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Late Equity Roundup: Weaker Energy Tempers Communications Lead Rally

US STOCKS
  • Stocks are firmer in late Monday trade, S&P Eminis and Nasdaq indexes outperforming Dow stocks: S&P E-Mini futures are up 19 points (0.45%) at 4267, Nasdaq up 114.1 points (0.9%) at 13098.86, DJIA up 15.19 points (0.05%) at 33138.75.
  • Stocks had bounced off early lows, mirroring a bounce in Tsys after Pershing Square fund manager/CEO Bill Ackman tweeted he had covered shorts in Tsys in light of "too much risk in the world to remain short." While that doesn't say much for risk sentiment, the bounce in rates and softer projected rate hike expectations does.
  • Leaders: Communication Services sector continued to lead gainers, buoyed by media and entertainment shares: Omnicom Group +2.7%, META +2.65%, Interpublic Group +2.25%. Meanwhile, semiconductor shares helped Information Technology sector gain momentum in the second half: Nvidia +3.5%, SolarEdge +3.28%, Broadcom +1.82%.
  • Laggers: Energy and Materials sectors continued to underperform in the second half, oil and gas shares weaker as crude traded lower (WTI -2.60 at 85.48): Occidental -3.78%, Chevron -3.61% (following news of $53B purchase of Hess Energy), ConocoPhillips -2.56%. Chemical shares weighed on Materials, particularly FMC -11.95% after announcing broadly weaker forward guidance and cost structure review.
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