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Late Equity Roundup: Paring Losses


Stocks remain weaker ahead the FI close, SPX near lowest levels since January 20 tapped in the first (ESH3 3951.75) after hot PCE data sapped risk appetite on sticky inflation. SPX eminis are drawing late short covering last few minutes, currently trading -37 (-0.92%) at 3981.25; DJIA -262.3 (-0.79%) at 32891.28; Nasdaq -182.2 (-1.6%) at 11407.77.

  • SPX leading/lagging sectors: Still weaker but off lows: Information Technology (-1.84%) and Consumer Discretionary (-1.69%) and Real Estate (-220%) sectors lead the sell-off. IT weighed by Autodesk (ADSK) -12.7% after missing earnings est late Thu, Adobe -7.47%; auto makers weighing on consumer discretionary: Tesla -3.43%, F -1.78%, GM -0.76%.
  • Leaders: Materials (+0.37%) buoyed by industrial gas shares (LIN +3.98%, APD +0.5%), Financials (+0.11%) and Utilities (+0.7%) with banks helping the former (Zion +1.10%, JPM +0.70%, CMA +0.39%).
  • Dow Industrials Leaders/Laggers: JPM +1.06 at 140.73, DOW +0.19 at 57.38, Verizon (VZ) steady at 38.53. Laggers: Boeing (BA) -8.86 at 199.27, Microsoft (MSFT) -6.26 at 248.51, United Health (UNH) -4.20 at 487.49.
  • Earnings cycle starts to wind down next week, Occidental Petroleum after Mon's close (OXY 1.79 est), AutoZone (AZO $21.75 est) and Target (TGT $1.47 est) early Tuesday

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