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Late Equities Roundup: Narrow Range After S&P/Nasdaq Mark New Highs

US STOCKS
  • Stocks remain mixed in late trade, holding to a narrow range after scaling off midmorning highs shortly after Fed Chairman Powell's semi-annual testimony to Congress. S&P Eminis and Nasdaq indexes marked new all-time highs for the sixth consecutive session (5,642.75 and 18,505.82 respectively) after Fed Chairman Powell all but ruling out further rate hikes citing labor market cooling.
  • Currently, the DJIA trades down 85.04 points (-0.22%) at 39259.86, S&P E-Minis up 6.25 points (0.11%) at 5631.75, Nasdaq up 30.3 points (0.2%) at 18433.77.
  • Financials and Consumer Discretionary sectors led gainers in late trade, banks continued to support the former: Citigroup +2.64%, Bank of America +2.26%, Citizens Financial Group +1.88%. Reminder, banks highlight the latest equity earnings cycle that kicks off Friday: Wells Fargo, Bank of NY Mellon, JP Morgan and Citigroup.
  • Auto maker Tesla gained 3.85% in the second half, helping the Consumer Discretionary sector outpace earlier gains in Communication Services.
  • On the flipside, Materials and Energy sectors continued to underperform in late trade, chemical companies weighed on the former w/ Albemarle -7.5% as falling lithium prices spurred multiple downgrades. FMC Corp -2.53%, Dow -2.1%. Energy equipment and services shares trade weaker: Baker Hughes -1.95%, Schlumberger -1.71%, Haliburton -0.75%.
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