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Late Equity Roundup: Stocks Bounce on Hopes Gvt to Avoid Shutdown

US STOCKS
  • The continued sell-off in stocks to new cycle lows caught a reprieve late Wednesday, bouncing back to near session open levels after headlines from Senate Leader McConnell said the "SENATE WILL WORK TO KEEP THE GOVERNMENT OPEN". Whether a spending bill is passed before the US Gvt runs out of capital this weekend remains to be seen - but algos took it as a green light to start buying stocks. Currently, the DJIA is down 53.7 points (-0.16%) at 33569.34, S&P E-Mini Future up 0.25 points (0.01%) at 4315.75, Nasdaq up 37.4 points (0.3%) at 3102.75.
  • Leaders: Energy, Industrials and Communication Services continued to outperform in late trade, equipment and service providers buoyed the former: Haliburton +3%, Schlumberger +2.8%, Baker Hughes +1.7%.
  • Meanwhile, Capital goods shares, particularly construction and engineering, supported Industrials: Generac +6.6%, Carrier Group +4.45%, Axon +3.05%. Media and entertainment names buoyed Communications sector: Warner Bros +3.5%, Paramount +2.95%, Interactive Group +1.7%.
  • Laggers: Utilities, Consumer Staples and Health Care sectors underperformed, electric and water providers weighed on the former: NextEra Energy -7.95% (adding to -2% decline Tue after cutting growth outlook), American Water Works -2%, NiSource -1.7%.
  • Consumer Staples weighed by household and personal products makers: Kenvue -1.8%, Kimberly-Clark -1.3%, Colgate Palmolive -1.4%. Pharmaceuticals and biotech shares reversed prior session support, weighing the Health Care sector: Organon -3.25%, Viatris -1.5%, Merck -1.2%.
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