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Late Equity Roundup: Off Lows, Energy Sector Leads

US STOCKS

Stocks still weaker after the FI close, but near late session highs -- bouncing after July FOMC minutes release deemed less hawkish. Currently, SPX eminis trade -31 (-0.72%) at 4277.25; DJIA -172.43 (-0.5%) at 33980.63; Nasdaq -154.5 (-1.2%) at 12948.79.

  • Stocks had followed Tsys lower since overnight after UK CPI surged (+0.6% MoM; +10.1 YoY) triggered extended rate hike expectations into 2023 (hopes of rate cut in 2023 evaporating).
  • Equity earnings after the close: Synopsys (SNPS) $2.038 est; Cisco (CSCO) $0.816 est; Bath and Body Works (BBBI) $0.446 est. Earlier: Target (TGT) earnings miss (irony) -$0.39 vs. $0.725 est. Meanwhile, Lowe's Group (LOW) beat: $4.67 vs $4.611 est; Analog Devices (ADI) beat: $2.52 vs. $2.442 est.
  • SPX leading/lagging sectors: Energy continued to outperform (+0.65%) lead by petroleum shares: Valero (VLO) +4.34%, Marathon (MPC) +2.35%, ConocoPhillips (COP) +1.45%; Utilities (-0.21%) and Consumer Staples (-0.19%) follow. Laggers: Communication Services (-1.63%) w/ media/entertainment underperforming, followed by Materials (-1.46%) and Consumer Discretionary (-1.04%).
  • Dow Industrials Leaders/Laggers: Apple (AAPL) +2.31 at 175.36, McDonalds (MCD) +1.32at 137.88, IBM +1.30 at 137.86. Laggers: Boeing (BA) -4.33 at 167.75, Visa (V) -2.74 at 214.30, 3M (MMM) -2.84 at 147.42.
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