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Late Equity Roundup: SPX Back To Late June Levels

US STOCKS
  • Stocks indexes continue their wayward path off late July highs, S&P E-Mini futures currently down 31 points (-0.7%) at 4389.25 extending a selloff back to late June levels, DJIA down 254.03 points (-0.73%) at 34512.16, Nasdaq down 134.9 points (-1%) at 13341.32.
  • No outright headline driver, but trading desks posit yesterday's more hawkish than expected July FOMC minutes continues to sap risk appetites.
  • Laggers: Consumer Discretionary and Consumer Staples sectors displaced Information Technology as leading laggers in the second half. Consumer durables and automakers weighed on Discretionary sector in late trade: DR Horton -4.28%, Pulte Group -4%, Lennar -3.95 while Tesla receded 2.15%. Distributors weighed on Consumer Staples: Walgreens/Boots -3.5%, Costco -2.0, Walmart -1.85% (despite beating earnings and trading higher this morning).
  • Leading gainers: Energy sector shares outperformed for the second day running Thursday, partially tied to a bounce in crude prices (WTI +0.87 at 80.25). Oil and gas shares outpaced equipment and services shares in the first half: EQT Corp +2.8%, Exxon Mobil +2.25%, Conoco Philips +1.7%, Marathon +1.5%.
  • Materials and Communication Services sectors were next up, metals and mining shares buoyed the former: Freeport-McMoRan +1.95%. Communication sector buoyed by Google +1.2%, and Charter Communication +.6%.
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