US STOCKS: Equities Roundup: Off Early Lows, Staples & Discretionary Shares Lag
Aug-21 16:18
- Stocks trade mildly weaker into midday, off early Thursday lows as Treasury yields climbed (and rate projected rate cuts cooled) following strong data and hawkish comments from Cleveland Fed President Hammack (doesn't see Sep rate cut given latest data environment). Indexes traded inside ranges for the most part as markets awaited word from Fed Chair Powell and others at the annual economic symposium in Jackson Hole, WY that kicks off tomorrow.
- Currently, the DJIA trades down 187.93 points (-0.42%) at 44752.26, S&P E-Minis down 25 points (-0.39%) at 6389, Nasdaq down 87.9 points (-0.4%) at 21087.47.
- Consumer Staples and Discretionary sector stocks led the decline by midday: Walmart -3.92%, Dollar General -2.23%, Target Corp -1.70% and Costco Wholesale -1.41%. Underperforming discretionary stocks included: DR Horton -2.57%, Norwegian Cruise Line -2.22%, Pool Corp -2.21% and Lennar Corp -1.97%.
- On the positive side, Energy and Health Care sector shares led gainers, oil and gas stocks buoyed as crude prices added to mid-week gains (WTI +.62 at 63.33): Williams Cos +1.31%, Baker Hughes +1.31%, EQT +1.13% and Kinder Morgan +1.13%. Meanwhile, pharmaceuticals supported the Health Care sector: Merck & Co +2.82%, Regeneron Pharmaceuticals +2.38%, Humana +1.89% and Pfizer +1.67%.
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