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

US STOCKS
  • 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.
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