US STOCKS: Late Equities Roundup: Looking to Extend Lows, Refiners, Tech Pressed
Apr-03 18:29
- Stocks remain sharply lower late Thursday in an apparent vote of no confidence in the Trump administration's reciprocal tariff plans announced late Wednesday, relevant trading halt/circuit breakers (7% initially) for SPX eminis after the index fell over 4.25%, the tech-heavy Nasdaq over 5.5%, the DJIA over 3.4%.
- After a couple rounds of program buying support around midday, indexes were looking to test midmorning lows again in late trade, the DJIA trades down 1427.08 points (-3.38%) at 40798.62, S&P E-Minis down 243.5 points (-4.26%) at 5468, Nasdaq down 965.4 points (-5.5%) at 16634.88.
- Energy and Information Technology sectors continued to underperform in late trade, oil and gas stocks sharply lower with crude falling (WTI -4.9 at 66.81): APA Corp down -14.69%, Valero Energy -13.34%, Phillips 66 -12.96%, Marathon Petroleum -12.18% and Halliburton -12.00%.
- Semiconductor and hardware stocks were under heavy pressure as tariffs seen as major barriers ahead: Dell Technologies falling -17.83%, Microchip Technology -16.55%, Zebra Technologies -15.14%, Western Digital -15.03% and Micron Technology -14.38%.
- On the positive side, Consumer Staples and Utilities continued to outperform: Lamb Weston Holdings +10.34%, Kroger +5.07%, Dollar General +4.29% and Philip Morris International +3.79% led gainers in the Staples sector.
- Meanwhile, independent energy providers buoyed the Utilities sector: Duke Energy +3.30%, Exelon Corp +3.08%, Consolidated Edison +2.98%, NextEra Energy +2.73% and Xcel Energy +2.07%.
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US: FED Reverse Repo Operation
Mar-04 18:25
RRP usage climbs to $135.257B this afternoon from $119.987B Monday. Compares to $58.770B (lowest level since mid-April 2021) on February 14. The number of counterparties falls to 32 from 50 prior.
GERMANY: EURUSD Pops to Fresh Session Highs Following Merz Comments
Mar-04 18:24
- "GERMANY'S CONSERVATIVES LEADER MERZ: TO SUBMIT APPLICATION TO CHANGE DEBT BRAKE IN GERMANY" - Reuters
- "SPECIAL FUND TO BE PRESENTED NEXT WEEK"
- "ECONOMY MUST BE BROUGHT BACK ON GROWTH PATH, WTIH CREDIT FINANCED SPECIAL FUND WORTH 500 BLN EUROS"
- "500 BILLION EUROS FUND FOR INFRASTRUCTURE, 100 BLN EUROS OF IT WILL GO TO STATES"
- "GERMANY'S CONSERVATIVES LEADER MERZ: ALL DEFENSE SPENDING ABOVE ONE PERCENT OF GROSS DOMESTIC PRODUCT WOULD BE EXEMPT FROM THE DEBT BRAKE RESTRICTIONS" - Reuters
- EURUSD extending higher following these latest remarks as Germany shows a willingness to bridge the US gap on military assistance.
- Following the earlier break of 1.0533 resistance, EURUSD did briefly trade down to the 1.0500 mark but has since resumed the appreciating trend, printing a fresh session high at 1.0572. A close above 1.0533 would highlight an important technical break and provide the foundation for a stronger bullish short-term theme, opening 1.0630, the Dec 6 high. Above here, 1.0677 will be of note, a retracement point.
US TSY FUTURES: BLOCK: Jun'25 10Y Sale
Mar-04 18:21
- -7,500 TYM5 111-12, sell through 111-12.5 initial post time bid at 1309:01ET, DV01 $474,500. THe 10Y conslipped to 111-10 briefly before rebounding to 111-13 last (+0.0)
