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Late Equities Roundup: Software, Interactive Media Underperforming

US STOCKS
  • Stocks remain weaker in late trade after attempting to reverse losses earlier in the second half. Generally quiet two-way positioning ahead of Friday's key PCE data and month end rebalancing. Currently, the DJIA is down 307 points (-0.8%) at 38134.52, S&P E-Minis down 20.5 points (-0.39%) at 5263.5, Nasdaq down 118.6 points (-0.7%) at 16801.3.
  • Information Technology and Communication Services sectors continued to underperform in late trade, software and services weighing on the former: Salesforce hammered -21.45% after yesterday's earnings spurred multiple downgrades this morning, ServiceNow Inc -11.47%, Adobe -5.65% and Intuit -5.30%.
  • Interactive media and entertainment shares weighed on Communication Services: Google -1.79%, Meta -1.17%, Electronic Arts -0.95%.
  • Meanwhile, Real Estate and Utility sectors outperformed in late trade, real estate investment trusts, particularly industrial and health care REITs: Prologis +1.90%, Ventas +3.37%, Healthpeak Properties +2.00%.
  • Independent power providers outpaced airfreight and logistics shares earlier, AES +2.66%, Constellation Energy and Xcel Energy both +1.35%.
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  • Stocks remain weaker in late trade after attempting to reverse losses earlier in the second half. Generally quiet two-way positioning ahead of Friday's key PCE data and month end rebalancing. Currently, the DJIA is down 307 points (-0.8%) at 38134.52, S&P E-Minis down 20.5 points (-0.39%) at 5263.5, Nasdaq down 118.6 points (-0.7%) at 16801.3.
  • Information Technology and Communication Services sectors continued to underperform in late trade, software and services weighing on the former: Salesforce hammered -21.45% after yesterday's earnings spurred multiple downgrades this morning, ServiceNow Inc -11.47%, Adobe -5.65% and Intuit -5.30%.
  • Interactive media and entertainment shares weighed on Communication Services: Google -1.79%, Meta -1.17%, Electronic Arts -0.95%.
  • Meanwhile, Real Estate and Utility sectors outperformed in late trade, real estate investment trusts, particularly industrial and health care REITs: Prologis +1.90%, Ventas +3.37%, Healthpeak Properties +2.00%.
  • Independent power providers outpaced airfreight and logistics shares earlier, AES +2.66%, Constellation Energy and Xcel Energy both +1.35%.