October 09, 2023 15:46 GMT
Equities Roundup: Weaker on Net, Oil & Gas, Defense Stocks Outperform
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- Stocks are trading moderately weaker Monday, off overnight lows while markets maintain a risk-off tone following the surprise attack by Hamas against Israel over the weekend. Currently, S&P E-Mini futures are down 7.75 points (-0.18%) at 4333.75, DJIA down 17.55 points (-0.05%) at 33389.63, Nasdaq down 76.7 points (-0.6%) at 13354.99.
- Laggers: Consumer Discretionary, Consumer Staples and Information Technology sectors underperformed, the former weighed by automaker and parts stocks: Tesla -2.78%, BorgWarner -2.16%, Aptiv -1.92%. Household and personal product stocker weighed on Consumer Staples: Estee Lauder -2.97%, Clorox -1.84%, Proctor & Gamble -1.55%. Meanwhile, Semiconductor shares weighed on IT: SolarEdge -5.12%, Nvidia -2.84%, Teradyne -2.58%.
- Leaders: Energy, Real Estate and Industrials outperformed early Monday, a broad based rally in oil and gas stocks supported Energy as crude rallied (WTI +3.50 at 86.29) in reaction to the attack on Israel: Haliburton +7.13%, Schlumberger +4.79%, Baker Hughes +3.65%.
- Meanwhile, Real Estate sector shares buoyed by investment trust shares, particularly office and residential: Alexandria Real Estate +2.35%, Boston Properties +1.77, Mid-America Apartment +2.22%. Aerospace and Defense shares supported Industrials after Israel attacked by Hamas: Northrop Grumman +10.7%, L3Harris Tech +8.61%.
- Reminder, Q4 earnings cycle gets underway with several bank shares reporting this Friday: JP Morgan, Wells Fargo, Blackrock, PNC Financial and Citigroup expected.