US STOCKS: Late Equities Roundup: Off Lows Amid Geo-Pol Headline Driven Vol
Jun-09 18:42
- Equities are mixed late Tuesday, off midday lows after some sharp geo-political related headline volatility. Though well ahead of month end positioning - June quarterly index rebalancing was also cited as a potential factor behind equity indexes retreating to early May levels before rebounding in late trade: the DJIA +.11%, SPX emini -0.45%, Nasdaq -1.1%.
- Risk sentiment for stocks evaporated after earlier IDF headlines (re: prepared to return, strike Iran again) and again after Trump posted the need to respond militarily to the downing of a US attack helicopter near the Strait of Hormuz.
- Striking a more realistic tone, Anadolu wrote: "Reaching agreement to end war between US and Iran within next few days is 'unlikely' due to ongoing 'complex situation,' Pakistani government sources told Anadolu. Sources cite Israel’s 'non-stop' ceasefire violations in southern Lebanon".
- IT and Energy sector shares continued to lead late session declines, AI-infrastructure demand cooling as Coherent Corp trades -11.2%, followed by Lumentum Holdings, QUALCOMM, Super Micro Computer, Corning and ServiceNow - all down 7.5-9.0%.
- The Energy sector is weighed down by oil and gas shares as crude prices retreat (WTI -3.25 at $88.05/bbl): APA Corp, Valero Energy, Halliburton Co, SLB Ltd and Devon Energy Corp trade -2.5-4.0%.
- On the positive side, estate management shares buoyed the Real Estate sector: with CBRE Group +3.9%, CoStar Group +1.7% at the moment.
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