October 09, 2023 19:21 GMT
Late Equities Roundup: Oil Servicers, Defense Stocks Outperform
US STOCKS
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- Stocks rebounded in the second half, the surprise attack by Hamas against Israel over the weekend helping oil and defense stocks lift indexes to session highs in late trade. Currently, S&P E-Mini futures are up 26.25 points (0.6%) at 4368.25, DJIA up 174.03 points (0.52%) at 33582.88, Nasdaq up 53.2 points (0.4%) at 13485.2.
- Leaders: Energy and Industrials outperformed early Monday, a broad based rally in oil and gas stocks supported Energy as crude rallied (WTI +3.67 at 86.46) in reaction to the attack on Israel: Haliburton +7.06%, Schlumberger +4.85%, Baker Hughes +3.4%. Meanwhile, Industrials sector buoyed as Aerospace and Defense shares remained strong in late trade: Northrop Grumman +11.2%, L3Harris Tech +9.9%, General Dynamics +8.6%.
- Laggers: Consumer Staples,. Financials and Consumer Discretionary sectors underperformed, the former weighed household and personal product stocker weighed on Consumer Staples: Estee Lauder -2.45%, Clorox -1.34%, Proctor & Gamble -0.8%. Meanwhile, Financial services shares traded weaker: Fidelity National -1.76%, State Street Corp and Morgan Stanley -0.6%. Cruise line weighed on the Consumer Discretionary sector: Carnival -4.64%, Royal Caribbean -3.06%, Norwegian -1.62%.
- Reminder, Q4 earnings cycle gets underway with several bank shares reporting this Friday: JP Morgan, Wells Fargo, Blackrock, PNC Financial and Citigroup expected.
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