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Late Equity Roundup: Post FOMC Minutes Weakness

US STOCKS
  • Equity indexes saw moderate two-way trade following the release of FOMC minutes for the July meeting. Markets still digesting what at first appeared to be a more hawkish than anticipated.
  • At the moment, DJIA shares are down -60.91 points (-0.17%) at 34883.02, S&P E-Mini futures down 16 points (-0.36%) at 4437.25, Nasdaq down 92.9 points (-0.7%) at 13536.82.
  • Leading gainers: Utilities, Consumer Staples and Financial sectors led late in the session. Independent power and renewable energy shares buoyed Utilities with AES +3.1%, Public Service Ent +1.7, Consolidated Edison +1.65%.
  • Distribution and retail names continued to support Consumer Staples sector: Target trading +3.5% (vs. +11% pre-open) after beating profit estimates this morning, net income of $835M, $1.80 a share, from $183M prior. Sysco climbed 1.7%, Dollar General +1.65%. Financials firmed up late, led by insurance names: Progressive +8.45%, Allstate +4.52%, Brown & Brown +2.45%.
  • Laggers: Real Estate, and Communication Services continued to underperform in late trade. Retail, Residential and Industrial REITs weighed on Real Estate: SBA -3.45%, American Tower -3.3%, Kimco -2.15%. Media and entertainment subsectors weighed on Comm Services: Paramount -2.1% led laggers, Meta -1.6, Netflix -1.4%
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