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Late Equities Roundup: Consumer Discretionary, Banks Underperform

US STOCKS
  • Stocks retreated sharply Friday after this morning's lower than expected July employment data, adding to Thursday's rout with S&P Eminis back at late May '24 levels. Levels have recovered slightly with sporadic buying emerging since late Morning.
  • Currently, the DJIA trades down 770.77 points (-1.91%) at 39574.91, S&P E-Minis down 118.5 points (-2.16%) at 5361.5, Nasdaq down 438.4 points (-2.5%) at 16754.45.
  • Consumer Discretionary and Financial sectors underperformed in late Friday trade, auto parts and broadline retailers and weighing on the former: Amazon -9.03%, Bath & Body Works -4.81%, Aptiv -6.1% while Borg Warner declined 3.61%. Banks weighed on the Financial sector: Citigroup -7.3%, Wells Fargo -6.89%, Bank of America -5.52%.
  • Conversely, Consumer Staples and Real Estate sectors continued to outperform in late trade with household and personal products makers supporting the former: Clorox +6.9% after beating earnings expectations yesterday, Procter & Gamble +1.63%, while Colgate Palmolive gained 1.0%. Investment trusts, particularly Specialty and Health Care REITS supported the latter: Public Storage +3.32%, Exeter +2.8%, Ventas +1.81%.
  • Earnings announcement resume late Monday, include the following: Carlyle Group, Diamondback Energy, Realty Income Corp, CSX Corp, Lucid Group Inc, Simon Property Group, ZoomInfo Technologies, Spirit AeroSystems, Definitive Healthcare, Williams Cos, Hims & Hers Health Inc, Palantir Technologies and Crescent Energy.

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