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Late Equities Roundup: Weaker, Dow Leads Reversal Off New Highs

US STOCKS
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  • Stocks are weaker in late Thursday trade, the Dow leading the sell-off after climbing to new all-time high of 41,370.37 after the open. Headlines from Axios and Reuters discussing the potential for President Biden of not running for reelection coincided with this morning's reversal in index prices.
  • Currently, the DJIA is down 470.75 points (-1.14%) at 40731.88, S&P E-Minis down 53.25 points (-0.94%) at 5587.25, Nasdaq down 179.4 points (-1%) at 17821.43.
  • Health Care and Consumer Discretionary sectors underperformed in the second half, pharmaceutical stocks weighed on the Health Care sector: Eli Lilly -5.81%, Bio-Rad Labs -4.37%, Revvity -3.02%. Broadline retailers displaced IT hardware/software underperformers in the first half, Tractor Supply Co -2.64%, Ulta Beauty -2.22%, Ross Stores and Amazon both -2.15%.
  • Conversely, Energy and Utility sectors led gainers in late trade, oil and gas shares trading firmer: Kinder Morgan +3.70%, Williams Cos +1.97%, Exxon Mobil +1.05%. Meanwhile, electricity suppliers buoyed the Utility sector: NextEra Energy +1.33%, CenterPoint Energy +1.05%, AES Corp +0.86%.
  • Note, after reporting earnings this morning, M&T Bank +0.75%, KeyCorp -4.07%, Blackstone +1.53%, Domino's Pizza down a whopping 13.63% while DR Horton surged 9.82% higher.
  • Upcoming earnings: Netflix, PPG industries and Western Alliance Bancorp late Thursday; Fifth Third, Regions Financial, Comerica, American Express and Huntington Friday.
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  • Stocks are weaker in late Thursday trade, the Dow leading the sell-off after climbing to new all-time high of 41,370.37 after the open. Headlines from Axios and Reuters discussing the potential for President Biden of not running for reelection coincided with this morning's reversal in index prices.
  • Currently, the DJIA is down 470.75 points (-1.14%) at 40731.88, S&P E-Minis down 53.25 points (-0.94%) at 5587.25, Nasdaq down 179.4 points (-1%) at 17821.43.
  • Health Care and Consumer Discretionary sectors underperformed in the second half, pharmaceutical stocks weighed on the Health Care sector: Eli Lilly -5.81%, Bio-Rad Labs -4.37%, Revvity -3.02%. Broadline retailers displaced IT hardware/software underperformers in the first half, Tractor Supply Co -2.64%, Ulta Beauty -2.22%, Ross Stores and Amazon both -2.15%.
  • Conversely, Energy and Utility sectors led gainers in late trade, oil and gas shares trading firmer: Kinder Morgan +3.70%, Williams Cos +1.97%, Exxon Mobil +1.05%. Meanwhile, electricity suppliers buoyed the Utility sector: NextEra Energy +1.33%, CenterPoint Energy +1.05%, AES Corp +0.86%.
  • Note, after reporting earnings this morning, M&T Bank +0.75%, KeyCorp -4.07%, Blackstone +1.53%, Domino's Pizza down a whopping 13.63% while DR Horton surged 9.82% higher.
  • Upcoming earnings: Netflix, PPG industries and Western Alliance Bancorp late Thursday; Fifth Third, Regions Financial, Comerica, American Express and Huntington Friday.