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Late Equities Roundup: Extending Lows Post FOMC Minutes

US STOCKS
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  • Stocks not liking the minutes from the May 1 FOMC minutes, extending lows as markets focus on the Fed's willingness to hike if necessary to combat inflation -- nothing really new. Currently, the DJIA is down 243.38 points (-0.61%) at 39629.81, S&P E-Minis down 29.25 points (-0.55%) at 5316.5, Nasdaq down 91.3 points (-0.5%) at 16741.12.
  • Energy and Materials sectors continued to underperform in late trade, equipment and services shares weighing on the former: Schlumberger -3.48%, Haliburton -3.0%, Baker Hughes -2.79%. Metals and mining shares weighed on the Materials sector: Freeport McMoRan -5.72%, Newmont -3.68%, Steel Dynamics Inc -1.35%.
  • Health Care and Industrials sectors outperformed late, pharmaceuticals and biotech shares buoyed the Health Care sector: Moderna +10.81%, Pfizer +2.28%, J&J +1.48%. Service providers supported the Industrials sector: Dayforce +2.80%, Equifax +1.92%, Broadridge Financial Services +1.85%.
  • Of note, the IT sector pared back first half support but individual chip stocks remained strong: First Solar +16.2%, Analog Devices +9.09% as a strong outlook outweighed revenue decline, Enphase +8.36%. Reminder, Nvidia and Synopsys report earnings after the close.
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  • Stocks not liking the minutes from the May 1 FOMC minutes, extending lows as markets focus on the Fed's willingness to hike if necessary to combat inflation -- nothing really new. Currently, the DJIA is down 243.38 points (-0.61%) at 39629.81, S&P E-Minis down 29.25 points (-0.55%) at 5316.5, Nasdaq down 91.3 points (-0.5%) at 16741.12.
  • Energy and Materials sectors continued to underperform in late trade, equipment and services shares weighing on the former: Schlumberger -3.48%, Haliburton -3.0%, Baker Hughes -2.79%. Metals and mining shares weighed on the Materials sector: Freeport McMoRan -5.72%, Newmont -3.68%, Steel Dynamics Inc -1.35%.
  • Health Care and Industrials sectors outperformed late, pharmaceuticals and biotech shares buoyed the Health Care sector: Moderna +10.81%, Pfizer +2.28%, J&J +1.48%. Service providers supported the Industrials sector: Dayforce +2.80%, Equifax +1.92%, Broadridge Financial Services +1.85%.
  • Of note, the IT sector pared back first half support but individual chip stocks remained strong: First Solar +16.2%, Analog Devices +9.09% as a strong outlook outweighed revenue decline, Enphase +8.36%. Reminder, Nvidia and Synopsys report earnings after the close.