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US STOCKS: Late Equities Roundup: Inside Narrow Ranges

US STOCKS
  • Upcoming data and event risk continues to keep market participants at or near the sidelines in late Wednesday trade, stock indexes holding mildly mixed levels inside narrow ranges. Data and event risk includes but is not limited to ongoing heavy corporate earnings docket, Friday's October employment report and next Tuesday's Presidential election. Currently, the DJIA is up 15.26 points (0.04%) at 42247.08, S&P E-Minis down 11.5 points (-0.2%) at 5859.75, Nasdaq down 42.3 points (-0.2%) at 18670.37.
  • Communication Services and Financial sectors continued to lead gainers in the second half, interactive media and entertainment shares supported Communication Services for the second day running: Google +4.25%, Warner Brothers +3.38%, Electronic Arts +2.67%. Banks and servicer stocks buoyed the Financial sector: Global Payments +4.10%, Visa +3.51%, Discover Financial Services +3.42%.
  • Meanwhile, Information Technology and Health Care sectors continued to underperform in late trade, semiconductor makers weighing on IT: Super Micro Computer tanked 32.51% after reports it's independent auditor Ernst & Young resigned over "governance and transparency concerns". Despite beating earnings estimates, Qorvo fell -26.13% after issuing weak forward guidance (not to mention several downgrades), Advanced Micro Devices -10.06%, Skyworks -7.93 while Qualcomm trades -4.29%. The Health Care sector was weighed down by pharmaceutical companies: Eli Lilly -8.02% after it's revenue outlook missed expectations, Moderna -0.92%, Charles River -0.77%.
  • Headline companies reporting after the close include: Allstate, Robinhood Markets, Meta, Carvana, MetLife, Coinbase Global, Cognizant Technology, DoorDash, MGM Resorts, eBay, GoDaddy, Microsoft, Etsy, Starbucks, Roku, Monolithic Power and Amgen.
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