+6,000 TYH6 112 straddles, 2-00 vs. 112-07.5/0.06%
US STOCKS: Early Equities Roundup: Battle of the Entertainment Giants
Dec-08 16:43
Stocks reversed early Monday gains, trading moderately weaker by midmorning, partially mirroring a decline in Treasury futures (TYH6 bounced off 112-02.5 low after NY Fed inflation expectations for November eased slightly).
Weaker stocks also partially tied to a decline in projected rate cut pricing after what may prove to be a contentious FOMC meeting (25bp rate cut still largely expected but with a hawkish guidance).
Currently, the DJIA trades down 173.03 points (-0.36%) at 47778.25, S&P E-Mini Futures down 23 points (-0.33%) at 6855.25, Nasdaq down 47.4 points (-0.2%) at 23532.8.
Communication Services and Consumer Discretionary sector shares led declines in the first half: Netflix declined -4.62% after Pres Trump expressed concern over a $72B take over bid for Warner Bros was announced late last week), while T-Mobile US declined -2.30%, Match Group -1.97%, Alphabet -1.79%, AT&T -1.78%.
Conversely, Paramount Skydance surged +6.73% and Warner Bros Discovery +5.77% (not the same as WB) after the former announced a $108.4B hostile takeover bid for WBD).
Meanwhile, Lululemon Athletica -4.48%, Tesla -3.58%, DR Horton -3.13%, Royal Caribbean Cruises -2.92% and Ralph Lauren -2.87% weighed on the Discretionary sector.
On the positive side, Information Technology and Industrials sector shares outperformed in the first half:
Jabil Inc +3.36%, Monolithic Power Systems +2.91%, Corning +2.75%, ON Semiconductor +2.69% and Arista Networks +2.63%.
EMCOR Group +2.12%, Eaton Corp +1.99%, Generac Holdings+1.79% and Quanta Services +1.67%.