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Equity Roundup: Support Wanes Into London Close

US STOCKS
Stocks continue to trade weaker at midmorning, directional for the moment with drop in Tsy yields.
  • SPX eminis extending session lows into the London close, ESM2 currently -54 (-1.23%) at 4336.75 - break of key support at 4355.50 (Apr 18 low and bear trigger). Focus on next key support of 4321.07, 61.8% Fibonacci retracement of the Mar 15 - Mar 29 rally, and exposing 4300.0 handle. In the event of a rebound: Key short-term resistance has been defined at $4509.00, Thursday's high. A break would be bullish.
  • Latest earnings cycle that kicked off Monday winds down ahead the weekend. American Express (AXP) and Verizon (VZ), Schlumberger (SLB) and Newmont (NEM) annc'd pre-open, NEM weaker on profit miss/forward guidance.
  • SPX leading/lagging sectors: Energy sector outperforming broader sell-off (-0.46%) as energy equipment and servicers outpace O&G shares. Consumer Staples and Consumer Discretionary (-0.60%) lead by autos yet again, Tesla up 1.58% to 1024.0
  • Laggers: Health Care (-2.57%) weighed down by equipment mfgs, pharmaceuticals and biotechs. Materials (-2.25) with lead by weaker precious metals/mining shares.
  • Meanwhile, Dow Industrials currently trades -488.87 (-1.41%) at 34303.34, Nasdaq -88.1 (-0.7%) at 13087.44.
  • Dow Industrials Leaders/Laggers: Dow Inc gains for second session, +0.77 at 70.28; while AAPl and INTC slip -0.10-0.15. United Health leads laggers for second session -11.91 at 525.53; Caterpillar (CAT) -7.57 at 225.00.
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