US STOCKS: Equities Roundup: Chip Stocks, Cybersecurity Shares Lead Gainers
Jun-05 15:21
- Stocks are extending highs in late morning trade, rebounding off midmorning lows after mixed ISM Services data tempered risk appetites briefly. Currently, the DJIA is up 21.3 points (0.06%) at 38731.67, S&P E-Minis up 37 points (0.7%) at 5341, Nasdaq up 226.7 points (1.3%) at 17083.69.
- Information Technology and Communication Services sectors outperformed in the first half, semiconductor makers supporting the former: Applied Materials +4.50%, Sirst Solar +4.29%. Lam Research +4.47%, AMD +3.66%.
- Notable mention: cyber security company Crowdstrike surged 7.5% after beating Q1 results.
- Interactive media and entertainment shares buoyed the Communication Services sector: Meta +2.20%, Netflix +1.70%, News Corp +1.08%.
- On the flipside, Energy and Consumer Staples sector shares underperformed: Oil and Gas services stocks continued to lag with Halliburton -1.42%, Schlumberger -1.17%, Valero -1.18% while Exxon Mobil declined 0.86%. Household and personal products weighed on Staples as they unwound the prior session' support: Kenview -1.44%, Kimberly-Clark -1.19%, Clorox -0.96%.
- Meanwhile, notable earnings releases still to come this week: Five Below Inc, Semtech Corp, Victoria Secret, Toro, Vail Resorts and Docusign.
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US TSYS: US TSY 26W AUCTION: NON-COMP BIDS $2.432 BLN FROM $70.000 BLN TOTAL
May-06 15:15
- US TSY 26W AUCTION: NON-COMP BIDS $2.432 BLN FROM $70.000 BLN TOTAL
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May-06 15:15
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US OUTLOOK/OPINION: TD: Jobs Miss A Goldilocks Report for Fed Officials
May-06 15:14
- TD note the "April payroll report was unambiguously positive for the rates market. The below-consensus reading plays right into Powell's pushback on rate hike expectations, which suggested the market was getting extreme in its level of hawkishness.
- "The softer than expected 175k headline reading, -22k revision to last two months, weaker 0.2% wage print, and an increase in the unemployment rate to 3.9% suggest an unambiguous bull steepener for Treasuries."
- "We continue to favor cautiously buying dips if rates move toward the upper end of recent ranges and remain in 5s30s curve steepeners. We also continue to hold 5y swap spread wideners and 30y swap spread tighteners in our model portfolio."
- "For now, the Fed will remain patient on the policy front, as was expressed by Chair Powell on Wednesday. Higher for longer is the policy of choice for now, and upcoming data will determine new changes to that stance, particularly the evolution of consumer prices."
- TD remains "optimistic that the Fed will first ease rates at its September FOMC meeting as we look for core PCE inflation to gradually moderate by then to a monthly pace that is consistent with a return to the inflation target."
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