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Late Equity Roundup: Real Estate, Materials Underperform

US STOCKS

Stock indexes, weighed by Real Estate and Materials sectors, extended lows after late headlines from ECBs Lagarde on inflation: "much higher, persistent than anticipated" and of course "expecting to raise rates further".

  • General risk-off tone in the lead-up to Wed's FOMC policy and SEP annc tomorrow at 1400ET followed by Chair Powell presser at 1430ET, Fed expected raise rates 75bp to 2.25-2.5%. Currently, SPX eminis trade -54 (-1.38%) at 3863.5; DJIA -424.47 (-1.37%) at 30603.66; Nasdaq -130.6 (-1.1%) at 11407.11.
  • SPX leading/lagging sectors: Information Technology (-0.75%), Consumer Staples (-0.81%) and Energy (-0.97%) sectors resisting the sell-off, strong demand for Apple (AAPL) helping IT sector. Laggers: As noted, Real Estate (-2.55%), Materials (-2.26%) and Consumer Discretionary (-1.89%) underperforming, consumer durables weighing on the latter, autos pressed with Ford (F) -12.0% today on burgeoning supply cost warnings.
  • Dow Industrials Leaders/Laggers: Apple (AAPL) +1.35 at 155.83, Boeing (BA) +0.51 at 145.39, Walgreens Boots (WBA) -0.45 at 33.70. Laggers: Home Depot (HD) -8.72 at 271.70, Goldman Sachs (GS) -8.11 at 320.58, Caterpillar (CAT) -5.59 at 176.52.
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