US STOCKS: Late Equities Roundup: Late Support, SPX Near Late Tuesday Highs
Mar-05 19:26
- Stocks managed to bounce off midday lows, extend past early overnight highs in late Wednesday trade, largely driven by nascent optimism over US delaying auto tariffs on Mexico and Canada as well as renewed talks with Ukraine ahead expectations that a minerals deal will go forward.
- Currently, the DJIA trades up 559.28 points (1.32%) at 43078.24, S&P E-Minis up 71 points (1.23%) at 5859.75, Nasdaq up 285.4 points (1.6%) at 18569.59.
- Materials and Industrials sectors lead gainers in late trade, chemical makers and mining shares buoyed the Materials sector: Celanese Corp +10.87%, Freeport-McMoRan +8.60%, FMC +6.89%, Dow +5.77% and Eastman Chemical +4.74%.
- Defense stocks and airlines buoyed the the Industrials sector: Huntington Ingalls Industries +12.33%, General Dynamics Corp d +5.08%, Carrier Global +4.93%, United Airlines +4.44%, Delta Air Lines +3.29% while Northrop Grumman gained +3.18%.
- Energy and Utility sectors continued to underperform, partially tied to the continued decline in crude prices (WTI -2.10 at 66.16): Marathon Petroleum -4.71%, Valero Energy -4.09%, Phillips 66-2.31% and Occidental Petroleum -2.24%. Meanwhile, NRG Energy -1.90%, FirstEnergy -1.76% and Consolidated Edison -1.62% weighed on the Utility sector.
- Earnings expected after today's close and through Thursday include: Zscaler Inc, Victoria's Secret, Marvell Technology, Kroger, Macy's, Burlington Stores, Costco Wholesale, Broadcom Inc, Hewlett Packard, Samsara, Lexicon Pharmaceuticals and The Gap.
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EUROPEAN INFLATION: 2025 Weightings Update Marginally Decreased Inflation in Jan
Feb-03 19:23
The January 2025 Eurozone HICP flash release also contained a weightings update for the main categories (which we thought would only come with the final data). We estimate that this update contributed a negative 0.014 percentage points to this month's flash release when looking at the latest monthly changes (of -0.28% M/M for HICP), mostly on the back of a decrease in weighting of the energy category, which saw a sequential jump in January.
- In the coming months, however, the impact on headline inflation of the reweighting appears likely to be positive, as services, in which price growth is currently the highest out of the main categories on the yearly rate, received a weighting boost of around 0.75pp.
- Overall, the impact on headline inflation should be limited - that also applies for a weightings update of the subcategories, which appears yet to be released.
- Weighting comparison table see below:
MNI EXCLUSIVE: ISM Manufacturing Survey Chair On Potential Tariff Impact
Feb-03 19:19
MNI interviews the chair of the ISM manufacturing survey on the potential impact of tariffs. -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
US TSY OPTIONS: Large Short-Term Call Buy, Opener
Feb-03 19:01
- +45,600 wk2 TY 112.75 calls, 1 ref 109-01 (expire Friday) - new trade, no open interest on option that expires Friday
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