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Late Equity Roundup: Trimming Losses, NASDAQ Outperforming

US STOCKS

Stocks turning mixed in late FI trade, well off lows with Nasdaq outperforming.

Stocks bounced earlier after Fed Gov Waller cooled carry-over expectations of a 100bp hike at July FOMC after yesterday's "major league" CPI read.

  • While the June CPI may have "anchored" Waller's 75bp hike expectation in a couple weeks, He would "lean toward larger, full-point" hike if "retail sales, housing data are 'materially stronger than expected' Rtrs reported.
  • SPX eminis currently trading -10.25 (-0.27%) at 3793; DJIA -146.43 (-0.48%) at 30624.17; Nasdaq +9.6 (0.1%) at 11256.33.
  • SPX leading/lagging sectors: Information Tech continues to outperform (+1.15%), Consumer Staples (+0.12%), Utilities (-0.15%). Laggers: Energy (-2.82%), Materials (-2.21%), and Financials (-1.86%).
  • Dow Industrials Leaders/Laggers: Apple (AAPL) pulls ahead +3.08 at 148.58, Boeing (BA) +2.69 at 146.64, while Walmart (WMT) gains +2.73 at 128.10. Laggers: Goldman Sachs (GS) -8.38 at 281.77, JPM -4.30 at 107.61, MS -0.55 at 74.43.
  • Earnings: Morgan Stanley earnings miss (1.44 vs. 1.57 est) after JP Morgan (2.76 vs. 2.883 est) -- both citing unprecedented volatility and deteriorating macro conditions. Bank of NY Mellon, Wells Fargo, Citi Group, Blackrock, State Stree and US Bancorp on Friday.

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