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Late Equities Roundup: Clawing Higher: IT, Comm-Services Lead

US STOCKS
  • Stocks remain mixed late Tuesday after paring early gains, Nasdaq outperforming near steady S&P Eminis and weaker DJIA indexes. Overall narrow ranges in the lead-up to Wednesday's CPI and FOMC data/event risk remain.
  • Currently, the DJIA is down 132.45 points (-0.34%) at 38734.67, S&P E-Minis up 5.25 points (0.1%) at 5376.25, Nasdaq up 114.7 points (0.7%) at 17306.52.
  • Information Technology and Communication Services sectors outperformed in late trade, hardware makers supporting the former, most notably Apple Inc +6.1% after a long awaited AI software introduction (and despite threat from Elon Musk of barring Apple integration with Tesla for same AI). Other leaders include First Solar +4.3%, Arista Networks +2.13% while Seagate +1.79%.
  • Interactive media and services shares supported the Communication Services sector: Paramount +3.42%, Electronic Arts +0.90%, Warner Brothers +0.68%.
  • Financials and Utility sector shares continued to underperform late trade, banks weighing on the former as US regionals took cues from EU banks amid political uncertainty following weekend parliamentary elections. Citigroup -3.5%, JP Morgan -2.46%, Bank of America and M&T bank both -2.1%.
  • Reversing prior session gains, electricity providers weighed on the Utility sector: NextEra Energy -6.02% after lower than expected profit forecasts, Southern Co -0.54%, Duke Energy -0.48%.
  • Notable earnings releases: Casey's General Store and Oracle after today's close, Broadcom late Wednesday, Adobe and Lennar Group late Thursday.
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