US STOCKS: Late Morning Equities Roundup: Retreating on Trump Tariff Retaliation
Oct-10 15:32
- Stocks reversed course late Friday morning, the abrupt risk-off move triggered by Pres Trump social media post threatening China with "massive increase" of tariffs on Chinese goods after China "made a sinister move with rare earth controls" as well as the installation on vessel fees for China-bound US ships and a probe into Qualcomm's China operations.
- Currently, the DJIA trades down 337.55 points (-0.73%) at 46,025.31, S&P E-Minis down 75.5 points (-1.11%) at 6,707, Nasdaq down 376.7 points (-1.6%) at 22,652.39 after climbing to new record high of 23,043.52 on the open.
- Consume Discretionary, Information Technology and Energy sector shares led the late morning decline:
- Advanced Micro Devices -4.56%, NetApp -4.47%, Synopsys -3.77%, Teradyne -3.68% and Accenture -3.39%
- Best Buy -3.07%, Tapestry Inc -2.83%, Ralph Lauren -2.69% and Hasbro -2.41%
- Baker Hughes -3.13%, APA Corp -3.09%, Devon Energy -3.03% and ConocoPhillips -2.82%
- Resisting the sell-off Consumer Staples and Utility sector shares outperformed: PepsiCo +3.74%, Philip Morris International +1.77%, Dollar Tree +1.28% and Campbell's Company +1.04% buoyed the former while Southern Co +1.41%, Duke Energy +1.11%, Entergy Corp +1.04% and DTE Energy +1.02% buoyed Utilities.
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FED: US TSY 17W BILL AUCTION: HIGH 3.850%(ALLOT 55.20%)
Sep-10 15:32
- US TSY 17W BILL AUCTION: HIGH 3.850%(ALLOT 55.20%)
- US TSY 17W BILL AUCTION: DEALERS TAKE 30.87% OF COMPETITIVES
- US TSY 17W BILL AUCTION: DIRECTS TAKE 5.49% OF COMPETITIVES
- US TSY 17W BILL AUCTION: INDIRECTS TAKE 63.64% OF COMPETITIVES
- US TSY 17W BILL AUCTION: BID/CVR 3.26
MACRO ANALYSIS: Macro Developments Since Last ECB: General Resilience
Sep-10 15:20
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- Developments over the summer have done little to push back on Lagarde's relatively hawkish signalling at the July press conference.
- Economic indicators such as the PMIs continue to gradually improve, the unemployment rate is at all-time lows, and inflation remains very close to the 2.0% medium-term target albeit with core still a little above target.
- The main takeaway is one of general resilience amidst trade policy induced uncertainty.
FED: US TSY 17W AUCTION: NON-COMP BIDS $554 MLN FROM $65.000 BLN TOTAL
Sep-10 15:15
- US TSY 17W AUCTION: NON-COMP BIDS $554 MLN FROM $65.000 BLN TOTAL
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