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SPX Extends Losses, Courts Pause MSFT/Activision Merger Trial

US STOCKS
  • SPX Eminis and Nasdaq indexes extending session lows with DJIA still outperforming, but paring gains, apparently in a knee-jerk reaction to latest Microsoft/Activision merger headlines that the FTC will "pause it's merger trial, allowing settlement talks".
  • Earlier in the week, Reuters reported "Microsoft Corp (MSFT.O) is in talks about an extension of its acquisition contract with video game maker Activision Blizzard (ATVI.O), which is set to expire on Tuesday, so the parties can overcome the remaining regulatory hurdles to their $69 billion deal."
  • Currently, DJIA is up 199.09 points (0.57%) at 35260.18, S&P E-Mini Futures down 28.5 points (-0.62%) at 4568.75, Nasdaq down 271 points (-1.9%) at 14087.73.
  • Laggers: Consumer Discretionary, Communication Services and Information Technology underperformed in the second half. Chip stocks are weaker, paring gains after rallying the last couple weeks on AI demand. Of note, Monolithic Power -7.35%, Enphase -5.0%, Applied Materials -4.95%, AMD -4.65%.
  • Tesla weighs on Consumer Discretionary, -9.0% in late trade even after beating earnings and revenue ests late Wednesday: $0.91 versus estimate of $0.82. Revenues of $24.93B versus estimates of $24.48B.
  • Leading gainers: Health Care, Utilities and Energy sectors outperformed in the second half. Pharmaceutical shares buoyed Health Care, J&J +5.75%, BMY +2.75%, LLY +2.15%. Oil and Gas shares driving Energy higher: Valero and Hess Energy up +2.2-2.1%.
  • Reminder: earnings after today's close: Capital One, PPG and CSX.
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