US STOCKS: Midday Equities Roundup: Paring Gains
May-01 16:08
- Stocks remain well bid ahead midday Thursday, but are scaling off highs as Treasuries extend lows - perhaps markets are now looking past ISM headlines to weaker details of report, while Atlanta Fed GDPNow dropped sharply (1.1% Q/Q SAAR from the initial estimate of 2.4% (-0.3% in Q1).
- Currently, the DJIA trades up 234.86 points (0.58%) at 40901.99, S&P E-Minis up 61.5 points (1.1%) at 5648.5, Nasdaq up 342.1 points (2%) at 17786.97.
- Information Technology and Communication Services sectors outperformed in the first half, chip stocks supporting the former after reports the WH was considering easing chip curbs (on the USE ahead of a Trump visit): Microsoft +8.99%, Arista Networks +7.69%, Oracle +4.95%, NVIDIA +4.76%, Cognizant Technology +4.47% while Super Micro Computer bounced 4.16% after Wednesday’s sharp sell-off.
- Interactive media & entertainment shares buoyed the Communications sector: Meta Platforms +5.44%, Match Group +2.98% and Alphabet +1.49%.
- Conversely, Health Care and Consumer Staples sectors underperformed in the first half: Becton Dickinson -13.07% after potential tariffs said to curtail profit outlook, Eli Lilly -9.97%, Moderna -5.12%, GE HealthCare Technologies -2.45%.
- Meanwhile, Church & Dwight -7.51%, Dollar General -4.02%, Estee Lauder Cos -3.32% and Clorox -2.39% weighed on the Consumer Staples sector.
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