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Late Equity Roundup: Reversing Gains, Ford Navigating UAW Strikes

US STOCKS
  • Support for stocks has evaporated over the last hour, not headline driven but acct squaring up ahead the weekend. Currently, the DJIA is down 20.04 points (-0.06%) at 34049.67, S&P E-Mini Futures up 4.5 points (0.1%) at 4376.75, Nasdaq up 42.5 points (0.3%) at 13266.62.
  • Leaders: Information Technology and Communication Services sectors continued to outperform in late trade. Semiconductor stocks continued to lift IT sector: ON Semiconductor +3.0%, Lam Research +2.3% and Micron +2.2%.
  • Communication Services sector shares were supported by a rebound in media and entertainment: Take Two Interactive +2.0%, Activision +1.75%, Meta +1.45%.
  • Laggers: Financials and Consumer Discretionary sectors underperformed Friday. Banks continued to lag insurance companies in the second half: Wells Fargo -2.25%, Fifth Third -1.7%, Regions Fncl -1.6%. On the flipside, Arch Capital Grp +1.35%, Assurant +1.22% while Arch Capital +1.15%.
  • Autos weighed on Consumer Discretionary sector as the UAW strike expanded: Tesla -2.35%, GM -0.5%. Ford, however, gained 2.6% as they are navigating union strike discussions better than their peers.
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