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US STOCKS: Late Equities Roundup: Profit taking Ahead Friday Jobs Data

US STOCKS
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  • Stocks have turned mildly lower in late Thursday trade, profit taking and position squaring ahead of Friday morning's headline employment data for November. Current Bloomberg survey estimate of +218k jobs compares to +12k in October. Reminder, the Federal Reserve also enters it's blackout period at midnight Friday through December 19, the day after the final FOMC policy announcement for 2024.
  • Currently, the DJIA trades down 175.28 points (-0.39%) at 44837.89, S&P E-Minis down 4 points (-0.07%) at 6094.5 compared to new record high of 6107.25 tapped earlier, Nasdaq down 2.6 points (0%) at 19732.6.
  • Consumer Discretionary and Energy sectors led gainers in the second half, autos and travel related shares supporting the former as Tesla gained 2.84%, Marriott Int +1.48%, Expedia +1.46%. Oil and gas stocks buoyed the Energy sector even as crude prices looked to settle lower (WTI -0.10 at 68.44): Kinder Morgan +2.81%, Williams Co +2.56%, Targa Resources +1.71%.
  • On crude prices, OPEC+’s confirmed that it will delay the 2.2m b/d voluntary cut unwinding until April has added support. Meanwhile, there was some pressure on crude from news that Druzhba pipeline flows of Russian crude to the Czech Republic will resume tomorrow.
  • Meanwhile, Materials and Health Care sectors underperformed in late trade. A mix of metals/mining, chemical and packaging stocks weighed on the Materials sector: Ball Corp -7.04%, FMC -3.80%, Mosaic -3.71% while Nucor declined 3.13%.
  • Health Care equipment and services stocks trade weaker: UnitedHealth Group -4.51%, Align Technology -3.54%, Dexcom -2.78%.
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  • Stocks have turned mildly lower in late Thursday trade, profit taking and position squaring ahead of Friday morning's headline employment data for November. Current Bloomberg survey estimate of +218k jobs compares to +12k in October. Reminder, the Federal Reserve also enters it's blackout period at midnight Friday through December 19, the day after the final FOMC policy announcement for 2024.
  • Currently, the DJIA trades down 175.28 points (-0.39%) at 44837.89, S&P E-Minis down 4 points (-0.07%) at 6094.5 compared to new record high of 6107.25 tapped earlier, Nasdaq down 2.6 points (0%) at 19732.6.
  • Consumer Discretionary and Energy sectors led gainers in the second half, autos and travel related shares supporting the former as Tesla gained 2.84%, Marriott Int +1.48%, Expedia +1.46%. Oil and gas stocks buoyed the Energy sector even as crude prices looked to settle lower (WTI -0.10 at 68.44): Kinder Morgan +2.81%, Williams Co +2.56%, Targa Resources +1.71%.
  • On crude prices, OPEC+’s confirmed that it will delay the 2.2m b/d voluntary cut unwinding until April has added support. Meanwhile, there was some pressure on crude from news that Druzhba pipeline flows of Russian crude to the Czech Republic will resume tomorrow.
  • Meanwhile, Materials and Health Care sectors underperformed in late trade. A mix of metals/mining, chemical and packaging stocks weighed on the Materials sector: Ball Corp -7.04%, FMC -3.80%, Mosaic -3.71% while Nucor declined 3.13%.
  • Health Care equipment and services stocks trade weaker: UnitedHealth Group -4.51%, Align Technology -3.54%, Dexcom -2.78%.