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Late Equities Roundup: Off Highs, IT Leads; NYCB Gets $1B Investment

US STOCKS
  • Still bid, stocks have pared gains in the second half with large sell programs reported in S&P Eminis (appr 40,000 from 5125.5 to 5107.0). Still off Monday's highs, stocks had reacted positively to lower than expected ADP private employment data and Federal Reserve Chairman Powell's testimony to congress deemed less hawkish than it could have been. Currently, DJIA is up 58.14 points (0.15%) at 38640.83, S&P E-Minis up 25.25 points (0.5%) at 5110.5, Nasdaq up 102.6 points (0.6%) at 16040.48.
  • Leading Gainers: Information Technology and Health Care sectors outperformed in late trade. Continued demand for high end chips for AI applications supported IT: Skyworks +5.17%, Hewlett Packard Ent +4.97%, Nvidia +3.85% Qualcomm +3.65%. Health Care outpaced earlier gains in the Energy sector: Dexcom surged +8.62% after receiving FDA clearance for a glucose sensor, ResMed +2.56%, GE Healthcare Tech +2.33%.
  • Laggers: Communication Services and Consumer Discretionary sectors continued to underperform late, with a mix of media/entertainment and telecom shares weighing on the former: Charter Communications -3.4%, Disney -2.6%, Verizon -1.15%. Automakers weighed on the Consumer Discretionary sector for the third day running, led by Tesla again -2.06%, while Ford traded -1.59%, GM -1.67%.
  • Of note, NY Community Bank shares stopped trading after falling over 40% after announcing the beleaguered regional bank was looking for a capital infusion. Shares surged over 30% in late trade after headlines announced the bank received over $1B from a consortium of investors that included "LIBERTY STRATEGIC, HUSDON BAY and REVERENCE", Bbg.
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