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Late Equity Roundup: Paring Losses Ahead Corporate Earnings

US STOCKS
  • Stocks are still weaker but paring losses in late Thursday trade, short covering ahead another round of corporate earnings after the close that includes: L3Harris, Ford, Juniper Networks, Olin, Capital One, Intel, US Steel and Amazon. Currently, the DJIA is down 88.99 points (-0.27%) at 32944.3, S&P E-Mini futures down 29.5 points (-0.7%) at 4177.5, Nasdaq down 160.2 points (-1.2%) at 12658.2.
  • Laggers: Communication Services, Information Technology and Energy sectors continued to underperform, media and entertainment weighing on the former with Meta -3.8%, Charter Comm -2.95%, Google -2.35%. Meanwhile Comcast shed -8.2% after beating estimates but annc'd a drop in broadband subscribers.
  • Hardware/software makers weighed on the IT sector: Western Digital -9.7% after merger with Japan's Kioxia is called off, Arista Networks -7.47%, Microsoft -3.45% and Nvidia -3.3%. Meanwhile, Energy sector shares weighed by weaker crude prices (WTI -2.10 at 83.29): Diamondback -2.45%, Halliburton -2.35%, APA -2.1%.
  • Leaders: Real Estate and Materials sectors continued to outperform, specialized and office REITs buoyed the former: American Tower +8.2%, Equinix +5.15%, Crown Castle +4.8%. Metals and mining shares supported the Materials sector: Steel Dynamics +3.7% while Newmont gained +3.15% despite missing estimates, apparently up after reports it's purchase of Newcrest Mining will go through in early November.
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