US STOCKS: Late Equities Roundup: IT & Consumer Sector Shares Outperform
Aug-06 18:30
- Stocks remain firm late Wednesday, fully recovering from the prior session's sell-off, tech-heavy Nasdaq outperforming. Currently, the DJIA trades up 150.26 points (0.34%) at 44263.27, S&P E-Minis up 48.75 points (0.77%) at 6373.75, Nasdaq up 245.7 points (1.2%) at 21162.15.
- Stocks started to pare losses after White House officials said Apple will announce a commitment to invest another $100B on US manufacturing today. Speculation over whether Pres Trump will announce new Russia sanctions or nominees for Fed governor or BLS head, however, tethered risk appetites somewhat.
- A mix of IT, Consumer Staples and Discretionary sector shares continued to lead gainers in the second half: Arista Networks +17.91%, Assurant +11.94%, Match Group +10.17%, Apple +5.75%, Walmart +4.13%, Target +3.69%, Amazon +3.64%, McDonald's +3.42%, Tesla +3.34%, Kroger +2.94%, Ross Stores +2.85% and Costco Wholesale +2.82%.
- A couple notable IT exceptions bucking the move: Super Micro Computer -19.24% after earning outlook disappoints, while Advanced Micro Devices declined -5.81%.
- Leading decliners included Health Care, Materials and Energy sector shares: NRG Energy -14.01%, Mosaic -12.14%, Bio-Techne -10.34%, Charles River Laboratories -8.10%, Rockwell Automation -7.47%, International Flavors & Fragrances -6.54%, Paramount Global -6.17%, Enphase Energy -5.30%, Amgen -5.16% and LyondellBasell Industries -5.06%.
- Companies expected to announce earnings after today's close include: Corteva, McKesson Corp, Occidental Petroleum, AIG, DoorDash, Fortinet, AppLovin, Lyft, Dutch Bros, Airbnb Inc, Zillow Group, Duolingo, MetLife, APA and DraftKings Inc.
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USDJPY TECHS: Trades Through The 50-Day EMA
Jul-07 18:30
- RES 4: 148.65 High May 12 and a reversal trigger
- RES 3: 148.03 High Jun 23
- RES 2: 146.19/146.77 High Jun 24 / 76.4% of Jun 23 - Jul1 bear leg
- RES 1: 145.82 High Jul 07
- PRICE: 145.77 @ 15:52 BST Jul 7
- SUP 1: 144.18/142.68 Low Jul 4 / 1
- SUP 2: 142.12 Low May 27 and a key short-term support
- SUP 3: 141.96 76.4% retracement of the Apr 22 - May 12 upleg
- SUP 4: 141.49 Low Apr 23
USDJPY has started the week on a firmer note. Price has breached the 50-day EMA, at 144.91, and a close above it would highlight a stronger reversal. This would expose 146.19, the Jun 24 high. For now, gains still appear corrective. Moving average studies are in a bear-mode position, signalling a dominant downtrend. A resumption of weakness would open 142.12, the May 27 low and a key short-term support.
US STOCKS: Extending Lows Yet Again on More Tariff Tweets
Jul-07 18:26
- Stocks extend late session lows after latest tariff announcements via Pres Trump's social media platform: 25% on goods from Malaysia and Kazakhstan, 30% on South Africa, and 40% on Laos.
- Currently, the DJIA trades down 664.11 points (-1.48%) at 44163.91, S&P E-Minis down 76.5 points (-1.21%) at 6247.5, Nasdaq down 265.4 points (-1.3%) at 20335.29.
- Energy, Consumer Discretionary, Materials, Financials and Health Care sectors underperforming.
- Main laggers in the second half include: Tesla -7.01%, First Solar -4.39%, Dow Inc -4.22%, Lululemon Athletica -4.21%, EOG Resources -3.74%, Halliburton -3.62%, Old Dominion Freight Line -3.58% and Albemarle Corp -3.53%.
TARIFFS: Trump: Tariff Rates Of 25% On Malaysia, 30% On South Africa
Jul-07 18:24
Trump announces on Truth Social the following tariff rates to be imposed on Aug 1 (in similar letters to those seen sent earlier to Japan and South Korea). White House Press Secretary Leavitt announced earlier that there would be 12 letters sent today - this is 5 of those sent in a quick burst, implying 7 more to be announced later.
- 25% tariffs on Malaysia and Kazakhstan - had been announced at 24% / 27% respectively before tariff "pause"
- 30% on South Africa (USDZAR quickly rises 0.3%) - had been announced at 31% before tariff "pause"
- 40% on Laos and Myanmar - had been announced at 48% / 45% respectively before tariff "pause"
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