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Late Equities Roundup: Crude Surge Buoys Energy Sector Stocks

US STOCKS
  • Stocks remain mixed in late Friday trade, off early, pre-data highs with Dow stocks still outperforming. Currently, S&P E-Mini futures are down 27.5 points (-0.63%) at 4356, Nasdaq down 169.3 points (-1.2%) at 13411.88, DJIA up 4.98 points (0.01%) at 33649.24.
  • Leaders: Energy, Utilities and Consumer Staples sectors outperformed in late trade, oil and gas shares buoyed the former as crude prices surged higher on Middle East concerns (WTI +4.59 at 87.50): APA +5.3%, Marathon +4.55%, EOG Resources +4.1%. Gas and electricity providers supported the Utilities sector: ATO +1.12%, NextEra +2.26%, PG&E +1.41%.
  • Of note, Financial sector shares firmer but off first half highs. Banks still leading in late trade: JP Morgan, PNC Financial, Blackrock, Wells Fargo and Citigroup all beat Q4 earnings expectations this morning: Wells +3.93%, JPM +3.1%, Citi +2.53%.
  • Laggers: Consumer Discretionary, Information Technology and Communication Services sectors underperformed, autos weighed on the former amid renewed threat of union worker strikes: Aptiv -2.52%, GM -2.34%, BorgWarner -1.58%, Ford -1.42%. Semiconductor shares weighed on the IT sector: ON Semiconductor -4.16%, NXP -3.93%, Teradyne and Microchip Technology both -3.75%. Media and entertainment shares weighing on the former in early trade: Match Group -5.5%, Meta -3.22%, Live Nation -2.50%.
  • Banks announce Q4 earnings early next week: Next Monday: Charles Schwab; Tuesday: Bank of NY Mellon, Bank of America, Goldman Sachs.
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