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Late Equities Roundup: IT, Communication Services Still Lagging

US STOCKS
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  • Stocks remain mixed in late Friday trade, well off early overnight lows with the DJIA outperforming. Stocks came under heavy selling early overnight amid reports that Israel had counterattacked Iran.
  • Stocks gradually recovered as both side downplayed the attack, marking session highs around midmorning before position squaring saw prices recede ahead of the weekend. Currently, DJIA is up 105.26 points (0.28%) at 37882.02, S&P E-Minis down 51.5 points (-1.02%) at 4998.25, Nasdaq down 330.5 points (-2.1%) at 15271.64.
  • Laggers: Information Technology and Communication Services sector shares continued to underperform in late trade, chip stocks weighing on the former: Nvidia -7.12%, Advanced Micro Devices -4.66%, Micron -4.40%. Interactive media and entertainment weighed on Communication Services sector, specifically Netflix down approximately 8.5% despite strong subscriber gains - as 2Q revenue forecast underwhelms. On the flipside - Paramount surged 12.5% amid M&A bidding war between Skydance, Sony and Apollo.
  • Meanwhile, Utilities and Energy sector shares continued to lead gainers in late trade. Multi energy shares supported the Utility sector: Entergy +2.76%, Edison Int +2.70%, Dominion Energy +2.49%. Oil and gas shares buoyed the former: Kinder Morgan +3.32%, ONEOK +2.18%, Williams Cos +2.02%.
  • Corporate earnings expected early next week: Monday: Verizon, Nucor, Albertsons, Alexandria Real Estate, Globe Life; Tuesday: Pepsico, UPS, GM, Halliburton, Philip Morris, Pulte, Freeport McMoRan, Lockheed Martin, JetBlue, GE, Kimberly-Clark, Sherwin-Williams, Baker Hughes, Tesla, Texas Instruments, Visa, Enphase, Seagate.
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  • Stocks remain mixed in late Friday trade, well off early overnight lows with the DJIA outperforming. Stocks came under heavy selling early overnight amid reports that Israel had counterattacked Iran.
  • Stocks gradually recovered as both side downplayed the attack, marking session highs around midmorning before position squaring saw prices recede ahead of the weekend. Currently, DJIA is up 105.26 points (0.28%) at 37882.02, S&P E-Minis down 51.5 points (-1.02%) at 4998.25, Nasdaq down 330.5 points (-2.1%) at 15271.64.
  • Laggers: Information Technology and Communication Services sector shares continued to underperform in late trade, chip stocks weighing on the former: Nvidia -7.12%, Advanced Micro Devices -4.66%, Micron -4.40%. Interactive media and entertainment weighed on Communication Services sector, specifically Netflix down approximately 8.5% despite strong subscriber gains - as 2Q revenue forecast underwhelms. On the flipside - Paramount surged 12.5% amid M&A bidding war between Skydance, Sony and Apollo.
  • Meanwhile, Utilities and Energy sector shares continued to lead gainers in late trade. Multi energy shares supported the Utility sector: Entergy +2.76%, Edison Int +2.70%, Dominion Energy +2.49%. Oil and gas shares buoyed the former: Kinder Morgan +3.32%, ONEOK +2.18%, Williams Cos +2.02%.
  • Corporate earnings expected early next week: Monday: Verizon, Nucor, Albertsons, Alexandria Real Estate, Globe Life; Tuesday: Pepsico, UPS, GM, Halliburton, Philip Morris, Pulte, Freeport McMoRan, Lockheed Martin, JetBlue, GE, Kimberly-Clark, Sherwin-Williams, Baker Hughes, Tesla, Texas Instruments, Visa, Enphase, Seagate.