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Late Equities Roundup: IT, Industrials Lead Late Gainers

US STOCKS
  • Stocks holding modest gains in late trade, off midmorning highs after S&P eminis made new cycle highs (ESH4 4898.25). Currently, S&P E-Mini futures are up 12 points (0.25%) at 4881, Nasdaq up 47.1 points (0.3%) at 15357.41, DJIA up 104.57 points (0.28%) at 37963.97.
  • Leading gainers: Information Technology and Industrial sector shares managed to lead gainers in the second half amid broad based profit taking/position squaring. Hardware makers outperformed: Western Digital +5.09%, Zebra Tech +2.46%, Seagate +2.38%. Meanwhile, Industrials were buoyed by broad based gains in transportation and capital goods: JB Hunt +3.39%, Norfolk Southern +3.04%, Builders FirstSource Inc +2.67%.
  • Laggers: Consumer Staples and Consumer Discretionary underperformed in late trade. Food and beverage shares weighed on the former for the second day running: ADM hammered -22.5% after the CFO was put on administrative leave "and cut its earnings outlook pending an investigation into the agricultural trading giant’s accounting practices" Bbg reported. A distant second/third underperformers included Bunge Global -4.39% and Monster Beverage -1.46%. Meanwhile, automakers weighed on Discretionary stocks: Tesla -2.5%, GM -.35%, Ford -.31%.
  • Reminder, corporate earnings on Tuesday: a lot of big names on the schedule: GE, JNJ, Procter & Gamble, 3M, Lockheed Martin, Verizon, Netflix and Texas Instruments tomorrow.

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