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Late Equity Roundup: Mildly Weaker, Consumer Discretionary Weighs

Stock trading mildly weaker after the FI close, near the middle of wide range on modest position squaring ahead the weekend. Currently, SPX eminis trades -21.5 (-0.52%) at 4131.75; DJIA -14.29 (-0.04%) at 32715.8; Nasdaq -121.6 (-1%) at 12599.4.
  • Much stronger than expected jobs gains for July: +528k vs. +250k est , weighed on Tsy and equity markets as strong data spurs recession bet positioning as payrolls close gap with pre-pandemic levels, 75bp rate hike in September getting priced in again.
  • SPX leading/lagging sectors: Energy sector rebounds (+2.30%) lead by EOG Resources (EOG) +6.91%, Diamond back Energy (FANG) +4.64%; Financials (+0.72%) followed by Materials (+0.06%). Laggers: Consumer Discretionary (-2.06%) weighed down by autos, particularly Tesla (-6.76%), Communication Services (-1.21%) w/ media and entertainment lagging, followed by Information Technology (-0.53%).
  • Dow Industrials Leaders/Laggers: JP Morgan (JPM) +3.47 at 115.83, Chevron (CVX) +3.14 at 154.28, Goldman Sachs (GS) +3.01 at 334.88. Laggers: Boeing (BA) -2.13 at 164.37, McDonalds (MCD) -1.92 at 258.72, Microsoft -1.74 at 281.91.

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