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Late Equity Roundup: Near Lows, Nasdaq Underperforming

US STOCKS
  • Stocks are back near midmorning lows in late trade, Nasdaq underperforming while Dow Industrials reverse midday gains. Information Technology and Communication Services sector shares weighing. At the moment: the DJIA is down 50.61 points (-0.13%) at 37641.25, S&P E-Mini future are down 44.5 points (-0.92%) at 4775.5, Nasdaq down 277.9 points (-1.9%) at 14733.02.
  • Laggers: Information Technology and Communication Service sector shares underperformed, hardware and semiconductor stocks weighing on the former: AMD -6.1%, Intel -4.8%, Apple -4.18%, Seagate -2.75%. Meanwhile, Media and entertainment shares weighed on Communication Services: Netflix -4.5%, Meta -2.77%, Paramount -2.47%.
  • Leading gainers: Health Care and Energy sector shares outperformed in late morning trade, biotechnology shares leading the former: Moderna surged +13.23% after Oppenheimer upgraded the stock to outperform while the vaccine maker's CEO reiterated the company's goal of achieving sales growth in 2025, Reuters reported. Other leaders included Viatris +4.76% and Pfizer +3.96%. Meanwhile, oil and gas stocks buoyed the former: Exxon Mobil +2.57%, Pioneer Natural Resources +2.56%, Marathon Petroleum +2.43%.
  • Reminder, the next quarterly earnings cycle starts in earnest next week Friday with UnitedHealth, BlackRock, Bank of America, Wells Fargo, JPMorgan, Citigroup and Bank of NY Mellon.
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