October 21, 2024 15:43 GMT
US STOCKS: Paring Early Gains Ahead Heavy Corporate Earnings Docket
US STOCKS
- Stocks have reversed early Monday gains as participants took profits ahead this week's heavy corporate earnings schedule.
- As reported earlier, approximately 15% of the S&P 500 reporting this week (the largest week so far), focus shifts from financials to more notable reports across consumer discretionary, industrials and healthcare. Highlights in the coming week include General Electric, Coca-Cola and Tesla, while IBM and Texas Instruments provide first real look at Tech performance for the quarter.
- Extending lows ahead midday, current index levels are still within last week's trading ranges: the Dow trading down 345.57 points (-0.8%) at 42926.91, S&P E-Minis down 32.25 points (-0.55%) at 5873.25, Nasdaq down 64.3 points (-0.3%) at 18424.28.
- Real Estate and Health Care sectors underperformed in the first half, industrial and office REITs weighing on the former: Prologis -3.55%, Extra Storage Space -3.16%, BXP Inc -2.82%. Pharmaceutical companies weighed on the Health Care sector: Biogen -2.09%, Zoetis -1.91%, Incyte -1.84%.
- On the flipside, Information Technology and Energy sectors led gainers ahead midday, semiconductor makers buoyed the former: Fortinet +1.80%, Nvidia +1.74% while Super Micro Computer gained 0.68%. Petroleum services companies supported the Energy sector as crude prices gained (WTI +0.84 at 70.06): Schlumberger +1.57%, Hess +0.33%, Chevron +0.2%.
200 words