US STOCKS: Midday Equities Roundup: Tech Stocks Continue to Outperform
Sep-19 16:12
- Stocks held near steady to mildly higher ahead midday Friday, accounts taking profits after indexes set new record highs yesterday. Currently, the DJIA trades up 83.41 points (0.18%) at 46224, S&P E-Minis up 12 points (0.18%) at 6705, Nasdaq up 92.5 points (0.4%) at 22561.87.
- Information Technology sector shares led gainers for the second consecutive session, carry over support in chip stocks after Nvidia announced a $5B investment and AI infrastructure collaboration with Intel yesterday. Fortinet +4.01%, Palantir Technologies +3.41%, Oracle +2.15%, First Solar +1.93% and Apple I+1.88%.
- Meanwhile, Consumer Discretionary and Materials sector shares led gainers: Newmont +3.79%, Albemarle +2.43% and CF Industries Holdings +1.45%; Tesla +1.79%, Tapestry +1.09%, Las Vegas Sands +1.00% and eBay +0.97%.
- On the flipside, leading laggers included Energy and Industrial sector shares led decliners ahead midday, oil and gas shares weighed on the former: ONEOK Inc -2.98%, Targa Resources -2.91%, Occidental Petroleum -2.45% and Devon Energy -2.17%.
- Lastly, the Industrials sector was weighed down by: ONEOK Inc -2.98%, Targa Resources -2.91%, Occidental Petroleum -2.45% and Devon Energy -2.17%.
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US TSYS/SUPPLY: Preview 20Y Bond Auction
Aug-20 16:07
Tsy futures drifting near session highs (TYU5 at 111-30.5, +6 vs. 111-31.5 high) ahead of the $16B 20Y bond auction (912810UN6) at 1300ET, WI is currently at 4.866%, 6.9bp rich to last month's stop. Today's results will be available shortly after the competitive auctions closes at 1300ET.
- July auction recap: Treasury futures consolidated slightly (TYU5 111-01.5 -111.5) after the $13B 20Y Bond auction (912810UL0) reopen traded through, drawing a high yield of 4.935% vs 4.950% When-Issued yield at the cutoff; 2.79x bid-to-cover vs. 2.68x prior.
- Peripheral stats: indirect take-up at 67.4% vs. 66.7% prior; direct bidder take-up 21.9% from 19.9% prior; primary dealer take-up of 10.72%.
US DATA: Firms’ Unit Cost Expectations Hold Recent Moderation – Atlanta Fed
Aug-20 15:58
The Atlanta Fed’s Business Inflation Expectations survey saw a second month having pared but not fully reversed tariff-driven increases whilst firms’ own-price expectations reversed a sizeable increase seen the previous quarter.
- 1Y ahead inflation expectations from the regular monthly survey, defined as the mean expected change in unit costs, were near unchanged in August at 2.26% after 2.29% in July. That’s after easing in the three previous months from a recent peak of 2.76% in April.
- It remains a little above the 2.04% seen in December or the 1.94% averaged in 2019.
- A separate quarterly question meanwhile saw mixed developments for firms’ own price expectations, with a firming in realized inflation over the past twelve months but softer expectations ahead.
- Specifically, realized own price inflation stood at 4.3% Y/Y after 3.9% in the May survey, its highest since Aug 2024, whilst expectations cooled from 5.0% (highest since Dec 2022) to 3.9% (lowest since Nov 2024 survey).
- Away from inflation expectations, the summary notes that “Sales levels and profit margins "compared to normal" increased”.
OPTIONS: Larger FX Option Pipeline
Aug-20 15:57
- EUR/USD: Aug22 $1.1660-75(E1.1bln); Aug25 $1.1640-55(E2.2bln
- USD/JPY: Aug22 Y147.90($1.5bln)
- AUD/USD: Aug25 $0.6510-25(A$1.1bln)
