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Late Equities Roundup: Late Rout Sends Eminis Back to Mid-March Lvls

US STOCKS
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  • Simmering geopolitical tensions in the Middle East spurred a broad based risk off move late Thursday as stocks reversed gains (DJIA falling over 500.0 after the bell), Gold bounced to 2304.33 high (but retreated to 2285.0 late) while Brent Crude topped 91.00 briefly.
  • Stocks had already begun to reverse midday highs after cautionary policy comments from MN Fed President Kashkari and Cleveland Fed Mester. Mester cautioned not to expect last year's disinflationary pace to continue, while Kashkari said no cut is possible if inflation "stalls".
  • Currently, DJIA is down 530.16 points (-1.36%) at 38596.98, S&P E-Minis down 64.75 points (-1.23%) at 5200.75, Nasdaq down 228.4 points (-1.4%) at 16049.08.
  • Laggers: Information Technology and Health Care sectors underperformed in late trade, chip stocks weighing on the former: Advance Micro Devices -7.94%, Micron -3.19%, Broadcom -3.15%. Biotech shares continued to weigh on the latter: AbbVie -5.26%, Amgen -2.31%, Gilead Sciences -2.03%.
  • Leading Gainers: Energy and Utility sectors outperformed (read: sold off the least) with oil and gas shares supporting the former: Exxon Mobil +0.17%, Chevron -0.19% and Occidental Petroleum -0.27%. Independent and multi energy providers supported the Utility sec tor: NextEra Energy +1.69%, AES Corp +1.31%, American Water Works +1.26%.
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  • Simmering geopolitical tensions in the Middle East spurred a broad based risk off move late Thursday as stocks reversed gains (DJIA falling over 500.0 after the bell), Gold bounced to 2304.33 high (but retreated to 2285.0 late) while Brent Crude topped 91.00 briefly.
  • Stocks had already begun to reverse midday highs after cautionary policy comments from MN Fed President Kashkari and Cleveland Fed Mester. Mester cautioned not to expect last year's disinflationary pace to continue, while Kashkari said no cut is possible if inflation "stalls".
  • Currently, DJIA is down 530.16 points (-1.36%) at 38596.98, S&P E-Minis down 64.75 points (-1.23%) at 5200.75, Nasdaq down 228.4 points (-1.4%) at 16049.08.
  • Laggers: Information Technology and Health Care sectors underperformed in late trade, chip stocks weighing on the former: Advance Micro Devices -7.94%, Micron -3.19%, Broadcom -3.15%. Biotech shares continued to weigh on the latter: AbbVie -5.26%, Amgen -2.31%, Gilead Sciences -2.03%.
  • Leading Gainers: Energy and Utility sectors outperformed (read: sold off the least) with oil and gas shares supporting the former: Exxon Mobil +0.17%, Chevron -0.19% and Occidental Petroleum -0.27%. Independent and multi energy providers supported the Utility sec tor: NextEra Energy +1.69%, AES Corp +1.31%, American Water Works +1.26%.