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Late Equities Roundup: Chip Stocks Lead Laggers

US STOCKS
  • Stocks hold moderately weaker in late trade, off midday lows as IT and automakers continue to underperform. Currently, the DJIA is down 61.18 points (-0.16%) at 38567.44, S&P E-Mini Futures -31.5 points (-0.63%) at 4988.75, Nasdaq down -182.4 points (-1.2%) at 15594.12.
  • Laggers: Information Technology and Consumer Discretionary sectors continue to underperform in late trade, semiconductor makers weighing on the former: well ahead of tomorrow afternoon's earnings announcement, Nvidia fell -5.8%, Applied Materials -5.68%, Advanced Micro Devices -5.39%. Meanwhile, auto and parts makers weighed on the Consumer Discretionary sector: Tesla -4.17%, Aptiv -1.82%, Borg Warner -1.37%.
  • Leading gainers: Consumer Staples and Utilities continued to lead gainers in the second half, retail distribution names buoyed the former: Walmart +3.9% after beating earnings estimates this morning - support tempered by announcement to buy TV maker Vizio for $2.3B, Walgreens Boots +2.02%, Dollar Tree +1.87%. Multi energy providers supported the Utilities sector: Pinnacle West +1.63%, PG&E and Southern Company both +1.25%.
  • Looking ahead: corporate earnings on tap after the close: Caesars Entertainment, Diamondback Energy, Costar, Teladoc, Palo Alto Networks and Chesapeake Energy.

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