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Late Equity Roundup: Energy, Retail Distribution Shares Lagging

US STOCKS
  • Stocks have consolidated from this morning's highs after the expected jobless claims gains helped rekindle rate cut pricing in early 2024. That said, late index levels are inside the session range. DJIA shares still underperforming: down 158.76 points (-0.45%) at 34830.96, S&P E-Mini futures down 7 points (-0.15%) at 4512, Nasdaq down 19 points (-0.1%) at 14084.75.
  • Laggers: Energy and Consumer Staples sector shares continue to underperform in late trade, the former weighed by Oil and gas/equipment service stocks as crude prices tumbled (WTI -3.8 to 72.86 in late trade): Baker Hughes -5.02%, Haliburton -4.58%, Schlumberger -4.15%. Retail distribution shares, meanwhile, weighed on the Consumer Staples sector: Walmart -8.06% despite upbeat sales - market focus on cautious forward guidance, Dollar Tree -4.87%, Kroger -4.09%.
  • Leading gainers: Utilities and Communication Services sectors outperformed, electricity providers supporting the former: Southern Co +2.02%, PG&E +1.66%, PPL +1.33%. Meanwhile interactive media and entertainment shares buoyed the Communication Services sector: Google +1.65%, Netflix +0.75%.
  • Corporate earnings expected after the close: Applied Materials, Ross Stores, and Gap Inc.
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