US STOCKS: Late Equities Roundup: Test Technical Support, Discretionary Weighs
Mar-13 18:25
- Stocks remain broadly weaker late Thursday, S&P Eminis a little off lows after breaching technical support in late trade (through Sep 11 '24 low of 5534.00 to 5509.25 today). Currently, S&P E-Minis are down 68.25 points (-1.22%) at 5536.25, Nasdaq down 294.3 points (-1.7%) at 17352.99, DJIA down 511.25 points (-1.24%) at 40838.6.
- Stocks remain weak amid ongoing trade war uncertainty and recession concerns. Tsy Sec Bessent said "if trading partners want to ratchet things up, surplus countries will take the biggest hit".
- Consumer Discretionary and Communication Services sectors continued to underperform in late trade: the Discretionary sector weighed by Ulta Beauty -5.49%, CarMax -5.40%, Airbnb -5.32%, Home Depot -4.70% and Deckers Outdoor -4.55%.
- Communication Services reversed midweek gains as interactive media and entertainment shares traded weaker: Live Nation Entertainment -7.55%, Meta Platforms -4.72%, Warner Bros Discovery -3.36% and Alphabet -2.71%.
- Materials and Utilities outperformed by midday as tech stocks pared morning gains. Metals/mining shares buoyed the Materials sector as gold surged over $46 to appr 2981.0: Newmont Corp +4.13%, Freeport-McMoRan +2.31% and FMC Corp +0.43%.
- Alternative energy supported the Utilities sector: AES Corp +2.96%, FirstEnergy Corp +1.75%, Exelon Corp +1.53% and Consolidated Edison +1.41%.
- Regarding tech stocks, Intel had surged over 18% after placement of new CEO: Lip-Bu Tan this morning currently trades +15.27% at 23.84.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
US: Majority Of GOP Voters Support Congressional Pushback To Trump
Feb-11 18:23
A new CBS/YouGov survey has found that although President Donald Trump's early actions “have been met with robust support from nation's Republicans,” this “doesn't mean they wouldn't want to see some pushback from congressional Republicans when the delegation disagrees with him.”
- CBS: “…a sizable 4 in 10 rank-and-file Republicans would have their congressional delegation support whatever Mr. Trump wants — a view largely boosted by those Republicans who identify as part of the MAGA movement.”
- CBS notes separately that 65% of Democrat voters now believe that Congressional Democrats should oppose Trump as much as possible, up from 46% in January.
- The survey suggests that the Trump administration may face opposition to its agenda when it faces legislation in Congress, with a bipartisan majority of voters comfortable with their elected officials opposing Trump's agenda.
Figure 1: Congressional Republicans’ Approach to Trump Should be… (Among Republicans)
Figure 2: Congressional Democrats’ Approach to Trump Should be too… (Democrats)
Source: CBS News/YouGov
US TSYS/SUPPLY: Review 3Y Note Auction: 1.2b Stop
Feb-11 18:04
- Treasury futures bounce briefly but remain weaker after $58B 3Y note auction (91282CMN8) 1.2bp stop, drawing 4.300% high yield vs. 4.312% WI; 2.79x bid-to-cover vs. 2.62x prior.
- Peripheral stats see indirect take-up climbs to 74.00% vs. 60.98% prior; direct bidder take-up 15.82% from 19.67% prior; primary dealer take-up 10.18% vs. 19.36% prior.
- The next 3Y auction is tentatively scheduled for March 11.
FED: US TSY 3Y NOTE AUCTION: HIGH YLD 4.300%; ALLOTMENT 41.59%
Feb-11 18:02
- US TSY 3Y NOTE AUCTION: HIGH YLD 4.300%; ALLOTMENT 41.59%
- US TSY 3Y NOTE AUCTION: DEALERS TAKE 10.18% OF COMPETITIVES
- US TSY 3Y NOTE AUCTION: DIRECTS TAKE 15.82% OF COMPETITIVES
- US TSY 3Y NOTE AUCTION: INDIRECTS TAKE 74.00% OF COMPETITIVES
- US TSY 3Y AUCTION: BID/CVR 2.79
