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Late Equities Roundup: Paring Post-FOMC Gains, Risk-OffSelling

US STOCKS
  • Stocks remain well bid in late trade, scaling off post-FOMC highs amid a blend of risk-off selling as Iran called for reprisal for Israel's Tuesday attack on Haniyeh, and profit taking as focus turns to Friday's employment report. Not far off the mid-July all-time high of 41,368.08, the DJIA is up 147.79 points (0.36%) at 40891, S&P E-Minis up 85.75 points (1.57%) at 5559.5, Nasdaq up 442 points (2.6%) at 17591.3.
  • Information Technology and Consumer Discretionary sectors continued to outperform in late trade. Still off mid-June highs, Nvidia led gainers, up 13.55%, followed by Broadcom +11.5%, Arista Networks 10.97% and Monolithic Power +9.54.
  • Consumer Discretionary sector shares were supported by auto component makers: after exceeding earnings estimates, BorgWarner trades +9.98%, while Aptiv climbed 3.74% off 52 week lows.
  • Of note, oil and gas shares traded strong as crude rallied (WTI +3.54 at 78.28): Diamondback Energy +2.37%, Devon Energy +2.19%, Marathon +1.77%.
  • Health Care and Financial sectors underperformed in lat etrade, equipment and Services shares weighed on the Health Care sector: Humana -11.53% after cutting it's 2024 outlook amid rising medical costs, CVS -3.58%, and Incyte Corp -3.13%. Banks weighed on Financials: Bank of America -1.84%, JP Morgan -0.92%, USB -0.81%.
  • Heavy earnings announcement schedule continues after today's close include: Allstate, Host Hotels, Corteva Inc, MGM Resorts, AIG, Meta, Carvana, QUALCOMM, Lam Research, Western Digital, Cognizant Tech, Albemarle, Bally's Corp, Eversource Energy, American Water Works, APA Corp, eBay, Teladoc Health, Etsy, Noble Corp PLC and Goodyear Tire.
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