US STOCKS: Midday Equities Roundup: Stocks Plunge Post Tariffs, Energy & IT Hit
Apr-03 16:16
- Stocks are sharply weaker but off late morning lows in the aftermath of Wednesday's reciprocal tariff announcement, trading desks fielding a lot of calls on relevant trading halt/circuit breakers (7% initially) for SPX eminis after the index fell over 3.5% at it's lows, the tech-heavy Nasdaq over 4.6%.
- Currently, the DJIA trades down 1214.01 points (-2.88%) at 41014.02, S&P E-Minis down 202.25 points (-3.54%) at 5511, Nasdaq down 803.7 points (-4.6%) at 16798.33.
- Energy and Information Technology sectors underperformed in the first half, oil and gas stocks sharply lower with crude falling (WTI -5.20 at 66.51): APA Corp led laggers falling 14.17%, Devon Energy, Phillips 66, Valero Energy Corp and Halliburton were all down 11.2-11.0%, while Marathon Petroleum Corp declined -10.87%.
- Semiconductor and hardware stocks were under heavy pressure as tariffs seen as major barriers ahead: Microchip Technology -15.47%, Zebra Technologies -15.13%, Dell Technologies -14.82%, Seagate Technology -14.32%, Western Digital -13.67%, HP Inc -12.91% and Micron Technology -12.79%.
- On the positive side, Consumer Staples and Utilities outperformed in the first half: Lamb Weston Holdings +6.87%, Kroger +4.56%, Philip Morris International +3.18% and Dollar General Corp +3.08% led gainers in the Staples sector.
- Meanwhile, independent energy providers buoyed the Utilities sector: Consolidated Edison +2.94%, Exelon Corp +2.91%, Duke Energy +2.87%, NextEra Energy +2.72% and Xcel Energy +1.83%.
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