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Equity Roundup: Twitter Poison Pill or Placebo?

US STOCKS
Stocks continue to see-saw weaker at midmorning, carry-over weakness - primary downtrend after Fri's rout that saw SPX eminis breached all key Fibonacci retracement points of the bull cycle between Mar 15 - 29.
  • SPX eminis extended session lows into the London close, ESM2 currently -42.25 (-0.99%) at 4226.5, bouncing after noon breach of round number support of 4200.0. Next key supports at 4129.50, Mar 15 low and 4094.25, the Feb 24 low.
  • Earnings resume: Coca-Cola (KO) and Otis (OTIS) both beating ests this morning. After the close: Whirlpool (WHR), Cadence (CDNS), SBA Comm (SBAC) to name a few.
  • Also making headlines: Elon Musk's appr $50B offer to buy Twitter, WSJ reports details likely after close today.
  • SPX leading/lagging sectors: Communication Services (+0.52%) lead by 1.75% surge in Google to 2434.0
  • Laggers: Energy sector (-5.26%) weighed down by O&G and energy equipment/services as crude slides - "demand" shock tied to China zero covid lockdown fears.
  • Meanwhile, Dow Industrials currently trades -227.15 (-0.67%) at 33586.29, Nasdaq -17 (-0.1%) at 12822.71.
  • Dow Industrials Leaders/Laggers: Johnson & Johnson (JNJ) +2.33 at 188.37, Microsoft (+2.31 at 276.34). Chevron (CVX) -6.10 at 154.85 tied to drop in crude, while Caterpillar (CAT) adds to Fri's weakness -4.27 at 212.03 .

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