US STOCKS: Late Equities Roundup: IT, Communication Services, Industrials Lag
Dec-17 19:26
- Stocks extend lows late Wednesday - the Nasdaq leading the decline as longs took profits ahead of the Christmas & New Years holidays. Currently, the DJIA trades down 153.34 points (-0.32%) at 47956.34, S&P E-Mini Futures down 65.75 points (-0.96%) at 6791, Nasdaq down 339.6 points (-1.5%) at 22771.63.
- Information Technology, Communication Services and Industrials sector shares continued to lead declines in the second half: Lam Research -5.10%, Oracle -5.04%, Broadcom -4.95%, Advanced Micro Devices -4.86%, Super Micro Computer -4.71%, Palantir Technologies -4.64%, Western Digital -4.51% and Dell Technologies -4.27%.
- Merger/acquisitions continued to make headlines as Paramount Skydance trade down -4.08% after Jared Kushner's private equity firm pulled out of the hostile takeover bid for Warner Brothers, the latter also down 2.04%. Warner executives implored investors to reject the $108B Paramount bid, calling it "illusory" in favor of Netflix's superior offer.
- GE Vernova -8.80%, Quanta Services -5.55%, EMCOR Group -4.84%, Generac Holdings -4.78%, Caterpillar -4.77% and Eaton Corp -4.68% weighed on the Industrials sector.
- On the positive side, Energy and Consumer Staples sector shares outperformed in the first half:
- Texas Pacific Land +6.05% after signing an agreement with Bolt Data to build data centers, followed by: ConocoPhillips +3.96%, Devon Energy +3.85%, Occidental Petroleum +3.37%, Targa Resources +2.60% and Diamondback Energy +1.94%.
- Meanwhile, General Mills +2.87%, Church & Dwight Co +2.64%, Kroger +2.38%, Clorox +1.99%, Procter & Gamble +1.88% and Hormel Foods +1.48% buoyed the Consumer Staples sector in the first half.
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MNI EXCLUSIVE: Former Senior Fed Board Economist On Monetary Policy
Nov-17 19:14
MNI interviews former senior Fed board economist on monetary policy -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
US STOCKS: Back to Extending Session Lows
Nov-17 19:13
- Couple of large program sales, one appr 1,470 names - largest since late October, sees the DJIA fall to 46,712.19 low.
- Chip makers continue to lead late session declines (Dell -8.79%, Hewlett PAckard Ent -8.59%, Super Micro -6.47%), followed by Energy and Financial names.
US LABOR MARKET: MNI US Payrolls Preview: Better Late Than Never
Nov-17 19:12
- We have published and e-mailed to subscribers the MNI US Payrolls Preview.
- Please find the full report including MNI analysis and analyst views here.
- The long-awaited nonfarm payrolls report for September will be released on Thursday at 0830ET.
- Having been collected prior to the government shutdown, this could be the last “conventional” payrolls release of the year with potential for a combined report covering October and November in December.
- Nearly all primary dealer analysts have stuck with their original estimates, for a median estimate of 60k nonfarm payrolls growth, consistent with the 58k in the broader Bloomberg survey.
- The unemployment rate should be watched particularly closely not least before there’s a good chance there won’t be an unemployment rate estimate for October. It’s seen holding at 4.3% with various trackers pointing to very marginal deterioration on the month.
- Patient Fedspeak has seen a large hawkish adjustment at the front-end in recent weeks, with only ~10bp of cuts priced for the Dec 9-10 FOMC meeting vs 22bp prior to Powell’s press conference late last month.
- There’s a chance we won’t have another payrolls report released prior to this December meeting.
