Free Trial

Late Equity Roundup: Near Midday Highs, Materials Outperforming

US STOCKS
  • Stocks trading firmer but off midday highs following this morning's mixed data (lower than expected weekly claims, GDP growth steady at 2.1%). Stocks had extended highs at midday - partially tied to a drop in crude prices (WTI -1.78 at 91.90) that helps water down increased rate hike projections to temper inflation. Currently, the DJIA is up 172.07 points (0.51%) at 33723.44, S&P E-Mini Future up 33.5 points (0.78%) at 4347.5, Nasdaq up 139.5 points (1.1%) at 13233.
  • Leaders: Materials, Communication Services and Consumer Discretionary sectors outperformed late, construction material stocks buoyed the former: Martin Marietta Materials +1.68%, Vulcan Materials +1.4%. Media and entertainment stocks helped Communication Services sector: Live Nation +3.05%, Charter Communications +2.35%, News Corp +1.96%.
  • Meanwhile, auto makers underpinned Discretionary sector: Aptiv +3.12%, GM +2.78%, Tesla +2.12%.
  • Laggers: Utilities, Energy and Consumer Staples sectors underperformed, independent power and water providers weighed on the former: AES -5.2%, American Water Works -1.96%. Oil and Gas providers weighed on the Energy sector: Haliburton -.3%, Schlumberger +.23%, Baker Hughes +.77%.
  • Meanwhile, Consumer Staples weighed by household and personal products makers: Proctor & Gamble -0.8%, Kenvue -0.8%.

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.