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Equities Update: Most Chip Stocks Not Faring as Well as Nvidia

US STOCKS
  • Stocks are trading weaker at midday after climbing to the best levels since August 15 Thursday amid dueling Fed speak well ahead the official start of the Jackson Hole economic symposium that kicks off with Chairman Powell at 1005ET Friday.
  • Rates and equities reacted positively (if delayed) to Philly Fed Harker telling MNI he is inclined to support holding interest rates at their current level at least through the end of the year and possibly longer.
  • Rates came back under pressure while stocks continue to trade weaker after Boston Fed Collins urged keeping rates higher for longer. Currently, S&P E-Mini futures are down 34.75 points (-0.78%) at 4412.5, Nasdaq down 171.7 points (-1.3%) at 13549.25, DJIA down 180.3 points (-0.52%) at 34292.39.
  • Reversing the prior session gains, Communication Services, Consumer Discretionary and Information Technology sectors lead laggers at midday.
  • Netflix -4.45% weighed on the former the day shares surged on pass-word crackdown and subscriber gains. Autos weighed on discretionary sector with Tesla -2.7%.
  • Focus on IT the day after Nvidia beat earnings, shares of the chip maker up another 1.5% after surging over 6% late Wednesday. Nvidia also announced a $25B share buyback today. Other chip stocks are not faring as well with AMD -7.2%, Enphase -5.65%, Intel -3.2%.
  • Leading gainers: Utilities, Real Estate and Financials outperformed, insurance names buoying the latter: Prudential +2.4%, Aflac +1.75%, MetLife +1.5%.
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