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Late Equities Roundup: Risk-Off, Profit Taking, Position Squaring

US STOCKS
  • A confluence of factors continue to weigh on stocks that are at or near session lows in late trade. This morning's softer data helped get the profit taking/position squaring ball rolling ahead of Friday's employment data risk. Similar to late Wednesday's sell-off after Iran called for retribution against Israel for the killing of political leader Haniyeh, early support for stocks evaporates after Hezbollah said they want to "WANT TO RESPOND IN A REAL WAY, NO THEATRICS" Bbg.
  • Currently, the DJIA is down 700.31 points (-1.71%) at 40140.58, S&P E-Minis down 106.25 points (-1.91%) at 5451.25, Nasdaq down 519.3 points (-3%) at 17078.64.
  • Information Technology and Energy sectors continued to underperform in late trade, semiconductors reversing midweek gains: Qualcomm -9.13% despite strong EPS, Lam Research -10.77%, Advanced Micro Devices -8.26%. Oil and Gas shares also pared midweek gains as crude pared midweek gains (WTI -1.35 at 76.56): Hess -7.91%, Devon Energy -5.0%, Chevron -4.96%.
  • On the flipside, Utilities and Real Estate sectors outperformed, multi-energy providers buoyed the Utility sector: Entergy +3.90%, Dominion +3.85%, Southern Co +3.8%. Meanwhile, investment trusts, particularly Specialty and Residential REITS supported the latter: Iron Mountain +6.32%, Mid-America Apartment +4.75%, American Tower +3.24%.
  • Heavy earnings announcement schedule continues after today's close:Amazon, Roku Inc, GoDaddy, DoorDash, DraftKings Inc, Floor & Decor Holdings, Block Inc, Ventas, Booking Holdings Inc, Coinbase, Clorox, US Steel, Mettler-Toledo Int, EOG Resources, AES Corp, Vertex Pharmaceuticals, Bio-Rad Laboratories, Cable One, Intel, Twilio Inc, Apple Inc, Cloudflare, Microchip Technology, Monolithic Power and Motorola Solutions Inc.
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