Late Equity Roundup, Off Midday Lows

Stocks broadly weaker after the FI close are off midday lows, late position squaring profit taking in rates and stocks. Heavy FI short end selling (2YY topped 3% to 3.0528% a 14Y high) after establishing session lows by midmorning following CPI inflation 1.0% jump in May after rising 0.3% in April. Barclays calling for surprise 75bp hike from Fed next week.

• SPX eminis fell below 3900.0 briefly to 3899.5 low, with attn on key support of 3872.00/3807.50 (Low May 24 / Low May 20 and bear trigger). after the bell, ESM2 trades -90 (-2.24%) at 3925.75.
• SPX leading/lagging sectors: Consumer Staples (+0.05%) with food, beverage and tobacco outperforming, followed by Utilities (-0.36%) and Energy (-1.10) a distant third. Laggers: Consumer Discretionary (-3.80%) with retailing, autos and consumer services equally weighing on the sector. Information Technology (-3.27%) and Financials followed (-3.09%), banks weighing heavily on the latter.
• DJIA -662.4 (-2.05%) at 31607.89; Nasdaq -347.7 (-3%) at 11405.04.
• Dow Industrials Leaders/Laggers: Walmart (WMT) continued to gain in late trade, +1.43 at 122.44, followed by Verizon (VZ) +0.31 at 51.25. Laggers: weaker but off midday lows: Goldman Sachs (GS) -15.06 at 289.16, Microsoft (MSFT) -9.20 at 255.59 and Home Depot (HD) -8.64 at 291.22.