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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessLate Equities Roundup: Risk-Off, Profit Taking, Position Squaring
- 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.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.