology sector shares underperformed: independent energy shares weighed on the former, Vistra -8.46%, Constellation Energy 3.84%, NRG energy -3.42%. Meanwhile, chip stocks unwound early week support, profit taking evident as Micron traded -2.65%, ON Semiconductor -2.44%, Nvidia -1.33%.
  • Meanwhile, notable earnings releases still to come this week: Vail Resorts and Docusign after today's close, Autodesk, Rubrik Inc, Casey's General Store, Oracle and GameStop tomorrow.

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.