US STOCKS: Early Equities Roundup: Stocks Surge to Pre-Liberation Day Levels
May-12 15:24
Stocks surged higher around 0300ET Monday morning after wires reported sweeping 90-day US/China tariff reductions stemming from negotiations in Switzerland over the weekend. US President Donald Trump said that the pause in reciprocal tariffs with China announced earlier this morning does not include tariffs on cars, steel, aluminum, or pharmaceuticals.
Stocks are now trading back over levels prior to the "Liberation Day" sell-off when broad based tariffs were announced on April 2. Currently, the DJIA trades up 900.02 points (2.18%) at 42154.33, S&P E-Minis up 140.5 points (2.47%) at 5819, Nasdaq up 603.9 points (3.4%) at 18534.05.
Information Technology and Consumer Discretionary sectors outperformed in the first half, chip makers underpinning the Tech sector with Zebra Technologies +11.86%, ON Semiconductor +10.37%, Microchip Technology +10.30%, Monolithic Power +10.10% and Micron Technology +8.57%.
Broadline retailers, clothing and auto related stocks supported the Discretionary sector with Williams-Sonoma +8.97%,Amazon.com +7.55% and Best Buy +6.68%; Lululemon Athletica +8.10%, NIKE +7.24%; Tesla +6.80% and Aptiv +6.47%.
Consumer Staples and Utilities underperformed in the first half, food related shares weighed on the former: Kroger -4.40%, Dollar General -3.92%, Altria Group -3.13% and Philip Morris -2.10%. Meanwhile, gas providers weighed on the Utility sector: Alliant Energy -2.95%, Exelon Corp -2.80%, NiSource Inc -2.78%, Duke Energy -2.67% and Consolidated Edison -2.67%.
US TSY FUTURES: BLOCK: Jun'25 10Y Ultra-Bond Sale
May-12 15:15
-3,500 UXYM5 112-14.5, sell through 112-15.5 post time bid at 1109:48ET, DV01 $300,000.
The 10Y-ultra contract trades 112-14 last (-19.5).
FED: US TSY 26W AUCTION: NON-COMP BIDS $1.639 BLN FROM $68.000 BLN TOTAL
May-12 15:15
US TSY 26W AUCTION: NON-COMP BIDS $1.639 BLN FROM $68.000 BLN TOTAL