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Late Equity Roundup: Supply Disruptions, Inflation Metrics Weigh

US STOCKS
Trading weaker after the FI close, major indexes reversed early session gains and continued to sell-off through the second half
  • Unlikely related to StL Fed President Bullard comments on Fox Business interview, but Tsys have pared gains and equities staged modest rebound off lows, held near lows late: SPX emini futures currently -55.25 (-1.42%) at 3841.25, Dow Industrials -360.18 (-1.15%) at 30887.12, Nasdaq -246.1 (-2.2%) at 11139.39.
  • Nascent risk-off momentum likely gained - likely due to supply-chain disruptions and the resulting inflation tied to China zero tolerance for Covid infections. puts additional focus on next week's earnings: Best Buy (BBY) reports early Tuesday, Toll Bros (TOL) after the close Tue along w/ Intuit (INTU) and Nordstrom (JWN).
  • SPX leading/lagging sectors, little change: Real Estate (+0.33%) investment funds outperforming, Health Care (+0.08%) as biotech/pharmaceuticals see support.
  • Laggers: Consumer Discretionary (-3.23%) w/ auto shares underperforming (Tesla -9.47% to 642.16) followed by Industrials (-2.22%) as road and rail names under pressure for a second day running.
  • Dow Industrials Leaders/Laggers: McDonalds (MCD) +1.81 at 230.81, JNJ +1.40 at 175.34, Salesforce (CRM) +1.06 at 156.66. Laggers: Caterpillar (CAT) continued to sell off: -11.96 at 194.88, Boeing (BA) -9.01 at 118.13 and Goldman Sachs (GS) -7.37 at 300.83.

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