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Late Equities Roundup: Chip Stocks, Broadline Retailers Underperform

US STOCKS
  • Stocks remain mixed in late afternoon trade, the DJIA outperforming weaker S&P Eminis and Nasdaq stocks after the the latter posted moderate gains on the open. Stocks traded firmer after this morning's economic data helped rekindle modest rate cut pricing this morning.
  • Support didn't last long, however, amid broader risk-off tone ahead the weekend. Currently, the DJIA is up 267.43 points (0.7%) at 38378.56, S&P E-Minis down 15.5 points (-0.3%) at 5237, Nasdaq down 196.4 points (-1.2%) at 16539.88.
  • Information Technology and Consumer Discretionary sectors continue to underperform in late trade, semiconductor makers weighing on the former amid broad based profit taking ahead of the weekend: Monolithic Power -4.25%, Lam Research -4.21%, Broadcom -3.59%. Shares of automakers and broadline retailers weighed on the Consumer Discretionary sector: Amazon -2.87%, Tesla -1.81%.
  • On the flipside, Energy and Real Estate sectors led gainers in the second half, oil and gas shares buoyed the former: Valero +3.64%, Marathon Petroleum +2.81%, Phillips66 +2.73%. Investment trusts, particularly office and retail REITs supported the Real Estate sector for the second day running: Boston Properties +3.69%, Ventas +2.69%, Kimco +2.28%.
  • Meanwhile, still some notable earnings releases next week: Bath & Body Works, Crowdstrike, HP, Dollar Tree, Campbell Soup, Five Below Inc, Victoria Secret, Toro, Vail Resorts and Docusign.
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