Free Trial

Late Equity Roundup: Holding Weaker, Narrow Range

US STOCKS
  • Stocks remain modestly weaker late Friday, DJIA underperforming S&P Eminis and Nasdaq stocks on narrow session ranges. Currently, DJIA is down 169.16 points (-0.45%) at 37543.05, S&P E-Mini future down 5.5 points (-0.11%) at 4810.5, Nasdaq down 21.2 points (-0.1%) at 14949.53.
  • Laggers: Consumer Discretionary sector shares led laggers in the second half: auto makers and parts suppliers/producers weaker: Tesla -4.24% as some cited Red Sea attacks have halted factory production there, Borg-Warner -4.31%, Aptiv -3.01%, Ford -2.26% and GM -1.55%.
  • Financial sector shares drew early focus after several banks kicked off the latest earning cycle with mixed results this morning, banks weighing on the Financials sector with Wells Fargo (-3.23%), Zion Bancorp -2.61%, Bank of America (-0.66%).
  • On the flipside: Bank of NY Mellon climbed +3.85%, Citigroup reversed losses to +1.14% while JP Morgan held small gains after reporting +2% revenue in markets (FI gains tempered by losses in equities). It was notable today that JPM raised its CET1 ratio (a key indicator for credit investors) whereas both BAC and Citi saw theirs drop in 4Q23.
  • Leading gainers: Energy and Communication Services sectors outperformed in the second half, oil and gas shares rebounding along with crude prices (WTI off highs to 72.75): Valero +2.18%, Marathon Petroleum +1.94%, Phillips 66 +1.73%. Communication Services sector was buoyed by telecom shares: AT&T +1.32%, Verizon +1.41%, T-Mobile +0.28%.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.