US STOCKS: Late Equities Roundup: Oil & Gas Shares Help Bounce off Midday Lows
- Stocks are paring losses late Wednesday, the Nasdaq underperforming amid heavy selling in semiconductor maker and software services shares. Currently, the DJIA trades up 133.65 points (0.27%) at 49373.95, S&P E-Mini Futures down 36.5 points (-0.53%) at 6905, Nasdaq down 364.3 points (-1.6%) at 22889.91.
- As noted, semiconductor and software services shares led midweek declines: Advanced Micro Devices falling -16.62% after falling short of analyst earnings estimates less optimistic guidance on AI-related demand. Meanwhile, AppLovin fell -15.68% as share holders seek an investigation over reports that "AppLovin and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices" according to Access Newswire.
- Other late day laggers included: Sandisk Corp -15.26%, Palantir Technologies -13.29%, Micron Technology -12.50%, Western Digital -11.19%, Amphenol -10.51%, Lam Research -9.80% and Applied Materials Inc -9.33%.
- Media and entertainment shares weighed on the Communication Services sector: Take-Two Interactive Software -5.89%, Fox Corp -3.23%, Meta Platforms -2.76% and Alphabet -2.30%.
- On the positive side, oil & gas shares rallied with crude prices (WTI +1.92 at 65.13) after Axios reported that plans for US/Iran talks on Friday are collapsing w/subject of nuclear weapons, missile program a non-starter: Phillips 66 +4.77%, Devon Energy +4.65%, Marathon Petroleum +4.21%, Coterra Energy +4.04% and EOG Resources +3.14%.
- Meanwhile earnings expected after the close include: Allstate Corp, McKesson Corp, Alphabet Inc, O'Reilly Automotive, Coherent Corp, Snap Inc and QUALCOMM.
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USDJPY TECHS: Trend Theme Remains Bullish
- RES 4: 158.87 High Jan 10 and a key resistance
- RES 3: 158.29 2.618 projection of the Sep 17 - 26 - Oct 1 price swing
- RES 2: 158.00 Round number resistance
- RES 1: 157.89 High Nov 20 and the bull trigger
- PRICE: 156.34 @ 17:07 GMT Jan 5
- SUP 1: 156.20/155.00 20- and 50-day EMA values
- SUP 2: 154.35 Low Dec 5 and a bear trigger
- SUP 3: 153.62 Low Nov 14
- SUP 4: 152.82 Low Nov 7
The trend structure in USDJPY is bullish and short-term weakness is considered corrective. Note that MA studies are in a bull-mode position, highlighting a dominant uptrend. Attention is on 157.89, the Nov 20 high and a bull trigger. Clearance of this hurdle would confirm a resumption of the uptrend. Support to watch lies at 155.00, the 50-day EMA. A clear breach of it would undermine the bull theme and signal scope for a deeper correction.
PIPELINE: Corporate Bond Update: Third Largest Debt Issuance on Record
$42.7B Launched so far over 17 names so far (still waiting on MUFG, Saudi Arabia, NY Life to issue). Today's surge in corporate debt eclipses $41.3B on October 30, '25. That makes today's issuance in the top 3 largest on record: a record 28 companies issued $50.95B in debt Tuesday, September 2, '25, the record for largest single day issuance is $59.55B on Monday January 6, '25 from 25 companies & supra sovereigns.
- Date $MM Issuer (Priced *, Launch #)
- 01/05 $9B #United Mexican States $3B 8Y +175, $4B 12Y +200, $2B 30Y +200
- 01/05 $5B #SFMG $800M 3Y +60, $500M 3Y SOFR+76, $1.1B 6NC5 +80, $400M 6NC5 SOFR+102, $1.2B 11NC10 +90, $1B 21NC20 +80
- 01/05 $3.5B #Credit Agricole $1.75B 6NC5 +95, $1.75B 11NC10 +110
- 01/05 $3B #UBS $1.5B PerpNC5 6.625% yld, $1.52B PerpNC10 7% yld
- 01/05 $2.75B #Williams Cos $500M 7Y +72, $1.25B 10Y +100, $1B 30Y +112.5
- 01/05 $2.75B #Constellation Energy $900M 2Y +48, $300M 2Y SOFR+60, $750M 5Y +73, $800M 40Y +112.5
- 01/05 $2.75B #Hyundai $900M 3Y +73, $350M 3Y SOFR+89, $700M 5Y +85, $300M 5Y SOFR+107, $500M 7Y +92
- 01/05 $2.5B #Societe Generale $1.1B 4.25NC3.25 +95, $400M 4.25NC3.25 SOFR+109.6, $1B 11.25NC10.25 +128
- 01/05 $2.5B #Ford Motor Cr $1.5B 3Y +145, $1B 3Y SOFR+183, 7Y leg dropped
- 01/05 $1.75B #Caterpillar $500M 2Y +27, $750M 2Y SOFR+40, $500M 5Y +45
- 01/05 $1.5B #General Motors Financial $900M 5Y +90, $600M 10Y +130
- 01/05 $1B *Export/Import Bank of India $500M 10Y +85, $500M 30Y +95
- 01/05 $1B #Entergy Arkansas $500M 10Y +83, $500M 30Y +93
- 01/05 $1B #PSEG $500M 5Y +52, $500M 30Y +80
- 01/05 $750M #Ares Capital +5Y +180
- 01/05 $700M #Blackstone Private Cr 5Y +190
- 01/05 $500M #Pricoa Global Funding 7Y +77
- 01/05 $Benchmark MUFG 6NC5 +80, 6NC5 SOFR+102, 11NC10 +90
- 01/05 $Benchmark Saudi Arabia 3Y +65, 5Y +75, 10Y +85, 30Y +110
- 01/05 $Benchmark New York Life 5Y +58
- 01/05 $750 #MetLife 5Y +65
- 01/05 $Benchmark Kexim 3Y, 5Y, 10Y investor calls
- 01/05 $Benchmark Mitsubishi HC Finance 5Y investor calls
- 01/05 $Benchmark Orange 3Y, 5Y, 7Y, 10Y, 30Y investor calls
- Expected this week:
- 01/06 $Benchmark EIB 5Y SOFR+35a
- 01/06 $Benchmark ADB 10Y SOFR+48a
- 01/-- $500M Development Bank of Japan WNG 10Y
EURGBP TECHS: Bear Cycle Remains Intact
- RES 4: 0.8865 High Nov 14 and a bull trigger
- RES 3: 0.8840 High Nov 20
- RES 2: 0.8818 High Nov 26
- RES 1: 0.8747/97 50-day EMA / High Dec 17 and a key resistance
- PRICE: 0.8658 @ 17:06 GMT Jan 5
- SUP 1: 0.8658 Low Jan 5
- SUP 2: 0.8656 Low Oct 8 and a key support
- SUP 3: 0.8633 Low Sep 15
- SUP 4: 0.8620 38.2% retracement of the Dec ‘24 - Nov ‘25 bull cycle
The bear cycle that started Nov 14 in EURGBP remains intact. 0.8706, the 76.4% retracement of the Oct 8 - Nov 14 bull leg, has been cleared. The break of it strengthens the current bear theme and opens 0.8656, the Oct 8 low and a key support. On the upside, initial resistance is at 0.8744, the 50-day EMA. Key short-term resistance has been defined at 0.8797, the Dec 17 high.
