MNI OCT CHICAGO BUSINESS BAROMETER 41.6 VS SEP 46.6

MNI BRIEF: ECB Risks Undershooting Inflation Target -Panetta

MNI China Daily Summary: Thursday, October 31

RPT-MNI INTERVIEW: China Stimulus To Boost Imports - WTO Econ

MNI BRIEF: China Steel PMI Remains Above 50 In October

RPT-MNI INTERVIEW: China Stimulus To Boost Imports - WTO Econ

EZ/UK Bond Supply Calendar: EU-Bond Auction on Monday

US EIA:NAT GAS STORAGE +78 BCF TO 3,863 BCF OCT 25 WK

MNI: US SEP PERSONAL INCOME +0.3%; NOM PCE +0.5%

EUROPEAN FISCAL: DE 2025 Budget Gap Grows; Political Risk Is Rising

CANADA: Politics Week: Trudeau Facing More Internal Dissent And Departures

CANADA: Politics Week: Trudeau Faces More Pressure To Resign

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

US STOCKS: CORRECT Late Equities Roundup: Near Three Wk Lows Ahead NFP Data Risk

US STOCKS
USEquitiesNorth AmericaBulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets
  • Stocks remain near the lowest levels in three weeks late Thursday, partly tied to position squaring in the lead up to Friday's headline employment report for October, while disappointing earnings reports continues to weigh on the Information Technology and Consumer Discretionary sectors. Currently, the DJIA trades down 251.6 points (-0.6%) at 41889.57, S&P E-Minis down 101.75 points (-1.74%) at 5750.5, Nasdaq down 497.9 points (-2.7%) at 18110.26.
  • Semiconductor and software makers continued to weigh on the IT sector in late trade: Monolithic Power -19.9% after missing expectations, while Super Micro Computer has erased the year's gains as it declines another -15.48% after losing over 33% Wednesday when it's independent auditor Ernst & Young resigned over "governance and transparency concerns".
  • Meanwhile, Microsoft, which makes up 6.51% of the S&P, trades -5.47% despite reporting better than expected earnings late Thursday. Sell pressure may be associated with plans to make changes in it's OpenAI investments, according to SEC filings.
  • The Consumer Discretionary sector was weighed down by a mix of auto and travel related shares: Aptiv -20.10% after diverging Q3 adjusted earnings rose vs. falling revenues, MGM Resorts -11.62%, Caesars Entertainment -3.62%. Other notable laggers included Ebay -8.94% after multiple rating agency downgrades, Deckers Outdoor -4.75%.
  • Conversely, Utilities and Energy sectors continued to lead gainers in late trade, Entergy Corp +15.66% after beating estimates, Xcel Energy +7.38% after missing expectations slightly but offering a  robust 5Y investment plan that must have mollified investors. Oil and gas stocks gained on the back of a bounce in crude on the day (WTI +0.72 at 69.33): ConocoPhillips +6.27%, Marathon Petroleum +6.12%.
  • More earnings announcements after the close include: Amazon, Apple, Avis, AES Corp, Intel, Ingersoll Rand and Juniper Networks.
278 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • Stocks remain near the lowest levels in three weeks late Thursday, partly tied to position squaring in the lead up to Friday's headline employment report for October, while disappointing earnings reports continues to weigh on the Information Technology and Consumer Discretionary sectors. Currently, the DJIA trades down 251.6 points (-0.6%) at 41889.57, S&P E-Minis down 101.75 points (-1.74%) at 5750.5, Nasdaq down 497.9 points (-2.7%) at 18110.26.
  • Semiconductor and software makers continued to weigh on the IT sector in late trade: Monolithic Power -19.9% after missing expectations, while Super Micro Computer has erased the year's gains as it declines another -15.48% after losing over 33% Wednesday when it's independent auditor Ernst & Young resigned over "governance and transparency concerns".
  • Meanwhile, Microsoft, which makes up 6.51% of the S&P, trades -5.47% despite reporting better than expected earnings late Thursday. Sell pressure may be associated with plans to make changes in it's OpenAI investments, according to SEC filings.
  • The Consumer Discretionary sector was weighed down by a mix of auto and travel related shares: Aptiv -20.10% after diverging Q3 adjusted earnings rose vs. falling revenues, MGM Resorts -11.62%, Caesars Entertainment -3.62%. Other notable laggers included Ebay -8.94% after multiple rating agency downgrades, Deckers Outdoor -4.75%.
  • Conversely, Utilities and Energy sectors continued to lead gainers in late trade, Entergy Corp +15.66% after beating estimates, Xcel Energy +7.38% after missing expectations slightly but offering a  robust 5Y investment plan that must have mollified investors. Oil and gas stocks gained on the back of a bounce in crude on the day (WTI +0.72 at 69.33): ConocoPhillips +6.27%, Marathon Petroleum +6.12%.
  • More earnings announcements after the close include: Amazon, Apple, Avis, AES Corp, Intel, Ingersoll Rand and Juniper Networks.