US STOCKS: Morning Equities Roundup: Tax/Spending Bill Underscores Deficit Cares
May-21 15:41
- Stocks are mixed midmorning Wednesday - off lows with the tech heavy Nasdaq leading a bounce off weaker levels. Trading desks had cited this morning's higher bond yields partly triggered by fiscal developments (or lack thereof) as lawmakers continue to discuss Pres Trump's tax/spending bill.
- Investor sentiment flagged amid concerns the "big beautiful" tax & spending deal will increase the deficit an estimated $3.3 trillion over 10 years, weighing on equities as well as the Greenback (Bbg US$ index -5.70 at 1217.01).
- Currently, the DJIA trades down 337.6 points (-0.79%) at 42341.1, S&P E-Minis down 16 points (-0.27%) at 5944, Nasdaq up 49.6 points (0.3%) at 19192.42.
- Information Technology and Communication Services sectors led gainers late morning, chip makers gaining with Keysight Technologies +4.16%, Advanced Micro Devices +2.09%, Intel +1.55%, Super Micro Computer +1.54% and Corning +1.25%.
- Interactive media and entertainment buoyed the Communication Services sector with Alphabet +5.23%, Netflix +1.46%, Meta Platforms +1.37% and Match Group +1.34%
- Health Care and Utility sectors underperformed in the first half, pharmaceuticals weighing on the former with Moderna -5.75%, Bio-Techne -4.54% and Charles River Laboratories -3.38%. Elsewhere, UnitedHealth Group -4.19%, Quest Diagnostics -3.47%.
- Electricity and alternative energy stocks weighed on the Utility sector: AES -4.80%, NextEra Energy -1.94%, Xcel Energy -1.90% and Eversource Energy -1.80%.
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FED: US TSY 26W BILL AUCTION: HIGH 4.050%(ALLOT 30.34%)
Apr-21 15:32
- US TSY 26W BILL AUCTION: HIGH 4.050%(ALLOT 30.34%)
- US TSY 26W BILL AUCTION: DEALERS TAKE 23.26% OF COMPETITIVES
- US TSY 26W BILL AUCTION: DIRECTS TAKE 13.40% OF COMPETITIVES
- US TSY 26W BILL AUCTION: INDIRECTS TAKE 63.34% OF COMPETITIVES
- US TSY 26W BILL AUCTION: BID/CVR 2.93
FED: US TSY 13W BILL AUCTION: HIGH 4.225%(ALLOT 39.00%)
Apr-21 15:32
- US TSY 13W BILL AUCTION: HIGH 4.225%(ALLOT 39.00%)
- US TSY 13W BILL AUCTION: DEALERS TAKE 30.02% OF COMPETITIVES
- US TSY 13W BILL AUCTION: DIRECTS TAKE 8.07% OF COMPETITIVES
- US TSY 13W BILL AUCTION: INDIRECTS TAKE 61.90% OF COMPETITIVES
- US TSY 13W BILL AUCTION: BID/CVR 3.01
US STOCKS: Stocks Tracking Lower, Still Off April Lows
Apr-21 15:24
- Stocks are back to trading weaker Monday, unwinding last Thursday's modest bounce, current SPX eminis levels putting the index back to April 10 lows, still off April 7 low of 4832.00. Risk sentiment hampered after Pres Trump berates Fed Chair Powell for not preemptively cutting rates.
- Currently, the DJIA trades down 942.51 points (-2.41%) at 38191.13, S&P E-Minis down 131.25 points (-2.47%) at 5181, Nasdaq down 456 points (-2.8%) at 15828.34.
- Consumer Discretionary and Information Technology sectors underperformed in the first half, Tesla -6.48%, Chipotle Mexican Grill -4.86%, Deckers Outdoor -4.06%, Carnival -3.59% and Starbucks -3.42%, led laggers in the Consumer Discretionary sector.
- Chip makers primarily weighed on the IT sector: Super Micro Computer -5.90%, NVIDIA -5.06%, Arista Networks -5.04%, Palo Alto Networks -4.39% and Oracle -4.33%
- On the positive side, Consumer Staples and Materials sectors outperformed: Dollar General +1.99%, Kroger +0.80%, Kraft Heinz +0.75%, Mondelez International +0.27% and Coca-Cola Co +0.10%.
- Aside from IFF, miners buoyed the Materials sector as gold climbed to a new intraday all-time high of 3429.50: Newmont Corp +0.53%, International Flavors & Fragrances +0.29%, The Mosaic Co +0.26%.
- Equity earnings resume after the close: Hexcel Corp, Medpace Holdings Inc, W R Berkley Corp, AGNC Investment Corp and Western Alliance Bancorp reporting.
