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Late Equity Roundup: Reevaluating Risk, What's Your Vector Victor?

US STOCKS

Stock indexes trading mixed after the FI close, SPX reversed midday gains, joining Dow stocks in modestly weaker territory. Brief negative correlation to rates evaporated in the second half as trifecta of Fed speakers (Daly, Mester, Evans) reminded markets inflation is too high and 75bp hike in Sep not off the table.

  • Early bid for stocks tied by some desks to safe landing in Taiwan by House Speaker Pelosi ebbed as China defense officials calling for military drills around Taiwan during. Other potential factors/tit-for-tat: China ADRs under pressure again, US officials have been eying delisting for months - could accelerate if things go poorly during Asia visit.
  • Currently, SPX eminis trades -9.75 (-0.24%) at 4111; DJIA -269.41 (-0.82%) at 32528.12; Nasdaq +27.5 (0.2%) at 12395.82.
  • Flood of earnings releases continues after the close: Gilead Sciences (GILD) $1.511 est, Pioneer Natural Resources (PXD) $8.856 est, Advanced Micro Devices (AMD) $1.045 est, Occidental Petroleum (OXY) $3.071 est, Chesapeake Energy (CHK) $3.823 est, Starbucks (SBUX) $0.759 est.
  • SPX leading/lagging sectors: Utilities (0.51%), Energy (+0.26%), Communication Services (-0.01%). Laggers: Real Estate (-0.80%), Consumer Stales (-0.63%) and Industrials (-0.52%).
  • Dow Industrials Leaders/Laggers: Travelers (TRV) +2.43 at 158.70, United Health (UNH) +1.35 at 536.73, Salesforce.COM (CRM) +1.06 at 184.05. Laggers: Caterpillar (CAT) -9.46 at 185.4, Visa (V) -4.62 at 206.74.
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