Large-Cap Growth Stocks Shine, Crinetics Pharmaceuticals Up 100%
Risk-on sentiment resurfaced following the long holiday weekend as large-cap growth areas of the market handily outperformed SMIDs and value. Comms Services, Tech, and Financials were the best performing sectors on the S&P 500, while the defensively oriented Healthcare, Staples, and Utilities lagged. Computer Hardware had an especially strong day - Arista Networkswas up 8.3%, Western Digitalgained 7.1% and Seagaterallied 5.9%. A softer than expected non-farm payrolls dented expectations of tightening, but that narrative was also defied by the price action in the Treasury market as yields on the short-end of the curve remained elevated while longer-dated maturities remain elevated. Service ISM data also came in softer somewhat, though the indicator remained in expansion - as it has for the past two years.In the evening hours, equity index futures are mixed - S&P e-minis are flat while Nasdaq 100 is off by 0.2%. In commodities, WTI Crude Oil is marginally higher but still below $70 per barrel while precious and base metals are up by about 0.2%.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER -Crinetics Pharmaceuticalsup 100% after being acquired by Vertex Pharmaceuticals, which is down 2.3%Aligos Therapeuticsup 14.9% after receiving a $25M upfront payment for pevifoscorvir sodium license dealFirst Solarup 2.1% after being upgraded to buy at Deutsche BankRentokil Initial plcup 1.9% after being upgraded to Buy at Goldman SachsAbbVieup 0.3% after Q2 pre-announcementLOWER -Riviandown 8.8% after 75M share equity offering.
