US Equity Handover: Energy Stocks Buck the Bullish Trend to Close More Than 1% Lower
Matt Weller, CFA, CMT May 30, 2019 10:05 PM
See a summary of the top stock themes and trends from today's US session!
- US indices closed mixed but generally higher after back-and-forth day, though the pause may be short-lived.
- Energy stocks (XLE) fell more than 1% today, while Consumer Discretionary (XLY) stocks led the way higher.
- On the trade war front, VP Pence said that the US could “more than double” tariffs on China if needed.
- Q1 US GDP growth was revised to +3.1% annualized (vs. 3.0% expected, 3.2% estimated last month). Core PCE rose 1.0%, below the initial estimate of 1.3% ahead of tomorrow’s inflation report for April.
- US Pending Home Sales (Apr) fell -1.5% vs. +0.5% expected, despite generally lower interest rates.
- In its first earnings report as a public company, Uber (UBER) reported an adjusted net loss of $900MM on revenue of $2.76B. Shares are trading down slightly in after-market trade as of writing.
*There are no high-impact earnings releases scheduled for tomorrow’s Asian session*
*Data from Refinitiv. Index names may not reflect tradable instruments and not all markets are available in all regions.
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