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ADP & ISM Misses Weigh But Banks Move More Firmly Off Early Lows

US STOCKS
  • Similar to the retracement in US FI, the S&P E-mini has pulled back off earlier lows, having dipped just below 4100 but remains -0.4% on the day (currently 4112) with weaker economic data in ADP employment and ISM services casting its shadow.
  • It began to more closely eye support at 4078 (Mar 31 low) with more sustained pressure potentially ultimately seeing focus shift to the 50-day EMA of 4036.58, whilst resistance remains at 4171.75 (Apr 4 high).
  • Nasdaq sees larger losses (-1.2%) whilst banks also remain under pressure but are off earlier lows, with the KBW index -0.8% and regionals -1.1% on the day. On banks, Western Alliance released a deposits update (having spooked markets earlier with no details), showing a 11 drop in Q1 but with subsequent stabilisation and increase since Mar 20.
  • North of the border, the TSX e-mini is broadly tracking in line with ESA, -0.5% on the day.
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