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Late Equity Roundup: Late Earnings for AAPL, INTC, AMZN on Tap

US STOCKS

Stocks holding to narrow band near late session highs after the FI close. Currently, SPX eminis trade +50.25 (1.25%) at 4075; DJIA +369.79 (1.15%) at 32571.72; Nasdaq +125 (1%) at 12158.34.

  • Initial support on rates pricing in less aggressive rate hike expectations after U.S. GDP contracted by 0.9% in the second quarter, far below analyst expectations for a 0.4% gain. Sources cite rally in DAX (+115.73 at 13282.11) and carry-over bid in Microsoft for SPX rally that kicked off at midmorning.
  • Earnings after the close: Apple (AAPL) $1.158 est, Olin Group (OLN) $2.539% est, Intel (INTC) $0.693 est, Amazon (AMZN) $0.137 est.
  • SPX leading/lagging sectors: Utilities took the lead late (+3.39%) followed by Real Estate (+3.30%) supported by Equinix (EQIX) +8.50%, while Industrials gained (+2.14%). Laggers: Communication Services receding after Wed's strong gains (-0.78%) with cable and satellite names underperforming (Charter -9.35%, Comcast -8.46%, Dish -3.41%), followed by Energy sector (+0.30%).
  • Dow Industrials Leaders/Laggers: United Health (UNH) +8.85 at 543.46, carry-over bid for Microsoft (MSFT) +8.55 to 277.29, Honeywell (HON) +7.00 at 190.66. Laggers: Continued weakness for Travelers (TRC) -3.02 at 155.94, Amgen (AMGN) -0.78 at 250.94, Merck (MRK) -0.52 at 90.71
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