US STOCKS: Late Equity Roundup, Extending Lows into Month End
Stocks weaker in late trade, extending modest session lows as Materials, Information Technology and Consumer Discretionary sectors underperforming. Currently, SPX eminis trade -18 (-0.45%) at 3969.5; DJIA -171.49 (-0.54%) at 31625.45; Nasdaq -37 (-0.3%) at 11847.21. SPX move puts index back to late July levels after hitting the best levels since April in mid-August (4307.25).
- SPX leading/lagging sectors: Communication Services +0.63% (lead by media and entertainment w/ META +3.21%, Netflix +2.27%), followed by modest recovery in Energy (+0.09%) with Haliburton (HAL) +1.38%, Marathon Oil (MRO) +1.29% and Devon Energy (DVN) +1.18%. Laggers: Materials -0.92%, Information Technology -0.66% and Consumer Discretionary -0.65% (autos and consumer durables lagging). Note, Wards total vehicle sales reported throughout Thu's session, current est at 13.3m vs. 13.35m prior.
- Dow Industrials Leaders/Laggers: Amgen (AMGN) +1.66 at 240.78, Disney (DIS) +0.32 at 112.75, Walgreens Boots (WBA) +0.28 at 35.46.
- Laggers: Salesforce.Com (CRM) extends losses in the second half, now -3.32 at 156.35, Home Depot -3.29 at 289.91, Goldman Sachs -2.84 at 330.79.
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PIPELINE: $5.5B Apple 4Pt Launched
- Date $MM Issuer (Priced *, Launch #)
- 08/01 $5.5B #Apple $1B 7Y +63, $1.5B 10Y +78, $1.75B 30Y +105, $1.25B 40Y +118
- 08/01 $1.5B #Colgate-Palmolive $500M each: 3Y +30, 5Y +45, 10Y +75
- 08/01 $800M #Consumers Energy WNG $350M 10Y +100, $450M 30Y +125
- 08/01 $Benchmark Edison International 2Y +165a, 3Y +195a
- 08/01 $750M Huntington Bancshares 6NC5 +177
- 08/01 $Benchmark State Street Corp 11NC10 +180a
- 08/01 $Benchmark NY Life 3Y +78a
- 08/01 $Benchmark UBS 3NC2, 5NC4, 11NC10
EURGBP TECHS: Outlook Remains Bearish
- RES 4: 0.8627 High Jul 4
- RES 3: 0.8585 High Jul 21 and a key resistance
- RES 2: 0.8497 50-day EMA
- RES 1: 0.8426/74 High Jul 27 / 20-day EMA
- PRICE: 0.8372 @ 16:42 BST Aug 1
- SUP 1: 0.8346 Low Jul 28
- SUP 2: 0.8313 Low Apr 22
- SUP 3: 0.8291 2.0% 10-dma envelope
- SUP 4: 0.8250 Low Apr 14 and a key support
The sharp drop in EURGBP last week, reinforces bearish conditions and puts the cross at new multi-month lows. The latest spell of weakness has also resulted in a print below 0.8367, the May 2 low. A continuation lower would open 0.8313 next, the Apr 22 low. The Jul 21 high of 0.8585 has been defined as a key short-term resistance where a break is required to reinstate a bullish theme. Initial firm resistance is at 0.8474, the 20-day EMA.
US: White House Press Conference Underway
White House Press Secretary Karine Jean-Pierre and White House National Security Council Spokesperson John Kirby are now delivering the daily presser from the White House.
- Livestream here: https://www.youtube.com/watch?v=lXhytltIhCY
