In the opening hour of the evening session, U.S. equity futures are retaining the more cautious bias seen on Tuesday, with S&P 500 down a decimal below 6,430 and Nasdaq 100 off by 0.2% below 23,430. In energy, WTI Crude Oil is back above $62 per barrel following Tuesday’s selloff in the wake of an API-reported draw in crude stocks, while Precious Metals are consolidating the retreat – Gold is below $3,360 and Silver is below $37.50 per ounce.
Tech and Communication Services were the biggest losers among the S&P 500 sectors today as investors rotated out of some of the biggest gainers and momentum plays of the year – Palantir (PLTR) and SMCI (SMCI) had more than doubled year-to-date through July but lost 9% and 6% respectively on Tuesday. Coinbase, which had previously tripled from April lows, was also down sharply as crypto names cratered in line with a steep decline in Bitcoin prices. Conversely, the defensive and value plays fared better, as Utilities and Staples outperfored. Real Estate was also higher, with Treasury yields at the long end of the curve slipping after three days of uptick. Target (TGT), TJX (TJX) and Lowe’s (LOW) are on deck to report results Wednesday morning as the Retail chapter of the earnings season rolls on.
Check out this evening’s top movers from around Wall Street, compiled by The Fly.
