Late Equity Roundup: Materials and Defense Shares Lead Rebound
Stocks back near opening levels after the FI bell, with light selling into late session highs at the moment. Higher than expected Nov jobs gain of +263k (+200k est) not high enough to seriously dampen expectations of a step-down to 50bp hike at Dec 14 FOMC -- triggered dip buyers through the session.
- Stocks gained further support after headlines the EU has agreed to put a "$60 price cap" on "Russia oil exports" (Tsys bounced/US$ weakened, but no react in WTI or Brent crude, however). SPX eminis currently trade -13 (-0.32%) at 4068.75; DJIA -20.64 (-0.06%) at 34374.28; Nasdaq -42.4 (-0.4%) at 11440.34.
- SPX leading/lagging sectors: Materials (+1.10%) w/ Albermarle Corp (ALB) +3.45%, FMC Corp (FMC) +3.21% and Sherwin-Williams (SHW) +2.99%; Industrials (+0.57%) lead by capital goods, specifically aerospace and defense shares: Huntington Ingalls Ind (HII) +4.08%, Boeing (BA) +4.30%, Northrop Grumman (NOC) +3.15%. Laggers: After making decent gains the last few sessions Information Technology sector underperforming (-1.35%), weighed by semiconductor shares (AMD -2.37%, Micron -1.89%, Intel -1.74%).
- Dow Industrials Leaders/Laggers: Boeing (BA) +7.41 at 183.19, Honeywell (HON) +1.19 at 218.58, PG +1.27 at 150.52. Laggers: Salesforce.com (CRM) continued the week's slide -2.76 at 144.24, Goldman Sachs (GS) -4.10 at 380.51, Chevron (CVX) falling late as crude traded weaker (CVX) -1.57 at 180.92.