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US STOCKS: Equities Roundup: Off Early Lows as IT & Energy Shares Gain

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  • Stocks revisited week lows after this morning's ADP private employment data came out strong than expected that also weighed on Tsys as projected rate cuts into year end continued to cool.
  • While large short covering flows helped Treasuries bounce off lows by midmorning as desks set sights on Friday's headline jobs data for September, stocks recovered from morning lows, led by a rebound in Information Technology and continued strength in oil and gas stocks as the Mideast conflict continued to support crude prices.
  • Currently, the Dow is up 61.8 points (0.15%) at 42218.15, S&P E-Minis up 8 points (0.14%) at 5767, Nasdaq up 43.7 points (0.2%) at 17950.33.
  • Semiconductor stocks led gainers in the IT sector amid continued AI demand (not to mention several dealer upgrades for chip makers in general): Lam Research +3.34%, KLA Corp +3.23%, Applied Materials +3.20 while HP Enterprises gained 3.08%. Oil and gas shares followed gains in crude (WTI tapped 72.40 high Wednesday): Diamondback Energy +1.09%, Williams Cos +1.06%, Exxon Mobil +1.03%.
  • Conversely, Consumer Staples and Real Estate sectors underperformed in the first half. Food and beverage companied weighed on the Staples sector: Conagra Brands -9.9% after missing earnings on "challenging environment", while McCormick trades -2.85%. Investment trusts weighed on Real Estate, particularly Industrial and retail REITS: Crown Castle -2.47%, Prologis -2.09%, Healthpeak Properties -2.03%.
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  • Stocks revisited week lows after this morning's ADP private employment data came out strong than expected that also weighed on Tsys as projected rate cuts into year end continued to cool.
  • While large short covering flows helped Treasuries bounce off lows by midmorning as desks set sights on Friday's headline jobs data for September, stocks recovered from morning lows, led by a rebound in Information Technology and continued strength in oil and gas stocks as the Mideast conflict continued to support crude prices.
  • Currently, the Dow is up 61.8 points (0.15%) at 42218.15, S&P E-Minis up 8 points (0.14%) at 5767, Nasdaq up 43.7 points (0.2%) at 17950.33.
  • Semiconductor stocks led gainers in the IT sector amid continued AI demand (not to mention several dealer upgrades for chip makers in general): Lam Research +3.34%, KLA Corp +3.23%, Applied Materials +3.20 while HP Enterprises gained 3.08%. Oil and gas shares followed gains in crude (WTI tapped 72.40 high Wednesday): Diamondback Energy +1.09%, Williams Cos +1.06%, Exxon Mobil +1.03%.
  • Conversely, Consumer Staples and Real Estate sectors underperformed in the first half. Food and beverage companied weighed on the Staples sector: Conagra Brands -9.9% after missing earnings on "challenging environment", while McCormick trades -2.85%. Investment trusts weighed on Real Estate, particularly Industrial and retail REITS: Crown Castle -2.47%, Prologis -2.09%, Healthpeak Properties -2.03%.