US STOCKS: Early Equities Roundup: Paring Early Gains, Tech Stocks Pressed Again
Jan-29 16:43
- Stocks are trading mixed by midmorning, DJIA near steady while tech stocks weigh on SPX Emini and Nasdaq Indexes. Currently, the DJIA trades down 0.05 points (0%) at 44850.23, S&P E-Minis down 23.25 points (-0.38%) at 6074, Nasdaq down 150.2 points (-0.8%) at 19583.94.
- Information Technology sector shares were back under pressure, led by semiconductor makers after rebounding yesterday from the week opener's rout as China's AI startup DeepSeek continued to make headlines - not all positive:
- Reuters report "Chinese AI startup DeepSeek's chatbot achieved only 17% accuracy in delivering news and information in a NewsGuard audit that ranked it tenth out of eleven in a comparison with its Western competitors including OpenAI's ChatGPT and Google Gemini."
- Leading IT sector laggers included Nvidia -4.75%, Palo Alto Networks -3.41%, Crowdstrike -3.25%. Real Estate sector followed with office and hotel REITs underperforming: BXP Inc -3.07%, Host Hotels & Resorts -2.11%.
- On the positive side, Consumer Staples and Financial sectors outperformed in the first half, Walgreens Boots +4.13%, Kroger +1.82%, Chubb +3.11% and Synchrony Financial +2.15%.
- Reminder, more earnings expected after the close: IBM, Waste Management, Tesla, ServiceNow, Lam Research Corp, Meta Platforms, Microsoft, Ameriprise Financial, Wolfspeed, Western Digital, United Rentals, Teradyne, Las Vegas Sands Corp, Raymond James Financial and Whirlpool Corp.
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FED: US TSY 13W BILL AUCTION: HIGH 4.230%(ALLOT 95.14%)
Dec-30 16:32
- US TSY 13W BILL AUCTION: HIGH 4.230%(ALLOT 95.14%)
- US TSY 13W BILL AUCTION: DEALERS TAKE 53.19% OF COMPETITIVES
- US TSY 13W BILL AUCTION: DIRECTS TAKE 5.07% OF COMPETITIVES
- US TSY 13W BILL AUCTION: INDIRECTS TAKE 41.74% OF COMPETITIVES
- US TSY 13W BILL AUCTION: BID/CVR 2.38
FED: US TSY 26W BILL AUCTION: HIGH 4.135%(ALLOT 61.57%)
Dec-30 16:32
- US TSY 26W BILL AUCTION: HIGH 4.135%(ALLOT 61.57%)
- US TSY 26W BILL AUCTION: DEALERS TAKE 22.46% OF COMPETITIVES
- US TSY 26W BILL AUCTION: DIRECTS TAKE 7.79% OF COMPETITIVES
- US TSY 26W BILL AUCTION: INDIRECTS TAKE 69.75% OF COMPETITIVES
- US TSY 26W BILL AUCTION: BID/CVR 3.03
US DATA: Stronger Dallas Fed Manufacturing Only Partly Offsets Wider Weakness
Dec-30 16:29
December's Dallas Fed Manufacturing Survey beat expectations with a headline reading of positive 3.4 vs -3.0 expected and -2.7 prior. That's the first positive reading in 32 months and the highest in 33, highlighted by a much stronger new orders reading (up 11 points to -0.9, pointing to unchanged demand from the prior month but still the best reading in 31 months).
- Other readings were mostly stronger vs November, including production, capacity utilization, shipments, expectations, though the employment subindices were a little softer.
- Notably though, there were much lower inflationary pressures evident in the survey, with raw materials prices falling 18 points to a 17-month low 10.5, with finished goods falling 12 points to -3.4, the first negative reading this year.
- Dallas is the 5th regional Fed to publish its December manufacturing report, and overall they were very mixed: Empire fell to 0.2 from 31.2 and Philly to -16.4 from -5.5, with Kansas City to -4 from -2, more than offsetting the improvements in Richmond (-10 from -14) and Dallas.
- That's not to mention the December MNI Chicago PMI which fell to 36.9 vs 40.2 prior, and the preliminary S&P Global PMI dipping to 48.3 from 49.7.
- As such despite an apparent improvement in some regional survey optimism immediately following the November elections (and again, this was quite mixed - the range of survey scores was the broadest since April 2020), the overall theme of the manufacturing sector remaining steady at a weak level generally remains intact.
