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Late Equity Roundup: Mildly Weaker, Consumer Discretionary Weighs

US STOCKS
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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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.