Late Equity Roundup: Higher Implied Rate Hikes Sap Stocks

Stocks continue to extend lows in late trade, traders partially tying sell-off to rise in implied rate hike probability and terminal rate to 5.36%. SPX eminis currently trading -81 (-1.98%) at 4006.25; DJIA -679.42 (-2.01%) at 33144.92; Nasdaq -273.2 (-2.3%) at 11513.23.

• SPX leading/lagging sectors: Consumer Discretionary leads laggers (-3.20%) w/ autos (F -5.08%, Tesla -4.08%, GM -4.34%) and retailers (CarMax -6.43%, Home Depot -6.20%, Lows -5.17%) weighing. Industrials and Financials both -2.4%, banks weighing on the latter (SBNY -6.36%, FRC -5.0%, Key -3.84%).
• Leaders: Consumer Staples (-0.32%), Energy (-0.42%) and Health Care (-1.41%), equipment and suppliers weighing on the latter (EW -3.95%, IDXX -3.91%, LH -3.37%).
• Dow Industrials Leaders/Laggers: Walmart +0.82 at 147.26 (off lows following earning's annc this morning, margins on the rise), PG -0.05 at 139.95, KO -0.27 at 59.85. Laggers: Home Depot (HD) hammered -20.35 at 297.60, Goldman Sachs (GS) -7.87 at 360.63., United Health (UNH) -7.66 at 491.42.
• Equity earnings continue after the close: FANG ($5.23 est), PSA ($3.97 est), TOL ($1.38 est), CHK ($2.86 est).